**REGISTERED COMPANY NUMBER: 01611491 (England and Wales) REGISTERED CHARITY NUMBER: 285831**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022**
## **FOR**
## **MUSIC FOR YOUTH**
Wags LLP t/a Wagstaffs Chartered Accountants and Statutory Auditors Richmond House Walkern Road Stevenage Hertfordshire SG1 3QP
**MUSIC FOR YOUTH**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022**
**----- Start of picture text -----**
Page
Reference and administrative details 1
Report of the trustees 2 to 8
Report of the independent auditors 9 to 12
Statement of financial activities 13
Statement of financial position 14 to 15
Statement of cash flows 16
Notes to the statement of cash flows 17
Notes to the financial statements 18 to 28
**----- End of picture text -----**
**MUSIC FOR YOUTH**
**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST MARCH 2022**
**----- Start of picture text -----**
Trustees M Willis - Chairperson
J M Dixon - Vice Chairperson
R C Blackford
S Bull
A Butt
E Hutchinson
J C Kingston
R Mincoff
S Stimpson
Registered office 3rd Floor
Somerset House
Strand
London
WC2R 1LA
Registered company number 01611491 (England and Wales)
Registered charity number 285831
Auditors Wags LLP t/a Wagstaffs
Chartered Accountants and Statutory Auditors
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP
Chief executive officer P Castang
**----- End of picture text -----**
Page 1
**MUSIC FOR YOUTH (REGISTERED NUMBER: 01611491)**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 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 March 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**
## **Objectives and aims**
Music for Youth's overall ambition is to create high-quality performance opportunities, which inspire young people from all backgrounds to engage in live music-making and which enable those who already play or sing to celebrate and fulfil their musical potential. The work is informed by the fact that sustained music-making has lasting developmental benefits for young people beyond the music-making itself. Music for Youth is an educational charity with a worldwide reputation for its work in music education. It enables young people to perform on high-profile national stages, in an atmosphere of celebration and peer endorsement.
Music for Youth works with large numbers of young musicians across the UK annually. In addition, it strives to broaden its reach and to achieve active engagement from young people through activities which are representative of their musical interests and patterns of engagement. The programme of activities includes a regional festival series, a national festival, the Music for Youth Proms and Frequencies. Frequencies is MfY's year-round into (music) industry programme. MfY also has a broad and evolving digital programme across various platforms such as YouTube and Instagram.
Following the challenging live music climate as a result of the pandemic, in 2021 the National Festival was presented online with a series of workshops, masterclasses, pre-recorded music videos and live stream performances. By November 2021 it was possible to stage a live Music for Youth Prom at the Royal Albert Hall. In the spring of 2022 Music for Youth managed to stage a reduced regional festival programme reaching 9,360 young people from across the UK. In 2021-22, 21,887 young people took part in a hybrid of digital and in person events across the year compared with 27,443 participants who engaged purely online due to the pandemic in 2020-21.
The charity activities are structured around three objectives:
**ACCESS** - to facilitate access to and sustained participation in live music making by young people representing the diversity of the country
**TALENT DEVELOPMENT** - to support talent development and showcase the nation's most gifted young musicians
**BROKERAGE** - to broker artistic collaborations and partnerships between artists and music education providers
Page 2
**MUSIC FOR YOUTH (REGISTERED NUMBER: 01611491)**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022**
## **Objectives and activities Public benefit**
The trustees confirm that they have had due regard for the Charity Commission guidance on public benefit.
Through the objectives and aims of the charity as detailed above, the charity has met its objective as a public benefit organisation to provide opportunities which advance the education of the public, and especially young people, in all branches of the arts and music in particular.
The charity has benefitted the wider public through presenting and promoting online showcases, performances and festivals by and with young musicians.
Further detail on the charity meeting its public benefit obligations can be established from the information within the achievements and performance of the charity in this report.
## **Achievement and performance**
## **Charitable activities**
Although the impact of the pandemic meant that it was not possible to deliver a live National Festival and aspects of the programme were significantly reduced in comparison to our pre pandemic levels, the challenges of the pandemic gave MFY an opportunity to explore different working models and to access new audiences across digital platforms. This has essentially opened new horizons in parallel to our strategic planning for our revised business plan and the MFY National Portfolio Organisation (NPO) application. In November 2021, MFY delivered a 'REMIX Prom' at the Royal Albert Hall, featuring 1,784 young people from across the UK and the Regional Event Series started to rebuild in Spring 2022 with 25 Regional Events taking place across the UK, reaching 9,360 young people.
Prior to the pandemic, the annual programme of activities has followed a formulaic pattern with progression from regional events through to national events and high-profile performance stages for a wide range of young people. These core activities were supplemented by further smaller scale programmes for identified target groups, reflecting gaps in provision or particular areas of interest. The main areas of charitable activity in 2021-22 were as follows:
## **Remix National Festival - 6 & 10 July, 2021**
Music for Youth's Remix 2021 National Festival took place on the 6th and 10th of July with a programme of digital events aimed at showcasing, supporting and celebrating young musical talent from across the UK. Whilst the planned two days of live events scheduled to take place in Birmingham Symphony Hall had to be cancelled, MFY offered an engaging programme of digital alternatives. The total engagement across the Festival came to 10,743 people.
## **Festival Events**
- **Video Wall** : Music for Youth launched a new video wall, inviting young people and their music leaders to submit their performances and content to be showcased.
- **Sector Spotlight** : Music for Youth showcased 10 videos from Sector partners who demonstrated exceptional practice. Two videos were released each day as part of the festival.
- **Music Mentor Zone** : A selection of Music Mentors were invited to create a bitesize video of tips, to be shared as part of a Music Mentor video series. These videos received 181 views.
Page 3
**MUSIC FOR YOUTH (REGISTERED NUMBER: 01611491)**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022**
## **Achievement and performance**
## **Charitable activities (continued)**
- **Performance Stage** : Groups who had initially signed up to perform live in Birmingham we offered special performance slots across the festival week. Two videos were shared each day of the festival, with performances from a mix of groups. The performances received 847 views.
- **Frequencies Playlist** : A daily playlist of new music from emerging young artists was released throughout the festival week on Soundcloud in order to promote emerging artists. Tracks were selected from an Internet radio show with Jason Singh earlier on in the year, and then curated by sector specialists into listening playlists according to genre and style, accompanied by information on the featured artists and their tracks. In total, we released 5 playlists featuring 28 tracks, which received 187 listens.
- **Free workshops** : MFY provided two free workshops, run by Music mentors, Bridget Walsh and Alan Keary aka Shunya.
**Non-performance roles** : MFY recruited three Young Reporters aged 19-21 to work with us across the festival. The roles were Social Media Reporter, Audio-Visual Reporter, and Writer Reporter- providing direct work experience. This also resulted in the first ever MFY podcast series- which the Audio-Visual Reporter created using Podcasting software to develop new podcast series with four episodes.
**Mentor on Call** : Those who submitted to the Remix 2021 video wall were invited to sign up for a free, feedback sessions, from one of our Music Mentors. These were delivered by Mentors Nicola Wydenbach (classical singer & educator), Nikki Yeoh (jazz pianist, composer & arranger), Bridget Walsh (artist & singer-songwriter) & Jamie Trowell (jazz percussionist). In total, Music for Youth delivered 17 sessions, to 63 young musicians and 15 music teachers / leaders.
## **Remix Prom 2021: All the Hall's A Stage, November 2021**
After an 18-month hiatus in live events, and two years after the last MFY Prom performance, Music for Youth presented our most inclusive Prom at the Royal Albert Hall. With a bumper creative project featuring almost 2,000 young people, the stage featured performances by groups from across the country. In addition, a small crew of non-performance roles such as presenting and reporting were taken by young creatives. The REMIX Proms and its spectacular finale were a fitting celebration of young people's musical achievements after an unprecedented and challenging year.
## All the Hall's a Stage
Our national creative project 'All the Hall's a Stage' formed the artistic framework for the Prom performance, led by composer Tim Steiner. 38 different groups from across the country joined us onstage, featuring young musicians of all ages, abilities, instruments, vocal range, and level of confidence. As well as taking part in the creative project, the groups also performed in two participatory songs, 'These are the Days I'll Remember' and 'There Will Always be a Reason to Sing' which formed the finale.
All the creative groups were sent resources in advance of the concert, including a downloadable resource booklet for teachers and group leaders featuring song lyrics, cues, music and audio tracks. Tim Steiner also held two online CPD sessions for group leaders.
Page 4
**MUSIC FOR YOUTH (REGISTERED NUMBER: 01611491)**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022**
## **Achievement and performance Charitable activities (continued)**
## Young Presenters
As part of our commitment to having young people at the heart of the Remix Prom, we recruited three Young Presenters aged 15-19 to co-present the evening with Remel London. They worked closely with Remel and Music for Youth in a series of four workshops in advance of the event, creating scripts, helping to shape the presentation of the Prom and developing the skills needed to deliver a professional performance on the night.
## Young Reporters
We recruited three Young Reporters aged 19-21 to work with us in non-performance roles, conducting written and filmed interviews, and creating content for our website and social media channels, including a REMIX podcast. The resulting content from the Prom was very well-received and attracted a high level of engagement on our social channels: MFY gained over 1,000 new followers across our social media channels throughout the Prom period, and 10,927 people engaged with our digital and online channels throughout.
## Afterglow
As part of our drive to appeal to young people who remain under-represented in our programme, we curated a post-Prom technology-based music project, Afterglow, led by Lewisham Music. The project took the Prom performance as the starting point and provided an opportunity for young producers and lyricists to work creatively with stems from the concert. We worked closely with Lewisham Music and tutor Josh, aka Intalekt, in delivering the course in London and online, which included three two-hour online remix classes.
## Remix Prom Engagement
38 groups with 1,250 children and young people participated in the creative project 'All the Hall's a Stage'. A further 282 children and young people were in a variety of Performing Groups. Over 72% of the groups performing were taking part in MFY work for the first time. Non-performance role included 3 young presenters and 3 young reporters. 11,000+ people engaged with our digital and online channels. The performers were aged 4-21.
## **Frequencies, Youth Engagement initiatives**
Pre-2020, Frequencies was a series of live events providing progression opportunities for independent young musicians working outside of the formal education sector. The work focuses on contemporary styles such as electronic, indie and urban music. Musicians working within these styles are typically less well provided for. During 2021-22, we offered a number of ongoing project strands whereby young artists could submit tracks and be profiled in internet-based radio shows or online showcases. These opportunities were both performance and non-performance based and linked to the national online events referenced above.
## **Mentor On Call**
The impact of the coronavirus pandemic and cancellation of live events has led to an adapted way of working and event delivery. With reduced live events, we maintained our provision of access to experts through 'Mentor On Call', an initiative available to all participants of any MFY project. This allows teachers with or without groups of students to book direct zoom sessions with an MFY Music Mentor relevant to their music making practice. Music Mentors are a highly experienced pool of professional artists and musicians across a wide range of musical backgrounds and specialisms.
Page 5
**MUSIC FOR YOUTH (REGISTERED NUMBER: 01611491)**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022**
## **Financial review**
## **Financial position**
The charity's income is derived from a mix of corporate sponsors, donations from trusts and foundations, public funding and income from events undertaken to fulfil the charity's objects. We continue to maintain rigorous financial controls and accurate forecasting.
Net incoming resources for the year resulted in a surplus of £108,026 (2021: £68,718). This positive result reflects our success in maintaining strong relationships with key funders, and the substantial reduction in costs due to the cancellation of many live events. Sponsorship income increased and we achieved ticket sales income once again with the start-up of our flagship live event.
## **Investment policy**
Under the memorandum and articles of association, the charity has the power to make any investment that the trustees see fit. The charity has a policy of keeping any surplus liquid funds in bank current and deposit accounts that can be accessed readily and are low risk.
## **Reserves policy**
Reserves are spent at the trustees' discretion in furtherance of the charity's objectives. It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level that provides sufficient funds to cover management, administration and support costs for expenditure that Music for Youth is committed to or contracted to in the forthcoming year.
Considering the current economic environment, the trustees consider the most appropriate level of free reserves to be in the region of £250,000. Current unrestricted reserves stand at £267,525 (2021: £159,499).
## **Future plans**
MFY has returned to a fully live annual programme and there are important signs of recovery within the music education sector. However, the music education landscape is set to change, and several macro-societal factors mean we will need to transform and adapt to a new environment. In September 23 a new national plan for music education (NPME) will come into effect meaning significant changes to the way music education is accessed and provided across England. New plans are also being implemented in Wales and Scotland. This will impact the whole music education ecosystem across the UK. We are well placed to fulfil an important role within the Plan and therefore are planning accordingly.
We are also examining the impact of the pandemic on our future operating model and absorbing other factors such as the effect of the cost-of-living-crisis on audiences. As a result, we will be carrying out a feasibility study to explore relocating outside of London. We will also be repositioning our annual programme so that it intersects with new strategic regional partnerships, and we will be reviewing our vision, mission, aims and values to make sure they are up-to-date and relevant, while remaining true to our founding principles of changing the lives of young people through music.
Page 6
**MUSIC FOR YOUTH (REGISTERED NUMBER: 01611491)**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022**
## **Structure, governance and management**
## **Governing document**
The charity is a limited company limited by guarantee, as defined by the Companies Act 2006, and is controlled by its memorandum and articles of association. It was incorporated on 4 February 1982 and registered as a charity on 24 November 1982.
The company was established under a Memorandum of Association which establishes the objects and powers of the charitable company and is governed under its Articles of Association. The company is allowed to have up to ten members. In the event of the company being wound up, each member is required to contribute an amount not exceeding £5.
## **Trustee directors' recruitment and appointment**
The directors of Music for Youth are also charity trustees for the purpose of charity law.
The directors may from time to time co-opt a director, either to fill a vacancy or as an additional director, until they are formally appointed, or otherwise, at a general meeting. In addition, the directors shall retire by rotation at each AGM. They shall, if willing to act, be deemed to be reappointed unless at the meeting it is resolved not to fill their vacancy, or unless a resolution for the reappointment of the director is put to the meeting and lost.
## **Organisational structure**
The Chief Executive reports to the trustees of Music for Youth via quarterly board meetings and through providing regular updates on management accounts and business plans. There are three sub-committees covering Audit & Risk, Programme Oversight and Fundraising.
A Senior Management Team comprising the Chief Executive, Head of Programmes, and Director of Operations meets weekly to ensure the growth and direction of the organisation. In addition, the Programmes and Communications Teams meet on a regular basis, there are bi-weekly online staff meetings and regular whole team Away Days to facilitate a cross team working.
## **Induction and training of new trustees**
Trustees are regularly briefed on their legal obligations and meet key employees and other trustees. They are regularly provided with management accounts, business plans and relevant governance documentation.
## **Risk management**
The Board carries out regular reviews of the risks facing Music for Youth through its Audit & Risk Sub-committee, and is committed to actively managing risks. The trustees have examined the major operational risks that the charity faces and confirm that systems have been established to enable regular reports to be provided so that the necessary steps can be taken to mitigate these risks.
## **Statement of trustees' responsibilities**
The trustees (who are also the directors of Music for Youth 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).
Page 7
**MUSIC FOR YOUTH (REGISTERED NUMBER: 01611491)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022**
## **Statement of trustees' responsibilities - continued**
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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **Auditors**
The auditors, Wags LLP t/a Wagstaffs, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 16th December 2022 and signed on its behalf by:
M Willis - Trustee
Page 8
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUSIC FOR YOUTH**
## **Opinion**
We have audited the financial statements of Music for Youth (the 'charitable company') for the year ended 31st March 2022 which comprise the Statement of financial activities, the Statement of financial position, the Statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31st March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Report of the independent auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Page 9
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUSIC FOR YOUTH**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the trustees is inconsistent in any material respect with the financial statements; or
- the charitable company has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of trustees' responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 10
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUSIC FOR YOUTH**
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the independent auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We obtained an understanding of the legal and regulatory framework applicable to the charity and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and the Charities Act 2011.
- We obtained an understanding of how the charity is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance.
- We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud
- might occur. Audit procedures performed by the engagement team include:
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgments made by management in its significant accounting estimates;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
- assessing the extent of compliance with the relevant laws and regulations.
- We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 11
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUSIC FOR YOUTH**
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of Wags LLP t/a Wagstaffs Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Richmond House Walkern Road Stevenage Hertfordshire SG1 3QP
20/12/2022 Date: .............................................
Page 12
**MUSIC FOR YOUTH**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2022**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
**280,441**
**Charitable activities**
Charitable Activities
**51,941**
**Total**
**332,382**
**EXPENDITURE ON**
Raising funds
5
**16,611**
**Charitable activities**
6
Support Costs
**13,191**
Charitable Activities
**194,554**
**Total**
**224,356**
**NET INCOME**
**108,026**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**159,499**
**TOTAL FUNDS CARRIED FORWARD**
**267,525**|Restricted
funds
£
**370,002**
**-**
**370,002**
**-**
**-**
**370,002**
**370,002**
**-**
**-**
**-**|**2022**
**Total**
**funds**
**£**
**650,443**
**51,941**
**702,384**
**16,611**
**13,191**
**564,556**
**594,358**
**108,026**
**159,499**
**267,525**|2021
Total
funds
£
637,383
3,178
640,561
27,040
42,924
501,879
571,843
68,718
90,781
159,499|
|---|---|---|---|
The notes form part of these financial statements
Page 13
**MUSIC FOR YOUTH (REGISTERED NUMBER: 01611491)**
## **STATEMENT OF FINANCIAL POSITION 31ST MARCH 2022**
|Notes
**FIXED ASSETS**
Tangible assets
14
**CURRENT ASSETS**
Debtors
15
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
19
Unrestricted funds
**TOTAL FUNDS**|**2022**
**£**
**1,526**
**82,636**
**319,581**
**402,217**
**(136,218)**
**265,999**
**267,525**
**267,525**
**267,525**
**267,525**|2021
£
10,017
43,451
249,297
292,748
(143,266)
149,482
159,499
159,499
159,499
159,499|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
Page 14
**MUSIC FOR YOUTH (REGISTERED NUMBER: 01611491)**
# **STATEMENT OF FINANCIAL POSITION - continued 31ST MARCH 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 16th December 2022 and were signed on its behalf by:
M Willis - Trustee
J C Kingston - Trustee
The notes form part of these financial statements
Page 15
**MUSIC FOR YOUTH**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2022**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning**
**of the reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|**2022**
**£**
**70,284**
**70,284**
**-**
**-**
**70,284**
**249,297**
**319,581**|2021
£
108,710
108,710
(2,723)
(2,723)
105,987
143,310
249,297|
|---|---|---|
The notes form part of these financial statements
Page 16
**MUSIC FOR YOUTH**
## **NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2022**
|**1.**
**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
**2022**
2021
**£**
£
**Net income for the reporting period (as per the Statement of financial**
**activities)**
**108,026**
68,718
**Adjustments for:**
Depreciation charges
**8,491**
8,957
(Increase)/decrease in debtors
**(39,185)**
17,664
(Decrease)/increase in creditors
**(7,048)**
13,371|**1.**
**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
**2022**
2021
**£**
£
**Net income for the reporting period (as per the Statement of financial**
**activities)**
**108,026**
68,718
**Adjustments for:**
Depreciation charges
**8,491**
8,957
(Increase)/decrease in debtors
**(39,185)**
17,664
(Decrease)/increase in creditors
**(7,048)**
13,371|
|---|---|
|**Net cash provided by operations**|**70,284**
108,710|
|2.
**ANALYSIS OF CHANGES IN NET FUNDS**
At 1.4.21
£
**Net cash**
Cash at bank and in hand
**249,297**|Cash flow
**At 31.3.22**
£
**£**
**70,284**
**319,581**|
|**249,297**|**70,284**
**319,581**|
|**Total**
**249,297**|**70,284**
**319,581**|
The notes form part of these financial statements
Page 17
**MUSIC FOR YOUTH**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022**
## **1. STATUTORY INFORMATION**
Music for Youth is a registered charity and company limited by guarantee, both registered in England and Wales. The charity and company registration numbers, along with the registered office address, can be found within the reference and administrative details on page 1.
The presentation currency of the financial statements is the Pound Sterling (£).
## **2. 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.
The financial statements have been prepared on a going concern basis and the trustees note no material uncertainties in relation to the charitable company being a going concern.
## **Critical accounting judgements and key sources of estimation uncertainty**
No significant judgements or estimates have had to be made by the trustees in preparing these financial statements.
## **Income**
The statement of financial activities includes income and expenditure relating to the productions of the National Festival of Music for Youth, the Schools Prom and other related events that took place in the financial period.
Income received in advance that relates to events staged after the period end are treated as deferred income and is disclosed in the notes to the accounts.
Sponsorship income is shown separately between that received for general activities and amounts that relate to events.
Grants, including government grants, are recognised in the accounting period when condition for receipts have been complied with.
Investment income is included when receivable.
## **Expenditure**
Expenditure is recognised on an accrual basis as a liability is incurred. Payments made in advance towards the Charity's events staged after the financial period are recorded in debtors.
Costs of generating funds comprise the costs associated with attracting voluntary income.
Page 18
**MUSIC FOR YOUTH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **2. ACCOUNTING POLICIES - continued**
## **Expenditure**
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly and other are apportioned on an appropriate basis as set out in the notes to the accounts.
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.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 25% on cost Web development - 25% on cost
## **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.
## **Operating lease commitments**
Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged against income on a straight line basis over the period of the lease.
Page 19
**MUSIC FOR YOUTH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **3. DONATIONS AND LEGACIES**
|Unrestricte
d
Funds
£
Donations and grants
120,784
Sponsorship
159,657
280,441
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Event ticket sales and
programme income
Charitable Activities
Other income, including
events
Charitable Activities
**5.**
**RAISING FUNDS**
**Raising donations and legacies**
Support costs|Unrestricte
d
Funds
£
120,784
159,657
280,441|Restricted
Funds
£
370,002
-
370,002|**Total**
**Funds**
**2022**
**£**
**490,786**
**159,657**
**650,443**|**Total**
**Funds**
**2022**
**£**
**490,786**
**159,657**
**650,443**|**Total**
**Funds**
**2022**
**£**
**490,786**
**159,657**
**650,443**|Total
Funds
2021
£
505,383
132,000
637,383|Total
Funds
2021
£
505,383
132,000
637,383|
|---|---|---|---|---|---|---|---|
|||||||||
||||||**2022**
**£**
**49,170**
**2,771**
**51,941**||2021
£
-
3,178
3,178
2021
£
27,040|
||||||**2022**|||
||||||**£**
**16,611**|||
Page 20
**MUSIC FOR YOUTH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **6. CHARITABLE ACTIVITIES COSTS**
|Support Costs
Charitable Activities|Direct
Costs (see
note 7)
£
**-**
**564,556**
**564,556**|Support
costs (see
note 8)
£
**13,191**
**-**
**13,191**|Totals
£
**13,191**
**564,556**
**577,747**|
|---|---|---|---|
## **7. DIRECT COSTS OF CHARITABLE ACTIVITIES**
## **Costs of charitable activity by fund type**
|Annual Programme
Special Projects|Unrestricted
Funds
£
149,918
414,636
194,554|Restricted
Funds
£
265,002
105,000
370,002|**Total Funds**
**2022**
**£**
**414,920**
**149,636**
**564,556**|Total Funds
2021
£
321,261
180,618
501,879|
|---|---|---|---|---|
||||||
## **Costs of charitable activities by activity type**
|Annual Programme
Special Projects|Activities
undertaken
directly
£
101,330
35,172
136,502|Direct
support
costs
£
313,590
114,464
428,054|**Total**
**Funds**
**2022**
**£**
**414,920**
**149,636**
**564,556**|Total
Funds
2021
£
321,261
180,618
501,879|
|---|---|---|---|---|
The amounts that relate to the activities undertaken directly by the charity comprise the productions cost incurred for staging the musical events.
Annual programme includes MFY Proms, Primary Proms, National Festival and Regional Festivals.
Special Projects includes Frequencies and other events.
Page 21
**MUSIC FOR YOUTH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **8. SUPPORT COSTS**
|Transition costs
Auditors' remuneration
Depreciation|**2022**
**£**
**-**
**4,700**
**8,491**
**13,191**|2021
£
29,167
4,800
8,957
42,924|
|---|---|---|
## **9. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
## **10.**
|Depreciation - owned assets|**2022**
2021
**£**
£
**8,491**
8,957|
|---|---|
|**AUDITORS' REMUNERATION**
Fees payable to the charity's auditors for the audit of the charity's financial
statements|**2022**
2021
**£**
£
**4,700**
4,800|
## **11. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.
Page 22
**MUSIC FOR YOUTH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **12. STAFF COSTS**
|Wages and salaries
Social security costs
Pension costs|**2022**
**£**
**306,482**
**30,584**
**6,041**
**343,107**|2021
£
320,323
20,848
5,449
346,620|
|---|---|---|
The average monthly number of employees during the year was as follows:
|**2022**
Production
**7**
Administrative
**1**|2021
7
1|
|---|---|
|**8**|8|
|The number of employees whose employee benefits (excluding employer pension costs) exceeded
**2022**
£70,001 - £80,000
**1**|£60,000
2021
1|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
Total key management personnel remuneration (including benefits) was £72,028 (2021: £71,772).
Termination payments paid by the charity to employees during the year amounted to £54,776 (2021: £Nil).
## **13.**
## **COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
232,381
**Charitable activities**
Charitable Activities
3,178
**Total**
235,559
**EXPENDITURE ON**
Raising funds
27,040
**Charitable activities**
Support Costs
42,924|Restricted
funds
£
405,002
-
405,002
-
-|Total
funds
£
637,383
3,178
640,561
27,040
42,924|
|---|---|---|
Page 23
**MUSIC FOR YOUTH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|Unrestricted
Restricted
funds
funds
£
£
Charitable Activities
96,877
405,002
**Total**
166,841
405,002
**NET INCOME**
68,718
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
90,781
-
**TOTAL FUNDS CARRIED FORWARD**
159,499
-
**14.**
**TANGIBLE FIXED ASSETS**
Web
Equipment
development
£
£
**Cost**
At 1st April 2021 and 31st March 2022
**23,728**
**31,279**
**Depreciation**
At 1st April 2021
**21,518**
**23,472**
Charge for year
**684**
**7,807**
At 31st March 2022
**22,202**
**31,279**
**Net book value**
At 31st March 2022
**1,526**
**-**
At 31st March 2021
2,210
7,807|Total
funds
£
501,879
571,843
68,718
90,781
159,499
Totals
£
**55,007**
**44,990**
**8,491**
**53,481**
**1,526**
10,017|
|---|---|
Page 24
**MUSIC FOR YOUTH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **16.**
|Trade debtors
Other debtors
VAT
Prepayments and accrued income
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income|**2022**
**£**
**14,400**
**7,332**
**3,014**
**57,890**
**82,636**
**2022**
**£**
**27,260**
**3,837**
**322**
**104,799**
**136,218**|2021
£
-
603
12,525
30,323
43,451
2021
£
8,980
5,589
691
128,006
143,266|
|---|---|---|
Deferred income included above relates to donations received in respect of a future financial period.
## **17. LEASING AGREEMENTS**
Minimum lease payments under non-cancellable operating leases fall due as follows:
## **18.**
|Within one year
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Unrestricted
funds
£
Fixed assets
**1,526**
Current assets
**359,257**
Current liabilities
**(93,258)**
**267,525**|Restricted
funds
£
**-**
**42,960**
**(42,960)**
**-**|**2022**
**£**
**10,340**
**2022**
Total
funds
**£**
**1,526**
**402,217**
**(136,218)**
**267,525**|2021
£
4,180
2021
Total
funds
£
10,017
292,748
(143,266)
159,499|
|---|---|---|---|
Page 25
**MUSIC FOR YOUTH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **19. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Department for Education
Arts Council
**TOTAL FUNDS**
**Comparatives for movement in funds**
At 1.4.20
£
**Unrestricted funds**
General fund
84,264
PR fund
6,517
90,781
**TOTAL FUNDS**
90,781|At 1.4.21
£
**159,499**
**159,499**
Incoming
resources
£
**332,382**
**105,000**
**265,002**
**370,002**
**702,384**
Net
movement
in funds
£
68,718
-
68,718
68,718|Net
movement
At
in funds
31.3.22
£
£
**108,026**
**267,525**
**108,026**
**267,525**
Resources
Movement
expended
in funds
£
£
**(224,356)**
**108,026**
**(105,000)**
**-**
**(265,002)**
**-**
**(370,002)**
**-**
**(594,358)**
**108,026**
Transfers
between
At
funds
31.3.21
£
£
6,517
159,499
(6,517)
-
-
159,499
-
159,499|
|---|---|---|
Page 26
**MUSIC FOR YOUTH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **19. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Department for Education
Department of Education Northern Ireland
Arts Council
**TOTAL FUNDS**|Incoming
resources
£
235,559
105,000
16,000
284,002
405,002
640,561|Resources
Movement
expended
in funds
£
£
(166,841)
68,718
(105,000)
-
(16,000)
-
(284,002)
-
(405,002)
-
(571,843)
68,718|
|---|---|---|
## **Department for Education and Arts Council**
The grants received from the Department for Education and Arts Council England help fund the following activities:
- Regional Festivals
- National Festival
- MFY Proms
- Primary Proms
- First Access Fund (Department for Education)
- First Timers and Hardship Fund (Department for Education)
## **Department for Education Northern Ireland**
The grants received from Department for Education Northern Ireland help fund the following activities:
- Northern Irish young people's participation in above events
Page 27
**MUSIC FOR YOUTH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **20. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31st March 2022 (2021: none).
## **21. COMPANY LIMITED BY GUARANTEE**
The company is limited by guarantee and has no share capital. Each member is liable in certain circumstances to contribute £5 in the event of the company being wound up. There are currently nine members.
Page 28