The Yehudi Menuhin School Limited {A Company Limlted by Guaranlee) Incorporated In England and Wales No. 00818389 Registered Charity No. 312010 GOVERNORS. REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2024
The Yehudi Menuhin School Limited CONTENTS for the ear ended 31 Au ust 2024 Page GovernNs' RekK)rt Audits, Report 12-15 Statement of Flnanclal Acli¥i1188 16 BalÉn¢e She&¢ 17 Cash Flow Slalemenl Notès to thè Flnanclal Slalemenl8 21-31
The Yehudi Menuhin School Limited REPOOFTHEGOVEFoRs for the year ended 31 Aust 2024 GOVERNORSAND DIRECTORS Current Governors of the School who are Trustees of Ihe Charity and Director5 of the Company and who served during the year (except as noted) are: David Buckley (Chairman) Geoffrey Richards (Vice chaiMn) Dominic Benthall Lord Blackwell George Bruell Andrew Butcher Kate Costaloe Hilary Cowan John Everett (resigned 31 December 2024) Andrew Hunter Johnston John Pagella Alice Phillips Vanessa Richards (resigned 19 March 2024) Benedlct Vanderspar Jonathan Willcocks Members of the Finance and General Purposes Committ88 Governors s8rv& for a temi of four years and may be re4lected for a further fvio temis. REGISTERED OFFICE Mlllfield Cobham Road Stoke D'Ab8rnon Cobham Surrey KT113QQ 01932 584795 admin@menuhlnschool.co.uk www.menuhinschool.co.uk COMPANY NUMBER 00818389 CHARITY NUMBER 312010 CO*RESIDENT Tasmin Little OBE VICE PRESIDENTS Barbara R D Fisher OBE The Hon. Mrs Zamira Menuhln Benthall (died 31 July 2024) Page 1
The Yehudi Menuhin School Limited REPOI¥FOFTHEGOVERNORS for the year ended 31 jgust 2024 PRESIDENT EMERITUS Daniel Barenboim GOVERNORS EMERITUS Daniel Hodson Vanessa Richards MUSICAL PATRONS Steven Isserlis CBE Robert Levln Sir Andras Schiff HEAD Benjamin Gudgeon (to December 2023) Robin Harskin (from December 2023) Ash18y Wass Melanie Bloor-Black DIRECTOR OF MUSIC DIRECTOR OF PASTORAL CARE DIRECTOR OF STUDIES David Bruce DIRECTOR OF DEVELOPMENT & EXTERNAL RELATIONS Gerald Carew (lo June 2024) Clairg Dumford (interim from Jun8 2024) Philippa Stanfield BURSAR AUDITOR Moor6 Kingston Smith LLP 6th Floor 9 ApFold Street London EC2A 2AP BANKERS Lloyds Bank plc 39 Threadneedle Street London EC2R 8AU INSURANCE BROKERS Marsh Capital House 1-5 Perrymount Road Haywards Hoath West Sussex RH16 3SY Aston Lark Limited Ibex House 4247 Minories London EC3N 1 DY INVESTMENT MANAGERS Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Page 2
The Yehudi Menuhin School Limited REPORTOFTrIEGOVEPNORS for the year ended 31 Au1St 2024 GOVERNORS, REPORT (INCORPORATING A STRATEGIC REPORT) The Governors present their annual report end financlal statements for the year ended 31 August 2024. The Governors of Ihe School who are also Trustees of the Charity and Directors of the company have pleasure in presenting their strategic report and financial slatements for the year ended 31 August 2024. The flnanclal statements comply with current statutory requirements, the Articles of Association and the Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with Ihe Financial Reporting Slandard applicable in the UK and Republic of Ireland {Ihe FRS 102 Charities SORP). REFERENCE AND ADMINISTRATIVE INFORMATION The Yehudi Menuhln School was origlnally founded In 1963 by celebrated vlolinist Yehudl Menuhin as a charitable trust. The Yehudi Menuhin School Ltd, a company limited by guarantee (company number 00818389) and 8 registered charity (charity number 312010), was incorporated in Septamber 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 present Articks ofAssociation, adopted in 2017. GROUP STRUCTURE AND RELATIONSHIPS The accounts Snclude the results of The Friends of The Yehudl Menuhin School (registered charity number 312010-2>. It Is a Ilnked charity thal raises funds from Its members lo donate to the School and Is governed by ils Board. A wholly owned non-charltable subsidiary, YMS Enterprlses. was establlsh8d and Incorporated on 17 December 2008 as a company limited by guarantee (company number 06775727). The company ov8rsees Ihe School's Iradlng aclivilies, 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 Chlna by providlng advisory services and granting rights subject to condilions, It advlses the School's acllvities in China, and is governed by its Board. The subsidlaries, results are consolidated with the School's financial statements. STRUCTURE, GOVERNANCE AND MANAGEMENT GOVERNING BODY Responslblllty for the overall management and organlsatlon of the School rests with the Governors, who meet at least on a termSy basis. They are supported in carrying out Ih8ir responsibilities by several ¢ommillees and sub-commillees. The Development Committee and the Flnance and General Purposes <F&GP) Commlttee meet prlor to each of the termly meelings of the Council of Governors, The F&GP Committee Is supported by subacommittees responsibl8 for the overview of Rlsk Management, Investments. Audit and Remuneration. The Educatlon Committee meets twlce yearly, and a Nomlnatlons Committee meets to oversee the selection and appolnlment of new Governors when required. The task of running the School on a day-to-day basls is the responsibility of the Head who 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 requirèd to deliv6r the roles, and affordability. The Remuneratlon Committee reviews the salarfes for the Leadership Team and Head. RECRUITMENT AND TRAINING OF GOVERNORS Governors are appointed at Council Meelings or by written resolutlon on Ihe basis of advice from the Nominations Commiltee. A skills register of all Governors is maintalned and regularly reviewed lo ensure that tha Council has Ihe necessary breadlh. scope and expertise to support the School. New Governors are Page 3
The Yehudi Menuhin School Limited REPOFfroFTHEGOVERNORS for the year ended 31 August 2024 provided wlth inductlon materlal, and all Govemors are informed of relevant training courses offered by various professional bodies (AGBIS, ISBA, etc.) and encouraged to attend. LEADERSHIP Robln Harskin took over as Head, following the resignation of Ben Gudgeon in Decemb8r 2023. Gerald Carew resigned from his position of Director of D8velopment and External Relallons and Claire Durnford replaced him as Dlreclor of Developmenl and Exlemal Relations in June 2024. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES PRINCIPALACTIVITY The Yehudi Menuhin School is a global leader in music educatlon. The Schools mission is to provide a happy, healthy learning environment where &xceptionally talented young musicians discover how to achieve thelr potential. The School's unique curriculum weaves the high&st lev81 of musical trainlng Into an outstanding academic programme lo provide a world-class 8ducation. The School's dlverse communlty Is formed of puplls who are admltted on the basis of artlstic potentlal, not according to flnancial means. The flve key values of the School underpln Ihe School's misslon and vlslon for the future. All pupils and staff are encouraged to live, work, and communicate In accordance wilh these valu6S: PURSUIT OF EXCELLENCE.. The School aims for the hlgh8St standards of musical understandlng and academic achievement. The Schoolè pupils are laught dedication, selflsCiplIne, and reslllence, to overcome and r&lish the challenges of 8 life in music. INTEGRITY The School's puplls and staff d8monslrate personal responsiblllty. honesty, and a mature sense of social consclence. KINDNESS All members of the School& community understand the imporlance of humillty, empathy and tolerance. Puplls and staff have resp&ct for one another. INTELLECTUAL CURIOSITY In thè understandlng that intellectual growth infoms and supports musical development, the School encourages all puplls 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 supportlve, with teamwork al Its heart. Thè School shares ils work wilh in the local community. as well as reaching an international audience. The School Inslils ils pupils with a sense of their environmental and social responsibilily. PUBLIC BENEFIT The Governors confirm that they havo complied with the duly in Section 17 of ihe 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 ol the School within the meaning of the Act is enshrined within its Objects, as statod below. The Governors ensuro 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 sufficlently talented and would benefit from the activitles of Ihe School, irrespective of flnancial circumstances. In shaping the objectives ft)r the year and planning our activitles, the trustees have Page 4
The Yehudi Menuhin School Limited FEPORTOFTrIEGOVERNORS for the year ended 31 Auwst 2024 consldered the Charity Commission& guidance on public benefit. including the guidance Publlc Benefit: Running a Charity (P82)'. Public banefil is not just provided lo the pupils at the School. The sectlon in this Report headed 'Communlty Engagement and Outreach, summarises many other projects and events carried out within the local community, nationalty and internationally, In accordance with the Objecis of th8 School, Including oppoitunilies for children to learn and perform muslc, pupils, concerts at care and nursing homes, asslslance lo local music teach8rs and opporlunities for amateur musicians of all ages to perfom In the School Menuhin Hall. CHARITABLE OBJECTS The Objects of the charlty are to provide and a(fvance a general and speclallsed educatlon 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 workl with exceptional musical ta18nt may be educated. Th8 Obj8cls include generally fosterlng muslc and the arts and g&naral education of chlldren by the provision of courses al the School throughout the year. OBJECTIVES The Yehudi Menuhln School aims lo hamess its reputation as a leading authorlty In classica5 music educatlon, to develop the performers and audiences of the future. The School aims to cultSv8le the next generatlon of happy, well-adjusted muslclan6, who are team players, can express themsetv&s artlculately, are equipped to support their artistic 6xpresslon with inlelleclual understanding, and who are on tho path to becomlng influential figures in the broad world of music and Ihe arts. The School will contlnue to iecruil the world's most talented muslcal pupils to Ihe School, ensuring that th8 mlsslon of the School reaches all areas of th& country. Dlv&rslty and inclusion wlll be a central focus of Sts mlsslon, alongside other global priorities such as envlronmental sustalnablllly. The School will ensure that all pupils ar8 equipped with the emotional and practical tools to embrace Ilfe as a professional musician, be it in performance, composition, or any field within the sector. This wlll Include education in muslc technology, recordlng, self-management, industry awareness, networklng and other key skllls, In addltion to thelr musical and Intellectual educatlon. The School aspires for all ils pupils lo be pow8rful communicators. wilh somelhing to say and th8 means to say it, The School helps them to develop a strong sense of artislic idenlity and Snlegrlty, fostered in a supportive and collaborative envlronment. Building on the ambition of ils founder, the School seeks to share the music made in our School to audiences near and far, contribukn'ng lo the wider underslandlng, appreciation and reach of classical music. Above all, the School's alm is not only to nurture good musiclans and instrumentalists, but to develop ambassadors for music and the arts: industry leaders who wlll develop Ils Iradltions (and keep th8m relevant) for future generations. The School's achievement of ils objectlves Is evidenced by pupil performance and learning outcomes. The School's commitment lo allow access for talented pupils of all backgrounds is evidenced by consistent, ongolng, means tested financial support to approximately 900/0 of pupils via the Department for Education's Muslc and Dance Scheme (MDS) or school bursaries. The School's financial perfomiance is evidenced by performance against budget. as well as percentag8 increases and decreases in both revenues and costs. Th&s6 moasures are shown in the Financial Revlew section of this report. ACHIEVEMENTS AND PERFORMANCE A first-class all-round educatlon, with music at its heart, The Governors are delighted to report that the School continued to perform at the hlghest 5evel In every area over the last year. MUSICAL HIGHLIGHTS Page 5
The Yehudi Menuhin School Limited FEPOFifoFTrIEGOVEgNORS for the yearended 31 August 2024 The School ran a busy programme of musical activities in the 2023-24 academic year. As well as the traditional'showcase, concerts which ran throughout the y&ar. there w8re a numberof notable external engagements, including: a short tour to the North-west, with visits to Chetham's and the Royal Northern College of Music, and a performance for Parbold Music Society a short tour lo Germany, with concerts in Detmold and Bagno fealuring collaborations with talented young artists from the region a concert at the House of Lords a concert for Proms al Sl. Jude's a tour of concerts in Scotland concerts for numerous promo16rs around tha UK, includlng the Wiltshire Muslc Centr&, St. Georgo's in Bristol (with the 8rodsky Quartet), Norwich and King's Lynn, and Ihe Razumovsky Academy a leavers, Concert at Kings Place Our concerts at The Menuhin Hall Included an array of visiting artists who performed side-by-slde wlth our pupils, including Kathryn Stott, Sir Willard While, Julian Bliss (who was ourArtlst in Residen), and Sally Beamlsh, who participated In 8 performance of her Partita for string oclet. Speclal focus was placed on developing experiences lo complement the musical offerings, and pupils played a key role In curating themed artworks, projections and immersive displays. The School's Winter and Summer Festival were bjth artistically and commercially successful, and the pupils presented a wide range of musical styles, Includlng concerts themed around music associated wllh film and tribute to Gershwln's Rhapsody in Blue. which celabratèd its 1001h birthday. Many of OLJr events fealurod pupll (and staff) arrangements of well-known pieces, whllst pupil compositions also featured regularly throughout the season. Of particular note was the premiere of a large-scale cantata written specially for the school orchestra and Gholr by M8rco Galvanl. and conducled by the composer In the Wlnter Festlval. Th8 School hosted two Family Days, one in the Winter Festival, which featured performances of The Snowman, and one in the Summer Festival, which focused on an immerslve presentalion of Holst's The Planets, as arranged by pupils, and set to a newly written text. On both occasions, the Sch¢X)I grounds were opened to visitors for games. market stalls and refr8shments. A notable new initlatlve launched In earfy 2024 was a Programmlng Committee whlch exists to Involve puplls in the programmlng of the School's concert activilies. Through weekly meetings, pupils work in partnership wlth the Director of Muslc and Head of Concerts to plan events, diusS themes, programme repertoire and create supplementary conlent. There were numerous compeiilion successes throughout the year, including 181 or runner-up prizes In the Ysaye, Kreisler, Beethoven-lntercollegiato, London Chopin, and Guitar Foundation of America competltlons, to name but a few. There was also strong representation in the televised slages of the 2024 BBC Young Musician of the Year Compelilion. The Virtual Menuhin School continued to thrive. despite not being formally advertised lo Ihe public. Positive feedback and word of mouth meant that the programme continued to grow, and the initiatlve has begun to meet one of ils aims as a recruitment tool for the main school. with several n&w lull-time puplls of the School havlng graduated through the VMS provision. Sadly. despite commendable effort5 to promote the Baby Menuhins programme, uptake and enrolment proved to be slow, and the decision was taken to close Ihe initiative from September 2024. BOARDING PROVISION The Schoolg boarding community and pastoral care support pupils, musical, academic and social development. The Schi)ol has two separate boarding houses (Harris House for boys and Cowan House for Page 6
The Yehudi Menuhin School Limited FEPORTOF TrIEGOVERNORS for the yearended 31 August 2024 girls), at presenl accommodating 32 boys and 45 girfs. We offer full or weekty boarding and presently 21 of our 98 pupils are day pupils (9 boys. 12 girls). Each house has a live4n Housep8r8nt, Assislanl Houseparent, and Resident Graduate who work full time and are dedlcated to their boarding rol8. The Headmaster also acts as Head of Boarding and was pr6viously Houseparent of Harrls House, while the Designated Safeguarding Lead (DSL) of the school was previously Houseparent of Cowan House. There is always a DSL or Deputy DSL on site and a member of the Leadership team is always available for any necessary support, including out of hours and at weekends, The houses proactively cultivate a family feel and the pupils often refer lo School as their blher home.. Younger puplls 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 15 no great dlvide 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 inslruments 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 opportunlty for puplls to Telax and lake part In extra-curricular aclivltles. Actlvilies offered Include film nights, IC8 cream maklng, walks In the country. trlps 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 altend. The close-knS1 boardlng environment allows boarding staff to observe and support soclal development amongst all the pupils. They learn the importance of listening to others, whilst being able to challenge and dlscuss dlfferlng opinions. They learn how lo harmoniously share living space and they are encouraged lo be kind and toleranl of each others differences. The houses promote an inclusive ethos where everyone has equal worlh and can speak thelr mlnd, wllhout fear of reproach or ludgement. As the pupils move through the School, Ihey are glven more responsibility and opportunities to develop as responslble young adults. They may mentor a younger pupll. represent their pe8rs on School Councll or Food Commlttee, or h81p to host a Friends, reception, where they meet donors and visitors to the School. They are expected lo speak with confidence at these events. and il forms an important part of their Iralning in self-promotion and presence, crucial for future success al Conservatoire or in performance. LEAVERS, DESTINATIONS Pupils graduating from YMS in the summer of 2024 went on to the following institutions oftertiary education: Royal Colbge of Music (5 students), Royal Academy of Music (2), Guildhall School of Music and Drama (1), Royal Northern College of Muslc (1). Unlversity of Cambridge {2), UdK, the Universlty of the Arts In Berlin <2), MUK, the Music and Arts University in Vienna {1), New England Conservatory in Massachusetts {1), and Kean University In New Jersey (1). ACADEMIC ACHIEVEMENTS On the academic front, pupils continued to perform exceptionally well and achieved an excellent sel of results. At A level, 620/0 of grades were awarded al A. _ A and 88°k were awarded al A. . B wlth a 960/0 pass rate. Al GCSE level, 48 OA of grades awarded at level 9 - 8 (A.) and 97¥ts al level 94 (A. . C). EXTRA.CURRICULAR ACTIVITIES The Dukè of Edinburgh Award Scheme continued to be very popu18r, with pupils signed up for Gold, Silver and Bronze categories. There were a number of expeditions to various parts of thè UK including the Norlh Downs, the Surrey Hills and the New Forest. In May, five of our sludents were invited to Buckingham Palace lo receive their Gold Duke of Edinburgh Awards accompanied by two of our teachers. The Brackenbury Art Show took place this year with a greater number of entries than previous years, There were several prizes awarded and winning entries were displayed in the Menuhln Hall foyer as parl of our Pdge 7
The Yehudi Menuhin School Limited REPOFtroFTrI EGOVEFINORS for the year ended 31 Augjst 2024 Summer Festival. Our annual Activities Day took place off-slte this year and included exciting trips to The Isle of Wight. The Tate Gallery, Camden Market. The National Gallery and a West End Musical. COMMUNITY ENGAGEMENT AND OUTREACH Outreach is central to our ethos, and we are constantly d&veloping our communlty engagement programme lo ensurè that the School serves the broader community to the best of its abilities. The School continues lo seek opportunitles to engage with local communlty groups. During the Summer term, pupils performed al a local centre for the retired and elderly, as well as free communily concerts In local churches, A major outreach project called Beware the Mackerel Skies saw YMS pupils mentor and perform alongside young musicians from academies in Sussex and Surrey at iwo concerts in Lancing College. SECURING FUNDING OF PUPILS, FEES FROM THE DEPARTMENT FOR EDUCATION The School seeks to offer 8 signrficant number of places each year through the MDS, which supports puplls who could not otherwise afford the fees. The School has 61 MDS places available to It whlch were ulilised lo the fullest extent posslble during the academic year. The MDS funding resulted in a tolal of £2,196,667 (2022-23 £2,068,586) belng paid directly to the School from Government. PHILANTHROPIC SUPPORT.. PROVIDING TALENTED YOUNG MUSICIANS WITH THE OPPORTUNITY OFA LIFETIME Philanthropy conllnues to play a vital part In the life of the School and we are deeply grateful lo tha m8ny individuals and institutions who helped us to fulfil our charitable objectives. In total, £745,472 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 wlth the School's mission of enabling children with potentially outsland ing muslcal talent lo attend the School, irrespective of their income, background, creed or country of origin. the School offers additional financial support to sludenls who fall outside the residency criteria for MDS, or for whom there is no place available. After applylng uniform means-lesting, Ihe School looks to ils vital bursaries to make up the shortfall In fees. allowing promislng students from all backgrounds to access the Schools world-class musiG and academic education. Many individuals, trusts, foundations and individuals conlributed to our Bursary Fund, for which we raised £332,063 during the year. We are particularly graloful lo the Leverhulme Trusl, Sir Horac8 Kadoorie International Foundatlon. Linbury Trust, Skyrme Hart Charitable Trusl, MPG Charitable Trust and The Swlre Charitable Trust 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 slgnificant time to securing funding for the School's core costs. We wish to recognise the significant contributions of the Oak Foundation, Lord and Lady Blackwell, Fresh Leaf Charitable Foundation, Behrens Foundation, Ellzabeth Frankland Moore & Star Found8tion, S E Franklinb Charitable Trust No. 3, Cosman Keller Trust, as wèll as the members of the Menuhin Clrcle and othei dorwrs who wish to remain anonymous. FRIENDS OF YEHUDI MENUHIN SCHOOL The School has a linked charity, The Friends of Yehudi Menuhin School. which donated £34,510. The Friends conlrfbuted to bursaries, a subscription to nkoda (digital sheet music library), two new microphones for Ihe Menuhin Hall and the leavers, scores. Our Friends traditionally provlde our puplls wilh a highly supportive audience at The Menuhin Hall and are a deèply appreciated part of the YMS 'famity'. Page 8
The Yehudi Menuhin School Limited FEP00FTrIEGovERNoRs for the year ended 31 August 2024 FUTURE FUNDRAISING PRIORITIES The School will contlnue to devote consideraNe effort to ralslng money for bursaries and other targeled support for puplls, as well as further seeking to covercore costs, In parkncular music staff salaries. The priority for the comlng year will be the development of a major new fundraising campaign, whlch will focus on securing longer financial securlty for the School. Further details are given below under'Plans for the Future,. OUR APPROACH TO FUNDRAISING.. The School believes that fundraising should be an open. honest and respectful process. We aim to build and malntain solid partnerships wilh our supporters and donors, based on mutual understanding and shared values. In developing our approach to fundraising wa have laken account of the Code of Fundraislng Practice issued by th8 Fundraising Regulator and have voluntarily paid the Fundraising Levy. We abide by tha Fundraising Promise. as outlined in the Cod8 of Practice, and have int8rnal procedures in plac8 to protect vulnerable people and other members of the public from behaviour whlch Is an unreasonablè intruslon on a person's privacy or is unr8asonably persistent, or places undue pres.sure on a person lo giv8 money or other property. The School had no fundraising actlvities requiring disclosure under S162A of the Charltles Act 2011. The School's Privacy Pollcy, publlshed on our website, states what personal data the School will hold In relatlon to supporters and how thls data will be used. The School5 Fundr8i8ing Complalnts Procedure. published on Dur 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 THE FUTURE The School is now virtually full (98 out of a maximum capaclty of 100) and as at January 2025 has filled Its allocatlon of 61 Music and Dance Scheme {MDS) places funded directly by the UK government. Our primary alm Ss lo contlnue to recrult pupils to suslaln both of these numb8rs while ensuring th8 quallty of our Intake remains as hlgh as ever, In order lo mainlaln our excellent worldwida repulatlon, We ar& soon to launch a malor fundralsing campalgn in the next year Intended to allow our bursary fund lo become self sustalnlng. The School conllnues to be involved In the development ofyehudl Menuhln School Qingdao {YMSQ), whlch has been open for two years and whose school roll is approaching 200. We have exlenslve plans for future musical collaboration, beginning wilh the firsl major tour of YMSQ pupils and staff to the UK in early 2025. The School passed an Independent Schools Inspectorate (ISI) full Inspeclion In April 2024, eaming excellent and well-deserved pralse for our muslcal and pastoral provision. It is a fundamenlal aim of the School to ensure the full statutory complSance and outstanding education which the inspection team recognised during th61r vlslt are malntained in the future. FINANCIAL REVIEW AND RESULTS FOR THE YEAR INCOME AND EXPENDITURE The School benefited from donations and legacy income in year amounting to £745,447, a decrease from £994,280 in 2022-23. The School received £218,860 of legacies in the year, £60,574 of which were restrlcted lo bursaries, The deficit for the year before net gains on invèstments was £735,633 (2022-23- deficit of £574,134). The total Income increased by 2% (2022-23: 21% decrease) to £5,201,789 {2022-23 £5.103.654) as a result of the Increase in investment income. The Governors are grateful for the £37,371 from trading activities in YMS Enterprises (2022-23.. £61,943}, and the £2,Cl8 from activities in YMS China Limited that is paid to The Yehudi Menuhin School Limiled in theform of a GiftAid donation (2022-23.. £307.125). Total expenditure increased by 5 /0 {2022-23: 11 Vo increase) to £5.937,422 (2022-23: £5,677.788). Total balance sheet funds of £25,260,521 are described in detail in note 18 to the accounls, The majority of these funds are for the buildings of the School itself, the instruments that are required for teaching and Pagè 9
The Yehudi Menuhin School Limited FEpoiifoFTHEGOVERNORS for the year ended 31 August 2024 learning and the bursary funds to support pupils to attend the School. Endowmgnt funds amounting to £8,651,621 are capital In nature and the income is used both for core expenditure and to fund bursarles. A ftjrther £2,248,628 ar6 restricted funds which can only be used for the specific purposes determined by ihe donors, Of this amount £2,151,850 is for the pu0$eS of providing bursaries to support pupils who might otherwise be unable to attend the School. FIXED ASSETS - INVESTMENTS The inveslments are govemed by the Articles which pemiil the funds to be invested in any securfty, other Investment or property situated anywhere in the wodd. 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 produclng an income of 3°k per annum or more from a portfolio of investm&nts, both equities and fixed interest securities, property fund and cash deposits. At year end the School held investments valu8d at £9,813,122 (2023 £8,853,579). The fund valuation includes an unrealised gain In the year of £1,009,012 (2023 £66,305 unrealised loss). PENSIONS The School employees are members of one of two pension schemes: The Teachers, Pension Schem8 and The People's Pension. RESERVES POLICY AND GOING CONCERN The School holds £2,406,769 in Permanent Endowments end £6,244,852 in Expendable Endowments, The Governors are required lo hold the capital in the permanenl endowment and therefore are unable to convert it to Incom&. How8V8r, income from the fund is included in Restricted Funds (Note 18) and used for bursarles. Governors have the authority to convert Ihe expendable endowment inlo income to support School actlvities. The income arislng from this fund is included In tha General Reserv8. Detalls can be found n Note 18 to the accounts. The Restrlctad Fund amounts to £2,248,628 (2022-23: £2,559.674) Details ar6 in Note 18 to theseAccounts. In line with Charity Commisslon guidance that a Charity should maintaln adequate reserves to ensure Its ability to d&liver Its charitable objecllves, the Sch¢)ol holds unrestricled reserves for a number of purposes which are set out In Note 18 to the financial slatemenls. Unrestrlcted reserves are those funds avallable to provide adequat& worklng capltal for the School to ensure it can meet Its operational expenditure obligallons ss they fall due. The School's General Reserve Policy Is to aim to hold approxlmately four months, expendilure excluding depreciation. whlch amounts to an estimate of £1.8 mlllion as free reserves in a cash or liquid form. The General Reserves flucluale during the School year and are at Iheir lowest at the School year end. 31 August. At 31 August 2024 the general reserve was £1,367,617 (2022-23: £1,475,616). PRINCIPAL RISKS AND UNCERTAINTIES The Governors contlnue to keep the Schooly actlvlti&s under revlew and monilor performance, wllh particular regard to any major risks whlch may arise. The Governors, Risk Management Sub-committee oversèes the assessment and categorlsation of the risks whlch 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 Committees and Council meetings in order to ensure thal the process is regularly reviewed and updated. The maln 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 MDS, Ihe loss of business rates rellef and the imposition of VAT on our school fees. The Sch1 keeps the risk of the withdrawal or reduclion of MDS Page 10
The Yehudi Menuhin School Limited REPOoFThEGOVEoRs for the year ended 31 gust 2024 fundlng and govemmonl policy under contlnuing review. To manage these risks, tha Governors are regularly updated on the status of the sch[. its risk management, and related matters. AUDITOR Moore Kinoston Smith LLP has expressad their willingness to continue as auditors for the next financial year. GOVERNORS, RESPONSIBILITIES STATEMENT The Governors {who are also dlrectors of the charltable company for the purposes of company lawl are responslble for preparlng the Annual R8POrt and the financial statements In accordanco wllh applicable law and regulations, Company law requlres the dlrectors to prepare financial statements for each financlal year. Under that law the Governors havc elected lo prepare the financial statements in accordance with United Kingdom Generally Accepted Accountlng Practice (Unlted Kingdom Accounting Standards and appllcable law), Under company law the directors must nol approve the financial siatemenls unless they are satisfied that Ihey give a true and fair vi8w of the slate of affalrs of the charitable company and of Ihe profit or loss of the charltable company for that period. In preparing these financial statements, the directors are required to: Select suitable accountlng pollcles and then apply them conslstently Make Judgements and accounting 8Stimates that are reasonable and prudent., State whether applicable UK Accounting Standards have been followed, subject to any materlal departures disclosed and explalned in th& financlal slatemenls; and Prepare the flnanclal statements on the going concern basls unless it is Inappropriate to presume that th8 company will continue in buslness. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company& transaclions and disclose with reasonable accuracy at any time the financial position ofthe charitable company and enable them to ensure that the financial stalements comply with the Companies Act 2006. They are also responsible for safeguardlng the assets of the charitabS0 company and hence for taking reasonab18 Steps for the prevention and detection of fraud and other Irregularities, STATEMENT OF DISCLOSURETO AUDITORS So far as each person who was a Governor al the date ofapproving this reporl is aware, there is no relevant audit information of whlch the company's auditors are unaware. Additionally, the Governors individually have taken all the necessary steps that they ought to have taken as Governors In order to make themselves aware of all relevant audit infoim8b.on and to establish that the companyb audilors are aware of Ihal information. This report WaSpproVed by the Council of Governors at ils meeting on 18 March 2025 and signed on Its leh If by.. David Buckley Chalrman of Governors Pdge11
The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS For the year ended 31 August 2024 Oplnlon We have audited the financial statements of The Yehudi Menuhin School Limited (the 'parent charltable company) and its subsidiarles (the 'group) for the year ended 31 August 2024 which comprlse the Consolidated Statement of Financial Activities, the Consolidat8d and Par&nl Charitable Company Balance Sheets, the Consalidal&d Cash Flow Stalemènl and notes lo the financial stalèm8nts, including significant accounting policies. The financial reporting framework that has been applied in thelr preparation is applicable law and United KirvJdom Accountlng Standards, including Financial Reporting standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounllng Practice). In our oplnion tho flnanclal statements: give a true and fair vSew of the state of the group's and the parent charltable company's affalrs as at 31 August 2024 and of the group's Incoming resources and applicatlon of resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom GenerallyAccepled Accountlng Practlce; and have bean prepared In accordance wlth the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audlt in accordanc6 With Intematlonal Standards on Audltlng (UK) {ISAslUK)) and appllcable law. Our responsibllltles under those standards are further descrlbed the Audllor Responsibi1S1ies for the audit of the financial statements section of our report. We are ind8pendent of the charStable company in accordance with lh8 ethical requiremenls that are r8levant to our audit of the flnancial statements In the UK. including the FRC'S Ethlcal Standard, and we have fulfill&d our other ethical responsibillties in accordance with these requirements. We believ8 that the audlt evidence we have obtained is sufficient and appropriate to provide a basis for our opinlon. Concluslons ralating to golng concern In auditing the financial slatemenls, we have concluded that the trustees. use of tha going concem basis of accounting in the preparation of the financial statements is approprlate. Based on the work we hav8 performed, we have not Identified any material uncartalntles relatlng to events or condilions that, individually or collectively, may cast signlficanl doubt on the groupg and parent charitable company's ability to continue as a golng concern for a period ofal least twelve months from when the financlal statements are authorised for issue. Our responsibilities and the responsibilities of the trustee5 With respect to going concern are descrlbed in the relevant sectlons of this report. Other information The other Information comprises the information included in the annual report. other than Ihe financial statements and our audilorb report thereon. The trustees are responsible for the other information conlaln8d in the annual report. Our opinion on tho financlal statements does not Gover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo 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 misslatemenl in the fin8ncial statements themselves. If. based on the work we have performed. Pdge 12
The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS For the year ended 31 August 2024 we conclude that there is a materlal mlsstatement of thls othor Information. we are required to report that fact. We have nothing lo report this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinlon. based on the work undertaken in the course of the audit: the Information given in the trustees, annual report for the financial year for which the financl81 statements are prepared is consistent with the financial statements- and the trustaes. annual report have been prepar8d in accordance with applicable legal requlrements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledg8 and undersiandlng of the group and parent charltable company and their anvlronment obtalned in the course of the audit, w8 have not identified material misstatements In [th8 strategic report orl the trustees, annual report. W8 have nothing to report in raspect of th& following matters where the Companles Act 2006 requires us to report to you If, in our opinion: the parent cherltable company has nol kepl adequate and sufficienl accounting records, or returns adequate for our audit have nol been received from branches not vlsiled by us. or the parent charitable company's financial statements are not in agreement with the accounting records and returns., or certaln dlsclosures of trustees, rèmunerallon specified by law are not made; or we have not received all the infom)alion and explanations we require for our audll.. or the trustees were not entitled to prepare Ihe financial slatemenls in accordance with the small companies reglme and take advanlage of Ihe small companies exemption in preparing the Truslees, Annual Report and from preparing a Strategic Report. Responsibilitles of trustees As explained more fully in the truslees. responsibililies stalement set oul on page 11, the trustees (who are also the dlrectors of the charitable company for the purposes of company law) are responslble for the preparation of the flnancial statements and for belng satisfied Ihat they give a tru8 and fair view. and for such Intemal control as the trustees determine Is necessary to enable the preparatlon of financlal stalemenls Ihal are free from malerlal mlsstatement, whether due to fraud or error. In preparing the financial statements. the truslees are responsible for assesslng the group and parent charitabl8 company's ability lo continue as a going concern. discSosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the truslees either intend to Ilquidate the group or parent charitable company or to cease operations, or have no realistic allernat1ve but to do so. Audltor's responslbllltles for the audft of the flnanclal statements Our oblectlves are to obtain reasonable assurance about whether the flnancial staloments as a whole are free from material mlsslatemenl. 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 audlt conducted in accordance with ISAS (UK) wlll always delect a materlal misstatement when It 8xlsts. Mis5tatemenls can arise from fraud or error and are considered mateflal If. Individually or In aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of thes6 financial slatements. Page 13
The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS For the year ended 31 August 2024 As part of an audlt In accordance wilh ISAS (UK) we exercise professional judgement and maintaln professional scepticism throughout the audit. We also- Identify and assess the risks of materlal misstatement of the flnanclal stat8ments, whether due to fraud or error, design and perform audil procedures responslve to those risks, and obtain audil evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audil in order lo design audit procedures that are approprlate In the clrcumslances, but not for the purposes of expresslng an opinlon on the effectivèness ofthe group and parent charltable company's Internal control. Evaluat8 the appropriateness of accounting policies used and the reasonablaness of accounting e5tlmates and related dlsclosur8s made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern bas18 of accounting and, based on the audit evidonce obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubl on the group and parent charitable company's abllity to conlinug as a going concern. If we conclude that a malerlal uncertainty exists, we are required to draw altention in our auditor's report to the relat@d disclosurés in thè fi'nancial statements or, if such dSsclosures are inadequate, to modify our opinion. Our concluslons are based on the audit evidence obtained up lo the dale of our audltor's report. However. future events or conditions may cause the group or parent charitable company to cease to continue as a going concern. Evaluate the overall presentatlon, structure and content of the flnancial slatemenls, including the dSsclosures, and wheth8r the financlal statements repr8sent the underlying transacllons and events In a manner that achleves falr presentatlon. Obtaln sufficient appropriate audit evidence regarding Ihe linanclal information of the entitles or bLsslness activities within the group to express 8n opinlon on the consolidated financial slalements. We are responsible for Ihe direction, supervision and performance of the group 8udlt. We remain solely r6sponsibl8 for our audit report. W8 communicate wlth those charged with govemanc& regarding, among other matters, the planned scope and tlming of the au(Jlt and slgnificant audit findings, including any significant deficiencies in Internal control that we identify during our 8udil. Explanatlon as to what extent the audit was consldared capable of detecting Irregularltles, Including fraud Irregularlties, Including fraud, are instances of non-compliance with laws and regulations. We deslgn procedures In line wilh our responsibilities. outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularlties, including fraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the rlsks of material mlsstatement of the financial stalements due to fraud,. to obtaln sufficient approprlate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implemenling appropriale responses to thosè assessed risks; and to respond appropriately to instances of fraud or suspected fraud idenlified during the audit. However, the primary responsibility lor th8 preventlon and detection of fraud rests with both management and Ihose charged wilh governance of the charltable company. Our approach was as follows: We obtalned an understanding of the legal and regulatory requlrements applicable to the charitable company and considered that the most significant are the Companies Act 2006. the Chartties Act 2011, the Charity SORP. and UK financial reporling standards as Issued by Ihe Financial Reporting Council. Pdge 14
The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS For Ihe year ended 31 August 2024 We obtained an understanding of how the charitable company complles with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of matarial misstatement due to fraud and how it might occur, by holding discussions with management and those charged wilh govemance. We inquired of management and those charged with governance as lo any known instances of non-compliance or suspecled non-compliance with laws and regulations. Based on this understanding. we designed specific appropriate audlt procedures to Identify instances of non-compliance wilh laws and regulations. This included making enquiries of management and those charged with govefnancè and obtaining additional corroborative evidence as required. There are inherent limitatlons in the audit procedures described above. We are less likely lo become aware of instances of non-compliance with laws and regulations that are not closely relatèd to events and transactions reflected In the financlal statements. Also, the rlsk of not delecling a materlal misstatement due lo fraud is higher than the risk of not detecling one resulting from error, as fraud may involv8 deliberate concealment by, for example, forgery or intentional mlsrepresentations, or through collusion. Use of our report This report is made solely to the charitable mPanS members, as a body, in accordance with Chapter 3 of Part 16 ofthe Companles Act 2006, Our audlt work has been undertaken so that we might stale to the charltabl8 company's members those matters whlch we are raquired 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 lo any parly other than the charitable company and charitable company's memb8rs as a body, for our audit work, for this report, or for the opinions we have formed. WIIJ l LLf. Jonathan ASkens (Senior Statutory Audltor) for and on behalf of Moore Kingston Smith LLP, Slatutory Audilor 61h Floor 9 Appold Street London EC2A 2AP 28 March 2025 Page15
The Yehudi Menuhin School Limited STATEMENT OF FINANCIAL ACTIVITIES Ilncludlng the income and expendltur• ststement) for the èar &nded 31 Au ust 2024 Emlowrnenl lund NDIos Tolal 2024 Tot81 2023 futts fvjnds Chayltablo Acllvlt1•8 Sthool fee8 Olh&i Iradlng aellvltl¢g Other Ir8dlng an Inv06tmtrnls Iweslmenl Incomo VoluThlary $0ur¢è6 Granls arbj doMlkJnB 3,389.429 3,380,429 3.117,674 &54.115 664,115 326.) 87.208 412,798 301.790 229A25 516,022 74S,447 994,281 Total IAcomo and endowment• 4,.55? 603230 5,201.78B 5.10J,854 EXPENDITURE ON: ¢osls of ral8lng funrts Fundral$lng and dev8hpmenl Olhsr Ira(lkng cos11 Olh•r expendllure 216.861 8.62> 16.061 216,B&1 328,629 IS,OB1 1gv,054 380,212 17,316 Charllablè aGtlvlt1•6 Educallon 6.211.334 118.082 49,436 S,376,851 5,061,206 Yotal frxpndlture S.771XIS 116.082 19.435 S,937,422 S,677.788 Nel op•Mlln9 l•xp•ndltur•ll Ineom• 11.173,3481 487,148 {49.4351 1735,633 1674,1341 oalnB Ilb>se$)on Inve$lmsnls 14 71 N•l l•xp•ndllur•V In¢orn• 11.172.631) 487.148 958,862 273,370 164Q,4391 Tr4n8l&rbetwe8Th funds 18 798 Mit movfrm•nt In fvnd8 1374.4371 1311.0161 958,W2 273,379 1640,4391 Fnd tsal&n¢èy bmuoht forward 14,734.70 2.569.674 7.892,759 24,987,142 Fund baL9n Cafrled Iomard 18. 19 Thè 5tolem&nl of finandal act10¥ LnclM*5 811 ga ar bss8s In the year 8nd Iher8fore # 6taternwrt of trrtO1 fycC#3Tr8d gHlnB and IDo$•$ has nol blon pr&pofBd, l of IhÈ at)tsve SMO16 rdate toLThllnulng 8cllvlUBS. The accompHnylng rptes lorm p8rt0l theao fine11 ¥tal8nyts. 16
The Yehudi Menuhin School Limited BALANCE SHEET asa131Au USI 2024 2024 Group 2023 Group 2024 Schovl 2023 FIXED ASSÉTS Tanolble osBels IniaNJlble assois Inveslm8nts 12 13 14 11922,921 lJ.046 13.191302 12.022,B21 1S,046 13.192.302 8 853 579 22,749.089 22.046,861 22,749,069 22,046,881 CURRENT ASSETS Sloeks Debtor9 ¢88h at bank and in hand 14 15 3.693 S31.747 3,08J,321 3.918 314,338 J,6è3 591,623 3,001,891 3,916 568,782 2e2 3MI8,761 3.878.6S1 3.697.107 J,854,751 ¢REDrroRS: Amounls farthg vllhln one year 18 11,1107,3291 1745.7231 1985,6T51 1721,8231 NET CLIRRENT ASSET8 IQIL4L2 3 132 928 TOTAL A88ET$ LE$8 CURRE14T LIA8ILITIE8 CREDITORS.. Amount$ fall1 after than cffje year 24300.$21 25.178,809 2S.360.521 25,178,809 1100.ooffj {191.6871 1100,000) {191,887} NET AS8ET8 FUNDS Reslrtlod lynd8 Unreslrfcied fund$- gontsrBI Unro$ldclèd fund8- desnal•d FL%•LI oJ$èl lund Endowynont fund 18 18 18 18 2.24E,628 1,387,617 66.688 f2.935.967 8.861.821 2,SSg,674 1.475,616 66,791 13.192,302 7.692,769 2,248,628 f.367,617 56,6B8 12,935,96T 8.es1,621 2,5S9,874 1.475,616 68,791 13,192.302 7.692,789 25,26ts,521 Thg Schoo1 hos takèn Ihe 8x8rnplkn und•r Compani08 Aa 2C¢é $.408 lo cmil ilo profll And acojjnl kom ihe 8talulrrty 01(X4) accwn18. Th8 Total In¢am• lor Th& &hod durkng the year end1 31 Auwsl 2024 was £4,990,785 12023.. £4.931.2171 Bnd Nel Surplus durlD9 Iho y&•r onded 31 Augusl 2024 wao £273,a7912023: n81 Dellcll £840,439). roved ond aulhorls8d for I$ts by th• Be4rd ofctw6ms 18 Marth 2025 ned by.. DJ¥ld Butklèy Ch8trTDOn of th& Bo¥rd ol GOV¢1[$ The arwnpsnylng notes form parl ollhtsè fmoncw 8late4n8nls. Company Number.. 008103B9 17
The Yehudi Menuhin School Limited CASHFLOW STATEMENT lor the ar ended 31 Au ust 2024 Notes 2024 2023 NEt cash Infljw from oparhllr¥J act16& 1495.1411 9B6,745 CAsh flows from Invesung aelMUBs'. Bank Inlgresl ree8lved Paym8nb lo yulr8 Ixed Hssets P8ymwls lo 8cqulre IntangIb fixgd assets S816 procee(J8 from dlspos21 oi nied a588ls 412,7b8 1287,6951 113.0461 301,790 1329,9801 12 13 Nèlcosh outllow from inv8sUngAdMu•8 Fin8nfkn-. Loans repald 17 P1,6671 1100.ONJl N81 c8$h wtnow from finHndng acWUo1 100 000 Incre8se In ¢a$h 1472,4041 858,S56 Cash 8nd c4¥h equfv81eni8 ai thè beglmlno of Ihe r8pop11ffj perlod 2 705 628 Ca8h and c8sh aqulvaknnis 81 and tslth6 reporllng perlr¥J C8sh al bank 8nd on h8nd Inve$imants 3,083.321 3,660,397 3,091.777 3
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2024 1 ACCOUNTING POLICIES Thè Y&hudi Menuhln School Lunited15 3 tharilabb cY 11rni1 by guaranioo ith regLed numbèr ODBI8389. regisi8red In Engn aNI Wth8. 118 regbstered office Mlllfidd, Cobhwn Road, stokè D'knrrnn. Cothwn. Surrey4 KT11 3QQ. 1.1 BASIS OF PREPARATION Th8 Ilnondal stalomènts h8v• been prepHr8d kn pth)rdanco 41h the Flnanc411 Rep(thg Slandard appllcab In Ihè UK and Rèpubllc of IFRS 1021. The Schoo5 and lis subsdiariAs are 8 pulAic btrnofFi enlty k¢ putsseÉ OF FRS 102 and Ihereforb the Sd)od A0 prepared Ils fInancl 81alernents in ar(MHdan¢4 wilh Ihe SlaiÉmenl of Recommgnded 8clI applkablo diarilffts prepariThJ ihe awjunts in acwdanc& wllh Ihè Flnanclal Ropormng Slandard Bppli¢Hbky In IAè UK and RepLI)Ik of Ir•11 (Tl FRS 102 cha•5 SORPI, Ihv C¢)mpank88 Act 2006 and Ilw Charfdes Acl 2011. Th& fInartl stBt•mtsnts are prew8d ir whkh b lh8 funL4c¥481 ol t Sth(xY. Monelary aThunts In fln8nd81 st8lenwDts a rgunded Ir> tho neaiesl pxJtYI. Th688 nnancl81 slBlgrnBnlÈ arè pp8red on IhB gdng eonLn téel&. th8 hldorfcpl m8nik)Tr 86 mr>JllknJ by Ihi r•vakn811on of Invèstmonl$ and In accordgnea with the CDThP8nle$ Act 2006 gnd awglcable atc(NJiliryJ Standard$ In Uld The prfntjpal a¢¢ounllng P1&6, whlch ha been applled eonsLs¢enlty Ihrwghoul Ihè year, a58tl bÈWw. Btsi$ f>1$18[I The GTOUP comprls• Yehudl Mtrr>uhln st01 Llmlled. YMS Ethrpri¥e$ and YMS Chkna Lknlled. ThB 0866¢0. IlèNIIII88 8nd r06uh$ f&1 th& wholty tW4ned subdry tompanIÈ8, YMS Ent58& and YMS Chln8 L1rn, arè c$018¢£d Into Ihe88 fin8nc+al sldl&n&nls. Sunyn8r18ed detalls ol ihe sub8kllary companles aro s•1 out Th Note 26 8nd 26. Al as Corwlid8ted Slal8mtsnt of Finandal Acll¥llgs ISOFAI trj Bonllnulng 12 GONG CONCERN Th8 Govemor8 havo 8$s•680d the use ol ihe CcM b884s IE 8pprorfflate and hav& conderell p085th ovwls or ¢¢ndlllon8 Ihal mlghl c861 $ThC8n1 doubl ors IhB thlllty of thè charliable group golng concem. The wvlmtys h9v8 made Ihl8 as8e8sThnl for B pBrl(xl of alloasl on8 y8ar from Ihe ¢alfr ol gpwovAI Dt tha llnancl81 slalem•nrs. kn l¢ar tha gtsv8rnors have skIred thè charf19te group8 lomcasls 8nd pr40¢lbns ond h8V8 taken accouniof y¢ssur¥s on lea Ir8 and funalsod Intthm8 kn tho ecarLomlt dlmatè. The govorrnrs hèvo ets)¢lyd¢d Ihal IMre IS 80nabla 8xpeclallon thal th81816 group haB adeq11 r•swrc8s lo ccfiunuo In OF4rou0n ¥Xl9¢C& fty tho forose0Bb fuiure. A8 Buch Iho Srhrxy can to •bl• to me¢1 il$ as f811 lh& of at kn5112 mmths from the dal8 of approval ol Ih08e 8ceeunt#. On Ih18 b8$1$ iht Goverfiors have concluéod that Ihe S¢WI18 8 concem. Th& ftharthl 8t8tam8nt6 &J not IU0& ony •dlu8lnwnl8 thit woubJ re$uM Irorn th8 group not belng sb to moet Ily 11a116 &$ IMY f81 due. 1.3 COMPANY LIMITED BY GuARArEE Thè charfwblts comp8ny18 lrnlted by guBrarkne lo lh exlart of £1 guararlor8 81 th8 presènl Uma, belThg th& Govornors of Tho Scho(4. FEES RECEWABLE AND SIMILAR INCOME Fees recelvabkg coryyIS¢ lull1 lies pald by parenls, gittnts kn)WaS 1888 Irom ihè L)op8rtmeni E(kKalkffi through Ihe MU Ond Danco bchern6 ond Ihè parentd o)ntrIbull$. F$ r8¢elY8ty¢ 8r¥J cha[ $eTrfkos u56 of wemL%e$ af• a¢(x)wl8d for In Iho p&riod In wNch Iha seTh4co la OVd. 1.4 GOVERNMENT GRANTS RECEWABLE Govemmenloiants rncèhed In le8p1 of pupll$' le88 and Othgrwaniiaro hlLJed thln IrKrnè ln the y1 lowhl¢h thay fd818. 1.s euRSARY FUNDS The 8choo1 r8¢dvés aom of hs IrKtrfnè lor lh¢ of teM)14rsMp5, and prlzas. TheBe wrtxjnts afè bèkl thIn r88trfcl8d tund8. 1.6 DONATIONS AND LEGACIES l)onathons are rocoonlÈ&d wln il Is prob8t40 furxls wll be re¢¢W. amoun18can be measured lL9blY 8Th1 Iho group have entllkmènl to the Inojme. Donal$ re¢&able for the gwwal purpo¥e of lh8 Charbty are cie(Iled Its 1jnreslrtrd fund8'. DonatyDM row ty Ihrj wi8ho5 ol Ihe donor are lakpn io'reslri¢l8d funds, where Ihe60 ar8 kn981ty knrKliw thè govèrnors. t10nali required lo be rgWnB(l a8 capli81 In accordat Ih Ihg d(0¢9 wlsh6$ 8r8 8ccounled for 86 •ndl)wmwS._prManOnl orexperyjabl? acwdlno lo th8 nahJ of ihe resid¢th)n. LegaeR or gbrtg DI r•yiduè when Ihore is atkwale certanly and reliability È1P1 and t¥810 can b& ac4wraiè¢4 mtsAsur8d. Invèsimeni In¢Mie k accovnied for %vhen 18. Other Iradlng trwmÈ aixounled foras tITey bec(x))È rec8fv8bcf ¢1 19
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for Ihe ear ended 31 Au ust 2024 1.7 EXPENDITURE Expendllur& Is classlfied under IhÈ iwo wrK4pal (xlegories ol RÈ1r Funds aThY atlable r4htrr th& lype ofèxpense, In Drdw tr) provld morts useful InfortnBllon lo users of efan¢1 stalem8nl8. XP8ndhurg on 14aisn9 Funds inrthhes Ihe tAJSts irFLYJFr&¥ In gpwrdtsrvJ volwtsry Inrxnfr. for donal10 and W4e8. Charilalse Acllv1ei (x>mprtse dlred oxpendttur8 Indu(Ing dlr8¢t c051s 8ttrtAJlaNts to the a¢lWy. Wrfr co81$ dSredty Blidbuled, they havo beèn alkx91 19 a¢b'vill08 on H bAsls conslstènl wllh use of iesources. Governance ci)Sb Indje Ihe rAsts beiw app(Htio lo charmabb ottivlles Incuried for compllanGe consUbJlK>nal8r 8talultMyTegmnls. 1.9D TAXATION Th• School IS B reg1st8d Charity and18 ttxemF4 from on from •xpBnd0dc IL%tharMab 8clwiU&s. 1.10 FIXED ASSET8 UD DEPRECIATK) Freekld bU1[n9S 8r& carfled In tho balanc8 theel al thelr 81 lèsy d9preclkn as the Gemor$ ¢onslder11 fd nol ap[KOtt appty a cvrthnl valug lo Such prep8rty. The cost ol new bulld18 is added to Ilxed assets as11 b trvjrred. Qnty purch8ses olaB80t8 0¥8r £1.000 gre I10¢d as fixed Bss•ls. Slrlng Inslrumont$ are recognlged in the a¢o)MIB 81 •ith¥ th6ir oal COBI Ihls Inrafrnal 18 knn. al an a$llmBlod valuaikjn In 21YJ2 wher Ihèywere donated prknr to 2002. oral an esumaied olk)n al the d8ts old¢nthn lhI8 h aftar 2tXl2. 8tr1ng kn8IrUmIB 8r& rK)I depreel•l•d 8$ thè qu#yol th8 Instrumenis he111• such thai tsirllkoly u$•ful 4r&15 In èxcots of 50 yeari. D9pMeI)nI1 pr¢YldBd on tho (x>slcf valUalTr or¥t8, ovwlh• 0sllma8d lrfe of th• a888 The iat•i ol dapr¢d•Uon are as lo110.. Assèls under consiruclbn Fr88hold 8uildng5 Fumilure and Equlpmènl Motor V8hlcl&¥ Inslwmenls- PSonos IT Sothvar¢ Intanglbb lthd ll51B .2% on cosl -25% cost -25% reduc4rKJ bak9ra -ovtr ten ye81S -over three yoats . Land 1$ not dew•¢lalod and bulldlng9 d8pr¢dd 0[broU0N 1.11 STOCKS Stocks Bf8 &1#1od al Ih8 Iwr ol ¢osl or wt f14#8 vabje. 1.12 PENSION COSTS Th8 SchTr)I con1r1btsts ¢0 lh• To9thgrg' Pénslon Ddbn•d Benafts fat¢$ $et ty th• SdwTh8 Aththry S1 9•d lo Bo8rd by Ihg Sch6mJ Adrnlnl$traior. Th6 A¢heme Is 8 mull employer p¢n81 Is nol l)ble ¢0 hl8nUfy &$$oi$ aThl 11a141 ol lh& Scm9 whlGh arè 8llilbulqble to lh $¢hool. In accordth)c& wlth FRS102. Ire10r, th¢ s¢h•m• L8 fwBs 8 defi wnlrlbutlon s¢¢mè. All non-laachlng slaff ar9 enlll$8d lo Joln Per1 pensksn 8cW. The rren1 lor purpose of 8ulo anrdment 1$ Th8 Peoplè Pen5knn a mDn6y purch8Eg uthern6. 1.13 INVESTMENTS Inve$itTh9nls 8rg valuad In 18•¢ 8h88181 knetr MIdlIe1 v81ye al ts bath• she•1 dale. Th• SOFA knludog reollsed and unreall$8d oaln8 8fid k)s$o$ arlslng from Ihe revahJ8lfon ellha hwe$lr(wts kn IYear. Investment prop8ty IB In¢&rt In the fln0 slat1$ al ¥&Jo. wy8urplJB ord&fidl M alUaOn thlwJvJ an unrn8118od paln or los8. 1.14 ¢ASH AND CASH EQUIVALEMrs Cash and ¢h oqulvolents Inclwje caBh In he, dop0918 al cal ¥Ath b8rt& olher Iquld kn1g$tmenl8 01@1 mpluihles of threg rnonths or bss. FINANCIAL If4STRUMENTS The 8¢hool h88 8ledeLI to apply thè prtr41sbr>s 11 'B8 Fln8wtsI Instnjwnts, 12 '01hBr Fina4&1 In¥lrurwni8 t88ues' of FRS 102 ti> all of f n8ncLg1 Inslftjments. Fknand81 Instruments BrÈ re¢owlsed kn the Sthof8 bthncè 8ho81 the Sthooi becomes paty io lh8 con1ctUal provlsStsns of the InslrumoAI. FlnandÉl 955els and labl11S are olf5el whh nel amountB presenied In IhE finantlal siatement&, when there Ix 3 galty 8nforGeabJ8 IWI 10 8el off the recowPded annts 8tKE there 1% an hlèrthn to Sell a MI bas1& or ID realbe the assal 5&1119 the Ilabildy slmuManÈou4y.
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear énded 31 Au SI 2024 1.15 EMPLOYEE BENEFITS Th& Losls of short-lem) empknyee benefiLs 8 nIsed as a 118bWy ar¥S an 8xpans6. Th8 wsl ol aw Unus htslhlay anlldemenl ts recagn18ed In thts pJrlDd In whlch Ihè èTrWoyee's s£rri(¥s re1¥6. femSnalkn be¢wfiis gre rèwnlsod Immedialety a5 aTh &xpen58 when Th& School Is demonslrably Com#11ed to Èermlnalfr thè OM0yrnent of an trmkkny8è or loprovklp ternmnabon benefflfj. FUNDS Parm8nent End0v8n1- Ttrw• We funds where Ihe Gov& pr• reoulr8d to ho%J cala1, as mpres8nied ty Inve8lThrls, qnd are not enlllkqd to $pond11. 1m6 arislnp from Ilsè lunds Is IlLe4 wttNn restdclBd In a¢¢cKd8rKe Ihs th)nors' W5he$. Exp&ndabl8 Er1m&n1- Th8$0 eAr&l where Govèmws aro w11&d to dlstsje the capltyl as ab hcom& BrfslTvJ from th8 lttvèsled funds. R1clad - thès• mnie8 havo legBI on th8lr ule kn dt¥m ha¥0 ycined ts fund$ rn7 ttnty $pgnt Certaln of the Unr881rfcfed - Generdl fu5 are lor u8e ai th8 d4¢relkM of ts Gwemor81Th fvrlhwon of th6 Scho& 98rnr81 oblerAfves. D•slun@led funds ra set Éslde out ofgenar#l funtts by lh¢ tsov6rrxs, lor partlcthr pvrpDS¢L 2 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT In prgpgrlng financl81 $tslvmnts It 18 ¢¢S5?ry to rnake corlah ludgbmth. and •6gJmplkj Ihal affttt tha orTh)un18 r8cogn188d In th6 Ilnsnclal 81alem8nls. rhe iolk)wthg ludgomanls 8nd esllfnat8 are consJ•r•d ty th¢ Go¥wnorn to ha¥8 lh• rtstsst 81onl1nl allact on aunt8 rocognlèod In Il flngnclal slat8manls. l. Inslrumont valuitltsn Slrlng Inslrumenls ar& Inc1udod In the 8Gwunl8 &1 ulgkn81 cost or an es¥maled wo& If dDnat8d 01 lo 2r or èn •$llmalod valua al dato of domlkn 8rter 2002. Thè v81uas Br•seIll¥& lo 2ONlltk)n ol lh& In8lrum8nl external m•1(ot 10¢1ors. 11. D•pro¢lallon Th6 8nnual deprectslbn chwgb kjr proparty, pLgnt aThJ 8tymwl18 lo In usefvjl •crXmlC Ifg •TvJ rats v8luo8 of as8e16. Thèkè Ar• 8888S88d annu81ty. 111. Valuallon of Invfr&tmnts The v81uo of Inv•51rnenls 11¢1$ th6 mvemenl of ihe Stock oth8f m8rkels 8nd c8n ihereforts détr&asè 8$ 0$ In(¥8888. Thè value of Iho Invo$lmonl propety Is dependent on fHctorB Jfl&dNd 80 prkes In thb iknliad Kknplom and m8ro1 lknclualbn$. 3 FEE INCOME The School's 8c1lvlt 8r• oul w5tlth UK. The schoof6 f¢0 In(8 CINned.. 2024 2023 Grnss fe•$ L•sB: ScholwBhlp8 btJr8arf•$ 4,205,928 1816.4071 3.909,409 1791.7361 3.380,429 4 OTHER TRADING INCOME 2024 2D23 Tr8dlTrJ IK)Me. Unr4btr*ted fd5 654,115 689.909 6M.115 688,909 6 INVÉSTMENT INCOME 2024 2023 Unrèstrlcted funds Int&resl r8cdvthe Dfvldond Intomè Ro8lrlctèd furbds Interest reCeable vld8nd Income 153,766 171.82S 57,610 162,D40 67,208 62,240 412,798 301,79D 21
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for Ihe ear ended 31 Au ust 2024 DONATIONS AND ORANTS 2024 2023 Unrèstrided fnrfs R881ricW funds Endtywed Inds 229,426 516,D22 116.445 877.830 745,447 994,281 7 EXPENDITURE Yoarendod 31 Auqust 2024 staff costÈ rc*tal 2024 Olhgr Doweci8lk)n Costs ol rolilng lundg Dlr6cl lundr81slng to¥ls Otrtcl Iradlng expbThSIIuF8 cos18 Olhbr èxptsndllwe 213.141 209,32S 3.720 119,304 15,081 216.861 328,629 15,D81 422.466 138.105 660,571 Charllabh •xp•ndhur• Te8chlng Wèlfare Pr8ml$&s Estsia$ Admlnlslratl)n GDveman¢o 2.057,907 418,708 240.370 145,634 162,368 859.198 470,867 82.572 2,286,113 571,096 1,4#2,165 997,4>2 29,995 392.587 J,243,610 3.668,076 Total Expondltur• 1,6E8,D82 1,796,187 47S,1S9 475,160 5,376,851 5,937.422 Y••i end•d 31 AuguBt 2023 Total 2023 Slaff tt¢t8 Othar Deprodalon Cos18 of r&lBlng fundi fundr818ln9 cosIÈ tlrecl ir8dlng expendltuw cosli 192.070 227,86 6.984 152,344 17.318 190.054 380,212 17,316 419. 176.044 598,582 CharHabl• exp?rtdllur• Teachlng Welfare 8NI C•i¢rlng Prem18&9 Adrnln15tfÈUon Gtrvemanc8 1,924,OB8 367.151 199.519 496.974 102,352 281.426 eoo.931 6,842 81.878 2,108,316 648,5T6 t,196,030 1,097.816 30.468 39S.520 2,987.792 3h07.730 Total •xpondltur& 1.616,018 1.794662 477.396 477,396 5.081.206 5,677,788 22
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS lor IhB ear ended 31 Au ysl 2024 Y EXPE14DITLIRE ICONTINUEDI In¢lwl8d wilhln exp¢ndlture are.. 2024 2023 Audilors, r8munBroffjon -Audil Fee¥ - AcGwnlancy Fèos - lowerl lunder provLBIDn Irom prèvknus ye othèr lèbs 33.664 7.902 32,228 7.614 18161 8 STAFF COSTS 2024 2023 WaB&& and salaries SoGlal $8cJrfly co8t6 Olh&i pw8Fon coslB Olh&r8laN co816 2,678,740 261,279 362,844 ?63,213 2,460,882 244.521 333.392 368,935 3,668,078 Th¢ awr8g8 h)bre18Mpty8O$ y8arw8s•s f•l•Jws'. 2023 TED¢hlng NDn4$Ing 34 46 48 Tho number ol émpbyees wh0$0 8nK)lumrt8 aiThJimi•d ovor Eeo,000 In the y•ar &$ foWs.' 2024 No. 20YJ £60,DQO. £70,000 £70,001 . £S0,0 E80,W1 . £90,000 £gQ,(K)l - ElOO,000 t10D.001- £110.(KK P•nsl¢n ¢ontrlbuUon6 for wrvJunl8d to £74,41912023: £68,611) k)r thg 8bove Koy manao8mènl pOrr91 IrKhJde Iho GO8 (who rwNnarabJl Lo•Jgff8hlp tsam. The lotal fernwaIon KdIng pw$lon Contri¥16. 8rnploytf6 NgIlLal In8Ur wnd bertliB rec8fv8d by key rnan8gorMni £747,17012023.. £661.71. 9 GOVERNORS REMUNERATION AND BENEFIT8 There w8s no Gov8rnor$' r•myngrBllty) for lh8 year nd 31 Aysl 2024 thè yew 31 Auwst 2023. No )lor(2023.' nonelw8s re4mbw88d expenses In ye8r12023: £rthl. TN91egs IndBmnlly Insufan¢è £140120rJ.. £140}. DLmlkTh rerfved frDm B GoveNYJrs drj the yw iot8Nlng £7,70412023: £17,116 Irr 11 GovotrvJr81.
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for Ihe ear ended 31 Au usl 2024 ID PENSIONS Tho Schwl parU¢pale6 in the T8h&$' Pensknn Sch8mB I'thè TPS) lor Its teachlng fjtaff. The penslw for th& y8or Incl6 conlrlbvtlons pAyabl& lo the TPS afE178,48912tr23'. £20P.3301 al >ar £nll12023.. 1} w&$ Or&d th reFp8ciofcvntribuHon8 10 thls sthemg. Thè TPS 1$ an unfunded mulll-arryjbygr defined bengftls pwsloTh schBm& gov&rn8d by Th TO80rS. P8n&kn6 Reguièllons 2010 la8 amènded) and Thè Teachèrs, Pension SGh8m8 2014 IBS amended). Mombets conlrJutg cn a a5 you go. wlth conSdbu14ons from members and Ilio employèr bBlng crèdtted io E¥chequer. pwwon b8nèfils are pald by puNlc fiwd& wowded by Partlamanl. Thè empk)yw Contrtlllon ral8 Is 881 by Ihg Sacretary af sla eme V8lJalkJThs uThJert8kan by th& G(wernmenl Actua8 Departm8nl. Tho most rotaClall$l valuaJw of ihe TPS waspr8pared as &131 Mfjtch 2020 VAhJalion R8rAYt was pubUth8d in Oclob8r 20rJ. FollowSng Ihg McCb)ud lud9ernènt, Iho rMlY pr wmn ben8fia pww, t¥nber8 c8n ¥?lecl If) Ihém from •Mttar the raforrnod or schern¢8 lh8 perlod 1 Aprfl 201$ 10 31 Marth 2022. hav8 as$urnÈa that mambgr8 aro Ilk&ly lo chDD3e Iho opuo Ihal prov5d•$ Iham vllh IhB groaler beno11i$. In proporing Ihe 2020 v&lu•llon has vakd the grèaier vgiue, bonpfils lor glows of 16le¥anl m&mbpr6. Tho employer conlflbufjon lai8 lty tho TPS 15 26.6%. emph)sw5 ar& also requlrad kn pay a $th8m6 8dmknWrat)n levy ol 0.08% olvlng a total •mpltyèr tonlilbulbn rale 0128.88% 11 NEY INCOME FOR THE YEAR 2024 2023 Nel Inc(M¢18 8t8led ¥fter ch8rg1ftg'. Deprgclauon ollong1& ass618 Op6r8llno lèase p8ymenl$ Prolll on tsale of fixed 88S•16 475.159 11,822 2.346 477,396 11,560 12 TANGIBLE FIXEO ASSETS Fmm Fuinliure an Acad•rn A6S8ls und Con$iNdon Frv8hofvJ Mltykal Instruments Molor Vohlde8 Co8t'. Al 1 S8pt•mber 2023 A&lillon8 Dlsposil8 79,570 15,974,461 173,874 2.121.068 16,CKJO 4S3.10Ct 840.591 1B.459 (3,109) 6.1QO 19,474.890 2B7.695 182.6791 179.6701 AI 31 Auyvbi 2024 16.148,335 2.13768 S32.462 855,941 6,100 19.679,906 Dopreclalbn-. Al 1 Seplèrnbgr2W23 Chargè for year DL4posaL% 4.1S1.$64 317,076 859,199 62.572 341,(K16 IS.480 724,719 PA).031 17821 6.100 6,282.588 475.f59 17621 Ai 31 Auw812024 N•t book ¥&lue'. Al 31 August 2024 4.668.640 941.771 356.4e6 783,988 6,1C 6.768,985 11.479,695 1.195,297 175.976 71,953 12,922,921 At 1 Seplembgr 20TJ 79,570 192 302 24
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS ft)r Ihe ear ended 31 Au SI 2024 13 INTANGIBLE FIXED ASSETS 0lh9r Intsngibbs Tofal Cest.. At 1 SeplBThbttr 2023 Addllths 13,046 13,Q46 Al 31 Augu8t 2024 Amortl$alknn'. Al 1 Seplembw 2023 Chaige for year Al 31 August 2024 Nèl book valua.. AI 31 Augusl 2024 13,046 13,048 Al I S8plembèr 2023 14 I+IVESTMENT8 Llii ve$lm?nts op•rty 2024 2023 Cosvvahjailon At 1 Sepiernbar 2023 Add51bns Invaylment manag8ment exp•n Galn51lLo¥s¢¥l qriBlng Irom mov8monL8 In ¥Bbj0• 422164 8,430,725 8.853,579 8,968.222 149,469 1.1))9,012 149,469? I,¢J)9,012 148,3381 166,3051 Co8Vv•luaUon Al 31 Augu$l 2024 Hl8torfc COBI 8131 AugLBI 2W23 56 UK equlls Propwty C88h 9.381,Jt2 9,381.812 422.8S4 8,456 8,426,941 422,854 3,784 422.854 8356 422.854 Inv0Ment propths 8881 31 ALb3US12024 ots b•th eAm?rk¢lv*Jo. TN81s Ihe GoV•rT, iwi esllmala of markelvalus. 16 DEBTORS 2024 Group 2023 2024 School 2023 Soh)( F889 Bfid extres Le88 prov1(7 fordoubthA éebta Prgpayrnents and FccnJ8d Income Amwnl due frorn group 306,692 118.892 232,124 94,648 226,OSS 196,446 228,056 1JJ,344 195,447 278,8B7 531,747 314.338 591,523 568,782 Ineljded in prep8yrnent8 and accruod inrATh15 t110k of acuued Wcl85 {2023: £30kl. It¥ aéditim l018gatJ88 r8c8lved Bnd a¢d In Ihe year, Ihè ¢hgiity is s resldual ben8fldary ol a 9y. The estlmaled Val Is In Ihe regkn of£700k. Th5¥ has N>1 bÈÈn InckK¢ed In the FSrvaficlal Slatemenb 85 it cannol be meH8ufed rell2bty. 25
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for thè ear ended 37 Au ust 2024 16 CREDITORS Amounts lallln9 due one yw. 2024 Group 2023 2024 School Loan• Trade crbdltors TBxalk>n and sttd&l serxjrlly co F8 Dpo6lls Dèlerrèd ificome aTrJ F88$ InadvaK Othw crgdltors Aethial 101J.IX 72,67S 62.557 e6,163 571,509 5,922 108,503 loo, 129,497 1,877 70,P77 224,927 18,4(KJ 2Q2,015 100,000 72,675 62,557 B6,163 571.509 4,002 8È,769 11K),OOD 129,497 1,877 70.977 224,927 11,014 183.631 1,007.328 04f0d Incomo.. 2024 2023 arwghl Iwaid8 Raltsastrd In yéar D8lorrèd 188 Ino)mo for Aulwin T•rrn 224,927 1224,9271 571,509 219.392 1219,3921 224,927 Carrled fobw4rd 1Y CREOITOR8 DUE AFTÈR ONE YEAR 2024 8choDI & Oroup ¥)23 Schod & Group Arnounts lillhg duo •lt¢r mr• Ihan yw. IoD,000 191.667 IOD.ODO 2024 2023 Movernentpn bank IDaD'. In one year or le4¥ Belwaen one and hyo ye8r8 B9een Nvo five years Aftér fve yeqr 100,000 100,000 11X),000 100,000 1,667 200.ODO The b8nl h>an provlded to the Chadty by Lk)yds Bank Pk 15 seLwied by f¥sl legal charue overtr* freehold land & bUIlg al Mllllibkl Lodge. Thtr kJ8n IB 8 CBIL lor £0,[M)D wlh a $1¥ year lÈrm wilh Bn thlertji r816 of 1J1% plus base wa8 paid by Ihfr wer1eThI In fri81 year. 26
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for thè ear ènded 31 Au ust 2024 18 STATEMENT OF FUtr4DS Year onded 31 August 2024 Tr8ngf8r 8Ètw•&n Funds AT JI AWU$I 2024 2023 1m• Ibssesl Unr06trl¢ted fvnd&: General r8serve 1,475.616 4,59B,377 {5,285,7461 579.370 1,367,617 D881unalod fund.. Wallace Curlon D?slon8i¢d Bvitsary Fund 4.550 82.241 182 171.0001 71S 52,136 Tolal d88lpnatod 66.791 Flxod Almt Fund• 1J.1WI.2 12935967 R•&lil¢i•d funth: BuTrpry Funds Oiher Resirlcled Funds 2.468.468 101,216 476a45 126,885 (782,9611 115.2431 2,161,860 96.778 1116m21 Total r85lrlGl8d 2 66&874 62 Endtswm•nt funda.. P8rm8n(>nl Endowm8nls EXPendb Endowmonls 2.083,724 6.609.CK35 116,8551 (32,7801 339,700 668,697 2,4Q6,769 6,244,852 Tot•l endowm•nt 769275 8 6S1621 Tof•l lund• 24.987.142 6,201.7Bg 15,937,42 1,001,012 25,260,521 Y•8r end•d 31 Au9U•t 2023 Transfer Sopterrthr At 31 Augu$l Éxpenditufe Funds Ik)$8g$1 Uhr6•trlctéd fundi: Gtsneral reserve 1,831.474 4.143,405 l4.956,OLl 1471 1,475,616 D•8bun#l¢d fund,. Wallaca Curzon DèBlgn8led Bur$ary Fufyj 4,550 62,241 65.994 In 13.926} Tolal other dèilgndl•d lund• 70.544 Flx¢d A06et Funds 13,339,719 13 192 302 R8trl¢led lundi: Bui$8ry funds Other R¢slrfcltrd Fund6 2,4e8367 744,1 21 1774,5171 2.458,456 101218 Total reJslrlcl•d 2 559 674 Endowment fuThd8'. Pèrmanènl Endownig Expendab 1122.319 S,684,899 116.2731 P2,0281 122,3221 143,9361 2,083,724 5,609,036 Total •ndtswm•nl 7 807 318 7 e92 759 Total fund 27
The Yehudi Menuhin School Limited
NOTES TO THE FINANCIAL STATEMENTS
lor Ihe
ear erM8ed 31 Au
ust 2024
18 STATEMENT OF FUNDS ICONTINUEDI
Doslllnatèd FundB'.
Wallacè Cutzon= Th88b funds ar8 usualty gwan tostudén15 In thelr final yparwhen lh IBBV2 Ihe sthtxsl.
D88lonaled 8ursary Fund: Thls reprosènls gacY Inorne r¢celved In prèvtthjs years. Ths L% to bo Used lor bursarffrs 0$ •nd vthen the nead Ariso$.
Fl¥8d a66•1 Funds:
Tho Ilxed assèi r8prèsBnls hqthl In lar¥Jlb1fr8tKI kntonb10 flx8d assats ed by IhB
Re8lrlcled Funds:
Fl88lricl&d 8ur5ary Funds.. The56 ar15e from granls 8nd donati5 madè k)r tt spethc purpoFe ol wovldlng bur88rlÈs b slud8nts'. the
radpienls a1 amounts LxJrs8rie8 arè dbiermlrd by the H8ad and (knrnors.
Olh¢rReslrtcl&d Funds.. Th&9e lunds 8rt8tr from 8nrt dMallons pe0Pr>Ses cts thon LWjfrf8&
Tran&f¢r of Fundb:
Thè transfer ol lund5 from rtrslriGlgd Bur88ry Fvnd¥ to th8 restrIed G8Mral R66erve repre8anl& provkhd to IhB sludenls kn tho yeaf.
Tian818r of l¥nd$ Irom olhèr resiricted fund¥ kn unig8ld¢lÈd gener81 rB$8rkn ¥opresenl lh6 tronsfef ol a85818 8$ ihts money has beM usèd lor Ihe
pJrw$8 lor which11 wa8 g5v6n.
Endowmènt Funds..
Permènonl EndNmenl Funds ara Iho$e there Gtsvttfncrfs ar& Eéqulre¢ to hobj the ¢¥pIt ora ngt enUW Its convert 11 lo IncomB. Income arl8lng
liom ihwse fund6 Is lrtlLrdgd %%llhln thlrkted fund$ oné L8 sFenl ITh Ilnts 1h thevA$h8sof thg d¢)rKK.
EXp•nd8b Endment F19 afft thosowhefe Gv4emNs ha Ihe rx)war lo wnvert lh8 thtrwflo knc
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for Ihe ear 8nd8d 31 Au ust 2024 21 RELATED PARTIES Durlny lh& y8ar, YMS Ent6rprises had Iransacbms Wllino £103.461 12023-. £106.7791 with SchDoI. AI 31 A*4usi 2024, È99,48812022.. £78,933) Was owed by YMS Enibrtxisès. Durfng yw, YMS Chlnfi tlmlle¢J ho¢J Irwsothns IDlalllng £39,681 (2023.. E61,0601 wllh tho S¢hool. Al 31 AU$l 24. E33.85612Q23'. £199,813lwas (Mzd by Yk4S Chlno Llmi18d. 22 CAPITAL COMMITMENTS CapliBI èxptsnLMurtr ¢Iracld al 31 Auwst2024 arn[ed to£nl12D2J: nO.8761. 2J NOTES TO ThR CASHFLOW SYATÈPIÉNT 2024 2023 Rtcondllalbn ol oper8tlng reyjl to n8t catsh from op&iaUng act1v1l'. N•t movtmoni kn fvnd8 IGalnsinD$$on InvlmN$ D8pr6clallon Impalrm¢nl ¢1 nxed a35tli DSvldends find Inlorèst rèeèlv&d Invèslrn•nl mnooèmènl fee8 Incr8asellDecreBs61 In ciedllorts Iln¢mésoyDècr•osb In d8btors D•¢r•alInCre¥8el In slock2 273,379 11,009,012) 47S,159 70,570 1412,7961 54,141 261,606 (217,4091 223 1640,4391 66,305 477,3 I301,7) 39.194 62.869 1,293,348 11381 495,141 At 18•pl•mb•r 2023 At31 Auoust 2024 oth•r ntsn4w¥h Ca8hflow8 Cash •nd cb$h wulval•nts Cosh. In hen - InvaslmenlB 3.560,397 3,784 {477,0761 4.072 3.063.321 8,456 72.4041 3,091,77 Borrowlng6 Debt due vllhln ono ye8r 08bl duè aflerom {100,(KiII {191,6671 91.867 191,6671 91,667 1100.CM)01 I1,000? Tolal 29
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for th& ar ended 31 Au u812024 24 SLIBSIDIARY UNDERTAKINGS YMS EMTERPRSSES YMS Enlefprises (company re91$troUtsn nLMnber 6727.. r•¥Aièrod a(klress Yelwjth Kl8nuhln S¢lv)Dl. K411BId, Sloke D'Ab8rMn, Cobh&m, KT11 3QQI 1$ a Wh-tlled subsid18ry und¢rlaklfva rsIer8d kn Enoland and Wabs. whkh was IrPOrated 8$ 8 compaw by guaranleè Oft 17 De¢emb&r 2008. The plinc1p 8dvSUes ot the COMnY arn ID offer and rval9 wKgrt$. sumw schools and as8OCiated ond lloneral mèrehandlslng. Itlol nel profrt Is glfted to SeJ¥MA. A suminBry oflh& Df the lI10ry 1$ sho*n b&. Tho find[81 61ÈtémènL8 ¢IYMS Enteiwhg8 for It yw io 31 Wst2tr24 slwth•d pJ8ldDn: At 31 Augujt A11 S8plwnb8r 2023 BALANCE SHEET Cuirpnt As$•t6 CAsh ai bank and In h4nd 41,700 81.641 DabiorB 73,586 1115,2881 15,494 197,135 Credllors.. 8mounL8 f0111ng th&thIn one y TOTAL NET A8SEYS RESERVES Frolll Ks loss account PROFIT AND L086 ACCOUNT Turnover Op¢r8Uny Y28,658 184.870) 200,695 (98,4841 GROSS PROFIT +Kdmln15trallv8 exper Pronl In yior 163,766 1125,4171 37.371 102,211 40.2681 61,943 Rèlalngd pioni tyoughl foN4a Arnunl dlsiilbuled tts YMS under GWI Ald RETAIFIED PROFIT 137,3711 61,9431
The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for tho ear ended 31 Au ust 2024 25 8UBSIDIARY UI4DERTAKINGS ICONTINUEDI YMS CHINA YMS ChlnÉ Llrnlted Icompany reglstralw)D number 11712861: registerÈd address Yehu¢U Wnuhin Schwl, lIn81. Slokfy D'Abwnon, Cobh8m, KT11 3QQl Is a wlx)Ily-owned subskllary undèrtglng reg[thr th EnglarJ aThJ wa. thrth was kn)rwraled as 8 cttmpany by guaianlè& on 5 D8tbrnber 2018. Th8 Ndpa1 aclty ol the cornpsny * 10 offer culbJr81 Bducall on Ihe elhos and mÈthDdo'.0gy principbs of Yehudl Menuhin In tunnlng educ8tkn)al èstsNshmen16. Th8 to&1 m>frt w gird lo Sch(d.A surrmnary of the r88uIt8 oflhb subary18 shown b81ow. Tho fln8nclal siglÈrnènls ofYMS ChlTr8 Llmllad [(* the year lo 31 W 2024 51¥>wed the f11ra po&ilk) Ai 31 AugU$t 2024 Al Saptsmber 2023 ALANCE SNEET Lrrr•nt As¥•t8 Cash al bank 8nd In hand Dobl¢Y¥ 39,730 196,703 8.750 ¢radltots.' amounts tslllng du&thEn on• >wr TOTAL NET ASSEY8 139,T301 120S,4531 RESERVES ProlN and bs& xcounl PROFIT AND LOSS ACCOUNT Twrn)¥er Ope1ng ct)8t# 33T,749 372,179 GROSS PROFIT 337.749 147.7011 ).048 372,179 165.0541 307,126 AdmlnlslrBllve 8xponsa& Proftl In ygar oialned Ilo&$l browbt forward Amtsunl dlslribuled to YMS Und GIftAhJ RETAINED PROFITIILOSSI 1290,0481 1307,1251 31