REGISTERED CHARITY NUMBER: 1152367
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
NATIONAL YOUTH ARTS TRUST
IA CHARITABLE INCORPORATED ORGANISATION

NATIONAL YOUTH ARTS TRUST
{A CHARITABLE INCORPORATED ORGANISATION)
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page
Legal and admlnlstrallve Information
Report of the TNstees
2to7
Independent Examlnerfs Report
Statement of Financlal Actlvltles
Balance Sheet
10
Notes to the Flnancial Ststements
11to20
Detalled Stat&m8nt of Flnanclal Aclivilles
(Thls page does not fomi part of the stalulory accounts)
21

NATIONAL YOUTH ARTS TRUST
(A CHARrrABLE INCORPORATED ORGANISATIONI
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS
R8918tèred Charfty numbar
1152367
Prfnclpal Charlty Offlce
National Youth Arts Trust
PO Box 225
Chessington
KT9 9EB
Trnsteo•
The Truste8s seNlng durlng the year and to the date of Ihls report viere 88 follows.. -
Tru8teo•
Joanna Kennedy
Nancy Callender
Afolabl Ali
Sarah Edwar(Is
Domlnlque Moore
Farah Omotosho
Z8r8en Walker
All Trustees glve thelr tlme voluntarlly and recolve no benefits from the Ch8dty apart from relrnbursed 8xpenwJ set out In note 9.
Chair
- Treasurer
sacrolary
Nancy Callender
Dlrector of Oporotlons
Ruth O'Brien - (Malemlty le8ve from January 20241
Ramlke Pral8patl (Matemlty cover)
Indepond•nt Examlnor
Andrea L Klbble FCCA
For and behalf of A K Arxourfng Solutlon8 Limlted
Chartered Certiried Aco)untants
Fernebefga House
Alexandra R08d
Farnborough
GU14 6DQ
Prlnclpjl Bank¢r•
Metro Bank
1 Southampton Row.
London
WC1B SHA

NATIONAL YOUTH ARTS TRUST
{A CHARITABLE INCORPORATED ORGANISATION)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their report, together with the independently examined financial statements of the Ch8rity for the year ended
31 March 2024. The Trustees have adopted the provisions of Statement of Recommended Practlce (SORP) 'Accounting and
Reporting by Charflles 2015. (FRS1021 in preparing the annual report and financial statements of the Charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governlng document
The Charlty was incorporated as a Charitable In￿)rporated Organlsation on 10 June 2013 and w85 granted charftable status on that
date. The oblectSves of the Charity a￿ to address the on%oing crisis In the funding of arts education and to provide access to
career in the perfomilng art8 (drama, dance, and muslc) for young people aged 12-25 from n￿-p￿vileg9d bad(grounds.
R•crultmont and appolntment of Tru8tee8
The pow6r of recruitlng and appointing Trustees Is vested solely in the Board of Trustees. Whèn a vacancy Ixcurs, 8n appointment
1$ made only when the skills and experlen¢e of a potential new Trustee have been found lo match those requlred by the role. The
Artlcles ststg that the number of TnJst88s shall not be less than three and not more than 15.
Inductlon and tralnlng ol now Tru8teo8
N8w Trustees are briefed on Ihelr legal obl19a￿on8 under the Chartty and company18W, the content of the tru8t de8d, the commlttee
and th8 ded$lon-m8klng processes, the buslness plan, and the recenl flnanclal performance of the Chadty. Truste88 are
encouraged to attend appropriate extemal tralnlng events whgre these wlll facllitale the undertaklng of their role.
Govomanca and Organlsatlonal 8tructuro
The Board of Trustees admlnislers the Charlty and generally meets five tlmes a year. Between the8e meetlng8, meetings of the
grant￿1vIng 8ub-committee are held.
A Dlrector of Opera￿On$ has been appolnted by the Trustee8 to manage the day-to4ay operatlons of the Charlty. To f8dllt8te
effectfj￿ operations, the Dlreclor of Operatlons has delegated authorfty, wlthSn the tems of delegalion approved by th8 Board, for
operatSonal matters. During lh8 2023124 flnanclal year. the Dlrector ol Opefatlons has taken matemity leave and matemlty cover has
been recrulled on 8 fixèd term basls. We also have a freelance Sodal Medla Manag8r. supporting our soclal media strategy 10
hour8 a V￿ak.
Managomont
Day to day m8n8ggment and declslon maklng of the Charfty Is delegated lo the DSr8ctor of Operations who work8 closely wlth the
Trustees lo fulfil the Charity'8 oblectlves and ensure the smooth and 6ff8cllv8 funnlng of the organlsation. The Dlfector of Operallons
(and the m8tèmity cover for thls rolel reports to the Chalr and the Board.
Pay pollcy for senlor managemont team
The Trustees and the senlor management team comprfse the key managemenl per80nnel of the Charity In charge of dlrectlng 8nd
ontrolling. runnlng, and oper811ng lh8 Charlty on a day-lcpday ba￿$. All Tru816ès glve of Ihelr Ilme freely and no TTusle8 ￿e61Ved
remuneration In the year. Detalls ol Trustees, exp8n585 and r8lated party transactions are disclosed on page 15 In notes 10 and 12
of the accounls.
The pay of the senlor 8t8ff, and Indeed 811 staff. 18 r8vl8wed annually and typlcally 8ny Increases will r8fi8Ct an Incrèase In
aixordance wllh average eamlngs. The Trustees, benchmark agalnst P8y18v8ls in other local th8rities of a slmllar slze that ar8 run
on a voluntsry bas18.
Relatod partla•
None of our Trustees receivè remuneration or other benefit from Ihelr work wilh the Charfty. Any connectlon between a Trustee or
senlor manager of the Charity wSth service user, extemal contractor or suppler of servlces musl be disclosed to the full Board of
Trustees In the same way as any Other ¢ontr8ctU81 rel81ionship wlth a related party.
Related party transactlons reported thls year Includ8'.
The freelance soclal media servlces are CUrren￿Y provlded by a relatlon of one of our Trustees. The8e servlces are provlded
at arm's length and are approved and agreed by the full Board.
Wè are also partnering with YAA on our Vocalized prolect whlch rdn In Autumn 2023 and will run agaln In Autumn 2024.
The CEO of YAA is related to a trustse. All project activities are facilitated Indèpendently of the Board by the Dlrector of
Operatlons 8nd Administrator, and all prolects and budgets are approved by Ihe full Board.
Some of our trustees. workplace Izareen Walker and Sarah Edwards) allows NYAT to Ca￿S1OnallY use thelr offic• meetlng
room for our quarterly board meetings pro bono.
There were no other related paty transactlons during the year.

NATIONAL YOUTH ARTS TRUST
(A CIIARITABLE INCORPORATED ORGANISATIONI
REPORT OF THE TRUSTEES - contlnu•d
FOR THE YEAR ENDED 31 MARCH 2024
OBJECTIVES AND PLANNED ACTIVITIES FOR THE PUBLIC BENEFIT
The Natlonal Youth Arts Trust (NYAT) wa8 founded In 2013 and operatss na￿Orny{de. The NYAT exl8ts to provide access to a
career In thè performlng arts for young peopla aged be￿en 12 and 25 from non-prfvileged backgrounds. Th6 Charity's vision is to
see a divers8 and Inclusive perfomiing arts sector that nurtures tslent from any background. The Charity's ml88ion is to ensure that
economic dlsadvantage Is not a bather In accesslng quallty tralnlng and a career In the perfomlng arts.
Th6 Chadty wlll cary out these oblectives through:
e8tablSshlng youth theatres in areas which are economlcally deprived or with few artlstlc Op￿rtUnItieS for young people:
cx)nsultlng wlh local organlsalions, counclls, and Sch￿18 to und8rstand what the need Is In the area. We also run drama
projects with young offenders In custody.
running 8 thealre tlcket sch8mg for pupils from schools dlsadvantaged areas. We provide freè or dlscounted tlckets lor
several theatre produ¢tion$ and the scheme brfngs many young p8ople from our projects to the theatre ft)r the very
Ilme.
access, vla our Patrons and Trustees, lo top professlonals from Ihe three creatlve arts strands to play key mentorlng roles
as part of our bursary programme and youth theatre projects.
provldlng bursades for one-tc>one muslc lessons, dance classes and drama 8chool recall audltlon and tultlon fees for those
who cannot afford to fund themselves. Our bursary modal 1$ designed to tsrget talented young IndivSduals wllh proven
financlal need who rèqulre 8UPPOrt In leamlng, developlng, and pra¢ti5ing thelr art fomi (In muslc. dance, and drama) -
helplng th8m eventually Into 8 rAre8r In the Art8.
the grant glvlng commlttee submittlng regular 6valuation8 of our youth theatre, theatre tickets and bursary schem8 to the
Board of Trust08$. The NYAT Dlreclor of Operations manages the onfolng deliv8ry of bursarle8 and other projects to
ensure the smooth runnlng of all our charllable actlvS118s.
MAIN OBJECTIVE FOR 20234024
Our priorlly for the 202&2024 year was lo grow our youth theatre projects end bursary schome to support more young people in
their educallon, focus on fundraising for new and èxisting projects, Increase our fundraising Capacity and develop strong and long-
lasting relallonshlps wlth new and exlstlng Slakeholders. We also almed to extend our reach for b&neflciaries enterfng the Industry
after educatlon and 8UPPOrt the early years of thelr career vla a mentodng Scheme.
PUBLIC BENEFIT STATEMENT
The Trustees hav6 glv8n due ¢onslderatlon to the Charlty Comml$$lon's publlshed guldance on the Publlc Benefit requlremènt
under the Charftles Act 2011. We have referred to the guldance contslned In the Charlty Commlsslon's general guldance on publlc
benefit when revlewlng our alms and oblectlves and In plannlng our future actlvltles. We bell8v8 that we have (x)mpll8d wllh this; and
seek to demonslrale this wthin thls report.

NATIONAL YOUTH ARTS TRUST
IA CHARrrABLE INCORPORATED ORGANISATION)
REPORT OF THE TRUSTEES - conllnuod
FOR THE YEAR ENDED 31 MARCH 2024
GRANT and PROJECT POLICY
Th8 Charity establlshed a bursary-maklng p)Ilcy to achiève its objectlves for publlc beneflt. Applications for our muslc, dance and
acce88 to hlgher education bursaries were made online through our w8bslte.
The Charlty Invlted applicaUons for bursaries from Indivlduals that met the followlng crlteria:
Each appllcant must have had the supKhJrt of a ref8r88. A referee must b8 a te8cher who has taught them In the past and
verify the appllcant's aptitude ftjr leamlng muslc, dan￿, or drama, through providing a wrltten reference.
For music butsaries, we only accepted beglnners, appllcalion5 from secondary school age Indlvlduals for slnglng. All other
music bursary applicants must have already started lessons by the age of 12.
For music, our bursarles funded lessons, both Instrumentsl and slnglng, tsught by teacher8 who entered pup118 for The
Assorialed Board of the Royal Schools of Music (ABRSMI exams.
For dance, applicatlons must have been for classes taught by an Imperlal Soclety of Teachers of Dance (ISTD) tsacher,
Council for Dance, Drama and Musical Theatre {CDMT) School, or an Arts Council fund8d dance company.
For accwJs lo higher education, the bursary must have be8n for recall audlllons at former Orama UK accredlted drama
schools and conservatoires or a Councll for Dance. Drama and Muslcal Theatr6 School,
All bursary applicants In full Ilme educ8tlon must have been eligible for Free School Meals andlor Pupll Premlum. If not In
full Ilme edu(¥lon. applicants must have been able to demonstrate that thelr financlal clrcum8tance8 mel the Charity's
criteria. Applicants were asked to supply the relevant documentslion alongsSde thelr applic8tlon. in support of the claims
made In the appllcation.
Our bur88rles are open to all young p8ople aged 12-25 regardle88 of wh8re they Ilva In the Unlted Klngdom and Irrespectlve of sex,
gender Identlty, elhnlcity. rellglon, special edUCa￿Onal needs. dls8blllty, and sexual orlentstlon. Uslng the st8tlsti(3 from our equal
opportunit198 monitoring form, the Board rnonllor bursary appllc8tion8 to see If any groups, L7>mmunities, or reglons are under-
represented, wlth a vlew to dolng more outreach work.
Our bursarf8s are however. deslgned to speclflcally Impact those whose finandal clr¢umstances Stop th8m from 8cce881ng tralning
opportunltlg5 In the Arts. Our ch8rlt8ble projects help Indlvlduals from vuln9rable or disadvantaged backgrounds to fulftl thelr talents,
r8lse thelr asplratlons and confidenc* and develop thelr future employablllty.
Havlng access to quallty tralnlng In the Arts wlll not only dlreclly benefll tho bursary reclplent, provlding a Ilf&long sklll, confldence,
and eventually a career, but also benefit future generatlons of 8udlences and the arts sector In Ihe UK. If only young p60ple from
privlleged backgrounds can engage and train In the Arts, then we are perpeluatlng an envlronment In the arts sector where only a
vary narrow set of volces are beSng heard.
The Truste8s wlll launch naw projects and grant bursaries based on the followlng guldellne8:
8ursarles have a valldlty ol one year (a maxSmurn of £1,000 Is granted), but given our pr8ference for supportlng lon*term
8UStalnable projects, we wlll support tsrtaln tralnlng or projects over 8 longer perlod if funds allow.
8ur8ary applicants can apply once a year by complellng and submltting our appllcallon ftjrm, Includlng deta118 about th8
Indlvldual's financlal clrcumslances. We con81d8r all bursary appllcatlons submitted.
When deddlng wh8ther lo start a new chadtable activity, priorlty will be glven to ch8rltsble projacts with th8 most
favourable funding to impact rallo, In temis of benofillng th8 communlty.
Our allocatlon proc888 Includes, but Is not Ilmit8d, to the followlng:
Bursary appllc8tlons are evaluated by the Grant Glvlng Commltt88.
2. Al other charitable actlvStiepJ projects are pr08ented to the full Board of Trustees.
3. Any issueslconcems are documented and addressed b8fore a project p58n can be submitted.
4. A prolect plan must be drawn up by the NYAT Dlrector of Opera￿on8 OT a Trustee and then must be submltted for
consideratlon by the entlre Board.
5. The Board of Tru8tees make the final declslon as to whlch Charitable proleds wlll be supported as well as funding
amounts.
6. Bursary reclpients rec£ive fundlng for a calendar year. Other projects vary, according to the needs of the beneflclad8S
of the project In questlon. Addltional emergency fundlng Can be made available. at the dlscretion of the Trustees.
during the year.
The Trustees ￿fj11 hav8 absolute di8cretlon ov8r the uBe of unrestricted donated funds. The Trust688 wlll ensure that the funds are
. used for the charitable purposes for which they have been given, by followlng th8 'rTh)nitoring of funds, framework {as documented In
Its Grant Pollcy).

NATIONAL YOUTH ARTS TRUST
IA CHARITABLE INCORPORATED ORGANISATION)
REPORT OF THE TRUSTEES - continued
FOR THE YEAR ENDED 31 MARCH 2024
GRANT and PROJECT POLICY- contlnued
In addSllon lo th8 monltoring fram8wofk 8et out in the Grant PollGy, the Charity would be vlllling to seek the expertise and ¢)pinions of
local Individualslconsultants capable of carying out detalled audits. should doser monilorfng be required. The Truslees
acknowledge the Charfty Commlsslon's guldanco for consldgrfng local partners wlth whom to work.
The Trustees are mindful of our on-going prolect costs and risSng numb8r of bursary applications, whlth are expgcted in the future.
Therefore. the Charity Ss looking to deepen strategic alliances with inslllutions. foundations, and charitles wSthin the UK.
ACTIVITES, ACHIEVEMENT AND PERFORMANCE
The Trustee8 Taise fund8 Ihrough personal donations, grants, and sponsorship and through fosterfng relatlonshlps wlth Comp8nl88
and Institutlons that may be wllllng to flnancially support the oblectlves of the Charlty.
As Indlcated In Ihe financlal revlew sectlon the Chartty has achleved a satl8factory result In the tenth year of operatlon.
CHARITABLE ACTMTES IN 2023-24
Grants and projects appfovod
ContSnuallon of our Hull and Port Talbol Youth Theatre projects.
Plannlng and fundralslng a muslc prolect In North K8nslngton In p8rtner8hlp wlth charlty Youth Actlon Alllance.
Mentor scheme launched wllh tén menlees on the pllol sch8me
Sixty three bursaries In music, dance and drama awarded.
Trnnsfor of Fund• from tho Talbot Hou•0 Tru•t
During the year, the Chartty recelved a transfer of £178k from the T8lbot House Trust la Trust wlth 81mllar obleclves to NYAT whlch
has now been wound up). These funds are currently held In an Investmènt fund w6th LGT Wealth who are managing the
nvestments on behalf of NYAT wllh perfomianc* belng revlewed by the Trustees. The Charfty wlthdrew Inlllal fund8 of £36k for
core costs and projects. The Charlty Intends to hold the remalnder of funds as an Income producSng Investment and wlll ulllise
earned income In ch8ritable 8Ctivllles. Should the Charity require funds for In the event that other Income streams do not dellver the
requlred funds for ongoing operatlorts then the tru8tees wlll revlew the ne8d to wlthdraw further lunds to cover c08ts as requlred.
The youth theatre In Hull has been funded by grant glvlng Irusts and unreslrlcted NYAT funds. Our youth theatre project In Port
Talbot has also been funded by Trusts and NYAT unrestricled fvnds. The approv8d bursary appllcatlon8 represent a cost to NYAT
be￿en the surr6 of £200 and £1.000 resFedi¥ely.
Grant awards
In the next twelve months the Trustses antlclpate:
Exlstlng Pfoleds b8lng slrength6n8d and Improv8d.
New prolecls belng developed lo dlversify our charftable act4vlty.
An In¢￿ase in burs8ry applications and a reflnemenl to the bursary strategy
An Increase In the number of bursarles tho Trustees wlll be able io grant.
Extenslon to the menlorshlp programm
More focus on creatlng long tem relationships wlth foundations and trusts to support the ongolng alrns of the Charlty
Inltlaltng an investment strategy to optimlse the benefits of the transfer In from the Talbot House Trust

NATIONAL YOiITH ARTS TRUST
(A CHARITABLE INCORPORATED ORGANISATION)
REPORT OF THE TRUSTEES - contlnued
FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
Flnanclal Statsm8nl8
The financial statements, including the notes, have been prepared in compliance with the Statement of Recommended Practlce
ISORP) 'Accounling and Reporting by Charitles. 2019 (FRS 102). The analysis of income and 6xpendlture r8flects the dassification
of activities, together with costs relating to admlnlslration.
Ov8rvlew
Th6 National Youth Arts Trust (NYATI was successful In ralsing restdcted and unrestricted funds from grant glvlng Trusts, Indivldual
givlng, corporate 8nd legacy donations. In our tenth full year of operation, the Trustees continued lo Improv6 and refine our finandal
and buslness management systems, create awareness of the Charity. and develop new charitabl8 projects.
Stalom8nt of Flnanclal Actlvltlos
The Statement of Financial Activlli8s Is shown on pag8 9, wlth a more d8lall8d 8nalys18 of Income and expendlture wlthln th6 note8
to the financlal statements. The total Incomè for th8 year was £249,26912023.' £82.562) whlch Indudes £178,087 from the transfer
of funds from The Talbot House Trust along wlth the support of varlous Sndivldual and Instllution81 donors. Details of grants recelved
of £35.16712023 £4,250) can be found in note 2.1 on page 13. The Charity has also received generous donallons for the current
year of £34,464 (2023 £56,054).
Expendlture Is Incurred to enable the Charfty to perfonn Its charft8ble fijnctions and r81se addltlonal funds. The total expendlture for
the year was £114,642 (2023.. £138.957). Full detslls of charftsble expendlture are shown In notes 6 to 8 on page 14.
Prfnclpfjl lundlng 8ourco•
The Ch8rfty Is dependent upon grants and donatlons from Indlvldual donors and Institutlons. Detalls of charilable In￿me Is set out In
notes 2 - 5 on page 13 of the accounts.
Balance Shoot
The above result led to a surplus of £143,664 {2023.' deficlt £56,395), whlch has resulted Sn a comblned fijnd bal8n¢e of £193,249
12023: £49,585) al the year-end. An analysls of Ihe funds can be found in note 17 on page 17. vllh the movèments with each fund
detalled In note 18 on pago 18.
Inve•lmonl pollcy
The Trustees are responslble for the 88fek86plng of all as86ts of the Charlty and may Inve8t funds 88 they see fit.
R•8•rvo• Pollcy
The pollcy of the Trustees is that the reseNes are revSewed on a regular basls to ensure that they maintsin a level thal wlll provlde a
stable b8se from which to fund ils future activity, whllst ensurfng that excessSv8 funds are not accumulated. The Trustees agree
rgserves should enable normal operallng acllvilles to contlnue for a suilable perlod should a shortfall In Income occur. and to lake
aLwunt of wtenllal rfsk8 and contlngencl68 that may ari86 from ￿m6 to Ilmè.
The total unr68trlct8d r888rv88 a￿ currently £175,439 {2023'. £48.442). The Trustee8 are comfortable that OP8ratlng activllles can
(x)ntlnue to be funded for a reasonable p8rt0d.
Rl•k monagomont
The Trustees actively revlew the major risks. whlch the Charity faces on a regular basls. and have Intemal control pollcles and
procedures In place lo provlde reasonable assurancès agalnsl material mlsstatement or loss.
The Trustee5 consider the extent to which Ihe grants awarded successfully advance and benefit those lo whom they arè grantad as
a major operational risk. The Twslees manage thls rssk by retsinlng Trustees of sufficient sklll and expertlse to monitor our projects
and the bursary allocatlon process. Where necessary the Trustees will draw on extem81 expertSse to ensure the quallty of the
projects and Ihe people the Charity supports.

NATIONAL YOUTH ARTS TRUST
(A CHARITABLE INCORPORATED ORGANISATION)
REPORT OF THE TRUSTEES - contlnuod
FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW- ¢ontlnuad
Futuro Plan•
The Charltys maln obled6v8 for 2024125 Is to Increase NYAfs Impact for more of the County's young undlscovered tslent.
Our priorities include our theatre projèct in South Walès - an area of slgnlfirant economic disadvantage and 8 lack of opportunity for
young people in the performlng arts: scaling up our bursary fund to meet increasing demand., expanding our Hull youth Iheatre
workshops, continuing our naw Pathways Project with young offenders in Kent and working in partnership with Youth Adon Alliance
to dellver Vocalized. a music prol8Ct for young people from low ino)me backgrounds in North Kensington. We are also rolllng out our
new mentoring scheme for drama school graduatgs and NYAT bufsary holders to support menlees navigate Ihelr early careers. We
also want to enable more young people to access the theatre and are extendlng the reach of our free tlcket8 programme to mor8
reglons across the UK.
This mgans our amblllons for th6 2024125 y6ar are to focus on gainlng sustalnable fundlng for our bursary 8chome and. bulld on the
work we hav8 already accompll6hed and plan new charftable activlty.
STATEMENf OF TRUSTEES RESPONSIBILITIES
The Truslees are responslble for preparing the Report of the Trustees and the financlal statements In acojrdance vhth appllcable
law and Unlted Klngdom Accounllng Standards (UnSted Klngdom Generally Acc6Pled Accounllng Practlce).
Thè law applScable to charltl6s In England and Wales, the Ch8rttles Act 2011, Charfty (Ac¢ount$ and Reports) Regulatlons 2008 and
thg provision of the trust deed requires the Tru8te88 to prep8re finanoel statem&nts for each finandal yaar which glve a truè and fair
vlew of th8 stste of affalrs of the Charlty and of Ihe Incoming resources and appllcatlon of re8ources, Induding tho In(x)mg and
expendllur8, of the Charlty for that perlod. In preparfng those flnan¢lal stal8m&nt8, the Trust808 are roqulr8d to:
select sultable accounllng pollcies and then apply them consistently.
obseNe the meth(Kls and prfnciples In the Charitles SORP 2019 IFRS 102).
make ludgements and estimales that are reasonable and Prudent.
Stale whether applicable UK Accounting Stsndard8 have been followed, subject to any materlal departures dlsclosed and
explalned in the flnanclal statements.
prepare the flnanclal 81atemenls on the golng concem bas18 unl8S8 1118 Inapproprlate to presume that the Charlty wlll
contlnue In operatlon.
Thè Trustees are responslble for keeping proper accounllng rewrd8 whlch dlsclose wlth reasonable ac¢ura¢y al any tlme thè
fingndal positlon of the Charfly and to enable them to ensure that the financial stat6m6nts comply with th6 Chadtles Act 2011. thè
Charity (Accounts and Reports) Regulallons 2008 and the provisions of th8 trusl deed. They are also responsible for safeguardlng
the 8886ts of the Charlty and hence for taklng reasonable steps for th8 preventlon and det8don of fraud and other irr8gularitles.
The Trustees ar8 r8spon8lb18 for the malnt8n8nce and Integrlty of the Charity and finandal Infomi8tlon Induded on th8 Ch8rlty'$
website. Leglslation In the Uni18d Klngdom gov8mlng the preparatlon and dissemlnetlon of financlal slalements may differ from
18gl8latlon In oth8r lud8dlctlon8.
ON BEHALF OF THE BOARD OF TRU
ES
Joanna Kennady (Chalr}
For and on behalf of the Board of Tru8t8&5
26 NOveM￿r 2024

NATIONAL YOUTH ARTS TRUST
(A CHARITABLE INCORPORATED ORGANISATION)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE NATIONAL YOUTH ARTS TRUST
FOR THE YEAR ENDED 31 MARCH 2024
I report to the Trusteos on my èxamlnaticm of the accounts of the Natlonal Youth Arts Trust for the year ended 31 March 2024, which
are set out on pages 9 to 20.
Re8ponslbllltle8 and ba818 of raport
As the Trustees of the Charity, you are responslble for the preparation of the accounts In accordance wlth the requlffjments of the
Charlties Act 2011{'the Act,).
I report In resp8Ct of my eXamIna￿On of th8 Charity's account8 carried out under section 145 of the 2011 Act and In carylng out my
examination I have followed all the applicable Dlredons glven by the Charily Commlssion under 8ectlon 14515){bl of the 2011 Act.
Indèpondènt oxamlnorfs roport
I h8vo complel8d my examination. I C￿nfirrn that no materfal matters have corne to my 8tt8nllon In connactton with the examlnallon
giving me cause to belleve Ih8t in any matsrial respect..
(1)
(2)
(3)
accountlng records were not kept In respect of the Ch8rfty 88 requlred by 8ectlon 130 of the Act; or
the accounts do not accord with those records., or
the aC￿Unts do not comply with the appllcable requlrements conceming the form and content of accounts sgt out In the
Char1116s (Accounts and R6ports) Regulallons 21)08 olher than any requlroment that the accounts glve a 'true and falr
vlew. whlch18 not a matt6r ()Jnsldered as part of an Independent examlnatlon.
I h8ve no concem8 and have come across no othor matter8 In connectlon wlth the examlnation to whlch attenllon should be drawn
In Ihls report in order to 8nablè a proper under8tandlng of the accounts to be reached.
Androa L Klbble FCCA
A K Accounting Solution8 Llmited
Chartered Certifled Accountants
F8rneberga House
Alexandrya Road
Farnborough
GU14 60Q
26 Novornbor 2024

NATIONAL YOUTH ARTS TRUST
(A CHARITABLE INCORPORATED ORGANISATIONI
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
2024
Total
funds
2023
Total
fund$
Unre8trlctod
fvnd•
Re•trlctsd
fund•
Note4
INCOME FROM:
Oonallon• and L•gad
34.667
69,631
60.304
ActIvItl￿ for yneratlng lund•
21,906
Othgr Incomo
178,087
178,087
Inv•slment¥
240
172
Total
EXPENDITURE ON:
Ral•lng lund•
53,168
53,168
74,897
Charltablo •Ctlvltl
Cor8 A¢tivltle8
Prolect Costs
25,073
520
25,073
33.974
Tolal
138 957
Not Incomellexpondlturn) bolor• tran•f•r•
135,601
(974)
134,627
(56.395)
Galn8 on Inv•8tmnt 8840t•
9,037
9,037
Tran8lor ￿tween lund•
Not movement In fund•
126,997
16.667
143,664
(56,395)
RECONCILIATION OF FUNDS
18
TOTAL FUNDS BROUGHT FORWARD
48.442
1,143
49,58S
105,980
TOTAL FUNDS CARRIED FORWARD
175439

NATIONAL YOUTH ARTS TRUST
(A CHARITABLE INCORPORATED ORGANISATION)
BALANCE SHEET
AT 31 MARCH 2024
2024
Total
funds
2023
Total
funds
Unro•trf¢tsd
fund•
R08tr1ctod
funds
Nolos
FSx8d A888ts
Intanglble assets
Investm6nl8
13
14
151001
151001
151.001
151,001
CURRENT ASSETS
Dobtors
Cash at bank and in hand
15
3,054
10,OC
13,054
3, 792
27,832
20,794
48,626
60,340
CREDITOR8
Amounts falling due wllhln one year
16
(3,394)
{2,984)
(6,378)
(10, 755)
NEf CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
175,439
17,810
193,249
49,585
NET ASSETS
175 439
CHARITY FUNDS
Unreslricled funds
Restricled funds
18
175,439
48,442
TOTAL FUNDS
193 249
The ffinanclal statements W8r8 approved by the Board of Tru$tee8 on 26 Nov•mber 2024 and were slgned on Its behalf by:
Joanna Kenn￿y- Trustao
Nancy
allondor- Trujteo
-11>

NATIONAL YOUTH ARTS TRUST
IA CHARITABLE INCORPORATED ORGANISATIONI
NOTES TO THE FINANCIAL STATEMENT8
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
A 8ummary of the prfncipal accounting pollcles adoptsd Judgements and key sources of esllm8tion unrA8rtalnty in tho
preparatlon of thé accounts are lald out below.
Ba81s of proparatl¢Jn of the Flnanclal Ststemènts
The financlal statèments have b8en prepared in accordance vAth Aco)unlng and Reportlng by Charlt188: Ststement of
Recommended Pradlce applicable lo tharfties preparing their accounts In accordance wth the Financlal Reporting
Stsndafd appllcable In the UK and RepublSc of Ireland Issued In October 2019, the Financial Reportlng Standard applicable
in the Unlted Klngdom and Republic of Ireland (FRS 102), the Charilies Ad 2011 and UK Generally Accepted Accounting
Practic8.
The 8ddr8ss of th9 reglstered offi¢8 18 glven In the ref8rence and admln18tratlve detalls on page 1. The natLtre of th8
Charlws oper8tlon8 and ils principal actlvltles are 881 out In the Trustees, report.
Natlon81 Youth Arts Trust meets th8 definllion of a publlc beneflt entlty undgr FRS 102. Assets and Ilabllltle8 are Inltlally
r8cognlsed at hlstortcpl cost or Iransactlon value unless otherw18e ststed In the relevanl acLY)unllng pollcy.
The fln8nclal staternents are prepared on a golng cA)n￿M bas16 und8r the hlstorlcal ￿8t ¢onv8ntlon, modlfied to Include
¢ertaln Items al fair value. The finandal $18tem8nt8 are prepared In 8terflng vlhlch 18 the funcuonal currency of the Charity
and rounded to the ne8re8t £.
Judgemont and k•y 8ource• of o•tlmatlon uncortalnty
In the 8ppll¢atlon of the Charity's 8ccounting pollcles, the Chatlty Is requlr8d to m8ke judgments, estlmales and
assumptions about th8 C8rylng amount of as88ts and liablltlles that are not r8adily apparent from othèr sour(88. The
6stSm81es Bnd assoclated as8umptlon8 are based on hlslorlcal experlence and other factors that are relevant. Adual results
may dlffer from these estimates.
The esllm8t8s and und8rlySng a8sumpllons are reviewed on an on%oSng basls. Revlslons lo acrx)untlng 8slim8tes are
recogni8ed In the perfod In whith the esllmala Is revlsed where the revSsion affects only that perfod, or In the pertod of the
revlslon and future perlods where the re￿$lon affects both current and future perfods.
Fund Accountlng
Unrestricted funds be u88d In ac¢ordance whh the ch8rltable objectlveg at the dl8crellon of th8 Trustees. Unre8trlctsd
fvnds Indud8 deslgnated funds where the Tru8te88, at thelr dlscretlon, have created 8 fund for a 8peclfic purpo80.
Restrtcted funds can only be used for re8trfcled purposes wlthln the objects of the Charfty. RestrfctSons aris8 when spe¢lfled
by the donor or when funds are raised for restricted purposes. Wh8re necessary, a quarterly report Is sent to Ihe donor
detailing the expendlture. Further explanatlon of the nature and purp)se of each fund is Included In note 19 on page 19.
Income
All Incomlng rèsources are Induded on the Statement of Flnancl81 Adlvltles when th6 Charity 18 legally entitled to the
income and the amounl can b8 quantifled wSth reasonable accuracy. In¢ome Is deferred only whén the Charity must fulfil
Condltlons belore becomlng en￿lled to It or where the donor has 8pdfied that th8 InrA)me 1$ to be expgnded In future
perl(>J.
Donated services or faci11116s are recognised when the Chadty has control over the Item, any condlttons 8ssocl8ted wlth the
donated 11gm have been mel, the re¢olpl of economic benefit from Ihe use of th8 Charity of the item is probable and that
economlc benefil can be me8sured rellably. Some of th8 management and actlvlty of the Charity Is carried out by
volunteers. In accordanc8 wlth the Charfties SORP (FRS 1021, the volunteer tlme Is not recognlsed and refer lo the
Trustees, report for more Information 8boul theif contribution.
On receipt, donated professlon81 $8Nlces and donated facllltles are recognlsed based on the value of the gift to the Charlty
vthich is the amount the Charfty would have b8en wlllng lo pay to obtaln services or facilities of equlvalent economic benefit
on the open market., a correspondlng amount Is th8n recognised In expendlture in th8 perfod of recelpt.
-11-

NATIONAL YOUTH ARTS TRUST
(A CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE FINANCIAL STATEMENT8- contlnued
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES- Contlnugd
Expandlturn
Expenditure Is recx)gnised once there is a legal or conslructlve obligation lo make paym8nt to a thlrd paty. It18 probable Ihat
settlemenl will be required, and the amount of the ob15ga￿on can b8 measured reliably.
Cosls of ralslng funds Is detailed In Note 6, and comprises the costs assoclaled w]th attractlng voluntsry Income and any
fundraislng events. Charilable expenditure is detailed In Note 7, and compris8s those costs Incurred by the Charity In the
dellv8ry of Its actSvitSes. It Includes Ixjth costs that can be allocated dlr8ctly to such acttvltS88 and those (￿91S of an irKllrecl
nature to 8UPPOrt them.
All èxpendlture Is accounted for on an accruals ba81s.
Golng concern
The financial Statements h8ve been prepared on 8 golng concem b88ls, as the Trustees belleve that no materlal
uncertainties exlst. The Trustees have considered the level of funds held and the expecled18vel of Income and expendilure
for 12 months from aulhorislng these financlal statements and consider these sufflcienl for the Charity to be able to conllnue
a8 8 golng concem.
Intjnglble flxed assets
Intanglble fixed a88ets are stst8d at C08t or valuation less amortlsatlon.
Amortlsatlon 18 provlded al rats8 calculated to wrlle off the cost or valuatlon of fixed a888ts. 1888 thelr estimated resldual
V81ue, over thelr expected useful Ilves on the followlng bases:
A••ot Cat•gory
Annual Rat0
New Webslte
2010 on cost
Invostmenl8
Flxed asset inve8tmen18 are a fomi of flnanclal Instrument and are Inlllally recogn18ed at thelr transactlon c08t and
subsequently measured at falr value 8t th6 Balance Sheet date. unl688 the v81ue cannot be measured rellably In whlch case
It Is measured at cost less impairmenl. Inv8Stment gains and Ioss8s. whether reallsed or unreallsed, are ￿Mbined and
presented as 'Ga5nsllLosse81 on Investments. In the Statem8nl of Flnanclal Acuvltles.
Ca8h at bank and In hand
Cash at bank and in hand represents such accounts and In8trum6nt8 that are avallable on demand or have 8 maturlly of
le8s than three mnths from the date of 89]uisltlon. Depo8Its for more than three months but less than one year have been
disclosed as shOrt-te￿ deposits.
Deblorn
Debtors are recognised at their settlement amount, less any provlsion for non-recoverabllity. Prepayments are valued at the
amount prepaSd. They have been dis¢ounled to the present value of the future cash receipt where such dlscountlng Is
material.
Crodllor• and Provlslon•
Creditors and provislons are recognlsed where th8 Charity has a pr8s6nt obllgallon resultlng from a past event that wlll
probably result In th8 transfer of funds to a third party and the amount due to S9tt1e th8 obllgallon can be measured or
estimated reliably. Credllors and provlsions are nomially recognised at their settlement amount after allowlng for any trade
dI$￿Unts due.
Taxatlon
The Charity Is an exempt charity within the meanlng of schedule 3 of the Charities Act 2011 8nd is considered to pass the
tests set out In Paregraph 1 Schedule 6 Flnance Act 2010. Accordlngly, It Is potsntially exempl from taxation in respect of
income and c8Pital gains received to the extent Ih81 such income or galns are applled to exclusively charitable purposes. No
provlslon for taxatlon has been made In these financlal statements.
Pen8lon costs and other po8t•rntlremont benoflts
The Charity operates a defined ￿ntrIbUtIOn penslon scheme. which (x)mmenced In October 2017. and wa5 offered to all
slaff. Contributions payable to the Charity's pension scheme are charged to the Slatsment of Financial Activities In the
Period to which they relate.
-12-

NATIONAL YOUTH ARTS TRUST
(A CHARrrABLE INCORPORATED ORGANISATIONI
NOTES TO THE FINANCIAL STATEMENTS- contlnuèd
FOR THE YEAR ENDED 31 MARCH 2024
INCOME FROM DONATIONS AND LEGACIES
2024
2023
Grants- Charftable Foundatlons {R8Stricted)
Grants - Chadtab19 Foundations Iunreslrictgd>
Donatlons- Indlviduals (Unrestricted)
Donations- Coryiorates (Unr6$trirted)
LegacSe8
Other
34,66Y
500
28,364
2,250
22,548
25,705
2,500
GRANT8- CHARITABLE FOUNDATIONS
2024
2023
The Llz & Tèrry Bramall Foundatlon
The Mackintosh Found8tlon
The Oakdale Trust
The Ollbob Arts Foundatlon
The Paragon Trust
The Slr James Reckltt Charlly
Amold Clark Communlty Fund
Foyle Foundallon
Lady Morè Charitable Tru8t
5,000
16,067
1,000
10.000
500
2,000
1,OCKI
1,250
Of th8 lotsl gfants of £35,167 (2023: £4,250) £34,667 are re8trfcted12023: £2,250) and £500 are unrestrlcted (2023:
£2,000).
ACTIVITIES FOR GENERATING FUNDS
2024
2023
Art Auctlon
OTHER INCOME
2024
2023
Trdnsfer from The Talbot Hou88 Tru8l
Hull Youth Theatre Mgmbership fees
178,087
180
178 087
INVESTMENT INCOME
2024
2023
88nk Interest
Investment portlollo Inceme
240
172
172
.13-

NATIONAL YOUTH ARTS TRUST
(A CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE FINANCIAL STATEMENTS- contlnuod
FOR THE YEAR ENDED 31 MARCH 2024
COSTS OF RAISING FUNDS
2024
2023
Staffing costs
Stsff travel
Staff expenses
Fundraising costs
Art Auction costs
IT and infrastructure
Office costs
Amortisation ￿sts
Investment brokers fees
PayPal and other charge8
35,445
605
2.272
8,951
42,147
867
8.661
16, 725
3,514
1,695
760
1,593
615
339
528
CHARITABLE ACTIVITIES EXPENDITURE- CORE CO8T8
2024
2023
Tultlon, Audillon and Access BuryJarl8$ (xJ8ts
Accountancy and Bookk88plng fe08
Professional Fees
Independent Examlnatlon fe88
20.253
3,686
199
935
29,841
3.090
983
CHARITABLE ACTIVITIES EXPENDITURE- PROJECT COSTS
2024
2023
Youth Off8nd8r8 Prol8Ct
Hull Youth Th8atr8 Prolect
Vocallzed Muslc Proj8ct
Port Talbot Youth Theatre Project
18,443
520
15,186
278
TRUSTEES. REMUNERATION AND BENEFITS
There were no Trustses, remuneratlon or olh8r b8nellt8 for the year8 ended 31 March 2024 and 2023. Tru8t8es ar8 not
remunerated for thelr ￿rne given to the Charity, which is on a voluntary bas1$. National Youth Arts Trust or a r81aled 8ntity
and no Trustee expenses have be8n ch8ffJed 8nd relmbursed durlng th8 year or th8 prevlous year.

NATIONAL YOUTH ARTS TRUST
(A CHARITABLE INCORPORATED ORGANISATION)
NOTE8 TO THE FINANCIAL STATEMENTS- ¢ontlnuad
FOR THE YEAR ENDED 31 MARCH 2024
10.
STAFF COSTS
2024
2023
Wages and sa18ries
Soclal security costs
Pension costs
Staff training co818
40,294
701
No employee8 recelved remuneratlon anK)untlng to more than £60.000 In elther year.
Durlng the year ended 31 March 2024 the Charity had tsvo employ68s, Ruth 0'8ri8n, Di￿￿Or of Operations and Ramika
Pralapa￿, who provlded m8ternlty cover for the Director of Operations Role. We also had a freelance Soclal Medla
Manager, supporting our social medla strategy WOTklng approxlm8taly 10 hours a week.
11.
TRANSACTIONS AND RELATED PARTIES
Related party transactlons reported this year Include:
The freelance 8oclal medla 8ervlces are currently provided by a relatlon of one of our Truste88. The88 servlces are
provided al ami's length and are approved and agreed by the full Board.
We are also partnerlng wlth YAA on our Vocalized project whlch ran In Autumn 2023 and wlll run agaln In Autumn
2024. The CEO of YA4 Is related to a truste8. All project actlvllles are facilllaled Independently of the Board by the
DSreclor of Oper8tlon8 and Admlnistrator, and all prolecls and budgets are approved by the full Board.
Some of our trustees. workplace (Zareen Walker and Sarah Edwards) allows NYAT lo occasionally use thelr office
meetlng room for our quarterly board meellngs pro bono.
Thgrn wero no other related party transa¢tion8 durlng the year.
12.
PENSION COSTS
The Charlty ha8 a deflned contrlbutlon penslon Scheme, whlch 811 employees are entitled to loln. The Charlty ￿ntributed 3%
and the ern￿oYeeS contrlbuted 5% or more. Durlng the year ended 31 March 2024. the Charlvs tolal contrlbutlons
amounled to £905 (2023.. £701).

NATIONAL YOUTH ARTS TRUST
(A CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE FINANCIAL STATEMENTS- contlnuod
FOR THE YEAR ENDED 31 MARCH 2024
13.
INTANGIBLE FIXED A3SErs
New Wob81to
Bulld
Tota18
COST
At l Aprll 2023
Additions
Dlsposals
3,800
3,8(10
At 31 March 2024
AMORTISATION
Al 1 April 2023
Charge for year
Dlsposals
3.8fY)
3,800
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
Al 31 March 2023
14.
FIXED ASSET INVESTMENTS
Movoment In flxod a88•t118tod Inv•8tm•nts
2024
2023
Mafket value brought forward
Transfer from Talbol House
Add- addltlons to Investment 8t (xjst
Dlsposals at carrylng value
Net cash movement In year
Add net galnlllossl on revaluatlon
178,086
172,9TI
1194,470)
{16,S68
Market value at year end
151001
Invegtm•nts at falr v•lug ¢omproml8ed:
2024
2023
Flxed Inler68t securftles
UK inveslmonl and unit trusts
Overseas Investrnent and unlt trust8
Altemallvelcash products
Cash held y￿thIn the Investment portfollo
50,406
2,908
80,983
15,346
-16-

NATIONAL YOUTH ARTS TRUST
{A CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE FINANCIAL STATEMENTS - conllnuod
FOR THE YEAR ENDED 31 MARCH 2024
15.
DEBTORS: AMOUNTS FALUNG DUE ￿THIN ONE YEAR
2024
2023
Accrued Incom8
other debtors and prepayments
10,000
CREDITOR8: AMOUNTS FALUNG DUE WITHIN ONE YEAR
2024
2023
Trade credltors
Other taxes
Other creditors and accrued expen88s
4,501
187
8,323
452
10,755
17.
ANALYSIS OF NEf ASSETS BEfwEEN FUNDS
2024
Total
funds
2023
Total
funds
Unro8trfctsd
lund•
Re8trl¢tad
fund8
Intsnglble assets
Invèstments
Current assets
Current Ilabllltle8
151,001
27,832
151,IX11
48,626
20,794
60.340
175 439
193 249
-17-

NATIONAL YOUTH ARTS TRUST
(A CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 PaARCH 2024
18.
MOVEMENT IN FUNDS
Net movement
Transhr8
In funds botween fund$
Al 114123
At 3113124
Unre8trfcted funds
General fund
175 439
48.442
164,891
(37,894)
175,439
De8lgnatsd funds
Dance Bursaries
Dram8 Bursarles
Muslc Bur8arie8
13,622)
(11.410)
3,622
11,410
{20,253)
20,253
Re8trlctod lund8
Hull Youth Th6atre
Macklntosh Grant
Port Talbot Youth Theatre Project
Young Offenders Project
(1,203)
16,667
(16,438)
1,203
16.667
16,438
TOTAL FUNDS
193 249
Net movem8nts In funds for the current year are as follows,.
Incomlng
rnsources
Resources
•xpondad
Galn8 and
los￿*
Movemont In
fund•
Unro8trlctod fund•
General Fund
214 362
58 508)
214,362
(58,508)
9.037
164,891
Deslgnated fund•
Dance Bursaries
Drama Burs8dos
Music Bursarles
13,622)
(11,410)
(3.622)
(11,410)
120,2531
(20.2531
Réstrlcted funds
Hull Youth Theatre
Macknntosh Grant
Port Talbot Youth Theatre Prol8Ct
Young Offenders Project
17,240
16,667
1,000
(18.4431
{1,203}
16,667
(16,438)
117.438)
34,gJ7
TOTAL FUNDS
249 269
114 642)
-1

NATIONAL YOUTH ARTS TRUST
(A CHARITABLE INCORPORATED ORGANISATION)
DETAILED STATEMENT OF FINANCIAL ACTMTIES
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
INCOME
Voluntary In¢omg
Donatlons, Grants and Legacl88
69,631
60,304
Actlvltles for g•neratlng funds
Art auction
21,906
Investment Incom•
Investment income
1,551
172
other Incomo
180
Totsl In¢omo
249,268
82.562
EXPENDITURe
R•l8lng fund•
Stsffing costs
Stsff travel
Stsff expense8
Fundralsing costs
Art Audon costs
IT and infrastructure
Office costs
Amortisatton costs
Investment brokers fee8
PayPal charge8
35,445
605
2,272
8,951
42, 147
887
8,661
16,725
3,514
1,695
760
1,593
615
339
528
53,168
74,897
Charltable actlvltlo•
Muslc
Drama
D8nc8
Youth Offenders Prole¢t
Hull Youlh Theatre Prolecl
Vocallzed Youlh Prolecl
Port Talbot Youth Theatr6 Prol8Ct
A￿OuntancY and BookkeepSng fe68
Independent Examlnatlon fees
Profgsslonal fees
5,221
11,410
3,622
5,920
17,487
6,434
18,443
520
17,438
3,686
935
15,186
278
14,682
3,090
983
61874
64,060
Total Expon80•
138 957
Net Incomal(oxpndlturn)
Thls
e does not form
rt of tho 8tstulo
flnond81 $18lements
-21-