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2021-08-31-accounts

REGISTERED COMPANY NUMBER: 11604390 (England and Wales) REGISTERED CHARITY NUMBER: 1183804

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 August 2021

for

Future Talent Musicians

Hughes Waddell The White House 2 Meadrow Godalming Surrey GU7 3HN

Future Talent Musicians

Contents of the Financial Statements
for the Year Ended 31 August 2021
Page
Report of the Trustees 1 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10 to 11
Notes to the Financial Statements 12 to 15

Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2021

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Reference and Administrative Details
President Sir Mark Elder CH CBE
Trustees Nicholas Robinson (Chair)
Katharine Kent
Gregor Bamert
Nicola Burbridge
Khosro Ezaz-Nikpay
Glenn Manoff
John Sendama
Jonathan Worsley
Francesca Filippini Pinto
Krystyna Budzynska
Ambassadors Alexander Armstrong
Ben Weston-Conway
Chloe Hanslip
Danielle de Niese
Dame Judi Dench CH DBE FRSA
Sting CBE
Sir James Galway CBE
Lady Galway
Lesley Garrett CBE
Tolga Kashif
Sheku Kanneh-Mason MBE
Guy Johnston
Joby Talbot
Charity number 1183804
Company number 11604390
Registered office 10 Brick Street
London
W1J 7DF
Bankers HSBC Bank Plc
PO Box 26
York
YO1 8XS
Independent examiner Hughes Waddell
The White House
2 Meadrow
Surrey
GU7 3HN

Page 1

Future Talent Musicians

Report of the Trustees (continued) for the Year Ended 31 August 2021

Overview of 2020/21

Over the last two years, considering the continuing effects of COVID-19, it has been of critical importance for Future Talent to maintain the delivery of its essential support to gifted young musicians from low-income backgrounds across the UK. While the ongoing global pandemic has continued to disrupt our lives, Future Talent has continued to be true to its mission, vision, and values, and in turn has accelerated and increased its support successfully in 2020/21.

After the successful introduction of virtual opportunities in 2019/20, Future Talent launched an all-virtual programme in 2020/21, furthering the reach and impact of the musical education it delivers through its wide range of activities. In response to the challenging times with schools and venues being closed, Future Talent established a brand-new Virtual Residential, spanning over 3 days with 30 speakers and 7 partners. Future Talent continued to improve the inclusivity and accessibility of the Development and Junior Programmes by delivering 5 virtual workshops, 4 virtual masterclasses, 40 virtual mentoring sessions, and a virtual concert, totalling 4,643 hours of impact for 94 young musicians , an increase of 563% in comparison to 2018/19.

Despite the challenging times, Future Talent was able to deliver the most inclusive programme with the 94 young musicians hailing from a diverse range of demographics: 50% BAME, 50% male/female, and 50% from the North of England.

Additionally, Future Talent continued its significant growth across its external marketing channels, reaching six million people on futuretalent.org and increasing its audience on social media with a 3,000% growth on Facebook alone, increasing from 1,288 page likes in August 2020 to 40,716 in August 2021: encapsulating the continued ethos of localised impact with a globalised reach.

However, for the second consecutive year, while the Charity has continued to fortify its position externally and increase the impact it delivers to its young musicians, COVID-19 means it has inevitably been a financially difficult and challenging year with our fundraising goals being severely affected. Our major fundraising gala at Lancaster House had to be postponed in 2020/21 for a second time since March 2020, resulting in a consecutive significant loss in projected new income. Future Talent relies on the generosity of private individuals and corporate partners via unique events like these as it does not receive funding from the Government. Fundraising events such as Lancaster House provide 40% of the yearly income required to fund its financial and educational support to young musicians.

In light of the continued financial challenges that we have faced this year, Future Talent has suffered a deficit of £34,024. However, we have continued to honour the full commitment we provide to our young musicians from low-income backgrounds. Due to this continuation of our programme at a time of reduced income, we have had to use some of our reserves. As a charity, we are pleased to have limited the negative implications of this global crisis on our young musicians and despite the financial implications, we have remained fully operational throughout the pandemic.

While we remain optimistic for our upcoming goals and long-term ambition of increasing the number of young musicians we support, Future Talent continues to be prepared to navigate and mitigate any further impacts of this global crisis. Despite the ongoing challenges, our programmes have continued to grow, innovate, and improve, keeping the promise to our young musicians at the core of any progression we make now and in the future.

Objectives and Activities

Future Talent supports gifted young musicians from low-income backgrounds by breaking down barriers, creating opportunities and harnessing the power of music. Since 2004, the Charity has offered unique opportunities for young musicians to build confidence, develop personal skills and enhance their musical experience, supporting instrumentalists and singers across any musical genre.

Future Talent operates two programmes:

Page 2

Future Talent Musicians

Report of the Trustees (continued) for the Year Ended 31 August 2021

Our Junior and Development Programmes aim to support, develop and listen to the needs and aspirations of gifted young musicians by providing:

and including financial support which contributes to musical costs, such as:

Our core is in the evolution of the young lives we affect, inspiring examples of musical talent and life development.

The Trustees and management of the Charity confirm that they give due regard to the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives, managing the Charity's assets and making awards to beneficiaries through the Development Programme and Junior Programme.

Award Making Policy

Development Programme

For many years, we have supported hundreds of young musicians with Awards of £1,000+ and provided them a bespoke programme of opportunities and activities.

Future Talent operates an annual awards process, inviting applications from instrumentalists and singers from any musical genre across the United Kingdom. Applicants submit an application and financial declaration form as well as a short recording. The Grants Committee, comprised of the CEO, Relationship Managers, Trustees, and musical professionals, review the applications and recordings individually before shortlisting for auditions which are held in London and Manchester. The Finance Committee reviews the financial circumstances of those who are recommended for shortlisting.

Our eligibility criteria for the Development Programme are:

Page 3

Future Talent Musicians

Report of the Trustees (continued) for the Year Ended 31 August 2021

Junior Programme

The Junior Programme provides a greater level of support to younger musicians who are an earlier stage of their musical ����������������������������������������������������������������������������������������������������������������������� Programme.

By working in co-��������������������������������������������������������������������� usually a music teacher, local Music Education Hub or Junior Conservatoire Department � we will review their development over 1-3 years with the hope that every Junior musician will graduate to our Development Programme; five young musicians from 2020/21 will continue onto our Development Programme in 2021/22.

Performance and Achievement

Performance Opportunities and Programme Activities in 2020/21:

Some of our notable achievements:

Page 4

Future Talent Musicians

Report of the Trustees (continued)

for the Year Ended 31 August 2021

Impact Measurement

All our young musicians provide evaluation reports each summer. We also ask for feedback after each of our workshops, concerts, masterclasses, and mentoring.

Here are a few examples:

Ivan � 16, Cello

�I've really benefited from all the courses, financial help and general advice that�Future Talent�has provided for me. In spite of the lockdown, and thanks to all this support, I've actually had one of the most successful years musically to date. I really am looking forward to any events that�Future Talent��������������������������

Gabriel � 11, Guitar

����������������������������������������������������������������������������������������������������� life-line; I felt like there were people like me who love music and take it seriously too.� I made a friend in London (I'm in Manchester) who is doing similar things to me musically and is at another junior conservatoire - I wouldn't have had that without Future Talent.

I felt like the staff at Future Talent genuinely knew who we all were and made us feel welcome and respected as learners and contributors to the programme. The�financial award also contributed to my fees for RNCM. I am delighted to be accepted for ��������������

Aimiee � 15, Drum Kit

�����������������������������������������������������������������������������������������������pursue�a career using the skills that I have�developed�and I am already mentoring younger children. Without Future Talent I would not have been able to recognise my passion and develop my skills.

The last year has been especially important to me as I have been really struggling with anxiety but focusing on drums with the ��������������������������������������������������������������������������

Haru � 16, Cello

������������������������������������� all trying so hard to get things together in the times the pandemic was hitting the world and events all but ceased in the outside world. it was so lovely of the FT team to not only provide excellent courses and lessons for life but also to give us a mora����������������������������

Maddy � 16, Composition

������������������������������������������������������������������������������������������������������������������������ ��������������������������������

Page 5

Future Talent Musicians

Report of the Trustees (continued) for the Year Ended 31 August 2021

Financial Review

Financial Position

The financial activities are summarised in the accounts below. During the period the Charity received income of £210,799 and expended £266,651 on charitable activities. There were also net investment gains of £21,828.

The Charity continues to utilise funds received from The Liz and Terry Bramall Foundation specifically towards Mentoring, Advice and Performance Programme by providing Bramall Scholarships.

Investment Policy and Objectives

The Trustees have full power to invest money and have invested funds in a COIF Charities Investment Fund, a Redwood Bank 1Y Bond as well as utilising a short-term deposit arrangement with Virgin Charity Deposit Account. While this is our objective, during exceptional periods, such as the last few years, the reserves will be accessed.

Reserves Policy

Unrestricted Reserves

������������������������������������������������������������������������������������������������������������������������harity, to be maintained at a level which equates to at least twelve months of unrestricted expenditure.

Restricted Reserves

Donors provide funds to the Charity for specific purposes, including support to individual musicians. These funds are held until they are fully utilised.

Structure, Governance and Management

Governing Document

The Charity is controlled by its governing document, a deed of trusts, and constitutes an unincorporated charity.

Organisational Structure

Future Talent is run by a CEO with an Operations Manager, two Relationship Managers, freelance Finance Director and Grants Director, and volunteers.

Page 6

Future Talent Musicians

Report of the Trustees (continued) for the Year Ended 31 August 2021

Risk Management

The Trustees regularly examine the major strategic, business, and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Statement of Trustees Responsibilities

The Trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulation 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Approved by order of the Board of Trustees on 8 February 2022 and signed on its behalf by:

............................................. Nicholas Robinson – Trustee

Page 7

Inde eiident Examiner's Re Fllture Talent Musicians tsrt to the Trustees of Independent txamlner's report to the trusttes of fiuture TAleAt Musicians {'the Company,) l Teporl to the charity trusrees oil my examination ofthe accouiils of the Coinpany for the year ended 31 Augiist 2021. Re$poDsibilities and basi5 of report A% rhe charity's trustees of the Company land also its directors for th¢ pury)oses of coinpany law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having sat15fied Tnyself that the accounts of tlie Company are not required 10 be audited under Part 16 of the 2006 Act and are eligible for independent exainination. I report in ieSPECt of my examination of your charity's accoiints as carried out uiid¢r.%ection E45 of Ilie Cliarities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Djrections gsven by tlie Chariry Conimission under sectioii 145{5} Ibl of the 201 l A¢t. Independent examiner's staten]cnt I have completed yny cxamillaiion. l ¢onfimi that no matters liave conie to my attention in connecliort with thc cxaminalion 8ivin8 me caiise io believe.. accolinting retordg were not kept in respect of the Company as reqiiired by section 386 of the 2006 Act", or the accoiints do not accord with those recoids" or the accoiints do not comply with the accounting requirements of sectson 396 of the 2006 Act other than any requiten]ent that the accounts give a Irue aiid fair view wliicb is not ¢1 nwltei consideied as Part of an independent exam1T￿tiO1l. or the a¢counts have llot been prepared in accordance with the metl)ods aiid priiiciples of the Statemcnt of Recommended PTh8ctice foi aceounlin8 and reportIDg by ¢haritics lapplicablc to charities preparing their accounts iii accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concern8 and have come across no other inatters in conllection ￿￿th the eKaTnination to which attention should be dra￿ in this repott sn order io eDable a proper ￿￿erStanding of the accounts to be reached. Nithol%s Dodd BA FCA Hvghes Waddtll The Wliite Hoiise 2 MeadTOW Godalming Surrey GU7 3HN Date.. Page 8

Future Talent Musicians

Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the Year Ended 31 August 2021

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
199,228
Investment income
2
5,226
Total
204,454
EXPENDITURE ON
Charitable activities
Young musicians development programme
(252,651)
Net gains on investments
21,828
NET INCOME/(EXPENDITURE)
(26,369)
Transfers between funds
8
27,500
Net movement in funds
1,131
RECONCILIATION OF FUNDS
Total funds brought forward
160,399
TOTAL FUNDS CARRIED FORWARD
161,530		 Restricted
funds
£
6,345
-
6,345
(14,000)
-
(7,655)
(27,500)
(35,155)
127,195
92,040		 31.8.21
31.8.20
Total
Total
funds
funds
£
£
205,573
198,671
5,226
4,782
210,799
203,453
(266,651)
(220,707)
21,828
4,492
(34,024)
(12,762)
-
-
(34,024)
(12,762)
287,594
300,356
253,570
287,594

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 9

Future Talent Musicians (Registered number: 11604390)

Balance Sheet 31 August 2021

Unrestricted
fund
Notes
£
CURRENT ASSETS
Debtors
4
26,790
Investments
5
80,899
Cash at bank
82,413
190,102
CREDITORS
Amounts falling due within one year
6
(28,572)
NET CURRENT ASSETS
161,530
TOTAL ASSETS LESS CURRENT LIABILITIES
161,530
CREDITORS
Amounts falling due after more than one year
7
-
NET ASSETS
161,530
FUNDS
8
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
80,898
25,934
106,832
(792)
106,040
106,040
(14,000)
92,040		 31.8.21
Total
funds
£
26,790
161,797
108,347
296,934
(29,364)
267,570
267,570
(14,000)
253,570
161,530
92,040
253,570		 31.8.20
Total
funds
£
6,480
139,968
188,195
334,643
(18,049)
316,594
316,594
(29,000)
287,594
160,399
127,195
287,594

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 10

Future Talent Musicians (Registered number: 11604390)

Balance Sheet – continued

31 August 2021

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 8 February 2022 and were signed on its behalf by:

............................................. Nicholas Robinson – Trustee

The notes form part of these financial statements

Page 11

Future Talent Musicians

Notes to the Financial Statements for the Year Ended 31 August 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Future Talent Musicians is a company limited by guarantee registered in England and Wales and has use of 'Limited' exemption. The company's registered number and registered office address can be found in the Report of the Trustees.

The presentational currency of the financial statements is the Pound Sterling (£).

Income and debtors

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure and creditors

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Current asset investments and cash at bank.

Funds held in a COIF Charities Investment Fund are shown as a current asset investment and measured at market value. Any other liquid funds are disclosed as cash at bank.

continued...

Page 12

Future Talent Musicians

Notes to the Financial Statements - continued

for the Year Ended 31 August 2021

2. INVESTMENT INCOME

INVESTMENT INCOME
31.8.21 31.8.20
£ £
Deposit account interest 5,226 4,782

3. TRUSTEES' REMUNERATION AND BENEFITS

The trustees received no remuneration during the year ended 31 August 2021 (2020: £nil).

Trustees' expenses

During the year ended 31 August 2021 no trustees were reimbursed for travel expenses (2020: £62).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.

6.

Other debtors
Prepayments and accrued income
CURRENT ASSET INVESTMENTS
Investment with COIF
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Charitable commitments
Accrued expenses		 31.8.21
£
26,790
-
26,790
31.8.21
£
161,797
31.8.21
£
22,533
2,032
216
1,135
3,448
29,364		 31.8.20
£
5,680
800
6,480
31.8.20
£
139,968		 31.8.20
£
5,680
800
6,480
31.8.20
£
139,968
31.8.20
£
5,568
2,482
1,078
6,521
2,400
18,049
18,049

continued...

Page 13

Future Talent Musicians

Notes to the Financial Statements - continued for the Year Ended 31 August 2021

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Charitable commitments
8.
MOVEMENT IN FUNDS
Net
movement
At 1.9.20
in funds
£
£
Unrestricted funds
All unrestricted funds
160,399
(26,369)
Restricted funds
All restricted funds
127,195
(7,655)
TOTAL FUNDS
287,594
(34,024)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
All unrestricted funds
204,454
(252,651)
Restricted funds
All restricted funds
6,345
(14,000)
TOTAL FUNDS
210,799
(266,651)
Comparatives for movement in funds
Net
movement
At 1.9.19
in funds
£
£
Unrestricted funds
All unrestricted funds
151,010
(5,362)
Restricted funds
All restricted funds
149,346
(7,400)
TOTAL FUNDS
300,356
(12,762)		 31.8.21
31.8.20
£
£
14,000
29,000
Transfers
between
At
funds
31.8.21
£
£
27,500
161,530
(27,500)
92,040
-
253,570
Gains and
Movement
losses
in funds
£
£
21,828
(26,369)
-
(7,655)
21,828
(34,024)
Transfers
between
At
funds
31.8.20
£
£
14,751
160,399
(14,751)
127,195
-
287,594

continued...

Page 14

Future Talent Musicians

Notes to the Financial Statements - continued for the Year Ended 31 August 2021

8. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
All unrestricted funds
Restricted funds
All restricted funds
TOTAL FUNDS		 Incoming
resources
£
195,453
8,000
203,453		 Resources
expended
£
(205,307)
(15,400)
(220,707)		 Gains and
Movement
losses
in funds
£
£
4,492
(5,362)
-
(7,400)
4,492
(12,762)

During the year funds were transferred from restricted funds to unrestricted funds. These transfers had the approval of the donors to be used for unrestricted activities.

Transfers between funds

During the year £27,500 was transferred from restricted funds to unrestricted funds.

£3,500 was incorrectly allocated to restricted funds in 2020 and the balance of £24,000 has the approval of the donors to be used for unrestricted activities.

9. RELATED PARTY DISCLOSURES

During the year ended 31 August 2021 the charity received unconditional donations to the sum of £22,316 (2020: £4,490) from Trustees who make donations on a regular basis.

10. EMPLOYEES

During the year the average number of employees was 3 (2020: 3).

Page 15