**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:
- Development Programme supports 13-18-year-old gifted young musicians.
- Junior Programme supports younger musicians at an earlier stage of their musical journey with exciting potential.
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:
- Performance Opportunities
- Individual Mentoring
- Expert Masterclass
- Collaborative Workshops
- Development Residentials
- Dedicated Relationship Managers
and including financial support which contributes to musical costs, such as:
- Specialist music lessons
- Fees for musical courses
- Examination fees
- Conservatoire audition and consultation fees
- Membership fees for national and local ensembles and youth orchestras
- Contribution towards purchase, hire or repair of instruments and musical equipment, including tech devices
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:
- Must be permanently resident in the UK for at least the previous three years before the point of application
- **Demonstrating talent:** the applicant will either be an instrumentalist or singer. Although we do not have a minimum grade standard, musicians should be demonstrating significant musical ability or potential. Future Talent looks for young musicians who show a high degree of commitment to their craft, a perseverance and desire to succeed and where financial and holistic support will have the greatest meaningful impact.
- **Demonstrate financial need** : all applicants are means-tested, and the eligibility threshold is based on the Government's Music and Dance Scheme criteria. We take into account the gross, annual family income of the household where the child resides, as well as other exceptional financial considerations (for example disability, mitigating personal/ health circumstances). At the first stage of application, applicants complete a Financial Declaration outlining their household income. Further documentary evidence is required to support their declaration once they are invited to an audition.
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:
- 5 Virtual Workshops
- 4 Virtual Masterclasses
- 40 Virtual Mentoring Sessions
- 1 Virtual Performance Opportunity
- 2 Offline Performance Opportunities
- 1 Virtual Concert
- 1 Virtual Residential
Some of our notable achievements:
- Amalia, 17, awarded an undergraduate place to study a BMus Degree at Royal Welsh College of Music & Drama.
- Oliver, 10, won 1[st] �����������������������������[rd] Gustav Mahler Cello Competition 2021.
- Sebastian, 15, accepted into Garsington Opera Youth Company Chorus.
- Ollie, 16, won Berkshire Young Musician of the Year and 1[st] �������������������������������������������������������������� Virtuoso.
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:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the applicable Charities SORP 2015 (FRS 102);
- Make judgements and accounting estimates that are reasonable and prudent;
- State whether applicable accounting standards and statements of recommended practice have been followed, subject to any
- material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in
- operation.
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:
- There is no relevant audit information of which the charitable company's auditors are unaware; and
- The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and
- to establish that the auditors are aware of that information.
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 exam1TtiO1l. 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
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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).
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