# **Report of the Trustees and Financial Statements**
_for the year ended 30 Nov 2025_
_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 2025
## **CONTENTS**
Reference and administrative details ...........................................................................................................................3 Introductory letter from the Chair of Trustees ...............................................................................................................5 Trustees’ Report .........................................................................................................................................................6 The need for our work .............................................................................................................................................6 Our strategic objectives ...........................................................................................................................................7 What we achieved in 2024-25 .................................................................................................................................7 Impact .................................................................................................................................................................. 12 Plans for 2025-26 ................................................................................................................................................. 13 Summary of projects 2024-25 ............................................................................................................................... 14 Financial review ........................................................................................................................................................ 17 Financial model..................................................................................................................................................... 17 Financial performance........................................................................................................................................... 17 Reserves policy .................................................................................................................................................... 18 Investments .......................................................................................................................................................... 19 Structure, governance & management ...................................................................................................................... 19 Governing document ............................................................................................................................................. 19 Objectives and aims .............................................................................................................................................. 19 Public Benefit ........................................................................................................................................................ 20 Recruitment and appointment of new trustees ....................................................................................................... 20 Organisational structure ........................................................................................................................................ 20 Remuneration ....................................................................................................................................................... 20 Risk management ................................................................................................................................................. 20 Fundraising ........................................................................................................................................................... 21 Future organisational sustainability ....................................................................................................................... 21 Statement of trustee responsibilities .......................................................................................................................... 23 Report of the independent auditors............................................................................................................................ 24 Statement of Financial Activities ................................................................................................................................ 27 Summary Income and Expenditure ............................................................................................................................ 28 Balance Sheet .......................................................................................................................................................... 29 Cash Flow Statement ................................................................................................................................................ 30 Notes to the Financial Statements ............................................................................................................................. 31
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
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 2025. 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_ Nicola Brentnall MVO _Vice Chair_ Ella Bennett (appointed January 2025) Patrick Bevan Raj Bhaumik (appointed May 2026) Michael Dixon (appointed January 2025) Lyn Fletcher (retired July 2025) Kyra Humphreys (appointed May 2026) Vyla Rollins Mazdak Sanii (retired July 2025) Stephen Sacks Hannah Stell (resigned July 2025) _Finance Committee_ Michael Dixon _Chair_ (appointed January 2025) Stephen Sacks Christopher Satterthwaite CBE _Senior Management Team_ Sarah Alexander OBE – Chief Executive & Creative Director Lucy Bayliss – Director of Engagement & Partnerships Tim Foxon – Chief Operating Officer Duncan Grant – Fundraising & Communications Director _Royal Patron_ Her Majesty The Queen _Founded by_ Dame Ruth Railton CBE in 1948 _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 2025
|_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|
||Flagstone Group Ltd|
||Clareville House|
||26-27 Oxendon Street|
||London|
||SW1Y 4EL|
|_Investment Managers_|Cazenove Capital|
||1 London Wall Place|
||London Wall|
||London|
||EC2Y 5AU|
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **Introductory letter from the Chair of Trustees**
As Chair of The National Youth Orchestra, I am delighted to present our annual report for 2024–25. This has been an exceptional year for NYO, shaped above all by the energy, commitment and ambition of its young musicians. Through performances, workshops, school activity, youth centre partnerships and open access opportunities, NYO’s teenage musicians reached nearly 30,000 children and young people across the UK during the year, sharing their skill, creativity and example on an unprecedented scale.
What stands out most to me is not only how widely this work reached, but the spirit in which it was done. This was a year of bold artistic choices and confident performance, combined with a determination to meet young people where they are. From schools’ concerts in the extraordinary setting of Blackpool Tower Ballroom, to the bold decision to split the Orchestra for the Spring tour so that more communities could experience live orchestral music, to the Relaxed Prom at the Royal Albert Hall and performances in Youth Zones and other informal settings, this was a year in which NYO showed that artistic excellence and wider access are not competing ambitions, but two sides of the same coin.
At the heart of NYO’s work is a belief in what young people can achieve when they are trusted, challenged and supported. The musicians who make up the Orchestra are not only outstanding performers; they are also leaders and role models, inspiring other teenagers and younger children through their commitment, generosity and shared love of music. That role was especially visible this year, as musicians took orchestral music into schools, youth centres and local communities, showing others what is possible through collaboration, discipline and imagination.
‑ A vital part of this mission is NYO Inspire, our free progression programme for state school musicians who may not ‑ otherwise have access to high quality orchestral opportunities. Inspire continues to open doors for young people across the country, helping them build confidence, develop their musicianship and connect with a national peer community.
None of this work would be possible without the strength of NYO’s community of support. It truly takes a nation to have a national youth orchestra. NYO is sustained by thousands of donors, trusts and foundations, corporate partners and others who believe in the potential of young people and in the power of orchestral music to shape lives. On behalf of the Board, I want to record my sincere thanks to everyone whose generosity, advocacy and encouragement made this year possible.
Alongside this artistic and programme activity, the organisation has continued to strengthen its long ‑ term foundations. During the year, NYO was selected for the Bloomberg Digital Accelerator Programme, creating momentum behind significant investment in digital infrastructure that will help the organisation reach and engage more teenagers in the ‑ ‑ years ahead. Trustees also approved a new five year financial framework and three year business plan, ensuring that NYO’s ambition is matched by disciplined planning and increasing organisational resilience.
The year was further marked by a transformational legacy gift from the estate of Paul Morgan, a long-standing and deeply valued supporter of NYO. Trustees intend that this extraordinary gift will be used strategically to support future growth and to help build a bigger and more ambitious offer for state schools and young people nationwide. It is both a practical and symbolic vote of confidence in NYO’s mission, and in the possibilities that lie ahead.
As Chair, I am deeply grateful to my fellow Trustees, to Sarah Alexander and the senior management team, to the staff and freelance community, and above all to the young musicians whose talent, commitment and generosity continue to define NYO. This report shows an organisation growing in reach, confidence and national significance. It also shows an organisation that remains clear about why it exists: to champion orchestral music as a powerful force for teenage development, and to ensure that many more young people can share in its benefits.
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 2025
## **Trustees’ Report**
## **Our purpose, public benefit and operating model**
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 highquality orchestral music, find role models, and gain the confidence to succeed in life.
The Trustees confirm that, in carrying out these purposes, they have had due regard to the Charity Commission’s guidance on public benefit. NYO provides public benefit by advancing the education and development of young people through orchestral music, and by making high-quality musical experiences available not only to those who take part directly in the Orchestra and NYO Inspire, but also to the many more children and young people reached through performances, workshops, school activity, youth centre partnerships, and free ticket offers.
NYO’s operating model combines artistic excellence with inclusion, progression and peer leadership. At its heart is the Orchestra, the UK’s national orchestra of teenagers. Each year, 160 outstanding young musicians from across the country come together to perform ambitious repertoire at the highest level, while also using their skills, creativity and leadership to open up orchestral music for other young people. Alongside this, NYO Inspire provides an opportunity pathway for state school musicians for whom music is already a significant part of their lives, but who may not otherwise have access to progression routes, high-quality ensemble experience or national peer networks. Together, these programmes create a connected national community in which young people can develop their musicianship, broaden their horizons and support one another’s progress.
This approach is united by Play Your Part, NYO’s framework for teenage development through orchestral music. It sets the culture and learning conditions that underpin rehearsals, performance, leadership and audience connection, and is rooted in four core ideas:
- **Teenage Role Models** - making a difference to other young people
- **Community** - asking young people to share responsibility and foster understanding
- **Musical Challenge** - unlocking young people’s capacity to excel
- **Youth Voice** - teenagers give power to their voices and ideas
Through this model, NYO seeks both to nurture exceptional young musicians and to widen access to the benefits of orchestral music for young people more broadly.
## **The need for our work**
NYO’s work takes place in a national context in which access to music education and cultural opportunity is becoming increasingly unequal. More than 40% of state schools no longer offer music or drama GCSE, while A-level entries in creative arts subjects are down by around a quarter. The sharpest decline has been in the most deprived areas of the country, where only 12% of state schools have orchestras and just 15% provide sustained music education, compared with 85% of private schools.
At the same time, young people are growing up in a context of rising adolescent anxiety and mental health pressures, alongside fewer opportunities for meaningful, synchronous in-person activity with their peers. In an age increasingly shaped by screen-based and asynchronous interaction, playing music together offers something distinctive: real-time connection, teamwork, shared purpose and emotional expression.
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NYO exists to help bridge the gap between talent and opportunity. We create pathways for teenagers to develop as musicians, leaders and role models, and to experience the joy, challenge and community of orchestral music, whatever their background. In doing so, we seek to ensure that more young people can benefit from high-quality collective music making, not only as an artistic experience, but as a powerful means of personal growth, confidence and connection.
## **Our strategic objectives**
NYO’s long-term direction is set by its 10-year Open Up strategy 2023-33. This strategy reflects our ambition to make NYO’s programmes, performances and resources accessible to every teenager in the UK, while preserving the artistic excellence and teenage energy that define the organisation.
The strategy is built around six priorities:
- **Multiple Entry Points** – opening up access for musicians, participants, and youth audiences
- **Teenage Role Models** – empowering young musicians to inspire their peers
- **Teen Creativity** – commissioning and presenting orchestral music as a teen-driven art form
- **Inclusive Community** – welcoming teenagers from all backgrounds, different musical abilities and varied instruments
- **Catalyst for Schools** – acting as a catalyst for the radical reimagining of orchestral music in state secondary schools
- **Sustainable Future** – growing impact through long-term sustainable funding and resilient behaviours
These strategic priorities are supported by NYO’s 2025-28 business plan, which sets out a costed roadmap of objectives and targets for the next three years. Together, the strategy and business plan provide the framework for Trustees’ oversight of the charity’s work, and for assessing progress during the year.
## **What we achieved in 2024-25**
In 2024-25, NYO continued to make progress against the priorities set out in its Open Up strategy. The year was marked by growth in reach, continued investment in inclusion and progression, and further development of NYO’s distinctive model of teenage musicians as role models, leaders and creative collaborators. Across performances, residencies, workshops, school activity and youth-centre partnerships, NYO engaged more young people than ever before and strengthened its national presence.
The following sections report on NYO’s performance during the year against the six strategic priorities that guide the organisation’s work.
## **Multiple Entry Points**
A central priority for NYO is to create multiple ways for young people to engage with orchestral music, whether as musicians, participants or audiences. In 2024-25, the charity extended its reach further than ever before, widening access through core programmes, open activity, schools work and audience development. In total, **nearly 30,000 children and young people** benefited from NYO’s activity during the year.
## **Headline achievements include:**
- activity delivered in **22 locations across England and Wales** , drawing participants from **71% of UK local authority areas** ;
-
-
- a 2025 **Orchestra cohort of 168 musicians** , with a further **74 joining projects as guest participants** ;
- engagement of **571 Inspire and Associate musicians** across the wider programme;
- **397 participants** taking part in open access activity, including creative workshops and side-by-side rehearsals;
- • nearly **7,000 teenagers** from **100 schools** reached through dedicated schools’ concerts and in-school engagement, an increase of **52%** on the previous year;
- **2,787 teenagers** attending performances through the **Free for Teens** offer, representing **31% of concert hall audiences** compared with **27% in 2023-24** ;
- **120 Orchestra musicians** leading visits to local primary schools, reaching **over 18,500 children** , more than treble the previous year’s total of 6,000;
- a total live audience of over **46,000 people** , alongside national exposure through **BBC Radio 3** , **BBC Two** and **BBC iPlayer** ;
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- **413,000 organic social media interactions** , a **23% increase** on 2023-24, and **5.6 million video views** , a **50% increase** on the previous year.
During the year, NYO Inspire continued to provide entry points and progression routes for teenage musicians who may lack local opportunities to develop. The Inspire year began with **NYO Unite** , bringing the whole NYO community together in six locations across the UK for a day of orchestral music making. **Inspire Ensembles** in Blackpool then offered intensive three-day mini-residencies across different instrumental families, while in the summer, advanced Inspire musicians took part in the **Inspire Orchestra** residency and schools tour in South West England. Evaluation from the programme underlined the value of this access route, with 81% of Inspire musicians saying that Inspire provided opportunities or quality of experience quite a lot or completely beyond what was available to them locally.
Participant feedback illustrates the significance of these opportunities. One Inspire musician said: _“Before Inspire, I had never played in an orchestra or even with other young musicians. Growing up in rural Cumbria, opportunities like this felt so far away but Inspire made them possible. I truly wouldn’t be the musician I am today without the support, encouragement, and experiences you’ve given me.”_
NYO also widened access through the Orchestra programme itself. A key innovation in 2024-25 was to split the Orchestra in half for its Spring tour, enabling **two simultaneous tours** and allowing NYO to visit venues that would not normally accommodate a 160-piece orchestra. These tours included the Roundhouse in London, Birmingham Town Hall, Sheffield City Hall and Bridgewater Hall in Manchester, alongside activity in **youth centres** in Wigan and Wolverhampton. In August, the Orchestra was also invited by the BBC to give a **Relaxed Prom** at the Royal Albert Hall, extending access to a large and diverse family audience in a more informal concert setting.
Alongside its core programmes, NYO continued to create more informal and flexible ways for young people to engage. During the year, free creative workshops for young musicians took place in **Blackpool, Birmingham, Barnsley, Brighton, London and Newport** , while side-by-side rehearsals were held in **Nottingham, Coventry, Torquay, Ilfracombe and Keele** . Forty-three musicians also attended NYO residencies as **Two Day Guests** , offering a fuller immersion in orchestral life. A **Double Bass Day** , held in memory of former NYO musician Alex Ross, and a specially convened **saxophone ensemble** during the Spring Residency, further reflected NYO’s commitment to creating meaningful points of entry for young musicians with different instruments, backgrounds and levels of experience.
Across all of this work, NYO’s aim was not simply to increase numbers, but to widen opportunity: enabling more young people to encounter high-quality orchestral music, to find a point of connection with it, and to see a pathway into deeper participation over time.
## **Teenage Role Models**
A defining feature of NYO’s work is its belief that teenage musicians can be powerful and relatable role models for other young people. In 2024-25, this was evident across the charity’s programmes, as musicians took on leadership roles not only as performers, but also as mentors, workshop leaders and ambassadors for orchestral music in schools, youth settings and local communities. Through these activities, NYO sought to ensure that young people encountered orchestral music through their peers: seeing teenagers close to their own age modelling commitment, creativity and excellence in a way that felt immediate and relatable.
This role-modelling approach was embedded within NYO Inspire, where Orchestra musicians played side by side with Inspire participants, sharing experience, offering encouragement and helping to create supportive and aspirational musical environments. NYO’s self-evaluation data reflected the strength of this culture: 95% of Orchestra musicians said they had contributed to creating a supportive environment, and 96% said they felt a sense of purpose in sharing music and skills with others. These findings reinforce our view that teenage leadership is not peripheral to NYO’s model, but central to how the organisation creates benefit for a wider group of young people.
As one musician put it in speaking to peers at the start of a residency, _“Everything you do when you’re in that seat affects the people around you.”_ This captures the way leadership at NYO often begins not with formal responsibility, but with example: the standard, generosity and commitment each musician brings to those around them.
A clear example of this priority in practice was **NYO Local** , which continued to grow in both ambition and scale during the year. In 2025, **120 musicians** , representing more than two thirds of the Orchestra, visited local primary schools around the country. Activities ranged from performances and talks to co-created interactive workshops, with all musicians receiving tailored training and support to help them design and lead impactful sessions for younger children. Through these visits, NYO musicians reached over **18,500 children** from Reception to Year 6, more than trebling the previous year’s total of 6,000.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
Feedback from schools underlined the quality of these encounters.
One teacher said: _“The children were absolutely enthralled and totally engaged with the assembly, their performances and the games that they played with the children. The staff room was buzzing from the experience too.”_
An NYO musician also reflected on the learning involved in leading this work: _“What I learned most from this was the importance of keeping things interactive. By asking questions, sharing their ideas, and playing games, the entire session flows better and becomes more fun for everyone. I also learned how to adapt what I do so it suits younger audiences.”_
These responses illustrate the two-way value of the programme: younger children encounter inspiring teenage musicians, while Orchestra members themselves develop confidence, communication and leadership. As another Orchestra musician said: _“Their belief in me made me believe in myself.”_
NYO also extended this model into youth-centre settings through its developing partnership with **OnSide Youth Zones** . In April, the Orchestra visited Youth Zones in **Wolverhampton** and **Wigan** , giving full orchestral performances, leading workshops and offering pop-up performances in informal settings. Some young people from Wigan Youth Zone subsequently attended the Orchestra’s concert at Bridgewater Hall in Manchester, demonstrating how this work can create pathways from first encounter to deeper engagement. A member of Youth Zone staff described the visit as _“an incredible opportunity for our young people, one that most of them would not usually have”_ , praising both the professionalism of NYO musicians and their ability to put young people at ease.
In the summer, a group of **NYO Creative Associates** worked with Mish Mash Productions (lead artists Tim Keasley and Sophie Rivlin) to devise and tour a performance programme to Youth Zones in **Wigan, Chorley and Blackburn** . Performed entirely from memory and incorporating creative movement, this project further developed NYO’s approach to working with young people in non-traditional settings and showed how teenage musicians can model confidence, imagination and artistry beyond conventional concert formats.
Across these different strands of work, we saw further evidence that teenage role models are one of NYO’s most distinctive and effective assets. By enabling young musicians to perform, lead and connect with their peers and with younger children, NYO not only supports the development of its own participants, but also extends the reach and relevance of orchestral music to many more young people.
## **Teen Creativity**
Teen creativity is central to NYO’s artistic vision. We believe that orchestral music should not be experienced by young people as a fixed or inherited art form, but as something they can help shape, interpret and animate through their own energy, imagination and perspective. In 2024-25, this priority was reflected both in the repertoire NYO presented and in the creative approaches used across performances and workshops.
NYO’s artistic programme during the year combined ambition, diversity and openness to new forms of presentation. Across the year, 37% of repertoire was by female or global majority composers, and 50% of conductors were female. These choices are not incidental: they form part of NYO’s commitment to presenting orchestral music as a living, contemporary and teen-shaped art form, while widening the range of voices, influences and perspectives that young musicians encounter. Programming included contemporary and distinctive works such as Anna Thorvaldsdottir’s _Catamorphosis_ , Jennifer Higdon’s Percussion Concerto performed by BBC Young Musician winner and NYO Inspire alumna Jordan Ashman, and Caroline Shaw’s _The Observatory_ at the BBC Proms.
Creativity was also evident in how NYO framed and shared this music. Schools programming balanced challenging orchestral repertoire with familiar entry points, including film music and popular repertoire, helping younger audiences engage with orchestral sound in accessible and enjoyable ways. More broadly, youth-led introductions, creative entrances and innovative encores continued to play an important part in NYO’s performance style, reinforcing the sense that concerts are not only technically accomplished but shaped by teenage presence and personality.
The quality and distinctiveness of NYO’s artistic work during the year was recognised in national press coverage:
_“I was unprepared to be so overwhelmed emotionally as I was by the performance of Carl Nielsen’s Fourth Symphony” Richard Morrison, The Times_
_“It was a triumphant demonstration that the NYO’s resolve to broaden access has cost it nothing in terms of blazing musical quality.” Ivan Hewett, Daily Telegraph_
_“The strings soared in the full-blooded melodies, while the brass were boldly triumphant in the famous theme, and the expressive power of the orchestration was clear.” Neil Fisher, The Times_
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Taken together, these examples show how NYO approaches creativity not as an optional enhancement, but as an essential part of its public benefit: enabling young people not only to encounter orchestral music, but to experience it as a living, evolving and teen-centred art form.
## **Inclusive community**
Building an inclusive community is a central priority for NYO. We want the organisation to be a place where young people from different backgrounds, musical starting points and life experiences can not only access opportunity, but also feel welcomed, valued and supported to succeed. In 2024-25, this priority shaped recruitment, financial support, programme culture and pastoral provision across both the Orchestra and NYO Inspire.
Our recruitment for the **Orchestra of 2026** began in March 2025 and focused on widening access while maintaining the highest musical standards. We received **672 applications** – and provided targeted support to level the playing field:
- **170 one-to-one coaching sessions** , prioritising state-school applicants.
- **15 instrument-specific webinars** to help demystify the audition process, attended by 266 musicians
- **419 candidates** attended Final Round Assessment Days across London, Manchester, Birmingham, and Reading, which included ensemble playing, creative workshops, and auditions with expert panels.
The resulting cohort profile shows both progress and continuing areas of focus:
|**Orchestra**|**2023**|**2024**|**2025**|**2026**|
|---|---|---|---|---|
|**State educated or home-schooled**|50%|46%|52%|52%|
|**Black, Asian or ethnically diverse**|29%|36%|35%|39%|
|**All UK regions represented**|Yes|Yes|Yes|Yes|
|**% previously in NYO Inspire**|43%|37%|48%|44%|
|**% on full or partial bursaries**|28%|37%|36%|36%|
These figures show that NYO 2026 will sustain a majority of state-educated and home-schooled musicians (52%), meeting a core strategic target, while 39% of musicians identify as Black, Asian or ethnically diverse, in line with the UK teenage population overall. We recognise, however, that Black and South Asian musicians remain underrepresented and that continued work is needed to address this. The progression route from NYO Inspire into the Orchestra also remained significant, with 44% of the 2026 Orchestra having previously taken part in Inspire.
Thanks to the generosity of our supporters, no young person is ever turned away from NYO due to cost. Participation in **NYO Inspire and our open activities is entirely free.** In recent years, heightened cost-of-living pressures have seen a sustained rise in **financial support needs** - reflected in the **36% of NYO 2025 and NYO 2026 musicians** who received bursaries, up from 28% in 2023.
**NYO Inspire** specifically targets young people from underrepresented backgrounds:
- **50% of Inspire participants** in 2025 identified as Black, Asian or ethnically diverse.
- **64% lived outside London & the South East** , including **19% from the North of England (up from 17% in 2024)** .
Inclusion at NYO is also shaped by what young people see and hear in the artistic life of the organisation. By programming a significant body of work by female and global majority composers, and working with a diverse range of conductors and creative leaders, NYO aims to signal that orchestral music is a space in which a wider range of young people can recognise themselves and feel that they belong.
At NYO inclusion is not only about representation, but about the quality of young people’s experience once they are part of the NYO community. As one Inspire musician reflected: _“This was my first time being part of NYO Inspire, and it has been such a life-changing experience. Over the past few days, I’ve not only grown as a musician but also met so many incredible people who I know will be friends for life. The energy, the music, and the sense of community were truly special. Everyone was so supportive, and I felt encouraged to ask questions, challenge myself, and just enjoy making music together.”_
In our evaluation:
- **96% of musicians** reported that everyone worked for collective success
- • **89%** agreed that their **contribution was valued by others**
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- **95% 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.
We also recognise that inclusion depends on young people feeling safe and well supported. With teenagers facing rising pressures from education, mental health challenges and wider uncertainty, NYO continued to invest significantly in **pastoral care and wellbeing** . This work was led by the organisation’s full-time Head of Youth Development and delivered with a team of experienced freelance professionals drawn from youth work, education and participatory arts. Whether young people were with NYO for an hour or a fortnight, the aim was to ensure that they felt safe, supported and able to fulfil their potential.
Taken together, these measures show that NYO’s understanding of inclusion is both practical and cultural: widening access, reducing financial barriers, building a representative national community, and creating an environment in which young people feel that they belong and can thrive.
## **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.
The Orchestra began the year with two dedicated schools’ performances in **Nottingham** at the conclusion of the Winter tour. Across the two performances, NYO was joined by **850 students from 18 schools** , including schools within the David Ross Education Trust and others from Nottingham and wider Nottinghamshire. Presented ‘in the round’, with the orchestra rotating to face different sides of the audience, the concerts offered a more immersive and accessible orchestral experience for school pupils.
One staff member representing a SEND school commented on the inclusivity of the event, saying: _“I wanted to say what an inclusive experience it was on Tuesday. Some of the students can struggle in certain situations, but to see them absolutely loving you play was so rewarding.”_
In February, the Orchestra returned to Blackpool, giving two concerts in the **Blackpool Tower Ballroom** for a total of **2,899 pupils from 66 schools** . Delivered in partnership with local Music Education Hubs, these performances were followed by a visit to **Unity Academy** , where NYO musicians led workshops for **100 pupils** and reached **600 young people** through roaming performances. This combination of formal concert experience and more informal in-school activity reflected NYO’s wider approach: using live performance not as an endpoint, but as a way of opening up curiosity, participation and aspiration.
One teacher said: _“We brought 40 children from Y5/6 who make up our Brass Band. We were absolutely ‘blown away’ by the orchestra. Their confidence, professionalism and musicianship was an inspiration for our children.”_ Another noted simply that the students _“absolutely loved it. Most of them have never seen anything like this live before.”_
In July, the **Inspire Orchestra** brought this work to South West England. A group of **60 Inspire musicians** , supported by 18 Orchestra musicians, took part in a residency at Sherborne Girls’ School before giving a concert at the Riviera International Centre in **Torquay** for nearly 800 pupils, followed by visits to schools in **Plymouth, Ilfracombe and Exeter** . Across the tour, the ensemble combined orchestral performances with youth-led workshops and roaming small ensembles that brought live music into the centre of the school day. In Torquay and Ilfracombe, local musicians also joined side-by-side rehearsals with the Inspire Orchestra. Overall, **2,250 young people** experienced the Inspire Orchestra in performance.
Feedback from schools suggests that this work had significance beyond the immediate musical event. One teacher said: _“As the day unfolded, it became clear just how significant the experience was. Our staff, and especially the senior leadership team, began to fully take in the scale and value of what was happening. The headteacher described it as ‘the best day he’s ever had in education – either as a student or a teacher’.”_
Another commented that, _“In a world where it’s easy to swipe a screen or press a button, what they modelled – the result of dedication, skill and dreaming big – opens doors for young people in a truly powerful way.”_
A student similarly reflected: _“I particularly enjoyed the concert where they performed lots of different pieces to us… it was really good to see what people a bit older than me playing the same instrument as me could do. I think this was the part of the day that inspired me and really encouraged me to keep enjoying playing my instrument.”_
This work shows how NYO is seeking to influence not only individual pupils, but also the expectations and imagination of schools themselves. By bringing high-quality live orchestral music into school settings, and by doing so through
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teenage musicians whose example feels immediate and attainable, NYO aims to help schools see orchestral music as something that can inspire aspiration, participation and belonging among a much wider group of young people.
## **Sustainable future**
A sustainable future for NYO means being resilient, well governed and equipped to serve future generations of teenage musicians with the same ambition and integrity that define the organisation today. In 2024-25, Trustees continued to strengthen the foundations needed for long-term impact, through governance development, forward financial planning, investment in organisational capacity and improvements to digital infrastructure.
NYO continued to benefit from a highly committed and skilled Board of Trustees, providing strategic oversight and expert guidance across the organisation. Following several new appointments in the previous year, the Board held an awayday to build a stronger shared understanding of NYO’s opportunities and challenges. During the year, Trustees also developed a governance workplan to support closer alignment with the Charity Governance Code, including updates to terms of reference, trustee role descriptions and the introduction of a board self-assessment process.
Trustees also strengthened the organisation’s longer-term planning. A refreshed five-year financial framework and three-year business plan were developed during the year, setting out clearer objectives and targets for growth. This work reflected both the scale of NYO’s ambition and the need to match that ambition with disciplined planning, realistic financial modelling and a clear sense of organisational priorities.
Alongside this, NYO invested in the organisational capacity needed to deliver growth sustainably. The programme delivery team was restructured, including the appointment of a Director of Engagement & Partnerships to strengthen leadership in this growing area of work. Additional delivery roles were also recruited to help ensure that programme expansion could be delivered with appropriate capacity and support.
The charity also continued to invest in the systems that underpin financial resilience. Fundraising development remained an important priority, including continued work to test digital donor acquisition and a detailed review of donation processing, with the aim of ensuring that systems and processes are efficient, robust and able to scale alongside future growth.
Further progress was made in digital infrastructure during the year. NYO was selected for the Bloomberg Digital Accelerator Programme, and the supported development process helped secure funding for key improvements. These include a new Digital Asset Management System, designed to strengthen the capture, storage and retrieval of digital media, and the development of the Teenage Guide to the Orchestra microsite, which is due to launch in 2026.
These developments show that NYO’s approach to sustainability is both strategic and practical: investing not only in programme delivery, but also in the governance, people, systems and financial planning required to support continued growth and long-term public benefit.
## **Impact**
In 2024-25, NYO’s musicians collectively reached **nearly 30,000 children** and young people through performances, workshops and peer-led outreach, compared with 15,000 in the previous year. On average, each of the 168 Orchestra musicians connected with **173 other young people** , up from 60 in 2022-23, illustrating the growing reach of NYO’s peer-led model.
NYO’s evaluation during the year included 2,204 survey responses from 730 unique participants, with a number of key questions asked consistently in order to track progress over time. The evidence gathered suggests that participants continued to value their experience highly. 92% of participants said that the overall quality of their experience met or exceeded expectations, rising to 96% for Inspire participants. NYO’s **Net Promoter Score (NPS) was +76** (2024: +75), indicating a high level of enthusiasm and willingness among participants to recommend NYO to others.[1]
Feedback from young people and their families also points to meaningful personal and developmental outcomes. 72% of parents reported that their young person’s **confidence and self-esteem** had increased as a result of taking part in NYO, while 68% said that NYO had directly **influenced their young person’s decisions about future ambitions** . In the year-end survey, 87% of respondents said that they had **used skills or experiences from NYO at school or**
> 1 In the NPS system, scores range from -100 to +100, with anything above 50 considered excellent.
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National Youth Orchestra Report of the Trustees and Financial
of Great Britain Statements for the year ended 30 Nov 2025
**university** , 79% had transferred those skills to **other musical activities** , and 64% had used them in **friendships** , reinforcing the wider social value of participation.
NYO’s impact is also reflected in the progression of its participants. **87% of leavers** reported that they were progressing to **study music in higher education** , primarily at conservatoires, underlining NYO’s continuing role in developing the next generation of musicians and creative leaders. At the same time, the breadth of outcomes captured through evaluation suggests that the charity’s impact is not limited to musical progression alone, but also includes confidence, connection, aspiration and the ability to transfer learning into other areas of life.
This evidence suggests that NYO’s impact in 2024-25 was both broad and deep: broad in the number of young people reached through performances, workshops and peer-led activity, and deep in the quality of experience and the personal, social and musical outcomes reported by participants and their families. For Trustees, these findings reinforce the value of NYO’s model in combining artistic excellence, inclusion and teenage leadership to create meaningful public benefit for young people across the UK.
## **Plans for 2025-26**
In 2025-26, NYO will continue to build on the progress made during 2024-25, with a programme of activity designed to increase national reach, widen access and deepen the role of teenage musicians as performers, role models and creative leaders. Trustees’ priorities for the year ahead are to consolidate recent growth, extend NYO’s impact in schools and youth settings, and invest in the organisational and digital capacity needed to support longer-term development.
Core programme plans for 2025-26 include:
- **Orchestra** : delivery of three major residencies and national concert tours.
- **Expanded Inspire programme:** delivery of **Unite Days** , **Inspire Ensembles** and a new two-day **Inspire Summer Orchestra Experience** residency for 150 Inspire musicians.
- Schools concerts and takeovers: dedicated schools activity in **Birmingham, Blackpool,** and **Bolton** and an **Inspire Schools Tour** across Norfolk and Suffolk.
- **Expanded youth centre programme:** regular visits to three OnSide Youth Zones in Wigan, Chorley and Blackburn.
- **NYO Local:** all Orchestra musicians will deliver performances, assemblies or workshops in a local primary school.
- **Open workshops:** open workshops and side-by-side activities hosted across the country.
- **Recruitment:** a national recruitment campaign for the 2027 cohorts of NYO and NYO Inspire.
Alongside this core delivery, we will focus on several strategic priorities. We will continue to invest in digital innovation, including digital content and a new platform designed to help teenagers discover orchestral music, supported by the **Bloomberg Digital Accelerator Programme** . We will also work with **Young Sounds UK** on progression and peer role modelling through the Department for Education’s Music Progression Fund. In addition, we will begin testing core elements of a new offer for secondary schools, as part of our longer-term ambition to increase significantly the number of schools it can reach and influence.
Taken together, these plans reflect Trustees’ intention to build on a record year of reach while continuing to strengthen NYO’s distinctive contribution: combining artistic excellence, teenage development and wider public benefit for young people across the UK.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **Summary of projects 2024-25**
## **NYO Unite[2] : 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_
## **NYO Illuminate: Winter Residency & Tour: 28 December 2024 – 6 January 2025**
**Maurice Ravel –** _Boléro_ **4 January 2025** Barbican, London **Anna Thorvaldsdottir** _– Catamorphosis_ **Carl Nielsen -** Symphony No. 4, _The Inextinguishable_ **5 January 2025** Encore: **Shostakovich** - Suite for Variety Orchestra No. 1 - VI: Waltz II Warwick Arts Centre, Coventry Jaime Martín _Conductor_ **6 January 2025** Pablo Urbina _Associate Conductor_ Royal Concert Hall, Nottingham
## **Schools Concerts: Nottingham: 7 January 2025**
**Maurice Ravel –** _Boléro_ **7 January 2025** Albert Hall, Nottingham **Carl Nielsen -** Symphony No. 4, _The Inextinguishable [Excerpts]_ **Anna Thorvaldsdottir** _– Catamorphosis [Excerpts]_ **Dmitri Shostakovich** - Suite for Variety Orchestra No. 1 - VI: Waltz II **Stevie Wonder** – _Sir Duke_
## Pablo Urbina _Conductor_
## **NYO Inspire Ensembles: Blackpool: 15 – 23 February 2025**
**15-17 February 2025 18-20 February 2025 21-23 February 2025** String Ensemble String Ensemble String Ensemble Wind Ensemble Brass Ensemble Woodwind Ensemble Creative Ensemble Percussion Ensemble NYO Associates
> 2 NYO Unite represents the start of the NYO & Inspire 2025 activity year although it took place at the end of the previous financial year. Participant numbers are included in the 2025 cohort statistics.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **Schools Concerts: Blackpool: 24-25 February 2025**
**Dmitri Shostakovich** – Festive Overture
**Charles Williams** – _Devil’s Gallop_ **Arturo Marquez** – Danzon No. 2 **Edward Elgar** – ‘Nimrod’ from _Enigma Variations_ **Gustav Holst** – ‘Jupiter’ from _The Planets Suite_
**24 February 2025** Blackpool Tower Ballroom
**25 February 2025** Unity Academy, Blackpool
**Stevie Wonder** – _Sir Duke_
Constança Simas _Conductor_
## **NYO To The Beat: Spring Residency & Tour: 3 – 16 April 2025**
**Igor Stravinsky –** _**Petrushka**_ **(1947) Tour 1: Jennifer Higdon – Percussion Concerto 14 April 2025** Town Hall, Birmingham **Leonard Bernstein – Symphonic Dances from** _**West Side Story**_ **15 April 2025** Onside Youth Zone Wolverhampton
Paolo Bortolameolli _Conductor_ **16 April** Alpesh Chauhan _Conductor_ Sheffield City Hall Jordan Ashman _Percussion soloist_
**Tour 2:**
**15 April 2025** Roundhouse, Camden **17 April** Onside Youth Zone Wigan
**18 April** Bridgewater Hall, Manchester
**Inspire Orchestra Residency & Tour: 5 – 11 July 2025**
**Errollyn Wallen** – Dances for Orchestra XI – XII **8 July 2025** Riviera International Centre, Torquay **Benjamin Britten** – Simple Symphony (mvt 2) **9 July 2025 Nikolai Rimsky Korsakov** – _Scheherazade_ (mvt 4) Plympton Academy, Plymouth **Anatoly Liadov** – _The Enchanted Lake_ **10 July John Williams** arr. Ryan Linham – _Star Wars Medley_ Ilfracombe Academy, Ilfracombe **Juan Pablo Contreras** – _MeChicano_ **11 July** St Peter’s Church Aided School, Exeter Encore: **Calvin Harris** arr. Steve Pycroft – _We Found Love_
St Peter’s Church Aided School, Exeter
Holly Mathieson _Conductor_
Jack McNeill _Creative Leader_ Tim Keasley _Creative Leader_
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **NYO Associates: Youth Centre tour**
**Rune Tonsgaard Sørensen** , Arr. Samuel Huston - _Shine You No More_ **6 August 2025** Wigan Youth Zone
Arr. Rivlin - _Officium_ **Valborg Aulin** Quartet in F Major Opus 17, No 1 (mvt 2) **Dobrinka Tabakova** Suite in Old Style: Prelude **William Grant Still –** _Summerland_
**7 August 2025** Chorley Youth Zone **8 August 2025** Blackburn Youth Zone
**William Grant Still** arr. Adam Lesnick - Miniatures for Mixed Ensemble – _Yaravi_
**Endre Szervansky** - Wind Quintet (mvt 4)
**Darius Milhaud –** _La Cheminée du roi René - La Maousinglade_
Tim Keasley and Sophie Rivlin (Mish Mash Productions) _Creative Leaders_
**NYO Beyond: Summer Residency & Tour: 28 July – 10 August 2024**
**John Williams** – _Star Wars_ : _Main Title, Across the Stars, Psalm of the_ **6 August 2025** _Sith, Scherzo for X-Wings, The Jedi Steps_ Symphony Hall, Birmingham **Caroline Shaw** – _The Observatory_ **8 August 2025** Snape Maltings Concert Hall, Snape **Gustav Holst** – _The Planets_
Encore: **Anthony Newley & Leslie Bricusse** arr. Ben Parry – _Feeling Good_
Dalia Stasevska _Conductor_ Tess Jackson _Associate Conductor_ (and Conductor for Relaxed Prom) Farnham Youth Choir
**9 August 2025** BBC Proms, Royal Albert Hall, London **10 August 2025** (Relaxed Prom) BBC Proms, Royal Albert Hall, London
**NYO 2026 Recruitment – Final Round Assessment Days: 4 – 14 September 2025**
## **4 – 14 September 2025**
419 musicians joined Final Round Assessment Days in London, Manchester, Birmingham, Reading
## **NYO Unite[3] : 25 October - 2 November 2025**
**25 October 2025 31 October 2025** St Mary’s Catholic Academy, Blackpool Varndean High School, Brighton **26 October 2025 1 November 2025** Lordswood Boys’ School, Birmingham Bobby Moore Academy, London **27 October 2025 2 November 2025** Trinity Academy St Edward’s, Barnsley Rougemont School, Newport **Gabriela Ortiz –** _Kauyumari_
Otis Enokido-Lineham _Conductor_ Greg Beardsell _Conductor_ Holly Mathieson _Conductor_
> 3 NYO Unite represents the start of the NYO & Inspire 2026 activity year. To avoid double-counting, participant numbers for this project will be included in the 2026 cohort statistics in next year’s annual report. The financials are however included in the accounts.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **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 rather than operating on a project-by-project basis. To do so, we must make significant advance commitments to programming, staffing and partnerships, often more than a year ahead. This requires long-term planning, sustained income and financial confidence.
In 2024–25, **94% of NYO’s fundraising income came from private sources** , with only **6% from public grant funding** . This is both a strength and a challenge: it reflects deep support from individuals, trusts and foundations, while also underlining our dependence 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, open access and schools strands are interconnected, with each element reinforcing the others. Every Orchestra 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 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 well placed to grow its reach over the coming decade. We are continuing to strengthen our community of support in order to secure long-term impact and realise the full potential of our model.
## **Financial performance**
NYO’s financial position at the end of 2024-25 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 2024–25, NYO’s total income was £6,778,507 including an exceptional £2m legacy gift from the estate of Paul Morgan. Leaving aside that legacy, income was up by 19% on the previous year. Despite the ongoing macroeconomic challenges, growth was seen across all fundraised income sources, including Trusts & Foundations, Major Gifts, Individual Giving and Legacies.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
The majority of our income (£3,671,003) was unrestricted, with £2m added to the Expendable Endowment Fund. Restricted income was £1,107,504, which is directed towards specific programme activity and development priorities.
## **Expenditure**
Total expenditure for the year was £4,544,247, compared with £4,062,261 in the previous year. This reflects continued growth in programme activity and sustained long-term investment in fundraising.
Expenditure is categorised as follows:
- **Residencies & Concerts** (£1,863,904) – the core artistic and logistical costs of the Orchestra’s residencies and concert tours, including conductor and tutor fees, venue hire, pastoral welfare, production costs, accommodation, catering and travel.
- **Inspire & Open** (£983,719) – the planning and delivery of access programmes for teenage musicians facing barriers to progression, as well as open access and school-based activity.
- **Recruitment & Auditions** (£251,103) – the national audition and recruitment process for NYO and Inspire, including digital applications, live assessments, coaching and outreach to broaden applicant diversity.
- **Raising Funds** (£1,341,137) – support for a multi-skilled team delivering income from individual giving, trusts, corporates and legacies, while balancing in-year income generation with longer-term donor development.
- **Additional Projects** (£100,218) – spending on the Bloomberg Digital Accelerator project, supporting digital infrastructure and the Teenage Guide to the Orchestra project.
- **Investment Management Fees** (£4,166) – fees paid to investment managers to steward long-term invested funds.
## **Financial Results and Closing Funds**
The Statement of Financial Activities for the year is set out on page 27. Total income comprises £3,671,003 for unrestricted funds, £1,107,504 for restricted funds and £2,000,000 for the Expendable Endowment Fund. The net incoming resources before investment gains were £2,234,260 (2024: outgoing £144,424). At 30 November 2025 the free reserves of the Charity were £1,856,659 (2024: £1,394,390).
Trustees had approved a deficit budget, to be supported by the Expendable Endowment, reflecting continued investment in growing NYO’s programme, with the expectation that fundraising targets would increase over time to close the gap between income and planned expenditure. As income significantly exceeded target, an overall surplus was achieved, with total funds increasing from £4,540,182 to £7,383,313.
Trustees also 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 an appropriate buffer for financial risk. Within this total, unrestricted free reserves will typically be lower, reflecting the supportive role of the Expendable Endowment.
At 30 November 2025, unrestricted free reserves stood at £1,856,659. 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.
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
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 and short-term deposits to meet operational requirements and other foreseeable commitments, while ensuring that longer-term funds are invested prudently to preserve the real value of charitable assets over time and support the organisation’s long-term sustainability and strategic objectives. Funds expected to be required within the short to medium term are generally held in cash or near-cash arrangements to reduce liquidity risk and avoid the need to realise long-term investments during periods of market volatility.
NYO’s invested funds comprise a combination of Permanent Endowment, Expendable Endowment, Restricted and Unrestricted funds. Permanent Endowment funds are managed to support sustainable annual distributions towards bursaries and related charitable activities, while seeking to preserve the long-term real value of capital. Certain restricted funds are also invested to support specific donor purposes, including annual support for designated orchestral seats.
The trustees have delegated day-to-day investment management to professional investment managers operating within an agreed investment policy framework. The Finance Committee reviews investment performance, liquidity, asset allocation and cash reserves regularly, and receives formal reporting from investment managers at least annually.
During 2025, NYO completed the consolidation of the majority of its invested assets into the Cazenove Charity Sustainable Multi-Asset Fund, following a formal investment management review and tender process. The fund was selected for its alignment with NYO’s financial objectives, liquidity requirements and responsible investment approach. In addition to targeting long-term growth above inflation through a diversified multi-asset portfolio, the fund incorporates environmental, social and governance (ESG) integration, active stewardship, and ethical exclusions aligned with common charity concerns, including fossil fuels, armaments, tobacco, gambling and predatory lending.
The consolidation of funds, previously managed across three firms, began in September 2024 and was largely completed by the end of 2025, pending the liquidation of a property fund previously held with St James’s Place. Operational and strategic cash reserves continue to be managed separately through diversified cash management arrangements, including Flagstone and the Cazenove Cash Administration Service.
## **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.’
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **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. 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 national recruitment, free and accessible programmes, and a commitment to diversity and inclusion, the charity seeks to ensure that opportunities for high-quality musical development are widely available. Beyond performance, NYO supports young people’s confidence, teamwork and leadership, with benefits that extend beyond the concert platform.
The charity’s work also contributes to the wider cultural landscape by reaching audiences and communities across the UK through school concerts, workshops and free tickets for teenagers. No individual is excluded from participation on financial grounds, with means-tested bursaries and travel support forming a core part of NYO’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.
The board continues to assess skills gaps and issues of diversity and representation; a Nominations Committee is in place and leads recruitment when required.
The board has initiated an annual self-assessment exercise in November 2025, to assess performance and determine governance priorities for the year ahead. It aims to commission an external assessment every three years.
The board recognises the value of the Charity Governance Code in providing a benchmark for good governance. Trustees have reviewed the Code and assessed that NYO’s governance practices align closely across most areas. Some areas for closer alignment have been identified, and a workplan has been developed with a target completion date of November 2026.
## **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 OBE (Chief Executive & Creative Director), Tim Foxon (Chief Operating Officer), Lucy Bayliss (Director of Engagement & Partnerships) 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 Chief Operating Officer and approved annually by the board. Increases will be guided by CPI inflation, sector benchmarking and London Living Wage guidelines. Key Management Personnel remuneration is decided and authorised by the Board. A cost-of-living pay award of 2.5% was offered to eligible staff from 1 December 2024.
## **Risk management**
NYO maintains a comprehensive approach to risk management, with the Board of Trustees and senior management team carrying out regular reviews of the strategic, operational and external risks facing the organisation. A formal
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National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
framework underpins this process, with quarterly assessment of principal risks and mitigating actions embedded within management systems and reporting.
Safeguarding remains NYO’s highest priority. The charity’s Safeguarding Policy is reviewed annually and all staff are trained and DBS checked as appropriate. Contracts of engagement are explicit in relation to safeguarding and standards of adult behaviour. A senior youth worker and a nurse are present alongside a team of pastoral staff on each residency. Trustees receive quarterly reporting on serious incidents and disclosures, and annual safeguarding training from the Head of Youth Development. NYO’s Designated Safeguarding Officer is Sarah Alexander, Chief Executive & Creative Director, and the Trustee safeguarding lead is Ella Bennett.
Fundraising remains a key area of risk. Management regularly reports to the Board on income secured against target, progress against fundraising strategy, and associated risks. Reserves are maintained to support the organisation should donations fall short during the year. The charity continues to mitigate risk by maintaining a diverse portfolio of income streams and a structured approach to donor cultivation and stewardship.
Data protection and cyber security are also key risks. NYO seeks to safeguard its systems against data breaches and cyber threats through appropriate security measures, and to ensure that all personal data is processed in line with applicable regulation.
Artistic and reputational risks are assessed and mitigated through a range of measures. Relationships with Music Education Hubs and other sector bodies help strengthen orchestral recruitment and diversification, while communications strategies and tools are regularly reviewed to ensure that NYO’s values are clearly represented and that audiences continue to develop.
## **Fundraising**
The Trustees are grateful to all the individuals and organisations who supported NYO during the year.
In 2024-25, NYO raised **£6,163,133** (2023-24: £3,387,054) from a broad base of support. This included **£1,558,500 from individuals, £754,914 from trusts and foundations, £256,439 from Arts Council England, £63,305 from companies, £217,403 in Gift Aid, and £3,312,572 in legacies** . The Fundraising team processed **over 33,500 donations** from 8,962 donors (2024: 8,367) welcoming 3,243 new supporters during the year.
NYO’s fundraising approach is relationship-based, with a focus on personal engagement, donor care and professionalism. The majority of fundraising activity is carried out by employed staff, supported by board members and volunteers. Systems and structures continue to evolve in order to combine a personal and friendly approach with administrative efficiency and professionalism. All those involved in fundraising at NYO are briefed and trained in good fundraising practice, with careful regard for privacy and donors’ wishes.
In 2024-25, NYO began working with Return Fundraising, a professional telephone fundraising agency, to contact individuals who have provided their phone number in order to receive calls. The fundraisers working with NYO were fully trained from the outset in NYOs mission and how we represent ourselves, and are fully trained in the rules, regulations and legislations around telephone fundraising. They are closely monitored by both the agency and NYO’s employed fundraising team, with repeat refresher training sessions carried out regularly, and weekly reviews to ensure they are representing the organisation to the highest standard.
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. **216 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 161 opt-out requests last year. We operate a clear and accessible complaints policy, available at nyo.org.uk/complaints. No level 2 complaints were received in 2024–25 (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 2025, NYO received a transformational £2 million legacy from the estate of Paul Morgan, a long-standing and deeply valued supporter. This gift provides a platform for NYO to take further steps in expanding its national reach
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of Great Britain Statements for the year ended 30 Nov 2025
and meeting growing demand for its programmes. Trustees intend that the legacy will be used strategically to support future growth and extend impact over time.
A new five-year financial plan has been approved, setting ambitious growth targets and providing a framework for the strategic deployment of the legacy in ways intended to maximise long-term benefit for 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.
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National Youth Orchestra Report of the Trustees and Financial
of Great Britain Statements for the year ended 30 Nov 2025
## **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
## 09/07/2026
…………………………………..
Date
23
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **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 2025 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 2025 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:
24
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
- 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 23, 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.
25
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
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
## Date: 09/07/2026
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
26
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **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**
**£**
3,065,112
78,186
527,705
3,671,003
1,341,137
459
1,649,390
251,103
518,864
51,805
3,812,758
(141,755)
28,559
(113,196)
373,040
259,844|**Unrestricted**
**Funds**
**£**
3,065,112
78,186
527,705
3,671,003
1,341,137
459
1,649,390
251,103
518,864
51,805
3,812,758
(141,755)
28,559
(113,196)
373,040
259,844|**Restricted**
**Funds**
**£**
1,098,021
9,483
-
1,107,504
-
70
214,514
-
464,855
48,413
727,852
379,652
2,045
381,697
-
381,697|**Restricted**
**Funds**
**£**
1,098,021
9,483
-
1,107,504
-
70
214,514
-
464,855
48,413
727,852
379,652
2,045
381,697
-
381,697|**Permanent**
**Endowment**
**Fund**
**£**
-
-
-
-
-
455
-
-
-
-
455
(455)
17,487
17,032
-
17,032|**Permanent**
**Endowment**
**Fund**
**£**
-
-
-
-
-
455
-
-
-
-
455
(455)
17,487
17,032
-
17,032|**Expendable**
**Endowment**
**Funds**
**£**
2,000,000
-
-
2,000,000
-
3,182
-
-
-
-
3,182
1,996,818
187,740
2,184,558
-
2,184,558|**Expendable**
**Endowment**
**Funds**
**£**
2,000,000
-
-
2,000,000
-
3,182
-
-
-
-
3,182
1,996,818
187,740
2,184,558
-
2,184,558|**Total**
**Funds**
**2025**
**£**
6,163,133
87,669
527,705
6,778,507
1,341,137
4,166
1,863,904
251,103
983,719
100,218
4,544,247
2,234,260
235,831
2,470,091
373,040
2,843,131|**Total**
**Funds**
**2025**
**£**
6,163,133
87,669
527,705
6,778,507
1,341,137
4,166
1,863,904
251,103
983,719
100,218
4,544,247
2,234,260
235,831
2,470,091
373,040
2,843,131|**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|
|||||||||||||
||200,000||-||-||(200,000)||-||-|
|||||||||||||
||-||-||-||-||-||53,408|
||459,844
1,579,502
2,039,346||381,697
281,204
662,901||17,032
283,223
300,255||1,984,558
2,396,253
4,380,811||2,843,131
4,540,182
7,383,313|||
||||||||||||573,709
3,966,473|
||||||||||||4,540,182|
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 31-43 form part of these financial statements.
27
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **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**|2025
£
6,778,507
4,543,792
373,040
218,344
2,826,099|2024
£
3,917,837|
|---|---|---|
|||4,062,261|
|||359,609
285,805|
|||500,990|
Total income comprises £3,671,003 for unrestricted funds and £1,107,504 for restricted funds. A £2,000,000 legacy was received which trustees approved to be added to the Expendable Endowment Fund. A detailed analysis of income and expenditure by source is provided in the Statement of Financial Activities.
Expenditure comprises £3,812,758 for unrestricted funds and £727,852 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 27 which together with the notes to the financial statements on pages 31-43 provide full information on the movement during the year on all funds of the charity.
28
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **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|2025 Total
Funds
£
300,037
5,426,337
5,726,374
728,280
1,301,041
2,029,321
(372,382)
1,656,939
7,383,313
-
7,383,313
2,039,346
662,901
4,380,811
300,255
7,383,313|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|
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 8 July 2026 and were signed on its behalf by
Christopher Satterthwaite Christopher Satterthwaite (Jul 9, 2026 11:11:26 GMT+1)
………………………………………….
Christopher Satterthwaite CBE Chair
The notes on pages 31-43 form part of these financial statements
Registered Company Number - 1858278
29
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **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 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 resources
Depreciation – fixed assets
Dividends from investments
Loss on disposal of fixed assets
Investment manager fees charged directly to the Fund
Receipt of endowment
(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
**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**
**24**
706,511
658,508
-
**1,365,019**|**2025**
**Total**
**Funds**
**£**
461,897
(1,452,537)
1,451,201
10,819
-
2,000,000
2,471,380
1,365,019
**3,836,399**
2,843,131
2,425
(10,819)
-
4,166
(2,000,000)
(235,831)
(63,141)
(78,034)
**461,897**
1,301,041
2,535,358
**3,836,399**
**Cashflows**
594,530
1,876,850
-
**2,471,380**|**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**|
||||**At 30**
**Nov 25**
1,301,041
2,535,358
-|
||||**3,836,399**|
30
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **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.
31
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
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 2025.
32
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## 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|2025
£
63,305
754,914
77,740
1,017,860
462,900
256,439
3,312,572
217,403
6,163,133|2024
£
52,940
569,203
77,150
896,124
309,600
252,377
1,065,455
164,205|
|||3,387,054|
Total income from government sources was £256,439 (2024: £252,377)
## 3 Investment income
|Dividend Investment Income
Deposit account interest|2025
£
10,819
76,850
87,669|2024
£
26,282
32,808|
|---|---|---|
|||59,090|
## 4 Income from charitable activities
|NYO Musicians’ fees
Trading, recording and broadcasting
Concert income
Other Income|2025
£
415,036
4,172
105,304
3,193
527,705|2024
£
383,955
5,346
82,392
-|
|---|---|---|
|||471,693|
## 5 Expenditure
|Costs of Fundraising
Investment Management Fees
Charitable activities:
Residencies & Concerts
Recruitment & Auditions
Inspire and Open
Additional Projects|Direct
Staff
Costs
£
504,280
-
316,025
88,499
297,971
50,344
1,257,119|Direct
Other
Costs
£
631,666
-
1,228,968
122,629
528,631
36,394
2,548,288|Support
Staff
Costs
£
38,740
-
92,521
9,038
35,994
770
177,063|Support
Other
Costs
£
166,451
4,166
226,390
30,937
121,123
12,710
561,777|2025
Total
Costs
£
1,341,137
4,166
1,863,904
251,103
983,719
100,218|
|---|---|---|---|---|---|
||||||4,544,247|
33
## National Youth Orchestra Report of the Trustees and Financial
of Great Britain Statements for the year ended 30 Nov 2025
## 2024 Comparative 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|
## 5.1 Operating Leases
At the year end the Charity has total commitments under non-cancellable leases as follows:
|Within 1 year
Between 2-5 years|Land &
Buildings
£
67,500
45,339
112,839|Other
£
12,056
3,691
15,747|Total
Commitments
2025
£
79,556
49,030
128,586|
|---|---|---|---|
## 2024 Comparative Operating Leases
|Leases expiring within 1 year
Leases expiring between 2-5 years|Land &
Buildings
£
67,500
112,839
180,339|Other
£
12,073
15,747
27,820|Total
Commitments
2024
£
79,573
128,586
208,159|
|---|---|---|---|
## 5.2 Governance costs
|Staff costs
Payroll
Auditors’ remuneration
Support costs|2025
£
24,933
2,668
16,100
8,382
52,083|2024
£
24,364
2,472
15,700
8,363|
|---|---|---|
|||50,899|
These have been allocated across all categories in the table in Note 5 on a proportion basis.
34
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## 6 Net income/expenditure is stated after deducting:
||2025|2024|
|---|---|---|
||£|£|
|Auditors’ remuneration|16,100|15,700|
|Auditors’ remuneration for other services|3,800|3,700|
|Depreciation – owned assets|2,425|2,362|
|Payments made under operating leases|79,695|94,121|
During the year trustees authorised an ex-gratia payment of £5,000 to the Golden Bottle Trust, following a grant made as a result of administrative error.
## 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 £13,756 (2024: £11,817).
There were no other Trustees’ remuneration or other benefits for the year ended 30 November 2025.
## Trustees’ and Related Party Expenses
Trustees’ expenses paid for the year ended 30 November 2025 were £nil (2024: £nil). Donations from Trustees during the year totalled £17,080 (2024: £17,384).
## 7.1 Other Related Party transactions
NYO paid The Roundhouse Trust an amount of £5,846 for concert tickets, technical costs and reception venue hire. Michael Dixon, a trustee of NYO is also Finance Director of The Roundhouse Trust. Ella Bennett, a trustee of NYO is also a trustee of The Roundhouse Trust. Michael Dixon and Ella Bennett did not participate in contractual negotiations between NYO and The Roundhouse Trust and did not benefit from the transaction.
## 8 Staff costs
Total staff costs comprise:
|Salaries and wages
Social security costs
Pension costs
SMP/SPP recoverable
Other staff costs|2025
£
1,195,102
135,026
70,620
(344)
1,400,404
33,778
1,434,182|2024
£
1,143,275
112,857
44,743
(476)|
|---|---|---|
|||1,300,399
39,813|
|||1,340,212|
The average number of employees in the year was 28 (2024: 26). All employees worked on charitable activities. The aggregate value of remuneration paid to key members of the Senior Management Team total £379,784 (2024: £371,040). The pension contributions for the Senior Management Team total £46,309 (2024: £23,978). During the year, a termination payment of £5,723 was made to a member of key management personnel.
Key management personnel comprise the Chief Executive & Artistic Director, Chief Operating Officer, Programmes Director (until April 2025), Director of Engagement & Partnerships (from November 2025) and Fundraising & Communications Director.
The number of employees paid in the banding above £60,000 were:
||2025|2024|
|---|---|---|
||£|£|
|£60,000 - £70,000|2|4|
|£70,000 - £80,000|1|-|
|£120,000 - £130,000|-|1|
|£130,000 - £140,000|1|-|
35
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## 9 Tangible fixed assets
|Cost or valuation
At 1 December 2024
Additions
Revaluation
Disposals
At 30 November 2025
Depreciation
At 1 December 2024
Charge for the year
Release on Disposals
At 30 November 2025
Net book value
At 30 November 2025
At 30 November 2024|Depreciated
Musical
Instruments
£
86,451
-
-
-
86,451
86,451
-
-
86,451
-
-|Appreciating
Musical
Instruments
£
296,200
-
-
-
296,200
-
-
-
-
296,200
296,200|Office
equipment
£
23,894
-
-
-
23,894
17,632
2,425
-
20,057
3,837
6,262|Total
£
406,545
-
-
-|
|---|---|---|---|---|
|||||406,545|
|||||104,083
2,425
-|
|||||106,508|
|||||300,037|
|||||302,462|
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.
## 10 Fixed asset investments
|**Market value**
At 1 December 2024
Additions
Disposals
Unrealised gain on investments
Realised gain on investments
Investment manager fees charged directly to the Fund
Movement in cash investments held
At 30 November 2025
**Net book value**
At 30 November 2025
At 30 November 2024
Market Value of Listed Investments at 30 Nov
Historic Cost of Listed Investments at 30 Nov|2025
£
3,316,486
1,452,537
(1,451,201)
235,502
329
(4,166)
1,876,850
5,426,337
5,426,337
3,316,486
2,890,978
2,653,659|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|
36
National Youth Orchestra Report of the Trustees and Financial
of Great Britain Statements for the year ended 30 Nov 2025
Investments held by the charity at 30 November 2025 consist of:
|UK Managed funds and unit trusts
Overseas Managed funds and unit trusts
Cash on deposit
Market value at year end|2025
£
2,890,979
-
2,535,358
5,426,337|2024
£
2,657,978
-
658,508|
|---|---|---|
|||3,316,486|
## 11 Tax Credit
The Charity expects to be making a claim under Orchestra Tax Relief of £373,040 based on figures to 30 November 2025 (2024: £359,609). This income has been accrued in the accounts.
## 12 Debtors
Amounts falling due within one year
|Other debtors
Prepayments
Accrued income|2025
£
18,014
178,600
531,666
728,280|2024
£
1,593
128,314
535,232|
|---|---|---|
|||665,139|
## 13 Creditors
Amounts falling due within one year:
|Trade Creditors
Social Security and other taxes
Accruals
Deferred income|2025
£
113,794
44,122
56,937
157,529
372,382|2024
£
35,104
30,970
41,214
343,128|
|---|---|---|
|||450,416|
HSBC holds a Debenture Charge over NYO’s assets since 2007 to support its credit banking facilities.
37
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## 14 Deferred income
|Balance at 1 December 2024
Amounts released to incoming resources
Amounts deferred in year
Balance at 30 November 2025|2025
£
343,128
(343,128)
157,529
157,529|2024
£
218,017
(218,017)
343,128|
|---|---|---|
|||343,128|
Included within accruals and deferred income are amounts of deferred income as shown above. The deferred income comprises of prereceived grants, musicians’ fees and seat support specifically given for the next financial year.
## 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 01.12.24
£
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|Incoming
Resources
£
3,671,003
-
-
438
7,445
400
459,366
514,855
125,000
1,107,504
2,000,000
2,000,000
-
-
-
-
6,778,507|Resources
expended
£
(3,812,758)
-
(1,475)
(438)
(7,445)
(400)
(204,826)
(464,855)
(48,413)
(727,852)
(3,182)
(3,182)
(455)
-
-
(455)
(4,544,247)|Tax, Gains,
losses and
transfers
£
601,599
-
-
-
-
-
2,045
-
-
2,045
(12,260)
(12,260)
15,689
958
840
17,487
608,871|At 30.11.25
£|
|---|---|---|---|---|---|
||||||2,039,346|
||||||136,249
-
-
-
-
292,842
50,000
183,810|
||||||662,901|
||||||4,380,811|
||||||4,380,811|
||||||269,133
16,560
14,562|
||||||300,255|
|||||||
||||||7,383,313|
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.
38
## National Youth Orchestra Report of the Trustees and Financial
of Great Britain Statements for the year ended 30 Nov 2025
## 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 01.12.23
£
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|
39
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## **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 Leverhulme Trust, The Barbara Whatmore Charitable Trust, The Valentine Charity, The Reynolds Foundation, The Houghton Dunn Charitable Trust The Millichope Foundation, The Cecil King Memorial Foundation, Joyce Fletcher, The Steel Charitable Trust, The Guyll-Leng Charitable Trust, Jane Lyons, Dennis George Andrews. NYO Inspire Open This fund supports NYO Inspire and Open activity and includes funding from Backstage Trust, J Paul Getty Charitable Trust, The Karlsson Jativa Charitable Foundtaion, The Colwinston Charitable Trust, The Guyll-Leng Charitable Trust, Sir Leonard Blavatnik, Charles Ross, Jennifer Gasson, Thwaites and Edith Ellen Victoria Harris. NYO Additional Projects This fund supports NYO Additional Project Activity and includes funding from The Marie-Louise von Motesiczky Charitable Trust and Bloomberg Philanthropies
40
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## 16 Analysis of net assets between funds
|Unrestricted fund
Restricted funds
Expendable Endowment funds
Permanent Endowment funds
**Total funds**|Tangible
Fixed
Assets
£
182,687
117,350
-
-
300,037|Investments
£
359,829
38,232
4,728,021
300,255
5,426,337|Current
Assets
£
1,512,877
507,319
9,125
-
2,029,321|Current
Liabilities
£
(16,047)
-
(356,335)
-
(372,382)|Long term
Liabilities
£
-
-
-
-
-|Total 2025
£
2,039,346
662,901
4,380,811
300,255
7,383,313|
|---|---|---|---|---|---|---|
## Comparative Analysis of net assets between funds 2024
|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|
|---|---|---|---|---|---|---|
41
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
## 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
£
2,744,151
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|Permanent
Endowment
Fund
£
-
-
-
-
-
-
-
-
-
-
-
-
19,311
19,311
-
19,311|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|
|---|---|---|---|---|---|
||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|
42
National Youth Orchestra Report of the Trustees and Financial of Great Britain Statements for the year ended 30 Nov 2025
NYO is most grateful to the following trusts and foundations that supported the charity in 2024-25:
|Arts Generation Company|The Cecil King Memorial Foundation|
|---|---|
|Bloomberg Philanthropies|The du Plessis Family Foundation|
|Backstage Trust|The Sutton Byre Charitable Trust|
|B&P Glasser Charitable Trust|The Reynolds Foundation|
|Fryerning Foundation|The Houghton Dunn Charitable Trust|
|Monday Charitable Trust|The Garfield Weston Foundation|
|Hallamshire Arts Council|The Thompson Family Charitable Trust|
|Leatherhead Concert and Arts Society|The Salamander Charitable Trust|
|J Paul Getty Charitable Trust|The Mageni Trust|
|The Harrison Frank Family Foundation|The Ofenheim Charitable Trust|
|The Marie-Louise von Motesiczky Charitable Trust|The Yusef Foundation|
|The Gledswood Charitable Trust|The Millichope Foundation|
|The Karlsson Jativa Charitable Trust|The HR Taylor Charitable Trust|
|The Karin Brass Memorial Fund|The Colwinston Charitable Trust|
|The Joyce Fletcher Charitable Trust|The Steel Charitable Trust|
|The Barbara Whatmore Charitable Trust|The Andor Charitable Trust|
|The Samuel Gardner Memorial Trust|Vogue World Fund|
|The Leverhulme Trust|Samworth Foundation|
|The Saintbury Trust|The Valentine Charity|
|The Hon P Gibson’s Charity Trust|Wirral Young Arts|
NYO is most grateful to the following companies who supported the charity in 2024-25.
3i Oakley Capital Limited
Thwaites
NYO is most grateful to the following individuals who supported the charity in 2024-25 with major gifts. We would also like to acknowledge the many hundreds of individual donors that helped NYO this year. Their help was critical to our work in 2024-25 and continues to be so. We also gratefully acknowledge the support of those who wish to remain anonymous.
## **Major Donors**
Ayudar Foundation
Alison E. Berry Kate Bingham and Jesse Norman Blavatnik Family Foundation Sir Jan and Lady du Plessis
Grumpy Givers
The Guyll-Leng Charitable Trust Jane Holmes (nee Suter) Michael and Lynne McGowan Stephen Sacks and Charlotte Hogg
43