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2023-08-31-accounts

The Yehudi Menuhin School Limited (A Company Limited by Guarantee)

Incorporated in England and Wales No. 00818389 Registered Charity No. 312010

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

For the year ended 31 August 2023

The Yehudi Menuhin School Limited CONTENTS for the year ended 31 August 2023

Page
Governors' Report 1 - 12
Auditors' Report 13 - 16
Statement of Financial Activities 17
Balance Sheet 18
Cash Flow Statement 19
Notes to the Financial Statements 20 - 32

The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2023

GOVERNORS AND DIRECTORS

Current Governors of the School who are Trustees of the Charity and Directors of the Company and who served during the year (except as noted) are:

Alice Phillips Vanessa Richards

Jonathan Willcocks

Governors serve for a term of four years and may be re-elected for a further two terms.

REGISTERED OFFICE Millfield Cobham Road Stoke D’Abernon Cobham Surrey KT11 3QQ 01932 584795 admin@menuhinschool.co.uk www.menuhinschool.co.uk

COMPANY NUMBER 00818389 CHARITY NUMBER 312010 PRESIDENT Daniel Barenboim KBE CO-PRESIDENT Tasmin Little OBE VICE PRESIDENTS Barbara R D Fisher OBE The Hon. Mrs Zamira Menuhin Benthall GOVERNORS EMERITUS Daniel Hodson Anne Simor – (Resigned 5 July 2023) MUSICAL PATRONS Steven Isserlis CBE Robert Levin Sir András Schiff

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The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2023

HEAD Benjamin Gudgeon DIRECTOR OF MUSIC Ashley Wass DIRECTOR OF PASTORAL CARE Melanie Bloor-Black DIRECTOR OF STUDIES David Bruce

DIRECTOR OF DEVELOPMENT & EXTERNAL RELATIONS Gerald Carew DIRECTOR OF STRATEGY Shelley Twitchin MMus PGDip FCCA (Resigned 17 November 2023)

BURSAR Philippa Stanfield AUDITORS Moore Kingston Smith LLP 6[th] Floor 9 Appold Street London EC2A 2AP BANKERS Lloyds Bank plc 39 Threadneedle Street London EC2R 8AU INSURANCE BROKERS Marsh Capital House 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY Aston Lark Limited Ibex House 42-47 Minories London EC3N 1DY INVESTMENT MANAGERS Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU

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The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2023

GOVERNORS’ REPORT (INCORPORATING A STRATEGIC REPORT)

The Governors present their annual report and financial statements for the year ended 31 August 2023.

The Governors of the School who are also Trustees of the Charity and Directors of the company have pleasure in presenting their strategic report and financial statements for the year ended 31 August 2023. The financial statements comply with current statutory requirements, the Articles of Association and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (the FRS 102 Charities SORP).

REFERENCE AND ADMINISTRATIVE INFORMATION

The Yehudi Menuhin School was originally founded in 1963 by celebrated violinist Yehudi Menuhin as a charitable trust. The Yehudi Menuhin School Ltd, a company limited by guarantee (company number 00818389) and a registered charity (charity number 312010) was incorporated in September 1964. The liability of its Members in the event of the Company being wound up is limited to a sum of £1 each. The School is governed by its Articles of Association, updated in 2015.

GROUP STRUCTURE AND RELATIONSHIPS

The accounts include the results of The Friends of The Yehudi Menuhin School (registered charity number 312010-2). It is a linked charity and raised funds from its members to donate to the School and is governed by its Board.

A wholly owned non-charitable subsidiary, YMS Enterprises Limited, was established and incorporated on 17 December 2008 as a company limited by guarantee (company number 06775727). The company oversees the School’s trading activities, and is governed by its Board. A further non-charitable subsidiary, YMS China Limited was established in December 2018 to promote the principles and ethos of The Yehudi Menuhin School in China by providing advisory services and granting rights subject to conditions. It advises the School’s activities in China, and is governed by its Board.

The subsidiaries results are consolidated with the School’s financial statements.

STRUCTURE, GOVERNANCE AND MANAGEMENT

GOVERNING BODY

Responsibility for the overall management and organisation of the School rests with the Governors, who meet at least on a termly basis. They are supported in carrying out their responsibilities by several committees and sub-committees. The Development Committee and the Finance and General Purposes (F&GP) Committee meet a few weeks before each of the termly meetings of the Council of Governors. The F&GP Committee is supported by sub-committees responsible for the overview of Risk Management, Investments, Audit and Remuneration. The Education Committee meets twice yearly, and a Nominations Committee meets to oversee the selection and appointment of new Governors when required.

The task of running the School on a day-to-day basis is the responsibility of the Head and he is fully supported by the members of the Leadership Team.

Remuneration of the Leadership Team is set according to market rates, the level of skills and experience required to deliver the roles, and affordability. The Remuneration Committee reviews the salaries for the Leadership Team and Head.

RECRUITMENT AND TRAINING OF GOVERNORS

Governors are appointed at Council Meetings or by written resolution on the basis of advice from the Nominations Committee. A skills register of all Governors is maintained and regularly reviewed to ensure that the Council has the necessary breadth, scope and expertise to support the School. New Governors are provided with induction material, and all Governors are informed of relevant training courses offered by various professional bodies (AGBIS, ISBA etc.) and encouraged to attend.

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The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2023

LEADERSHIP

Gerald Carew took over as Director of Development and External Relations in May 2023. Philippa Stanfield took over as Interim Bursar in April 2023 and Shelley Twitchin resigned as Director of Strategy in November 2023.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

PRINCIPAL ACTIVITY

The Yehudi Menuhin School is a global leader in music education. The School’s mission is to provide a happy, healthy learning environment where exceptionally talented young musicians discover how to achieve their potential.

The School’s unique curriculum weaves the highest level of musical training into an outstanding academic programme to provide a world-class education.

The School’s diverse community is formed of pupils who are admitted on the basis of artistic potential, not according to financial means.

The five key values of the School underpin the School’s mission and vision for the future. All pupils and staff will be encouraged to live, work, and communicate in accordance with these values:

PURSUIT OF EXCELLENCE

The School aims for the highest standards of musical understanding and academic achievement. The School’s pupils are taught dedication, self-discipline, and resilience, to overcome and relish the challenges of a life in music.

INTEGRITY

The School’s pupils and staff demonstrate personal responsibility, honesty, and a mature sense of social conscience.

KINDNESS

All members of the School’s community understand the importance of humility, empathy and tolerance. Pupils and staff have respect for one another.

INTELLECTUAL CURIOSITY

In the understanding that intellectual growth informs and supports musical development, the School encourage all pupils and staff to be creative and open-minded, and to adopt a love of lifelong learning.

COMMUNITY

The School’s community is collaborative, diverse, inclusive, and mutually supportive, with teamwork at its heart. The School shares its work with in the local community, as well as reaching an international audience. The School instils its pupils with a sense of their environmental and social responsibility.

PUBLIC BENEFIT

The Governors confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the general and sub-sector guidance issued by the Charity Commission on public benefit. The charitable purpose of the School within the meaning of the Act is enshrined within its Objects, as stated below.

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The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2023

The Governors ensure that this charitable purpose is carried out for the public benefit by working to make sure wherever possible that such specialist education and training is available to many of those who are sufficiently talented and would benefit from the activities of the School, irrespective of financial circumstances. In shaping the objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’.

Public benefit is not just provided to the pupils at the School. The section in this Report headed ‘Community engagement and outreach’ summarises many other projects and events carried out within the local community, nationally and internationally, in accordance with the Objects of the School, e.g. opportunities for children to learn and perform music, pupils’ concerts at care and nursing homes, assistance to local music teachers and opportunities for amateur musicians of all ages to perform in the School’s Menuhin Hall.

CHARITABLE OBJECTS

The Objects of the charity are to provide and advance a general and specialised education and training of the highest order in music and the performing arts by means of a boarding and day School in the United Kingdom, where children from any part of the world with exceptional musical talent may be educated. The Objects include generally fostering music and the arts and general education of children by the provision of courses at the School throughout the year.

OBJECTIVES

The Yehudi Menuhin School aims to harness its reputation as a leading authority in classical music education, to develop the performers and audiences of the future. The School aim to cultivate the next generation of happy, well-adjusted musicians, who are team players, can express themselves articulately, are equipped to support their artistic expression with intellectual understanding, and who are on the path to becoming influential figures in the broad world of music and the arts.

The School’s achievement of its objectives is evidenced by pupil performance and learning outcomes. The School’s commitment to access for talented pupils of all backgrounds is evidenced by consistent, ongoing, means- tested financial support to 90% of pupils via MDS or School bursaries. The School’s financial performance is evidenced by performance against budget, as well as percentage increases and decreases in both revenues and costs. These measures are shown in the Financial Review section of this report.

ACHIEVEMENTS AND PERFORMANCE

‘A first-class all-round education, with music at its heart’

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The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2023

The Governors are delighted to report that the School continued to perform at the highest level in every area over the last year.

MUSICAL HIGHLIGHTS

The School ran a busy programme of musical activities in the 2022-23 academic year.

A full programme of showcase concerts was in operation, and audiences gradually grew throughout the season as attendances showed signs of post-covid recovery. Particular highlights were an event designed to spotlight pupils who were making their debuts in the Menuhin Hall, a special concert featuring staff and pupils for Founder’s Day, a Winter Festival which featured The Snowman alongside a variety of other concert formats, numerous collaborations between visiting artists and pupils, including the Brodsky Quartet and the Sitkovetsky Trio, and a well-received Summer Festival which included mixed genre events, guest appearances by established artists, and a finale which saw the YMS choir perform alongside the Music in Secondary Schools Trust.

In addition to the concerts hosted by the Menuhin Hall, the School enjoyed a busy programme of external concerts, including performances at Champs Hill, the Petworth, Lichfield and Pinner festivals, and concerts at St. George’s Bristol, the Wiltshire Music Centre and numerous music societies, a tour to Scotland, and a Leavers Concert at Kings Place. Furthermore, the School embarked upon an end of year tour of concerts culminating in a performance in Gstaad.

A major project during the year was the recording of the School’s first commercial album, Around the World in 80 Minutes, to be released on Orchid Classics in March 2024. The album features works from around the globe, including several transcriptions and arrangements by YMS pupils and staff, and features an array of guest artists and conductors. The School also recorded a brief tribute to the Queen after her death, while a pupil arrangement of a well-known Christmas song was released to supporters of the School in early December.

The School’s chamber music programme continued to grow throughout the year, with all pupils – regardless of age or instrument – now actively engaged in ensemble playing. Most programmes, whether internal or external, were evenly divided between solo and chamber repertoire, and a wide range of staff contributed towards the coaching of chamber groups.

Once again, there were a number of notable competition successes, including major prizes at events in Hungary, Georgia, the USA, London and Holland.

The Virtual Menuhin School continued to operate following its launch in the previous year. This provision was initially created to connect with talented young musicians around the world, enabling them to develop an understanding of the YMS ethos and expectations through practical and academic music lessons delivered online, as well as promoting integration into the School community. It has now expanded to incorporate a non-selective strand to widen access. In addition, the Baby Menuhins programme was launched during the 2022-23 year.

BOARDING PROVISION

The School’s boarding community and pastoral care support pupils’ musical, academic and social development. The School has two separate boarding houses (Harris and Music House), at present accommodating 34 boys and 45 girls. We offer full or weekly boarding and presently 10 of our 89 pupils are day pupils (4 boys, 5 girls).

Each house has a live-in Houseparent and Assistant Houseparent who work full time and are dedicated to their boarding role. Both Houseparent’s are senior members of the School’s Leadership Team: the Houseparent of Music House is Director of Pastoral Care and Designated Safeguarding Lead, while the Houseparent of Harris House is Director of Staff and Boarding. Two other staff members live on site (one being the Graduate Music Assistant) supporting the team and undertaking one or two evening shifts per week. Music House has a Day Matron and Harris House has additional support from staff who work both in the boarding house as well as part of the wider School community. There is always a Designated

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The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2023

Safeguarding Lead or a deputy on site and a member of the Leadership team is available for any necessary support, including out of hours and at weekends.

The houses proactively cultivate a family feel and the pupils often refer to School as their ‘other home’. Younger pupils look up to the older ones as they would siblings, and older pupils frequently say that they take pleasure in guiding the younger pupils both musically and morally. The community extends across the houses; there is no great divide between boys and girls.

One of the most important aspects of boarding is to ensure that there is enough ‘down time’ and that the pupils have protected time in which they can properly rest. Their days are long and physically tiring, and so time away from their instruments is vital. To this end the School offers weekly yoga, dance and free swim sessions during the week, as well as trips to the supermarket on a Friday evening. Weekends provide a good opportunity for pupils to relax and take part in extra-curricular activities. Activities offered include film nights, ice cream making, walks in the country, trips to concerts in London, crazy golf, and football on the School playing field – there is truly something for everyone. These trips and activities are free to attend and open to all ages, and a good mix of pupils regularly attend.

The close-knit boarding environment allows boarding staff to observe and support social development amongst all the pupils. They learn the importance of listening to others, whilst being able to challenge and discuss differing opinions. They learn how to harmoniously share living space and they are encouraged to be kind and tolerant of each other’s differences. The houses promote an inclusive ethos where everyone has equal worth and can speak their mind, without fear of reproach or judgement.

As the pupils move through the School, they are given more responsibility and opportunities to develop as responsible young adults. They may mentor a younger pupil, represent their peers on School Council or Food Committee, or help to host a Friends’ reception, where they meet donors and visitors to the School. They are expected to speak with confidence at these events, and it forms an important part of their training in self-promotion and presence, crucial for future success at Conservatoire or in performance.

LEAVERS’ DESTINATIONS

Graduating pupils left to continue their studies at the conservatoires and universities of their choice: The Royal College of Music (4), The Royal Academy of Music (2), The Barenboim-Said Akademie in Berlin (1), The Lubeck Academy of Music (1), Hochschule fur Musik und Tanz Koln in Cologne (2), The Hochschule fur Musik und Theatre in Munich (1), The Akademie fur Tonkunst in Darmstadt (1), The University of Warwick(1) and Kings College London (1).

ACADEMIC ACHIEVEMENTS

On the academic front, pupils continued to perform exceptionally well and our results were higher than prepandemic levels. At A level, 65% of grades were awarded at A - A and 95% were awarded at A - C. At GCSE level, 70% of grades awarded at level 9 – 7 (A - A) and 97% at level 9-4 (A - C) with a 98% pass rate.

EXTRA-CURRICULAR ACTIVITIES

The Duke of Edinburgh Award Scheme continued to be very popular, with pupils signed up for Gold, Silver and Bronze categories. There were a number of expeditions to various parts of the UK including the North Downs, the Surrey Hills and the Lake District. We currently have five students who have completed their Gold Duke of Edinburgh Award and who are due to be presented with it at the Palace. The Brackenbury Art Show took place this year with a variety of categories including art, creative writing, poetry and photography. There were several prizes awarded and winning entries were displayed in the Menuhin Hall foyer as part of our Summer Festival. Our annual Activities Day took place off-site this year and included exciting trips to London Zoo, Harry Potter Studios, The Tate Gallery, an Escape Room and a West End Musical.

COMMUNITY ENGAGEMENT AND OUTREACH

Outreach is central to our ethos, and we are constantly developing our community engagement programme to ensure that the School serves the broader community to the best of its abilities. To support the expansion

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The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2023

of the School’s outreach activities we employ a Community Partnerships Coordinator to drive forward and explore new initiatives, diversifying our engagement, nurturing new contacts and placing Outreach at the heart of school life. The YMS Community Partnerships Coordinator sits on the Surrey Music Education Hub Steering Board, where YMS is an official partner.

The School ran a year-long series of twice-weekly visits to Cobham Free School in which YMS pupils worked side by side with CFS pupils, introducing them to music and musical instruments. Additional events included:

Tickets were free for all events to under-18s. Over 60 complimentary tickets were provided to local schools to attend summer evening concerts.

In addition, the School has sought opportunities to further engage with local community groups. During the Summer term, pupils performed at a local centre for the retirements and elderly, as well as free community concerts in local churches. In the summer holidays of 2023 present and former pupils gave free recitals in Fulham as part of the Hurlingham Arts Festival. These engagements were well-received and the school has been invited to come again.

SECURING FUNDING OF PUPILS’ FEES FROM THE DEPARTMENT FOR EDUCATION

The School seeks to offer a significant number of places each year through the Department for Education’s Music and Dance Scheme (MDS), which supports pupils who could not otherwise afford the fees. The School has 61 MDS places available to it which were utilised to the fullest extent possible during the academic year. The MDS funding resulted in a total of £2,068,586 (2021-22 £2,044,273) being paid directly to the School from Government.

PHILANTHROPIC SUPPORT- PROVIDING TALENTED YOUNG MUSICIANS WITH THE OPPORTUNITY OF A LIFETIME

Philanthropy continues to play a vital part in the life of the School and we are deeply grateful to the many individuals and institutions who helped us to fulfil our charitable objectives. In total, £994,281 was received in donations and legacies this year. Our fundraising priorities for the year included raising money for bursaries alongside core costs.

BURSARIES; ENSURING ACCESS FOR ALL

In keeping with the School’s mission of ‘enabling children with potentially outstanding musical talent to attend the School, irrespective of their income, background, creed or country of origin,’ the School offers additional financial support to students who fall outside the residency criteria for MDS, or for whom there is no place

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The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2023

available. After applying uniform means-testing, the School looks to its vital bursaries to make up the shortfall in fees, allowing promising students from all backgrounds to access the School’s world-class music and academic education.

Many individuals, trusts, foundations and individuals contributed to our Bursary Fund, for which we raised almost £300,000 during the year. We are particularly grateful to the Harvey-Julius Family Trust, the Holder Family, the Leverhulme Trust, the Linbury Trust, The Lillywhite Trust, Mr Ronald and the Hon Mrs Rita McAulay, the Henri Moerel Foundation, and the Audrey Wilson Charitable Settlement for their significant contributions, as well as others who wish to remain anonymous. CORE COSTS

In line with the School’s fundraising priorities, the Development team devoted significant time to securing funding for the School’s core costs. We wish to recognise the particularly significant contributions of Mr Lionel Blackman, Lord and Lady Blackwell, The Skyrme Hart Trust the S E Franklin Charity, Fresh Leaf Charitable Trust, The Weinstock Fund, The Oak Foundation, Cosman Keller Charitable Trust, as well as the members of the Menuhin Circle.

FRIENDS OF YEHUDI MENUHIN SCHOOL

The School has a linked charity, The Friends of Yehudi Menuhin School, which donated £35,000. The Friends contributed to a new Harp, Music Technology, Pupil Opportunity Fund and Leavers Scores. Our Friends traditionally provide our pupils with a highly supportive audience at The Menuhin Hall and are a deeply appreciated part of the YMS ‘family’.

FUTURE FUNDRAISING PRIORITIES

The School will continue to devote considerable effort to raising money for bursaries and other targeted support for pupils, as well as further seeking to cover core costs, in particular music staff salaries.

OUR APPROACH TO FUNDRAISING:

The School believes that fundraising should be an open, honest and respectful process. We aim to build and maintain solid partnerships with our supporters and donors, based on mutual understanding and shared values. In developing our approach to fundraising we have taken account of the Code of Fundraising Practice issued by the Fundraising Regulator and have voluntarily paid the Fundraising Levy. We abide by the Fundraising Promise, as outlined in the Code of Practice, and have internal procedures in place to protect vulnerable people and other members of the public from behaviour which is an unreasonable intrusion on a person’s privacy or is unreasonably persistent, or places undue pressure on a person to give money or other property. The School operates with an internal fundraising team and did not outsource any of its fundraising activities to external parties during the financial year. The School had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

The School’s Privacy Policy, published on our website, clearly states what personal data the School will hold in relation to supporters and how this data will be used. The School’s Fundraising Complaints Procedure, published on our website, outlines how to make a complaint about our fundraising activities. The School has received no complaints about its fundraising activities either during the financial year or subsequently.

PLANS FOR FUTURE PERIODS

The Governors and Leadership Team have identified a number of areas to develop within the School to maintain its reputation as a world leader in music education, providing the highest quality of instrumental training combined with a first-class academic curriculum under one roof. This encompasses continuing to improve the curriculum and standard of education offered to ensure pupils are well-equipped for a changing world and musical landscape; widening access to the School’s expertise among the local community and on international fronts, and across an increased age range; improvements to teaching, learning and living facilities for current and future pupils as well as for staff; and ensuring that financial support is available for gifted pupils to attend the School.

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The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2023

To achieve those ends, the School has identified a need for strong international relationships; high-quality, modern facilities for its students, educators and staff; investment in technology for teaching, learning, and business; and a diverse range of income and funding sources, capitalising on current assets and international brand reputation. These strategic goals will be phased over the next 3 – 5 years. The leadership team has engaged all members of the School community (pupils, parents, staff and alumni) and also key external stakeholders, in an extensive and comprehensive consultation programme, which has fed into detailed plans for the School’s strategic review.

In August 2019, the School announced the setting up of its first international music School, contributing The Yehudi Menuhin School name and expertise in setting up and running a specialist music School within a holistic academic environment.

Over a 3-year period the School worked with the Qingdao Urban Construction Group to bring its unique model for music education to the Far East. The Menuhin School Qingdao opened on 3 September 2022, and the School seeks to ensure that Yehudi Menuhin’s vision and ethos runs through every area of the new institution. As the new School grows there will be opportunities for teacher and pupil exchange, which will benefit both current and future pupils, and UK staff will visit regularly to carry out inspections to make certain that the new School is adhering to the ideals of its British parent School.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

INCOME AND EXPENDITURE

The School benefited from donations and legacy income in year amounting to £994,281, a decrease from £2,806,628 in 2021-22. The School received £377,024 of legacies in the year, £362,462 of which were restricted to bursaries. The deficit for the year before net losses on investments was £574,134 (2021-22: surplus- £1,341,963).

The total income decreased by 21% (2021-22: 35% increase) to £5,103,654 (2021-22: £6,437,102) as a result of the decrease in donations and legacies. The Governors are grateful for the £61,943 from trading activities in YMS Enterprises Limited (2021-22: £59,556), and the £307,125 from activities in YMS China Limited that is paid to The Yehudi Menuhin School Limited in the form of a Gift Aid donation (2021-22: £201,712). Total expenditure increased by 11% (2020-21: 11% increase) to £5,677,788 (2021-22: £5,095,139).

Total balance sheet funds of £24,987,142 are described in detail in note 18 to the accounts. The majority of these funds are for the buildings of the School itself, the instruments that are required for teaching and learning and the bursary funds to support pupils to attend the School. Endowment funds amounting to £7,692,759 are capital in nature and the income is used both for core expenditure and to fund bursaries. A further £2,559,674 are restricted funds which can only be used for the specific purposes determined by the donors. Of this amount £2,458,456 is for the purposes of providing bursaries to support pupils who would otherwise be unable to attend the School.

FIXED ASSETS - INVESTMENTS

The investments are governed by the Articles which permit the funds to be invested in any security, other investment or property situated anywhere in the world. The Governors have delegated the management of the investments to Sarasin & Partners LLP.

The aim of the Governors is to maintain real capital growth while producing an income of 3% per annum or more from a portfolio of investments, both equities and fixed interest securities, property fund and cash deposits.

At year end the School held investments valued at £8,853,579 (2022 £8,968,222). The fund valuation includes an unrealised loss in the year of £66,305 (2022 £741,836 unrealised loss).

PENSIONS

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The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2023

The School employees are members of one of two pension schemes: The Teachers’ Pension Scheme and The People’s Pension.

RESERVES POLICY AND GOING CONCERN

The School holds £2,083,724 in Permanent Endowments and £5,609,035 in Expendable Endowments. The Governors are required to hold the capital in the permanent endowment and therefore are unable to convert it to income. However, income from the fund is included in Restricted Funds (Note 18) and used for bursaries. Governors have the authority to convert the expendable endowment into income to support School activities. The income arising from this fund is included in the General Reserve. Details can be found in Note 18 to the accounts.

The Restricted Fund amounts to £2,559,674 (2021-22: £2,578,526) Details are in Note 18 to these Accounts.

In line with Charity Commission guidance that a Charity should maintain adequate reserves to ensure its ability to deliver its charitable objectives, the School holds unrestricted reserves for a number of purposes which are set out in Note 18 to the financial statements. Unrestricted reserves are those funds available to provide adequate working capital for the School to ensure it can meet its operational expenditure obligations as they fall due.

The School’s General Reserve Policy is to aim to hold approximately four months’ expenditure excluding depreciation, which amounts to an estimate of £1.7 million as free reserves in a cash or liquid form. The General Reserves fluctuate during the School year and are at their lowest at the School year end, 31 August. At 31 August 2023 the general reserve was £1,475,616 (2021-22: £1,831,474).

PRINCIPAL RISKS AND UNCERTAINTIES

The Governors continue to keep the School’s activities under review and monitor performance, with particular regard to any major risks which may arise.

The Governors’ Risk Management Sub-Committee oversees the assessment and categorisation of the risks which the School is, or may become, exposed to in order to ensure that there are satisfactory systems established to manage those risks. A review of risks and the risk register is a routine item on the agenda of all Committee and Council meetings in order to ensure that the process is regularly reviewed and updated.

The main risks to the future of the School are the reduction or withdrawal of the funding for the places supported by the Department for Education under the UK Government Music and Dance Scheme (MDS), the change in government policy for independent Schools and the impact to the School of the cost of living crisis and global economic recession. The School keeps the risk of the withdrawal or reduction of MDS funding and government policy under continuing review. To manage these risks, the Governors are regularly updated on the status of the School, its risk management, and related matters.

AUDITORS

Moore Kingston Smith LLP has expressed their willingness to continue as auditors for the next financial year.

GOVERNORS’ RESPONSIBILITIES STATEMENT

The Governors (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Page 11

The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year 8nded 31 August 2023 Comparby requires the dlrectors to pr2par& ftn8ncial 8lat8m8nts lor each finan¢S8l year. Under that law the Governors h8V8 818ct8d to prepare the finarKlal $lat8monts in accordance wlth Unlled K£ngdom GeneraltyAccepl8d Accounling Practice Iunlted Klngdom Accounting St8nd&rds and applicable lawl. Under ¢￿panY law th9 directors must not approve the finandal ststements unle88 they are sat15Tied that Ih8y giv8 a true and falr vlew of the $lat8 of affairs of the charitable company and of th8 profil or loss olthe charitab c(xMpany for that pèrfod. In preparlng these financial 5taternenl8. the diie¢lors are r8quir8d to-. S81ecl suitable accounling policies and then apply them cons18t8ntly Mak9 judgements and accounting 8s1imales that are reasonabl8 and prudent., State whelhei ap￿1¢able UK Accounting Stand8rds have been followed, subl&ct to any malorlal departures disdosed and 8xplaln8d in th8 financk41 statements., and Prepare the finanGial slalements on th8 golng conc8rn basis unle$s11 Is inapproprlate to presum8 that the company will ronlinue in busin8SS. The Gov8rntsrs are responsib￿ for keeping adequate a¢¢ounling records that are sufflclent to and explain the charitabl¢ ¢ompany's Iransaclion5 aThd disclose wlth r8a8on8bl8 accur8cy at any timp tha Inanclal posllion of the Charitable Company aRd enable them lo en$￿￿ that the financial 8t81emen15 comply with the Companies AGI 2006. They are also re$ponsib18 lor safeguarding th¢ assÈts of the charitabla company and henc8 for taking reasonable step$ for the prevention and deleGlion of fraud arKI oth6r irregularilie5. STATEMENT OF DISCLOSURE TO AUDITORS So far as each perscth who wos a Gowernoratth8 dale ol approving this ￿port Is aware. Iherg 18 no r81evknt audit information olwhkh the company's audltors ore unaware. AdditFonally, the Govemois K￿mdUallY havo taken all the necessary steps that they ought lo have takèn as Governors in ord8r to rnako themselves awaie of all rel8vant audFt Informatlon and to gstatlish that the eompany's audltors are awar8 of that inforrrtatlon. This r8POrt Was approved Lsy the Councll ol Governors al Ils m88tlng on 27 Nov8mb8r 2023 and slgned on Its b8h911 by.. Davld Buekloy Chalrman of Governors Page 12

The Yehudi Menuhin School Limited INDEPENDENT AUDITOR’S REPORT for the year ended 31 August 2023

Opinion

We have audited the financial statements of The Yehudi Menuhin School Limited (the ‘parent charitable company’) and its subsidiaries (the ’group’) for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheets, the Consolidated 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:

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 group’s and parent 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the annual report. 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 there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 12

The Yehudi Menuhin School Limited INDEPENDENT AUDITOR’S REPORT for the year ended 31 August 2023

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in [the strategic report or] 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent 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 group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 14

The Yehudi Menuhin School Limited INDEPENDENT AUDITOR’S REPORT for the year ended 31 August 2023

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

Page 15

The Yehudi Menuhin School Limited INDEPENDENT AUDITOR’S REPORT for the year ended 31 August 2023

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.

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 which 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

19 December 2023

Jonathan Aikens (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6[th] Floor 9 Appold Street London EC2A 2AP

Page 16

The Yehudi Menuhin School Limited

STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the year ended 31 August 2023

Notes
INCOME FROM:
Charitable Activities
School fees
3
Other trading activities
Other trading income
4
Investments
Investment Income
5
Voluntary sources
Grants and donations
6
Total income and endowments
EXPENDITURE ON:
Costs of raising funds
7
Fundraising and development
20
Other trading costs
Other expenditure
Charitable activities
7
Education
Total expenditure
7
Net operating (expenditure)/ income
Net losses on investments
13
Net (expenditure)/ Income
Transfer between funds
18
Net movement in funds
Fund balances brought forward
Fund balances carried forward
19, 20		 Unrestricted
funds
£
3,117,674
689,909
219,550
116,445		 Restricted
funds
£
-
-
82,240
877,836		 Endowment
fund
£
-
-
-
-		 Total
2023
£
3,117,674
689,909
301,790
994,281		 Total
2022
£
2,848,665
555,101
226,708
2,806,628
4,143,578 960,076 - 5,103,654 6,437,102
-
199,054
380,212
17,316
4,836,820		 -
-
-
196,085		 -
-
-
48,301		 199,054
380,212
17,316
5,081,206		 216,315
350,581
8,568
4,519,675
5,433,402 196,085 48,301 5,677,788 5,095,139
(1,289,824)
(47)		 763,991
-		 (48,301)
(66,258)		 (574,134)
(66,305)		 1,341,963
(741,836)
(1,289,871)
782,843		 763,991
(782,843)		 (114,559)
-		 (640,439)
-		 600,127
-
(507,028)
15,241,737		 (18,852)
2,578,526		 (114,559)
7,807,318		 (640,439)
25,627,581		 600,127
25,027,454
14,734,709 2,559,674 7,692,759 24,987,142 25,627,581

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The accompanying notes form part of these financial statements.

17

The Yehudi Menuhin School Limited BALANCE SHEET asa131Au usl 2023 2QZ3 fjroup Z2 Group 2023 SEhDuI Schaol FIXEO ASSETS 13,192,302 13,330.719 14192,302 6 853 579 Inve61menls 8 9e8222 22.307,041 22.045,881 22.3Q7,941 CVRRENY A$SErs Stocks Dèbkys CABh41 ballkan&￿ hand 3.918 J14,338 3,560,397 3.778 1.WT.680 2 892697 3,916 568,78? 3.282,053 3.778 1,973,879 9,8Y8,65t 4,304,ISI 3.854.751 4.282,4BT CREDITORS." knounls duB arfr year t6 (T45.721 1692,8511 (Y21,8231 1671.1801 TCURRENT A88£TW(UABIUnE¥I 3.132,92B 3611.307 f32 928 TOTALASSETS LESS CUARENT LIABILlnES CREDITORS.. Amount8 la¥lng due anermore Ihan one 26,fj7B,BOg 25,YI8,24B 25,tY8,eQ• 25,919.248 1191,8871 1291,6671 111,￿7) 12g1,6671 MET AS8ET8 24,987 142 25627 581 FUtI Re5￿Cl￿d funds iknrastricled fLnds-general [h￿sIn¢l¢dfWd9-￿èsl0n0ted Fixedassetfund Endowmnl luThJ f8 18 2,559,674 1,471fj16 66.791 13,192,302 7.892,759 2,678,628 1,831,474 70,544 13,¥J9,719 7,807,318 2,559.674 ,475.616 66.79f 13,192.302 7,592,7 2.57e.526 7Q.544 18 70(>7.318 24967 142 25627,581 24 987 142 25627581 Tht Sdioul has iaken Ihe &XempliM underCowl¥Aci 2008 $.4Q8 lo omll prolil ond kis$ ￿¢c￿nI £llllthry gitsup ar￿￿6. Th? kncome lot Thb duthg Ihe wr ènded 31 Augu9t 20 WA$ £4.931,217 12021. £S,287,9771 D8￿1 dUl￿g tha ended 31 2023 Was£{64I.43gii2022." netSu@uB t600.1271. tor Iwo bytho Spard￿l¢OVeMllrSOn 27 NDVÈn*r2023andslin8d th ththibeh8llby.' David BucWèy Cknatrrngn of Ihe BowdolGoveroors The 8¢com￿n￿n￿ Th0￿3f0M1 w dlhB¥+lnandÈl siat¢nths. Numbtr'.00818388

The Yehudi Menuhin School Limited CASHFLOW STATEMENT for the year ended 31 August 2023

e Yehudi Menuhin School Limited
HFLOW STATEMENT
e year ended 31 August 2023
Notes
Net cash inflow from operating activities
23
Cash flows from investing activities:
Bank interest received
Payments to acquire fixed assets
Payments to acquire investments
Net cash outflow from investing activities
Financing:
Loans repaid
Net cash outflow from financing activities
Increase in cash
beginning of the reporting period
end of the reporting period
Cash at bank and on hand
Investments
Cash and cash equivalents at the
Cash and cash equivalents at the		 2023
£
986,745
301,790
(329,980)
-		 2022
£
546,645
226,708
(240,125)
(10,000)
(28,190) (23,417)
(100,000) (100,000)
(100,000) (100,000)
858,555
2,705,626		 423,228
2,282,398
3,564,181 2,705,626
3,560,397
3,784		 2,692,697
12,929
3,564,181 2,705,626

19

The Yehudi Menuhin School Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

1 ACCOUNTING POLICIES

The Yehudi Menuhin School Limited is a charitable company limited by guarantee with registered number 00818389, registered in England and Wales. Its registered office is Millfield, Cobham Road, Stoke D'Abernon, Cobham, Surrey, KT11 3QQ.

1.1 BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The School and its subsidiaries are a public benefit entity for the purposes of FRS 102 and therefore the School also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the School. Monetary amounts in these financial statements are rounded to the nearest pound.

These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

Basis of consolidation

The Group comprise The Yehudi Menuhin School Limited, YMS Enterprises and YMS China Limited. The assets, liabilities and results of the wholly owned subsidiary companies, YMS Enterprises and YMS China Limited, are consolidated into these financial statements. Summarised details of the subsidiary companies are set out in Note 25 and 26. All activities as per Consolidated Statement of Financial Activities (SOFA) relate to continuing operations.

1.2 GOING CONCERN

The Governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable group as a going concern. The governors have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the governors have considered the charitable group’s forecasts and projections and have taken account of pressures on fee income and fundraised income in the current economic climate. The governors have concluded that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future.

As such the School can expect to be able to meet its liabilities as they fall due in the period of at least 12 months from the date of approval of these accounts.

On this basis the Governors have concluded that the School is a going concern. The financial statements do not include any adjustments that would result from the group not being able to meet its liabilities as they fall due.

1.3 COMPANY LIMITED BY GUARANTEE

The charitable company is limited by guarantee to the extent of £1 each from the guarantors at the present time, being the Governors of The School.

Fees receivable comprise tuition fees paid by parents, grants towards fees from the Department for Education through the Music and Dance Scheme and the parental contributions. Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided.

1.5 GOVERNMENT GRANTS RECEIVABLE

Government grants received in respect of pupils' fees and other grants are included within income in the year to which they relate.

1.6 BURSARY FUNDS

The School receives some of its income primarily for the provision of scholarships, bursaries and prizes. These amounts are held within restricted funds.

1.7 DONATIONS AND LEGACIES

Donations are recognised when it is probable funds will be received, amounts can be measured reliably and the group have entitlement to the income.

Donations receivable for the general purpose of the Charity are credited to 'unrestricted funds'. Donations for purposes restricted by the wishes of the donor are taken to 'restricted funds' where these wishes are legally binding on the governors. Donations required to be retained as capital in accordance with the donor's wishes are accounted for as 'endowments' — permanent or expendable according to the nature of the restriction. Legacies or gifts of residue are recognised when there is adequate certainty and reliability of receipt and their value can be accurately measured. Investment income is accounted for when receivable.

Other trading income is accounted for as they become receivable or due.

20

The Yehudi Menuhin School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

1.9 VALUE ADDED TAX The School is not registered for Value Added Tax. All expenditure is therefore included under the expense headings to which it relates inclusive of any Value Added Tax.

The School is a registered Charity and is exempt from taxation on income arising from and expended on its charitable activities.

String instruments are not depreciated as the quality of the instruments held is such that their likely useful life is in excess of 50 years.

Depreciation is provided on the cost or valuation of assets, over the estimated useful life of the assets. The rates of depreciation are as follows:

Assets under construction -nil Freehold Buildings -2% on cost Furniture and Equipment -25% on cost Motor Vehicles - 25% reducing balance Instruments - Pianos and - over ten years IT Software - over three years Assets held under finance - over the term of the lease

Land is not depreciated and freehold buildings are only depreciated once brought into use.

Stocks are stated at the lower of cost or net realisable value.

1.13 PENSION COSTS The School contributes to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS102, therefore, the scheme is accounted for as a defined contribution scheme. All non-teaching staff are entitled to join a group personal pension scheme. The current scheme for the purpose of auto enrolment is The People's Pension a money purchase scheme.

Investments are valued in the balance sheet at their mid-market value at the balance sheet date. The SOFA includes realised and unrealised gains and losses arising from the revaluation of the investments in the year.

Investment property is included in the financial statements at fair value, with any surplus or deficit on revaluation included as an unrealised gain or loss.

1.15 CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

The School has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the School's balance sheet when the School becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

21

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

1.19 EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when The School is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.20 FUNDS

Permanent Endowment — These are funds where the Governors are required to hold capital, as represented by the investments, and are not entitled to spend it. Income arising from these funds is included within restricted funds in accordance with the donors' wishes. Expendable Endowment — These are capital funds where the Governors are entitled to disburse the capital as well as income arising from the invested funds.

Restricted — these are monies which have legal restrictions on their use where donors have specified the funds can only be spent on certain of the School's activities.

Unrestricted — General funds are available for use at the discretion of the Governors in furtherance of the School's general objectives. Designated funds are set aside out of general funds by the Governors, for particular purposes.

2 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimate are considered by the Governors to have the most significant effect on amounts recognised in the financial statements.

i. Instrument valuation

String instruments are included in the accounts at original cost or an estimated value if donated prior to 2002 or an estimated value at date of donation after 2002. The values are sensitive to the condition of the instrument and external market factors.

ii. Depreciation

The annual depreciation charge for property, plant and equipment is sensitive to change in useful economic life and residual values of assets. These are reassessed annually.

iii. Valuation of investments

The value of investments reflects the movement of the stock and other markets and can therefore decrease as well as increase. The value of the investment property is dependent on factors affecting house prices in the United Kingdom and local market fluctuations.

3 FEE INCOME

FEE INCOME
The School’s activities are carried out within the UK.
The school's fee income comprised:
Gross fees
Less: Scholarships and bursaries
OTHER TRADING INCOME
Trading income - Unrestricted funds
INVESTMENT INCOME
Unrestricted funds
Interest receivable
Dividend income
Restricted funds
Interest receivable
Dividend income		 2023
£
3,909,409
(791,735)		 2022
£
3,571,495
(722,830)
3,117,674 2,848,665
2023
£
689,909		 2022
£
555,101
689,909 555,101
2023
£
57,510
162,040
-
82,240		 2022
£
191
155,978
-
70,539
301,790 226,708

4 OTHER TRADING INCOME

5 INVESTMENT INCOME

22

The Yehudi Menuhin School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

6 DONATIONS AND GRANTS

Unrestricted funds
Restricted funds
Endowed funds
7 EXPENDITURE
Year ended 31 August 2023
Costs of raising funds
Direct fundraising costs
Direct trading expenditure costs
Other expenditure
Charitable expenditure
Teaching
Welfare
Premises and Estates
Administration
Governance
Total Expenditure
Year ended 31 August 2022
Costs of raising funds
Direct fundraising costs
Direct trading expenditure costs
Other expenditure
Charitable expenditure
Teaching
Welfare and Catering
Premises
Administration
Governance
Total expenditure		 £
192,070
227,868
-
Staff costs
(note 8)		 Other
£
6,984
152,344
17,316		 2023
£
116,445
877,836
-		 2022
£
784,037
2,012,591
10,000
994,281 2,806,628
Depreciation
£
-
-
-		 Total
2023
£
199,054
380,212
17,316
419,938 176,644 - 596,582
1,924,088
367,151
199,579
496,974
-		 102,352
281,425
600,931
600,842
30,468		 81,876
-
395,520
-
-		 2,108,316
648,576
1,196,030
1,097,816
30,468
2,987,792 1,616,018 477,396 5,081,206
3,407,730 1,792,662 477,396 5,677,788
Staff costs
£
200,282
209,708
-		 Other
£
16,033
140,873
8,568		 Depreciation
£
-
-
-		 Total
2022
£
216,315
350,581
8,568
409,990 165,474 - 575,464
1,833,776
323,029
191,090
408,068
-		 102,983
173,709
553,775
373,326
38,531		 82,331
-
439,057
-
-		 2,019,090
496,738
1,183,922
781,394
38,531
2,755,963 1,242,324 521,388 4,519,675
3,165,953 1,407,798 521,388 5,095,139

23

The Yehudi Menuhin School Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

7 EXPENDITURE (CONTINUED)

Other Governance Costs include:

Other Governance Costs include:
Auditors' remuneration
- Audit Fees
- Accountancy Fees
- (over) /under provision from previous year
- Other fees
8 STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
Other staff costs
The average monthly number of employees during the year was as follows:
Teaching
Non-teaching
£60,000 in the year was as follows:
£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£100,001 - £110,000
The number of employees whose emoluments amounted to over		 2023
£
32,226
7,614
(816)
4,236		 2022
£
28,680
7,182
742
5,238
2023
£
2,460,882
244,521
333,392
368,935		 2022
£
2,236,785
224,678
352,327
352,163
3,407,730 3,165,953
2023
No.
34
46		 2022
No.
30
43
80 73
2023
No.
1
1
1
1		 2022
No.
1
1
2
1

Pension contributions for the year amounted to £58,811 (2022: £81,823) for the above employees.

Key management personnel include the Governors (who are not remunerated) and the Leadership team. The total remuneration including pension contributions, employer's National Insurance and benefits received by key management personnel were £661,007 (2022: £676,439).

9 GOVERNORS REMUNERATION AND BENEFITS

There was no Governors' remuneration for the year ended 31 August 2023 nor for the year period 31 August 2022.

No governor (2022: none) was reimbursed expenses in the year (2022: £nil).

Trustees Indemnity Insurance cost £140 (2022: £140). Donations were also received from 11 Governors during the year totalling £17,115 (2022: £37,721 from 10 Governors).

24

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

10 PENSIONS

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £209,330 (2022: £273,519) and at the year end £nil (2022: £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.

Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.

11
NET INCOME FOR THE YEAR
Net income is stated after charging:
Depreciation of tangible fixed assets
Operating lease payments
12
TANGIBLE FIXED ASSETS
Assets under
Construction
£
Cost:
At 1 September 2022
46,188
Additions
79,570
Transfers
(46,188)
At 31 August 2023
79,570
Depreciation:
At 1 September 2022
-
Charge for year
-
At 31 August 2023
-
Net book value:
At 31 August 2023
79,570
At 1 September 2022
46,189		 11
NET INCOME FOR THE YEAR
Net income is stated after charging:
Depreciation of tangible fixed assets
Operating lease payments
12
TANGIBLE FIXED ASSETS
Assets under
Construction
£
Cost:
At 1 September 2022
46,188
Additions
79,570
Transfers
(46,188)
At 31 August 2023
79,570
Depreciation:
At 1 September 2022
-
Charge for year
-
At 31 August 2023
-
Net book value:
At 31 August 2023
79,570
At 1 September 2022
46,189		 Freehold
Property
£
15,835,263
93,010
46,188		 Musical
Instruments
£
2,104,068
17,000
-		 Fixtures
&
Fittings
£
378,848
74,252
-		 Furniture and
Academic
Equipment
£
774,443
66,148
-		 2023
£
477,396
11,560
Motor
Vehicles
£
6,100
-
-		 2022
£
521,388
11,560
Total
£
19,144,910
329,980
-
79,570 15,974,461 2,121,068 453,100 840,591 6,100 19,474,890
-
-		 4,037,284
314,280		 777,323
81,876		 316,454
24,552		 668,031
56,688		 6,100
-		 5,805,192
477,396
- 4,351,564 859,199 341,006 724,719 6,100 6,282,588
79,570 11,622,897 1,261,869 112,094 115,872 - 13,192,302
46,189 11,797,979 1,326,745 62,394 106,412 - 13,339,719

25

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

13 INVESTMENTS

INVESTMENTS
Cost/valuation At 1 September 2022
Additions
Investment management expenses
Gains/(Losses) arising from movements in valuations
Cost/valuation At 31 August 2023
Historic cost at 31 August 2023
UK equities
Property
Cash		 Investment
Property
£
422,854
-
-
-		 Listed
Investments
£
8,545,368

-

(48,338)

(66,305)		 2023
£
8,968,222

-
(48,338)
(66,305)		 2022
£
9,767,490

10,000
(67,432)
(741,836)
422,854 8,430,725 8,853,579 8,968,222
- 5,635,356 5,635,356 5,587,666
-
422,854
-
8,426,941
-

3,784		 8,426,941

422,854
3,784		 8,532,439
422,854
12,929
422,854 8,430,725 8,853,579 8,968,222

Investment properties were valued as at 31 August 2023 on the basis of market value. This is the Governors' best estimate of the market value.

14 STOCK

14 STOCK
General Stock
15 DEBTORS
Fees and extras
Less provision for doubtful debts
Prepayments and accrued income
Amount due from group undertaking		 2023
Group
£
118,892
-
195,446
-		 2022
Group
£
81,332
(17,188)
1,543,598

-		 2023
£
3,916		 2022
£
3,778
3,916 3,778
2023
School
£
94,648
-
195,447
278,687		 2022
School
£
51,696
(14,750)
1,543,542
393,391
314,338 1,607,742 568,782 1,973,879

Included in prepayments and accrued income is £30k of accrued legacies (2022: £1,430k). In addition to legacies received and accrued in the year, the charity is a residual beneficiary of a legacy. The estimated value is in the region of £700k. This has not been included in the Financial Statements as it cannot be measured reliably.

26

The Yehudi Menuhin School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

16 CREDITORS

Amounts falling due within one year:

Loans
Trade creditors
Taxation and social security costs
Fee Deposits
Deferred income and Fees in advance
Other creditors
Accruals
Deferred income:
Brought forwards
Released in year
Deferred fee income for Autumn Term
Carried forward		 2023
Group
£
100,000
129,497
1,877
70,977
224,927
16,400
202,045		 2022
Group
£
100,000
96,140
57,303
60,286
220,042
11,233
147,850		 2023
School
£
100,000
129,497
1,877
70,977
224,927
11,014
183,531		 2022
School
£
100,000
96,140
57,303
60,286
219,392
11,234
126,825
745,723 692,854 721,823 671,180
2023
£
219,392
(219,392)
224,927		 2022
£
146,691
(146,691)
219,392
224,927 219,392

17 CREDITORS DUE AFTER ONE YEAR

Amounts falling due after more than one year:
Bank loan
Movement on bank loan:
In one year or less
Between one and two years
Between two and five years
After five years		 2023
School
& Group
£
191,667		 2022
School
& Group
£
291,667
191,667 291,667
2023
£
100,000
100,000
91,667		 2022
£
100,000
100,000
191,667
291,667 391,667

The bank loan provided by the Charity by Lloyds Bank Plc is secured by first legal charge over the freehold land & building at Milfield Lodge. The loan is a CBIL for £500,000 with a six year term with an interest rate of 1.31% plus base rate which was paid by the government in the first year.

27

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

18 STATEMENT OF FUNDS

Year ended 31 August 2023
Unrestricted funds:
General reserve
Designated fund:
Wallace Curzon
Designated Bursary Fund
Total designated
Fixed Asset Funds
Restricted funds:
Bursary Funds
Other Restricted Funds
Total restricted
Endowment funds:
Permanent Endowments
Expendable Endowments
Total endowment
Total funds
Year ended 31 August 2022
Unrestricted funds:
General reserve
Designated fund:
Wallace Curzon
Designated Bursary Fund
Total other designated funds
Fixed Asset Funds
Restricted funds:
Bursary Funds
Other Restricted Funds
Total restricted
Endowment funds:
Permanent Endowments
Expendable Endowments
Total endowment
Total funds		 £
1,831,474
4,550
65,994
At 1
September
2022		 Income
£
4,143,405
-
173		 Expenditure
£
(4,956,006)
-
-		 Transfer
Between
Funds
£
456,790
-
(3,926)		 Gains/
(losses)
£
(47)
-
-		 £
1,475,616
4,550
62,241
At 31 August
2023
70,544 173 - (3,926) - 66,791
13,339,719 - (477,396) 329,979 - 13,192,302
2,488,967
89,559		 744,006
216,070		 -
(196,085)		 (774,517)
(8,326)		 -
-		 2,458,456
101,218
2,578,526 960,076 (196,085) (782,843) - 2,559,674
2,122,319
5,684,999		 -
-		 (16,273)
(32,028)		 -
-		 (22,322)
(43,936)		 2,083,724
5,609,035
7,807,318 - (48,301) - (66,258) 7,692,759
25,627,581 5,103,654 (5,677,788) - (66,305) 24,987,142
£
1,401,015
4,550
53,374
At 1
September
2021		 Income
£
4,343,972
-
-		 Expenditure
£
(4,325,692)
-
-		 Transfer
Between
Funds
£
412,704
-
12,620		 Gains/
(losses)
£
(525)
-
-		 £
1,831,474
4,550
65,994
At 31 August
2022
57,924 - - 12,620 - 70,544
13,620,983 - (521,388) 240,124 - 13,339,719
1,256,950
101,372		 1,894,865
188,265		 -
(197,478)		 (662,848)
(2,600)		 -
-		 2,488,967
89,559
1,358,322 2,083,130 (197,478) (665,448) - 2,578,526
2,378,759
6,210,451		 10,000
-		 (17,013)
(33,568)		 -
-		 (249,427)
(491,884)		 2,122,319
5,684,999
8,589,210 10,000 (50,581) - (741,311) 7,807,318
25,027,454 6,437,102 (5,095,139) - (741,836) 25,627,581

28

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

18 STATEMENT OF FUNDS (CONTINUED)

Designated Funds:

Wallace Curson: These funds are usually given to students in their final year when they leave the School.

Designated Bursary Fund: This represents legacy income received in previous years. This is to be used for bursaries as and when the need arises.

Fixed asset Funds:

The fixed asset funds represents money held in tangible fixed assets used by the School.

Restricted Funds:

Restricted Bursary Funds: These funds arise from legacies, grants and donations made for the specific purpose of providing bursaries to students: the recipients and amounts of bursaries are determined by the Head and Governors.

Other Restricted Funds: These funds arise from grants and donations made for specific purposes other than bursaries.

Transfer of Funds:

The transfer of funds from restricted Bursary Funds to the unrestricted General Reserve represents the bursaries provided to the students in the year. Transfer of funds from other restricted funds to unrestricted general reserve represent the transfer of assets as the money has been used for the purpose for which it was given.

Endowment Funds:

Permanent Endowment Funds are those where Governors are required to hold the capital and are not entitled to convert it to income. Income arising from these funds is included within restricted funds and is spent in line with the wishes of the donor.

Expendable Endowment Funds are those where the Governors have the power to convert the fund or part thereof to income.

19 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Year ended 31 August 2023
Unrestricted
Restricted
funds
funds
£
£
Tangible fixed assets
13,192,302
-
Investments
535,857
624,963
Current assets
1,943,940
1,934,711
Current liabilities
(745,723)
-
Long term liabilities
(191,667)
-
Total net assets
14,734,709
2,559,674
Unrestricted
Restricted
Year ended 31 August 2022
funds
funds
£
£
Tangible fixed assets
13,339,719
-
Investments
535,941
624,963
Net current assets
1,657,744
1,953,563
Long term liabilities
(291,667)
-
Total net assets
15,241,737
2,578,526
COMMITMENTS UNDER OPERATING LEASES
Due within one year
Due between two to five years
At 31 August 2023, the company had outstanding commitments for future minimum lease payments		 Unrestricted
funds
£
13,192,302
535,857
1,943,940
(745,723)
(191,667)		 Restricted
funds
£
-
624,963
1,934,711
-
-		 Permanent
Endowment
£

-
2,083,724
-

-

-		 Expendable
Endowment
£

-
5,609,035

-

-

-		 2023
Total
£
13,192,302
8,853,579
3,878,651
(745,723)
(191,667)
14,734,709 2,559,674 2,083,724 5,609,035 24,987,142
Unrestricted
funds
£
13,339,719
535,941
1,657,744
(291,667)		 Restricted
funds
£
-
624,963
1,953,563
-		 Permanent
Endowment
£

-
2,122,319
-

-		 Expendable
Endowment
£

-
5,684,999

-

-		 2022
Total
£
13,339,719
8,968,222
3,611,307
(291,667)

15,241,737		 2,578,526 2,122,319 5,684,999
25,627,581

20 COMMITMENTS UNDER OPERATING LEASES

29

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

21 RELATED PARTIES

During the year, YMS Enterprises had transactions totalling £106,779 (2022: £100,494) with the School. At 31 August 2023, £78,874 (2022: £160,051) was owed by YMS Enterprises. During the year, YMS China Limited had transactions totalling £61,060 (2022: £170,084) with the School. At 31 August 2023, £199,813 (2022: £233,340) was owed by YMS China Limited.

22 CAPITAL COMMITMENTS

Capital expenditure contracted at 31 August 2023 amounted to £nil (2022: £70,876).

23 NOTES TO THE CASHFLOW STATEMENT

Reconciliation of operating result to net cash inflow from
operating activities:
Net movement in funds
(Gains)/loss on investments
Depreciation
Dividends and interest received
Investment management fees
Increase/(Decrease) in creditors
(Increase)/Decrease in debtors
Decrease/(Increase) in stocks
Cash and cash equivalents
Cash - in hand
- investments
Borrowings
Debt due within one year
Debt due after one year
Total		 £
2,692,697
12,929
At 1 September
2022		 Cashflows
£
867,700
(9,145)		 2023
£
(640,439)
66,305
477,396
(301,790)
39,194
52,869
1,293,348
(138)		 2022
£
600,127
741,836
521,388
(226,708)
-
162,197
(1,250,926)
(1,269)
986,745 546,645
£
-
-
Other non-cash
changes		 £
3,560,397
3,784
At 31
August 2023
2,705,626
(100,000)
(291,667)		 858,555
100,000		 -
(100,000)
100,000		 3,564,181
(100,000)
(191,667)
(391,667)
2,313,959		 100,000
958,555		 -
-		 (291,667)
3,272,514

30

The Yehudi Menuhin School Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

24 SUBSIDIARY UNDERTAKINGS

YMS ENTERPRISES

YMS Enterprises (company registration number 06775727; registered address Yehudi Menuhin School, Millfield, Stoke D’Abernon, Cobham, KT11 3QQ) is a wholly-owned subsidiary undertaking registered in England and Wales, which was incorporated as a company limited by guarantee on 17 December 2008. The principal activities of the company are to offer public and private concerts, summer schools and associated services and general merchandising. The total net profit is gifted to the School. A summary of the results of the subsidiary is shown below.

The financial statements of YMS Enterprises for the year to 31 August 2023 showed the following position:

BALANCE SHEET
Current Assets
Cash at bank and in hand
Debtors
TOTAL NET ASSETS
RESERVES
Profit and loss account
PROFIT AND LOSS ACCOUNT
Turnover
Operating costs
GROSS PROFIT
Administrative expenses
Profit in year
Retained profit brought forward
Amount distributed to YMS under Gift Aid
RETAINED PROFIT
Creditors: amounts falling due within one year		 At 31 August
2023
£
81,641
15,494
(97,135)		 At 1
September
2022
£
154,279
20,948
(175,227)
- -
- -
200,695
(98,484)
102,211
(40,268)		 186,385
(89,678)
96,707
(37,151)
61,943
-
(61,943)		 59,556
-
(59,556)
- -

31

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

25 SUBSIDIARY UNDERTAKINGS (CONTINUED)

YMS CHINA

YMS China Limited (company registration number 11712861; registered address Yehudi Menuhin School, Millfield, Stoke D’Abernon, Cobham, KT11 3QQ) is a wholly-owned subsidiary undertaking registered in England and Wales, which was incorporated as a company limited by guarantee on 5 December 2018. The principal activity of the company is to offer cultural education on the ethos and methodology principles of Yehudi Menuhin in running educational establishments. The total net profit is gifted to the School. A summary of the results of the subsidiary is shown below.

The financial statements of YMS China Limited for the year to 31 August 2023 showed the following position:

BALANCE SHEET
Current Assets
Cash at bank and in hand
Debtors
TOTAL NET ASSETS
RESERVES
Profit and loss account
PROFIT AND LOSS ACCOUNT
Turnover
Operating costs
GROSS PROFIT
Administrative expenses
Profit in year
Retained (loss) brought forward
Amount distributed to YMS under Gift Aid
RETAINED PROFIT/(LOSS)
Creditors: amounts falling due within one year		 At 31 August
2023
£
196,703
8,750
(205,453)		 At 1
September
2022
£
233,588
6,250
(239,838)
- -
- -
372,179
-
372,179.00
(65,054.00)		 256,250
-
256,250
(54,538)
307,125.00
-
(307,125)		 201,712
-
(201,712)
- -

32