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.
2. 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**
- The 21c Musician Toolkit comprises 4 main areas of activity:
1. Online courses/library of resources
2. Mini-masterclasses on key themes
3. Live (digital) events
4. Individual/Group Coaching with experts in the industry
## **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**
- 12 new artists selected for full YCAT representation (including first shared CAG artists in NY)
- Created a free digital career development programme for all freelance musicians
- Engaged with over 75,000 early career musicians worldwide through digital resources
- 3 artists signed to international commercial management
- 6 commercial recordings of YCAT Artists released (Delphian Records, Decca Classics, Linn Records, Three World Records)
## **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.
3
## **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.
4
## **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**
- Ben Goldscheider (horn) nominated by Barbican Centre to become a European Concert Hall Organisation (ECHO) Rising Star during the 2021/22 season.
- After 5 years as YCAT Artists, the Castalian Quartet signed with IMG Artists for General Management.
- Randall Goosby signed as a Decca Classics Artist and released his Debut Album, ‘Roots’, in May 2021. He performed at the official 9/11 memorial in NYC and officially signed to Harrison Parrott and Primo Artists as joint general management in July 2021.
- Violinist Jonian Ilias Kadesha has signed as a recording artist with Linn Records. He subsequently signed with Sullivan Sweetland for general management in August 2021.
- Ema Nikolovska became a BBC New Generation Artist. She performed twice at Wigmore Hall as part of their online streamed recitals. With Samuele Telari, they also debuted at the 2021 Verbier Festival in a joint recital.
## **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.
5
## **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:
- Delivered **9 live events** led by experts in the industry. 100% of participants stated the sessions/content was relevant to this stage in their career
- Delivered **15 free online mini-masterclasses** on key topics
- Delivered individual and group mentoring/coaching sessions to **100 young musicians**
- **Engaged with over 75,000** early career musicians worldwide through digital resources
- All **free** of charge and accessible to all
YCAT has partnered with a range of organisations and experts to deliver a high-quality, adaptable and relevant career development programme. These include:
6
## **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:
- An increased focus on digital opportunities both for the artists and also for YCAT’s ongoing operations
- Short term of key fundraising opportunities and donor engagement, directly linked to live events and ‘in-person’ engagement
The charity is taking the following steps to mitigate the threats that COVID-19 may pose to the organisation:
- Discussion about 2021 budget and use of proportion of reserves to mitigate any loss in expected fundraising income
- Where appropriate, making use of savings that can be made through government furlough scheme and part-time working when this doesn’t impact the ongoing operational delivery
- Making use where possible of all reductions in overheads, office rental and space available during periods of more remote working.
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.
7
## **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:
- select suitable accounting policies and then apply them consistently;
- ▪ observe the methods and principles in the Charities SORP; ▪ make judgements and accounting estimates that are reasonable and prudent; ▪ state whether applicable UK accounting standards and statements of recommended practice 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 charity will continue in operation.
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:
- give a true and fair view of the state of the charity's affairs as at 31 August 2021 and of its 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 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:
- the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ 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 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:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
- the financial statements are not in agreement with the accounting records and returns;
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
## **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:
- Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and
- Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud.
(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**
- Unrestricted funds are available to spend on activities that further any of the purposes of the charitable company. Designated funds are unrestricted funds of the charitable company which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charitable company's work or for specific projects being undertaken by the charitable company.
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