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2023-08-31-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 2023

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 2023

Page
Report of the Trustees 1 to 11
Independent Examiner's Report 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Notes to the Financial Statements 16 to 19

Report of the Trustees for the Year Ended 31 August 2023

Future Talent Musicians

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 2023. 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 Krystyna Budzynska Sarah Counter (appointed 17 April 2023) Khosro Ezaz-Nikpay Kieran Jones Peter Haselden (appointed 7 November 2022) Glenn Manoff John Sendama Jonathan Worsley

Ambassadors

Alexander Armstrong Rekesh Chauhan Chloe Hanslip Danielle de Niese Dame Judi Dench CH DBE FRSA Sir James Galway CBE Lady Jeanne Galway Lesley Garrett CBE Guy Johnston Tolga Kashif Sheku Kanneh-Mason MBE Joby Talbot Sting CBE

Company number 11604390

Registered Charity number 1183804

Registered office

Chester House CH3.24 Kennington Park 1-3 Brixton Road London SW9 6DE

Bankers

HSBC Bank Plc PO Box 26 York YO01 8XS Independent Examiner Nicholas Dodd BA FCA Hughes Waddell The White House 2 Meadrow Godalming Surrey GU7 3HN

Executive

Clare Cook (CEO)

Page 1

Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2023

2022/23 Overview

In December 2022, we welcomed Clare Cook as our new CEO. Clare and the rest of the team have put in place a strategy to ensure that Future Talent is able to increase the number of young people being supported, develop the programmes on offer and enhance the impact on our young musicians. With a background that includes prior roles as the CEO of the music inclusion charity Soundabout, Executive Director of the London Gay Men's Chorus, and significant contributions to the Missing People Choir during her tenure as Deputy Director of Fundraising Comms at the charity Missing People, Clare has brought a wealth of expertise and a fresh perspective to our organisation.

The last year has seen many exciting developments at the charity as the team works to strengthen its impact and reach. A central focus has been on cultivating valuable partnerships with Music Education Hubs, Arts Organisations, and Schools to establish Regional Clusters. These Clusters are vibrant communities that bring together young musicians, dedicated mentors, and partner organisations to offer a wealth of development and engagement opportunities. Today, we proudly boast three well-established clusters in the West Midlands, North West/Yorkshire, and London/South East regions, each supported by a dedicated Relationship Manager based in that area.

Simultaneously, we have placed a strong emphasis on Equity, Diversity, and Inclusion (EDI) within our organisation. To ensure that EDI considerations and Youth Voice are at the heart of the charity's decision-making structures, we have established a new working group. This group comprises staff, volunteers, trustees, family members, and alumni who work collectively to shape our policies and practices, fostering an environment where all voices are heard and valued.

One of the most exciting developments in our programmes has been the inclusion of composition and recording opportunities. These additions empower our young musicians to not only hone their playing skills but also to explore their creativity and musical expression through composition. Moreover, the recording opportunities enable them to share their art with the world, ensuring that their talents have the broadest possible impact. Throughout the year, Future Talent has continued to provide a dynamic and enriching array of activities, workshops, and performance opportunities for our talented musicians, both in-person and online. These initiatives have been instrumental in nurturing confidence, personal growth, and musical excellence, as we strive to empower the next generation of musical luminaries.

At the heart of our mission are two distinctive programmes - the Junior Programme and the Development Programme, each tailored to meet the specific needs of younger musicians and those further along in their artistic pursuits. These initiatives are designed to help participants build confidence, develop personal skills, and enhance their musical abilities, fostering a holistic growth that goes beyond just playing notes.

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Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2023

One notable highlight was the Jazz Ensemble workshop in November 2022, where a collaboration of Future Talent musicians, alumni, and mentors came together under the expert guidance of Joe Browne from the National Youth Jazz Orchestra (NYJO). This dynamic collaboration culminated in a mesmerizing performance at our 18th Birthday concert at London's Stone Nest (pictured above), showcasing the exceptional talent within our ranks.

December brought forth intensive ensemble days led by renowned music director Bill Carslake and flautist/composer Gavin Osborn. These workshops at the Royal Academy of Music focused on classical works by Haydn and Mozart and explored avant-garde graphic scores. The inclusion of online participation via Zoom expanded the reach of these enriching experiences.

In January 2023, the young cellists of Future Talent were privileged to receive a masterclass from our Ambassador, the illustrious Sheku Kanneh-Mason, at the Royal Academy of Music (pictured below). This event marked a significant milestone in their musical journeys, allowing them to learn from one of the most accomplished cellists of our time.

Page 3

Report of the Trustees for the Year Ended 31 August 2023

Future Talent Musicians

In February, the third annual Virtual Residential brought together our young musicians for a series of 12 online workshops, covering a wide spectrum of topics - from composition to portfolio careers, mental well-being, performance anxiety, and exploration of various musical genres. This initiative underscored our dedication to holistic growth and development.

In June, our talented musicians took centre stage at St James's Palace in a special gala concert, celebrating the 90th birthday of our co-Founder, HRH Duchess of Kent. This event not only showcased the remarkable talents within our ranks but also expressed our profound gratitude to our generous supporters.

In July, we ventured to the picturesque Far Heath Recording Studios in Northamptonshire, where our musicians recorded and filmed a series of music videos. This artistic endeavour allowed them to bring their music to a wider audience and share their passion with the world.

As we look ahead to our 20th anniversary in 2024, we are putting the structures in place to ensure that Future Talent will support more of the young musicians from low-income backgrounds who are facing financial barriers to progression. With once-in-a-lifetime opportunities for our young musicians during our celebratory year and focus on Regional Cluster development, as well as our ever-growing partnerships and community of supporters, we will ensure that gifted young musicians from low-income backgrounds across the United Kingdom will get the support they need to unlock their potential. We remain steadfast in our commitment to fostering growth, building confidence, and enhancing the musical journey of the incredible individuals who make up our Future Talent community.

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.

Page 4

Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2023

Future Talent operates two programmes which aim to support, develop and listen to the needs and aspirations of gifted young musicians.

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. 25 2022/23 Junior cohort successfully reapplied for our 2023/24 Programmes.

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

Page 5

Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2023

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.

Future Talent also has several Special Awards we are able offer thanks to support from our funders and partners including:

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. With the support of Open Up Music we have made the process more accessible this year, including shortening the form, offering a Welsh language version, offering telephone applications and bringing the process earlier in the year so families know if they have been offered support before the academic year.

The Grants Committee, comprised of the CEO, Relationship Managers, Trustees, and musical professionals, review the applications individually before shortlisting for auditions which were held in London, Manchester Bristol, Birmingham, and online. The Finance Committee reviews the financial circumstances of those who are recommended for shortlisting.

Our eligibility criteria are:

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Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2023

Impact

Nine of our young musicians graduated from our support due to their age, five of whom have gone onto a conservatoire. Here you can read about the next stage in their journeys:

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Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2023

Page 8

Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2023

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 of our young musicians’ recent comments:

“I love being part of Future Talent. The support and guidance they give me really helps and boosts my confidence.”

“Future Talent’s support has given me great confidence and insight to pursue and to understand a bit more about the music industry, educational courses and people.”

“I am eternally grateful for all the support you have given me and all of the lovely opportunities I wouldn't be able to have if I wasn't a part of the Future Talent community I'm so proud to be in.”

“I found my mentoring extremely helpful as it gave me a different perspective on my playing and helped me understand the music more.”

“My new violin means I can be heard in jazz gigs when playing with drums and sax players! And when I’m using my new headphones for recording, I can analyse the sound better. Brilliant!”

“I did the MusicWorks chamber course last August and absolutely loved it! I am passionate about chamber music, so what could be better than playing chamber music all day every day? Everyone on the course was so enthusiastic, and the atmosphere was completely warm - with us all supporting each other. I can't wait to go back.”

“Future Talent paid for my guitar lessons for a year and for my first proper guitar and home recording gear, which really helped me develop my understanding of how recording works and improve my guitar skills.”

“Future Talent’s opportunities are always something I look very much forward to.”

“I found the workshop at the Royal Academy of Music particularly impactful. I learnt about different orchestral skills which will definitely benefit me in the future, and playing in a chamber group with only a few people was really rewarding as it meant more opportunities for solos!”

Page 9

Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2023

Financial Review

Financial Position

The financial activities are summarised in the accounts below. During the period the Charity received income of £309,368 (2022: £305,246) and expended £309,017 (2022: £286,118) on charitable activities. There were also net investment losses of £2,912 (2022: Losses of £6,405).

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.

Reserves Policy

Unrestricted Reserves

It is the Charity’s intention to develop a donor base which will allow its unrestricted fund (excluding designated funds), the free reserves of the Charity, to be maintained at a level which equates to between 40-60% of the average annual unrestricted expenditure over the current and preceding years. At the end of the reporting period unrestricted reserves (excluding designated reserves) were £217,306, (2022: £214,486)

Designated Reserves

The Trustees may, at their discretion, designate part of the unrestricted reserves for a particular purpose. At the end of the reporting period designated reserves were £25,000 (2022: £nil).

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. At the end of the reporting period restricted reserves were £21,426 (2022: £51,807).

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, Operations & Campaigns Manager, three part-time Relationship Managers, a part-time Finance Manager, 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.

Page 10

Future Talent Musicians future talent Re ort of the Trustee5 for the Year Ended 31 A ust 2023 Recruitment of New Trustees The trustccs appoiiit new member.% to Ilie board following intervi¢w% and rccornincndatiolis Tnade. Potential new Trustees Can be found as a result of advertisiiig or rccominendations. Statement of Trustees Responsibilities Tlie TtUStee5 (who are also directors of ilie cliarity for tliL puiyoscs tst- Loiiipany lawl are respollsible lur preparing the Iru%iees' repi)rt a]id tlie financial slatemeni% in accordancL %Niili applicablc law and United Kingdom Accounting Standard4. Including Financial Reporting Stand2rd 102.. Tlie finai)cial Reportlll8 Staiidai"d applicablc iii Ilic UK and Republi¢ of Ircland Iuiiitcd Kijigdom Gencral ly Accepied Accounttjig Practice). The Trustccs are required to prepare finaii¢ial %¢ateiiieiil% lor ¢a¢h linaiicial yeaT, whicli give a t￿e and fair view of tlic.%tatc of affairs of the charity and the inconiing rebour¢e% and appli¢aiii)ii of rc.%()ur¢¢%, In¢ludii)g Ihc nct incomc or cxpcnditure, of tlie charity and the group for tlie year. In prepariii¥ tliose finai)¢ial %iateineni% Ihc Trustees are required io.. Select suitable accountiiTrg policie5 and Iheii apply tlieni con%istently', Observe the methods and principlcs in the applicable Cliarities SORP 2019 IFRS 1021., Make judgTemei)ts and accoui)ting eslimatcs Ilial arc rcasoiiablc ajid pnidciil; State M,hetlier applicable accounting standards and qlatcii)cnt% of rLYoJiiincndcd practice l)ave beeli followed, Subject to any material departures di5¢1osed ai)d explained in tlie financial siaien)ents'. ai)d Prepare tlie finaiicial staten)ents on the going concern basis uiilesl li is ii)approprialc to prcsume that tlie charity will contii)uc in operation. The Trnstees are respoiisible tor keeping proper accounting i"L¢oi'ds that disclose witli rcasonable accuracy at aiiy time tlie financial P05ltion of the ¢hariiy and ¢nablc tliein lo cnsiirc Ihat tlic fitlLlI)cial slatcincnis coniplv witli tlie Cliaritics Act 201 I, the CII•TItTes (Accounts 2Jid Repoilsl Regulation 2008 and Ilic provisions of tlie trust deed. Tlicy arc a150 responsTblc for safcguardii)g the assets of ilie cliarity and hcjice for takiiig rcasonablc steps for tlic prcvciitioii and dclcctioii of fraud aiid ollier irrcgularitics. In so far a5 the Trustees are aware". Tli¢r¢ is no rclevant audit infoEiiiatioii of which thc charitablc coinpaiiy's auditor5 aic uiiawarc-, and ie Trustees havc takcii all steps tliat thcy ouglil lo Iiavc lakcji io iiiakc thciiisclvcs aware of aiiy rclevai?i audit infomiaiion and t establish th21 Ihc auditols arc aware of thai iiiformatioii. Approved by order of th¢ Board of Trustees on and signed on its behalf by". Nicholas ffiinson Trusice Pabie I I

Inde endent Examiner's Re Future Talent Mysltlans ort to the Trustees of Independent examin¢r'$ report to the trustees tsf Future Talent Musicians I'the Company,) I re]x)rt to tl)e charity trustees on my examination of the aLLounts of the Company for the year ended 31 August 2023. Responsibilitles &nd basis Of report As the charity's tTusiees of the Cotnpany {and also its dire¢tors for the purposes of company law) you are responsible for the preparation of the accounts In accordance witli the rquiremertts of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the accounts of ihe Company are not required to be audited under Pan 16 of the 2006 Act and are ell￿'ble for indcpendcnt examination, I report in respect of my ¢xamination of your charity's account5 #5 cottied oiii linder Section 145 of the Charili¢s Act 2011 ('the 201 l A¢i'). In caryit)g out my exami]Vdiion I have followed the Directions given by the Charity Commission under Section 145{5) Ibl of the 20L l Aet. Independent examiner's statement Since your cliaTity's gros% incorne exceeded £250,000 your exaininer mllst be a inember of a listed body. I can confiml thai I am qualified 10 undcrtake tlie examination because l am a inember ofthe Insiin]le of Chariered Accountants in England and Waleg, which is one of the listed bodies. I have completed my examination. l ¢onfJmi that no matters have conie to nTry attention in connection with the cxatnination giving me cause to believe., accollnting recoids were not kept in respect of the Company as iequired by Section 386 of the 2006 Act,. Or the accounts do not accord with those records., or the accounts do t)ol CO￿p]Y with Ihe accountin8 requireinenls of Section 396 of the 2(M16 Act othcr than any requirement that Ihe accounis give a true and fair view which i% not a mattcr considered as part of an indep¢Trdent ex8min&tion' QT Ilie accounts have not bcen prepared in accordance with ilie meihods principles of the StAtemeni ofRecommended Practice for accounting and Teporling by charities lappliLable to charities preparing their accounts in accordance with the Finan¢ta Reporting Standard app]i￿b]e in the UK and Republic of Ireland IFRS 10211. I have no ¢tsn¢erns and have coine across no otlier matters in connection with tlie exainination to whi¢h attention should be drawn in this report in ord¢T lo enable a proper understanding of the aectsunts to be re2chcd. Nicholas Dodd BA FCA Hughes Wadclell Tlie White House 2 Meadrow Godalming SU￿eY GU7 3HN Date.. pJ0ve￿(fAO￿3 Page 12

Future Talent Musicians

Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the Year Ended 31 August 2023

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
296,253
Investment income
2
5,615
Total
301,868
EXPENDITURE ON
Charitable activities
Young musicians development programme
271,136
Net gains/(losses) on investments
(2,912)
NET INCOME/(EXPENDITURE)
27,820
RECONCILIATION OF FUNDS
Total funds brought forward
214,486
TOTAL FUNDS CARRIED FORWARD
242,306		 Restricted
funds
£
7,500
-
7,500
37,881
-
(30,381)
51,807
21,426		 31.8.23
31.8.22
Total
Total
funds
funds
£
£
303,753
299,947
5,615
5,299
309,368
305,246
309,017
286,118
(2,912)
(6,405)
(2,561)
12,723
266,293
253,570
263,732
266,293

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 13

Future Talent Musicians (Registered number: 11604390)

Balance Sheet 31 August 2023

Unrestricted
fund
Notes
£
CURRENT ASSETS
Debtors
4
12,522
Investments
5
152,480
Cash at bank
85,600
250,602
CREDITORS
Amounts falling due within one year
6
(8,296)
NET CURRENT ASSETS
242,306
TOTAL ASSETS LESS CURRENT LIABILITIES
242,306
NET ASSETS
242,306
FUNDS
7
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
21,426
21,426
-
21,426
21,426
21,426		 31.8.23
Total
funds
£
12,522
152,480
107,026
272,028
(8,296)
263,732
263,732
263,732
242,306
21,426
263,732		 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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 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 14

Future Tale￿t Musicians istered number: 11604390 Balance Sheet - continued 31Au ust 2023 These financial statcm¢nt.% have been prepared in accordance wlliih th¢ provisions applicablc to cliaritablc companics subjcct to tlie 51nall coThpanie5 regiine. The financial statcincnts werc approved by the Board of Tw8ices and authoriscd for is%ue on signed on its behalf by.. N J Robinson- T￿st¢¢ The notcs fonn part of ihcsc financial statements Page 15

Future Talent Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

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…

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Future Talent Musicians

Notes to the Financial Statements - continued for the Year Ended 31 August 2023

2. INVESTMENT INCOME

INVESTMENT INCOME
31.8.23 31.8.22
£ £
Deposit account interest 5,615 5,299

3. TRUSTEES' REMUNERATION AND BENEFITS

The trustees received no remuneration during the year ended 31 August 2023 (2022: £nil).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.

6.

Other debtors
CURRENT ASSET INVESTMENTS
Investment with COIF
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Charitable commitments
Accrued expenses		 31.8.23
£
12,522
31.8.23
£
152,480
31.8.23
£
1,997
1,573
1,176
3,550
8,296		 31.8.22
£
5,867
31.8.22
£
155,391		 31.8.22
£
5,867
31.8.22
£
155,391
31.8.22
£
2,500
-
18,869
2,400
23,769
23,769

continued…

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Future Talent Musicians

Notes to the Financial Statements - continued for the Year Ended 31 August 2023

7. MOVEMENT IN FUNDS

Unrestricted funds
All unrestricted funds
Designated fund
Restricted funds
All restricted funds
TOTAL FUNDS		 Net
movement
At 1.9.22
in funds
£
£
214,486
27,820
-
-
214,486
27,820
51,807
(30,381)
266,293
(2,561)		 Transfers
between
funds
£
(25,000)
25,000
-
-
-		 At
31.8.23
£
217,306
25,000
242,306
21,426
263,732

Transfers between funds

During the year £25,000 was transferred from unrestricted funds to a designated fund to cover costs relating to the upcoming 20[th] Anniversary of the Charity.

Net movement in funds, included in the above are as follows:

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		 Incoming
Resources
resources
expended
£
£
301,868
(271,136)
7,500
(37,881)
309,368
(309,017)
Net
movement
At 1.9.21
in funds
£
£
181,469
32,612
72,101
(19,889)
253,570
12,723		 Gains and
Movement
losses
in funds
£
£
(2,912)
27,820
-
(30,381)
(2,912)
(2,561)
Transfers
between
At
funds
31.8.22
£
£
405
214,486
(405)
51,807
-
266,293

continued…

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Future Talent Musicians

Notes to the Financial Statements - continued for the Year Ended 31 August 2023

7. 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
resources
expended
£
£
297,746
(258,729)
7,500
(27,389)
305,246
(286,118)		 Gains and
Movement
losses
in funds
£
£
(6,405)
32,612
-
(19,889)
(6,405)
12,723

8. RELATED PARTY DISCLOSURES

During the year ended 31 August 2023 the charity received unconditional donations from Trustees to the sum of £12,652 (2022: £9,810).

9. EMPLOYEES

During the year the average number of employees was 4 (2022: 3).

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