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2022-12-31-accounts

REGISTERED COMPANY NUMBER: 01508781 (England and Wales) REGISTERED CHARITY NUMBER: 281159

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

NATIONAL YOUTH MUSIC THEATRE LTD

George Hay & Company Chartered Accountants 83 Cambridge Street London SW1V 4PS

NATIONAL YOUTH MUSIC THEATRE LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 12
Detailed Statement of Financial Activities 13

NATIONAL YOUTH MUSIC THEATRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 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 31st December 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).

OBJECTIVES AND ACTIVITIES

Vision, Mission and Strategic Aims of the Board

Vision

To broaden the range and culture base of high quality productions in youth music theatre.

Mission

To provide opportunities for young people from all social and cultural backgrounds to explore and develop their potential, by:

· broadening the range and inclusivity of performance opportunities;

· commissioning new writers and producers from a variety of backgrounds;

· creating opportunities for national and international recognition of new work and new talent.

Strategic Aims

Production, writers, practitioners, material:

· To raise standards of work by young people in music theatre by presenting first-class productions to national and international acclaim and to tour these productions.

· To commission, promote and present new writing for youth music theatre, by young people and adults, which is artistically challenging and socially relevant.

· To offer workshops, master classes and focus groups which explore and develop talent and creativity.

· To monitor quality and growth in all work thorough an artistic team reporting to the Board.

Participants:

· To work in partnership with others to remove barriers and ensure opportunities can be taken up by their target participants.

· To ensure that all opportunities offered meet NYMT codes of practice for safety and security of participants and staff.

Sustainability:

· Actively to promote the educational, social and cultural value of engagement in youth music theatre.

· To maintain and review a business plan which supports all projected activity and the company's continued viability, profile and presence.

· To provide return on investment to all stakeholders: artistically and in terms of inclusion and educational measurement.

Page 1

NATIONAL YOUTH MUSIC THEATRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022

OBJECTIVES AND ACTIVITIES

Trustees’ Report on activity during the year and planning

Despite the gradual lifting of COVID restrictions, hopes of a return to face-to-face, nationwide auditions were dashed. Once again, we relied on video submissions, carefully and diligently assessed by our creative teams, followed by online workshops. Fortunately, our recall auditions were able to proceed in person, and it was uplifting after so long to see so many talented young people over a long but rewarding weekend in London.

Our 2022 season opened in July with NYMT In Concert at the Rose Theatre, Kingston as part of Creative Youth's FUSE Festival. This new venture, directed by Chris Cuming and musical director, Tom Slade, enabled us to provide a platform for a large, diverse, and inclusive cast and orchestra in performance of an eclectic programme of highlights from a wide range of musicals, many of which were originally commissioned and premièred by NYMT. We were also privileged to provide performances for Live a Legacy at the Painted Hall, Greenwich in support of the Duke of Edinburgh International Award, for the Victoria and Albert Museum's The Art of Making Art festival, and for the Stephen Sondheim Society Student Performer of the Year Competition 2022 at the Sondheim Theatre, West End.

Continuing our series of workshops of new musicals in development, NYMT again invited submissions from emerging writers with a view to taking their work forward to full production next year. We were delighted to work with alumnus Jordan Li-Smith on his new musical, The Boy Who Sailed the Ocean in an Armchair, based on the children's novel by Lara Williamson.

We were also proud to present the première of A Kiss for Cinderella by Annabel Mutale Reed and Jack Trzcinski, which was the subject of our 2021 new musical workshop. The work is an adaptation of J.M. Barrie's 1916 play of the same name and follows Jane, a young girl from across the sea, and the refugee children she takes care of - Flo, Blue and Krista - in 1940s London during the Blitz. These girls have each brought their own version of the tale of Cinderella with them and are determined that Jane is the Cinderella the stories all tell about. It was particularly fitting that our cast included 12-year-old Sonya Petrov who, with her mother, fled from Ukraine, where Sonya had been studying at the National Opera and Ballet School.

A KISS FOR CINDERELLA - Michael Croft Theatre, Dulwich - August 2022 Première

A Kiss For Cinderella, a new musical by Jack Trzcinski and Annabel Mutale Reed. Loosely based on JM Barrie's play of the same name, the action takes place during the First World War in a rambling old house in Kensington Gardens, not too far from where Barrie once despatched the Darling children out of the nursery window and on to Neverland.

With a sharply written feminist hero, important messages of tolerance and acceptance for today's audiences and warnings about the dangers of listening to the media and the aristocracy, it feels like Reed and Trzcinski are delivering everything that Emerald Fennell's book for Andrew Lloyd Webber's recent West End version of Cinderella promised but struggled to deliver.

Scott Matthewman - Musical Theatre Review

Our third production for the season was Ragtime by Terrence Mcnally, Stephen Flaherty and Lynn Ahrens. Set in the volatile melting pot of turn-of-the-century New York, three distinctly American tales are woven together - that of a stifled upper-class wife, a determined Jewish immigrant, and a daring young Harlem musician - united by their courage, compassion and belief in the promise of the future. Together, they confront history's timeless contradictions of wealth and poverty, freedom and prejudice, hope and despair... and what it means to live in America. Hannah Chissick directed, and the Tony-Award-winning score was conducted by David Randall with choreography by Nathan 'Neo' Gordon. This powerful and emotionally disturbing work was brought vividly to life by an outstanding and diverse young cast. Unsurprisingly, their performances moved audiences and critics alike, garnering numerous 5-star reviews. Having seen a video clip of the cast singing 'Til We Reach That Day, Audra MacDonald, who starred in the original Broadway production, sent a tearful video message to the cast, expressing her deep admiration of their overwhelmingly committed and moving performance.

RAGTIME - Michael Croft Theatre, Dulwich - August 2022

Page 2

NATIONAL YOUTH MUSIC THEATRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022

OBJECTIVES AND ACTIVITIES

Ragtime is a magnificent, brave, visceral show and it's hard to imagine it in better hands than those of the National Youth Music Theatre and director Hannah Chissick.

I shall, unashamedly, start with the band because there's so much handwringing about music education these days. Of course, the concerns are justified but here are 22 accomplished young players, aged from 15 to 23 and from all over the country, tunefully and very competently proving that young musicianship is definitely not dead.

This was, in short, one of the most enjoyable - and affecting - evenings in the theatre I have had for some time.

Susan Elkin - Musical Theatre Review

As Associate Artists at Curve Theatre, Leicester, NYMT were delighted to return there with a large-scale production of Chess by Benny Andersson, Tim Rice and Björn Ulvaeus. Featuring choreography by Adam Haigh, and with a 25-piece orchestra under the musical direction of Jordan Li-Smith, this epic production directed by Alex Sutton also made a great impression. Written in 1984, Chess tells a story of love and political intrigue, set against the background of the Cold War in the late 1970s/early 1980s, in which superpowers attempt to manipulate an international chess championship for political ends. Who knew, when we devised this season, that a new Cold War would be upon us? All six performances were sold out and critical acclaim led to Tim Rice tweeting his thanks and appreciation to the cast and creative team, and his apologies for being unable to attend due to his failure to be in two places at the same time.

CHESS - Curve, Leicester - August 2022

Chess is by no means an easy musical for young performers to take on, and for it to even sound half as good as it does would be a decent achievement, but these NYMT performers go beyond that and manage to deliver on a near-professional level that belies their age. It shines a very promising light on the future of musical theatre talent in this country, and imagining there could be future Valjeans, Phantoms, Elphabas and Fantines on that stage is a really exciting prospect.

It's not just the performers who are talented either, with a strong orchestra of young musicians led by musical director Jordan Li-Smith, who bring the score brilliantly to life. The choir also does a thrilling job of adding real weight and power to the darker elements of the score and gives it real depth.

NYMT has done a fantastic job here. A 36-year-old musical performed in a studio space by young adults just starting out on their journey really shouldn't be this good. Bold and stirring with a modern spin, this is a chance to not only watch a great interpretation of a classic, but to glimpse into the future of British theatre as well, a future which is looking bright.

Rob Bartley - Musical Theatre Review

Following its enforced cancellation in 2020 and 2021, it was particularly rewarding to be able to present again our NYMT Christmas Celebration at St John's Smith Square. With record numbers in our chorus and orchestra, it was necessary to extend the stage for this much-loved festival of seasonal readings and carols, led by musical director James Bartlett, and with choral choreography by Chris Cuming. Jeremy Walker reminded the audience that the 2023 season would be his last as CEO and Artistic Director, and thanked his fellow trustees for allowing him the immense privilege of leading the organisation for 12 years.

As we gradually recover from the years of uncertainty, NYMT renews its commitment to provide invaluable opportunities for young people to develop existing strengths and learn new skills through regular half-term workshops and residential holiday courses. Our Creative Team Mentoring Scheme also enables aspiring directors, musical directors, choreographers and designers to work alongside leading professionals and to play a vital role in the development of our productions.

Page 3

NATIONAL YOUTH MUSIC THEATRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022

OBJECTIVES AND ACTIVITIES

For 46 years NYMT has been at the forefront of the British musical theatre scene enabling thousands of youngsters across the UK to develop both their creative and personal potential, leading Andrew Lloyd Webber to dub it "the best youth music theatre in the world".

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Governance

As set out in the Articles of Association, the Chair is elected by the Board. Directors are appointed by the Board. Board members serve a term of three years, with a maximum of two consecutive terms of office, after which there must be a break of service of at least 12 months.

Induction and training of new trustees

New directors undergo induction orientation with the Chair and Company Secretary to brief them on their legal obligations under charity and company law, the content of the Articles of Association, the committee and decision making processes, the Vision, Mission and Strategic Aims of the Board and recent financial performance of the organisation. During the induction, they meet key employees and other directors. Away days are set in place to facilitate directors' input into strategic planning. Directors are encouraged to attend appropriate external training events as appropriate to their role and the Company Secretary provides occasional briefings at Board meetings updating directors on company and charity law and best practice governance.

Risk management

The directors have a risk management strategy which comprises a regular review of the risks the organisation may face; the establishment of systems and procedures to mitigate those risks and the implementation of procedures designed to minimise any potential impact on the organisation. During 2022, attention has focused on the risks to the organisation following lockdowns and moving much of our work online. During the year as restrictions were lifted, we were able to resume face to face interventions.

Finance Committee

The board have constituted a Finance Sub Committee with the following main responsibilities:

Members of the committee during the period were, David Reitman and Benjamin Sheen.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

01508781 (England and Wales)

Registered Charity number

281159

Page 4

NATIONAL YOUTH MUSIC THEATRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022

Registered office

South Cottage Keers Green Dunmow United Kingdom Essex CM6 1PQ

Trustees

P A Munden J Walker Ms J Cooke D Reitman F J Tapner (resigned 11.3.22) B Sheen Dr E Okereke (resigned 1.3.23) D Tarento (appointed 1.4.22) A G Packer (appointed 1.4.23)

Company Secretary

P A Munden

Independent Examiner

George Hay & Company Chartered Accountants 83 Cambridge Street London SW1V 4PS

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of National Youth Music Theatre Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 27th April 2023 and signed on its behalf by:

P A Munden - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NATIONAL YOUTH MUSIC THEATRE LTD

Independent examiner's report to the trustees of National Youth Music Theatre Ltd ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Andrew Fox

George Hay & Company Chartered Accountants 83 Cambridge Street London SW1V 4PS

27th April 2023

Page 6

NATIONAL YOUTH MUSIC THEATRE LTD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022

2022
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Grants
13,572
Activities
449,071
Other trading activities
2
8,000
Investment income
3
8
Total
470,651
EXPENDITURE ON
Raising funds
292,989
Charitable activities
Activities
81,197
Total
374,186
NET INCOME
96,465
RECONCILIATION OF FUNDS
Total funds brought forward
115,529
TOTAL FUNDS CARRIED FORWARD
211,994		 2021
Total
funds
£
25,283
445,800
5,000
25
476,108
375,329
83,162
458,491
17,617
97,912
115,529

The notes form part of these financial statements

Page 7

NATIONAL YOUTH MUSIC THEATRE LTD

BALANCE SHEET 31ST DECEMBER 2022

2022
Unrestricted
fund
Notes
£
CURRENT ASSETS
Debtors
6
155,054
Cash at bank
108,340
263,394
CREDITORS
Amounts falling due within one year
7
(13,900)
NET CURRENT ASSETS
249,494
TOTAL ASSETS LESS CURRENT
LIABILITIES
249,494
CREDITORS
Amounts falling due after more than one year
8
(37,500)
NET ASSETS
211,994
FUNDS
9
Unrestricted funds
211,994
TOTAL FUNDS
211,994		 2021
Total
funds
£
94,674
76,089
170,763
(55,234)
115,529
115,529
-
115,529
115,529
115,529

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

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 27th April 2023 and were signed on its behalf by:

P A Munden - Trustee

The notes form part of these financial statements

Page 8

NATIONAL YOUTH MUSIC THEATRE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 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.

Income

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

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.

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.

2. OTHER TRADING ACTIVITIES

2. OTHER TRADING ACTIVITIES
2022 2021
£ £
Licensing fees 8,000 5,000
3. INVESTMENT INCOME
2022 2021
£ £
Deposit account interest 8 25

continued...

Page 9

NATIONAL YOUTH MUSIC THEATRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022

4. TRUSTEES' REMUNERATION AND BENEFITS

2022 2021
£ £
Trustees' fees 12,000 12,000

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2022 nor for the year ended 31st December 2021.

5. STAFF COSTS

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

2022
Administration
2
No employees received emoluments in excess of £60,000.
6.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Other debtors
155,054
7.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Other creditors
-
Government loan
10,000
Accruals and deferred income
3,900
13,900
8.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022
£
Government loan
37,500
9.
MOVEMENT IN FUNDS
Net
movement
At 1.1.22
in funds
£
£
Unrestricted funds
General fund
115,529
96,465
TOTAL FUNDS
115,529
96,465		 2021
2
2021
£
94,674
2021
£
1,834
50,000
3,400
55,234
2021
£
-
At
31.12.22
£
211,994		 2021
£
1,834
50,000
3,400
55,234
2021
£
-
211,994

continued...

Page 10

NATIONAL YOUTH MUSIC THEATRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022

9. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
470,651
470,651
At 1.1.21
£
97,912
97,912		 Resources
Movement
expended
in funds
£
£
(374,186)
96,465
(374,186)
96,465
Net
movement
At
in funds
31.12.21
£
£
17,617
115,529
17,617
115,529

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

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
476,108
476,108		 Resources
Movement
expended
in funds
£
£
(458,491)
17,617
(458,491)
17,617

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.21
£
97,912
97,912		 Net
movement
in funds
£
114,082
114,082		 At
31.12.22
£
211,994
211,994

continued...

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NATIONAL YOUTH MUSIC THEATRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022

9. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
946,759
946,759		 Resources
Movement
expended
in funds
£
£
(832,677)
114,082
(832,677)
114,082

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2022.

Page 12

NATIONAL YOUTH MUSIC THEATRE LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022

INCOME AND ENDOWMENTS
Other trading activities
Licensing fees
Investment income
Deposit account interest
Charitable activities
Productions and workshops
Audition fees
Other income
Donations
Grants
Total incoming resources
EXPENDITURE
Other trading activities
Production costs
Sundries
Theatre tax relief
Support costs
Governance costs
Honoraria
Wages
Pensions
Advertising and promotion
Insurance
Sundries
Accountancy and legal fees
Bank charges
Storage costs
Loan interest
Total resources expended
Net income		 2022
£
8,000
8
422,562
25,037
1,472
6,072
7,500
462,643
470,651
399,966
21,703
(128,680)
292,989
12,000
38,403
753
4,978
969
5,677
2,200
127
15,157
933
81,197
374,186
96,465		 2021
£
5,000
25
413,583
31,036
1,181
7,783
17,500
471,083
476,108
428,981
18,149
(71,801)
375,329
12,000
42,956
874
1,681
4,104
4,318
2,100
18
15,111
-
83,162
458,491
17,617

This page does not form part of the statutory financial statements

Page 13