## **Report of the Trustees and Financial Statements**
_for the year ended 30 Nov 2022_
_Company No. 1858278_
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## **CONTENTS**
|Reference & Administrative Details|3|
|---|---|
|Trustees’ Report:Our purpose and activity|5|
|What we achieved in 2021-22|6|
|How we managed NYO|12|
|Financial review|13|
|Reserves policy|13|
|Risk Management|14|
|Fundraising|14|
|Monitoring and evaluation|15|
|Future plans|15|
|Statement of Trustees Responsibilities|16|
|Report of the Independent Auditors|17|
|Statement of Financial Activities|20|
|Summary Income and Expenditure|21|
|Balance sheet|22|
|Cash Flow Statement|23|
|Notes to the financial statements|24|
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 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 30 November 2022. The Trustees have adopted the provisions of the statement of recommended practice (SORP) ‘accounting and reporting by charities’ (FRS 102).
## REFERENCE AND ADMINISTRATIVE DETAILS
_Registered Company Number_ 1858278 _Registered Charity Number_ 290598 _Registered office_ 10 Great Turnstile London WC1V 7JU _Trustees_ Donagh Collins _Interim Chair_ John Singer CBE _Chair_ (resigned 11 April 2023) Lyn Fletcher Andrew Gambrell Mazdak Sanii _Finance committee members_ Andrew Gambrell _Chair_ John Singer (resigned 11 April 2023) _Senior Management Team_ Sarah Alexander OBE – Chief Executive & Creative Director Tim Foxon – Finance & Operations Director – Craig West Programmes Director _Royal Patron_ Her Majesty The Queen _Founded by_ Dame Ruth Railton CBE in 1947 _Company Secretary_ Tim Foxon
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
_Independent Auditors_ Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE _Bankers_ HSBC Bank Plc 79 Regents Street Kingswood Bristol BS15 8LH _Other bankers_ Lloyds Bank Plc 697 Fishponds Road Bristol BS16 3UJ
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **TRUSTEES’ REPORT**
## **OUR PURPOSE AND ACTIVITY**
The National Youth Orchestra is the UK’s leading organisation championing orchestral music as a powerful agent for teenage development.
We activate teenagers’ confidence, optimism, and abilities to play their part in the world today, through orchestral music.
Joining The National Youth Orchestra is the greatest adventure teenagers can have through playing music together. We open doors for young people, introducing them to new ideas, new experiences, new friends and new music to explore. There is a place for everyone to get involved.
## **OUR MISSION**
We are creating a nationwide community of teenage musicians of all abilities and backgrounds, supporting their development and skills in both music and in life.
They forge their futures together through playing orchestral music and sharing it with other young people; simultaneously activating orchestral music experiences for thousands of young audiences.
Our Orchestra and the NYO musicians are the fuel cell at the heart of this community; a body of young people welcoming everyone, sharing skills and experiences generously, driving the ambition for radiantly exceptional performances and showing what teenagers can achieve in music and in life.
## **WHAT WE DO**
Our approach, shaped by working with teenagers for many years, takes young people far beyond narrow definitions of musical excellence, to develop their life skills. We have a track record of supporting young people to rise to challenges and excel, whatever their background and circumstances.
Our approach is to give teenagers the greatest adventures they can have, through orchestral music making. All our projects and programmes are rooted in our high-quality intentional learning approach, with four key elements that are a catalyst to teenagers’ personal development: community, challenge, performance and making a difference. We place emphasis on audacious musical challenges that involve the risk of failure, which unlock their capacity to excel. We match this with shared performance goals, which unlock their motivation and sense of responsibility. The ‘special ingredient’ is the reciprocity-based nature of our approach, in that we ask all teenagers to use their music and opportunity to make a difference to others - turning their skills and experience towards less advantaged young people – which activates their sense of purpose. We develop teenagers as positive role models, mentoring and leading workshops, collaborations, and performances. At NYO orchestral music making is more than the instrumental parts, our approach is distinctive and different from conventional orchestral music education and in particular through our focus on shared responsibility, as opposed to hierarchy. We take young people beyond their expectations in music making and in life.
Our key objectives for the next decade:
1. Further level up talent development pathways
_2._ Activate orchestral music for teenagers in state secondary schools
3. Unite teenage musicians as a national community, to play their part
Our 10-year ambition is to make NYO and the impact of our work accessible to every teenage musician in the UK.
Our strategy builds on our strengths and the methodology we have developed to develop multiple access points to high-quality musical opportunities locally, regionally and nationally. We can address gaps in music education provision, especially where social inequality exacerbates young people’s challenges, to open up opportunity.
Growth in the number and type of beneficiary will be achieved by extending existing programmes with proven impact and creating new initiatives to address identified gaps in provision, underpinned by consultation with stakeholders, test and implementation stages.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **WHAT WE ACHIEVED IN 2021-22**
Our planning for 2021-22 reflected ongoing uncertainty around the reintroduction of COVID-19 restrictions and the challenges faced by our partners in scaling up activity following the pandemic. Nevertheless, we set our ambitions high and delivered a full season of events which engaged thousands of teenagers as participants and audiences.
Optimism characterised everything we did, reigniting the confidence of teenage musicians through exceptional musical challenges and instilling a sense of purpose in opening up their art form to their generation. Through performances, role modelling, and leadership, the Orchestra inspired hundreds of young musicians to regain their confidence after the pandemic. We championed diversity in music and fostered understanding among teenage audiences and participants. National commentators celebrated the radiant quality of their music-making. In 2022, NYO demonstrated a bold determination to help teenage musicians recover the two years of musical milestones lost to the pandemic by bringing them together to make music.
During the year we:
- Delivered three rehearsal residencies and concert tours for the Orchestra, achieving consistently high artistic standards and critical acclaim
- Presented a diverse repertoire, including music by Gabriela Ortiz, Dinuk Wijeratne, and the world premiere of NYO commission _Wunderkammer_ by Hollywood composer Danny Elfman at the BBC Proms
- Engaged over 700 musicians through the NYO Inspire Programme, expanding our entry points in partnership with Music Education Hubs. Orchestra musicians served as active role models and musical leaders, dedicating six days of their time to support their peers in NYO Inspire.
- Provided hundreds of teenagers with free tickets to attend NYO concerts, resulting in a 28% teen audience for our concert hall performances.
- Reached 1,500 students with workshops and performances in secondary schools
- Embedded creativity throughout our programme and launched the NYO Associates, a group of instrumentalists who devised new music for performance on the concert platform and beyond
- Collaborated with recent NYO alumni as a new Creative Team, leading Inspire activities and advancing their own professional practice while serving as role models for NYO and Inspire musicians. This allowed NYO's ethos and approach to be seamlessly integrated into every project.
- Participated in the PRS for Music Foundation New Music Biennial, including performances as part of Coventry’s City of Culture programme.
## **The Orchestra**
Our Orchestra is a bright beacon, celebrated internationally as ‘the world’s greatest orchestra of teenagers’ for their fire-cracking performances. This inspiring team of 180 teenagers come from right across the UK, and from many different backgrounds Alongside high quality concert performances, broadcasts and recordings, they reach thousands of teenage audiences in schools and other youth settings. Every musician in the orchestra dedicates around 20% of their time with NYO to supporting NYO Inspire. They act as role models, advocates, and leaders, holding the door open to welcome their peers.
## **Recruiting to our community**
Every year we open our doors as widely as possible to recruit musicians aged 13-19 to participate in the Orchestra and Inspire. For our 2021-22 activities we received 623 applications to join the Orchestra. After an initial video assessment, 370 musicians joined us for live workshops held in London, Manchester, and Cardiff in September 2022.
NYO's Final Round Assessments transcend the traditional audition model, providing an inclusive and enjoyable learning experience in their own right. Young people joined for a whole day of activity during which they took part in creative sessions, ensemble playing and group discussions in addition to their solo audition. This comprehensive approach allows our expert tutors to identify musicians with the greatest potential to contribute to the NYO community, whether in the Orchestra, as an NYO Associate, or through our Inspire programme.
## **WATCH ONLINE**
**What is an NYO Assessment Day?** https://youtu.be/I9vwDOeCGDc
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
Musicians are selected for the Orchestra based on talent, commitment, facility on their chosen instrument, leadership potential, and ensemble playing skills. We also aim to ensure that the orchestra reflects the diversity of the UK’s teenage population.
Orchestra 2022 - demographic statistics:
- State educated or home-schooled: 55% (51% in 2021)
- Black, Asian or ethnically diverse: 28% (24% in 2021)
- All UK regions represented
- 50% of leadership positions occupied by female musicians
- 47% had previously participated in NYO Inspire
2022 saw the Orchestra include the highest proportion of state-educated musicians in recent decades, against the backdrop of the pandemic and significant disruption to music education.
Thanks to the generosity of NYO donors, no-one is ever refused a place on financial grounds. In 2022, 24% of the orchestra received full or partial bursaries. By working together to remove any and every obstacle that might stop an exceptionally talented and committed teenage musician from joining the Orchestra, we can be totally inclusive, both on and off the concert platform.
## **Winter Residency & Tour: OPEN UP AND LET LOOSE**
**Ravel** _La Valse_ **3 January, 2022 Dani Howard** _Coalescence_ Barbican, London **Karim Al-Zand** _City Scenes_ (Three Urban Dances) **Rachmaninoff** _Symphonic Dances_
Sian Edwards _conductor_
**Thomas Adès** _Dawn_ (Chacony for orchestra at any distance) **7 January 2022 Gabriela Lena Frank** Three Latin American Dances Warwick Arts Centre **Rachmaninoff** _Symphonic Dances_
## Andrew Gourlay _conductor_
Despite the looming threat of another potential national lockdown, the assembling of two orchestras right after Christmas kept NYO's bravery, optimism, and positivity alive in the minds of young people and adults alike.
Orchestra musicians took an active and leading role both in presenting the concerts, working with writer Annie Hayter to create a script for each concert, and in creating aspects of the programmes: each performance started with a devised piece of music created by the young people with support from our Creative Leaders and NYO Alumni. The creative process permeated the residency, sectionals, and rehearsals, underscoring the essential role creativity holds within NYO's culture. Each performance concluded with an encore of Panda Chant II by Meredith Monk. Following preparation rehearsals each orchestra took ownership of the performance without conductor. Additionally, NYO musicians recommended solo and ensemble pieces that resonated with the project's themes, and two of these selections were included in the concert program, adding further depth to the performance.
The resulting spirit of uplift was acknowledged in national reviews, which unanimously recognized that young people lie at the heart of our activity, showcasing brilliance, and praising NYO's ability to deliver concerts that are truly 'with a difference'.
_‘It’s hard to imagine a better way to come at the new year energised and optimistic. The National Youth Orchestra hasn’t amassed in these numbers — there were almost 100 teenagers on stage — for two years. In the meantime they have decided they want their voices to be heard as well as the music.’_
## ★★★★ The Times
_‘If classical music has a future then these are the musicians who will be making it happen. They can play but they can also think and shout and speak up. I think we’re in good hands.’_
## ★★★★ The i Paper
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
_‘Honed into a crack ensemble over a mere eight days, the 93 players of the NYO were magnificent on Monday under the baton of Sian Edwards... It’s often been said, but Monday night’s concert moves me to say it again: our National Youth Orchestra is truly a marvel.’_
## ★★★★★ The Telegraph
_‘...there’s no full orchestral sound quite like an NYO tutti, as this huge, energetic machine roars joyously into life.’_
## ★★★★ The Guardian
## **WATCH ONLINE**
**NYO Open Up and Let Loose: Adès, Frank, Rachmaninoff at Warwick Arts Centre** https://youtu.be/Eq6TKUtV3eU
## **Spring Residency & Tour: OPEN UP: RUNNING RIOT**
**Gabriela Ortiz** _Téenek - Invenciones de Territorio_ **Stravinsky** _The Rite of Spring_ **Dinuk Wijeratne** Concerto for Tabla & Orchestra
Carlos Miguel Prieto _conductor_ Sandeep Das _Tabla_
**22 April 2022**
Saffron Hall, Saffron Walden
**23 April 2022** Royal Festival Hall, London
The NYO Spring Residency marked the long-awaited reunion of the entire orchestra, performing together as a largescale symphony orchestra for the first time since January 2020. The task of galvanising the community and giving them the confidence to perform ambitiously was led with great inspiration by Carlos Miguel Prieto.
Drawing inspiration from Stravinsky's The Rite of Spring, renowned for its urgent drama and radical rhythms that once shocked audiences, this groundbreaking program featured composers who are currently celebrating difference and diversity. Dinuk Wijeratne's remarkable Tabla Concerto stands as a pioneering work of musical fusion. Collaborating with the charismatic soloist Sandeep Das, the orchestra transported audiences into an evocative world where cultures blend seamlessly. _Téenek_ by Gabriela Ortiz is a provocative reminder of our mutual belonging to the world and each other, in music fizzing with elements of classical, folk and jazz. The musicians delved into their creative and improvisational skills, showcasing them in the specially crafted entrance piece by Gabriela Ortiz and during their encore.
The performances served as a platform to showcase youth voice, creativity, and diversity, resulting in a range of different performance outcomes, including a concert-hall performance, a full day of filming, and a full-scale performance exclusively for a teenage audience.
Notably, the performance featured a highly acclaimed new work by NYO Associates, drawing inspiration from a Ukrainian Folk Song. Additionally, the Associates collaborated with creative leaders Becky Knight and Laura Ayoub to create captivating foyer music.
After the main residency at the University of Kent in Canterbury, a group of 10 Orchestra musicians and Sandeep Das visited four schools in London and Birmingham, giving workshops and performances.
_'The NYO sounded wonderful, with a gorgeous sheen on the strings and beautifully poised woodwind and brass solos.'_
★★★★ The Guardian
_‘Not everyone plays this music with such comfortable panache as the National Youth Orchestra…. The playing had incisive bite… the kinetic energy never lagged’_
★★★The Telegraph
_‘The Rite of Spring was delivered with punch, precision and some really characterful wind solos.’_ ★★★★ **The T** imes
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **WATCH ONLINE**
**NYO Running Riot! Dinuk Wijeratne’s Concerto for Tabla & Orchestra, featuring soloist Sandeep Das** https://youtu.be/9KPdKOxNX90
## **Summer Residency & Tour: OPEN UP: FREE SPIRITS**
**Danny Elfman** _Wunderkammer_
**Gershwin** _Rhapsody in Blue_ (orch. Grofé) **Ravel** _Daphnis et Chloé_
Andrew Gourlay _conductor_ Simone Dinnerstein _piano_
**3 August 2022**
Bridgewater Hall, Manchester
**5 August 2022** Saffron Hall, Saffron Walden
**6 August 2022**
BBC Proms, Royal Albert Hall, London
The Orchestra’s year culminated with an exuberant, free spirited programme featuring a major new commission from Hollywood legend Danny Elfman, alongside Gershwin's electrifying, jazz-inspired 'Rhapsody in Blue' with soloist Simone Dinnerstein, and Ravel’s sumptuous ballet Daphnis and Chloe in which the whole orchestra sang choral sections, creating a truly atmospheric and powerful moment. A devised encore was created with the orchestra by jazz composer Trish Clowes, conducted by NYO percussionist Sophie Stevenson, marking a milestone as the youngest female conductor at the BBC Proms.
NYO Associates created and curated music which was performed in the front of house areas at each venue, including on the South Steps at Royal Albert Hall. Music performed by the NYO Associates also created the backing music for the exit titles on the BBC broadcast.
During the residency in Newcastle, NYO musicians actively engaged with young people through workshops and performances, held not only on the residency site but also at a nearby children's hospital.
## **WATCH ONLINE**
**'Unlock your passion for music' | NYO's Emily and Bill talk all things Open Up: Free Spirits!** https://youtu.be/A1d1uYvK8jk
- ‘The most jaw dropping sounds came during the tumultuous pages of Ravel’s _Daphnis et Chloé_ ballet, whether they emerged from four rippling harps, an incredibly mobile solo flute, or the superior wordless vocalising emanating not from a separate chorus but from the musicians’ own lips.’
★★★★ **The Times**
‘Three works ( _Wunderkammer_ , Gershwin’s _Rhapsody in Blue_ and Ravel’s complete _Daphnis and Chloe_ music from 1912) let this biggest of big bands display every deep shade on their rainbow palette.’ **The Arts Desk**
## **NYO Inspire Programme**
NYO Inspire is our award-winning programme of free, un-auditioned, projects for teenage musicians who lack opportunity, focused on those from state schools and Global Majority backgrounds. Through Inspire we are addressing limitations and inequities in affordable progression for committed teenagers. NYO Inspire is unique in the music education landscape with its focus on young people learning from each other; Orchestra musicians play a leading role in Inspire projects, demonstrating the power of youth community to support, empower and motivate each other.
Over the year we created opportunities for 574 Inspire Musicians (of which 82% were from state schools and 40% were from Global Majority backgrounds) and also met a wider group of over 150 musicians through our open access Inspire Days in partnership with Music Hubs.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **WATCH ONLINE**
**"Although we are different, we share the one thing that is MUSIC!" | NYO's Blessing on NYO Inspire** https://youtu.be/byqp9Y1EpIQ
## **NYO Inspire Ensembles**
In February Half-Term we undertook our first major NYO Inspire residency in 2 years with the NYO Inspire Ensembles. The project took place in Coventry at Lyng Hall School and saw over 300 NYO Inspire musicians come together for 3-day residencies. The project included our first ever instrument-days for over-subscribed instruments and our first ever harp residency.
The project was led by NYO tutors and supported by our ever-growing team of NYO Alumni who act as creative leaders. Each residency encompassed rehearsals, creative workshops and learning activities. Over the course of 9 days, we delivered 14 short performances to families and friends, with each presentation led by young people. Creativity is embedded, with music devised by young people featuring in every NYO Inspire Ensembles performance.
## **NYO Inspire Orchestra Days and NYO Inspire Days**
In January 2022, we delivered an Inspire Day at Warwick Arts Centre for 45 young musicians from the local regional youth orchestra in Coventry, Warwickshire, and Solihull. Our NYO musicians assumed the role of mentors, leading workshops and rehearsals tailored to help these participants regain their confidence and rediscover the joy of orchestral playing, following the challenges posed by the post-COVID landscape. This collaboration formed an integral part of the region's efforts to rejuvenate orchestral opportunities for these talented individuals.
In April 2022 we delivered 5 NYO Inspire Orchestra Days in Leeds, London, Gloucester, Newcastle and Blackburn. NYO Inspire musicians took part in whole days of orchestral playing and creative music making, with the focus repertoire being Florence Price’s Symphony No. 1. Each Orchestra Day also saw a collaboration with a local Music Education Hub to provide an open access NYO Inspire Day, led by NYO Alumni. These activities were aimed at young people who might be future participants in NYO Inspire.
In addition, open access NYO Inspire Days were held in Kent, Manchester, Saffron Walden, and Newcastle during the Orchestra's residencies and tours.
## **PRS for Music Foundation New Music Biennial**
NYO was invited to participate in the 10[th] anniversary PRS for Music Foundation New Music Biennial, having commissioned Anna Meredith’s _HandsFree_ for the 2012 Biennial.
In a special residency in Canterbury, 60 NYO Inspire musicians were joined by 20 NYO Alumni to rehearse Errollyn Wallen’s _Mighty River_ and Anna Meredith’s _HandsFree_ , which were showcased in Coventry Cathedral as part of Coventry's City of Culture programme. We completed the project in early July with a short residency at Skinners Academy, London and performances at the Southbank Centre. Creative workshops were delivered to students at Skinners Academy and to the public at Southbank Centre.
## **Schools**
NYO Musicians were actively involved in connecting with young people and making orchestral music accessible to their generation, particularly in state secondary schools. We were dedicated to igniting a passion for music and fostering meaningful experiences for students across various educational settings. 1,500 secondary school students experienced performances and workshops in their schools in 2022.
After their performance at the Barbican, the orchestra embarked on a two-day visit to City of London Academy (Highbury Grove). Collaborating with the highly motivated Head Teacher and Deputy Head Teacher, we developed engaging workshops and provided unique side-by-side performance opportunities for 77 students. This marked our first venture into a secondary school since September 2019, underscoring our commitment to rekindling the magic of orchestral music in these educational environments.
We also extended an invitation to young people from Riverbank Academy, a SEN school in Coventry, to participate. 8 students had the opportunity to visit our activities and engage in workshops facilitated by an NYO tutor and our musicians.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
In the Spring, the Orchestra gave a special performance for 400 school students in Saffron Walden and 10 NYO musicians conducted workshops and delivered performances at four schools in London and Birmingham. Joined by Tabla soloist, Sandeep Das, these sessions offered 900 students a unique opportunity to explore and engage with the world of orchestral music first hand.
## **Teenage Audiences**
We continued to offer free tickets to teenagers for the Orchestra’s concert hall performances, working with schools, music hubs and other local partners as well as our Free for Teens media partner Classic FM to promote the opportunity.
Throughout the year, 28% of the concert hall audience consisted of teenagers. At the Barbican, an impressive 39% of the audience were young people, marking our highest-ever percentage of teenagers at a ticketed concert. A similarly high proportion – 36% - was achieved at Southbank Centre.
Our musicians are passionate about performing to other young people:
_“I felt inspired and I also felt like we were inspiring them. The shared feelings of passion, love and joy for music were almost tangible”_ NYO musician
_“The audience at Saffron Hall was so curious and interested in the music and NYO, and it was great to perform to people who really wanted to know more about orchestras.”_ NYO musician
## **Extending digital reach**
We are increasingly investing in high-quality but cost-effective film capture of the Orchestra’s performances, which - enable a wider online audience to experience NYO’s diverse repertoire and innovative presentation. Over the long term these recordings will support the development of educational content for schools.
The Orchestra’s performance at Warwick Arts Centre was released digitally to coincide with a BBC Radio 3 broadcast of its companion concert.
The Spring residency included a dedicated day of filming, with each piece of repertoire captured and released as a Running Riot! YouTube series. Each episode including artist interviews and introductions to the piece performed.
Over the year, our videos on YouTube had over 76,000 views.
## **WATCH ONLINE**
**NYO’s tribute to HM Queen Elizabeth II** https://youtu.be/QJKvhMv_Qmw
## **Activity plans for 2022-23**
During 2022-23 NYO will deliver a wide range of live activities, including a further increase in the number of NYO Inspire entry points in partnership with Music Education Hubs nationwide.
The Orchestra will undertake three residencies and concert tours. Working with conductors Alexandre Bloch, Andrew Gourlay and Carlos Miguel Prieto, and soprano soloist Masabane Cecilia Rangwanasha, the Orchestra will rehearse and share a wide variety of repertoire including contemporary work by Anna Clyne, Jessie Montgomery and Andy Akiho as well as orchestral masterworks by Strauss, Stravinsky and Copland. Tickets will continue to be free for teenagers.
The Orchestra will take workshops and performances to secondary schools in Oldham and Essex, and musicians will visit their local primary schools, engaging many younger pupils through NYO Local.
The full year’s NYO Inspire programme will include 7 Inspire Ensembles, 5 Inspire Orchestra Days and an Inspire – Orchestra residency and tour (for the first time since 2019), visiting schools in North East England as well as many open access Inspire Days across the country in partnership with Music Education Hubs.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **HOW WE MANAGED NYO: INVESTING IN TEENAGE MUSICIANS**
## **GOVERNING DOCUMENT**
The name of the Charity is the National Youth Orchestra of Great Britain. The constitution is laid out in the Memorandum and Articles of Association dated 5th September 1984 and subsequently altered by special resolution on 22nd June 2006.
The Company is limited by guarantee and does not have a share capital. The liability of each individual member (trustee) is limited to £1 in the event of a winding up.
## **OBJECTIVES AND AIMS**
The following objectives are taken from NYO’s Memorandum and Articles of Association as altered by Special Resolution dated 22 June 2006.
‘To advance education in music and orchestral playing of young people of Great Britain under the age of 21 by discovering and fostering exceptional musical talent and to help provide them with the highest level of tuition and experience in orchestral playing, as well as a broad range of related skills’.
In achieving these objects, the Charity will:
‘Arrange concerts, offer scholarships, bursaries, exhibitions, prizes and rewards and make grants, loans (including loans of instruments acquired through the Alastair Morton National Youth Orchestra Instrument Fund) and allowances to student members of the orchestra on such terms as shall be mutually beneficial to the student and the Charity. Seek to inspire the interest in music of young people living in Great Britain.’
## **RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES**
Membership as a Trustee is open to any individual interested in promoting the objects of the charity who applies to the Charity in the form required by the Trustees, is approved by the Trustees, signs the register of Trustees or consents in writing to become a Trustee personally and is appointed as a member and charity trustee. Trustees are appointed for a four-year term and can be re-elected for a further four years, but other than in exceptional circumstances will not serve a period longer than eight years.
All Trustees undergo an induction process including familiarisation with charitable objectives, organisational policies, accounts and governance documents. This includes 1:1 meetings with the Chair and senior management team. Trustees are expected to engage closely with NYO’s activities, including attendance at residencies, concerts and projects. Safeguarding training is given to all Trustees on an annual basis.
As NYO embarks on its new strategy, a governance review is underway with plans to recruit new Trustees with the skills and experience to support the organisation’s ambitions.
In April 2023 John Singer decided to step back from his Chairmanship on reaching the end of his term agreed when he joined the Board. With John’s warm and enthusiastic support NYO provided a vital community for hundreds of young people throughout the pandemic, while developing a bold strategy for the next decade. John felt that the implementation of this strategy should now be carried out by a new Chair, together with the Board, to provide continuity to this next phase of NYO development.
A new Chair will be recruited during Summer/Autumn 2023, with Donagh Collins acting as Interim Chair until the appointment is made.
## **ORGANISATIONAL STRUCTURE**
The Board of Directors, who are the Trustees, meet four times a year to determine strategic, artistic, and financial and governance policies. The Board is supported by NYO’s senior management team Sarah Alexander (Chief Executive & Creative Director), Tim Foxon (Finance & Operations Director), and Craig West (Programmes Director). The senior management team are regarded as the Key Management Personnel.
In addition, the Finance Committee meets four times a year to review in more detail the financial controls, governance, risk management and investment performance of the charity. A nominations committee also meets to review the skills of the current Board of Directors and to make recommendations to the Board in order to fill any gaps in its current expertise.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **REMUNERATION**
General employee and annual percentage pay awards are recommended by the Chief Executive & Creative Director and Finance & Operations Director to the Board for approval. Usually, approval is timed for increases to be implemented in December each year. The amount of any increase will be guided by CPI inflation, informal benchmarking with other arts organisations and London Living Wage guidelines. This process will be followed for Key Management Personnel, except in cases where exceptional increases are made in which case these will be decided and authorised by the Board. A cost-of-living pay award of 2.5% was offered to eligible staff from 1 December 2021.
## **FINANCIAL REVIEW**
NYO is pleased to present financial statements which reflect a return to pre-pandemic levels of activity, and demonstrate the investment the charity is making in delivering sustainable long-term growth.
Total income was up by 34% compared with the previous year, though this included a generous £1m donation from the Murray Family which will be held in the Expendable Endowment and deployed over a multi-year period in support of our Open Up goals.
Income from Trusts & Foundations, Individuals and Corporates all saw increases compared with the previous year.
Although legacy income was below average, the year saw several notifications of legacies likely to be received during the 2022-23 financial year.
Income from Charitable activities was significantly higher than the previous year due to the reinstatement of participant fees for the Orchestra.
Expenditure was 60% higher than in 2021, reflecting the resumption of full-scale residential activities post-pandemic. Having generated an unrestricted surplus in 2020 and 2021 due to the COVID restrictions on activity, Trustees agreed to deploy resources to enable the organisation to quickly scale back up and push ahead with our Open Up strategy. Trustees also approved a drawdown of £128,524 from the Expendable Endowment towards investment in a new CRM system and brand review.
The Statement of Financial Activities for the year is set out on page 24. Total income comprises £2,065,571 for unrestricted funds, £553,439 for restricted funds and £1m for the Expendable Endowment. The net incoming resources before investment gains were £194,922 (2021: £570,699). At 30 November 2022 the free reserves of the Charity were £1,082,646 (2021: £1,445,664).
## **RESERVES POLICY**
It is the policy of the charity to seek to build its reserves over time to enable it to supplement any years in which donations and income fall short of expenditure. The nature of NYO’s activities requires reliance on a significant level of fundraised income that can show variation due to changes in the economic climate or exceptional events, often after making commitments to NYO’s artistic plans. NYO necessarily plans its programmes some years ahead and makes agreements in principle with accommodation providers and prominent conductors and soloists to work with the Orchestra over that period. The amount of reserves, therefore, provides a degree of security to enable the implementation of the charity’s artistic plans. The Trustees accordingly take the view that such reserves should ideally be sufficiently substantial to provide confidence to all its stakeholders that these plans are soundly based and funded.
The Trustees have reviewed the level of reserves held and those needed to support the organisation, should donations and other income fall short of expenditure. Our aim is to have reserves at least equal to 6 months of operating costs, maintaining the full artistic programme which is equal to a range of £1,000,000 - £1,200,000. At 30 November 2022 unrestricted free reserves were within this range, at £1,082,646. Trustees will continue to review the level of reserves annually.
## **INVESTMENTS**
NYO aims to maintain sufficient cash balances to meet short-term liabilities, whilst ensuring funds are invested safely and prudently to mitigate the effects of inflation and, where appropriate, deliver capital growth to support long-term financial plans. Invested funds are managed by experienced investment managers who are given objectives by Trustees – the current policy is to hold a balanced, medium-risk portfolio that aims to deliver modest growth whilst preserving adequate liquidity.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **RISK MANAGEMENT**
The Trustees & Management team meet regularly and keep under review major strategic, business and operational risks, both internal and external, which the charity faces. The Trustees have a risk management strategy which comprises an annual review of the principal risks, establishment of policies, systems and procedures to mitigate those risks, and the implementation of procedures designed to minimize or manage any potential impact should those risks materialize.
The key ongoing risk to the company is considered to be the safeguarding of young people. The Safeguarding Policy in place ensures that all staff are fully trained and DBS checked. The policy is updated annually. Contracts of engagement are specific and clear with regards to safeguarding young people and adult behaviour. A Senior Youth Worker and Nurse are present alongside a team of pastoral staff on each residency. Pastoral staff are also present alongside tutors during digital sessions. Trustees receive a quarterly report on serious incidents and disclosures and receive annual safeguarding training from the Head of Youth Development. NYO’s Designated Safeguarding Officer is Sarah Alexander, CEO & Creative Director. The trustee safeguarding lead is Lyn Fletcher.
Attention has also been focused on the ability to secure the targeted level of fundraised income which remains an ambitious target at more than £2m a year. The Management team regularly report to the Board to discuss secured income against targets, and to monitor strategies for fundraising and the risks therein. Reserves are in place to support the organisation should donations fall short during the year. The Fundraising strategy contains in-built risk management system to process donors via seven steps of solicitation and continued consolidation of a diverse portfolio of income streams.
Artistic and reputational risks are assessed and mitigated through a number of strategies. Relationships are developed with Music Education Hubs and other sector bodies nationwide to strengthen orchestral recruitment and diversification and to mitigate against risks to fundraising relationships. Communications strategies and tools are reviewed to ensure core values are presented and audience bases are developed.
## **FUNDRAISING**
The Trustees are most grateful to all the trusts, foundations, individuals, and companies who supported NYO during the year.
In 2021-22 the Development team processed nearly 21,500 donations from 5,709 donors (2021: 5,675). 1,383 new donors joined our community in 2022.
Donors to NYO can be assured that we comply with the regulatory standards for fundraising. We are registered with the Fundraising Regulator and are committed to the Fundraising Promise and adherence to the Code of Fundraising Practice. We also encourage our fundraising service providers to comply with the Code. This report covers the requirements charities must follow as set out in the Charities Act 2016.
NYO successfully raised £3,127,589 during 2021-22 (2020-21: £2,509,357). Of this £637,810 came from Charitable Trusts and Foundations, £251,781 from Arts Council England, £52,720 from Companies, £1,975,511 from Individuals, £111,744 in Gift Aid, and legacies of £98,023.
Our fundraising remains relationship-based with an emphasis on donor care. Our Development team, board and volunteers manage personal approaches to trusts, corporates and individuals. Systems and structures are in place and are continuing to evolve to ensure a personal and a friendly approach combined with administrative efficiency and professionalism. All involved in fundraising at NYO are briefed and trained in good fundraising practice, with careful regard for privacy and donors’ wishes.
The majority of fundraising activity is conducted by a team of employed staff. The team were responsive to donor requests throughout the year and responded instantly to requests for donors to be removed from the mailing list. The team is confident that no supporter was put under any undue pressure to support. We ensure that the correct safeguards are in place with our suppliers and those who fundraise on our behalf. We require them to confirm that they comply with the Code of Fundraising Practice. Where individuals choose to raise money on behalf of the charity, they are given clear guidance by the Development team on appropriate fundraising activities and approaches and asked to provide full details of their plans before they undertake them.
Our website outlines our complaints policy for the public and clearly explains how an individual can get in touch with us and, if necessary, escalate a complaint. The policy can be found here: https://www.nyo.org.uk/complaints. Our internal complaints procedure categorizes complaints and ensures they are dealt with at the appropriate level of the organisation. A level 1 complaint would include requests to unsubscribe from the mailing list. A level 2 complaint may
14
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
express concern about a fundraising method or how a donor has been handled. Category 2 complaints are escalated to the Chief Executive & Artistic Director. During the year there were no level 2 complaints.
We have developed a vulnerable person policy and included it in our internal handbook on fundraising good practice as well as available on our website. All fundraising staff know how to escalate a concern about a donor. We are signed up to the Fundraising Preference Service to enable individuals to opt out from receiving fundraising communications from us. We actioned 15 requests from this service last year.
## **MONITORING AND EVALUATION**
In addition to close monitoring of demographic statistics for participation and reach, NYO has an increasingly comprehensive approach to evaluating impact, placing feedback from beneficiaries at the heart of this process. Participating musicians submit a detailed report after each activity; this is read alongside feedback from tutors to ensure that NYO projects continue to have the desired educational and artistic outcomes. Roundtable meetings and discussions take place with music education stakeholders including schools and other music organisations to shape activities to meet the needs of young musicians and the wider sector. NYO Musicians are invited to attend discussion forums at which future plans are shared, and given the opportunity to feed back.
## **FUTURE ORGANISATIONAL DEVELOPMENT**
2022-23 will see the completion of a major project to implement a new CRM system, which will meet the needs of a growing organisation, boost our fundraising capabilities (both in terms of digital fundraising and in supporting more tailored stewardship) and streamline programme management as we expand the number of young people we work with.
Alongside this, in September 2023 we will roll out a new brand which reflects NYO’s refreshed purpose as a leading organisation championing orchestral music as a powerful agent for teenage development. A new website will provide better signposting to our opportunities for teenagers, as well as demonstrating more clearly our impact to funders and supporters.
Several new roles have been created in the organisation to build internal skills and capacity to deliver our strategy, with additional resource for NYO Inspire, a new role of Head of Youth Development reflecting our ongoing commitment to youth empowerment, safeguarding and wellbeing, and the integration of Fundraising and Communications as one team.
NYO Open Up is a strategy for long term transformation of the organisation. We are setting a fast pace for significant programme and fundraising growth, with both areas requiring research, experimentation and testing before scaling up. This means some front-loading of investment, with plans to deploy the majority of NYO’s Expendable Endowment over the next three years and an aim to close the gap between income and expenditure by the end of that period.
Trustees have assessed that the charity has sufficient funds and operational flexibility to continue as a going concern.
15
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **STATEMENT OF TRUSTEE RESPONSIBILITIES**
The Trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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 that disclose with reasonable accuracy at any time the financial position of the charitable company and 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 auditor is 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 auditor is aware of that information.
The Trustees confirm that in planning the activities of the charitable company they have given due regard to the Charity Commission’s guidance on public benefit. The Trustees believe that the activities of the charitable company in the year confirm its ability to provide current and on-going benefit to the public. The Trustees have taken advantage of the small companies regime in preparing the Trustees’ Annual Report.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
…………………………………..
Tim Foxon Company Secretary
## 26/07/2023
………………………………….. Date
16
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **REPORT OF THE INDEPENDENT AUDITORS**
## **Opinion**
We have audited the financial statements of National Youth Orchestra of Great Britain for the year ended 30 November 2022 which comprise the statement of financial activities, summary income and expenditure, balance sheet, cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the charitable company’s state of affairs as at 30 November 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 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 Auditor’s 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 auditor’s report 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.
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 course of 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ Annual Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
17
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
- the Trustees’ Annual Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees’ Annual Report and the Strategic Report.
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ Responsibilities Statement set out on page 16, the Trustees (who are also 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 to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.
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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the Trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with Trustees and updating our understanding of the sector in which the charitable company operates.
Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.
18
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify noncompliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Claire Wills (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP
71 Queen Victoria Street London
Chartered Accountants Statutory Auditors EC4V 4BE
Date: 31/07/2023
Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
19
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **STATEMENT OF FINANCIAL ACTIVITIES**
|**Notes**
**Income & Endowments**
**Income from**
Donations and Legacies
2
Investments
3
Charitable activities
4
**Total income & Endowments**
**Expenditure**
**Expenditure on**
Raising funds
Investment Management Fees
**Charitable activities**
Residencies & Concerts
Recruitment & Auditions
Inspire & Special Projects
**Total resources expended**
5
**Net incoming/(outgoing)**
**Resources before**
**investment gains/(losses)**
Unrealised & Realised
gains/(losses) on investment
assets
10
**Net income/(expenditure)**
**before tax**
Orchestra Tax Credit
11
**Net income/ (expenditure)**
**Transfers between funds**
Transfers between Funds
15
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
16
Total funds carried forward|**Unrestricted**
**Funds**
**£**
1,600,086
25,672
439,813
2,065,571
894,835
-
1,288,619
181,337
491,118
2,855,909
(790,338)
(28,273)
(818,611)
326,713
(491,898)|**Unrestricted**
**Funds**
**£**
1,600,086
25,672
439,813
2,065,571
894,835
-
1,288,619
181,337
491,118
2,855,909
(790,338)
(28,273)
(818,611)
326,713
(491,898)|**Restricted**
**Funds**
**£**
527,503
25,936
-
553,439
-
-
307,866
10,000
242,000
559,866
(6,427)
218
(6,209)
-
(6,209)|**Restricted**
**Funds**
**£**
527,503
25,936
-
553,439
-
-
307,866
10,000
242,000
559,866
(6,427)
218
(6,209)
-
(6,209)|**Permanent**
**Endowment**
**Fund**
**£**
-
-
-
-
-
-
-
-
-
-
-
291
291
-
291|**Permanent**
**Endowment**
**Fund**
**£**
-
-
-
-
-
-
-
-
-
-
-
291
291
-
291|**Expendable**
**Endowment**
**Funds**
**£**
1,000,000
-
-
1,000,000
-
8,313
-
-
-
8,313
991,687
(177,475)
814,212
-
814,212|**Expendable**
**Endowment**
**Funds**
**£**
1,000,000
-
-
1,000,000
-
8,313
-
-
-
8,313
991,687
(177,475)
814,212
-
814,212|**Total**
**Funds**
**2022**
**£**
3,127,589
51,608
439,813
3,619,010
894,835
8,313
1,596,485
191,337
733,118
3,424,088
194,922
(205,239)
(10,317)
326,713
316,396|**Total**
**Funds**
**2022**
**£**
3,127,589
51,608
439,813
3,619,010
894,835
8,313
1,596,485
191,337
733,118
3,424,088
194,922
(205,239)
(10,317)
326,713
316,396|**Total Funds**
**2021**
**£**
2,509,357
42,587
159,107|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||2,711,051|
||||||||||||656,668
7,520
990,492
183,519
302,153|
||||||||||||2,140,352|
||||||||||||570,699|
||||||||||||222,910|
||||||||||||793,609|
||||||||||||81,727|
||||||||||||875,336|
|||||||||||||
||128,524||-||-||(128,524)||-||-|
||(363,374)
1,535,876
1,172,502||(6,209)
339,423
333,214||291
279,049
279,340||685,688
2,091,041
2,776,729||316,396
4,245,389
4,561,785|||
||||||||||||875,336
3,370,053|
||||||||||||4,245,389|
The statement of financial activities contains all recognised gains and losses for the year which all relate to continuing operations. Significant legacies and donations are held within the expendable endowment to be spent against strategic projects, organisation growth and development. The notes on pages 24-36 form part of these financial statements.
20
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **SUMMARY INCOME AND EXPENDITURE**
|Total income
Total expenditure
Unrealised/Realised gains and (losses) on:
Orchestra Tax Credit
Revaluation of investments
**Net income/(expenditure) for the year**|2022
£
3,619,010
3,424,088
326,713
(205,530)
316,105|2021
£
2,711,051|
|---|---|---|
|||2,140,352|
|||81,727
197,808|
|||850,234|
Total income comprises £2,065,571 for unrestricted funds and £553,439 for restricted funds. Included in the income for the year is a single donation of £1,000,000. The Trustees have agreed that this will be held in the expendable endowment fund to be spent against strategic projects and organisation growth and development. A detailed analysis of income and expenditure by source is provided in the Statement of Financial Activities.
Expenditure comprises £2,855,909 for unrestricted funds and £559,866 for restricted funds.
The revaluation of investments excludes the permanent endowment funds.
The summary Income and Expenditure Account is derived from the Statement of Financial Activities on page 20 which together with the notes to the financial statements on pages 24-36 provide full information on the movement during the year on all funds of the charity.
21
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **BALANCE SHEET**
|Notes
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors amounts falling due within
one year
12
Cash at bank and in hand
Creditors:
Amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors:
Amounts falling due in more than one year
Net assets
Funds
15
Unrestricted funds
Restricted funds
Expendable Endowment funds
Permanent Endowment funds
Total funds
16|2022 Total
Funds
£
201,856
3,683,457
3,885,313
640,326
747,966
1,388,292
(658,390)
729,902
4,615,215
(53,430)
4,561,785
1,172,502
333,214
2,776,729
279,340
4,561,785|2021 Total
Funds
£
202,212
2,999,861|
|---|---|---|
|||3,202,073
268,608
1,299,562|
|||1,568,170
(524,854)|
|||1,043,316|
|||4,245,389
-|
|||4,245,389|
|||1,535,876
339,423
2,091,041
279,049|
|||4,245,389|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006
The financial statements were approved by the Board of Trustees on 26 July 2023 and were signed on its behalf by
………………………………………….
Donagh Collins Interim Chair
The notes on pages 24-38 form part of these financial statements
Registered Company Number - 1858278
22
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **CASH FLOW STATEMENT**
|**Cash flows from operating activities:**
Net cash provided by operating activities
**Cash flows from investing activities:**
Purchase of investments
Proceeds from sale of investments
Dividends from investments
**Cash flows from financing activities:**
Receipt of Endowment
Change in Cash and Cash Equivalents in the year
Cash and Cash Equivalents at beginning of year
**Cash and Cash Equivalents at end of year**
**Notes in support of Cash Flow Statement**
**CFS 1 Reconciliation of net movement in funds to net cash flow from**
**operating activities**
Net incoming /(outgoing) resources
Depreciation–fixed assets
Dividends from investments
(Gains)/Losses on investments
(Increase)/decease in debtors
Increase/(decrease) in creditors
**Net cash provided by operating activities**
**CFS 2 Analysis of Cash and Cash Equivalents**
Cash at bank and in hand
Investments cash
Cash held with Investec
**Total Cash and Cash Equivalents**
**CFS 3 Analysis of changes in net debt**
Cash at bank and in hand
Investments cash
Cash held with Investec|**Notes**
CFS 1
CFS 2
**At 1 Dec**
**21**
1,299,562
328,060
72,675
**1,700,297 **|**2022**
**Total**
**Funds**
**£**
294,335
(1,143,937)
138,573
42,904
1,000,000
331,875
1,700,297
**2,032,172**
316,396
356
(42,904)
205,239
(371,718)
186,966
**294,335**
747,966
1,208,240
75,966
**2,032,172**
**Cashflows**
(551,596)
880,180
3,291
**331,875**|**2021**
**Total**
**Funds**
**£**
541,414
(88,037)
73,567
40,753
-|
|---|---|---|---|
||||567,697|
||||1,132,600|
||||**1,700,297 **|
||||875,336
356
(40,753)
(222,910)
33,129
(103,744)|
||||**541,414**|
||||1,299,562
328,060
72,675|
||||**1,700,297**|
||||**At 30**
**Nov 22**
747,966
1,208,240
75,966|
||||**2,032,172**|
23
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## **NOTES TO THE FINANCIAL STATEMENTS**
## 1 Accounting policies
## 1.1 Basis of financial statements
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements are presented in pounds sterling. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. Whilst there is risk in fundraising, Trustees consider that there are sufficient reserves to cover potential variations in income and expenditure over at least the following 12 months. Expenditure is sufficiently controlled such that activities can be scaled according to the resources available. The charity retains sufficient funds and liquidity to meet its liabilities.
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
- 1.2 Income
All income is included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.
Donations are received by way of grants, donations, legacies and gifts and is included in full in the Statement of Financial Activity when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Such income is only deferred when the donor specifies that the grant or donation must only be used in future accounting periods, or the donor-imposed conditions which must be met before the charity has unconditional entitlement. Legacies are included when the organisation is entitled to the legacy; the administrator/executor has communicated the gift in writing, receipt is considered probable, and the amount can be estimated with reasonable accuracy.
Investment income is included when receivable.
Income from charitable activities includes income received from residential contributions and concert performances and is recognised as earned income and is deferred when fees and concert income are received in advance of the performances or event to which they relate.
## 1.3 Expenditure
Expenditure is included on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to a particular heading they have been allocated to activities on a basis consistent with the use of resources.
Costs of raising funds comprise those costs associated with attracting voluntary income.
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
24
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
Governance costs comprise all costs involving the public accountability of the charity and costs related to statutory requirements
## 1.4 Financial instruments
Basic financial instruments include debtors and creditors. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their amortised cost.
## 1.5 Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Musical instruments
High Value Instruments held at valuation are not depreciated. Instruments with a cost greater than £1,000 are capitalised. Those deemed to appreciate in value (if properly maintained) are valued formally every 5 years
— Office equipment with a cost greater than £1,000 Straight line over 4 to 5 years
## 1.6 Investment assets
Investments are stated at market value at the balance sheet date. The SOFA includes net gains and losses arising on revaluation and disposals throughout the year. Income receivable on investments is recognised in the SOFA on an accruals basis.
## 1.7 Taxation
The charity is exempt from corporation tax on its charitable activities. The Charity expects to make a claim for Orchestra Tax Credit.
## 1.8 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.
The expendable endowment fund is an expendable endowment created with the intention of providing funds to further the NYO’s artistic activities over a ten year period.
Permanent endowment funds are those funds given to the charity where the capital must be retained and invested to provide income in the future. Where the income can be spent on any of the charitable activities it is included in unrestricted funds. Where the income is to provide a named bursary it is included in a restricted income fund. All gains and losses on investments are added to the capital.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## 1.9 Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There were no revisions during the financial year ended 30 November 2022.
25
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## 2 Income
Donations and Legacies
|Companies and corporate foundations
Trusts and foundations
Seat Support
Individual Giving
Major Giving
Arts Council England
Legacies
Gift Aid|2022
£
52,720
637,810
73,065
637,996
1,264,450
251,781
98,023
111,744
3,127,589|2021
£
45,000
417,861
86,090
554,945
255,600
627,377
398,935
123,549|
|---|---|---|
|||2,509,357|
Total income from government sources was £251,781 (2021: £627,377, which included one-off grants from the DCMS Culture Recovery Fund)
NYO is most grateful to the following trusts and foundations that supported the Orchestra in 2021-22:
|Alice Ellen Cooper Dean Foundation|The Leverhulme Trust|
|---|---|
|Barbara Whatmore Charitable Trust|The Mageni Trust|
|The Charles and Elsie Sykes Trust|The Millichope Foundation|
|Chichester Charitable Trust|Misses Barrie Charitable Trust|
|Cecil King Memorial Foundation|Marie-Louise von Motesiczky Charitable Trust|
|Colwinston Trust|Ofenheim Trust|
|The Elmley Foundation|The Thompson Family Charitable Trust|
|Esmée Fairbairn Foundation|Whittles Family Trust|
|Garrick Charitable Trust|PF Charitable Trust|
|The Guyll Leng Charitable Trust|The Radcliffe Trust|
|Houghton Dunn Charitable Trust|PRS for Music Foundation|
|The HR Taylor Charitable Trust|The Saintbury Trust|
|Ian Mactaggart Trust|Salamander Charitable Trust|
|The Jamuna Trust|The Samuel Gardner Trust|
|The Julia and Hans Rausing Trust|The Thompson Family Charitable Trust|
|Paul Hamlyn Foundation|Whittles Family Trust|
NYO is most grateful to the following companies who supported the Orchestra in 2021-22.
3i ABRSM
NYO is most grateful to the following individuals who supported the Orchestra in 2021-22 with major gifts. We would also like to acknowledge the many hundreds of individual donors and alumni scheme members that helped NYO this year. Their help was critical to our work in 2021-22 and continues to be so. We also gratefully acknowledge the support of those who wish to remain anonymous.
## **Major Donors**
Sir Leonard Blavatnik Gillian Cadbury Sir Jan and Leni du Plessis Mr David Dutton
Mr Alex Graham Mrs Penny Moore John and Virginia Murray Mr John Singer CBE
26
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## 3 Investment income
|Dividend Investment Income
Deposit account interest|2022
£
42,904
8,704
51,608|2021
£
40,753
1,834|
|---|---|---|
|||42,587|
## 4 Income from charitable activities
|NYO Musicians’ fees
Trading, recording and broadcasting
Concert income
Other Income|2022
£
351,829
5,285
72,560
10,139
439,813|2021
£
129,717
-
28,640
750|
|---|---|---|
|||159,107|
Other income comprises Kickstart and Special Project Income in 2022 (2021: Kickstart Income)
## 5 Expenditure
|Costs of Fundraising
Investment Management Fees
Charitable activities:
Residencies & Concerts
Recruitment & Auditions
Inspire & Special Projects|Direct
Staff
Costs
£
378,966
-
229,458
59,462
190,928
858,814|Direct
Other
Costs
£
365,931
-
1,113,797
98,141
422,070
1,999,939|Support
Staff
Costs
£
44,946
-
63,900
11,520
33,718
154,084|Support
Other
Costs
£
104,992
8,313
189,330
22,214
86,402
411,251|2022
Total
Costs
£
894,835
8,313
1,596,485
191,337
733,118|
|---|---|---|---|---|---|
||||||3,424,088|
## 2021 Comparative Expenditure
|Costs of Fundraising
Investment Management Fees
Charitable activities:
Residencies & Concerts
Recruitment & Auditions
Inspire & Special Projects|Direct
Staff
Costs
£
223,710
-
191,305
52,156
158,563
625,734|Direct
Other
Costs
£
290,070
-
588,340
91,773
70,538
1,040,721|Support
Staff
Costs
£
40,498
-
55,473
10,907
27,395
134,273|Support
Other
Costs
£
102,390
7,520
155,374
28,683
45,657
339,624|2021
Total
Costs
£
656,668
7,520
990,492
183,519
302,153|
|---|---|---|---|---|---|
||||||2,140,352|
27
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## 5.1 Operating Leases
At the year end the Charity has total commitments under non-cancellable leases as follows:
|Leases expiring within 1 year
Leases expiring between 2-5 years
2021 Comparative Operating Leases
Leases expiring within 1 year
Leases expiring between 2-5 years
Governance costs
Staff costs
Payroll
Auditors’ remuneration
Support costs|Land &
Buildings
£
85,655
314,499
400,154
Land &
Buildings
£
62,783
-
62,783|Other
£
7,046
23,431
30,477
Other
£
8,976
11,575
20,551
2022
£
17,603
1,775
13,850
4,631|Total
Commitments
2022
£
92,701
337,930
430,631
Total
Commitments
2021
£
71,759
11,575
83,334
2021
£
15,643
1,332
12,400
5,764
35,139|Total
Commitments
2022
£
92,701
337,930
430,631
Total
Commitments
2021
£
71,759
11,575
83,334
2021
£
15,643
1,332
12,400
5,764
35,139|
|---|---|---|---|---|
||||||
||||
||
|||37,859||35,139|
## 5.2 Governance costs
These have been allocated across all categories in the table in Note 5 on a proportion basis.
## 6 Net income/expenditure is stated after deducting:
||2022|2021|
|---|---|---|
||£|£|
|Auditors’ remuneration|13,850|12,400|
|Auditors’ remuneration for other services|3,400|1,575|
|Depreciation–owned assets|356|356|
|Payments made under operating leases|109,025|117,223|
## 7 Trustees’ remuneration and benefits
Lyn Fletcher, a trustee of NYO, was engaged as a violin tutor for NYO projects during the year and received fees on a freelance basis totaling £9,148 (2021: £7,438).
There were no other Trustees’ remuneration or other benefits for the year ended 30 November 2022.
## Trustees’ and Related Party Expenses
Trustees’ expenses paid for the year ended 30 November 2022 were nil (2021: £nil). Donations from Trustees during the year totalled £103,054 (2021: £784).
28
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## 7.1 Other Related Party transactions
NYO paid Southbank Centre a net amount (after ticket sales) of £3,225 for concert hall hire. Andrew Gambrell, a trustee of NYO is also Finance Director of Southbank Centre. Andrew Gambrell did not participate in contractual negotiations between NYO and Southbank Centre and did not benefit from the transaction.
## 8 Staff costs
Total staff costs comprise:
|Salaries and wages
Social security costs
Pension costs
SMP/SPP recoverable
Other staff costs|2022
£
891,001
78,164
19,927
(8,628)
980,464
32,434
1,012,898|2021
£
654,995
62,306
18,102
(1,392)|
|---|---|---|
|||734,011
25,996|
|||760,007|
The average number of employees in the year was 21 (2021: 18). All employees worked on charitable activities. The aggregate value of remuneration paid to key members of the Senior Management Team total £333,398 (2021: £357,703). The pension contributions for the Senior Management Team total £9,409 (2021: 9,359). This comprises the Chief Executive & Artistic Director, Finance & Operations Director, Programmes Director, Development Director, and Communications & Marketing Director. The number of employees paid in the banding above £60,000 were:
|||2022|2021|
|---|---|---|---|
|||£|£|
|£100,000|- £110,000|1|1|
## 9 Tangible fixed assets
|Cost or valuation
At 1 December 2021
Additions
Revaluation
Disposals
At 30 November 2022
Depreciation
At 1 December 2021
Charge for the year
Release on Disposals
At 30 November 2022
Net book value
At 30 November 2022
At 30 November 2021|Depreciated
Musical
Instruments
£
86,451
-
-
-
86,451
86,451
-
-
86,451
-
-|Appreciating
Musical
Instruments
£
201,291
-
-
-
201,291
-
-
-
-
201,291
201,291|Office
equipment
£
51,513
-
-
(37,316)
14,197
50,592
356
(37,316)
13,632
565
921|Total
£
339,255
-
-
(37,316)|
|---|---|---|---|---|
|||||301,939|
|||||137,043
356
(37,316)|
|||||100,083|
|||||201,856|
|||||202,212|
Musical Instruments held by the Charity include higher value string and other instruments that, if properly maintained, appreciate in value, were professionally valued by Thwaites (String Instruments Restorers) in the year ended 30[th] November 2019. One Contrabassoon was – professionally re-valued during the year ended 30[th] November 2017 by Howarth London Woodwind Instrument Specialists.
29
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## 10 Fixed asset investments
|**Market value**
At 1 December 2021
Additions
Disposals
Unrealised loss on investments
Realised loss on investments
Movement in cash investments held
At 30 November 2022
**Net book value**
At 30 November 2022
At 30 November 2021
Market Value of Listed Investments at 30 Nov
Historic Cost of Listed Investments at 30 Nov|2022
£
2,999,861
1,143,937
(138,573)
(195,260)
(9,979)
(116,529)
3,683,457
3,683,457
2,999,861
2,475,217
1,747,393|2021
£
2,765,007
88,037
(73,567)
221,234
1,676
(2,526)|
|---|---|---|
|||2,999,861|
|||2,999,861|
|||2,765,007|
|||2,671,800|
|||1,741,991|
Investments considered material in the context of the market value of the portfolio at 30 November 2022 were:
|UK Fixed interest securities
UK Equities
UK Managed funds and unit trusts
Overseas Managed funds and unit trusts
Cash on deposit
Market value at year end|2022
£
-
461,246
1,816,824
197,147
1,208,240
3,683,457|2021
£
-
460,737
1,972,189
238,874
328,061
2,999,861|
|---|---|---|
## 11 Tax Credit
The Charity expects to be making a claim under Orchestra Tax Relief of £326,713 based on figures to 30 November 2022 (2021: £81,727). This income has been accrued in the accounts.
30
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## 12 Debtors
Amounts falling due within one year
|Other debtors
Prepayments
Accrued income|2022
£
24,730
180,820
434,776
640,326|2021
£
17,546
94,586
156,476|
|---|---|---|
|||268,608|
## 13 Creditors
Amounts falling due within one year:
|Trade Creditors
Social Security and other taxes
Accruals
Deferred income
Amounts falling due after one year:
Grant income received for 3 years|2022
£
233,247
21,820
49,089
407,664
711,820
53,430
53,430|2021
£
52,824
19,594
62,533
389,903|
|---|---|---|
|||524,854|
|||-|
|||-|
HSBC holds a Debenture Charge over NYO’s assets since 2007 to support its credit banking facilities.
## 14 Deferred income
|Balance at 1 December 2021
Amounts released to income resources
Amounts deferred in year
Balance at 30 November 2022|2022
£
389,903
(389,903)
407,664
407,664|2021
£
520,331
(520,331)
389,903|
|---|---|---|
|||389,903|
Included within accruals and deferred income are amounts of deferred income as shown above. The deferred income comprises of prereceived donations, grants and musicians’ fees specifically given for the next financial year.
31
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## 15 Movement in funds
|**Unrestricted fund**
General fund
**Restricted funds**
The Alastair Morton NYO Instrument Fund
The Violin Appeal
The Steel Charitable Trust Composers Fund
The Martyn Ibbotson Legacy
Christine Woolridge Legacy
NYO Residencies & Concerts
NYO Inspire & Special Projects
NYO Recruitment & Auditions
Total Restricted Funds
**Endowment funds**
NYO Expendable Endowment fund
Total Expendable Endowment Funds
Martyn Ibbotson capital fund–Permanent
Endowment
Ian Theakston capital fund–Permanent
Endowment
C Woolridge Legacy–Permanent
Endowment
Total Permanent Endowment Funds
**Total funds**|At 01.12.21
£
1,535,876
131,180
4,913
203,330
-
-
-
-
-
339,423
2,091,041
2,091,041
250,197
15,400
13,452
279,049
4,245,389|Incoming
Resources
£
2,065,571
-
-
11,095
14,084
757
275,503
242,000
10,000
553,439
1,000,000
1,000,000
-
-
-
-
3,619,010|Resources
expended
£
(2,855,909)
(185)
-
(17,337)
(14,084)
(757)
(275,503)
(242,000)
(10,000)
(559,866)
(8,313)
(8,313)
-
-
-
-
(3,424,088)|Tax, Gains,
losses and
transfers
£
426,964
-
-
218
-
-
-
-
-
218
(305,999)
(305,999)
276
-
15
291
121,474|At 30.11.22
£|
|---|---|---|---|---|---|
||||||1,172,502|
||||||130,995
4,913
197,306
-
-
-
-
-|
||||||333,214|
||||||2,776,729|
||||||2,776,729|
||||||250,473
15,400
13,467|
||||||279,340|
|||||||
||||||4,561,785|
During the year, the Trustees approved a transfer of £128,524 from the Expendable Endowment Fund to the General Fund to support the activities of the Charity.
32
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## Comparative Movement of Funds
|**Unrestricted fund**
General fund
**Restricted funds**
The Alastair Morton NYO Instrument Fund
The Violin Appeal
Esmee Fairbairn
The Steel Charitable Trust Composers Fund
The Martyn Ibbotson Legacy
Leverhulme Trust
Christine Woolridge Legacy
NYO Residencies & Concerts
NYO Inspire & Special Projects
The Thompson Family Charity Trust
Mr and Mrs Michael McGowan
Paul Hamlyn Foundation
The Guyll-Leng Charitable Trust
Cecil King Foundation
ABRSM
Total Restricted Funds
**Endowment funds**
NYO Expendable Endowment fund
Total Expendable Endowment Funds
Martyn Ibbotson capital fund–Permanent
Endowment
Ian Theakston capital fund–Permanent
Endowment
C Woolridge Legacy–Permanent
Endowment
Total Permanent Endowment Funds
**Total funds**|At 01.12.20
£
856,899
131,429
4,913
-
178,323
-
-
-
-
-
-
-
-
-
-
314,665
1,944,548
1,944,548
226,370
15,400
12,171
253,941
3,370,053|Incoming
Resources
£
2,205,391
-
-
60,000
9,892
12,557
158,661
675
24,000
39,375
30,000
23,000
47,500
50,000
25,000
25,000
505,660
-
-
-
-
-
-
2,711,051|Resources
expended
£
(1,633,165)
(249)
-
(60,000)
(3,650)
(12,557)
(158,661)
(675)
(24,000)
(39,375)
(30,000)
(23,000)
(47,500)
(50,000)
(25,000)
(25,000)
(499,667)
(7,520)
(7,520)
-
-
-
-
(2,140,352)|Tax, Gains,
losses and
transfers
£
106,751
-
-
-
18,765
-
-
-
-
-
-
-
-
-
-
18,765
154,013
154,013
23,827
-
1,281
25,108
304,637|At 30.11.21
£|
|---|---|---|---|---|---|
||||||1,535,876|
||||||131,180
4,913
-
203,330
-
-
-
-
-
-
-
-
-
-|
||||||339,423|
||||||2,091,041|
||||||2,091,041|
||||||250,197
15,400
13,452|
||||||279,049|
|||||||
||||||4,245,389|
33
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
**Name of fund Description, nature and purpose of fund** The Alastair Morton NYO Instrument Fund This fund is for the purchase of new string instruments The Violin Appeal This fund is for the purchase of a new violin The Steel Charitable Trust Composers Fund This fund is to fund the costs of the Orchestra’s composer’s course through the receipt of dividends on the investment assets. The Ian Theakston Memorial Fund This fund is for the support of those musicians of the orchestra who come from York, part of North Yorkshire between York and Easingwold, Malton and Scarborough and part of East Yorkshire between York and Market Weighton The Martyn Ibbotson Legacy This fund is to provide at least two annual bursaries for musicians of the orchestra The Christine Woolridge Legacy This fund is to contribute to the cost of bursaries for musicians of the Orchestra NYO Expendable Endowment Fund This fund is to support the charitable activity, strategic projects and organisational growth and development of NYO NYO Residencies & Concerts This fund supports NYO Residencies and Concert Activity and includes funding from Barbara Whatmore Charitable Trust, Thompson Family Foundation, Cecil King Foundation, Leverhulme Trust, Marie-Louise von Motesiczky Trust and Houghton Dunn Charitable Trust NYO Inspire & Special Projects This fund supports NYO Inspire and Special Project activity and includes funding from Radcliffe Trust, Esmee Fairbairn, Samuel Gardner Trust, PRS for Music Foundation, Elmley Foundation, Misses Barrie Charitable Trust, MarieLouise von Motesiczky Trust, Alex Graham, Guyll Leng Charitable Trust and ABRSM. NYO Recruitment & Auditions This fund supports NYO Recruitment & Audtions Activity and includes funding from Colwinston Trust
34
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## 16 Analysis of net assets between funds
|**Unrestricted fund**
General fund
**Restricted funds**
The Alastair Morton NYO
Instrument Fund
The Violin Appeal
The Steel Charitable Trust
Composers Fund
**Expendable Endowment funds**
NYO Expendable Endowment
fund
**Permanent Endowment funds**
Martyn Ibbotson capital fund
Ian Theakston capital fund
C Woolridge Legacy
**Total funds**
Comparative Analysis
**Unrestricted fund**
General fund
**Restricted funds**
The Alastair Morton NYO
Instrument Fund
The Violin Appeal
The Steel Charitable Trust
Composers Fund
**Expendable Endowment funds**
NYO Expendable Endowment
fund
**Permanent Endowment funds**
Martyn Ibbotson capital fund
Ian Theakston capital fund
C Woolridge Legacy
**Total funds**|Tangible
Fixed
Assets
£
Investments
£
Current
Assets
£
89,856
281,510
1,339,859
112,000
-
18,995
-
-
4,913
-
197,306
-
-
2,940,701
9,125
-
250,473
-
-
-
15,400
-
13,467
-
201,856
3,683,457
1,388,292
of net assets between funds
Tangible
Fixed
Assets
£
Investments
£
Current
Assets
£
90,212
309,783
1,513,310
112,000
-
19,180
-
-
4,913
-
197,088
6,242
-
2,229,341
9,125
-
250,197
-
-
-
15,400
-
13,452
-
202,212
2,999,861
1,568,170|Current
Liabilities
£
(485,293)
-
-
-
(173,097)
-
-
-
(658,390)
Current
Liabilities
£
(377,429)
-
-
-
(147,425)
-
-
-
(524,854)|Long term
Liabilities
£
(53,430)
-
-
-
-
-
-
-
(53,430)
Long term
Liabilities
£
-
-
-
-
-
-
-
-
-|Total 2022
£
1,172,502
130,995
4,913
197,306
2,776,729
250,473
15,400
13,467
4,561,785
Total 2021
£
1,535,876
131,180
4,913
203,330
2,091,041
250,197
15,400
13,452
4,245,389|
|---|---|---|---|---|
35
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2022
## 17. Comparative SOFA
|**Income & Endowments**
**Income from**
Donations
Legacies
Investments
Charitable activities
**Total income &**
**Endowments**
**Expenditure**
**Expenditure on**
Raising funds
Investment Management
Fees
**Charitable activities**
Residencies & Concerts
Recruitment & Auditions
Inspire & Special Projects
**Total resources expended**
**Net incoming/(outgoing)**
**Resources before**
**investment gains/(losses)**
Unrealised & Realised
gains/(losses) on investment
assets
**Net income/(expenditure)**
**before tax**
Orchestra Tax Credit
**Net income/ (expenditure)**
**Transfers between funds**
Transfer from Expendable
Endowment
Gains/(losses) on
revaluation
of Fixed Assets
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|Unrestricted
Funds
£
1,627,886
398,935
19,463
159,107
2,205,391
656,668
-
724,200
183,519
68,778
1,633,165
572,226
25,029
597,255
81,727
678,982|Restricted
Funds
£
482,536
-
23,124
-
505,660
-
-
266,292
-
233,375
499,667
5,993
18,766
24,759
-
24,759|Permanent
Endowment
Fund
£
-
-
-
-
-
-
-
-
-
-
-
-
25,102
25,102
-
25,102|Expendable
Endowment
Funds
£
-
-
-
-
-
-
7,520
-
-
-
7,520
(7,520)
154,013
146,493
-
146,493|Total
Funds
2021
£
2,110,422
398,935
42,587
159,107
2,711,051
656,668
7,520
990,492
183,519
302,153
2,140,352
570,699
222,910
793,609
81,727
875,336|
|---|---|---|---|---|---|
||(5)|(1)|6|-|-|
||-|-|-|-|-|
||678,977
856,899
1,535,876|24,758
314,665
339,423|25,108
253,941
279,049|146,493
1,944,548
2,091,041|875,336
3,370,053
4,245,389|
36