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2022-08-31-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 2022

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 2022

Page
Report of the Trustees 1
to		 9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12 to 13
Notes to the Financial Statements 14 to 17

Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2022

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 2022. 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
Khosro Ezaz-Nikpay
Glenn Manoff
John Sendama
Jonathan Worsley
Krystyna Budzynska
Kieran Jones (appointed 8 October 2021)
Alexandra Whiston-Dew (until 2 July 2022)
Francesca Filippini Pinto (until 25 April 2022)
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
Nishat Khan
Charity number 1183804
Company number 11604390
Registered office Chester House CH3.24
Kennington Park
1-3 Brixton Road
London
SW9 6DE

Page 1

Future Talent Musicians

Report of the Trustees (continued) For the Year Ended 31 August 2022

Bankers HSBC Bank Plc
PO Box 26
York
YO1 8XS
Independent examiner Nicholas Dodd FCA
Hughes Waddell
The White House
2 Meadrow
Surrey
GU7 3HN

2021/22 Overview

During the last year, as we have emerged from the effects of COVID-19, we have got back on track both in terms of the delivery of our programme for our young musicians and ensuring that we have been successful in ending the year with a surplus of £12,724 and therefore it has not been necessary to draw on our reserves.

Future Talent relies on the generosity of private individuals, corporate partners and Trusts & Foundations to support our work as it does not receive funding from the Government. The charity also organises fund-raising events.

We have continued to honour the full commitment we provide to our young musicians from low-income backgrounds.

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 which aim to support, develop and listen to the needs and aspirations of gifted young musicians.

Page 2

Future Talent Musicians

Report of the Trustees (continued) For the Year Ended 31 August 2022

The Development Programme supports gifted young musicians aged 12+ to 18 years old with the following:

Each musician receives financial support which contributes to musical costs, such as:

The Junior Programme provides support to younger musicians at the early stages of their musical development. Junior applications are judged by similar eligibility criteria as the Development Programme, but with differing expectations appropriate to their age, instrument, and experience. The Programme utilises successful partnerships with different organisations, and we enjoy working with them to reach more young musicians in need. By working in co-operation with the musician’s support networks, we review their progress over 1-3 years. Our hope is that every Junior musician will continue on their musical journey, exploring new opportunities in their local area as well as with Future Talent. 27 musicians from our 2021/22 cohort successfully reapplied for our 2022/23 Programmes.

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.

Page 3

Future Talent Musicians

Report of the Trustees (continued) For the Year Ended 31 August 2022

Award Making Policy

For many years, we have supported hundreds of young musicians with Awards of £500-£2,000 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 are required to 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 individually before shortlisting for auditions which are held in London, Manchester or Liverpool, and online. The Finance Committee reviews the financial circumstances of those who are recommended for shortlisting.

Our eligibility criteria are:

Page 4

Future Talent Musicians

Report of the Trustees (continued) For the Year Ended 31 August 2022

Performance and Achievement

Performance Opportunities and Programme Activities in 2021/22:

Our 2021-22 Graduate cohort legacy includes :

Page 5

Future Talent Musicians

Report of the Trustees (continued)

For the Year Ended 31 August 2022

Quotations

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:

“My performance opportunity in London was particularly impactful to my development. I lost confidence during the pandemic, and to be selected to play in such a prestigious concert greatly benefited me. Next year, I will be auditioning for the National Youth Orchestra. I didn’t think I was good enough, but having Future Talent’s support and backing has given me ambition and motivation. ”

- Cerys

“Future Talent’s support has helped to widen my musical knowledge, the way I see music and how I understand it. My new cello case and bow have influenced this too and, overall, I feel more confident and independent as a person and musician. I could not be more thankful for all the support and opportunities I have had from the amazing Future Talent, and I am having a great time being part of the community.

Page 6

Future Talent Musicians

Report of the Trustees (continued)

For the Year Ended 31 August 2022

“I am so happy that I took the step to apply for help from Future Talent this year. The opportunity to perform at the Charterhouse was wonderful after such a long hiatus in performing, and the financial support has been instrumental in helping me achieve my dream of studying at the Sibelius Academy in Helsinki. I am so excited to be studying in a new environment, in a different country, with a new teacher!”

“Being able to connect with young musicians and mentors on a regular basis throughout lockdowns was a lifeline ; I felt like there were people like me who love music and take it seriously too… 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.”

- Gabriel

Financial Review

Financial Position

The financial activities are summarised in the accounts below. During the period the Charity received income of £305,246 (2021: £210,799) and expended £286,118 (2021: £266,651) on charitable activities. There were also net investment losses of £6,405 (2021: 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.

Page 7

Future Talent Musicians

Report of the Trustees (continued) For the Year Ended 31 August 2022

Reserves Policy

Unrestricted Reserves

It is the Charity’s intention to develop a donor base which will allow its unrestricted fund, the free reserves of the Charity, 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, an Operations Manager, two Relationship Managers, a freelance Finance Director, and volunteers.

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.

Appointment of New Trustees

The Trustees appoint new members to the board following interviews and recommendations made. Potential new Trustees can be found as a result of advertising or recommendation

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:

Page 8

Future Talent Musicians

Report of the Trustees (continued) For the Year Ended 31 August 2022

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 ……….………..…. and signed on its behalf by: 5 December 2022

………………………………….. Nicholas Robinson - Trustee

Page 9

liide rutiii'e'l leiil Mtrsicia115 I't tu Ilio'fi'u51L'LS ol- Indepeiident exainiiiei's t'epoi't to tlie trustees of Future TAleiit Muslclaiis ('the CompRny') l Jei?oi't to tlie cliai-ity li'iislees oli iiiy exaniinatiuii of Ilie accoui)Is of the Coinpany fur thc ycai. ended 31 Augii%t 2022. Responsibilities aiid ba515 of report As tlie cliarity's irustees of Il)e Cojnpany {and also Els dii'eLloi's for the purposes of co]npany law) you ale iesponsible for tjie pi'epai'ation of Ihe accout]ts ii) dccordance witl) Ilie requirejnellts of tlie Companies Act 2006 Cthe 2006 Act,). l.laving satisfied Inyself that die aecollnts of tile Company are i)ot required to be iiudited uiider Part 16 of the 2(X)6 Act and al'e eligible foi. indepejidejit exdjninalion. I repoil in i'espect of niy exainination ofyour charity's account% a.% carried out undej. Section 145 of Ilie Cliaiities Ael 2011 ('tl)e 2011 Ael,). In cari'ying out iny exaniination I l)ave tollowed Ilie Directiojis given by tlie Cliarity Conijiiissioii under SeLtion 14515) Ib) of rhe 201 1 Act. Iiidependent exaniiiiei 5 51atenTrent Sijicc yoiii. cliai'ily's gl'oss incojne exceed¢d £250.000 YOUT examinei. Inust be a Ineinber of a listed body. I can confirm tl)at l an) qualifi¢d to iijidej'lake tlie exaii)iiialion because l ati) a i'egisteied Ineinbei. of Ilie ICAEW ivliicl) is oiie of tlie listed bodies. I have coii)pleted iny examinalioij. I confiin) tl)at no inal(ers liave come to Iny 1( liention in connection with tlie exaniillation giving Iiie cause to believe.. accoujitiiig i'ecoi'ds wei'e not kept iii I'espect ol. Ilie Conipany as I'equired by Seciioi) 386 of the 2006 Act., or tlie accoiint8 do not accord willi Iliose iE¢ords', or tlie accouJit% do Iiot coiiiply willi Ilie a¢¢ouiiliii&i requireineiits of Section 396 of ilie 2006 A¢t otiier than any i'equireincnt Iliai Il)e accounts give a riue and fair view ivliich is not a niaitei. eoiisideTed as p￿'t of at) iiidepetident cxaii)11)ation', oi. t]ie accoiiiils l)avc iiot been pi'epajrd in a¢coi'dai)ce witli tlje ine(l)ods and pi'iiiciples Of tlie Statemeni of RccoJiinici)d¢d PJ?clice for accountiiig and i-epoi-liiig by cljarities (applicable to chai'ities pi'eL)ai'ing Ilieir aecoiints in accardaiice with tlie Financigl R¢porliiig Siaiidai'd applicable in Ilie UK and Repiiblic of Ireland IFRS 102)). I Iiave no coneei'ns and liave ¢oii)e aci'oss i)0 otliei. niatlei's in connection with the exaniijiation to wliicli attentloll sliould be drawn in Iliis ieport in order to eiiable a proper uiiderstanding of Ilie accounts Lo be reaclied. Nieholas Dodd BA FCA Huglies Waddell Tlie Whitc House 2 meadi.ow Godalming Surrey GU7 3HN Da￿.. of A02 I n

Future Talent Musicians

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 August 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
292,447
Investment income
2
5,299
Total
297,746
EXPENDITURE ON
Charitable activities
Young musicians development programme
258,729
Net gains/(losses) on investments
(6,405)
NET INCOME/(EXPENDITURE)
32,612
Transfers between funds
8
405
Net movement in funds
33,017
RECONCILIATION OF FUNDS
Total funds brought forward
181,469
TOTAL FUNDS CARRIED FORWARD
214,486		 Restricted
funds
£
7,500
-
7,500
27,389
-
(19,889)
(405)
(20,294)
72,101
51,807		 31.8.22
Total
funds
£
299,947
5,299
305,246
286,118
(6,405)
12,723
-
12,723
253,570
266,293		 31.8.21
Total
funds
£
205,573
5,226
210,799
266,651
21,828
(34,024)
-
(34,024)
287,594
253,570

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 11

Future Talent Musicians (Registered number: 11604390)

Balance Sheet

31 August 2022

Unrestricted
fund
Notes
£
CURRENT ASSETS
Debtors
4
5,867
Investments
5
155,391
Cash at bank
61,365
222,623
CREDITORS
Amounts falling due within one year
6
(8,137)
NET CURRENT ASSETS
214,486
TOTAL ASSETS LESS CURRENT
LIABILITIES
214,486
CREDITORS
Amounts falling due after more than one year
7
-
NET ASSETS
214,486
FUNDS
8
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
67,439
67,439
(15,632)
51,807
51,807
-
51,807		 31.8.22
Total
funds
£
5,867
155,391
128,804
290,062
(23,769)
266,293
266,293
-
266,293
214,486
51,807
266,293		 31.8.21
Total
funds
£
26,790
161,797
108,347
296,934
(29,364)
267,570
267,570
(14,000)
253,570
181,469
72,101
253,570

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 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 12

Future Talent Musicians (Registered number: 11604390)

Balance Sheet - continued

31 August 2022

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 ............................................. and were signed on its behalf by: 5 December 2022

.............................................

N J Robinson - Trustee

The notes form part of these financial statements

Page 13

Future Talent Musicians

Notes to the Financial Statements for the Year Ended 31 August 2022

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 14

Future Talent Musicians

Notes to the Financial Statements - continued for the Year Ended 31 August 2022

2. INVESTMENT INCOME

INVESTMENT INCOME
31.8.22 31.8.21
£ £
Deposit account interest 5,299 5,226

3. TRUSTEES' REMUNERATION AND BENEFITS

The trustees received no remuneration during the year ended 31 August 2022 (2021: £nil).

Trustees' expenses

During the year ended 31 August 2022 no trustees were reimbursed for travel expenses (2021: £nil).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22
£
Other debtors
5,867
5.
CURRENT ASSET INVESTMENTS
31.8.22
£
Investment with COIF
155,391
6.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.22
£
Trade creditors
2,500
Social security and other taxes
-
Other creditors
-
Charitable commitments
18,869
Accrued expenses
2,400
23,769
7.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.22
£
Charitable commitments
-		 31.8.21
£
26,790
31.8.21
£
161,797
31.8.21
£
22,533
2,032
216
1,135
3,448
29,364
31.8.21
£
14,000

Page 15

continued...

Future Talent Musicians

Notes to the Financial Statements – continued For the year ended 31 August 2022

8. MOVEMENT IN FUNDS

Unrestricted funds
All unrestricted funds
Restricted funds
All restricted funds
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
All unrestricted funds
Restricted funds
All restricted funds
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
All unrestricted funds
Restricted funds
All restricted funds
TOTAL FUNDS		 At 1.9.21
£
181,469
72,101
253,570
as follows:
Incoming
resources
£
297,746
7,500
305,246
At 1.9.20
£
160,399
127,195
287,594		 Net
movement
in funds
£
32,612
(19,889)
12,723
Resources
expended
£
(258,729)
(27,389)
(286,118)
Net
movement
in funds
£
(26,369)
(7,655)
(34,024)		 Transfers
between
At
funds
31.8.22
£
£
405
214,486
(405)
51,807
-
266,293
Gains and
Movement
losses
in funds
£
£
(6,405)
32,612
-
(19,889)
(6,405)
12,723
Transfers
between
At
funds
31.8.21
£
£
47,439
181,469
(47,439)
72,101
-
253,570

Page 16

continued...

Future Talent Musicians

Notes to the Financial Statements – continued For the year ended 31 August 2022

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
£
204,454
6,345
210,799		 Resources
expended
£
(252,651)
(14,000)
(266,651)		 Gains and
Movement
losses
in funds
£
£
21,828
(26,369)
-
(7,655)
21,828
(34,024)

Transfers between funds

During the year £405 was transferred from restricted funds to unrestricted funds. This was a residual balance upon which any restrictions no longer applied.

9. RELATED PARTY DISCLOSURES

During the year ended 31 August 2022 the charity received unconditional donations from Trustees to the sum of £9,810 (2021: £22,316).

10. EMPLOYEES

During the year the average number of employees was 3 (2021: 3).

Page 17