**The Yehudi Menuhin School Limited (A Company Limited by Guarantee)**
**Incorporated in England and Wales No. 00818389 Registered Charity No. 312010**
**GOVERNORS' REPORT AND FINANCIAL STATEMENTS**
**For the year ended**
**31 August 2025**
## **The Yehudi Menuhin School Limited CONTENTS** for the year ended 31 August 2025
||**Page**|
|---|---|
|Governors' Report|1 - 11|
|Auditors' Report|12 - 15|
|Statement of Financial Activities|16|
|Balance Sheet|17|
|Cash Flow Statement|18|
|Notes to the Financial Statements|19 - 31|
REPORT OF THE GOVERNORS for the year ended 31 August 2025
## **The Yehudi Menuhin School Limited**
## **GOVERNORS AND DIRECTORS**
Current Governors of the School who are Trustees of the Charity and Directors of the Company and who served during the year (except as noted) are:
David Buckley * (Chairman) Geoffrey Richards * (Vice Chairman) Dominic Benthall Lionel Blackman (appointed 24 June 2025) Lord Blackwell * George Bruell * Andrew Butcher * Kate Costeloe Hilary Cowan (died 13 October 2025) James Davies (appointed 24 June 2025) John Everett * (resigned 31 December 2024) Andrew Hunter Johnston * John Pagella * Alice Phillips (resigned 24 June 2025) Benedict Vanderspar * Jonathan Willcocks
* Members of the Finance and General Purposes Committee
Governors serve for a term of four years and may be re-elected for a further two terms.
**COMPANY NUMBER** 00818389 **CHARITY NUMBER** 312010
**PRESIDENT EMERITUS** Daniel Barenboim KBE **CO-PRESIDENT** Tasmin Little OBE **GOVERNORS EMERITUS** Daniel Hodson Vanessa Richards **MUSICAL PATRONS** Steven Isserlis CBE Robert Levin Sir András Schiff
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**The Yehudi Menuhin School Limited** REPORT OF THE GOVERNORS for the year ended 31 August 2025
**HEAD** Robin Harskin **DIRECTOR OF MUSIC** Ashley Wass (resigned 31 August 2025) Rosalind Ventris (appointed 1 September 2025) **DEPUTY HEAD (PASTORAL)** Melanie Bloor-Black **DEPUTY HEAD (ACADEMIC)** David Bruce **DIRECTOR OF DEVELOPMENT & MARKETING** Clare Durnford **MENUHIN HALL DIRECTOR AND HEAD OF** Gina Gillam (appointed 15 September 2025) **COMMERCIAL ACTIVITIES BURSAR** Philippa Stanfield (resigned TBC) **AUDITOR** Moore Kingston Smith LLP 6[th] Floor 9 Appold Street London EC2A 2AP **BANKERS** Lloyds Bank plc 39 Threadneedle Street London EC2R 8AU **INSURANCE BROKERS** Marsh Capital House 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY Aston Lark Limited Ibex House 42-47 Minories London EC3N 1DY **INVESTMENT MANAGERS** Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU
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**The Yehudi Menuhin School Limited** REPORT OF THE GOVERNORS for the year ended 31 August 2025
## **GOVERNORS’ REPORT (INCORPORATING A STRATEGIC REPORT)**
The Governors present their annual report and financial statements for the year ended 31 August 2025.
The Governors of the School who are also Trustees of the Charity and Directors of the company have pleasure in presenting their strategic report and financial statements for the year ended 31 August 2025. The financial statements comply with current statutory requirements, the Articles of Association and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (the FRS 102 Charities SORP).
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
The Yehudi Menuhin School was originally founded in 1963 by celebrated violinist Yehudi Menuhin as a charitable trust. The Yehudi Menuhin School Ltd, a company limited by guarantee (company number 00818389) and a registered charity (charity number 312010), was incorporated in September 1964. The liability of its Members in the event of the Company being wound up is limited to a sum of £1 each. The School is governed by its present Articles of Association, adopted in 2017.
## **GROUP STRUCTURE AND RELATIONSHIPS**
The accounts include the results of The Friends of The Yehudi Menuhin School (registered charity number 312010-2). It is a linked charity that raises funds from its members to donate to the School and is governed by its Board.
A wholly owned non-charitable subsidiary, YMS Enterprises, was established and incorporated on 17 December 2008 as a company limited by guarantee (company number 06775727). The company oversees the School’s trading activities and is governed by its Board. A further non-charitable subsidiary, YMS China Limited was established in December 2018 to promote the principles and ethos of The Yehudi Menuhin School in China by providing advisory services and granting rights subject to conditions. It advises the School’s activities in China and is governed by its Board.
The subsidiaries’ results are consolidated with the School’s financial statements.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## GOVERNING BODY
Responsibility for the overall management and organisation of the School rests with the Governors, who meet at least on a termly basis. They are supported in carrying out their responsibilities by several committees and sub-committees. The Development Committee and the Finance and General Purposes (F&GP) Committee meet prior to each of the termly meetings of the Council of Governors. The F&GP Committee is supported by sub-committees responsible for the overview of Risk Management, Audit and Remuneration. The Education & Welfare Committee meets termly, and a Nominations Committee meets to oversee the selection and appointment of new Governors when required.
The task of running the School on a day-to-day basis is the responsibility of the Head 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 required to deliver the roles, and affordability. The Remuneration Committee reviews the salaries for the Leadership Team and Head.
## RECRUITMENT AND TRAINING OF GOVERNORS
Governors are appointed at Council Meetings or by written resolution on the basis of advice from the Nominations Committee. A skills register of all Governors is maintained and regularly reviewed to ensure that the Council has the necessary breadth, scope and expertise to support the School. New Governors are provided with induction material, and all Governors are informed of relevant training courses offered by various professional bodies (AGBIS, ISBA, etc.) and encouraged to attend.
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**The Yehudi Menuhin School Limited** REPORT OF THE GOVERNORS for the year ended 31 August 2025
## LEADERSHIP
Rosalind Ventris took over as Director of Music in September 2025, following the resignation of Ashley Wass and Gina Gillam took on the role of Menuhin Hall Director and Head of Commercial Activities in September 2025.
## **OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES**
## PRINCIPAL ACTIVITY
The Yehudi Menuhin School is a global leader in music education. The School’s mission is to provide a happy, healthy learning environment where exceptionally talented young musicians discover how to achieve their potential.
The School’s unique curriculum weaves the highest level of musical training into an outstanding academic programme to provide a world-class education.
The School’s diverse community is formed of pupils who are admitted on the basis of artistic potential, not according to financial means.
The five key values of the School underpin the School’s mission and vision for the future. All pupils and staff are encouraged to live, work, and communicate in accordance with these values:
## PURSUIT OF EXCELLENCE
The School aims for the highest standards of musical understanding and academic achievement. The School’s pupils are taught dedication, self-discipline, and resilience, to overcome and relish the challenges of a life in music.
## INTEGRITY
The School’s pupils and staff demonstrate personal responsibility, honesty, and a mature sense of social conscience.
## KINDNESS
All members of the School’s community understand the importance of humility, empathy and tolerance. Pupils and staff have respect for one another.
## INTELLECTUAL CURIOSITY
In the understanding that intellectual growth informs and supports musical development, the School encourages all pupils and staff to be creative and open-minded, and to adopt a love of lifelong learning.
## COMMUNITY
The School’s community is collaborative, diverse, inclusive, and mutually supportive, with teamwork at its heart. The School shares its work within the local community, as well as reaching an international audience. The School instils its pupils with a sense of their environmental and social responsibility.
## PUBLIC BENEFIT
The Governors confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the general and sub-sector guidance issued by the Charity Commission on public benefit. The charitable purpose of the School within the meaning of the Act is enshrined within its Objects, as stated below.
The Governors ensure that this charitable purpose is carried out for the public benefit by working to make sure wherever possible that such specialist education and training is available to many of those who are sufficiently talented and would benefit from the activities of the School, irrespective of financial circumstances. In shaping the objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘Public Benefit: Running a Charity (PB2)’.
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**The Yehudi Menuhin School Limited** REPORT OF THE GOVERNORS for the year ended 31 August 2025
Public benefit is not just provided to the pupils at the School. The section in this Report headed ‘Community Engagement and Outreach’ summarises many other projects and events carried out within the local community, nationally and internationally, in accordance with the Objects of the School, including opportunities for children to learn and perform music, pupils’ concerts at care and nursing homes, assistance to local music teachers and opportunities for amateur musicians of all ages to perform in the School’s Menuhin Hall.
## CHARITABLE OBJECTS
The Objects of the charity are to provide and advance a general and specialised education and training of the highest order in music and the performing arts by means of a boarding and day School in the United Kingdom, where children from any part of the world with exceptional musical talent may be educated. The Objects include generally fostering music and the arts and general education of children by the provision of courses at the School throughout the year.
## OBJECTIVES
The Yehudi Menuhin School aims to harness its reputation as a leading authority in classical music education, to develop the performers and audiences of the future. The School aims to cultivate the next generation of happy, well-adjusted musicians, who are team players, can express themselves articulately, are equipped to support their artistic expression with intellectual understanding, and who are on the path to becoming influential figures in the broad world of music and the arts.
- The School will continue to recruit the world’s most talented musical pupils to the School, ensuring that the mission of the School reaches all areas of the country. Diversity and inclusion will be a central focus of its mission, alongside other global priorities such as environmental sustainability.
- The School will ensure that all pupils are equipped with the emotional and practical tools to embrace life as a professional musician, be it in performance, composition, or any field within the sector. This will include education in music technology, recording, self-management, industry awareness, networking and other key skills, in addition to their musical and intellectual education.
- The School aspires for all its pupils to be powerful communicators, with something to say and the means to say it. The School helps them to develop a strong sense of artistic identity and integrity, fostered in a supportive and collaborative environment.
- Building on the ambition of its founder, the School seeks to share the music made in our School to audiences near and far, contributing to the wider understanding, appreciation and reach of classical music.
- Above all, the School’s aim is not only to nurture good musicians and instrumentalists, but to develop ambassadors for music and the arts: industry leaders who will develop its traditions (and keep them relevant) for future generations.
The School’s achievement of its objectives is evidenced by pupil performance and learning outcomes. The School’s commitment to allow access for talented pupils of all backgrounds is evidenced by consistent, ongoing, means tested financial support to approximately 90% of pupils via the Department for Education’s Music and Dance Scheme (MDS) or school bursaries. The School’s financial performance is evidenced by performance against budget, as well as percentage increases and decreases in both revenues and costs. These measures are shown in the Financial Review section of this report.
## **ACHIEVEMENTS AND PERFORMANCE**
## _**‘A first-class all-round education, with music at its heart’**_
The Governors are delighted to report that the School continued to perform at the highest level in every area over the last year.
## MUSICAL HIGHLIGHTS
The School ran a busy programme of musical activities in the 2024-25 academic year.
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REPORT OF THE GOVERNORS for the year ended 31 August 2025
## **The Yehudi Menuhin School Limited**
As well as the traditional ‘Showcase’ (now known as Spotlight) concerts which ran throughout the year, there were a number of notable external engagements, including:
- a concert at the House of Lords,
- a concert tour in Scotland,
- concerts for numerous promoters around the UK, including the Wiltshire Music Centre, St. George’s in Bristol (with the Brodsky Quartet), Norwich and King’s Lynn, the Razumovsky Academy, Norwich, Wimbledon, Champs Hill, Banstead, Fulham, Betchworth and Dorking a leavers’ concert at Kings Place in London
Celebrity concerts: Our concerts at The Menuhin Hall included an array of visiting artists who performed side-by-side with our pupils, including The Lodestar Trio, who worked with pupils in workshops before their concert, Lucy Parham with Joanna David on the life of Clara Schumann, as well as Mark Padmore performing Schumann in collaboration with YMS pianists. Special focus was placed on developing experiences to complement the musical offerings, and pupils played a key role in curating themed artworks, projections and immersive displays.
Winter and Summer festivals: The theme for the year was Seven Last Words, and this was reflected in the repertoire chosen for both Festivals. The Winter Festival included momentous performances of Brahms: Piano Trio No 2 and Mendelssohn Octet.
Amongst the notable concerts for the Summer Festival was the Orchestral Picnic concert, which included Beethoven’s 5[th] symphony arranged for strings by Otis Lineham, and his Leonore Overture No 3, arranged by Marco Galvani for strings and piano duo. The Summer Festival culminated in a performance of MacMillan’s Seven Last Words with visiting vocal ensemble Sansara, and Tchaikovsky: Serenade with a mixed orchestra of senior students and recent alumni, conducted by alumnus Jonathan Bloxham.
Family days: The School hosted two Family Days, one in the Winter Festival, which featured a performance of A Christmas Carol, with music composed by student composers and members of staff, and one in the Summer Festival, which featured Mussorgsky’s Pictures at an Exhibition, performed in the two piano version by pupils and narrated by Keelan Carew which focused on an immersive presentation of Holst’s The Planets, as arranged by pupils, and set to a newly written text. On both occasions, the School grounds were opened to visitors for games, market stalls and refreshments.
Initiatives for 2024: 24-25 saw the continuation of the Programming Committee which exists to involve pupils in the programming of the School’s concert activities. Through weekly meetings, pupils worked in partnership with the Director of Music and Head of Concerts to plan events, discuss themes, programme repertoire and create supplementary content.
Another initiative for 24-25 was the introduction of Concert Cafes – events on Saturday mornings in which members of the public can see the students at work on a particular project. These were led by the Deputy Director of Music, and although the audience was small, they were hugely appreciative.
Competition success: There were numerous competition successes throughout the year, including London Chopin Competition, Geringas Competition, Leonid Kogan Competition, Anton Rubinstein Competition, Windsor & Maidenhead competition, Rickmansworth Young Musician of the Year.
Visitors: In September 2024 we hosted members of staff from the Reina Sofia Conservatoire in Madrid, led by former Director of Music Oscar Colomina. We also hosted a visit by 15 pupils and six staff from YMS Qingdao in February 2025. They were on site for three days and had a full programme of lessons, masterclasses and performances, including a joint event for both schools at Mansion House. In March 2025 we hosted a group from the Geiko School in Tokyo, which culminated in a concert performed by their pupils.
Other areas of development: The Virtual Menuhin School (VMS) continued to thrive with a number of its pupils becoming pupils of the School in September 2025. VMS continues to provide online lessons in music theory, harmony, history, and practical studies in violin, cello, and piano, to pupils from all around the world.
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**The Yehudi Menuhin School Limited** REPORT OF THE GOVERNORS for the year ended 31 August 2025
## BOARDING PROVISION
The School’s boarding community and pastoral care support pupils’ musical, academic and social development. The School has two separate boarding houses (Harris House for boys and Cowan House for girls), at present accommodating 38 boys and 42 girls. We offer full or weekly boarding and presently 16 of our 96 pupils are day pupils (8 boys, 8 girls).
Each house has a live-in Houseparent, Assistant Houseparent, and Resident Graduate who work full time and are dedicated to their boarding role. The Head also acts as Head of Boarding and was previously Houseparent of Harris 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 to School as their ‘other home’. Younger pupils look up to the older ones as they would siblings, and older pupils frequently say that they take pleasure in guiding the younger pupils both musically and morally. The community extends across the houses; there is no great divide between boys and girls.
One of the most important aspects of boarding is to ensure that there is enough ‘down time’ and that the pupils have protected time in which they can properly rest. Their days are long and physically tiring, and so time away from their instruments is vital. To this end the School offers weekly yoga, dance and free swim sessions during the week, as well as trips to the supermarket on a Friday evening. Weekends provide a good opportunity for pupils to relax and take part in extra-curricular activities. Activities offered include film nights, ice cream making, walks in the country, trips to concerts in London, crazy golf, and football on the School’s playing field – there is truly something for everyone. These trips and activities are free to attend and open to all ages, and a good mix of pupils regularly attend.
The close-knit boarding environment allows boarding staff to observe and support social development amongst all the pupils. They learn the importance of listening to others, whilst being able to challenge and discuss differing opinions. They learn how to harmoniously share living space, and they are encouraged to be kind and tolerant of each other’s differences. The houses promote an inclusive ethos where everyone has equal worth and can speak their mind, without fear of reproach or judgement.
As the pupils move through the School, they are given more responsibility and opportunities to develop as responsible young adults. They may mentor a younger pupil, represent their peers on School Council or Food Committee, or help to host a Friends’ reception, where they meet donors and visitors to the School.
They are expected to speak with confidence at these events, and it forms an important part of their training in self-promotion and presence, crucial for future success at Conservatoire or in performance.
## LEAVERS’ DESTINATIONS
Pupils graduating from the School in the summer of 2025 went on to the following institutions of tertiary education: Royal College of Music (4 students), Royal Academy of Music (2 students), Guildhall School of Music and Drama (2 students), University of Cambridge (1 student), Royal Conservatoires Scotland (1 student), Maastricht Conservatoire (1 student), Trossingen Musikhochschule (1 student), MUK Wien, the University of the Arts in Vienna (1 student), and the Norwegian Academy of Music (1 student).
## ACADEMIC ACHIEVEMENTS
On the academic front, pupils continued to perform exceptionally well and achieved an excellent set of results. At A level, 63% of grades were awarded at A* - A and 86% were awarded at A* - B with a 100% pass rate. At GCSE level, 54% of grades awarded at level 9 – 8 (A*), 71% at level 9-7 (A* - A) and 100% at level 9-4 (A* - C).
## EXTRA-CURRICULAR ACTIVITIES
The Duke of Edinburgh Award Scheme continued to be very popular, with pupils signed up for the Gold, Silver and Bronze categories. There were expeditions to various parts of the UK including the North Downs, the Surrey Hills, the New Forest and Dartmoor National Park.
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**The Yehudi Menuhin School Limited** REPORT OF THE GOVERNORS for the year ended 31 August 2025
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 Menuhin Hall foyer as part of our Summer Festival. Our annual Activities Day took place off-site this year and included exciting trips to Chessington Zoo and Go Ape, Westminster Abbey, Borough Food Market, The Tate Modern and the West End musical “Wicked”.
## COMMUNITY ENGAGEMENT AND OUTREACH
Outreach is central to our ethos, and we are constantly developing our community engagement programme to ensure that the School serves the broader community to the best of its abilities.
The School continues to seek opportunities to engage with local community groups. Last year we hosted 10 primary schools at two free concerts aimed at young children and we repeated our annual composer’s project, where our pupils worked with participants from six local secondary schools.
We hosted a visit from St Philip’s School in Chessington where their students learned about career opportunities in concert venues. We also launched a new initiative, where our older pupils held a series of music therapy sessions at Fox Grove School, a special education school in Leatherhead.
## **SECURING FUNDING OF PUPILS’ FEES FROM THE DEPARTMENT FOR EDUCATION**
The School seeks to offer a significant number of places each year through the MDS, which supports pupils who could not otherwise afford the fees. The School has 61 MDS places available to it which were utilised to the fullest extent possible during the academic year. The MDS funding resulted in a total of £2,386,535 (2023-4 £2,196,667) being paid directly to the School from Government.
PHILANTHROPIC SUPPORT: PROVIDING TALENTED YOUNG MUSICIANS WITH THE OPPORTUNITY OF A LIFETIME
Philanthropy continues to play a vital part in the life of the School and we are deeply grateful to the many individuals and institutions who helped us to fulfil our charitable objectives. In total, £1,125,368 (2024: £745,447) was received in donations and legacies this year. Our fundraising priorities for the year included raising money for bursaries alongside core costs.
## BURSARIES: ENSURING ACCESS FOR ALL
In keeping with the School’s mission of enabling children with potentially outstanding musical talent to attend the School, irrespective of their income, background, creed or country of origin, the School offers additional financial support to students who fall outside the residency criteria for MDS, or for whom there is no place available. After applying uniform means-testing, the School looks to its vital bursaries to make up the shortfall in fees, allowing promising students from all backgrounds to access the School’s world-class music and academic education.
Many individuals, trusts, foundations and individuals contributed to our Bursary Fund, for which we raised £469,981 during the year. We are particularly grateful to the Leverhulme Trust, Sir Horace Kadoorie International Foundation, Skyrme Hart Charitable Trust, SE Franklin, and The Adrian Swire 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 significant time to securing funding for the School’s core costs. We wish to recognise the significant contributions of the Oak Foundation, Elizabeth Frankland Moore & Star Foundation and Cosman Keller Trust, as well as the members of the Menuhin Circle and other donors who wish to remain anonymous.
## FRIENDS OF YEHUDI MENUHIN SCHOOL
The School has a linked charity, The Friends of Yehudi Menuhin School, which donated £35,327. The Friends funded the building of one of four new ‘garden’ practise pods, the leavers’ scores, and contributed
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**The Yehudi Menuhin School Limited** REPORT OF THE GOVERNORS for the year ended 31 August 2025
to bursaries. Our Friends traditionally provide our pupils with a highly supportive audience at The Menuhin Hall and are a deeply appreciated part of the School’s ‘family’.
## FUTURE FUNDRAISING PRIORITIES
The School will continue to devote considerable effort to raising money for bursaries and other targeted support for pupils, as well as further seeking to cover core costs, in particular music staff salaries. The priority for the coming year will be the development of the new ‘Next Generation’ fundraising campaign, which focuses on securing long term financial security for the School.
## OUR APPROACH TO FUNDRAISING:
The School believes that fundraising should be an open, honest and respectful process. We aim to build and maintain solid partnerships with our supporters and donors, based on mutual understanding and shared values. In developing our approach to fundraising we have taken account of the Code of Fundraising Practice issued by the Fundraising Regulator and have voluntarily paid the Fundraising Levy. We abide by the Fundraising Promise, as outlined in the Code of Practice, and have internal procedures in place to protect vulnerable people and other members of the public from behaviour which is an unreasonable intrusion on a person’s privacy or is unreasonably persistent, or places undue pressure on a person to give money or other property. The School had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.
The School’s Privacy Policy, published on our website, states what personal data the School will hold in relation to supporters and how this data will be used. The School’s Fundraising Complaints Procedure, published on our website, outlines how to make a complaint about our fundraising activities. The School has received no complaints about its fundraising activities either during the financial year or subsequently.
## **PLANS FOR THE FUTURE**
The School is now virtually full (96 out of a maximum capacity of 100) and as at January 2026 will have filled its allocation of 61 MDS places funded directly by the UK government. Our primary aim is to continue to recruit pupils to sustain both numbers while ensuring the quality of our intake remains as high as ever, in order to maintain our excellent worldwide reputation.
The School continues to be involved in the development of Yehudi Menuhin School Qingdao (YMSQ), which has been open for three years.
## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR**
## INCOME AND EXPENDITURE
The School benefited from donations and legacy income in year amounting to £1,125,368, an increase from £745,447 in 2023-24. The School received £211,745 of legacies in the year. The surplus for the year before net gains on investments was £507,687 (2023-24: deficit of £735,633).
The total income increased by 18% (2023-24: 2% increase) to £6,114,190 (2023-24 £5,201,789) as a result of the increase in fee and fundraised income. The Governors are grateful for the £84,564 from trading activities in YMS Enterprises (2023-24: £37,371), and the £301,299 from activities in YMS China Limited that is paid to The Yehudi Menuhin School Limited in the form of a Gift Aid donation (2023-24: £290,048). Total expenditure decreased by 6% (2023-24: 5% increase) to £5,606,503 (2023-24: £5,937,422).
Total balance sheet funds of £25,994,894 are described in detail in note 18 to the accounts. The majority of these funds are for the buildings of the School itself, the instruments that are required for teaching and learning and the bursary funds to support pupils to attend the School. Endowment funds amounting to £8,825,990 are capital in nature and the income is used both for core expenditure and to fund bursaries. A further £2,072,382 are restricted funds which can only be used for the specific purposes determined by the donors. Of this amount £1,989,627 is for the purposes of providing bursaries to support pupils who might otherwise be unable to attend the School.
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**The Yehudi Menuhin School Limited** REPORT OF THE GOVERNORS for the year ended 31 August 2025
## FIXED ASSETS INVESTMENTS
The investments are governed by the Articles which permit the funds to be invested in any security, other investment or property situated anywhere in the world. The Governors have delegated the management of the investments to Sarasin & Partners LLP.
The aim of the Governors is to maintain real capital growth while producing an income of approximately 3.5% per annum or more from a portfolio of investments, both equities and fixed interest securities, property fund and cash deposits.
At year end the School held investments valued at £9,987,613 (2024 £9,813,122). The fund valuation includes an unrealised gain in the year of £226,686 (2024 £1,009,012 unrealised gain).
## PENSIONS
The School employees are members of one of two pension schemes: The Teachers’ Pension Scheme and The People’s Pension.
## **RESERVES POLICY AND GOING CONCERN**
The School holds £2,465,515 in Permanent Endowments and £6,360,475 in Expendable Endowments. The Governors are required to hold the capital in the permanent endowment and therefore are unable to convert it to income. However, income from the fund is included in Restricted Funds (Note 18) and used for bursaries. Governors have the authority to convert the expendable endowment into income to support School activities. The income arising from this fund is included in the General Reserve. Details can be found in Note 18 to the accounts.
The Restricted Fund amounts to £2,072,382 (2023-24: £2,248,628) Details are in Note 18 to these Accounts.
In line with Charity Commission guidance that a Charity should maintain adequate reserves to ensure its ability to deliver its charitable objectives, the School holds unrestricted reserves for a number of purposes which are set out in Note 18 to the financial statements. Unrestricted reserves are those funds available to provide adequate working capital for the School to ensure it can meet its operational expenditure obligations as they fall due.
The School’s General Reserve Policy is to aim to hold approximately four months’ expenditure excluding depreciation, which amounts to an estimate of £2.1 million as free reserves in a cash or liquid form. The General Reserves fluctuate during the School year and are at their lowest at the School year end. At 31 August 2025 the general reserve was £2,368,705 (2023-24: £1,367,617).
## **PRINCIPAL RISKS AND UNCERTAINTIES**
The Governors continue to keep the School’s activities under review and monitor performance, with particular regard to any major risks which may arise.
The Governors’ Risk Management Sub-Committee oversees the assessment and categorisation of the risks which the School is, or may become, exposed to in order to ensure that there are satisfactory systems established to manage those risks. A review of risks and the risk register is a routine item on the agenda of all committees and Council meetings in order to ensure that the process is regularly reviewed and updated.
The main risks to the future of the School are the reduction or withdrawal of the funding for the places supported by the Department for Education under the MDS and reduction in fundraised income. The School keeps the risk of the withdrawal or reduction of MDS funding and government policy under continuing review. To manage these risks, the Governors are regularly updated on the status of the School, its risk management, and related matters.
## **AUDITOR**
Moore Kingston Smith LLP has expressed their willingness to continue as auditors for the next financial year.
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REPORT OF THE GOVERNORS for the year ended 31 August 2025
## **The Yehudi Menuhin School Limited**
## **GOVERNORS’ RESPONSIBILITIES STATEMENT**
The Governors (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the profit or loss of the charitable company for that period. In preparing these financial statements, the directors are required to:
- Select suitable accounting policies and then apply them consistently
- Make judgements and accounting estimates that are reasonable and prudent;
- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **STATEMENT OF DISCLOSURE TO AUDITORS**
So far as each person who was a Governor at the date of approving this report is aware, there is no relevant audit information of which 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 information and to establish that the company’s auditors are aware of that information.
This report was approved by the Council of Governors at its meeting on …………….and signed on its behalf by:
## **David Buckley**
## **Chairman of Governors**
Page 11
REPORT OF THE GOVERNORS For the year ended 31 August 2025
## **The Yehudi Menuhin School Limited**
## **Opinion**
We have audited the financial statements of The Yehudi Menuhin School Limited (the ‘parent charitable company’) and its subsidiaries (the ’group’) for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 August 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed,
Page 12
REPORT OF THE GOVERNORS For the year ended 31 August 2025
## **The Yehudi Menuhin School Limited**
we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the trustees’ annual report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in [the strategic report or] the trustees’ annual report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit: or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees’ Annual Report and from preparing a Strategic Report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Page 13
## **The Yehudi Menuhin School Limited**
REPORT OF THE GOVERNORS For the year ended 31 August 2025
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to 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 audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’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 presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.
Our approach was as follows:
- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
Page 14
## **The Yehudi Menuhin School Limited**
REPORT OF THE GOVERNORS For the year ended 31 August 2025
- We obtained an understanding of how the charitable company complies 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 material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters which we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Aikens (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP, Statutory Auditor
## 7 January 2026
6[th] Floor 9 Appold Street London EC2A 2AP
Page 15
## **The Yehudi Menuhin School Limited**
**STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement)** for the year ended 31 August 2025
|Notes
**Charitable Activities**
School fees
3
**Other trading activities**
Other trading income
4
**Investments**
Investment Income
5
**Voluntary sources**
Grants and donations
6
**Total income and endowments**
**EXPENDITURE ON:**
**Costs of raising funds**
7
Fundraising and development
Other trading costs
Other expenditure
**Charitable activities**
7
Education
**Total expenditure**
7
**Net operating (expenditure)/ income**
Net gains /(losses)on investments
14
**Net Income/ (expenditure)**
Transfer between funds
18
**Net movement in funds**
Fund balances brought forward
Fund balances carried forward
18, 19|Unrestricted
funds
£
3,963,272
646,864
293,330
395,474|Restricted
funds
£
-
-
85,356
729,894|Endowment
fund
£
-
-
-
-|**Total**
**2025**
**£**
**3,963,272**
**646,864**
**378,686**
**1,125,368**|Total
2024
£
3,389,429
654,115
412,798
745,447|
|---|---|---|---|---|---|
||5,298,940|815,250|-|**6,114,190**|5,201,789|
||213,210
288,629
9,292
4,794,067|-
-
-
249,148|-
-
-
52,157|**213,210**
**288,629**
**9,292**
**5,095,372**|216,861
328,629
15,081
5,376,851|
||5,305,198|249,148|52,157|**5,606,503**|5,937,422|
||(6,258)
160|566,102
-|(52,157)
226,526|**507,687**
**226,686**|(735,633)
1,009,012|
||(6,098)
742,348|566,102
(742,348)|174,369
-|**734,373**
**-**|273,379
-|
||736,250
14,360,272|(176,246)
2,248,628|174,369
8,651,621|**734,373**
**25,260,521**|273,379
24,987,142|
||15,096,522|2,072,382|8,825,990|**25,994,894**|25,260,521|
The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
The accompanying notes form part of these financial statements.
16
## **The Yehudi Menuhin School Limited**
## **BALANCE SHEET** as at 31 August 2025
|Notes
**FIXED ASSETS**
Tangible assets
12
Intangible assets
13
Investments
14
**CURRENT ASSETS**
Stocks
Debtors
15
Cash at bank and in hand
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
17
**NET ASSETS**
**FUNDS**
Restricted funds
18
Unrestricted funds – general
18
Unrestricted funds – designated
18
Fixed asset fund
18
Endowment fund
18
**CREDITORS**: Amounts falling due within one year
**CREDITORS:**Amounts falling due after more than one
year|**2025**
**Group**
**£**
**12,650,153**
**30,611**
**9,987,613**|2024
Group
£
12,922,921
13,046
9,813,122|**2025**
**School**
**£**
**12,650,153**
**30,611**
**9,987,613**|2024
School
£
12,922,921
13,046
9,813,122|
|---|---|---|---|---|
||**22,668,377**
**4,290**
**353,831**
**3,734,992**|22,749,089
3,693
531,747
3,083,321|**22,668,377**
**4,290**
**519,579**
**3,547,117**|22,749,089
3,693
591,523
3,001,891|
||**4,093,113**
**(766,596)**|3,618,761
(1,007,329)|**4,070,986**
**(744,469)**|3,597,107
(985,675)|
||**3,326,517**|2,611,432|**3,326,517**|2,611,432|
||**25,994,894**
**-**|25,360,521
(100,000)|**25,994,894**
**-**|25,360,521
(100,000)|
||**25,994,894**|25,260,521|**25,994,894**|25,260,521|
||**2,072,382**
**2,368,705**
**47,053**
**12,680,764**
**8,825,990**|2,248,628
1,367,617
56,688
12,935,967
8,651,621|**2,072,382**
**2,368,705**
**47,053**
**12,680,764**
**8,825,990**|2,248,628
1,367,617
56,688
12,935,967
8,651,621|
||**25,994,894**|25,260,521|**25,994,894**|25,260,521|
The School has taken the exemption under Companies Act 2006 s.408 to omit its profit and loss account from the statutory group accounts. The Total Income for The School during the year ended 31 August 2025 was £5,952,372 (2024: £4,990,785) and net surplus during the year ended 31 August 2025 was £734,373 (2024: net surplus £273,379).
Approved and authorised for issue by the Board of Governors on
and signed on their behalf by:
~~David Buckley~~ Chairman of the Board of Governors
The accompanying notes form part of these financial statements. Company Number: 00818389
17
## **The Yehudi Menuhin School Limited**
## **CASHFLOW STATEMENT** for the year ended 31 August 2025
|Notes
Net cash inflow from operating activities
23
Cash flows from investing activities:
Bank interest/ dividends received
Payments to acquire fixed assets
12
Payments to acquire intangible fixed assets
13
Sale proceeds from disposal of fixed assets
Net cash outflow from investing activities
Financing:
Loans repaid
17
Net cash outflow from financing activities
Increase in cash
beginning of the reporting period
end of the reporting period
Cash at bank and on hand
Investments
Cash and cash equivalents at the
Cash and cash equivalents at the|**2025**
**£**
**559,069**
**397,062**
**(169,670)**
**(21,914)**
**5,500**|2024
£
(495,141)
412,798
(287,695)
(13,046)
2,347|
|---|---|---|
||**210,978**|114,404|
||**(100,000)**|(91,667)|
||**(100,000)**|(91,667)|
||**670,047**
**3,091,777**|(472,404)
3,564,181|
||**3,761,824**|3,091,777|
||**3,734,992**
**26,832**|3,083,321
8,456|
||**3,761,824**|3,091,777|
-
18
## **The Yehudi Menuhin School Limited**
## **NOTES TO THE FINANCIAL STATEMENTS** for the year ended 31 August 2025
## **1 ACCOUNTING POLICIES**
The Yehudi Menuhin School Limited is a charitable company limited by guarantee with registered number 00818389, registered in England and Wales. Its registered office is Millfield, Cobham Road, Stoke D'Abernon, Cobham, Surrey, KT11 3QQ.
## **1.1** BASIS OF PREPARATION
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The School and its subsidiaries are a public benefit entity for the purposes of FRS 102 and therefore the School also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the School. Monetary amounts in these financial statements are rounded to the nearest pound.
These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.
Basis of consolidation
The Group comprise The Yehudi Menuhin School Limited, YMS Enterprises and YMS China Limited. The assets, liabilities and results of the wholly owned subsidiary companies, YMS Enterprises and YMS China Limited, are consolidated into these financial statements. Summarised details of the subsidiary companies are set out in Note 25 and 26. All activities as per Consolidated Statement of Financial Activities (SOFA) relate to continuing operations.
## **1.2** GOING CONCERN
The Governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable group as a going concern. The governors have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the governors have considered the charitable group’s forecasts and projections and have taken account of pressures on fee income and fundraised income in the current economic climate. The governors have concluded that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future.
As such the School can expect to be able to meet its liabilities as they fall due in the period of at least 12 months from the date of approval of these accounts.
On this basis the Governors have concluded that the School is a going concern. The financial statements do not include any adjustments that would result from the group not being able to meet its liabilities as they fall due.
## **1.3** COMPANY LIMITED BY GUARANTEE
The charitable company is limited by guarantee to the extent of £1 each from the guarantors at the present time, being the Governors of The School.
- **1.4** FEES RECEIVABLE AND SIMILAR INCOME
Fees receivable comprise tuition fees paid by parents, grants towards fees from the Department for Education through the Music and Dance Scheme and the parental contributions. Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided.
- **1.5** GOVERNMENT GRANTS RECEIVABLE
Government grants received in respect of pupils' fees and other grants are included within income in the year to which they relate.
- **1.6** BURSARY FUNDS
The School receives some of its income primarily for the provision of scholarships, bursaries and prizes. These amounts are held within restricted funds.
## **1.7** DONATIONS AND LEGACIES
Donations are recognised when it is probable funds will be received, amounts can be measured reliably and the group have entitlement to the income.
Donations receivable for the general purpose of the Charity are credited to 'unrestricted funds'. Donations for purposes restricted by the wishes of the donor are taken to 'restricted funds' where these wishes are legally binding on the governors. Donations required to be retained as capital in accordance with the donor's wishes are accounted for as 'endowments' — permanent or expendable according to the nature of the restriction. Legacies or gifts of residue are recognised when there is adequate certainty and reliability of receipt and their value can be accurately measured. Investment income is accounted for when receivable.
Other trading income is accounted for as they become receivable or due.
19
## **The Yehudi Menuhin School Limited**
## **NOTES TO THE FINANCIAL STATEMENTS**
## for the year ended 31 August 2025
- **1.8** EXPENDITURE
Expenditure is classified under the two principal categories of Raising Funds and Charitable Activities rather than the type of expense, in order to provide more useful information to users of the financial statements.
Expenditure on Raising Funds includes the costs incurred in generating voluntary income, for example, donations and legacies. Charitable Activities comprise direct expenditure including direct staff costs attributable to the activity. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with use of the resources. Governance costs include the costs now being apportioned to charitable activities incurred for compliance with constitutional and statutory requirements.
## **1.90** TAXATION
The School is a registered Charity and is exempt from taxation on income arising from and expended on its charitable activities.
- **1.10** FIXED ASSETS AND DEPRECIATION/ AMORTISATION
- Freehold buildings are carried in the balance sheet at their cost less depreciation as the Governors consider it is not appropriate to apply a current value to such property. The cost of new buildings is added to fixed assets as it is incurred. Only purchases of assets over £1,000 are included as fixed assets.
String instruments are recognised in the accounts at either their original cost where this information is known, at an estimated valuation in 2002 where they were donated prior to 2002, or at an estimated valuation at the date of donation if this is after 2002.
Intangible assets are stated at cost.
String instruments are not depreciated as the quality of the instruments held is such that their likely useful life is in excess of 50 years. Depreciation/ amortisation is provided on the cost or valuation of assets, over the estimated useful life of the assets. The rates of depreciation are as follows:
Assets under construction - nil Freehold Buildings - 2% on cost Furniture and Equipment - 25% on cost Motor Vehicles - 25% reducing balance Instruments - Pianos - over ten years IT Software - over three years Intangible fixed assets over three years
Land is not depreciated and freehold buildings are only depreciated once brought into use.
## **1.11** STOCKS
Stocks are stated at the lower of cost or net realisable value.
- **1.12** PENSION COSTS
The School contributes to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS102, therefore, the scheme is accounted for as a defined contribution scheme.
All non-teaching staff are entitled to join a group personal pension scheme. The current scheme for the purpose of auto enrolment is The People's Pension a money purchase scheme.
**1.13** INVESTMENTS Investments are valued in the balance sheet at their mid-market value at the balance sheet date. The SOFA includes realised and unrealised gains and losses arising from the revaluation of the investments in the year.
Investment property is included in the financial statements at fair value, with any surplus or deficit on revaluation included as an unrealised gain or loss.
## **1.14** CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
## **1.15** FINANCIAL INSTRUMENTS
The School has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the School's balance sheet when the School becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
20
## **The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS**
## for the year ended 31 August 2025
## **1.16** EMPLOYEE BENEFITS
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when The School is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.17** FUNDS
Permanent Endowment — These are funds where the Governors are required to hold capital, as represented by the investments, and are not entitled to spend it. Income arising from these funds is included within restricted funds in accordance with the donors' wishes. Expendable Endowment — These are capital funds where the Governors are entitled to disburse the capital as well as income arising from the invested funds.
Restricted — these are monies which have legal restrictions on their use where donors have specified the funds can only be spent on certain of the School's activities. Unrestricted — General funds are available for use at the discretion of the Governors in furtherance of the School's general objectives. Designated funds are set aside out of general funds by the Governors, for particular purposes.
## **2 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT**
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimate are considered by the Governors to have the most significant effect on amounts recognised in the financial statements.
- **i. Instrument valuation**
String instruments are included in the accounts at original cost or an estimated value if donated prior to 2002 or an estimated value at date of donation after 2002. The values are sensitive to the condition of the instrument and external market factors.
## **ii. Depreciation**
The annual depreciation charge for property, plant and equipment is sensitive to change in useful economic life and residual values of assets. These are reassessed annually.
## **iii. Valuation of investments**
The value of investments reflects the movement of the stock and other markets and can therefore decrease as well as increase. The value of the investment property is dependent on factors affecting house prices in the United Kingdom and local market fluctuations.
## **3 FEE INCOME**
|**FEE INCOME**|||
|---|---|---|
|The School’s activities are carried out within the UK.
The school's fee income comprised:
Gross fees
Less: Scholarships and bursaries
**OTHER TRADING INCOME**
Trading income - Unrestricted funds
**INVESTMENT INCOME**
**Unrestricted funds**
Interest receivable
Dividend income
**Restricted funds**
Dividend income|**2025**
**£**
**4,692,566**
**(729,294)**|2024
£
4,205,926
(816,497)|
||**3,963,272**|3,389,429|
||**2025**
**£**
**646,864**|2024
£
654,115|
||**646,864**|654,115|
||**2025**
**£**
**125,154**
**168,176**
**85,356**|2024
£
153,765
171,825
87,208|
||**378,686**|412,798|
## **4 OTHER TRADING INCOME**
## **5 INVESTMENT INCOME**
21
## **The Yehudi Menuhin School Limited**
## **NOTES TO THE FINANCIAL STATEMENTS**
for the year ended 31 August 2025
## **6 DONATIONS AND GRANTS**
|Unrestricted funds
Restricted funds
**7 EXPENDITURE**
**Year ended 31 August 2025**
**Costs of raising funds**
Direct fundraising costs
Direct trading expenditure costs
Other expenditure
**Charitable expenditure**
Teaching
Welfare
Premises and Estates
Administration
Governance
**Total Expenditure**
**Year ended 31 August 2024**
**Costs of raising funds**
Direct fundraising costs
Direct trading expenditure costs
Other expenditure
**Charitable expenditure**
Teaching
Welfare and Catering
Premises
Administration
Governance
**Total expenditure**|£
212,299
190,603
-
Staff costs
(note 8)|Other
£
911
98,026
9,292|**2025**
**£**
**395,474**
**729,894**|2024
£
229,425
516,022|
|---|---|---|---|---|
||||**1,125,368**|**745,447**|
||||Depreciation
£
-
-
-|**Total**
**2025**
**£**
**213,210**
**288,629**
**9,292**|
||**402,902**|**108,229**|**-**|**511,131**|
||2,205,187
484,333
255,432
479,316
-|138,868
177,975
572,504
306,003
34,475|61,564
-
379,715
-
-|**2,405,619**
**662,308**
**1,207,651**
**785,319**
**34,475**|
||**3,424,268**|**1,229,825**|**441,279**|**5,095,372**|
||**3,827,170**|**1,338,054**|**441,279**|**5,606,503**|
||Staff costs
£
213,141
209,325
-|Other
£
3,720
119,304
15,081|Depreciation
£
-
-
-|Total
2024
£
216,861
328,629
15,081|
||422,466|138,105|-|560,571|
||2,057,907
418,708
240,370
526,625
-|145,634
152,388
859,198
470,867
29,995|82,572
-
392,587
-
-|2,286,113
571,096
1,492,155
997,492
29,995|
||3,243,610|1,658,082|475,159|5,376,851|
||**3,666,076**|**1,796,187**|**475,159**|**5,937,422**|
22
## **The Yehudi Menuhin School Limited**
## **NOTES TO THE FINANCIAL STATEMENTS**
## for the year ended 31 August 2025
## **7 EXPENDITURE (CONTINUED)**
Included within expenditure are:
|Included within expenditure are:
Auditors' remuneration
- Audit Fees
- Accountancy Fees
- (over) /under provision from previous year
- Other fees
**8 STAFF COSTS**
Wages and salaries
Social security costs
Other pension costs
Other staff costs
The average monthly number of employees during the year was as follows:
Teaching
Non-teaching
£60,000 in the year was as follows:
£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
The number of employees whose emoluments amounted to over|**2025**
**£**
**36,056**
**7,013**
**-**
**4,878**|2024
£
33,664
7,902
45
3,130|
|---|---|---|
||**2025**
**£**
**2,882,478**
**309,207**
**429,976**
**205,509**|2024
£
2,678,740
261,279
362,844
363,213|
||**3,827,170**|3,666,076|
||**2025**
**No.**
**44**
**47**|2024
No.
38
48|
||**91**|86|
||**2025**
**No.**
**-**
**3**
**2**
**1**
**-**|2024
No.
1
3
2
1
-|
Pension contributions for the year amounted to £86,997 (2024: £74,419) for the above employees.
Key management personnel include the Governors (who are not remunerated) and the Leadership team. The total remuneration including pension contributions, employer's National Insurance and benefits received by key management personnel were £643,169 (2024: £747,170).
## **9 GOVERNORS REMUNERATION AND BENEFITS**
There was no Governors' remuneration for the year ended 31 August 2025 nor for the year period 31 August 2024.
No governor (2024: none) was reimbursed expenses in the year (2024: £nil).
Trustees Indemnity Insurance cost £140 (2024: £140). Donations were also received from 8 Governors during the year totalling £60,915 (2024: £7,704 from 11 Governors).
23
## **The Yehudi Menuhin School Limited**
## **NOTES TO THE FINANCIAL STATEMENTS** for the year ended 31 August 2025
## **10 PENSIONS**
The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £204,837 (2024: £178,489) and at the year end £nil (2024: £nil) was accrued in respect of contributions to this scheme.
TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The School has accounted for its contributions to the scheme as if it were a defined contribution scheme.
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are:
• Total scheme liabilities for service (the capital sum needed at 31 March 2020 to meet the stream of future cash flows in respect of benefits earned) of £262
• Value of notional assets (estimated future contributions together with the proceeds from the notional investments held at the valuation date) of £222 billion
- Notional past service deficit of £39.8 billion (2016 £22 billion)
• Discount rate is 1.7% in excess of CPI (2016 2.4% in excess of CPI) (this change has had the greatest financial significance)
As a result of the valuation, new employer contribution rates have been set at 28.6% of pensionable pay from 1 April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation including a 0.08% administration levy).
## **11 NET INCOME FOR THE YEAR**
|**NET INCOME FOR THE YEAR**|||
|---|---|---|
||**2025**|2024|
||**£**|£|
|Net income is stated after charging:|||
|Depreciation of tangible fixed assets|**436,938**|475,159|
|Amortisation of intangible fixed assets|**4,349**|-|
|Operating lease payments|**9,349**|11,822|
|Profit on sale of fixed assets|**-**|2,348|
- **12 TANGIBLE FIXED ASSETS**
|**NGIBLE FIXED ASSETS**|||||||
|---|---|---|---|---|---|---|
|Cost:
At 1 September 2024
Additions
Disposals
At 31 August 2025
Depreciation:
At 1 September 2024
Charge for year
At 31 August 2025
**Net book value:**
At 31 August 2025
At 1 September 2024|Freehold
Property
£
16,148,335
35,158
-|Musical
Instruments
£
2,137,068
89,500
(5,500)|Fixtures
&
Fittings
£
532,462
7,696
-|Furniture and
Academic
Equipment
£
855,941
37,316
-|Motor
Vehicles
£
6,100
-
-|**Total**
**£**
**19,679,906**
**169,670**
**(5,500)**|
||16,183,493|2,221,068|540,158|893,257|6,100|**19,844,076**|
||4,668,640
320,567|941,771
61,564|356,486
24,583|783,988
30,224|6,100
-|**6,756,985**
**436,938**|
||4,989,207|1,003,335|381,069|814,212|6,100|**7,193,923**|
||11,194,286|1,217,733|159,089|79,045|-|**12,650,153**|
||11,479,695|1,195,297|175,976|71,953|-|**12,922,921**|
24
## **The Yehudi Menuhin School Limited**
## **NOTES TO THE FINANCIAL STATEMENTS**
for the year ended 31 August 2025
## **13 INTANGIBLE FIXED ASSETS**
|Cost:
At 1 September 2024
Additions
At 31 August 2025
Amortisation:
At 1 September 2024
Charge for year
At 31 August 2025
Net book value:
At 31 August 2025
At 1 September 2024
**INVESTMENTS**
Cost/valuation At 1 September 2024
Additions
Investment management expenses
Gains/(Losses) arising from movements in valuations
Cost/valuation At 31 August 2025
Historic cost at 31 August 2024
UK equities
Property
Cash|Investment
Property
£
422,854
-
-
-|Listed
Investments
£
9,390,268
-
(52,195)
226,686|Intangibles
£
13,046
21,914|**Total**
**£**
**13,046**
**21,914**|
|---|---|---|---|---|
||||34,960|**34,960**|
||||-
4,349|**-**
**4,349**|
||||4,349|**4,349**|
||||30,611|**30,611**|
||||13,046|**13,046**|
||||**2025**
**£**
9,813,122
-
(52,195)
226,686|2024
£
8,853,579
-
(49,469)
1,009,012|
||**422,854**|**9,564,759**|**9,987,613**|9,813,122|
||-|-|-|5,635,356|
||-
422,854
-|
9,564,759
-
-|9,564,759
422,854
-|9,381,812
422,854
8,456|
||422,854|9,564,759|9,987,613|9,813,122|
## **14 INVESTMENTS**
Investment properties were valued as at 31 August 2025 on the basis of market value. This is the Governors' best estimate of the market value.
## **15 DEBTORS**
|Fees and extras
Prepayments and accrued income
Amount due from group undertaking|**2025**
**Group**
**£**
**197,077**
**156,754**
**-**|2024
Group
£
305,692
226,055
-|**2025**
**School**
**£**
**184,108**
**156,754**
**178,717**|2024
School
£
232,124
226,055
133,344|
|---|---|---|---|---|
||**353,831**|531,747|**519,579**|591,523|
Included in prepayments and accrued income is £nil of accrued legacies (2024: £110k). In addition to legacies received and accrued in the year, the charity is a residual beneficiary of a legacy. The estimated value is in the region of £700k. This has not been included in the Financial Statements as it cannot be measured reliably.
25
## **The Yehudi Menuhin School Limited**
## **NOTES TO THE FINANCIAL STATEMENTS**
for the year ended 31 August 2025
## **16 CREDITORS**
Amounts falling due within one year:
|Loans
Trade creditors
Taxation and social security costs
Fee Deposits
Deferred income and Fees in advance
Other creditors
Accruals
Amount due to group undertaking
Deferred income:
Brought forward
Released in year
Deferred fee income for Autumn Term
Carried forward
**CREDITORS DUE AFTER ONE YEAR**
Amounts falling due after more than one year:
Bank loan
Movement on bank loan:
In one year or less
Between one and two years
#
Between two and five years
#
After five years
#
|**2025**
**Group**
**£**
**100,000**
**72,644**
**82,420**
**94,921**
**333,192**
**2,659**
**80,760**
**-**|2024
Group
£
100,000
72,675
62,557
86,163
571,509
5,922
108,503
-|**2025**
**School**
**£**
**100,000**
**72,644**
**82,420**
**94,921**
**333,192**
**117**
**61,175**
**-**|2024
School
£
100,000
72,675
62,557
86,163
571,509
4,002
88,769
-|
|---|---|---|---|---|
||**766,596**|1,007,329|**744,469**|985,675|
||||**2025**
**£**
**571,509**
**(571,509)**
**333,192**|2024
£
224,927
(224,927)
571,509|
||||**333,192**|571,509|
||||**2025**
**School**
**& Group**
**£**
**-**|2024
School
& Group
£
100,000|
||||**-**|100,000|
||||**2025**
**£**
100,000
-
-|2024
£
100,000
100,000
-|
||#
#||||
||||**100,000**|200,000|
||||||
## **17 CREDITORS DUE AFTER ONE YEAR**
The bank loan provided to the Charity by Lloyds Bank Plc is secured by first legal charge over the freehold land & building at Millfield Lodge. The loan is a CBIL for £500,000 with a six year term with an interest rate of 1.31% plus base rate which was paid by the government in the first year.
26
## **The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS** for the year ended 31 August 2025
## **18 STATEMENT OF FUNDS**
|**Year ended 31 August 2025**
**Unrestricted funds:**
General reserve
**Designated fund:**
Wallace Curzon
Designated Bursary Fund
**Total designated**
**Fixed Asset Funds**
**Restricted funds:**
Bursary Funds
Other Restricted Funds
**Total restricted**
**Endowment funds:**
Permanent Endowments
Expendable Endowments
**Total endowment**
**Total funds**
**Year ended 31 August 2024**
**Unrestricted funds:**
General reserve
**Designated fund:**
Wallace Curzon
Designated Bursary Fund
**Total other designated funds**
**Fixed Asset Funds**
**Restricted funds:**
Bursary Funds
Other Restricted Funds
**Total restricted**
**Endowment funds:**
Permanent Endowments
Expendable Endowments
**Total endowment**
**Total funds**|£
1,367,617
4,550
52,138
At 1
September
2024|Income
£
5,298,760
-
180|Expenditure
£
(4,853,936)
-
(9,975)|Transfer
Between
Funds
£
556,264
-
-|Gains/
(losses)
£
-
-
160|£
2,368,705
4,550
42,503
At 31 August
2025|
|---|---|---|---|---|---|---|
||56,688|180|(9,975)|-|160|47,053|
||12,935,967|-|(441,287)|186,084|-|12,680,764|
||2,151,850
96,778|555,337
259,913|-
(249,148)|(717,560)
(24,788)|-
-|1,989,627
82,755|
||2,248,628|815,250|(249,148)|(742,348)|-|2,072,382|
||2,406,769
6,244,852|-
-|(17,572)
(34,585)|-
-|76,318
150,208|2,465,515
6,360,475|
||8,651,621|-|(52,157)|-|226,526|8,825,990|
||**25,260,521**|**6,114,190**|**(5,606,503)**|**-**|**226,686**|**25,994,894**|
||£
1,475,616
4,550
62,241
At 1
September
2023|Income
£
4,598,377
-
182|Expenditure
£
(5,285,746)
-
(11,000)|Transfer
Between
Funds
£
579,370
-
-|Gains/
(losses)
£
-
-
715|£
1,367,617
4,550
52,138
At 31 August
2024|
||66,791|182|(11,000)|-|715|56,688|
||13,192,302|-|(475,159)|218,824|-|12,935,967|
||2,458,456
101,218|476,345
126,885|-
(116,082)|(782,951)
(15,243)|-
-|2,151,850
96,778|
||2,559,674|603,230|(116,082)|(798,194)|-|2,248,628|
||2,083,724
5,609,035|-
-|(16,655)
(32,780)|-
-|339,700
668,597|2,406,769
6,244,852|
||7,692,759|-|(49,435)|-|1,008,297|8,651,621|
||24,987,142|5,201,789|(5,937,422)|-|1,009,012|25,260,521|
27
## **The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS** for the year ended 31 August 2025
## **18 STATEMENT OF FUNDS (CONTINUED)**
## **Designated Funds:**
Wallace Curzon: These funds are usually given to students in their final year when they leave the School.
Designated Bursary Fund: This represents legacy income received in previous years. This is to be used for bursaries as and when the need arises.
## **Fixed asset Funds:**
The fixed asset fund represents money held in tangible and intangible fixed assets used by the School.
## **Restricted Funds:**
Restricted Bursary Funds: These funds arise from legacies, grants and donations made for the specific purpose of providing bursaries to students: the recipients and amounts of bursaries are determined by the Head and Governors.
Other Restricted Funds: These funds arise from grants and donations made for specific purposes other than bursaries.
## **Transfer of Funds:**
The transfer of funds from restricted Bursary Funds to the unrestricted General Reserve represents the bursaries provided to the students in the year. Transfer of funds from other restricted funds to unrestricted general reserve represent the transfer of fixed assets as the money has been used for the purpose for which it was given and the restriction has been fulfilled.
## **Endowment Funds:**
Permanent Endowment Funds are those where Governors are required to hold the capital and are not entitled to convert it to income. Income arising from these funds is included within restricted funds and is spent in line with the wishes of the donor.
Expendable Endowment Funds are those where the Governors have the power to convert the fund or part thereof to income.
## **19 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Year ended 31 August 2025**
Tangible and intangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Total net assets
**Year ended 31 August 2024**
Tangible fixed assets
Investments
Current assets
Net current assets
Long term liabilities
Total net assets|Unrestricted
funds
£
12,680,764
536,660
2,645,694
(766,596)
-|Restricted
funds
£
-
624,963
1,447,419
-
-|Permanent
Endowment
£
-
2,465,515
-
-
-|Expendable
Endowment
£
-
6,360,475
-
-
-|**2025**
**Total**
**£**
**12,680,764**
**9,987,613**
**4,093,113**
**(766,596)**
**-**|
|---|---|---|---|---|---|
||15,096,522|2,072,382|2,465,515|6,360,475|**25,994,894**|
||Unrestricted
funds
£
12,935,967
536,538
1,995,096
(1,007,329)
(100,000)|Restricted
funds
£
-
624,963
1,623,665
-
-|Permanent
Endowment
£
-
2,406,769
-
-|Expendable
Endowment
£
-
6,244,852
-
-|2024
Total
£
12,935,967
9,813,122
3,618,761
(1,007,329)
(100,000)|
||14,360,272|2,248,628|2,406,769|6,244,852|25,260,521|
## **20 COMMITMENTS UNDER OPERATING LEASES**
At 31 August 2025, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Due within one year
Due between two to five years|**2025**
**£**
10,585
7,260|2024
£
11,743
17,845|
|---|---|---|
||17,845|29,588|
28
## **The Yehudi Menuhin School Limited**
## **NOTES TO THE FINANCIAL STATEMENTS** for the year ended 31 August 2025
## **21 RELATED PARTIES**
During the year, YMS Enterprises had transactions totalling £25,612 (2024: £103,461) with the School. At 31 August 2025, £112,790 (2024: £99,488) was owed by YMS Enterprises. During the year, YMS China Limited had transactions totalling £32,500 (2024: £39,681) with the School. At 31 August 2025, £68,632 (2024: £33,856) was owed by YMS China Limited.
## **22 CAPITAL COMMITMENTS**
Capital expenditure contracted at 31 August 2025 amounted to £nil (2024: £nil).
## **23 NOTES TO THE CASHFLOW STATEMENT**
|Reconciliation of operating result to net cash inflow from
operating activities:
Net movement in funds
(Gains)/loss on investments
Depreciation
Impairment of fixed assets
Dividends and interest received
Investment management fees
Increase/(Decrease) in creditors
(Increase)/Decrease in debtors
Decrease/(Increase) in stocks
**Cash and cash equivalents**
Cash - in hand
- investments
**Borrowings**
Debt due within one year
Debt due after one year
**Total**|**£**
3,083,321
8,456
**At 1 September**
**2024**|**Cashflows**
**£**
651,671
18,376|**2025**
**£**
**734,373**
**(226,686)**
**436,938**
**4,349**
**(378,686)**
**52,195**
**(48,383)**
**(14,434)**
**(597)**|2024
£
273,379
(1,009,012)
475,159
79,570
(412,798)
54,141
261,606
(217,409)
223|
|---|---|---|---|---|
||||**559,069**|(495,141)|
||||**£**
-
-
**Other non-cash**
**changes**|**£**
3,734,992
26,832
**At 31 August**
**2025**|
||3,091,777
(100,000)
(100,000)|670,047
100,000
-|-
(100,000)
100,000|3,761,824
(100,000)
-|
||(200,000)
2,891,777|100,000
770,047|-
-|(100,000)
3,661,824|
29
## **The Yehudi Menuhin School Limited**
## **NOTES TO THE FINANCIAL STATEMENTS**
for the year ended 31 August 2025
## **24 SUBSIDIARY UNDERTAKINGS**
## **YMS ENTERPRISES**
YMS Enterprises (company registration number 06775727; registered address Yehudi Menuhin School, Millfield, Stoke D’Abernon, Cobham, KT11 3QQ) is a wholly-owned subsidiary undertaking registered in England and Wales, which was incorporated as a company limited by guarantee on 17 December 2008. The principal activities of the company are to offer public and private concerts, summer schools and associated services and general merchandising. The total net profit is gifted to the School. A summary of the results of the subsidiary is shown below.
The financial statements of YMS Enterprises for the year to 31 August 2025 showed the following position:
|**BALANCE SHEET**
**Current Assets**
Cash at bank and in hand
Debtors
**TOTAL NET ASSETS**
**RESERVES**
Profit and loss account
**PROFIT AND LOSS ACCOUNT**
Turnover
Operating costs
**GROSS PROFIT**
Administrative expenses
Profit in year
Retained profit brought forward
Amount distributed to YMS under Gift Aid
**RETAINED PROFIT**
Creditors: amounts falling due within one year|At 31 August
2025
£
113,008
12,969
(125,977)|At 1 September
2024
£
41,700
73,568
(115,268)|
|---|---|---|
||-|-|
||||
||-|-|
||233,538
(53,005)|228,658
(64,870)|
||180,533
(95,970)|163,788
(126,417)|
||84,563
-
(84,563)|37,371
-
(37,371)|
||-|-|
30
## **The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS**
for the year ended 31 August 2025
## **25 SUBSIDIARY UNDERTAKINGS (CONTINUED)**
## **YMS CHINA**
YMS China Limited (company registration number 11712861; registered address Yehudi Menuhin School, Millfield, Stoke D’Abernon, Cobham, KT11 3QQ) is a wholly-owned subsidiary undertaking registered in England and Wales, which was incorporated as a company limited by guarantee on 5 December 2018. The principal activity of the company is to offer cultural education on the ethos and methodology principles of Yehudi Menuhin in running educational establishments. The total net profit is gifted to the School. A summary of the results of the subsidiary is shown below.
The financial statements of YMS China Limited for the year to 31 August 2025 showed the following position:
|The financial statements of YMS China Limited for the year to 31 August 2025 showed the following position:|||
|---|---|---|
|**BALANCE SHEET**
**Current Assets**
Cash at bank and in hand
**TOTAL NET ASSETS**
**RESERVES**
Profit and loss account
**PROFIT AND LOSS ACCOUNT**
Turnover
**GROSS PROFIT**
Administrative expenses
Profit in year
Retained (loss) brought forward
Amount distributed to YMS under Gift Aid
**RETAINED PROFIT/(LOSS)**
Creditors: amounts falling due within one year|At 31 August
2025
£
74,867
(74,867)|At 1 September
2024
£
39,730
(39,730)|
||-|-|
||||
||-|-|
||340,411|337,749|
||340,411
(39,112)|337,749
(47,701)|
||301,299
-
(301,299)|290,048
-
(290,048)|
||-|-|
31