# **Report of the Trustees and Financial Statements**
_for the year ended 30 Nov 2024_
_Company No. 1858278_
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **CONTENTS**
Reference and administrative details ................................................................................................................................ 3 Introductory letter from the Chair of Trustees ................................................................................................................... 5 Trustees’ Report ................................................................................................................................................................ 6 Our purpose and activity ............................................................................................................................................... 6 Our programmes ........................................................................................................................................................... 6 The NYO Adventure...................................................................................................................................................... 6 The need for our work ................................................................................................................................................... 7 Our strategic objectives ................................................................................................................................................ 7 What we achieved in 2023-24 ...................................................................................................................................... 7 Impact ......................................................................................................................................................................... 11 Plans for 2024-25........................................................................................................................................................ 12 Summary of projects 2023-24 ..................................................................................................................................... 13 Financial review............................................................................................................................................................... 15 Financial model ........................................................................................................................................................... 15 Financial performance ................................................................................................................................................ 15 Reserves policy ........................................................................................................................................................... 16 Investments ................................................................................................................................................................. 17 Structure, governance & management ........................................................................................................................... 17 Governing document .................................................................................................................................................. 17 Objectives and aims.................................................................................................................................................... 17 Public Benefit .............................................................................................................................................................. 17 Recruitment and appointment of new trustees ........................................................................................................... 18 Organisational structure .............................................................................................................................................. 18 Remuneration ............................................................................................................................................................. 18 Risk management ....................................................................................................................................................... 18 Fundraising ................................................................................................................................................................. 19 Future organisational sustainability ............................................................................................................................ 19 Statement of trustee responsibilities ............................................................................................................................... 20 Report of the independent auditors ................................................................................................................................. 21 Statement of Financial Activities ..................................................................................................................................... 24 Summary Income and Expenditure ................................................................................................................................. 25 Balance Sheet ................................................................................................................................................................. 26 Cash Flow Statement ...................................................................................................................................................... 27 Notes to the Financial Statements .................................................................................................................................. 28
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2024. 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_ Christopher Satterthwaite CBE _Chair_ Ella Bennett (appointed January 2025) Patrick Bevan _Youth Trustee_ (appointed October 2024) Nicola Brentnall MVO Donagh Collins (retired July 2024) Michael Dixon (appointed January 2025) Lyn Fletcher Andrew Gambrell (retired October 2024) Vyla Rollins Mazdak Sanii Stephen Sacks Hannah Stell _Youth Trustee_ (appointed October 2024) _Finance committee members_ Michael Dixon _Chair_ (appointed January 2025) Andrew Gambrell _Chair_ (retired October 2024) Stephen Sacks Christopher Satterthwaite CBE _Senior Management Team_ Sarah Alexander OBE – Chief Executive & Creative Director Tim Foxon – Finance & Operations Director Duncan Grant – Fundraising & Communications 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 2024
_Independent Auditors_ Saffery 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 2024
## **Introductory letter from the Chair of Trustees**
As Chair of the National Youth Orchestra (NYO), I am delighted to present our annual report for 2023-24 - a year of exceptional growth, creative ambition, and powerful impact, fuelled by the commitment of our teenage musicians and the generosity of our supporter community.
Over 15,000 young people benefited from NYO’s work during the year - as participants, audiences, and emerging musicians. This reach reflects the strength of our integrated programme and the cascading influence of our peer-topeer leadership model.
Our work is more urgently needed than ever. Young people today face a complex landscape: rising mental health challenges, limited access to high-quality music education, and too few chances to take part in shared, in-person creative experiences with their peers - experiences that are vital for confidence, connection, and personal development. NYO responds to this need by placing teenage musicians at the heart of all our activities, bringing them together to make music, challenge themselves, and support one another. In a world where such opportunities are increasingly rare, collective music-making provides a powerful sense of purpose, belonging, and growth.
One of the year’s defining moments was our _As One_ project, which culminated in an unforgettable BBC Proms performance of Dani Howard’s _Three, Four, AND…_ . For this unique NYO commission, 100 Inspire musicians joined the full NYO Orchestra at the Royal Albert Hall in a moment that was broadcast on BBC Radio 3 and BBC Four television, and that captured the inclusive, youth-led, and artistically ambitious spirit of NYO.
Throughout the year, we expanded our national footprint. A pilot in a youth centre setting laid the foundations for deeper engagement with teenagers with no prior experience of orchestral music. Our schools’ concerts at the Blackpool Tower Ballroom brought orchestral music to new audiences in an iconic, accessible venue. A collaboration with the National Youth Brass Band reflected our adventurous approach to programming and partnerships.
This was also a year of organisational renewal. We welcomed two Youth Trustees from our alumni community, embedding their experience and youth voice at the heart of our governance. Our fundraising community continued to thrive, with particular momentum in Individual Giving. This growing community of over 8,000 donors reflects a powerful national movement: music lovers from every part of the UK coming together to support the next generation of musicians **. It takes a nation of music lovers to sustain a National Youth Orchestra - and this shared belief in the potential of young people is what drives our progress.**
Legacy giving has also proved to be a strong source of funds, with more and more supporters from this community choosing to make a lasting impact. These gifts speak not only to the enduring value of NYO’s mission, but to the trust our supporters place in the long-term future of the organisation.
These achievements are only possible thanks to the dedication of our musicians, the vision of our staff and freelance teams, the generosity of our supporters, and the engagement of our trustees. From individual donors and legacy pledgers to major philanthropists, charitable trusts and foundations, corporate partners, and our public funders - Arts Council England and the Department for Education - your collective commitment ensures that NYO remains open, relevant, and transformational for the young people we serve.
Thank you for being part of all that we do.
## **Christopher Satterthwaite CBE Chair of Trustees**
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **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 give teenage musicians the greatest adventure they can have in orchestral music, helping them unlock their full potential.
We are an inclusive organisation that connects with over 10,000 teenagers each year, as well as many younger children. Our programmes offer young musicians an unparalleled opportunity to excel, pushing the boundaries of what they believe is possible, while inspiring others to do the same. We focus on two main ideas: firstly, that collective music making fosters uniquely communal experiences, helping young people build confidence, collaboration and selfdiscipline, and secondly, that teenagers can be powerful role models, inspiring and motivating one another to achieve more.
Our mission is to ensure that by 2033, NYO’s programmes, performances, and resources are accessible to every teenager in the UK. We aim to create a vibrant, inclusive national community where young people can experience high-quality orchestral music, find role models, and gain the confidence to succeed in life.
## **Our programmes**
## **NYO: The Orchestra**
At the heart of our work is NYO - 160 of the UK’s most brilliant teenage musicians, selected annually through nationwide auditions. These young people represent every region of the UK and diverse backgrounds. Together, they perform in world-class concert halls and in youth spaces, shaping a musical experience with edge, energy, and youthled creativity.
Crucially, NYO musicians act as role models, engaging thousands of their peers through performances, workshops, and mentoring. Their shared experiences and leadership empower other young people to believe in their own potential.
## **NYO Inspire: Empowering state school musicians**
NYO Inspire provides free, high-quality opportunities for over 600 state-school musicians annually, many of whom face a lack of opportunities to progress. The programme connects young people through multi-day residencies and one-day events, offering mentorship, ensemble experience, and personal growth.
Through Inspire, teenagers exceed their own expectations - building musicianship, leadership, and a sense of community. Many go on to take leadership roles themselves, reflecting the “cascade” model at the heart of our approach.
## **NYO Open: Bringing orchestral music to youth settings**
NYO Open brings the excitement of orchestral music into youth centres, schools, and other non-traditional settings. These events are designed to be immersive, accessible, and inspiring – especially for young people who may not have encountered orchestral music before.
At Open events, NYO musicians and alumni lead workshops, share experiences, and demonstrate that orchestral music can belong to every teenager. Each year, these performances and interactions reach around 10,000 young people, often sparking first-time musical curiosity and engagement.
## **The NYO Adventure**
Our programmes are united by the NYO Adventure - a distinctive, high-quality learning approach that supports both musical and personal development. It is rooted in four elements:
- **Taking on challenges** – unlocking young people’s capacity to excel **Community spirit** – asking young people to share responsibility and foster understanding
- **Playing your part** – making a difference to other young people
- **Sharing your voice** – teenagers give power to their voices and ideas
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
This approach defines our work. It creates a dynamic, youth-led community in which Orchestra musicians dedicate at least 20% of their time (a minimum of 6 days annually) to opening up opportunities for other young people on Inspire and Open projects. Inspire musicians then become leaders in turn, delivering workshops and concerts for school students. This creates a powerful cascade effect: young people inspire each other, and the cycle of musical discovery continues.
## **The need for our work**
Right now, **musical opportunities are declining and becoming increasingly scarce** . The gap in access to highquality music education and cultural experiences is growing, leaving many teenagers without the tools to express themselves creatively, grow personally or consider a future in music. Musical talent is everywhere, but opportunity isn’t.
Further, recent studies show that **rising adolescent anxiety and mental health issues** are linked to the decline of in-person activities and the increase in screen-based, asynchronous interactions. Playing music together fosters realworld connection, teamwork, and emotional expression, helping combat these challenges and supporting mental wellbeing.
## **Our strategic objectives**
- **Multiple Entry Points** – open up access for musicians, participants, and youth audiences
- **Teenage Role Models** – empower young musicians to inspire their peers
- **Teen Creativity** – commission and present orchestral music as a teen-driven art form
- **Inclusive Community** – welcome teenagers from all backgrounds, different musical abilities and varied instruments
- **Catalyst for Schools** – act as a catalyst for the radical reimagining of orchestral music in state secondary schools
- **Sustainable Future** – grow impact through long-term sustainable funding and resilient behaviours
## **What we achieved in 2023-24**
## **Multiple Entry Points**
In 2023-24, NYO extended its reach further than ever before, offering multiple access points for teenagers to engage with orchestral music – whether as performers, learners, or audiences. Our programmes were designed to be inclusive and flexible, ensuring young people could participate regardless of background or experience.
In total, **over 15,000 children and young people** benefited from NYO’s activities during the year. This included **1,447 teenage musicians** who took part directly in NYO programmes, a further **7,787 teenagers** who experienced our work through live performances or workshops in schools and youth settings, and **over 6,000 primary school pupils** engaged through NYO Local visits.
## **Headline achievements include:**
- Delivered activity in **22 locations across England** , drawing participants from **72% of UK local authority areas** .
- Formed an NYO 2024 cohort of **150 musicians** , with an additional **40 joining as Associates and guest participan** ts.
- Engaged **632 Inspire musicians** - a 34% increase from 470 in 2023.
- Welcomed **625 participants** to NYO Open activities, including creative workshops and side-by-side rehearsals.
- Performed for **4,560 teenagers** through school-based and dedicated schools’ concerts.
- Led **1,237 school pupils** through creative workshops.
- Reached **1,990 teenagers** with free tickets via our **Free for Teens** offer, representing **27% of our concert hall audiences** .
- Enabled **85 NYO musicians** to lead visits to local primary schools, reaching **over 6,000 children** - more than double the previous year’s total of 2,500.
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National Youth Orchestra Report of the Trustees and Financial
of Great Britain Statements for the year ended 30 Nov 2024
- Reached **12,602 people** through live concert hall audiences, alongside national exposure through **BBC Radio 3** , **BBC Four** , and additional televised coverage of Dani Howard’s _Three, Four AND…_ .
- Achieved a **376% growth in social media followers** and a **44% increase in engagement** , reaching **336,887 digital interactions** .
A central goal of every NYO activity is to open doors: giving teenagers a chance to connect with peers, discover orchestral music, and grow as role models. This ethos was exemplified by our **NYO Catalyst** Spring Residency & Tour (April 2024). Alongside our partnership with the National Youth Brass Band of Great Britain for Gavin Higgins’s _Concerto Grosso_ , we expanded the experience through:
- A **flute ensemble, harp ensemble** , and the launch of our first **Double Bass Day** in memory of former NYO musician Alex Ross.
- **Side-by-side rehearsals** in London, Saffron Walden and Liverpool
- Additional workshop activity in Liverpool including young musicians from Liverpool’s Resonate Music Hub and the Royal Liverpool Philharmonic’s Youth Academy.
- **Peer-devised performances** by Inspire musicians in locations across Liverpool city centre
- A dedicated **school’s concert at Saffron Hall** attended by **750 students**
- • A pilot collaborative project with **OnSide Youth Zone** in Barking & Dagenham.
## **Teenage Role Models**
At NYO, teenage musicians are more than performers - they are mentors, leaders, and changemakers. In 2023-24, they embraced leadership roles across Inspire, Open, and Local programmes, acting as powerful, relatable role models in peer-to-peer settings across the country.
**Within NYO Inspire** , Orchestra musicians played side-by-side with Inspire participants, sharing insights, offering support, and cultivating inclusive musical environments. According to our self-evaluation data:
- **94% of Orchestra musicians** said they contributed to creating a supportive environment.
- **80%** agreed they had opportunities to take responsibility and lead.
**NYO Local** continued to grow in both ambition and scale. In 2024:
- **85 musicians** - more than half of the Orchestra - visited local primary schools nationwide.
- Activities ranged from performances and talks to co-created interactive workshops.
- A third of participants opted to deliver full workshops, demonstrating confidence and initiative.
All musicians received tailored training and support, enabling them to design and lead impactful sessions. Their visits reached **over 6,000 children** from Reception to Year 7, more than doubling the previous year’s total of 2,500. Teachers praised the sessions for introducing orchestral music in an inspiring, personal way.
## One musician shared:
_“It was great fun and the school responded really well... they seemed excited about how different classical music was compared to their expectations.”_
## Another reported:
_“One girl even said it was her seventh birthday and it made her day extra special. She asked for the name of the orchestra again and the piece I played so she could listen to it at home!”_
**A new initiative in 2024** , our pilot collaboration with OnSide Youth Zones, brought NYO musicians into informal settings. Twelve Orchestra members visited the Barking & Dagenham Youth Zone to co-create music with local young people. The project focused on cross-genre improvisation and peer-led discovery. Feedback was deeply positive:
- _“I didn’t want to leave,”_ said one NYO musician.
- A youth centre participant described it as _“the best two days they had ever had there.”_
This pilot has laid the groundwork for further development of the partnership in 2024-25 as we explore how orchestral music can connect with young people in non-traditional settings.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **NYO’s influence goes beyond our own programmes.**
- **85% of musicians** said they used NYO-developed skills in school, and **83%** applied them in other musical contexts.
- **93% of parents/carers** said their young person’s commitment to sharing music increased during the year, with **76%** attributing this directly to NYO.
- **95%** reported an increased sense of purpose as a musician, with **88%** linking that growth to NYO.
To deepen this culture of peer leadership, we also expanded our **Creative Music Team** - a group of recent NYO alumni who supported workshops and performances across Inspire and Open. These early-career musicians not only co-created and co-led sessions but also served as inspiring examples for current participants, bridging the journey from NYO experience to professional life.
## **Teen Creativity**
Creativity lies at the heart of NYO’s work. From workshops and original compositions to major public performances and world premieres, our programmes empower teenagers to shape the music they play and the stories they tell.
In 2024, **Dani Howard** served as NYO’s Resident Artist. Her music featured prominently across the season, including two major new commissions:
- **Ascent** – a bold, brass- and percussion-led work designed to accompany Mahler’s _Alpine Symphony_ .
- **Three, Four, AND…** – a BBC Proms co-commission that brought together **260 young musicians** from NYO and NYO Inspire for a massed performance at the Royal Albert Hall, celebrating 10 years of NYO Inspire.
To prepare for _Three, Four, AND…_ , 100 Inspire musicians joined a dedicated summer residency. The piece became the centrepiece of a wider participation campaign, with teenagers invited to share their own performances of the central melody on social media. This extended the creative impact of the Proms far beyond the concert hall.
Throughout the year, **NYO Associates** also led the way in creative innovation -devising and performing original works during public sharings, showcasing youth-led composition and performance in accessible and informal settings.
Our **programme was defined by artistic diversity and representation** :
- **50% of works performed were by female or global majority composers** .
- Programming highlights included:
- _Concerto Grosso_ by **Gavin Higgins** , performed with the National Youth Brass Band of Great Britain.
- `o` A full contemporary programme at **Liverpool’s Tung Auditorium** , including Julius Eastman’s improvisatory _Stay On It_ .
- Missy Mazzoli’s **Orpheus Undone** , presented at the BBC Proms.
The Proms performance concluded with a uniquely NYO tradition - an a cappella encore. This year, musicians raised their voices for **Bizet’s “Farandole”** from _L’Arlésienne_ .
Throughout the year, the Orchestra’s artistic excellence was widely recognised in the national press:
_“The NYO’s commitment and enthusiasm tangible in playing of formidable virtuosity and intensity.”_ — **Tim Ashley, The Guardian**
_“Showcases of inclusion and collective voice don’t get more powerful than this.”_ — **Flora Willson, The Guardian**
_“As the NYO always reminds us, generosity of spirit and resplendence of sound are really two sides of the same coin.”_ — **Ivan Hewett, The Telegraph**
## **Inclusive community**
NYO’s commitment to inclusion shapes every aspect of our recruitment, programming, and culture. In 2024, we welcomed a richly diverse group of young people into the NYO community and continued building pathways to participation through Inspire and Open.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
Our recruitment for **NYO 2025** focused on widening access while maintaining the highest musical standards. We received **709 applications** —a small drop from 727 the previous year—and provided targeted support to level the playing field:
- **198 one-to-one coaching sessions** , prioritising state-school applicants.
- **15 instrument-specific webinars** to help demystify the audition process.
- **401 candidates** attended Final Round Assessment Days across London, Manchester, Birmingham, and Reading, which included ensemble playing, creative workshops, and auditions with expert panels.
We’re proud that NYO 2025 returned to a **majority of state-educated and home-schooled musicians (52%)** , meeting a core strategic target. Our **ethnic diversity remained in line with the UK teenage population (35%)** , though we recognise continued underrepresentation among Black and South Asian musicians. We remain committed to addressing this.
The pipeline from **NYO Inspire** to the Orchestra continues to be vital - **48% of the 2025 Orchestra** progressed from Inspire. This demonstrates the long-term value of that programme in nurturing potential and building confidence.
||**NYO 2023**|**NYO 2024**|**NYO 2025**|
|---|---|---|---|
|**State educated or home-schooled**|50%|46%|52%|
|**Black, Asian or ethnically diverse**|29%|36%|35%|
|**All UK regions represented**|Yes|Yes|Yes|
|**% of leadership positions occupied by**
**female musicians**|61%|53%|50%|
|**% previously in NYO Inspire**|43%|37%|48%|
|**% on fullor partial bursaries**|28%|37%|33%|
Thanks to the generosity of our supporters, no young person is ever turned away from NYO due to cost. Participation in **NYO Inspire and Open is entirely free.** In 2024, heightened cost-of-living pressures meant we saw a **significant rise in financial support needs** - reflected in the **37% of NYO 2024 musicians** who received bursaries, up from 28% in 2023.
**NYO Inspire** specifically targets young people from underrepresented backgrounds:
- **43% of Inspire participants** in 2024 identified as Black, Asian or ethnically diverse.
- • **76% lived outside London** , including **17% from the North of England** .
We aim to foster not just access, but a truly inclusive culture - where every teenager feels seen, heard, and supported:
- **91% of musicians** reported a strong sense of community spirit.
- **90% said they felt they could be themselves** within the NYO environment.
- Musicians consistently reported a **strong sense of belonging** , an essential foundation for creativity, learning, and growth.
With young people facing rising pressures from education, mental health challenges, and societal uncertainty, we invest significantly in **pastoral support and wellbeing** . Our approach is led by NYO’s full-time **Head of Youth Development** and delivered by a team of experienced freelance professionals from youth work, education, and participatory arts. Whether young people are with us for an hour or a fortnight, we work to ensure they thrive, feel safe, and are empowered to fulfil their potential.
## **Catalyst for schools**
NYO continued to strengthen its role as a catalyst for change in secondary school music education - bringing highquality, live orchestral experiences directly to students, many of whom had limited prior exposure to this art form.
In **Blackpool** , we deepened our partnership with the local **Music Education Hub** , co-producing our first schools concert series outside of a traditional venue. Two concerts at the iconic **Blackpool Tower Ballroom** welcomed **1,300 students** from local schools. The following day, **46 NYO musicians** visited four of these schools across Blackpool and Fleetwood, delivering **creative workshops** inspired by Arturo Márquez’s _Danzon No. 2_ . The sessions brought music off the stage and into classrooms - connecting live performance to active participation.
In **July 2024** , the **Inspire Orchestra** - a group of 38 Inspire musicians, supported by eight NYO musicians and eight NYO alumni - embarked on a national tour to state secondary schools. Musicians from every region of the UK were
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
represented in the orchestra. Following a residency at Sherborne Girls’ School, the ensemble travelled to schools in Taunton, Exeter, Newport, York, Long Eaton and Norfolk. The project reached over 2,500 students through in-school concerts, and a further 500 young musicians through 16 creative and side-by-side workshops.
Activities included co-creating soundscapes, rehearsing Bacewicz’s _Overture_ , and performing Stevie Wonder’s _Sir Duke_ with combined school choirs. Roaming ensembles brought live music into the heart of each school day, with repertoire tailored to students’ interests and musical starting points.
One teacher reflected:
_“Students that find traditional classroom settings difficult were cheering and clapping, disengaged students were dancing and enjoying themselves, instrumentalists were wowed and challenged.”_
## **Sustainable future**
A sustainable future for NYO means ensuring that we are **resilient, well-governed, and equipped** to serve future generations of teenage musicians with the same ambition and integrity that defines our current work.
NYO continues to benefit from a **highly committed and skilled Board of Trustees** , offering strategic oversight and expert guidance across all areas of our work.
In 2023-24, we strengthened **youth representation** through the appointment of **two Youth Trustees** - both under 25 and alumni of NYO programmes - ensuring that decision-making remains closely connected to the lived experience of young people. The recruitment process was open to all NYO alumni aged 21-25, and our Youth Trustees will each serve a two-year term.
This year also marked the **pilot implementation of NYO’s new impact and evaluation framework** . Rooted in established youth sector methodologies, the framework focuses on how our work influences musical development, personal growth, and wider life outcomes. It combines quantitative data with powerful qualitative evidence from young people and their parents/carers. These insights are already shaping programme design, strengthening stakeholder engagement, and supporting fundraising bids with clear evidence of impact.
**Fundraising performance in 2023-24 was strong** , with growth in philanthropic income and continued generosity from our donor community. Improvements in donor segmentation and targeted communications also enhanced stewardship and helped deepen long-term relationships.
2023-24 represented the **first full year of activity supported by Salesforce** , NYO’s new central CRM and data platform. Now fully embedded across the organisation, Salesforce powers everything from participant tracking and event logistics to donor management and evaluation reporting. The system is already helping us work more efficiently, deliver joined-up experiences for young people and supporters, and make more informed strategic decisions.
Following the **launch of NYO’s refreshed brand** in September 2023, we continued to roll this out in 2024 - strengthening our digital presence, refining our tone of voice, and placing youth voice at the centre of our storytelling.
## **Impact**
In 2023-24, NYO’s musicians collectively reached **over 15,000 children and young people** through performances, workshops, and peer-led outreach - a **57% increase on the previous year’s total of 9,560** . This growth reflects the multiplying effect of NYO’s cascade model. On average, each of the 150 NYO Orchestra musicians inspired and connected with **100 other young people** - up from 60 in 2022–23 - demonstrating the expanding reach and power of teenage role models to transform how orchestral music is experienced and shared.
Feedback from young people and their families further illustrates the value of the experience:
- The average NYO Adventure score was 85%, reflecting high levels of personal growth.
- Our Net Promoter Score (NPS) of 75 indicates a high level of enthusiasm and loyalty among participants. In the NPS system, scores range from -100 to +100, with anything above 50 considered excellent. A score of 75 shows that our musicians are not only highly satisfied, but also likely to recommend NYO to their peers - an important indicator of positive experience and lasting impact.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
- 78% of parents reported that their young person’s confidence and self-esteem increased as a result of participating in NYO.
- Among our leavers, 79% progressed to studying music at higher education level, highlighting NYO’s role in shaping the future of the UK’s musical and creative landscape.
These outcomes reflect not only the reach of our programmes, but their depth - fuelled by a commitment to accessibility, creative challenge, and the development of young people as role models and changemakers.
## **Plans for 2024-25**
In 2024–25, NYO will deliver a rich and diverse calendar of activity that reflects our commitment to national reach, inclusion, and musical excellence. Core programme plans include:
- **Orchestra:** Three major residencies and national concert tours.
- **Inspire:** Delivery of Unite Days, Inspire Ensembles, and a full-scale Inspire Orchestra residency.
- **NYO Open:** Dedicated schools’ concerts in Nottingham and Blackpool, and Open workshops hosted across the country.
- **NYO Associates and Alumni:** Ongoing development of these programmes to support progression and leadership.
- **Recruitment:** National recruitment campaign for the 2026 cohorts of NYO and NYO Inspire.
In addition to core delivery, our strategic focus for the year will include:
- **Innovative touring models:** Splitting the orchestra in spring to deliver two distinct tours, including NYO’s first performance at the Roundhouse since 2009, and partnering with new venues to reach broader audiences.
- **Youth centre partnerships:** Expanding encounters in youth centres by building on the 2023–24 pilot with On Side Youth Zones.
- **Associates pathway:** Strengthening the NYO Associates as a flexible and creative progression route for emerging musicians.
- **Progression and role modelling:** Collaborating with Young Sounds UK on progression and peer role modelling through the Department for Education’s Music Progression Fund.
- **Digital innovation:** Beginning our Bloomberg Digital Accelerator journey to better engage musically curious teenagers through content and online interaction.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **Summary of projects 2023-24**
## **NYO Ascent: Winter Residency & Tour: 28 December 2024 – 3 January 2025**
**Dani Howard –** _Ascent_ (World Premiere Tour) **4 January 2024** Barbican, London **Bedřich Smetana** _Vltava_ (The Moldau) from _Má vlast_ (My Country) **Richard Strauss** – _Eine Alpensinfonie_ , Op. 64 (Alpine Symphony)
Sir Mark Elder _Conductor_
**5 January 2024** Royal Concert Hall, Nottingham
Natalia Luis-Bassa _Associate Conductor_ Tess Jackson _Assistant Conductor_ **6 January 2024** Warwick Arts Centre
## **Schools Concerts: Blackpool: 17 – 20 February 2024**
**Samuel Coleridge Taylor –** _Ballade_
**Dani Howard –** _Arches_ **Bedřich Smetana –** _Vltava_ (The Moldau) from _Má vlast_ (My Country) **Arturo Márquez** – _Danzon No. 2_ **Stevie Wonder** – _Sir Duke_ Tess Jackson _Conductor_
**19 February 2024** Blackpool Tower Ballroom
**20 February 2024** Fleetwood High School Unity Academy St Mary’s Academy Aspire Academy
## **NYO Catalyst: Spring Residency & Tour: 3 – 16 April 2024**
**Programme 1 Simon Steen-Anderson -** _Run Time Error_
**Carlos Simon -** _Graffiti_
**Dani Howard -** _Ruminations_ from Trombone Concerto (2nd movement)
Programme 1 **11 April 2024** Tung Auditorium, Liverpool Programme 2 **12 April 2024** Philharmonic Hall, Liverpool
**Julius Eastman -** _Stay On It_
**14 April 2024** Royal Festival Hall, London
## **Agata Zając** _Conductor_
**Delia Stevens** _Creative Director_
**Programme 2** (with The National Youth Brass Band of Great Britain)
**Gavin Higgins** _Concerto Grosso for Brass Band and Orchestra_ **Sergei Prokofiev** Symphony No. 5 **Dani Howard** _Fanfare_
**Schools Concerts 15 April 2024** Saffron Hall, Saffron Walden
**Youth Centre activities 15-16 April** Onside Youth Zone, Barking
Jessica Cottis _Conductor_ (Prokofiev) Tess Jackson _Conductor_ (Higgins)
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **Inspire Orchestra Residency & Tour: 7 – 17 July 2024**
**Grazyna Bacewicz** _Overture_ **11 July 2024** The Castle School, Taunton **Samuel Coleridge-Taylor** _Ballade in A Minor_ Op.33 **12 July 2024 Johann Strauss II** Overture from _Die Fledermaus_
**12 July 2024 Johann Strauss II** Overture from _Die Fledermaus_ St Peter's CofE Aided School, Exeter **Dani Howard** _Matchmakers_ **13 July 2024 Alberto Ginastera** Four Dances from _Estancia_ Op.8a St John Baptist, Newport **Stevie Wonder** _Sir Duke_ **15 July 2024** Huntington School, York Otis Enokido-Lineham _Conductor_ **16 July 2024** The Long Eaton School, Derbyshire
**17 July 2024** Ormiston Victory School, Norwich
**NYO As One: Summer Residency & Tour: 28 July – 10 August 2024**
**Richard Wagner** Overture to _The Flying Dutchman_ **7 August 2024** Bridgewater Hall, Manchester **Missy Mazzoli** _Orpheus Undone_ **9 August 2024 Dani Howard** _Three, Four AND…_ (BBC Commission, World Saffron Hall, Saffron Walden Premiere)
**Gustav Mahler** Symphony No. 1, _Titan_
**10 August 2024** BBC Proms, Royal Albert Hall, London
Encore: **Georges Bizet** ‘Farandole’ from _L’Arlésienne_
Alexandre Bloch _Conductor_ Tess Jackson _Conductor (Three, Four AND)_ Otis Enokido-Lineham _Inspire Residency Conductor_
## **NYO Recruitment 2025 – Final Round Assessment Days: 2 – 10 September 2024**
## **2 – 10 September 2024**
401 musicians joined Final Round Assessment Days in London, Manchester, Birmingham, Reading
## **NYO Unite: 26 October - 3 November 2024**
**26 October 2024 1 November 2024** Queen Elizabeth’s Grammar School, Horncastle Rougemont School, Newport **27 October 2024** Trinity Academy St Edward’s, Barnsley **2 November 2024 28 October 2024** Bobby Moore Academy, London Ripley St Thomas Church of England Academy, Lancaster
## **3 November 2024**
Varndean High School, Brighton
**Georges Bizet** _L’Arlésienne_ Suite Pablo Urbina _Conductor_
14
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **Financial review**
## **Financial model**
NYO’s financial model is built on the reality that we must **fundraise nearly 80% of our income each year** to deliver our mission. As one of the UK’s most visible national youth organisations, there is a strong expectation that we maintain a consistent, year-round model - not one that operates hand-to-mouth or relies on project-specific fundraising. To achieve this, we must make significant advance commitments to programming, staffing, and partnerships, often more than a year ahead. That requires long-term planning, sustained income, and financial confidence.
In 2023–24, **93% of NYO’s fundraising income came from private sources** , with only **7% from public grant funding** . This is both a strength and a challenge: while it reflects deep support from individuals, trusts and foundations, our model depends on continuing to grow a highly engaged and mission-aligned base of supporters.
Our funding model is grounded in a **broad base of individual supporters** , complemented by philanthropic partnerships, legacy income, and modest levels of public funding. Thousands of donors across the UK contribute to our work, united by a belief in the transformative power of orchestral music for young people. This **widespread, mission-driven support** underpins both the resilience of our finances and the reach of our impact.
At the same time, **our programme delivery is fully integrated** : the Orchestra, Inspire, and Open strands are interconnected, with each element reinforcing the others. Every NYO musician is both a performer and a peer leader - supporting and inspiring others across the national community. This **cascade effect** ensures that investment in one young person is multiplied many times over, extending our impact far beyond the concert platform.
Our financial strategy is shaped by the following principles:
- **Exceptional value** : Investment in a single young person creates wide-reaching ripple effects across the NYO community. We also leverage every activity to maximise opportunities to engage more young people.
- **Scalable reach** : In addition to expanding our established Inspire programme, over the next five years we plan to create new entry points to orchestral music through digital initiatives and a new national schools’ programme.
- **Strategic resilience** : In the context of ongoing pressure on statutory funding and limited earned income potential, investment in fundraising is critical to our sustainability.
- **Planned growth** : Legacy income and strategic use of reserves have enabled expansion in both programme and organisational capacity.
- **Mission-driven discipline** : We prioritise funding opportunities that align with our values, impact goals, and long-term vision.
With strong foundations and increasing demand, NYO is poised to expand its reach significantly over the next decade. We are working to further grow our community of support to secure long-term impact and help realise the full potential of our model.
## **Financial performance**
NYO’s financial position at the end of 2023-24 reflects another year of strategic investment and programme growth, underpinned by strong income performance and prudent financial management. The charity has continued to scale its impact while maintaining financial resilience, ensuring that it is well placed to deliver against its long-term ambitions.
## **Income**
In 2023–24, NYO’s total income was £3,917,837, representing a 14% increase from the previous year. This growth was driven primarily by an exceptional year for legacy giving (over £1 million received), alongside strong returns from our Individual Giving programme. Other fundraising areas held up well in a challenging economic environment.
15
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
The majority of our income (£3,262,987) was unrestricted, with restricted income at £654,850, directed towards specific programme activity and development priorities.
## **Expenditure**
Total expenditure for the year was £4,062,261. This compares to £4,386,921 in the previous year. Disregarding the previous year’s one-off investments in CRM, website, and brand, 2023-24’s expenditure reflected increased programme delivery in line with strategic growth.
Expenditure is categorised as follows:
- **Residencies & Concerts** (£1,715,408) – This includes the core artistic and logistical costs of the Orchestra’s residencies and concert tours. It encompasses conductor and tutor fees, venue hire, pastoral welfare, production costs, accommodation, catering and travel.
- **Inspire & Open** (£1,003,310) – This covers the planning and delivery of access programmes for teenage musicians facing barriers to progression, as well as Open activities and school-based activities. Costs include tutor and creative leaders, venue hire, pastoral welfare, accommodation, catering and travel.
- **Recruitment & Auditions** (£251,618) – Supporting the national audition and recruitment process for NYO and Inspire, including digital applications, live assessments, coaching, and outreach to broaden applicant diversity.
- **Raising Funds** (£1,083,467) – in line with our reliance on fundraising for nearly 80% of income, this supports a multi-skilled team delivering income from individual giving, trusts, corporates, and legacies. The team balances in-year income generation with long-term donor development, underpinned by tailored stewardship to sustain our year-round programme and future growth.
- **Investment Management Fees** (£8,458) – fees paid to our investment managers to steward our long-term invested funds.
## **Financial Results and Closing Funds**
The Statement of Financial Activities for the year is set out on page 24. Total income comprises £3,262,987 for unrestricted funds, £654,850 for restricted funds. The net outgoing resources before investment gains were £144,424 (2023: outgoing £937,980). At 30 November 2024 the free reserves of the Charity were £1,394,390 (2023: £1,069,986).
Trustees had approved a deficit budget, to be supported by the Expendable Endowment, reflecting continued investment in growing NYO’s programme, with an aim for fundraising targets to grow over the coming years to close the gap between income and planned expenditure. As legacy income significantly exceeded target, an overall surplus was achieved, with total funds increasing from £3,966,473 to £4,540,182. This includes a £107k restricted grant from the Marie-Louise von Motesiczky Charitable Trust which is planned to be spent during 2024-25 and 2025-26.
Trustees approved a drawdown of £200,000 from the Murray Family gift (held within the Expendable Endowment fund) to support strategic growth.
## **Reserves policy**
NYO maintains reserves to ensure financial resilience against fluctuations in fundraised income and unexpected costs. With fundraised income accounting for approximately 80% of total revenue, NYO’s financial position is particularly sensitive to changes in the economic climate, funding uncertainties, and unforeseen events.
In line with sector expectations and operational requirements (particularly residential accommodation and artistic contracts), we often need to commit to plans a year or more in advance. Such commitments necessitate stable financial planning, meaning the charity cannot sustainably operate on a project-to-project basis. Reserves thus provide essential financial stability, enabling consistent and secure delivery of NYO’s annual artistic and educational programmes and giving confidence to all stakeholders—including funders, partners, and programme participants.
Trustees aim to maintain total expendable funds (including unrestricted free reserves and the Expendable Endowment) equivalent to 40-60% of annual turnover, providing a substantial buffer for financial risk. Within this total, unrestricted free reserves will typically be lower, reflecting the supportive role of the Expendable Endowment.
16
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
At 30 November 2024, unrestricted free reserves stood at £1,394,392. Trustees have assessed this level as sufficient, and regularly review the level of unrestricted reserves, considering operational risks, income volatility, contractual obligations, and strategic plans.
Trustees have endorsed plans for strategically deploying the Expendable Endowment to support programme growth, fundraising, and organisational capacity, whilst ensuring sufficient total expendable funds are maintained to meet the 40-60% turnover target.
The Finance Committee regularly monitors reserves levels and policy effectiveness. Trustees formally review this policy annually, ensuring alignment with NYO’s strategic ambitions, financial circumstances, and operational risks.
## **Investments**
NYO aims to maintain sufficient cash balances to meet short-term liabilities, while ensuring that longer-term funds are invested safely and prudently to mitigate the effects of inflation and, where appropriate, deliver capital growth to support our strategic financial plans. Invested funds are managed by experienced investment managers, operating under objectives set by the Trustees. The current policy is to hold a balanced, medium-risk portfolio that delivers modest growth while preserving adequate liquidity. The Finance Committee monitors performance quarterly against benchmarks, and invites the investment managers to report annually to the Committee.
During 2024, NYO conducted a tender process and appointed Cazenove Capital to manage our investments within the Cazenove Sustainable Multi-Asset Fund. This fund was selected for its alignment with NYO’s financial goals and ethical values: it aims to deliver long-term growth through a diversified portfolio, while applying robust sustainability criteria and active stewardship to promote positive social and environmental outcomes. The consolidation of funds - previously managed across three firms - began in September 2024 and will be completed in 2025. Trustees were supported by an independent advisor through this tender process.
## **Structure, governance & management**
## **Governing document**
The National Youth Orchestra of Great Britain (NYO) operates under the Memorandum and Articles of Association dated 5 September 1984, amended by special resolution on 22 June 2006. The Charity is a company limited by guarantee without share capital. The liability of each Trustee is limited to £1 in the event of winding up.
## **Objectives and aims**
According to its governing document, NYO exists 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.’
## **Public Benefit**
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit in carrying out the charity’s purposes. The Trustees are confident that NYO provides clear public benefit through its work to advance the education and development of young people through orchestral music.
NYO’s activities provide meaningful benefits to young people across the UK, with a particular focus on teenagers facing barriers to progression in music. Through a combination of national recruitment, free and accessible programmes (including Inspire and Open), and a commitment to diversity and inclusion, NYO ensures that
17
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
opportunities to engage in high-quality musical development are widely available. Beyond performance, NYO fosters young people’s confidence, teamwork, and leadership skills - benefits that extend far beyond the concert platform.
The charity’s work also contributes to the wider cultural landscape, reaching audiences and communities across the UK through free school concerts and the provision of free tickets for teenagers. No individual is excluded from participation on financial grounds, with means-tested bursaries and travel expense support forming a core part of the charity’s inclusive approach.
## **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 four-year terms, renewable once, except in exceptional cases.
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.
Following the appointment of Christopher Satterthwaite CBE as chair in November 2023, a Nominations Committee was established, led by Nicola Brentnall MVO. The committee led the process to recruit several new trustees, including Michael Dixon to replace Andrew Gambrell who retired as Chair of the Finance Committee in October 2024, Ella Bennett, who brings strategic HR expertise to the board, and two Youth Trustees, selected from applicants from the NYO alumni community.
The board recognises the value of the Charity Governance Code in setting a benchmark for good governance. Trustees have reviewed the code and assessed that NYO’s governance practices align closely across most areas of the code. Some areas for closer alignment have been identified and will be worked towards over the next year.
## **Organisational structure**
The Board of Directors, who are the Trustees, meet four times a year to determine strategic, artistic, and financial and governance policies. A Finance Committee undertakes detailed scrutiny of financial matters. The Board is supported by NYO’s senior management team Sarah Alexander (Chief Executive & Creative Director), Tim Foxon (Finance & Operations Director) and Duncan Grant (Fundraising & Communications Director). The senior management team are regarded as the Key Management Personnel.
## **Remuneration**
Employee pay awards are proposed by the Chief Executive & Creative Director and Finance & Operations Director and approved annually by the board. Increases will be guided by CPI inflation, sector benchmarking and London Living Wage guidelines. Key Management Personnel remuneration will be decided and authorised by the Board. Recognising the high level of inflation, a cost-of-living pay award of 5% was offered to eligible staff from 1 December 2023.
## **Risk management**
NYO maintains a comprehensive approach to risk management, with the Board of Trustees and senior management team conducting regular reviews of the strategic, operational, and external risks facing the organisation. A formal strategy underpins this process, with quarterly assessments of principal risks and mitigation measures embedded into our systems and procedures.
Safeguarding remains NYO’s top priority. 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.
18
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
Attention has also been focused on the ability to secure the targeted level of fundraised income which remains an ambitious target at more than £3m 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.
Data protection and cybersecurity are also key risks. We robustly safeguard our systems against data breaches and cyber threats through enterprise-level security measures, and ensure all data is processed in line with regulations. Artificial Intelligence is a growing area of attention; with internal guidelines developing to ensure compliance as new use-cases emerge.
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 grateful to all the individuals and organisations who supported NYO during the year.
In 2023-24, NYO raised **£3,387,054** (2022-23: £2,931,537) from a broad base of support. This included **£1,282,874 from individuals, £569,203 from trusts and foundations, £252,377 from Arts Council England, £52,940 from companies, £164,205 in Gift Aid, and £1,065,455 in legacies** . The Fundraising team processed **over 29,000 donations** from 8,367 donors (2023: 7,120) welcoming 3,406 new supporters during the year.
Our approach is **relationship-based** , with a focus on personal engagement, donor care, and professionalism. The majority of fundraising activity is conducted by a team of employed staff, supported by board members and volunteers. Systems and structures continue 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
NYO complies fully with the **Fundraising Regulator’s Code of Practice** , and all fundraising staff and partners are briefed accordingly. Donors’ privacy and preferences are carefully respected, and no supporter was put under undue pressure to give. **240 donors** took part in NYO **‘In Action’ events** during NYO residencies and concert days, offering behind-the-scenes insight into our work and deepening connections with our mission.
NYO is registered with the Fundraising Preference Service and handled 22 opt-out requests last year (just 0.007% of cold mail sent). We operate a clear and accessible complaints policy, available at nyo.org.uk/complaints. No level 2 complaints were received in 2023–24 (a level 2 complaint may express concern about a fundraising method or how a donor has been handled). Our internal procedures ensure appropriate escalation, and our vulnerable persons policy is embedded in both our training and public-facing materials.
## **Future organisational sustainability**
In February 2025, NYO received a transformational **£2 million legacy from the estate of Paul Morgan** , a longstanding and deeply valued supporter. This extraordinary gift provides a platform for NYO to take bold new steps in expanding its national reach and meeting rising demand for our programmes. As with previous step-change investments, this legacy will be used strategically to unlock further growth and extend our impact. It reflects the confidence of our supporters in NYO’s mission and creates **new opportunities for others to join us** in shaping the future of teenage musical opportunity across the UK.
Trustees are currently developing a new five-year financial plan, to be published in Summer 2025, which will outline revised targets for income growth and programme expansion. The strategic deployment of this legacy will ensure maximum benefit to teenage musicians nationwide.
Trustees have reviewed NYO’s financial position and are satisfied that the organisation has sufficient reserves and operational flexibility to continue as a going concern.
19
National Youth Orchestra Report of the Trustees and Financial
of Great Britain Statements for the year ended 30 Nov 2024
## **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
## 16/07/2025
…………………………………..
Date
20
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **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 2024 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 2024 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:
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
- 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
- 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 20, 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.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
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.
## 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.
Cara Turtington (Senior Statutory Auditor)
for and on behalf of Saffery LLP
71 Queen Victoria Street London Statutory Auditors EC4V 4BE
22/07/2025 Date:
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
23
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **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 & Open
Additional 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
Gains/(losses) on revaluation
of Fixed Assets
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
16
Total funds carried forward|**Unrestricted**
**Funds**
**£**
2,744,151
47,143
471,693
3,262,987
1,083,467
-
1,356,368
251,618
798,060
-
3,489,513
(226,526)
43,690
(182,836)
359,609
176,773|**Unrestricted**
**Funds**
**£**
2,744,151
47,143
471,693
3,262,987
1,083,467
-
1,356,368
251,618
798,060
-
3,489,513
(226,526)
43,690
(182,836)
359,609
176,773|**Restricted**
**Funds**
**£**
642,903
11,947
-
654,850
-
-
359,040
-
205,250
-
564,290
90,560
497
91,057
-
91,057|**Restricted**
**Funds**
**£**
642,903
11,947
-
654,850
-
-
359,040
-
205,250
-
564,290
90,560
497
91,057
-
91,057|**Permanent**
**Endowment**
**Fund**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
19,311
19,311
-
19,311|**Permanent**
**Endowment**
**Fund**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
19,311
19,311
-
19,311|**Expendable**
**Endowment**
**Funds**
**£**
-
-
-
-
-
8,458
-
-
-
-
8,458
(8,458)
241,618
233,160
-
233,160|**Expendable**
**Endowment**
**Funds**
**£**
-
-
-
-
-
8,458
-
-
-
-
8,458
(8,458)
241,618
233,160
-
233,160|**Total**
**Funds**
**2024**
**£**
3,387,054
59,090
471,693
3,917,837
1,083,467
8,458
1,715,408
251,618
1,003,310
-
4,062,261
(144,424)
305,116
160,692
359,609
520,301|**Total**
**Funds**
**2024**
**£**
3,387,054
59,090
471,693
3,917,837
1,083,467
8,458
1,715,408
251,618
1,003,310
-
4,062,261
(144,424)
305,116
160,692
359,609
520,301|**Total Funds**
**2023**
**£**
2,931,537
75,420
441,984|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||3,448,941|
||||||||||||888,095
6,807
1,645,407
207,564
880,946
758,102|
||||||||||||4,386,921|
||||||||||||(937,980)|
||||||||||||4,272|
||||||||||||(933,708)|
||||||||||||338,396|
||||||||||||(595,312)|
|||||||||||||
||200,000||-||-||(200,000)||-||-|
|||||||||||||
||34,558||18,850||||||53,408||-|
||411,331
1,168,171
1,579,502||109,907
171,297
281,204||19,311
263,912
283,223||33,160
2,363,093
2,396,253||573,709
3,966,473
4,540,182|||
||||||||||||(595,312)
4,561,785|
||||||||||||3,966,473|
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. Additional Projects includes expenditure on digital transformation. The notes on pages 28-40 form part of these financial statements.
24
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **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**|2024
£
3,917,837
4,062,261
359,609
285,805
500,990|2023
£
3,448,941|
|---|---|---|
|||4,386,921|
|||338,396
19,700|
|||(579,884)|
Total income comprises £3,262,987 for unrestricted funds and £654,850 for restricted funds. A detailed analysis of income and expenditure by source is provided in the Statement of Financial Activities.
Expenditure comprises £3,489,513 for unrestricted funds and £564,290 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 24 which together with the notes to the financial statements on pages 28-40 provide full information on the movement during the year on all funds of the charity.
25
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **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|2024 Total
Funds
£
302,462
3,316,486
3,618,948
665,139
706,511
1,371,650
(450,416)
921,234
4,540,182
-
4,540,182
1,579,502
281,204
2,396,253
283,223
4,540,182|2023 Total
Funds
£
210,185
3,157,010|
|---|---|---|
|||3,367,195
552,776
435,908|
|||988,684
(389,406)|
|||599,278|
|||3,966,473
-|
|||3,966,473|
|||1,168,171
171,297
2,363,093
263,912|
|||3,966,473|
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 16 July 2025 and were signed on its behalf by
………………………………………….
Christopher Satterthwaite CBE Chair
The notes on pages 28-40 form part of these financial statements
Registered Company Number - 1858278
26
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **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
Purchase of Musical Instruments & Equipment
**Cash flows from financing activities:**
Receipt of Restricted Fund / 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
Loss on disposal of fixed assets
(Gains)/Losses on investments
Decrease/(Increase) in debtors
(Decrease)/Increase 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**
**23**
435,908
862,660
29,752
**1,328,320**|**2024**
**Total**
**Funds**
**£**
153,682
(1,246,323)
1,158,059
26,282
(55,001)
-
36,699
1,328,320
**1,365,019**
520,301
2,632
(26,282)
13,500
(305,116)
(112,363)
61,010
**153,682**
706,511
658,508
-
**1,365,019**
**Cashflows**
270,603
(204,152)
(29,752)
**36,699**|**2023**
**Total**
**Funds**
**£**
(869,080)
(321,661)
425,586
36,000
(9,697)
35,000|
|---|---|---|---|
||||(703,852)|
||||2,032,172|
||||**1,328,320**|
||||(595,312)
1,368
(36,000)
-
(4,272)
81,703
(316,567)|
||||**(869,080)**|
||||435,908
862,660
29,752|
||||**1,328,320**|
||||**At 30**
**Nov 24**
706,511
658,508
-|
||||**1,365,019**|
27
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## **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.
28
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
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 £2,500 are capitalised. Those deemed to appreciate in value (if properly maintained) are valued formally every 5 years
Office equipment with a cost greater than £2,500 — 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 2024.
29
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## 2 Income
Donations and Legacies
|Donations and Legacies|||
|---|---|---|
|Companies and corporate foundations
Trusts and foundations
Seat Support
Individual Giving
Major Giving
Arts Council England
Legacies
Gift Aid|2024
£
52,940
569,203
77,150
896,124
309,600
252,377
1,065,455
164,205
3,387,054|2023
£
58,400
594,825
72,790
742,239
314,295
252,377
760,384
136,227|
|||2,931,537|
Total income from government sources was £252,377 (2023: £252,377)
NYO is most grateful to the following trusts and foundations that supported the charity in 2023-24:
The Andor Charitable Trust The Marie-Louise von Motesiczky Charitable Trust The Barbara Whatmore Charitable Trust The Millichope Foundation The Cecil King Memorial Foundation The Misses Barrie Charitable Trust The Colwinston Charitable Trust MVM Charitable Trust Community Foundation Serving Tyne & Wear and Northumberland The Ofenheim Charitable Trust The du Plessis Family Foundation The Radcliffe Trust The F B Lawrence Charitable Trust The Raphael and Marika Levy Benevolent Fund G. M. Marriage Charitable Trust The Reynolds Foundation Grumpy Givers The Saintbury Trust The Harrison Frank Family Foundation The Salamander Charitable Trust The Houghton Dunn Charitable Trust The Samuel Gardner Memorial Trust The Humphrey Richardson Taylor Charitable Trust The Souldern Trust The Ian Mactaggart Charitable Trust The Steel Charitable Trust The JFR Charitable Trust The Thompson Family Charitable Trust The Joyce Fletcher Charitable Trust The Verina Black Charitable Trust The Karin Brass Memorial Fund Vogue World Fund The Kirby Laing Foundation The Yusef Foundation The Leverhulme Trust
NYO is most grateful to the following companies who supported the charity in 2023-24.
3i ABRSM
NYO is most grateful to the following individuals who supported the charity in 2023-24 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 2023-24 and continues to be so. We also gratefully acknowledge the support of those who wish to remain anonymous.
## **Major Donors**
Alex Graham and Rosie Millard Sir Jan and Lady du Plessis Sir Leonard Blavatnik Penny Moore The Guyll-Leng Charitable Trust G Brown Associates Ltd. Michael and Lynne McGowan Stephen Sacks and Charlotte Hogg
30
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## 3 Investment income
|Dividend Investment Income
Deposit account interest|2024
£
26,282
32,808
59,090|2023
£
36,000
39,420|
|---|---|---|
|||75,420|
## 4 Income from charitable activities
|NYO Musicians’ fees
Trading, recording and broadcasting
Concert income
Other Income|2024
£
383,955
5,346
82,392
-
471,693|2023
£
358,875
5,179
74,130
3,800|
|---|---|---|
|||441,984|
## 5 Expenditure
|Costs of Fundraising
Investment Management Fees
Charitable activities:
Residencies & Concerts
Recruitment & Auditions
Inspire and Open
Additional Projects|Direct
Staff
Costs
£
441,167
-
318,690
96,414
277,870
-
1,134,141|Direct
Other
Costs
£
468,688
-
1,088,234
114,373
562,541
-
2,233,836|Support
Staff
Costs
£
44,007
-
108,073
10,805
43,186
-
206,071|Support
Other
Costs
£
129,605
8,458
200,411
30,026
119,713
-
488,213|2024
Total
Costs
£
1,083,467
8,458
1,715,408
251,618
1,003,310
-|
|---|---|---|---|---|---|
||||||4,062,261|
## 2023 Comparative Expenditure
|Costs of Fundraising
Investment Management Fees
Charitable activities:
Residencies & Concerts
Recruitment & Auditions
Inspire and Open
Additional Projects|Direct
Staff
Costs
£
352,008
-
267,130
71,833
246,062
87,623
1,024,656|Direct
Other
Costs
£
400,926
-
1,124,764
103,799
500,641
557,280
2,687,410|Support
Staff
Costs
£
34,297
-
67,053
8,404
34,213
26,807
170,774|Support
Other
Costs
£
100,864
6,807
186,460
23,528
100,030
86,392
504,081|2023
Total
Costs
£
888,095
6,807
1,645,407
207,564
880,946
758,102|
|---|---|---|---|---|---|
||||||4,386,921|
31
National Youth Orchestra Report of the Trustees and Financial
of Great Britain Statements for the year ended 30 Nov 2024
## 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
2023 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
£
67,500
112,839
180,339
Land &
Buildings
£
67,500
180,339
247,839|
Other
£
12,073
15,747
27,820
Other
£
8,209
15,445
23,654
2024
£
24,364
2,472
15,700
8,363|Total
Commitments
2024
£
79,573
128,586
208,159
Total
Commitments
2023
£
75,709
195,784
271,493
2023
£
19,598
2,169
15,400
21,744
58,911|Total
Commitments
2024
£
79,573
128,586
208,159
Total
Commitments
2023
£
75,709
195,784
271,493
2023
£
19,598
2,169
15,400
21,744
58,911|
|---|---|---|---|---|
||||||
||||
||
|||50,899||58,911|
## 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:
||2024|2023|
|---|---|---|
||£|£|
|Auditors’ remuneration|15,700|15,400|
|Auditors’ remuneration for other services|3,700|3,575|
|Depreciation – owned assets|2,362|1,368|
|Payments made under operating leases|94,121|94,880|
## 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 totalling £11,817 (2023: £10,969).
There were no other Trustees’ remuneration or other benefits for the year ended 30 November 2024.
## Trustees’ and Related Party Expenses
Trustees’ expenses paid for the year ended 30 November 2024 were £nil (2023: £133). Donations from Trustees during the year totalled £17,384 (2023: £11,334).
32
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## 7.1 Other Related Party transactions
Other than the items included at Note 7 above, there were no transactions with related parties in the year.
## 8 Staff costs
Total staff costs comprise:
|Salaries and wages
Social security costs
Pension costs
SMP/SPP recoverable
Other staff costs|2024
£
1,143,275
112,857
44,743
(476)
1,300,399
39,813
1,340,212|2023
£
1,036,723
91,694
25,600
(8,778)|
|---|---|---|
|||1,145,239
50,191|
|||1,195,430|
The average number of employees in the year was 26 (2023: 23). All employees worked on charitable activities. The aggregate value of remuneration paid to key members of the Senior Management Team total £371,040 (2023: £323,208). The pension contributions for the Senior Management Team total £23,978 (2023: £7,570). This comprises the Chief Executive & Artistic Director, Finance & Operations Director, Programmes Director, and Fundraising & Communications Director.
The number of employees paid in the banding above £60,000 were:
||2024|2023|
|---|---|---|
||£|£|
|£60,000 - £70,000|4|1|
|£100,000 - £110,000|-|-|
|£110,000 - £120,000|-|1|
|£120,000 - £130,000|1|-|
## 9 Tangible fixed assets
|Cost or valuation
At 1 December 2023
Additions
Revaluation
Disposals
At 30 November 2024
Depreciation
At 1 December 2023
Charge for the year
Release on Disposals
At 30 November 2024
Net book value
At 30 November 2024
At 30 November 2023|Depreciated
Musical
Instruments
£
86,451
-
-
-
86,451
86,451
-
-
86,451
-
-|Appreciating
Musical
Instruments
£
201,291
55,001
53,408
(13,500)
296,200
-
-
-
-
296,200
201,291|Office
equipment
£
23,894
-
-
-
23,894
15,000
2,632
-
17,632
6,262
8,894|Total
£
311,636
55,001
53,408
(13,500)|
|---|---|---|---|---|
|||||406,545|
|||||101,451
2,632
-|
|||||104,083|
|||||302,462|
|||||210,185|
Musical Instruments held by the Charity include higher value string and other instruments that, if properly maintained, appreciate in value. All high value string instruments were professionally valued by Thwaites (String Instruments Restorers) and woodwind instruments by Howarth London – Woodwind Instrument Specialists in the year ended 30[th] November 2024.
33
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## 10 Fixed asset investments
|**Market value**
At 1 December 2023
Additions
Disposals
Unrealised gain/(loss) on investments
Realised loss on investments
Movement in cash investments held
At 30 November 2024
**Net book value**
At 30 November 2024
At 30 November 2023
Market Value of Listed Investments at 30 Nov
Historic Cost of Listed Investments at 30 Nov|2024
£
3,157,010
1,246,323
(1,158,059)
280,407
24,709
(233,904)
3,316,486
3,316,486
3,157,010
2,657,978
2,108,324|2023
£
3,683,457
321,661
(425,586)
6,309
(2,037)
(426,794)|
|---|---|---|
|||3,157,010|
|||3,157,010|
|||3,683,457|
|||2,294,350|
|||1,807,772|
Investments held by the charity at 30 November 2024 consist of:
|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|2024
£
-
-
2,657,978
-
658,508
3,316,486|2023
£
-
248,512
1,749,566
296,272
862,660|
|---|---|---|
|||3,157,010|
## 11 Tax Credit
The Charity expects to be making a claim under Orchestra Tax Relief of £359,609 based on figures to 30 November 2024 (2023: £338,396). This income has been accrued in the accounts.
34
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## 12 Debtors
Amounts falling due within one year
|Other debtors
Prepayments
Accrued income|2024
£
1,593
128,314
535,232
665,139|2023
£
-
104,206
448,570|
|---|---|---|
|||552,776|
## 13 Creditors
Amounts falling due within one year:
|Trade Creditors
Social Security and other taxes
Accruals
Deferred income|2024
£
35,104
30,970
41,214
343,128
450,416|2023
£
53,913
27,885
89,591
218,017|
|---|---|---|
|||389,406|
HSBC holds a Debenture Charge over NYO’s assets since 2007 to support its credit banking facilities.
## 14 Deferred income
|Balance at 1 December 2023
Amounts released to income resources
Amounts deferred in year
Balance at 30 November 2024|2024
£
218,017
(218,017)
343,128
343,128|2023
£
407,664
(407,664)
218,017|
|---|---|---|
|||218,017|
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.
35
## National Youth Orchestra Report of the Trustees and Financial
of Great Britain Statements for the year ended 30 Nov 2024
## 15 Movement in funds
|**Unrestricted fund**
General fund
**Restricted funds**
The Alastair Morton NYO Instrument Fund
The Violin Appeal
The Ian Theakston Fund
The Martyn Ibbotson Legacy
Christine Woolridge Legacy
NYO Residencies & Concerts
NYO Inspire & Open
NYO Additional Projects
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 01.12.23
£
1,168,171
130,899
4,913
-
-
-
35,485
-
-
171,297
2,363,093
2,363,093
235,832
15,400
12,680
263,912
3,966,473|Incoming
Resources
£
3,262,987
-
-
11
9,927
534
331,905
205,250
107,223
654,850
-
-
-
-
-
-
3,917,837|Resources
expended
£
(3,489,513)
(13,500)
(3,438)
(11)
(9,927)
(534)
(331,630)
(205,250)
-
(564,290)
(8,458)
(8,458)
-
-
-
-
(4,062,261)|Tax, Gains,
losses and
transfers
£
637,857
18,850
-
-
-
-
497
-
-
19,347
41,618
41,618
18,067
202
1,042
19,311
718,133|At 30.11.24
£|
|---|---|---|---|---|---|
||||||1,579,502|
||||||136,249
1,475
-
-
-
36,257
-
107,223|
||||||281,204|
||||||2,396,253|
||||||2,396,253|
||||||253,899
15,602
13,722|
||||||283,223|
|||||||
||||||4,540,182|
During the year, the Trustees approved a transfer of £200,000 from the Expendable Endowment Fund to the General Fund to support the activities of the Charity. This comprised £200,000 from the Murray Family gift.
36
## National Youth Orchestra Report of the Trustees and Financial
of Great Britain Statements for the year ended 30 Nov 2024
## Comparative Movement of 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 & Additional 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 01.12.22
£
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|Incoming
Resources
£
2,669,906
-
-
1,738
14,508
780
405,259
356,750
-
779,035
-
-
-
-
-
-
3,448,941|Resources
expended
£
(3,439,162)
(96)
-
(199,044)
(14,508)
(780)
(369,774)
(356,750)
-
(940,952)
(6,807)
(6,807)
-
-
-
-
(4,386,921)|Tax, Gains,
losses and
transfers
£
764,925
-
-
-
-
-
-
-
-
-
(406,829)
(406,829)
(14,641)
-
(787)
(15,428)
342,668|At 30.11.23
£|
|---|---|---|---|---|---|
||||||1,168,171|
||||||130,899
4,913
-
-
-
35,485
-
-|
||||||171,297|
||||||2,363,093|
||||||2,363,093|
||||||235,832
15,400
12,680|
||||||263,912|
|||||||
||||||3,966,473|
37
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
**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 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 The Marie-Louise von Motesiczky Charitable Trust, The Leverhulme Trust, The Barbara Whatmore Charitable Trust, The Reynolds Foundation, The Houghton Dunn Charitable Trust The Millichope Foundation The Humphrey Richardson Taylor Charitable Trust, The Cecil King Memorial Foundation, Joyce Fletcher, The Steel Charitable Trust, The Guyll-Leng Charitable Trust, Mrs Penny Moore Sir Leonard Blavatnik, Charles Ross, G Brown Associates Ltd, Thwaites and Peter and Nina Hamburger in Memory of Kathleen Malet. NYO Inspire Open This fund supports NYO Inspire and Open activity and includes funding from The Karin Brass Memorial Fund, The Kirby Laing Foundation, The Colwinston Charitable Trust, Alex Graham and Rosie Millard, The Guyll-Leng Charitable Trust, The Radcliffe Trust, and ABRSM. NYO Additional Projects This fund supports NYO Additional Project Activity and includes funding from The Marie-Louise von Motesiczky Charitable Trust.
38
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## 16 Analysis of net assets between funds
|Unrestricted fund
Restricted funds
Expendable Endowment funds
Permanent Endowment funds
**Total funds**|Tangible
Fixed
Assets
£
185,112
117,350
-
-
302,462|Investments
£
331,729
36,257
2,665,277
283,223
3,316,486|Current
Assets
£
1,234,928
127,597
9,125
-
1,371,650|Current
Liabilities
£
(172,267)
-
(278,149)
-
(450,416)|Long term
Liabilities
£
-
-
-
-
-|Total 2024
£
1,579,502
281,204
2,396,253
283,223
4,540,182|
|---|---|---|---|---|---|---|
## Comparative Analysis of net assets between funds 2023
|Unrestricted fund
Restricted funds
Expendable Endowment funds
Permanent Endowment funds
**Total funds**|Tangible
Fixed
Assets
£
98,185
112,000
-
-
210,185|Investments
£
288,039
35,485
2,584,974
248,512
3,157,010|Current
Assets
£
940,347
23,812
9,125
15,400
988,684|Current
Liabilities
£
(158,400)
-
(231,006)
-
(389,406)|Long term
Liabilities
£
-
-
-
-
-|Total 2023
£
1,168,171
171,297
2,363,093
263,912
3,966,473|
|---|---|---|---|---|---|---|
39
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2024
## 17. Comparative SOFA
|**Income & Endowments**
**Income from**
Donations and Legacies
Investments
Charitable activities
**Total income &**
**Endowments**
**Expenditure**
**Expenditure on**
Raising funds
Investment Management
Fees
**Charitable activities**
Residencies & Concerts
Recruitment & Auditions
Inspire & Open
Additional 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
£
2,170,013
57,909
441,984
2,669,906
888,095
-
1,061,205
207,564
524,196
758,102
3,439,162
(769,256)
6,529
(762,727)
338,396
(424,331)|Restricted
Funds
£
761,524
17,511
-
779,035
-
-
584,202
-
356,750
-
940,952
(161,917)
-
(161,917)
-
(161,917)|Permanent
Endowment
Fund
£
-
-
-
-
-
-
-
-
-
-
-
-
(15,428)
(15,428)
-
(15,428)|Expendable
Endowment
Funds
£
-
-
-
-
-
6,807
-
-
-
-
6,807
(6,807)
13,171
6,364
-
6,364|Total
Funds
2023
£
2,931,537
75,420
441,984
3,448,941
888,095
6,807
1,645,407
207,564
880,946
758,102
4,386,921
(937,980)
4,272
(933,708)
338,396
(595,312)|
|---|---|---|---|---|---|
||420,000|-|-|(420,000)|-|
||-|-|-|-|-|
||(4,331)
1,172,502
1,168,171|(161,917)
333,214
171,297|(15,428)
279,340
263,912|(413,636)
2,776,729
2,363,093|(595,312)
4,561,785
3,966,473|
40