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2024-08-31-accounts

Company no. 01783007 Charity no. 326490

Young Classical Artists Trust Report and Audited Financial Statements 31 August 2024

Young Classical Artists Trust

Reference and administrative details

Reference and administrative details Reference and administrative details
For the year ended 31 August 2024
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
Michael Horridge
Sam Jackson resigned 12 January 2024
Kirsty Macdonald appointed 21 October 2024
Sir Simon Robey
Akhil Shah
Alastair Storey
Rachel Van Walsum
Jonathan Vaughan
Julie Webb
Chief executive officer Alasdair Tait
Company secretary Alasdair Tait
Bankers Lloyds Bank plc COIF Charity Funds
25 Gresham Street 1 Angel Lane
London London
EC2V 7HN EC4R 3AB
Investment managers M&G Investments
PO Box 9038
Chelmsford
CM99 2XF
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2024

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

For 40 years, YCAT has been at the forefront of discovering, nurturing and supporting extraordinary early-career professionals, easing their progression from talented students to established performance careers. Our work plays a vital role in the world of classical music, developing important artistic careers that continue to thrive, inspire and bring joy to audiences around the world.

YCAT has been instrumental in the success of over 130 gifted musicians including prominent UK international artists such as Ian Bostridge, Alison Balsom, Joanna MacGregor, and the renowned Belcea, Doric & Heath String Quartets.

We deliver two key programmes that support young people, aged 18 to 30, as they navigate the turbulent transition from education to a professional career.

The YCAT Artist programme provides three to five years of targeted career support for individual artists and ensembles who have the potential to lead significant international careers.

The YCAT Outreach and Engagement programme offers free resources online to help musicians of any level develop their range of skills.

Integral to all that we do, our offering includes career management, unrivalled industry profile and exposure, performance opportunities, advice on diversifying income, mentoring to build connections, project support and advice, and health and wellbeing support.

How we work

For a young musician, taking that first step into a performing career has never been more difficult. Artists are faced with ever increasing challenges and every year, hundreds of aspiring graduating musicians find themselves confronted with stark decisions about the realities of life as a professional performer.

Building and sustaining creative and fulfilling career pathways in which talented young musicians can continue to learn, develop and flourish, has been at the heart of YCATs charitable mission for 40 years. Across all of our work, the goal remains the same: to provide young musicians with the best start to their careers.

Young Artists

YCAT provides three to five years of targeted career support for individual artists and ensembles who have the potential to lead significant international careers.

Each year, many of the most aspiring 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.

Artists are measured against a standard of excellence and not against each other. The juries look not only for exceptional musical talent, but also for artistic individuality and projection as a performer, and no set number of artists are finally selected in any one year.

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2024

Selected artists benefit from unparalleled visibility, opportunities and support including:

Outreach and engagement

With most musicians juggling a variety of work, the reality of building a portfolio career can be daunting and rewarding in equal measure. To address the gap in support for early-career freelance musicians, YCAT developed a free and accessible online programme, known as the ‘21st Century Musician Toolkit’, offering a constantly evolving library of free, relevant and actionable digital content, alongside a programme of live events, mini masterclasses from industry professionals and 1-2-1 guidance on fundraising, all underpinned by wellbeing and mental health advice.

YCAT provides this Toolkit free of charge to all emerging freelance musicians.

The 21cMusician Toolkit comprises four main areas of activity:

Through online surveys and feedback, YCAT continues to update the programme to address the most relevant needs of freelance musicians.

Achievements and performance

As more regular live performance opportunities and planning cycles return closer to pre-pandemic levels, YCAT artists have also returned to much wider and varied concert diaries and developmentally vital performance opportunities.

The need for ongoing pastoral support, mentoring and digital promotion provided by YCAT to selected artists remains crucial and reinforces YCATs mission of helping young musicians when they need it the most. This support is mirrored in the continued development of the online career development support though the 21CMusician Toolkit platform.

Key figures for 2023/24

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2024

YCAT Artists 2023-24

YCATs core work on behalf of its roster of young artists remains central to its mission. As concert activity returns closer to pre-pandemic levels, YCAT artists delivered over 550 performance opportunities and events for artists around the world. Alongside the 223 concerts and events in the UK, ranging from the north of Scotland to Wales and the southwest of England, artists appeared in over 332 events from as far afield as South America, North America, Australia/New Zealand, Asia and across Europe.

The range of engagements demonstrates the unique platform that YCAT offers these artists, especially at a time when opportunities for them are increasingly in high demand. It also demonstrates YCATs vital contribution to the financial survival and sustainability of the artists’ developing careers, with a large percentage of their overall income generated solely by the performance diary from YCAT.

In 2023-24, YCAT secured £295,189 of concert income which goes directly to supporting the artists. Whilst this goes some way in giving the artists a degree of financial stability as they continue to develop their individual performing profile and opportunities, the financial pressures faced by most talented young professional musicians remain significant. Alongside the clear developmental and creative necessity for young artists to be introduced to as wide a range of audiences and venues, taking lower-paid engagements just to be seen and heard, the ongoing travel costs and bureaucratic requirements are exponentially increasing year on year. The continued and sustained support and opportunities that YCAT is able to offer to the artists have never felt more important.

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2024

“I will be forever grateful to YCAT for empowering me and guiding me on the career path that I have today. When I think back over the last 10 years or so, it is astonishing how opportunities have presented themselves to me and how lucky I am to enjoy the career I have today. This would not have been possible without YCATs support, empowerment, and mentorship and the luxury of having a team that really took time to understand me as an artist and human being, and to help me find my space in the music world.”

James Baillieu, pianist (YCAT Artist 2010-2014)

YCAT Wigmore Hall Lunchtime Series - Regional touring

Our lunchtime concert series at Wigmore Hall continues to be a foundation stone of the performance diaries for our artists. Our regional tours leading up to these Wigmore Hall recitals are developing strongly. This network provides a vital performance experience for YCAT Artists whilst connecting with local communities in the UK who would otherwise not have access to such high-quality musical performance. Some of our key regional partnerships include:

YCAT Wigmore Lunchtime Recital Series 2023/24 3 October 2023 | Jonathan Leibovitz (clarinet) & Joseph Havlat (piano)

WEINBERG: Sonata for clarinet and piano, Op.28 22' BRAHMS: Sonata in E flat, Op.120 No.2 23' POULENC: Clarinet Sonata (1962) 13'

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2024

7 November 2023 | Magdalena Kuźma (soprano) & James Baillieu (piano)

SAMUEL BARBER: Knoxville: Summer of 1915 17’ RACHMANINOV: Six Romances, Op.38 16’ CHOPIN: 2 Songs, Op. 74 4’ SIBELIUS: 4 Songs 11’ SAMUEL BARBER: Sure on this shining night

5 December 2023 | Adelphi Quartet

STRAVINSKY: 3 Pieces for String Quartet (1914) 7' BEETHOVEN: String Quartet in A minor, Op.132 44'

6 February 2024 | Jonathan Leibovitz (clarinet); Maciej Kułakowski (cello); Ariel Lanyi (piano)

FAURE: Piano Trio in D minor, Op.120 BRAHMS: Clarinet Trio in A minor, Op.114

27 February 2023 | Sterling Elliott (cello) & Joseph Havlat (piano)

DEBUSSY: Rêverie (1890) 5' RAVEL: Sonata Posthume VINCENT D'INDY: Lied, Op.19 (1884) 8' POULENC: Sonata for cello and piano, Op.143 NADIA BOULANGER: Three pieces for cello and piano

9 April 2024 | Charlotte Saluste-Bridoux (violin) & Joseph Havlat (piano)

SZYMANOWSKI: Myths, Op.30 (1915)

POULENC: Sonata for violin and piano, Op.119 SZYMANOWSKI, ARR. J. HAVLAT: Wysła burzycka from Kurpie Songs Op. 58 SZYMANOWSKI, ARR. J. HAVLAT: Bzicem kunia from Kurpie Songs Op. 58 SZYMANOWSKI, ARR. J. HAVLAT: A pod borem siwe kunie from Kurpie Songs Op. 58 SCHUBERT: Rondo brillant in B minor, D.895

YCAT 2024 International auditions

Photos: Kaupo Kikkas

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2024

The Final Auditions took place on Thursday 16 May at Wigmore Hall where seven finalists performed live across the day. This followed an exceptional year of 170 initial applications and live semi final auditions in both London and Kronberg, Germany. As a result of the live final performances, we were delighted to announce the selection of three finalists to join our roster of young artists.

The new YCAT artists selected in 2024 are: Fibonacci Quartet - string quartet Amiri Harewood - piano James Morley - cello

The members of the Jury for the Final Auditions were Caro Barnfield (Head of Music, Britten Pears Arts), Stephen McHolm (Director, Verbier Academy), Rachel Van Walsum (Director and Co-Founder Maestro Arts), James Murphy (CEO, Royal Philharmonic Society), Tanya Bannister (President, Concert Artists Guild, NY) and Alasdair Tait (Chief Executive and Artistic Director, YCAT).

“Being a YCAT Artist symbolises the opening of many avenues for an unlimited range of exciting and diverse experiences. It's early days, but I am confident that the direction our current scheming is going will lead to a plethora of opportunities catered to my interests. I've been watching the journeys of many close friends of mine who are also with YCAT, and the artistic and professional satisfaction it's provided them is indicative of the incredible influence and initiative this organisation possesses. No wild idea of mine has been dismissed or rejected, and I think that's the foundation of a fruitful relationship. I'm honoured to be on board!”

James Morley, cellist & selected YCAT Artist,

Following YCATs Final Auditions and Concert Artists Guild’s live finals in NY on 10 May 2024, the two organisations announced their 2024 shared artists. The jointly represented artists are violinists Amiri Harewood and Nathan Amaral.

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2024

21st Century Musician Toolkit

During the 2023-24 season, the 21st Century Musician Toolkit continued to evolve, offering essential support to emerging musicians worldwide.

In collaboration with industry experts, we delivered a comprehensive mix of resources—both direct and indirect—addressing various facets of a freelance musician’s career, along with one-on-one coaching for more personalised, interactive guidance.

This initiative has expanded YCATs reach, with related web pages attracting over 7,000 visits last season and social media content from the 21st Century Musician series reaching a combined audience of 53,000.*

*the way we are able to capture numbers means that we cannot spot duplicate visits, so our numbers are accurate but may account for some people viewing content more than once.

Tackling Performance Anxiety

In April, YCAT teamed up with Tonic Rider, the British Association of Performing Arts Medicine (BAPAM) and the Musicians’ Union (MU) to launch the third Musicians’ Mental Health Month campaign, focusing on mental health for early career musicians, with a particular focus this year on the issue of Performance Anxiety.

The month-long campaign saw a range of free sessions & resources, encouraging musicians to focus on their wellbeing and providing guidance on seeking advice and support. Alongside online resources, Marion Friend MBE delivered 10 1-2-1 career coaching sessions, and a dedicated free Performance Anxiety Workshop was set up with specialist mental health charity, Tonic Rider, with a total of 12 attendees. Charlotte Saluste-Bridoux also wrote the first blog contribution by a current YCAT Artist on her experience of Performance Anxiety.

Reaching over 16,400 freelance musicians from around the world (a 13% increase on the previous year), this campaign proved again to be a worthwhile and valuable offering, which will continue into 2025.

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2024

Continuing 1-2-1 Fundraising Guidance

Funding applications for postgraduate studies or project support are a common reality for many musicians; however, those just beginning their careers often feel unprepared and apprehensive about navigating the application process.

Following our collaboration with Young Arts Fundraisers (YAF) in 2023, we now offer ongoing access to expert fundraisers from leading organisations such as the Royal Albert Hall, Arts Council England, the Orchestra of the Age of Enlightenment, Goodenough College, and others. Through their generosity, we have facilitated 27 free, individual advice sessions to date, and this valuable programme is now established as a permanent feature of the Toolkit.

"The session with Andrew was very helpful, and I am grateful for the opportunity. I got some very good ideas about how to slightly re-word my proposal to make it as attractive as possible to funders, and had a chance to ask a few questions…. I would recommend it to people in a similar situation." 1- 2-1 Fundraising Session Participant

Career Spotlight Interviews

Recognising the importance of exploring diverse career pathways, a new series was launched in the 21st Century Musician Toolkit in 2024, highlighting music graduates who have pursued a variety of roles within the industry. Each individual participated in an in-depth interview, which was subsequently developed into a detailed ‘Career Spotlight’ case study hosted in the Toolkit as a blog post. The series aims to inspire and motivate early-career musicians by showcasing the breadth of opportunities available to individuals with musical training, as well as offering practical insights and advice on the steps and strategies that helped each individual achieve their current positions.

Featured so far are Benjamin Baker, violinist, former YCAT Artist and Festival Director; Etta Dainty, french horn player and Artist Manager, YCAT and Chris Howlett, cellist and entrepreneur. The series will continue into 2024-25.

Ongoing Challenges

The trustees have discussed various ongoing challenges that are not just relating specifically to the charity, but also more sector wide.

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2024

The charity is taking the following steps to mitigate some of the threats these 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 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 Burns GCB since 2017 and meets four times a year. The board approves annual organisational budgets and provides oversight to the charity's 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 by 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 2024

Risk statement

The trustees are constantly reviewing the major risks to the organisation. The charity has an ongoing official register, including systems and procedures to manage those risks. This is reviewed annually by the trustees. The major ongoing risk to the charity is the erratic nature and constant competitive pressure on fundraising, both from individuals and trusts and foundations. Like all small arts charities, YCAT is increasingly finding more regular sources of support to be less able to continue support at similar levels. YCAT are constantly monitoring both sources of funding, and are directing extra resources in the coming year towards increased time in preparing and researching appropriate sources of ongoing funding.

Public benefit

Trustees continue to refer 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 and are satisfied that YCAT’s work continues to fulfil all of these requirements. Ongoing strategic discussions at regular board meetings regularly focus on the charities mission and objectives and how they relate to the wider public benefit. YCAT has undertaken a thorough and successful Public Benefit Assessment by the Charity Commission, covering all aspects of YCAT’s ongoing activity. Details of this report are available upon request.

Financial review, reserves and investment policy

At the end of the 2023-24 fiscal year, the accounts are showing a surplus of £47,690. This figure takes into account net gains on investments of £10,205.

Whilst not shown in the official SORP accounts, YCAT also generated £295,189 of direct performance income for its artists. This amount has no material bearing on the ongoing financial performance of the Charity, though it does significantly demonstrate the impact of its work on behalf of its charitable beneficiaries.

The trustees remain committed to maintaining 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 set by the trustees equates to 9 months of core operating costs, which this year equates to £352,000. This is to enable the charity to continue to operate and also to adjust its operations in a controlled manner, should this become necessary.

At 31 August 2024 total charity funds were £946,165 of which £137,034 are endowments and restricted funds, £450,000 are designated funds leaving £359,131 as general unrestricted funds.

YCAT is fortunate to have benefitted from some significant legacies in recent years, with distributions received from these helping strengthen our overall funding position. For two of these legacies given as permanent endowments (Paul Woodhouse and Anthony Nesbitt) we are only able to deploy income, which is ring-fenced for our Wigmore Hall concert series.

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2024

The remaining three legacies (Desmond Tice, Michael Janson and Valerie Chinchen) have been redesignated by the trustees and are now held together in one ‘Strategic Reserve Fund’, which will be available both as an investment reserve and to support projects which in the trustees’ opinion will create lasting value for YCAT, helping with strategic development and building a sustainable future. This fund is in addition to the free reserves held, equating to 9 months of core operating costs.

For clarity of planning, to aid strategic ongoing fundraising potential, and to build a more sustainable development structure, the trustees propose to draw down from this designated ‘Strategic Reserve Fund’ over a period of ten years at a rate of approximately 10% a year.The trustees also have the ambition to use any additional legacy income to go toward meeting a longer-term sustainable target of £1 million for this designated fund, whilst supporting ongoing activity. Once this target is reached, trustees would aim to maintain the value of the fund for the long term and therefore reduce the annual draw down accordingly.

Over the past year, ‘Cash at bank’ fell from £763,297 to £739,926 but remains in a healthy position at 148% of our annual expenditure. This is constantly monitored by the trustees to ensure a workable level.

This year has seen a net gain on investments of £10,205. Trustees continue to review the appropriateness of the current placement and distribution of reserves in the light of market conditions. Investment vehicles are selected to provide a reasonable current income with good prospects of capital appreciation over time. These are currently M&G managed funds, both in bonds and equities which follow relatively conservative strategies - the provider is currently under review. Given that these managed funds are specifically designed for charitable investment, the trustees are satisfied by the ethical investment policies underpinning the aims of the funds.

M&G Equities investment Fund for Charities (Charifund) - Investment Policies (April 2024)

At least 70% of the fund is invested in equity securities and equity-related securities of companies across any sectors and market capitalisations, that are incorporated, domiciled, listed or do most of their business in the United Kingdom. The fund may also invest in other transferable securities, including the shares of non-UK companies, cash and near cash directly or via collective investment schemes (including funds managed by M&G).Companies involved in the production of tobacco are excluded from the investment universe. Derivatives may be used for efficient portfolio management and hedging.

M&G Charibond Charities Fixed Interest Fund - Investment Policy (April 2024)

At least 70% of the fund is invested in investment grade sterling denominated bonds issued by governments or companies.The fund may also invest in non-sterling denominated bonds, cash and near cash directly or via collective investment schemes (including funds managed by M&G). Derivatives may be used for efficient portfolio management and hedging.

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).

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Young Classical Artists Trust

Report of the trustees

For the year ended 31 August 2024

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 20 January 2025 and signed on their behalf by

T. Burns

Lord Burns - Chairman

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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 2024 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 the provisions available for small entities, in the circumstances set out in note 8 to the financial statements, 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.

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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.

15

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.

▪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.

16

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.

Date: 20 January 2025

Robert Wilson 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

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Young Classical Artists Trust

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

For the year ended 31 August 2024

Note
£
Income from:
Donations and legacies
3
-
Charitable activities:
Concerts and auditions
4
-
Artists' management
5
-
Investments
6
3,394
Total income
3,394
Expenditure on:
Raising funds
-
Charitable activities:
Concerts and auditions
3,394
Artists' management
-
Career development
-
Total expenditure
7
3,394
Net gains on investments
12
5,431
Net movement in funds
8
5,431
Reconciliation of funds:
Total funds brought forward
58,270
Total funds carried forward
63,701
Endowment		 Restricted Unrestricted
£
£
97,955
341,372
-
40,742
-
23,806
-
31,518
97,955
437,438
-
103,964
46,599
41,380
268,901
-
37,064
46,599
451,309
-
4,774
51,356
(9,097)
21,977
818,228
73,333
809,131		 2024
Total
£
439,327
40,742
23,806
34,912
538,787
103,964
91,373
268,901
37,064
501,302
10,205
47,690
898,475
946,165		 Restated
2023
Total
£
441,299
33,540
31,197
24,492
530,528
92,126
83,779
255,809
35,661
467,375
(5,922)
57,231
841,244
898,475

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 18 to the accounts.

Prior period expenditure has been restated to be prepared on a comparable basis with the revised current year methodology for expenditure allocations and expenditure categorisations. The prior year operating lease commitment disclosure has also been restated to reflect the correct committment.

18

Young Classical Artists Trust

Balance sheet

As at 31 August 2024

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
14
Net current assets
Net assets
17
Funds
18
Permanent endowment funds
Restricted income funds
Unrestricted funds:
Designated funds
General funds
Total charity funds		 £
93,516
739,926
833,442
(16,674)		 2024
£
2,152
127,245
129,397
816,768
946,165
63,701
73,333
450,000
359,131
946,165		 2023
£
657
117,040
117,697
58,158
763,297
821,455
(40,677)
780,778
898,475
58,270
21,977
575,235
242,993
898,475

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 20 January 2025 and signed on their behalf by

T. Burns

Lord Burns - Chairman

19

Young Classical Artists Trust

Statement of cash flows

For the year ended 31 August 2024

Net movement in funds
Adjustments for:
Depreciation charges
(Gain) / loss on investments
Dividends and interest from investments
(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
(Decrease) / 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		 2024
£
47,690
926
(10,205)
(34,912)
(35,358)
(24,003)
(55,862)
(2,421)
34,912
32,491
(23,371)
763,297
739,926		 2023
£
57,231
1,726
5,922
(24,492)
(4,619)
20,325
56,093
-
24,492
24,492
80,585
682,712
763,297

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

20

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

1. Accounting policies a) Basis of preparation and general information

Young Classical Artists Trust is a charitable company limited by guarantee registered in England and Wales. The registered office address is Somerset House West Wing, Strand, London, WC2R 1LA.

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 charity 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 a contract 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.

21

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

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:

Restated
2024 2023
Raising funds 22% 22%
Concerts and auditions 13% 13%
Artists' management 55% 56%
Career development 10% 9%

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 3 years straight line
Office fixtures and fittings 3 years straight line

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

22

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

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) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

o) 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.

p) 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.

23

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

1. Accounting policies (continued) 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.

2. Prior period comparatives: statement of financial activities

£
Income from:
Donations and legacies
-
Charitable activities:
Concerts and auditions
-
Artists' management
-
Investments
3,206
Total income
3,206
Expenditure on:
Raising funds
-
Charitable activities
Concerts and auditions
3,206
Artists' management
-
Career development
-
Total expenditure
3,206
Net losses on investments
(3,016)
(3,016)
Endowment
Net income / (expenditure) and
movement between funds		 Restricted
£
£
38,772
402,527
-
33,540
-
31,197
-
21,286
38,772
488,550
-
92,126
32,172
48,401
255,809
-
35,661
32,172
431,997
-
(2,906)
6,600
53,647
Unrestricted		 Restated
2023
Total
£
441,299
33,540
31,197
24,492
530,528
92,126
83,779
255,809
35,661
467,375
(5,922)
57,231

24

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

3. Donations and legacies

Donations and legacies
Grants - more than £5,000
Backstage Trust
The Countess of Munster Musical Trust
The Fresh Leaf Charitable Foundation
John Swire 1989 Charitable Trust
Kathleen Beryl Sleigh Charitable Trust
Stanley Thomas Johnson Trust
The Cosman Keller Art and Music Trust
The Hotspur Charitable Trust
The Storey Charitable Trust
Grants - £5,000 or less
29th May 1961 Charitable Trust
AD Power WIII Trust
Ann Driver Trust
David Family Trust
Maria Björnson Memorial Trust
Meuhin Competition Trust
Old Possum's Practical Trust
Royal Philharmonic Society
Salamander Charitable Trust
The Stanley Picker Trust
The Cecil Pilkington Charitable Trust
Grants - less than £1,000
Other
Donations - Individuals
Gift aid reclaimed
Legacies
Total donations and legacies		 Restricted
£
£
33,333
-
23,622
-
-
20,000
-
25,000
-
10,000
-
17,062
30,000
-
-
10,000
-
25,000
-
5,000
-
2,000
-
3,000
-
2,000
5,000
-
-
3,000
-
5,000
1,000
-
-
2,000
5,000
-
-
3,000
-
250
-
131,865
-
26,980
-
50,215
97,955
341,372
Unrestricted		 2024
Total
£
33,333
23,622
20,000
25,000
10,000
17,062
30,000
10,000
25,000
5,000
2,000
3,000
2,000
5,000
3,000
5,000
1,000
2,000
5,000
3,000
250
131,865
26,980
50,215
439,327

No government grants were received in either the current or prior year.

25

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

3.
Donations and legacies (continued)
Prior period comparative
Grants - more than £5,000
Bertarelli Foundation
The Countess of Munster Musical Trust
E J Thompson Memorial Fund
The Fresh Leaf Charitable Foundation
Grove End
Harriet's Trust
John Swire 1989 Charitable Trust
Kathleen Beryl Sleigh Charitable Trust
Louise Kaye
The Cosman Keller Art and Music Trust
The Hotspur Charitable Trust
The Storey Charitable Trust
Grants - £5,000 or less
29th May 1961 Charitable Trust
AD Power WIII Trust
American Friends of Wigmore Hall
Ann Driver Trust
Michael Warson Charitable Trust
Old Possum's Practical Trust
Philip Douglas
Other
Donations - Individuals
Donations - Corporate
Gift aid reclaimed
Legacies
Total donations and legacies
4.
Concerts and auditions
Concert ticket sales
Audition fees		 Restricted
£
£
-
24,993
21,572
-
-
10,000
-
20,000
-
25,000
-
15,250
-
25,000
-
10,000
-
10,000
-
30,000
-
10,000
15,000
24,999
-
5,000
-
2,000
-
4,052
-
4,000
-
5,000
-
5,000
2,200
-
-
82,403
-
10,833
-
10,382
-
68,615
38,772
402,527
2024
Restricted
Total
£
£
£
-
33,741
33,741
-
7,001
7,001
-
40,742
40,742
Unrestricted
Unrestricted		 2023
Total
£
24,993
21,572
10,000
20,000
25,000
15,250
25,000
10,000
10,000
30,000
10,000
39,999
5,000
2,000
4,052
4,000
5,000
5,000
2,200
82,403
10,833
10,382
68,615
441,299
2023
Total
£
28,666
4,874
33,540

All income from concerts and auditions was unrestricted in 2023.

26

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

5. Artists' management

Commission
BBC income
Partnership income		 £
£
-
14,806
-
1,500
7,500
-
23,806
Restricted Unrestricted		 2024
2023
Total
Total
£
£
14,806
14,697
1,500
16,500
7,500
-
23,806
31,197

All income from artists' management was unrestricted in 2023.

6. Investment income

Investment income
Endowment
£
£
Dividend income
3,394
3,231
Bank interest
-
28,287
3,394
31,518
Prior period comparative
Endowment
£
£
Dividend income
3,206
2,954
Bank interest
-
18,332
3,206
21,286
Unrestricted
Unrestricted		 2024
Total
£
6,625
28,287
34,912
2023
Total
£
6,160
18,332
24,492

27

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

7. Total expenditure

Total expenditure
Staff Costs (note 9)
Artist Management
Rent, Rates and Service Charge
Concert Expenditure
Marketing and Communciations
Auditons: Semi Finals and Finals
Office Support
Fundraising
Travel, Subsistence and entertainment
Composer Fellowship
Insurance
Accountancy & Audit
Bank Interest and Charges
Sub-total
Allocation of support and governance costs
Total expenditure		 Artists'
management
£
133,545
30,610
-
-
-
-
-
-
3,906
4,000
-
-
-
172,061
96,840
268,901		 £
32,051
-
-
21,624
-
14,408
-
-
-
-
-
-
-
68,083
23,290
91,373
Concerts and
auditions		 Career
Development
£
19,943
835
-
-
-
-
-
-
-
-
-
-
-
20,778
16,286
37,064		 Raising
funds
£
55,911
-
-
-
-
-
-
9,352
-
-
-
-
-
65,263
38,701
103,964		 £
114,670
-
24,698
-
14,501
-
10,069
-
337
-
2,504
6,787
1,551
175,117
(175,117)
-
Support and
governance
costs		 2024 Total
£
356,120
31,445
24,698
21,624
14,501
14,408
10,069
9,352
4,243
4,000
2,504
6,787
1,551
501,302
-
501,302

Total governance costs for the year were £5,307 (2023: £5,087)

28

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

For the year ended 31 August 2024
7.
Total expenditure
Prior period comparative (restated)
Staff Costs (note 9)
Artist Management
Rent, Rates and Service Charge
Concert Expenditure
Marketing and Communciations
Auditons: Semi Finals and Finals
Office Support
Fundraising
Travel, Subsistence and entertainment
Insurance
Accountancy & Audit
Bank Interest and Charges
Sub-total
Allocation of support and governance costs
Total expenditure		 £
130,867
26,990
-
-
-
-
-
-
2,944
-
-
-
160,801
95,008
255,809
Artists'
management		 £
30,952
-
-
22,924
-
7,847
-
-
-
-
-
-
61,723
22,056
83,779
Concerts and
auditions		 Career
development
£
20,092
300
-
-
-
-
-
-
-
-
-
-
20,392
15,269
35,661		 Raising
funds
£
51,587
-
-
-
-
-
-
3,214
-
-
-
-
54,801
37,325
92,126		 £
103,173
-
27,333
-
13,471
-
13,590
-
1,443
2,400
6,286
1,962
169,658
(169,658)
-
Support and
governance
costs		 Restated
2023 Total
£
336,671
27,290
27,333
22,924
13,471
7,847
13,590
3,214
4,387
2,400
6,286
1,962
467,375
-
467,375

29

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

8. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' reimbursed expenses
Trustees' remuneration
Auditors' remuneration:
Statutory audit (excluding VAT)
Other services (excluding VAT)		 2024
£
926
23,981
Nil
Nil
4,750
2,037		 2023
£
1,726
24,537
Nil
Nil
4,500
1,786

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements. Our auditors have also provided payroll services to the charity during the year.

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension contributions
Freelance staff
Other staff related costs		 2024
£
287,819
24,629
26,766
14,114
353,328
2,792
356,120		 2023
£
272,936
25,719
23,888
12,393
334,936
1,735
336,671

One employee earned between £90,000 and £100,000 during the year (2023: One employee earned between £90,000 and £100,000).

Average head count 2024
No.
8.0		 2023
No.
8.0

The key management personnel comprise the trustees and the Chief Executive Officer. Total employee benefits paid to the key management personnel were £118,409 (2023: £111,234).

10. Taxation

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

30

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

11. Tangible fixed assets

Tangible fixed assets
Cost
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
Depreciation on disposal
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 £
5,180
2,421
(1,473)
6,128
4,523
926
(1,473)
3,976
2,152
657
Computer
equipment		 Total
£
5,180
2,421
(1,473)
6,128
4,523
926
(1,473)
3,976
2,152
657

12. Investments

£
M&G Charifund (Woodhouse)
38,599
M&G Charibond (Woodhouse)
10,187
M&G Charifund (Nesbitt)
7,355
M&G Charibond (Nesbitt)
2,130
M&G Charifund (Tice)
36,099
M&G Charibond (Tice)
22,670
117,040
Market value at 1
September 2023		 Additions
at cost
£
-
-
-
-
-
-
-		 Disposal
proceeds
£
-
-
-
-
-
-
-		 £
£
4,158
42,757
397
10,584
793
8,148
83
2,213
3,889
39,988
885
23,555
10,205
127,245
Unrealised
gains /
(losses)
Market
value at 31
August
2024

31

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

13. Debtors

Trade debtors
Other debtors
VAT debtor
Prepayments
Accrued income
Gift Aid recoverable		 2024
£
140
14,941
4,050
10,327
38,333
25,725
93,516		 2023
£
1,052
12,193
3,788
26,350
4,412
10,363
58,158

14. Creditors : amounts due within 1 year

Trade creditors
Accruals
Other taxation and social security		 2024
£
1,045
8,517
7,112
16,674		 2023
£
24,901
7,289
8,487
40,677

15. 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		 2024
£
1,693
1,433
(3,126)
-		 2023
£
9,469
1,707
(11,176)
-

16. Contingent assets

There are some legacies which have been notified to the charity at 31 August 2024 for which the amount receivable cannot be reliably ascertained. These financial statements do not include any estimated future amounts recievable. Indications are that the estimated value of these potential legacies is in the region of £150k.

32

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

For the year ended 31 August 2024
17.
£
Fixed assets
-
Investments
63,701
Current assets
-
Current liabilities
-
Net assets at 31 August 2024
63,701
Prior period comparatives
£
Fixed assets
-
Investments
58,270
Current assets
-
Current liabilities
-
Net assets at 31 August 2023
58,270
Endowment
funds
Endowment
funds
Analysis of net assets between funds		 £
£
-
-
-
63,544
73,333
386,456
-
-
73,333
450,000
£
£
-
-
-
58,770
21,977
516,465
-
-
21,977
575,235
Restricted
funds
Restricted
funds
Designated
funds
Designated
funds		 £
2,152
-
373,653
(16,674)
359,131
£
657
-
283,013
(40,677)
242,993
General
funds
General
funds		 Total
funds
£
2,152
127,245
833,442
(16,674)
946,165
Total
funds
£
657
117,040
821,455
(40,677)
898,475

33

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

18. Movements in funds

Movements in funds
£
Endowment funds:
58,270
58,270
Restricted funds:
Backstage Trust
-
-
Douglas Fund
2,200
EJT Memorial Fund
6,500
Hardship Fund
3,277
-
-
-
-
10,000
21,977
Unrestricted funds
Designated funds:
Chinchen legacy
120,000
Janson legacy
381,154
Tice legacy
74,081
-
575,235
General funds
242,993
818,228
Total funds
898,475
Total endowment
funds
Restricted Permanent
Fund
The Storey Charitable
Trust
Cosman Keller Art &
Music Foundation
Royal Philharmonic
Society
Maria Björnson
Memorial Fund
Stanley Picker Trust
At 1
September
2023
YCAT Strategic
Initiative Fund
The Countess of
Munster Musical Trust
Total unrestricted
funds		 Income
£
3,394
3,394
33,333
30,000
-
-
-
5,000
1,000
5,000
23,622
-
97,955
35,454
-
3,231
-
38,685
398,753
437,438
538,787		 £
(3,394)
(3,394)
-
(3,000)
(2,200)
(3,500)
(3,277)
-
(1,000)
-
(23,622)
(10,000)
(46,599)
-
-
(3,231)
-
(3,231)
(448,078)
(451,309)
(501,302)
Expenditure		 Gains and
(losses)
£
5,431
5,431
-
-
-
-
-
-
-
-
-
-
-
-
-
4,774
-
4,774
-
4,774
10,205		 -
-
-
-
-
-
-
-
-
-
-
-
-
(155,454)
(381,154)
(78,855)
450,000
(165,463)
165,463
-
-
Transfers
between
funds		 £
63,701
At 31
August
2024
63,701
33,333
27,000
-
3,000
-
5,000
-
5,000
-
-
73,333
-
-
-
450,000
450,000
359,131
809,131
946,165

34

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

18. Movements in funds (continued) Purposes of endowment funds Restricted Permanent Fund

Permanent restricted endowment funds comprising of Paul Woodhouse and Anthony Nesbitt Funds. Any revenue generated from the endowments must be spent on the Wigmore Lunchtime Concerts.

Purposes of restricted funds

Backstage Trust

First year of a two-year grant (2023-25) to strengthen YCAT’s fundraising team and underpin activity that will help leverage charitable income and thereby contribute to YCAT’s strategic vision and future sustainability.

Cosman Keller Art & Music Foundation

A multi-year grant to a) support and foster a named string quartet (Fibonnaci Quartet 2024-25); enhance YCAT’s C21st Musicians’ Toolkit to benefit a wide community of musicians and c) to cover the costs associated with establishing and supporting a Composition Fellowship (2024-26).

Douglas Fund

A donation to fund a Delphian recording by YCAT artist Charlotte Saluste-Bridoux to produce and release a Delphian Records artist CD.

EJT Memorial Fund

A long term grant to support the development and promotion of talented young classical musicians through enhanced public performance and mentoring opportunities in the West Midlands area.

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 due to the international lockdown.

Maria Björnson Memorial Fund

A new grant contributing towards the ongoing costs of artist management for one YCAT artist in the next 3 years.

Royal Philharmonic Society

A one off grant to support the establishment of YCAT's inaugural Composer Fellowship. This specifically supports a short commission by James B Wilson for YCAT's 40th Anniversary Tour.

Stanley Picker Trust

A grant contributing towards the ongoing costs of artist management for YCAT artist Charlotte Spruit

The Countess of Munster Musical Trust

A grant to support a fixed-term Operations Assistant for YCAT, offering skills and learning opportunities in a range of areas, including artist management, promotion and general administration.

35

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

18. Movements in funds (continued)

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.

Purposes of designated funds

Chinchen legacy

The trustees have designated the legacy received from the estate of Valerie Chinchen 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 Chinchen 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.

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.

Tice Legacy

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.

YCAT Strategic reserve

The creation of a designated fund approved by the board, with a target to reach £1 million. Income generated can be drawn down to support day to day activities of the charity and capital to be drawn down, with approval from the board to ensure the long term sustainable future of the charity.

Transfers

During the year the trustees decided to combine all the designated legacy funds into a new YCAT Strategic Reserve, with the balance going to general unrestricted funds. Transfers totalling £615,463 were made between the designated funds in the year. A further transfer of £165,463 was made between designated and general unrestricted funds.

36

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

18. Movements in funds (continued) Prior period comparatives

£
Endowment funds:
61,286
61,286
Restricted funds:
Douglas Fund
-
EJT Memorial Fund
10,000
Hardship Fund
5,377
-
-
15,377
Unrestricted funds
Designated funds:
Chinchen legacy
-
Janson legacy
381,154
Tice legacy
76,987
458,141
General funds
306,440
764,581
Total funds
841,244
The Countess of
Munster Musical Trust
Total endowment
funds
Total unrestricted
funds
Total restricted funds
The Storey Charitable
Trust
At 1
September
2022
Restricted Permanent
Fund		 Income
£
3,206
3,206
2,200
-
21,572
15,000
38,772
-
-
2,979
2,979
485,571
488,550
530,528		 £
(3,206)
(3,206)
-
(3,500)
(2,100)
(21,572)
(5,000)
(32,172)
-
-
(2,979)
(2,979)
(429,018)
(431,997)
(467,375)
Expenditure		 £
(3,016)
(3,016)
-
-
-
-
-
-
-
-
(2,906)
(2,906)
-
(2,906)
(5,922)
Gains and
(losses)		 £
-
-
-
-
-
-
-
120,000
-
-
120,000
(120,000)
-
-
Transfers
between
funds		 £
58,270
At 31
August
2023
58,270
2,200
6,500
3,277
-
10,000
21,977
120,000
381,154
74,081
575,235
242,993
818,228
898,475

37

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2024

19. Operating lease commitments

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

Within 1 year
1 - 5 years
More than 5 years		 Restated
2024
2023
£
£
20,808
23,782
84,569
991
862
-
106,239
24,773
Property		 Restated
2024
2023
£
£
20,808
23,782
84,569
991
862
-
106,239
24,773
Property
24,773

20. Related party transactions

A Tait, the CEO, is also a trustee of The Ann Driver Trust. During the year YCAT received a grant of £3,000 (2023: £4,000) from the Ann Driver Trust. There are no amounts outstanding at year end.

A Tait and Sir S Robey, the CEO and a trustee, are also trustees of Britten Pears Arts. During the year the charity invoiced Britten Pears Arts £nil (2023: £186) for commission. There are no amounts outstanding at year end.

A Tait, the CEO is also a trustee of the Countess of Munster Musical Trust. During the year the charity received a grant of £23,622 (2023: £21,572) from the Countess of Munster Musical Trust, there are no unfulfilled conditions or amounts outstanding at the year end.

A Tait, the CEO is the partner of John Gilhooly, Artistic and Executive Director of Wigmore Hall. During the year, YCAT received £1,283 in commission on £15,495 fees invoiced on behalf of artists (2023: £881 commission on fees of £9,057). In addition, YCAT hired the hall eight times at a combined cost of £12,822 (2023: nine £13,217)

Angela Dixon, YCAT Trustee, is the CEO of Saffron Hall, a performance hall at which YCAT Artists are hired to perform. During the year, YCAT received £230 in commission on £3,443 invoiced on behalf of artists (2023 £69 commission on fees of £1,800)

Rachel Van Walsum, YCAT Trustee, is Chair of Board of Trustees of World Heart Beat Music Academy where YCAT held its semi final auditions. During the year YCAT were invoiced £450 (2023: £nil)

Julie Webb, YCAT Trustee, is Client Director of Howden Insurance who are YCAT's insurance broker. During the year YCAT were invoiced £1,047 (2023 £1,230) for insurance. In addition, Howdens Insurance is a Corporate Sponsor of YCAT £5,000 (2023 £10,000) and Howdens Ireland is a Corporate Sponsor £2,500 (2023 £nil)

During the year trustees and their close relatives made unrestricted donations totalling £65,570 (2023: £85,243). There were no unfilled conditions or amounts outstanding at the year end.

38