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2024-08-31-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 2024

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 2024

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 18
Detailed Statement of Financial Activities 19 to 20

Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2024

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 2024. 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

The following trustees were appointed after 31[st] August 2024 but before the signing date of this report

Trustees

Nicholas Robinson (Chair) Katharine Kent Gregor Bamert Krystyna Budzynska Sarah Counter (appointed 17 April 2023) Khosro Ezaz-Nikpay (resigned 24 September 2024) Kieran Jones Peter Haselden Glenn Manoff (resigned 24 September 2024) John Sendama Jonathan Worsley

Nicolas Butty Anne-Liese van der Linden Chloe Ortiz Erin Townsend

Company number 11604390

Registered Charity number

1183804

Registered office

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

Executive

Clare Cook (CEO)

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

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Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2024

2023/24 Overview

As we reflect on another year of growth and progress at Future Talent, we are proud of the strides we have made under the leadership of CEO Clare Cook. Clare and the team have continued to drive forward our mission, ensuring that we support an increasing number of young musicians from low-income backgrounds – 115 in 2023/4 – expand our programme offerings, and deepen our impact on the lives of those we serve.

Over the past year, Future Talent has seen exciting developments, including the expansion of our Regional Clusters. We have successfully established our new cluster in the West Midlands/Wales and West of England, building on the strong foundations laid in the North West/Yorkshire, and London/South East. These Clusters continue to flourish, providing vibrant communities where young musicians can connect with mentors, engage in meaningful opportunities, and grow both personally and artistically. Each cluster remains supported by a dedicated Relationship Manager, ensuring tailored support and guidance for all involved.

The 2023/24 programme year saw multiple new partnerships. This included a new partnership with Create Music, an education hub based in Brighton & Hove and East Sussex. This fantastic collaboration will enable young musicians from these regions to have their awards fasttracked, providing quicker access to vital support and resources. Together with Create Music, we are committed to nurturing the talents of young musicians and ensuring they receive the recognition and opportunities they deserve to flourish in their musical journeys.

In addition, we established a new formal partnership with Open Up Music which empowers young disabled musicians to build inclusive youth orchestras via their Open Orchestras and National Open Youth Orchestra programmes. Our new partnership ringfences a number of awards for young disabled musicians and will fast track a further five for auditions. Open Up Music will continue to help Future Talent on its journey to be a more inclusive organisation with guidance on improving the accessibility of our resources and opportunities.

Our commitment to Equity, Diversity, and Inclusion (EDI) has remained steadfast. This year, the EDI working group has advanced our efforts to integrate these principles into our work. We have introduced new initiatives aimed at fostering an inclusive environment, including the development of our first youth-led event and recruitment of our first Young Trustee, ensuring that Youth Voice continues to play a central role in our decision-making processes. The involvement of staff, volunteers, trustees, family members, and alumni in shaping our policies and practices has strengthened our community and helped us better meet the needs of the diverse young musicians we serve.

This year has also seen the further enhancement of our programme offerings. In addition to the composition and recording opportunities which took place across the year as we produced our first ever album written and recorded by our young musicians, we have partnered with NCCGB and teamArchie. These new initiatives have been designed to give our young musicians even more avenues to explore their creativity, develop their skills, and share their music with wider audiences. Whether through in-person workshops, virtual masterclasses, or new performance opportunities, we continue to provide a rich and dynamic array of experiences that nurture confidence, personal growth, and musical excellence.

Our core Junior Programme and Development Programme have been further refined to better meet the evolving needs of our participants. These programmes remain integral to our mission, offering tailored support to younger musicians and those further along in their artistic journeys. We have introduced ‘Big Meet’ workshops to enable our young musicians to meet with Future Talent staff and with each other. Every young musician also has a dedicated relationship manager, ensuring that each participant receives the guidance and resources they need to thrive.

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Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2024

Throughout the year, we have celebrated numerous milestones and highlights, including the ongoing production of the charity’s 20[th] anniversary album in recording studios across the country. Notable other events have included:

These events and activities have not only showcased the incredible talent within our ranks but also reinforced our commitment to providing life-changing opportunities for our young musicians.

As we look ahead to our 20th anniversary in 2024-5, we are excited about the plans we have in place to mark this significant milestone. Our anniversary year will feature the release of our album, performed live on stage at the Roundhouse in April 2025, as well as masterclasses with Sheku Kanneh-Mason, Chloe Hanslip and Graham Hurman, and one-to-one mentoring sessions across the UK as we continue to focus on Regional Cluster development, expanding our partnerships, and engaging with our growing community of supporters. We are dedicated to ensuring that gifted young musicians from low-income backgrounds across the United Kingdom have the support they need to unlock their full potential.

We remain committed to fostering growth, building confidence, and enhancing the musical journeys of all those who are part of the Future Talent family, and we look forward to the opportunities and challenges that lie ahead in the coming year.

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.

3

Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2024

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.

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:

4

Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2024

Our new offers for 2023/4 included

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 2024

Impact

Ten young musicians are graduating from Future Talent due to their age. Five are attending a conservatoire, 4 are attending university, and one is unknown.

6

Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2024

Quotations

‘I was excited by communication with my mentor. He helped me to set clear career paths and gave lots of insight into musical career. I felt we had much in common and I had a feeling he knows me well.’

‘The one-to-one mentoring session has helped me with my current repertoire. I learned from different aspects to interpret my pieces and further understand the music.’

‘My mentoring tutor was very helpful. He helped me to improve my pieces while working towards several international piano competitions.’

‘It’s encouraged me to think seriously about a career in music, and it gives me a sense of the network of young musicians across the country. It excites me thinking about this network later on in life.’

‘I have learned new skills of making music with my friends. I really like teamwork.’

‘I have enjoyed it and think it has played a pivotal role in my development as a young musician.’

When asked to share a memorable experience of story from their time on the programme, here is what our musicians had to say:

‘Making new friends and becoming more extroverted’

‘I really enjoyed playing in a group at RAM and meeting new friends.’

‘A memorable time of mine was listening to Seikou Keita and him introducing to us his style of playing. I thoroughly enjoyed the listening experience and being able to immerse myself in this new genre of music. Personally, I took pride in the work we had done with him in the workshop and being able to perform and share that experience with the parents/careers made me feel especially proud.’

‘I enjoyed the studio recording for the popular music arrangements, and the subsequent video filming outside. I really enjoyed being able to create a polished production in a short time.’

Financial Review

Financial Position

The financial activities are summarised in the accounts below. During the period the Charity received income of £396,149 (2023: £309,368) and expended £400,592 (2023: £309,017) on charitable activities. There were also net investment gains of £12,145 (2023: losses of £2,912). Total funds as at 31 August 2024 were £271,434, (2023: £263,732).

Investment Policy and Objectives

The Trustees have full power to invest money and have invested funds in a COIF Charities Investment Fund, as well as utilising interest bearing deposit accounts at Redwood and HSBC banks.

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Future Talent Musicians

Report of the Trustees for the Year Ended 31 August 2024

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 65-85% 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 £217,326, (2023: £217,306)

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 £45,000 (2023: £25,000).

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 £9,108 (2023: £21,426).

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.

Recruitment of New Trustees

The trustees appoint new members to the board following interviews and recommendations made. Potential new Trustees can be found through advertising or recommendations.

8

Future talent Future Tlent MusiciN$ rt of the Trnst for the Year Ended 31 A us¢ 2024 Statement of Trustees Responsibilities The Tru5tee5 (who are also directors of the eharity for the purp)￿5 of company law) are resp)nsible for preparing the tsNste¢s' report and the financial statements in ac¢ordan¢e with appltcable law and UniieAI Kingdom Accountin8 Standard& includin8 Financial Reporting Stsndard 102.. Th¢ Financi￿ Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A￿¢pted A¢￿v￿lIng Prd¢ii¢el. The Trustees are required to prepare financial staTrments for each financial year, which give a true and fair view of the state of affairs of the Charity and th¢ in￿mIng resources and applicaiion ofresources. including the n¢t in¢ome or expenditure, of the charity and the group for the year. It) preparing thos¢ financial statements the TTuslees are required io.. Sel¢¢t suitabl¢ a¢¢ounting p)li¢ies and then apply them consi$tently- Observe the meihods and principles in the applicable Chartties SORP 2019 (FRS 102). Make judgements and a¢¢ountin8 estimates that are reasonable and prudent- State whether applicable accollnting standards and statements of recommended practice have been ftsllowed. subject to any material departures disclosed and explained in the financial sthiem¢nts' and Pr¢par¢ the financial statemertts on thc going concem basis unless it LS inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting record5 that disc105e with reasonable a¢¢ura¢y at any time the financial position of the charity and enable them to ensure that the fJnan¢ial statements comply with the Charitie5 Act 2011. the Charities {Accounts and Report5) Regulation 2008 and the provisions of the tnJs( deed. They are al￿ re5w>n5ible for 5afegu8rding the assets of th¢ ¢harity and hen¢¢ for taking reasonable steps for the prevention and detection of fiwd othw irr¢gularities. In so far as the T￿￿lee$ are aware.. There is relevant a￿lit inforniation of which the clwitable company's auditors are unaware. and The Tnsstees have taken all steps that they ought io have thken to make themselves awar¢ of any relevant audit infonnation and to estsblish that the audiiors are aware of that infomiation. Approved by order of the B(￿d of Trustees on ..... and 5ign¢d on its behalf by: Nicholas Robins<T stee

Future talent Inde cndcnl Examiner's Re Future Talent Musicians ort to thc Tru5t¢es of Independent ey*mln¢r'$ report to the trustees of Fulure Talent Mllsician$ {'th¢ Compony,) I report to Ihe charity Iwsltts on my examination of the accounts of the Company for ihe year ended 31 August 2024. Rc5pon5ibilities and ba5ls of report A5 the charity's trn%t¢es of the Cotnpany land also its director5 for the purrmjses of c4)mpany laii'l you are responsible for the preparation of the a¢counis in accordance with the requiremen15 of the Companies A¢t 2(K>6 {'the 2006 A¢t'). 14aving satisfied myself that the accounts of the Company are noi required to be audited uodei PaEt 16 of the 2(K)6 Act &nd are eligible foi independent examination, I report in respect of my examination of YOUT chariWs accounts as carried out uiider Seciiotj 145 of the Charities Act 2011 ('the 2011 A¢i'l. In carrying out tny exatninalhon I have followed the Direciions given by the Chariiy Commissjon under Section 145151 {b) of ihe 2011 Acl. Independent ex#miner'$ State￿eRt Sin¢¢ your charily's gross iijcome exceeded £250,OIX) your examiner tnusi be a membei of a listed body. I can confimi ihal I ajn qualified lo iiiidcrtake Ihc cxaminaiion b¢cau% l am a member orth¢ In51itule of Chartered Aecouniants in England and Wales, whi¢b is onc of ihe Ii%ied hodies. I have completed my examitlation. I coThfimi that no matle¥s have come to rny altention in ronn￿lI0n with the examination giving mc cause lo believe.. accounting Tecords w¢r¢ not kepl in respect of the Company Is required by Setlion 386 of the 2(M)6 Act" or the accounts do not accord with those records," or thc accounts do not comply ivith thc hccounting [equi￿￿ents of Section 396 of the 2(KK> Act other than any ￿qUireMent that thc accounts give a trne and fair view which is not a Tnatter considered as part of an indcpcndent ¢xaminaiion,' QT the a¢¢ourtts have nut been prepared in accordance with the meih(Mls and prin¢iples of the Ststcm•Jt of ReLornTncndcd Practicc for accounling and reporting by charities (applicable io charilies p¥eparEng their accounts in accordance with thc Finallcial Reportin8 Standard applicable in th¢ UK and Republi¢ of Ireland (FRS 102)). I have no ¢on¢eTn5 and have come across no other matters in conneciiort w'jth th¢ examination to which atlention should be drawn in this report LTi Order to enable a proper understsnding of the accounts to be Teached. Nicholas Dodd BA FCA Hughcs Waddell Th¢ IIYhii¢ House 2 MeadTOW Godalming Surtey GU7 IHN Datc.. pf lOI¥ 10

Future Talent Musicians

Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the Year Ended 31 August 2024

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
380,109
Investment income
2
7,040
Total
387,149
EXPENDITURE ON
Charitable activities
Young musicians development programme
379,274
Net gains/(losses) on investments
12,145
NET INCOME/(EXPENDITURE)
20,020
RECONCILIATION OF FUNDS
Total funds brought forward
242,306
TOTAL FUNDS CARRIED FORWARD
262,326		 Restricted
funds
£
9,000
-
9,000
21,318
-
(12,318)
21,426
9,108		 31.8.24
31.8.23
Total
Total
funds
funds
£
£
389,109
303,753
7,040
5,615
396,149
309,368
400,592
309,017
12,145
(2,912)
7,702
(2,561)
263,732
266,293
271,434
263,732

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements 11

Future Talent Musicians (Registered number: 11604390)

Balance Sheet

31 August 2024

Unrestricted
funds
Notes
£
CURRENT ASSETS
Debtors
5
3,114
Investments
6
164,624
Cash at bank
139,038
306,776
CREDITORS
Amounts falling due within one year
7
(44,450)
NET CURRENT ASSETS
262,326
TOTAL ASSETS LESS CURRENT LIABILITIES
262,326
NET ASSETS
262,326
FUNDS
8
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
27,108
27,108
(18,000)
9,108
9,108
9,108		 31.8.24
Total
funds
£
3,114
164,624
166,146
333,884
(62,450)
271,434
271,434
271,434
262,326
9,108
271,434		 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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

12

Future talent Future TAlent Mu5iCl8ns tered Dumber. 116114390 Balance Sheet- continued 31All st 2024 These financial statements have been prepared in accordance with the provisions applicable to ¢harttsble companies subject to the small companies re8im¢. The fJnan¢ial siatements were approved by the Board of Trustees and aUthOris￿ for issue on ............................. signed on its behalf by.. N J Robins Tustce The notes forn) part of these ftnao¢1￿ ststements 13

Future Talent Musicians

Notes to the Financial Statements for the Year Ended 31 August 2024

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.

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Future Talent Musicians

Notes to the Financial Statements - continued for the Year Ended 31 August 2024

2. INVESTMENT INCOME

INVESTMENT INCOME
31.8.24 31.8.23
£ £
Deposit account interest 7,040 5,615

3. TRUSTEES' REMUNERATION AND BENEFITS

The trustees received no remuneration during the year ended 31 August 2024 (2023: £nil).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.

4. STAFF COSTS

The average monthly number of employees during the year was as follows:

5.

6.

31.8.24
Management, financial and administration
6
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000
31.8.24
£60,001 - £70,000
1
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24
£
Other debtors
3,114
CURRENT ASSET INVESTMENTS
31.8.24
£
Investment with COIF
164,624		 31.8.23
4
was:
31.8.23
-
31.8.23
£
12,522
31.8.23
£
152,480

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Future Talent Musicians

Notes to the Financial Statements - continued for the Year Ended 31 August 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24 31.8.23
£ £
Trade creditors 7,844 1,997
Social security and other taxes 3,060 1,573
Charitable commitments 600 1,176
Deferred income 43,000 -
Accrued expenses 7,946 3,550
62,450 8,296

Deferred income comprises grants relating to future accounting periods.

8. MOVEMENT IN FUNDS

Net
movement
At 1.9.23
in funds
£
£
Unrestricted funds
All unrestricted funds
217,306
20,020
Designated fund
25,000
-
242,306
20,020
Restricted funds
All restricted funds
21,426
(12,318)
TOTAL FUNDS
263,732
7,702
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
All unrestricted funds
387,149
(379,274)
Restricted funds
All restricted funds
9,000
(21,318)
TOTAL FUNDS
396,149
(400,592)		 Transfers
between
At
funds
31.8.24
£
£
(20,000)
217,326
20,000
45,000
-
262,326
-
9,108
-
271,434
Gains and
Movement
losses
in funds
£
£
12,145
20,020
-
(12,318)
12,145
7,702

16

Future Talent Musicians

Notes to the Financial Statements - continued

for the Year Ended 31 August 2024

8. MOVEMENT IN FUNDS - continued

Comparatives for 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

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
£
£
301,868
(271,136)
7,500
(37,881)
309,368
(309,017)		 Gains and
Movement
losses
in funds
£
£
(2,912)
27,820
-
(30,381)
(2,912)
(2,561)

Transfers between funds

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

17

Future Talent Musicians

Notes to the Financial Statements - continued

for the Year Ended 31 August 2024

9. RELATED PARTY DISCLOSURES

During the year ended 31 August 2024 the charity received unconditional donations from Trustees to the sum of £5,070 (2023: £12,562).

There are no further related party transactions to disclose.

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