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2021-08-31-accounts

Company no. 01783007 Charity no. 326490

Young Classical Artists Trust Report and Audited Financial Statements 31 August 2021

Young Classical Artists Trust

Reference and administrative details

For theyear ended 31 August 2021 For theyear ended 31 August 2021
Company number 01783007
Charity number 326490
Registered office and Somerset House West Wing
operational address Strand
London
WC2R 1LA
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Lord Burns GCB (Chairman)
Angela Dixon
Tessa Gaisman MBE resigned 16 December 2021
Michael Horridge
Sam Jackson
Gaetan Le Divelec
James Martin resigned 9 March 2021
Sir Simon Robey
Akhil Shah appointed 14 October 2020
Jonathan Vaughan
Julie Webb appointed 14 October 2020
Chief executive officer Alasdair Tait
Company secretary Alasdair Tait
Bankers Lloyds Bank plc
25 Gresham Street
London
EC2V 7HN
Investment managers CCLA Investment Management Limited
COIF Charity Funds
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2021

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Who We Are

YCAT is a UK charity that, for over 35 years, has dedicated itself to making a lasting difference in the lives of early career professional musicians.

From the outset, the charity’s work has focused on supporting the most promising UK-based artists to build a financially sustainable income as they move from student to fully-fledged young professionals. Today, YCAT assists over 75,000 young musicians from around the world during these critical early stages of their careers.

YCAT helps musicians to address many of the increasing challenges they now face upon entering the profession, ensuring that they have the best chance possible to sustain a successful musical career in the 21st Century.

How we work

For most freelance musicians, life is precarious - and never more so than during those initial years as a working professional: opportunities are hard-won and setbacks, all too common.

YCAT’s activities are designed to help young musicians – at all levels – to overcome these barriers, encouraging them to develop the resilience and imagination to achieve their creative potential.

  1. Artist Management: 3-5 years of career management for selected individual artists who have the potential to lead significant international performing careers.

Each year, hundreds of young musicians from around the world apply to become YCAT Artists through our open audition process. Being selected and supported by YCAT is seen as one of the most important international benchmarks in a young musician's career.

Since YCAT’s foundation in 1984, over 100 gifted musicians have launched their careers as YCAT Artists. These include Ian Bostridge CBE, Alison Balsom OBE, the Belcea Quartet and James Baillieu as well as finalists of the BBC Young Musician Competition who include Martin James Bartlett, Jess Gillam and Sheku Kanneh-Mason MBE.

  1. 21c Musician Toolkit: free post-education support helping all early career musicians develop the broad range of skills needed to thrive and contribute in a modern society.

To address a clear gap in support for freelance musicians, heightened by Covid-19, YCAT developed a free and accessible online programme aimed at the many young artists who aspire to build portfolio careers in music.

2

Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2021

Achievements and performance

Although the impact of COVID-19 was still being felt well into 2021, YCAT continued to help more young soloists, ensembles and freelance musicians than ever before - giving them the support needed to achieve their goals of a career as a performing musician.

With live performances seriously impacted, the need for pastoral support, mentoring and digital promotion YCAT provides to selected artists never felt more relevant, and reinforced YCAT’s mission of helping young musicians when they need it most.

Alongside the focus on supporting the Artist roster, YCAT fast-tracked the creation of its new online career development resources available to all freelance musicians.

Our Impact

YCAT / London Mozart Players / Scala Radio

In an exciting collaboration over several months, three YCAT artists performed as concerto soloists with the London Mozart Players. Cellist Maciej Kułakowski performed the Schumann Cello Concerto at St John the Evangelist, Upper Norwood; Oboist Olivier Stankiewicz performed the Strauss Concerto in D major for Oboe and Small Orchestra at the Fairfield Halls, Croydon; and violinist Jonian Ilias Kadesha performed the Beethoven Violin Concerto at St John's Smith Square, London.

These YCAT appearances formed part of LMP's 'Classical Club', a series of classical music concerts filmed in unusual or iconic venues in front of a live socially-distanced audience and streamed online. The concerts were presented in partnership with Scala Radio - a further opportunity to reach new audiences through their live reads, interviews, and exclusive content. Both LMP and Scala Radio share YCAT's core aims: to celebrate the most talented young artists by bringing their music to the widest possible audiences.

YCAT Artist Showcase at Saffron Hall

Saffron Hall continued its series of free-to-view digital performances with ‘YCAT Artist Showcase’, a chamber concert featuring both past and present YCAT artists - James Baillieu, Tabea Debus, Ben Goldscheider, the Heath Quartet, and Jess Gillam.

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2021

The broadcast began with a conversation between Angela Dixon, Chief Executive of Saffron Hall, and Alasdair Tait, Chief Executive and Artistic Director of YCAT. Although the broadcast was free to watch, viewers had the opportunity to make a donation which was shared between Help Musicians UK, YCAT and Saffron Hall Trust.

12 streamed recitals to international audiences

YCAT was delighted to join forces with both the Vancouver Recital Society and the Banca Della Repubblica in Bogota, Colombia, to present twelve online concerts for their audiences. Recitals were recorded by Benjamin Baker, Timothy Ridout, Ariel Lanyi, Tabea Debus, Samuel Telari, Daniel Lebhardt, Ben Goldscheider, Savitri Grier, Maciej Kułakowski, Jonathan Ware, George Harliono and Olivier Stankiewicz.

The majority of the recitals were recorded at Stapleford Granary in Cambridge, with an extra recital given by Ema Nikolovska and Jonathan Ware recorded at Pierre Boulez Saal in Berlin. These partnerships were incredibly important in maintaining the international reach and performance opportunities for the artists.

YCAT Artists at Wigmore Hall

Over 20 YCAT artists, both current and past, performed as part of the Wigmore Hall live streamed concerts during the 2020-21 season. These include Ema Nikolovska, Timothy Ridout, Benjamin Baker, Daniel Lebhardt, Olivier Stankiewiecz, James Baillieu, Jonathan Ware, Peter Moore, Castalian Quartet, Doric Quartet, Heath Quartet, Adam Walker, Amy Harman, Ben Goldsheider, Sean Shibe, Jonian Ilias Kadesha, Irene Duval, Ian Bostridge, and Joanna Magregor.

YCAT/ Delphian Records Partnership

The partnership between Delphian Records and YCAT offers rare new recording opportunities for the most promising young artists, combining YCAT’s mission of developing careers at world-class level with Delphian’s twenty-year-long reputation for bold, considered programming. During 2021-21 three discs were released:

  1. Benjamin Baker & Daniel Lebhardt: 1942: Prokofiev – Copland – Poulenc Sonatas

  2. Samuele Telari: J S Bach: Goldberg Variations (arranged for accordion, Telari)

  3. Olivier Stankiewicz: Mozart Violin Sonatas (transcribed for oboe, Stankiewicz)

"Mozart didn’t write a single oboe sonata, but listening to these glistening performances might make you believe otherwise. Adapting three of Mozart’s violin sonatas, the London Symphony Orchestra’s principal oboist, Olivier Stankiewicz, makes each one utterly his own with characterful, fluid playing that proves the instrument’s suitability for both Mozart’s long melodic lines and sense of playfulness" Apple Music

YCAT/Music Masters UK: Robey Artist

The YCAT Robey Artist partnership with Music Masters supports the shared aims of education, diversity, and inclusion within classical music. Representing exceptional performers from backgrounds currently under-represented in the classical music industry, the Robey Artist undertakes an ambassadorial role, performing and working within the wider community.

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2021

With two planned concert tours postponed due to travel restrictions, during the 2020/21 season the violinist Randall Goosby supported 13 students on the MM Pathways programme through an ongoing virtual “Studio Class”. Through a mixture of whole group, small group and individual sessions, Randall explored ideas around solo performance, giving and receiving feedback, and meeting and working with other like-minded musicians. The planned culmination will coincide with his Wigmore and LPO debut performance rescheduled for October 2021.

In March 2021, violist Jordan Bak was announced as the second YCAT Robey Artist, commencing in autumn 2021.This twin investment in the Robey Artist’s performance career and their role as an ambassador for education sit at the heart of this partnership.

Individual YCAT Artists Successes

2021 YCAT Auditions

Given the continued challenges faced through travel and quarantine restrictions, YCAT successfully moved its auditions process online for another year. Chosen from over 150 applicants in the preliminary rounds (the highest in YCAT’s history), YCAT is thrilled to have selected twelve new artists. These are:

Adelphi Quartet (string quartet), Quatuor Agate (string quartet), Armand Djikoloum (oboe), Irène Duval (violin), Ariel Lanyi (piano), Charlotte Saluste-Bridoux (violin), Iyad Sughayer (piano) Jordan Bak (viola), Balourdet String Quartet (string quartet), Chromic Duo (toy piano electronic duo), Geneva Lewis (violin), Gabriel Martins (cello).

“The level of applicants applying for YCAT continues to be astoundingly high. However, I am delighted that the final jury was unanimous in identifying artists of exceptional talent with great potential and personality whom they believe would benefit greatly from YCAT’s support. With the catastrophic disappearance of live performance last year, the overwhelming sense of need for support and advice for these young musicians has never felt more urgent.”

Alasdair Tait (CEO, YCAT)

Over the coming years, in partnership with Concert Artists Guild USA, selected artists will receive dedicated artist management, extensive performing opportunities, debuts at the world's most prestigious venues, professional publicity materials and digital support.

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2021

Presentation Concert at Wigmore Hall

Given yet another year of restrictions that led to the cancellation of our entire planned Wigmore Lunchtime Series, YCAT was delighted to host a presentation concert of three of the newly selected artists to a live audience in May 2021. This included the premiere of a new commission for the inaugural YCAT/Hans Keller Artists, the Adelphi Quartet, called ‘Saffron Dusk’ by female composer Bushra el Turk.

Empowering freelance musicians: 21c Musician Toolkit

In direct response to the impact of Covid-19, YCAT adapted its existing career development programme to create the first, free, online career development programme, giving all freelance graduate musicians the skills and support they need to adapt and build their careers.

Over the past year, YCAT has:

YCAT has partnered with a range of organisations and experts to deliver a high-quality, adaptable and relevant career development programme. These include:

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2021

The impact of the Coronavirus Crisis

The trustees have considered the impact that the COVID-19 pandemic will have on the charity’s current and future financial position. The expected implications are:

The charity is taking the following steps to mitigate the threats that COVID-19 may pose to the organisation:

The trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved for the following reasons:

The charity currently holds unrestricted reserves of £339,046 (See reserves policy below). The charity’s fundraising pledges for the next 12 months are currently on track to deliver close to budget targets.

The trustees therefore consider it appropriate to adopt the going concern basis for the preparation of the accounts, as detailed in note 1(b) to the financial statements.

Structure, Governance and Management

Legal status and governing document

The organisation is a charitable company limited by guarantee, incorporated on 13 January 1984 and registered as a charity on 2 February 1984. The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association. The memorandum was amended and new articles adopted by a special resolution passed on 23 September 2003. Article 3.5 was amended by a special resolution passed on 22 September 2009, substituting fixed four-year terms for trustees for the previous retirement by rotation.

Organisational structure

The board of trustees has been chaired by Lord Terence Burns GCB since 2017 and meets four times a year. The board approves annual organisational budgets and provides oversight to the charities direction, in line with its aims and values. In addition, several trustees provide introductions to prospective supporters, who are essential to an organisation without public funding. Trustees are also encouraged to directly support the charity themselves.

The Chief Executive and Artistic Director is appointed and reports directly to the board of trustees, acting as company secretary. The pay and remuneration for this role is set and agreed by the trustees. All other personnel decisions and pay scales are decided by the Chief Executive, informed and structured around annual appraisal processes.

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2021

Risk statement

The trustees are constantly reviewing the major risks COVID-19 brings to the organisation. The charity has an ongoing register, including systems and procedures to manage those risks.

Public Benefit

Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning for the future. In 2010 YCAT undertook a thorough and successful Public Benefit Assessment by the Charity Commission details of which are available upon request.

Financial review, reserves and investment policy

At the end of the 2020-21 fiscal year, the accounts are showing a surplus of £130,254. This figure takes into account net gains incurred on investments of £18,466.

The trustees remain committed to building strong liquid reserves. This is essential as YCAT relies on donations and legacies for over 80% of its expenditure, and at the beginning of each year, there is usually a significant shortfall in committed donations compared to budgeted expenses. The target level of free reserves previously set by the trustees equates to 6 months of core operating costs, which this year equates to £206,000. This is to enable the charity to continue to operate and also to wind down its operations in a controlled manner should this become necessary.

At 31 August 2021 total charity funds were £894,681 of which £463,344 are designated funds, leaving unrestricted funds at £339,046.

With ‘cash at bank’ increasing from £593,451 to £738,082 (amounting to 178% of our annual expenditure) we are currently in a healthy position. However, this is constantly monitored by the trustees to ensure a workable level. Legacies from the estates of Mr Desmond Tice (received in various distributions since 2008), Michael Janson (2019/20), and Ms Valerie Chinchen (2020/21) are available both as an investment reserve and to support projects which, in the trustees’ opinion, will create lasting value for YCAT. Investments have been selected to provide a good current income and a reasonable prospect of capital appreciation. The income from the Tice Fund’s investments will be applied for the general purposes of the charitable company, while the capital will be retained and will only be spent on projects designed to support the continuation of YCAT’s strategic development and building a sustainable future.

As in previous years, the Paul Woodhouse and Anthony Nesbitt legacies are permanent Endowment Funds where we may only deploy the income. Tice, Woodhouse and Nesbitt legacies are currently invested in a mix of bond and equity-related funds managed by M&G on our behalf with a conservative investment strategy. The Trustees will make a decision about the best holding place for the Janson legacy that concurs with this previous investment strategy.

This year has seen a net gain on investments of £18,466, offsetting the losses incurred in the previous year. These movements are largely theoretical unless we need to realise the investments in the short term. Trustees are reviewing the appropriateness of the current placement and distribution of reserves in light of the ongoing impact of COVID-19 related volatility. Given the current position of built reserves, the trustees are discussing an appropriate strategy to continue to support future sustainability and strategic expansion of the charitable reach and activities.

8

Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2021

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees confirm that to the best of their knowledge there is no information relevant to the audit that the auditors are unaware of. The trustees also confirm that they have taken all necessary steps to ensure that they themselves are aware of all relevant audit information and that this information has been communicated to the auditors.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 13 December 2021 and signed on their behalf by

T Burns

Lord Terence Burns - Chairman

9

Independent auditors' report

To the members of

Young Classical Artists Trust

Opinion

We have audited the financial statements of Young Classical Artists Trust (the 'charity') for the year ended 31 August 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

10

Independent auditors' report

To the members of

Young Classical Artists Trust

In connection with our audit of the financial statements, 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 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 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees 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 they 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

11

Independent auditors' report

To the members of

Young Classical Artists Trust

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;

▪Reviewing related party transactions; and

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

12

Independent auditors' report

To the members of

Young Classical Artists Trust

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity'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 charity's members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Godfrey

Date: 15 December 2021

Alison Godfrey FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

13

Young Classical Artists Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 August 2021

Note
£
Income from:
Donations and legacies
3
-
Charitable activities:
Concerts and auditions
4
-
Artists' management
5
-
Career development
-
Other trading activities
6
-
Investments
7
3,047
Total income
3,047
Expenditure on:
Raising funds
-
Charitable activities:
Concerts and auditions
3,047
Artists' management
-
Career development
-
Total expenditure
9
3,047
Net gains / (losses) on investments
15
10,474
Net income
10,474
Transfers between funds
-
Net movement in funds
11
10,474
Reconciliation of funds:
Total funds brought forward
55,440
Total funds carried forward
65,914
Endowment		 Restricted Unrestricted
£
£
24,475
449,398
-
6,610
-
25,965
-
-
-
12,572
-
3,191
24,475
497,736
-
56,556
10,200
42,336
-
213,557
-
87,774
10,200
400,223
-
7,992
14,275
105,505
(31,747)
31,747
(17,472)
137,252
43,849
665,138
26,377
802,390		 2021
Total
£
473,873
6,610
25,965
-
12,572
6,238
525,258
56,556
55,583
213,557
87,774
413,470
18,466
130,254
-
130,254
764,427
894,681		 2020
Total
£
508,227
11,414
39,491
166
19,704
4,707
583,709
69,313
103,877
304,574
63,910
541,674
(17,500)
24,535
-
24,535
739,892
764,427

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 20 to the accounts.

14

Young Classical Artists Trust

Balance sheet

As at 31 August 2021

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
17
Net current assets
Net assets
19
Funds
20
Permanent endowment funds
Restricted income funds
Unrestricted funds:
Designated funds
General funds
Total charity funds		 £
62,281
738,082
800,363
41,979		 2021
£
3,504
132,793
136,297
758,384
894,681
65,914
26,377
463,344
339,046
894,681		 2020
£
2,118
114,327
116,445
74,081
593,451
667,532
19,550
647,982
764,427
55,440
43,849
455,352
209,786
764,427

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 13 December 2021 and signed on their behalf by

T Burns

Lord Terence Burns - Chairman

15

Young Classical Artists Trust

Statement of cash flows

For the year ended 31 August 2021

Net movement in funds
Adjustments for:
Depreciation charges
(Gain) / loss on investments
Dividends and interest from investments
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Dividends and interest from investments
Net cash provided by investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2021
£
130,254
1,070
(18,466)
(6,238)
11,800
22,429
140,849
(2,456)
6,238
3,782
144,631
593,451
738,082		 2020
£
24,535
605
17,500
(4,707)
(34,258)
(14,721)
(11,046)
(2,723)
4,707
1,984
(9,062)
602,513
593,451

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

16

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Young Classical Artists Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charitable company is aware that probate has been granted, the estate has been finalised and notification has been made by the executors to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charitable company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charitable company, or the charitable company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income received in advance of provision of rental income and contract income is deferred until criteria for income recognition are met.

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the bank.

17

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

1. Accounting policies (continued)

e) Funds accounting

Permanent endowment funds are held indefinitely as capital investment assets in line with the terms of the endowment. Income generated from the investment assets is applied in accordance with the terms of the endowment.

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Grants payable

Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached have been fulfilled. Grants offered subject to conditions at the year end are noted as commitment but are not accrued as expenditure.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis, being the proportion of staff time spent on each activity:

2021 2020
Raising funds 13% 17%
Concerts and auditions 7% 16%
Artists' management 46% 43%
Career development 34% 24%

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment 15% reducing balance Office fixtures and fittings 3 years straight line

Items of equipment are capitalised where the purchase price exceeds £1,000.

18

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

1. Accounting policies (continued)

j) Listed investments

Investments listed or traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors

Creditors and provisions are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Pension costs

The charitable company makes contributions to personal pension schemes for all members of staff. The pension charge represents contributions payable by the charitable company to the personal pension schemes. The charitable company has no liability other than for the payment of those contributions.

o) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Depreciation

As described in note 1i to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

19

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

2. Prior period comparatives: statement of financial activities

£
Income from:
Donations and legacies
-
Charitable activities:
Concerts and auditions
-
Artists' management
-
Career development
-
Other trading activities
-
Investments
1,682
Total income
1,682
Expenditure on:
Raising funds
-
Charitable activities
Concerts and auditions
1,682
Artists' management
-
Career development
-
Total expenditure
1,682
Net losses on investments
(9,792)
Net income / (expenditure)
(9,792)
Transfers between funds
-
Net movement between funds
(9,792)
Endowment		 Restricted
£
£
198,182
310,045
-
11,414
-
39,491
-
166
-
19,704
-
3,025
198,182
383,845
-
69,313
24,983
77,212
132,350
172,224
-
63,910
157,333
382,659
-
(7,708)
40,849
(6,522)
-
-
40,849
(6,522)
Unrestricted		 2020
Total
£
508,227
11,414
39,491
166
19,704
4,707
583,709
69,313
103,877
304,574
63,910
541,674
(17,500)
24,535
-
24,535

20

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

3. Donations and legacies

Donations and legacies
Grants > £5,000
Concordia Foundation
Help Musicians UK
International Music and Art Foundation
John R Murray Charitable Trust
John Swire 1989 Charitable Trust
Kathleen Beryl Sleigh Charitable Trust
The Cosman Keller Art and Music Trust
Grants < £5,000
AD Power WIII Trust
Ann Driver Trust
Harold Hyam Wingate
Old Possum's Practical Trust
Grants < £1,000
Other
Legacies
Donations - Individuals
Donations - Corporate
Gift aid reclaimed
Coronavirus job retention scheme
Total donations and legacies		 Restricted
£
£
-
60,000
-
21,000
10,000
-
-
10,000
-
25,000
-
20,000
5,000
30,000
-
2,000
-
4,000
-
5,000
-
5,000
-
1,710
-
125,009
285
96,725
-
5,050
9,190
6,049
-
32,855
24,475
449,398
Unrestricted		 2021
Total
£
60,000
21,000
10,000
10,000
25,000
20,000
35,000
2,000
4,000
5,000
5,000
1,710
125,009
97,010
5,050
15,239
32,855
473,873

21

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

3.
Donations and legacies (continued)
Prior period comparative
Grants > £5,000
Amaryllis Fleming Foundation
Ashley Family Foundation
Cosman Keller Trust
Duet Group Foundation
EJ Thompson Memorial Fund
Harriet's Trust
Help Musicians UK
International Music and Art Foundation
John R Murray Charitable Trust
Kathleen Beryl Sleigh Charitable Trust
The Rachel Baker Memorial Charity
Robert Fleming Hannay Memorial Charity
The Storey Charitable Trust
Grants < £5,000
A D Power Trust
Ann Driver Trust
Barbara Whatmore Charitable Trust
John Cohen Foundation
Joyce Fletcher Charitable Trust
The Wingate Foundation
Grants < £1,000
Other
Legacies
Donations - Individuals
Donations - Corporate
Gift aid reclaimed
Total donations and legacies		 Restricted
£
£
5,000
-
-
5,000
-
20,000
-
10,000
10,000
-
56,000
10,000
-
30,000
9,983
-
-
10,000
-
10,000
25,000
80,000
5,000
-
15,000
-
-
2,000
-
4,000
-
2,000
-
3,000
-
2,000
-
4,000
-
1,100
-
39,866
61,878
57,515
-
10,000
10,321
9,564
198,182
310,045
Unrestricted		 2020
Total
£
5,000
5,000
20,000
10,000
10,000
66,000
30,000
9,983
10,000
10,000
105,000
5,000
15,000
2,000
4,000
2,000
3,000
2,000
4,000
1,100
39,866
119,393
10,000
19,885
508,227

22

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

4. Concerts and auditions

Concerts and auditions
Concert ticket sales
Audition fees		 Restricted
£
£
-
-
-
6,610
-
6,610
Unrestricted		 2021
Total
£
-
6,610
6,610		 2020
Total
£
5,935
5,479
11,414

All income from concerts and auditions was unrestricted in 2020.

5. Artists' management

Commission
Partnership income
BBC income		 £
£
-
7,840
-
-
-
18,125
-
25,965
Restricted Unrestricted		 2021
Total
£
7,840
-
18,125
25,965		 2020
Total
£
15,283
15,000
9,208
39,491

All income from artists' management was unrestricted in 2020.

6. Other trading activities

Rental income Restricted
£
£
-
12,572
-
12,572
Unrestricted		 2021
Total
£
12,572
12,572		 2020
Total
£
19,704
19,704

All income from other trading activities was unrestricted in 2020.

23

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

7. Investment income

Investment income
Endowment
£
£
Dividend income
3,047
3,146
Bank interest
-
45
3,047
3,191
Prior period comparative
Endowment
£
£
Dividend income
1,682
2,756
Bank interest
-
269
1,682
3,025
Unrestricted
Unrestricted		 2021
Total
£
6,193
45
6,238
2020
Total
£
4,438
269
4,707

8. Government grants

The charitable company received a government grant, defined as the furlough grant under the Coronavirus Job Retention Scheme, to fund charitable activities. The total value of this grant in the period ending 2020/21 was £32,855 (2020: £nil). There are no unfulfilled conditions or contingencies attaching to this grant in 2020/21.

24

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

9. Total expenditure

Staff costs (note 12)
Fundraising costs
Concerts
Recording costs
Seminar costs and ad hoc artist management
Auditions
Artists' file
Rent, rates and service charges
Office costs
Communications
Photography
Travel, subsistence and entertainment
Accountancy
Audit
Depreciation
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising
funds
£
43,046
1,088
-
-
-
-
-
-
-
-
-
-
-
-
-
44,134
12,422
56,556		 £
33,498
-
1,132
6,130
8,790
-
-
-
-
-
-
-
-
-
49,550
6,033
55,583
Concerts and
auditions		 Artists'
management
£
163,424
-
-
-
-
-
454
-
-
-
6,854
-
-
-
-
170,732
42,825
213,557		 Career
development
£
50,488
-
-
-
5,700
-
-
-
-
-
-
-
-
-
-
56,188
31,586
87,774		 £
7,819
-
-
-
-
-
-
41,439
20,389
13,473
-
2,541
2,685
3,450
1,070
92,866
(92,866)
-
Support and
governance
costs		 2021 Total
£
298,275
1,088
1,132
6,130
5,700
8,790
454
41,439
20,389
13,473
6,854
2,541
2,685
3,450
1,070
413,470
-
413,470

Total governance costs for the year were £3,650 (2020: £3,450)

25

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

9.
Total expenditure
Prior period comparative
Grants payable (note 10)
Staff costs (note 12)
Fundraising costs
Concerts
Recording costs
Seminar costs and ad hoc artist management
Auditions
Artists' file
Rent, rates and service charges
Office costs
Communications
Photography
Travel, subsistence and entertainment
Accountancy
Audit
Depreciation
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising
funds
£
-
49,957
3,249
-
-
-
-
-
-
-
-
-
-
-
-
-
53,206
16,107
69,313		 £
-
48,398
-
20,574
15,000
-
1,717
-
-
-
-
-
2,782
-
-
-
88,471
15,406
103,877
Concerts and
auditions		 Artists'
management
£
132,350
106,900
-
-
-
-
-
10,923
-
-
-
3,291
9,792
-
-
-
263,256
41,318
304,574		 Career
development
£
-
39,556
-
-
-
1,245
-
-
-
-
-
-
-
-
-
-
40,801
23,109
63,910		 £
-
7,029
-
-
-
-
-
-
59,054
12,899
11,197
-
-
1,706
3,450
605
95,940
(95,940)
-
Support and
governance
costs		 2020 Total
£
132,350
251,840
3,249
20,574
15,000
1,245
1,717
10,923
59,054
12,899
11,197
3,291
12,574
1,706
3,450
605
541,674
-
541,674

26

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

10. Grants payable to individuals

Grants payable to individuals
2021
No.
Hardship Fund payments
Nil
Restricted Funds towards named artists
Nil
Total grants committed during the period		 2021
2020
£
No.
-
22
-
5
-		 2020
£
103,250
29,100
132,350

Grants were made from restricted funds raised for the purpose of supporting artists, as detailed further in note 20.

All grant commitments were paid during the year in both the current and prior year.

11. Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:
2021 2020
£ £
Depreciation 1,070 605
Operating lease payments 38,985 55,632
Trustees' reimbursed expenses Nil Nil
Trustees' remuneration Nil Nil
Auditors' remuneration:
Statutory audit 4,380 3,450
Other services 380 380

Trustees made total donations to the charitable company during the year of £27,650 (2020: £32,289) as part of their Friends donations and other one-off donations.

27

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

12. Staff costs and numbers

Staff costs were as follows:

Staff costs and numbers
Staff costs were as follows:
Salaries and wages
Social security costs
Pension contributions		 2021
£
254,255
22,437
21,583
298,275		 2020
£
214,012
18,273
19,555
251,840

One employee earned between £80,000 and £90,000 during the year (2020: One employee earned between £80,000 and £90,000).

Average head count 2021
No.
7.2		 2020
No.
6.2

The key management personnel comprise the trustees and the Chief Executive Officer. Total employee benefits paid to the key management personnel were £96,083 (2020: £94,064).

13. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

28

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

14. Tangible fixed assets

Tangible fixed assets
Cost
At 1 September 2020
Additions
At 31 August 2021
Depreciation
At 1 September 2020
Charge for the year
At 31 August 2021
Net book value
At 31 August 2021
At 31 August 2020		 £
3,709
-
3,709
3,709
-
3,709
-
-
Fixtures
and fittings		 £
10,587
2,456
13,043
8,469
1,070
9,539
3,504
2,118
Computer
equipment		 Total
£
14,296
2,456
16,752
12,178
1,070
13,248
3,504
2,118

15. Investments

Investments
£
M&G Charifund (Woodhouse)
34,359
M&G Charibond (Woodhouse)
12,021
M&G Charifund (Nesbitt)
6,547
M&G Charibond (Nesbitt)
2,514
M&G Charifund (Tice)
32,133
M&G Charibond (Tice)
26,753
114,327
Market value at 1
September 2020		 Additions
at cost
£
-
-
-
-
-
-
-		 Disposal
proceeds
£
-
-
-
-
-
-
-		 £
8,985
(184)
1,712
(39)
8,403
(411)
18,466
Unrealised
gains /
(losses)		 £
43,344
11,837
8,259
2,475
40,536
26,342
Market
value at 31
August
2021
132,793

16. Debtors

Trade debtors
Other debtors
Prepayments
Income tax recoverable		 2021
£
718
29,862
16,860
14,841
62,281		 2020
£
273
48,586
5,337
19,885
74,081

29

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

17. Creditors : amounts due within 1 year

Trade creditors
Accruals
Other taxation and social security
Deferred income
Other creditors
Movements in deferred income consist of:
Balance at the start of the year
Increase / (decrease) in rent and service charge
Increase / (decrease) in contract income
Balance at the end of the year		 2021
£
11,973
12,838
6,293
10,875
-
41,979
2021
£
1,248
(1,248)
10,875
10,875		 2020
£
-
5,362
4,607
1,248
8,333
19,550
2020
£
11,358
(902)
(9,208)
1,248

Rental income is deferred where received in advance of future periods. Contract income is recognised to the extent of the stage of completion, and deferred where received in advance of the project commencing.

18. Assets and liabilities held on behalf of artists

YCAT acts as an agent for the artists it supports, collecting fee income on the artists' behalf and subsequently paying it over to them. At the year end the following amounts have been excluded from the accounts on the basis that the assets and liabilities are held on behalf of third parties:

Debtors
Bank
Creditors
Net total		 2021
£
2,092
3,787
(5,879)
-		 2020
£
2,377
-
(2,377)
-

30

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

19. Analysis of net assets between funds Analysis of net assets between funds
Endowment Restricted Designated General Total
funds funds funds funds funds
£ £ £ £ £
Fixed assets - - - 3,504 3,504
Investments 65,914 - 66,879 - 132,793
Current assets - 26,377 396,465 377,521 800,363
Current liabilities - - - (41,979) (41,979)
Net assets at 31 August 2021 65,914 26,377 463,344 339,046 894,681
Prior period comparatives
Prior period comparatives
Endowment Restricted Designated General Total
funds funds funds funds funds
£ £ £ £ £
Fixed assets - - - 2,118 2,118
Investments 55,440 - 58,887 - 114,327
Current assets - 43,849 396,465 227,218 667,532
Current liabilities - - - (19,550) (19,550)
Net assets at 31 August 2020 55,440 43,849 455,352 209,786 764,427

31

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

20. Movements in funds

Movements in funds
£
Endowment funds:
46,379
9,061
55,440
Restricted funds:
International
Music and Art
Foundation
-
EJT Memorial Fund
10,000
-
Hardship Fund
33,849
-
43,849
Unrestricted funds
Designated funds:
Tice Fund
74,198
Janson legacy
381,154
455,352
General funds
209,786
665,138
Total funds
764,427
At 1
September
2020
The Storey
Charitable Trust
Anthony Nesbitt
Fund
Paul Woodhouse
Fund
Total endowment
funds
Total designated
funds
Total restricted
funds
Total unrestricted
funds
The Cosman
Keller Art and
Music Trust		 Income
£
£
2,744
(2,744)
303
(303)
3,047
(3,047)
10,000
-
-
-
-
(5,200)
9,475
-
5,000
(5,000)
24,475
(10,200)
3,025
(3,025)
-
-
3,025
(3,025)
494,711
(397,198)
497,736
(400,223)
525,258
(413,470)
Expenditure		 £
8,800
1,674
10,474
-
-
-
-
-
-
7,992
-
7,992
-
7,992
18,466
Gains and
(losses)		 Transfers
between
funds
£
-
-
-
-
-
-
(31,747)
-
(31,747)
-
-
-
31,747
31,747
-		 £
55,179
10,735
At 31
August
2021
65,914
10,000
10,000
(5,200)
11,577
-
26,377
82,190
381,154
463,344
339,046
802,390
894,681

32

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

20. Movements in funds (continued) Purposes of endowment funds Paul Woodhouse Fund

The Paul Woodhouse Fund is a permanent endowment fund. Any revenue generated from the endowment must be spent on the Wigmore Lunchtime Concerts.

Anthony Nesbitt Fund

The Anthony Nesbitt Fund is a permanent endowment fund. Any revenue generated from the endowment must be spent on the Wigmore Lunchtime Concerts.

Purposes of restricted funds

International Music and Art Foundation

To support the YCAT Wigmore Hall Presentation Concert Series.

EJT Memorial Fund

To support the development and promotion of talented young classical musicians through enhanced public performance opportunities and mentoring opportunities.

The Storey Charitable Trust

To fund an initial three year partnership with Delphian Records that will produce and release a series of YCAT artist CDs.

Hardship Fund

This fund was set up as an immediate response to COVID-19 with all monies to be distributed directly to the YCAT artists to support them as they faced total loss of income and work during the first months of international lockdown.

The Cosman Keller Art and Music Trust

To fund the commission of music for audition finals.

Purposes of designated funds

Tice Fund

The trustees have designated the legacy received from the estate of Desmond Tice as an investment reserve. Investments have been selected to provide a current income with some prospect of capital appreciation. The income from the Tice Fund’s investments will be applied for the general purposes of the charitable company, while the capital will be retained and will only be spent on projects designed to create lasting value.

Janson legacy

The trustees have designated the legacy received from the estate of Michael Janson as an investment reserve. Trustees will select investments that provide a current income with some prospect of capital appreciation. Once invested, the income from the Janson Legacy investments will be applied for the general purposes of the charitable company, while the capital will be retained and will only be spent on projects designed to create lasting value. The funds can also be applied for specific activity that is deemed of strategic importance by the trustees.

Transfers between funds

Transfers between funds represent the movement of funds from restricted to general funds in line with donors' wishes at the conclusion of the COVID-19 Hardship Fund.

33

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

20. Movements in funds (continued) Prior period comparatives

Prior period comparatives
£
Endowment funds:
54,604
10,628
65,232
Restricted funds:
International
Music and Art
Foundation
-
3,000
EJT Memorial Fund
-
-
Hardship Fund
-
3,000
Unrestricted funds
Designated funds:
Tice Fund
74,198
Janson legacy
381,154
455,352
General funds
216,308
671,660
Total funds
739,892
Anthony Nesbitt
Fund
Total endowment
funds
Total restricted
funds
Total designated
funds
Total unrestricted
funds
The Storey
Charitable Trust
Restricted funds for
named artists
At 1
September
2019
Paul Woodhouse
Fund		 Income
£
£
1,300
(1,300)
382
(382)
1,682
(1,682)
9,983
(9,983)
26,100
(29,100)
10,000
-
15,000
(15,000)
137,099
(103,250)
198,182
(157,333)
-
-
-
-
-
-
383,845
(382,659)
383,845
(382,659)
583,709
(541,674)
Expenditure		 £
(8,225)
(1,567)
(9,792)
-
-
-
-
-
-
-
-
-
(7,708)
(7,708)
(17,500)
Gains and
(losses)		 Transfers
between
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 £
46,379
9,061
At 31
August
2020
55,440
-
-
10,000
-
33,849
43,849
74,198
381,154
455,352
209,786
665,138
764,427

34

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2021

21. Operating lease commitments

The charity had total commitments at the year end under operating leases expiring as follows:

Within 1 year
1 - 5 years		 2021
2020
£
£
-
58,478
-
4,873
-
63,351
Property		 2021
2020
£
£
-
58,478
-
4,873
-
63,351
Property
63,351

22. Related party transactions

The trustees are not aware of any related party transactions in the current or prior year.

35