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
Audit￿s, 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
REPO￿OFTHEGOVEF￿oRs
for the year ended 31 Au￿st 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 chaiM￿n)
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 Au￿1St 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, self￿lsCiplIne, 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, di￿usS 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
FEP0￿0FTrIEGovERNoRs
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￿,C￿l8 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 pu￿0$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 Sch￿1 keeps the risk of the withdrawal or reduclion of MDS
Page 10

The Yehudi Menuhin School Limited
REPO￿oFThEGOVE￿oRs
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 WaS￿pproVed 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 ￿mPan￿S 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
fut*ts
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 frxp*ndlture
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
F￿nd 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 act1￿￿0¥ LnclM*5 811 ga￿ ar￿ bss8s In the year 8nd Iher8fore # 6taternwrt of trrtO1 fycC#3Tr￿8d gHlnB and IDo$•$ has nol blon
pr&pofBd,
l of IhÈ at)tsve SMO￿16 rdate toLThllnulng 8cllvlUBS.
The accompHnylng rptes lorm p8rt0l theao fine￿1￿1 ¥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$ldclèd fund8- des￿nal•d
FL%•LI oJ$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 $.408 lo cmil ilo profll And acojjnl kom ihe 8talulrrty 01(X4) accwn18. Th8 Total
In¢am• lor Th& &hod durkng the year end￿1 31 Auwsl 2024 was £4,990,785 12023.. £4.931.2171 Bnd Nel Surplus durlD9 Iho y&•r onded 31 Augusl
2024 wao £273,a7912023: n81 Dellcll £840,439).
roved ond aulhorls8d for I$￿ts by th• Be4rd ofctw6m￿s ￿ 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 act￿16&
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 c￿Y 11rni￿1 by guaranioo *ith regL￿￿ed numbèr ODBI8389. regisi8red In Eng￿n￿ 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¢ pu￿tsseÉ OF FRS 102 and Ihereforb the Sd)od A*0 prepared Ils fInanc￿l
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•￿1￿1 (Tl* FRS 102 cha￿￿•5 SORPI, Ihv C¢)mpank88 Act 2006 and Ilw Charfdes Acl 2011.
Th& fInart￿l 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 p￿p8red on IhB gdng eonL*n 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 U￿l￿d The prfntjpal a¢¢ounllng P￿1&6, whlch
ha￿ been applled eonsLs¢enlty Ihrwghoul Ihè year, a￿58t￿l bÈWw.
Btsi$ f>1￿￿$￿1￿8[I
The GTOUP comprls• Yehudl Mtrr>uhln st￿01 Llmlled. YMS Ethrpri¥e$ and YMS Chkna Lknlled. ThB 0866¢0. IlèNIIII88 8nd r06uh$ f&1 th& wholty
tW4ned sub￿d￿ry tompanIÈ8, YMS Ent￿58& and YMS Chln8 L1rn￿, arè c￿$01￿8¢£d Into Ihe88 fin8nc+al sldl&n&nls. Sunyn8r18ed detalls ol ihe
sub8kllary companles aro s•1 out *Th Note 26 8nd 26. Al as Corwlid8ted Slal8mtsnt of Finandal Acll¥llgs ISOFAI trj Bonllnulng
12 GONG CONCERN
Th8 Govemor8 havo 8$s•680d the use ol ihe C￿c￿M b884s IE 8pprorfflate and hav& con￿derell p085t*h ovwls or ¢¢ndlllon8 Ihal mlghl
c861 $￿Th￿C8n1 doubl ors IhB thlllty of thè charliable group golng concem. The wvlmtys h9v8 made Ihl8 as8e8sThnl for B pBrl(xl of alloasl on8
y8ar from Ihe ¢alfr ol gpwovAI Dt tha llnancl81 slalem•nrs. kn ￿l¢￿ar tha gtsv8rnors have ￿skI￿red thè charf19t￿e group8 lomcasls 8nd pr40¢lbns
ond h8V8 taken accouniof y¢ssur¥s on lea Ir￿￿8 and fun*alsod Intthm8 kn tho ecarLomlt dlmatè. The govorrnrs hèvo ets)¢lyd¢d Ihal IMre IS
80nabla 8xpeclallon thal th8￿18￿16 group haB adeq￿11 r•swrc8s lo ccfiunuo In OF4rou0n￿ ¥Xl9¢￿C& fty tho forose0Bb￿ fuiure.
A8 Buch Iho Srhrxy can to ￿ •bl• to me¢1 il$ 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 I￿U0& ony •dlu8lnwnl8 thit woubJ
re$uM Irorn th8 group not belng sb* to moet Ily 11a￿11￿￿6 &$ IMY f81 due.
1.3 COMPANY LIMITED BY GuARA￿rEE
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)Wa￿S 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
OV￿*d.
1.4 GOVERNMENT GRANTS RECEWABLE
Govemmenloiants rncèhed In le8p￿1 of pupll$' le88 and Othgrwaniiaro h*lL*Jed thln IrK*rnè ln the y￿1 lowhl¢h thay fd818.
1.s euRSARY FUNDS
The 8choo1 r8¢dvés aom of hs IrKtrfnè lor lh¢ of teM)14rsMp5, and prlzas. TheBe wrtxjnts afè bèkl ￿thIn r88trfcl8d tund8.
1.6 DONATIONS AND LEGACIES
l)onathons are rocoonlÈ&d wl*n il Is prob8t40 furxls wll be re¢¢W. amoun18can be measured ￿lL9blY 8Th1 Iho group have entllk*mènl to the Inojme.
Donal￿$ re¢&￿able for the gwwal purpo¥e of lh8 Charbty are cie(Iled Its 1jnreslrtr￿d 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)wmw￿S._prManOnl orexperyjabl? acwdlno lo th8 nahJ￿ of ihe resid¢th)n.
Lega￿eR or gbrtg DI r•yiduè when Ihore is atkwale certanly and reliability ￿￿￿È1P1 and t￿¥81￿0 can b& ac4wraiè¢4 mtsAsur8d.
Invèsimeni In¢Mie k accovnied for %vhen ￿1￿8￿￿.
Other Iradlng trwmÈ ￿ aixounled foras tITey bec(x))È rec8fv8b￿cf ¢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 R￿È1r￿ Funds aThY ￿at￿lable r4htrr th& lype ofèxpense, In Drdw tr) provld
morts useful InfortnBllon lo users of ￿ef￿an¢1* stalem8nl8.
XP8ndhurg on 14aisn9 Funds inrthh*es Ihe tAJSts irFLYJFr&¥ In gpwrdtsrvJ volwtsry Inrx*nfr. for donal10￿ and W4e8. Charilalse Acllv1￿ei
(x>mprtse dlred oxpendttur8 Indu(Ing dlr8¢t c051s 8ttrtAJlaNts to the a¢lWy. W￿rfr co81$ dSredty Blidbuled, they havo beèn alkx91￿ 19
a¢b'vill08 on H bAsls conslstènl wllh use of iesources. Governance ci)Sb Ind￿je Ihe rAsts beiw app(Htio￿ lo charmabb ottivlles Incuried for
compllanGe consUbJlK>nal8r* 8talultMyTeg*mnls.
1.9D TAXATION
Th• School IS B reg1st8￿d Charity and18 ttxemF4 from on from •xpBnd0dc￿ IL%tharMab* 8clwiU&s.
1.10 FIXED ASSET8 UD DEPRECIATK)
Freek￿ld bU1￿[n9S 8r& carfled In tho balanc8 theel al thelr ￿81 lèsy d9prec￿lkn as the G￿emor$ ¢onslder11 fd nol ap[KO￿tt￿ ￿ appty a cvrthnl valug
lo Such prep8rty. The cost ol new bulld1￿8 is added to Ilxed assets as11 b trvjrred. Qnty purch8ses olaB80t8 0¥8r £1.000 gre I￿1￿0¢d as fixed Bss•ls.
Slrlng Inslrumont$ are recognlged in the a¢o)MIB 81 •ith¥ th6ir o￿al COBI Ihls Inrafrnal￿￿ 18 kn￿n. al an a$llmBlod valuaikjn In 21YJ2 wher
Ihèywere donated prknr to 2002. oral an esumaied ￿￿olk)n al the d8ts old¢nthn ￿lhI8 h aftar 2tXl2.
8tr1ng kn8IrUm￿IB 8r& rK)I depreel•l•d 8$ thè qu*#yol th8 Instrumenis he111• such thai tsirllkoly u$•ful 4r&15 In èxcots of 50 yeari.
D9pMe￿I￿)nI1 pr¢YldBd on tho (x>slcf valUal￿Tr or¥￿t8, ovwlh• 0sllma8d lrfe of th• a888￿ The iat•i ol dapr¢d•Uon are as lo110￿..
Assèls under consiruclbn
Fr88hold 8uild*ng5
Fumilure and Equlpmènl
Motor V8hlcl&¥
Inslwmenls- PSonos
IT Sothvar¢
Intanglbb lthd ll5￿1B
.2% on cosl
-25% ￿ cost
-25% reduc4rKJ bak9r￿a
-ovtr ten ye81S
-over three yoats .
Land 1$ not dew•¢lalod and bulldlng9 d8pr¢d*d 0[￿broU0N
1.11 STOCKS
Stocks Bf8 &1#1od al Ih8 Iwr ol ¢osl or wt f￿14#8￿￿ vabje.
1.12 PENSION COSTS
Th8 SchTr)I con1r1bts￿ts ¢0 lh• To9thgrg' Pénslon Ddbn•d Benafts fat¢$ $et ty th• SdwTh8 Aththry S￿1 ￿9•d lo Bo8rd by Ihg Sch6mJ
Adrnlnl$traior. Th6 A¢heme Is 8 mull employer p¢n81￿ Is nol l*)￿ble ¢0 hl8nUfy &$$oi$ aThl 11a￿141￿ ol lh& Sc￿m9 whlGh arè
8llilbulqble to lh* $¢hool. In accordth)c& wlth FRS102. I￿re10r*, th¢ s¢h•m• L8 fwBs 8 defi￿ wnlrlbutlon s¢*¢mè.
All non-laachlng slaff ar9 enlll$8d lo Joln Per￿￿*1 pensksn 8cW. The ￿rren1 lor ￿ purpose of 8ulo anrdment 1$ Th8 Peoplè
Pen5knn a mDn6y purch8Eg uthern6.
1.13 INVESTMENTS
Inve$itTh9nls 8rg valuad In ￿18•¢* 8h88181 knetr MId￿lIe1 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$lr(wts kn I￿Year.
Investment prop8ty IB In¢&￿￿rt In the fln0￿￿ slat￿￿1$ al ¥&Jo. wy8urplJB ord&fidl M ￿alUa￿On 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 Fina￿4&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
con1￿ctUal provlsStsns of the InslrumoAI. FlnandÉl 955els and labl11￿S are olf5el whh nel amountB presenied In IhE finantlal siatement&, when there
Ix 3 ￿galty 8nforGeabJ8 IWI 10 8el off the recowPded an￿￿nts 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 ￿ re￿1¥6￿. femSnalkn be¢wfiis gre rèwnlsod Immedialety a5 aTh &xpen58 when Th& School Is demonslrably
Com￿#11ed to Èermlnalfr thè OM￿0yrnent of an trmkkny8è or loprovklp ternmnabon benefflfj.
FUNDS
Parm8nent End0v￿8n1- Ttrw• We funds where Ihe Gov￿￿& pr• reoulr8d to ho%J ca￿la1, as mpres8nied ty Inve8lThr*ls, qnd are not enlllkqd to
$pond11. 1￿m6 arislnp from Il*sè lunds Is I￿lL￿e4 wttNn restdclBd In a¢¢cKd8rKe Ihs th)nors' W5he$.
Exp&ndabl8 Er￿1￿m&n1- Th8$0 eAr&l where Govèmws aro w￿11&d to dlstsj￿e the capltyl as ab hcom& BrfslTvJ from th8 lttvèsled
funds.
R￿1￿clad - thès• mnie8 havo legBI on th8lr ule kn dt¥m ha¥0 ycined ts fund$ rn7 ttnty ￿ $pgnt ￿ Certaln of the
Unr881rfcfed - Generdl fu￿5 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¢ tsov6rr*xs, lor partlcthr pvrpDS¢L
2 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
In prgpgrlng financl81 $tslvmnts It 18 ￿¢¢S5?ry to rnake corlah ludgbmth. and •6gJmplkj￿ Ihal affttt tha orTh)un18 r8cogn188d In th6
Ilnsnclal 81alem8nls. rhe iolk)wthg ludgomanls 8nd esllfnat8 are cons*J•r•d ty th¢ Go¥wnorn to ha¥8 lh• rtstsst 81onl1￿nl allact on a￿unt8 rocognlèod
In Il* flngnclal slat8manls.
l. Inslrumont valuitltsn
Slrlng Inslrumenls ar& Inc1udod In the 8Gwunl8 &1 ulgkn81 cost or an es¥maled wo￿& If dDnat8d ￿01 lo 2r￿ or èn •$llmalod valua al dato of domlkn
8rter 2002. Thè v81uas Br•se￿Ill¥& lo 2ONlltk)n ol lh& In8lrum8nl external m•1(ot 10¢1ors.
11. D•pro¢lallon
Th6 8nnual deprectslbn chwgb kjr proparty, pLgnt aThJ 8ty*mwl18 lo In usefvjl •crX￿mlC 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$lmonl propety Is dependent on fHctorB Jfl&dNd ￿80 prkes In thb iknliad Kknplom and m8r*o1 lknclualbn$.
3 FEE INCOME
The School's 8c1lvlt￿ 8r• oul w5tlth UK.
The schoof6 f¢0 In(￿8 CINn￿￿ed..
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 I￿K)Me. Unr4btr*ted f￿d5
654,115
689.909
6M.115
688,909
6 INVÉSTMENT INCOME
2024
2023
Unrèstrlcted funds
Int&resl r8cdvthe
Dfvldond Intomè
Ro8lrlctèd furbds
Interest reCe￿able
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 f￿nrfs
R881ricW funds
Endtywed I￿nds
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 $8c*Jrfly co8t6
Olh&i pw8Fon coslB
Olh&r8laN co816
2,678,740
261,279
362,844
?63,213
2,460,882
244.521
333.392
368,935
3,668,078
Th¢ awr8g8 h￿)b￿re18Mpty8O$ 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 pOr￿r￿91 IrKhJde Iho GO￿￿8 (who rwNnarabJl Lo•Jgff8hlp tsam. The lotal fern￿waI￿on ￿K￿dIng pw$lon
Contri¥￿1￿6. 8rnploytf6 NgIlL￿al In8Ur￿ wnd ber*tliB rec8fv8d by key rnan8gorMni £747,17012023.. £661.￿71.
9 GOVERNORS REMUNERATION AND BENEFIT8
There w8s no Gov8rnor$' r•myngrBllty) for lh8 year ￿n￿d 31 Aysl 2024 thè yew 31 Auwst 2023.
No ￿)￿l￿or(2023.' nonelw8s re4mbw88d expenses In ye8r12023: £rthl.
TN91egs IndBmnlly Insufan¢è £140120rJ.. £140}. DLmlkTh rer*fved frDm B GoveNYJrs d￿r￿j 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 T8￿h&*$' Pensknn Sch8mB I'thè TPS) lor Its teachlng fjtaff. The penslw for th& y8or Incl￿6 conlrlbvtlons
pAyabl& lo the TPS afE178,48912tr23'. £20P.3301 al >*ar £nll12023.. ￿1} w&$ Or￿￿&d th reFp8ciofcvntribuHon8 10 thls sthemg.
Thè TPS 1$ an unfunded mulll-arryjbygr defined bengftls pwsloTh schBm& gov&rn8d by Th TO80￿rS. P8n&kn6 Reguièllons 2010 la8 amènded) and
Thè Teachèrs, Pension SGh8m8 2014 IBS amended). Mombets conlr*Jutg 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 Contrtl￿llon ral8 Is 881 by Ihg Sacretary af sla￿ ￿eme V8lJalkJThs uThJert8kan by th& G(wernmenl Actua￿8 Departm8nl. Tho
most ro￿taCl￿all$l valuaJw of ihe TPS waspr8pared as &131 Mfjtch 2020 VAhJalion R8rAYt was pubUth8d in Oclob8r 20rJ.
FollowSng Ihg McCb)ud lud9ernènt, Iho r￿M￿lY pr￿￿ wmn ben8fia pww, t¥*nber8 c8n ¥?lecl If) Ihém from •Mttar
the raforrnod or schern¢8 lh8 perlod 1 Aprfl 201$ 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 vak*d 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
2.137￿68
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 ¥Bbj￿0￿•
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 AugL*BI 2W23
56
UK equll*s
Propwty
C88h
9.381,Jt2
9,381.812
422.8S4
8,456
8,426,941
422,854
3,784
422.854
8356
422.854
Inv0￿Ment 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 ￿9￿y. 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* D*po6lls
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
04f0￿d 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
B9￿een 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 & bUI￿l￿g 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 wer1￿eThI 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$I
2024
2023
1￿m•
Ibssesl
Unr06trl¢ted fvnd&:
General r8serve
1,475.616
4,59B,377
{5,285,7461
579.370
1,367,617
D881unalod fund..
Wallace Curlon
D?slon8i¢d Bvitsary Fund
4.550
82.241
182
171.0001
71S
52,136
Tolal d88lpnatod
66.791
Flxod Almt Fund•
1J.1WI.￿2
12935967
R•&lil¢i•d funth:
BuTrpry Funds
Oiher Resirlcled Funds
2.468.468
101,216
476a45
126,885
(782,9611
115.2431
2,161,860
96.778
1116m21
Total r85lrlGl8d
2 66&874
62
Endtswm•nt funda..
P8rm8n(>nl Endowm8nls
EXPend￿b￿ Endowmonls
2.083,724
6.609.CK35
116,8551
(32,7801
339,700
668,697
2,4Q6,769
6,244,852
Tot•l endowm•nt
769275
8 6S1621
Tof•l lund•
24.987.142
6,201.7Bg
15,937,42
1,001,012
25,260,521
Y•8r end•d 31 Au9U•t 2023
Transfer
Sopterrthr
At 31 Augu$l
Éxpenditufe
Funds
Ik)$8g$1
Uhr6•trlctéd fundi:
Gtsneral reserve
1,831.474
4.143,405
l4.956,OL￿l
1471
1,475,616
D•8bun#l¢d fund,.
Wallaca Curzon
DèBlgn8led Bur$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
R*8trl¢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 Endow￿nig
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$.
Fl¥8d a66•1 Funds:
Tho Ilxed assèi r8prèsBnls hqthl In lar¥Jlb1fr8tKI knton￿b10 flx8d assats ￿ed by IhB
Re8lrlcled Funds:
Fl88lricl&d 8ur5ary Funds.. The56 ar15e from ￿ granls 8nd donati￿5 madè k)r tt* spethc purpoFe ol wovldlng bur88rlÈs b slud8nts'. the
radpienls a￿1 amounts LxJrs8rie8 arè dbiermlr*d by the H8ad and (knrnors.
Olh¢rReslrtcl&d Funds.. Th&9e lunds 8rt8tr from 8nrt dMallons ￿pe￿0P￿r￿>Ses cts thon LWjf￿rf8&
Tran&f¢r of Fundb:
Thè transfer ol lund5 from rtrslriGlgd Bur88ry Fvnd¥ to th8 ￿rest￿rIed G8Mral R66erve repre8anl& provkhd to IhB sludenls kn tho yeaf.
Tian818r of l¥nd$ 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$h8sof thg d¢)rKK.
EXp•nd8b￿ End￿ment F￿19 afft thosowhefe Gv4emNs ha￿ Ihe rx)war lo wnvert lh8 thtrwflo knc<rn.
19 ANALY813 OF NET ASSETS BETWEEN FUNOS
Y*qr•nd•d 31 Aygust 2024
Re5trfcled
PorrnpTronl
EX￿nd#blO
EnthwBenl
2024
fvnd8
funds
Enthwfftanl
Total
T8nglbl8 ond INt8nolW flxod aluets
Inveslman
Current 8sÈII$
12,935.967
f2,935,967
9.813.122
3,618,761
11,007,329>
IIQQ.ODOI
624,963
1.6¥.665
2,406.768
6,244,652
11.CI17,3291
term Woblyues
Totol net ￿Se1
14.360,272
2.248.628
2.406,76?
6,244,852
26,260,521
Ypar onded 31 Augusi 202J
ExpbndHb
Endowm•nl
2023
Tot81
d6
EThJth*nonl
TangIb￿ fixed
Inv881menls
&1 ¢virenl 8S8ets
Long t8￿￿ 18b+UIIp3
13,192.302
5,857
1.198.217
{191,6671
13.192,302
8,653,579
8,132.928
1191,6671
624.903
1,934.711
2,083.724
s.eog.035
Toi•l ￿1 8S8els
14.734,7J9
2.559,874
2.t*3.724
5.609.035
24,987.142
20 COAIMITMENTS UNDEfi OPERATING LEASES
Al 31 August 2024, Ihe company had outsl8rxllr¥J CorNth￿S frjr rthNm18a88 paymont¥ urwjer operatlnu fall
2022
2023
Duè ￿rythIn one yeèr
Dut between Iwo lo year8
11,743
17.845
11,822
20,591
29,S98
41,413

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 A￿U$l
24. E33.85612Q23'. £199,813lwas (Mzd by Yk4S Chlno Llmi18d.
22 CAPITAL COMMITMENTS
CapliBI èxptsnLMurtr ¢￿Iracl￿d 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 Inv￿lm￿N$
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•a￿lInCre¥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$troUtsn nLMnber ￿￿6727.. r•¥Aièrod a(klress Yelwjth Kl8nuhln S¢lv)Dl. K411￿BId, Sloke D'Ab8rMn, Cobh&m, KT11 3QQI
1$ a Wh￿￿-t￿lled subsid18ry und¢rlaklfva r￿sIer8d kn Enoland and Wabs. whkh was I￿rPOrated 8$ 8 compaw by guaranleè Oft 17 De¢emb&r
2008. The plinc1p￿ 8dvSUes ot the COM￿nY arn ID offer and r￿val9 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, ￿lIn8￿1. Slokfy D'Abwnon, Cobh8m, KT11
3QQl Is a wlx)Ily-owned subskllary undèrtg*lng reg[thr￿ th Englar*J aThJ wa￿￿. *thrt*h was kn)rwraled as 8 cttmpany by guaianlè& on 5
D8tbrnber 2018. Th8 ￿Ndpa1 ac￿lty 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 gir￿d lo Sch(d.A surrmnary of the r88uIt8 oflhb sub￿￿ary18 shown b81ow.
Tho fln8nclal siglÈrnènls ofYMS ChlTr8 Llmllad [(* the year lo 31 W 2024 51¥>wed the f￿1￿1r￿a po&ilk)
Ai 31 AugU$t
2024
Al
Saptsmber
2023
ALANCE SNEET
Lrrr•nt As¥•t8
Cash al bank 8nd In hand
Dobl¢Y¥
39,730
196,703
8.750
¢radltots.' amounts tslllng du&￿thEn on• >wr
TOTAL NET ASSEY8
139,T301
120S,4531
RESERVES
ProlN and bs& xcounl
PROFIT AND LOSS ACCOUNT
Twrn)¥er
Ope￿1￿ng ct)8t#
33T,749
372,179
GROSS PROFIT
337.749
147.7011
).048
372,179
165.0541
307,126
AdmlnlslrBllve 8xponsa&
Proftl In ygar
oialned Ilo&$l browbt forward
Amtsunl dlslribuled to YMS Und￿ GIftAhJ
RETAINED PROFITIILOSSI
1290,0481
1307,1251
31