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← Young Classical Artists Trust

2025-08-31-accounts

Company no. 01783007 Charity no. 326490

Young Classical Artists Trust Report and Audited Financial Statements 31 August 2025

Young Classical Artists Trust

Reference and administrative details

For theyear ended 31 August 2025 For theyear ended 31 August 2025
Company number 01783007
Charity number 326490
Registered office 71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
Operational address Somerset House West Wing
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 resigned 20 January 2025
Michael Horridge
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 Blackrock (from September 2025)
PO Box 9038 PO Box 545
Chelmsford Darlington
CM99 2XF DL1 9TQ
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

Trustees Report 2024-25

Who We Are

The Young Classical Artists Trust (YCAT) exists to discover, nurture and support the most exceptional young classical musicians, easing their progression from talented students to accomplished performers, and helping them build the foundations necessary for successful, sustainable and impactful international careers.

YCAT was founded in 1984 with the charitable objective “to promote “the arts and sciences”, and in particular “the art and science of music”, by assisting young musicians of moderate or limited means in such ways as to enable them to become self­supporting.”

Since then, YCAT has become a benchmark for excellence and expertise across the classical music landscape, and has been instrumental in the success of over 140 musicians, including Ian Bostridge CBE, Alison Balsom OBE, Joanna MacGregor CBE, Timothy Ridout, James Baillieu, and the renowned Belcea, Doric and Castalian String Quartets.

Its charitable work is delivered via two core strands of activity, supporting musicians aged 18-30 as they navigate this turbulent transition from education to professional life:

At the heart of all our work is a single goal: to equip exceptional young musicians with the tools, networks and resilience they need to flourish, bring joy to audiences, and shape the future of classical music.

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How we work

YCAT Artists

The transition from conservatoire studies to building and maintaining a sustainable career has never been more complex. Pathways are uncertain, competition is fierce, and young artists are expected to balance performance opportunities with a host of professional, creative and personal demands. YCAT provides a secure foundation, equipping artists with the support and tools needed to navigate these challenges successfully.

YCAT delivers a renowned annual international audition process, from which a small number of outstanding soloists and ensembles are selected. Those artists immediately join the current YCAT artist roster, benefiting from a uniquely holistic programme of support that goes far beyond performance opportunities.

Selected artists benefit from unparalleled visibility, opportunities and support built around the following framework:

This approach ensures that every YCAT Artist develops not just as a performer, but as a fully rounded musician equipped for a lifelong career. Alongside this core artist support, YCAT also works closely with the BBC Young Musician competition, providing a supportive and protective aftercare scheme for the competition finalists.

In 2024, the YCAT Composer Fellowship was established. Run in partnership with the Royal Philharmonic Society and supported by the Cosman Keller Art and Music Trust in memory of Hans Keller, the programme champions the next generation of composers whilst creating new artistic opportunities for YCAT Artists. An annual Fellow is commissioned to write two chamber works in collaboration with YCAT musicians, which are premiered in regional UK concerts, including a Wigmore Hall lunchtime recital, and professionally recorded.

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Outreach and Engagement

Alongside the work with its artists, YCAT leads a range of initiatives that extend its impact to the wider musical community.

The core of this work is the 21st Century Musicians’ Toolkit . Hosted on the YCAT website, the Toolkit provides a digital library of constantly evolving content designed to equip young classical musicians outside of our roster with practical, relevant tools and signposting that opens their eyes to the full spectrum of modern music careers - the skills they need, the realities they’ll face, and the confidence to build sustainable, self-directed paths. YCAT provides this Toolkit free of charge to all emerging freelance musicians, alongside a monthly newsletter.

The UK Artists Directory , developed with the Countess of Munster Musical Trust and the Tillett Trust, is a free digital platform that expands visibility for selected early-career musicians across the UK. Alongside UK-based YCAT Artists and musicians on the Munster and Tillett schemes, a wider pool of Associate Artists is featured, ensuring opportunities extend beyond our own roster. The Directory gives regional music clubs and societies easy access to high-quality performers, increasing national exposure for musicians and supporting the grassroots infrastructure of classical music in the UK.

Achievements and performance

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YCAT 40th Anniversary

To celebrate YCAT's 40th anniversary, the charity delivered a year-long programme of activity designed to raise the organisation's profile, enhance its reputation, and create new opportunities for both donor engagement and artist performance across Europe.

Launch Event at 10 Downing Street

The anniversary year was launched at a special event at Downing Street on 27 November 2024, hosted in the presence of the Chancellor of the Exchequer, the Right Honourable Rachel Reeves. This prestigious event brought together existing high-level donors and supporters alongside new contacts. Performances by Amiri Harewood and the Fibonacci Quartet provided the backdrop for the launch of YCAT's £1 million anniversary appeal, which continues to support the charity's strategic sustainability and future activities.

Anniversary European Tour

The centrepiece of the anniversary year was a Europe-wide concert tour in February 2025, bringing together past and present YCAT artists in an extraordinary collaboration. The tour began with four days of rehearsals and performances in Bavaria at Schloss Elmau, where the opening concert featured a special appearance by Ian Bostridge CBE and James Baillieu. The programme opened with Microcosm , a new commission by young composer, James B. Wilson, supported by the Royal Philharmonic Society, followed by ColeridgeTaylor's Nonet and Schubert's Octet.

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Trustees Report 2024-25

The touring ensemble comprised Sini Simonen, Hana Chang, Timothy Ridout, Maciej Kułakowski, Dominic Seldis, Benjamin Goldscheider, Amy Harman, Armand Djikoloum, Jonathan Leibovitz, and James Baillieu. Following the Schloss Elmau residency, the tour continued to the Tauber Philharmonie in Weikersheim, Cologne Philharmonie, London's Wigmore Hall, Amsterdam's Concertgebouw, and concluded at the Pierre Boulez Saal in Berlin. A final performance of the programme took place at the Aldeburgh Festival in June.

Anniversary Artist Award

At the annual auditions in May 2025, YCAT launched the inaugural Anniversary Artist Award. This annual award, given to a selected artist from the final auditions, provides comprehensive career support including a recording on Delphian Records, high-quality introductory video material and photography, a Wigmore Hall lunchtime recital in their first year as a YCAT artist, and debut performances in major European concert halls.

YCAT Artists 2024-25

YCAT's 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 588 performances across over 20 countries, with 53% taking place throughout the UK.

The range of engagements demonstrates the unique platform that YCAT offers these artists at a time when opportunities are increasingly competitive. YCAT's work also contributes vitally to the financial sustainability of artists' developing careers, with a significant proportion of their overall income generated through YCAT-secured performances.

In 2024-25, YCAT secured £540,000 of concert income for the artists. While this provides a degree of financial stability as artists develop their individual performing profiles, the financial pressures facing talented young professional musicians remain substantial. Beyond the creative necessity of performing to diverse audiences and venues - including lower-paid engagements essential for visibility - artists face exponentially increasing travel costs and bureaucratic requirements year on year. The sustained support and opportunities that YCAT provides have never been more important.

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Performance Locations 2024-25

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Trustees Report 2024-25

YCAT Wigmore Hall Lunchtime Series – Regional

touring

YCAT’s lunchtime concert series at Wigmore Hall remains a cornerstone of performance activity for its artists, offering a prestigious platform at a pivotal stage in their careers. Regional tours leading up to these recitals provide additional valuable performance experience while enabling YCAT Artists to connect with local communities across the UK who might not otherwise have access to live music of this calibre. Key regional partners include:

St Georges, Bristol

Birmingham Conservatoire

Royal Welsh College of Music and Drama

Leeds College of Music

Saffron Hall

Theatre Clywd, North Wales

Holywell Room, Oxford

London School of Economics

The 24-25 season featured a varied programme of solo and chamber performances by YCAT artists, reflecting the breadth and calibre of talent across the roster:

Tuesday 1 October 2024 | Atenea Quartet

Tuesday 22 October 2024 | Charlotte Spruit, violin

Tuesday 5 November 2024 | Trio Concept

Tuesday 3 December 2024 | Ignas Macknickas, piano Tuesday 4 February 2025 | Hana Chang, violin [pianist: Jonathan Ware]

Tuesday 4 March 2025 | Will Duerden, double bass [pianist: Svitlana Kosenko] Tuesday 1 April 2025 | Njioma Grevious-Chinyere, violin [pianist: Joseph Havlat] Tuesday 15 April 2025 | Sterling Elliott, cello [pianist: Joseph Havlat]

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Trustees Report 2024-25

YCAT 2025 International auditions

The 2025 Final Auditions took place on Thursday 22nd 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, YCAT was delighted to announce the selection of four finalists to join its roster of young artists

The new YCAT artists selected in 2025 are: Petar Pejčić - cello

Samrat Majumder - guitar Kasparas Mikužis - piano Matteo Cimatti - violin

The inaugural recipient of the 40th Anniversary Artist award, to be made annually to one selected artist and offering enhanced support during their first year, was guitarist Samrat Majumder , recognised for his exceptional talent and clear artistic vision. He was also selected as a joint YCAT–CAG Artist, reflecting the continued strength of YCAT’s partnership with the Concert Artists Guild (CAG) in New York, now in its sixth year, which broadens transatlantic opportunities for emerging artists.

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Trustees Report 2024-25

The panel responsible for selecting these exceptional artists comprised Caro Barnfield, Music Programme Director at Britten Pears Arts; Guido Gaertner, former Managing Director and Intendant, Bremer Philharmonker; Philip Noyce, former Managing Editor, Classic FM; Rachel vanWalsum, Director and co-founder of Maestro Arts; Stephen McHolm, Director of the Verbier Academy; Tanya Bannister, President of Concert Artists Guild, NY; and Alasdair Tait, Chief Executive and Artistic Director of YCAT.

21st Century Musician Toolkit

During the 2024-25 season, the 21st Century Musician Toolkit continued to grow in scope and impact, providing vital guidance to emerging freelance musicians worldwide. Working closely with industry specialists, YCAT delivered a dynamic blend of digital resources and coaching covering the practical and creative aspects of building a sustainable career.

This work significantly extends YCAT's reach, with Toolkit web pages receiving over 7,800 visits last season (a 15% increase on the previous year) and a mailing list of over 1,300 subscribers.

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Trustees Report 2024-25

Musicians' Mental Health Month

In April 2025, YCAT delivered the fourth annual Musicians' Mental Health Month in partnership with Tonic Music, BAPAM, and the Musicians' Union. This year's campaign focused on "Coping Strategies," offering musicians tools to manage emotional and psychological pressures within the industry. Ten free one-to-one coaching sessions with Marion Friend MBE were in high demand, highlighting the continued need for personalised mental health support. A group workshop led by Tonic Music was attended by four musicians, providing practical tools and a supportive space for shared learning. Health and Wellbeing web pages saw a 12% increase in visits during April compared to the previous year, with campaign posts achieving a social media reach of 9,600.

Hearing Health Campaign

Clinical Lead at Harley Street Hearing and Musicians' Hearing Services, Fiona Butterworth, contributed an article exploring hearing health for musicians, offering practical advice and raising awareness of the Musicians' Hearing Health Scheme delivered in partnership with Help Musicians. The campaign achieved a social media reach of 6,900 with a 5.2% engagement rate and the article has received 165 views on the Toolkit website.

Career Spotlight Series

The Career Spotlight series highlights diverse career paths available to classically trained musicians through practical interviews and case studies, helping emerging musicians understand how their skills can open doors beyond traditional performance roles. This season, violinist and founder of Her Ensemble, Ellie Consta, shared her journey as a freelance musician and artistic leader. Her interview became the most popular case study to date, with 565 webpage visits.

1:1 Funding Advice

YCAT's free one-to-one fundraising support scheme offers early-career musicians personalised guidance on funding applications through 30-minute sessions with volunteer fundraising professionals. Since launch, the scheme has delivered 31 individual sessions at no charge to participants.

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Young Classical Artists Trust

Trustees Report 2024-25

Plans for the Future

A key strategic initiative emerging from YCAT's successful 40th anniversary year is the development of various week-long residency programmes, bringing together past and present YCAT artists. This natural mentoring approach enables emerging artists to benefit from the professional experience and networks of established artists, whilst developing collaborative musical projects and receiving career guidance from those already established in the profession. This residency model represents a significant evolution in how YCAT supports its beneficiaries' long-term career development.

Building on existing relationships, YCAT already has clear plans to develop residencies, both in the UK and internationally, with programmes already in development in Germany, Switzerland, Italy, and potentially Australia over the coming years. This international expansion serves the dual purpose of creating valuable opportunities for YCAT artists whilst simultaneously raising the charity's profile to wider international audiences, thereby generating further individual performance opportunities for the artists.

Key strategic aims for the coming years include:

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Trustees Report 2024-25

Ongoing Challenges

The trustees continue to monitor various ongoing challenges affecting both the charity specifically and the classical music sector more broadly.

Artist-related challenges : Costs for young artists emerging into the profession continue to increase significantly. Travel expenses, visa fees, and general living costs are rising substantially, whilst performance opportunities and fee levels remain largely stagnant. These factors, combined with reduced global performance opportunities, pose serious implications for early-career development. YCAT's established network and industry connections remain of crucial importance in providing the necessary support to mitigate these pressures on beneficiaries.

Internal charitable challenges : Key funders and major donors face mounting pressure from competing worthwhile causes, particularly following recent rounds of UK public funding decisions and cuts. Competition for limited philanthropic funds has intensified dramatically, requiring YCAT to develop additional strategic avenues for philanthropic support over the coming years. Additionally, YCAT has historically benefited from unexpected legacy giving, which by its nature remains highly unpredictable as a revenue stream.

The charity is taking the following steps to mitigate these challenges:

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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:

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. The Objects of the charity are defined as promoting the arts and sciences and in particular the art and science of music by assisting young musicians of moderate or limited means (‘ beneficiaries ’) in such ways as to enable them to become self-supporting.

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 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 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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Trustees Report 2024-25

Risk Statement

The trustees constantly review the major risks to the organisation. The charity maintains an ongoing official risk register, including systems and procedures to manage those risks, which is reviewed annually by the trustees.

The three highest-rated risks currently facing YCAT are: the erratic nature of fundraising income and its impact on year-on-year planning; the increased competition for finite funding sources as regular funders wind down or reduce their support; and potential loss of IT data or cyber security breaches.

To mitigate fundraising volatility, YCAT is implementing a clear donor cultivation strategy, targeting multi-year donations, diversifying income sources through board networks, and developing a full cost recovery model that includes direct core costs. The charity maintains appropriate free reserves to buffer against income shortfalls and is adopting a CRM system to improve donor contact and income management. For IT security, YCAT utilises Google Workspace for built-in data protection, conducts bi-annual third-party security health checks, provides annual cybersecurity training to all employees, and administers quarterly phishing security tests.

Like all small arts charities, YCAT continues to direct significant resources toward researching and preparing funding applications for appropriate ongoing support sources.

Public Benefit

Trustees continue to consider current guidance contained in the Charity Commission’s general instructions on public benefit when reviewing the charity’s mission and objectives and in planning for the future. Ongoing strategic discussions at board meetings regularly focus on the charity’s core charitable objects and how they relate to the wider public benefit.

In particular, trustees consider four key categories that benefit the public, as highlighted in the official Charity Commission Public Benefit Assessment undertaken in 2010. These categories are

This 2010 Public Benefit Assessment concluded that “YCAT’s aims are for the public

benefit and that the trustees are administering it for the public benefit.” The Trustees are

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Trustees Report 2024-25

confident that this principle remains, demonstrated throughout this report by the various activities and achievements undertaken.

Financial review, reserves and investment policy

At the end of the 2024-25 fiscal year, the accounts are showing a surplus of £205,011. This figure takes into account net gains on investments of £23,557.

Whilst not shown in the official SORP accounts, YCAT also generated £540,000 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 trustees have agreed to ring fence an annual target level of general free reserves equating to 9 months of core operating costs. This is to enable the charity to continue to operate and also to adjust its operations in a controlled manner should this become necessary.

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.

Remaining historic legacies have been placed into a designated ‘Strategic Reserve Fund’. The Fund is available both as an investment reserve and to support activity which, in the Trustees’ opinion, will create lasting value for YCAT and its beneficiaries. In 2024-25, the Trustees set an ambition to increase the Fund’s value to £1M and it was augmented with new bequests and fundraised income derived from an ongoing Anniversary appeal.

The Strategic Reserve Fund will:

  1. Safeguard resource enough to fulfil the charity’s multi-year artist management commitment to YCAT artists should the charity face unanticipated financial challenges.

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Young Classical Artists Trust

Trustees Report 2024-25

  1. Balance inherent risk associated with the charity’s financial model which is highly dependent on annual fundraised income yet with very limited income streams, especially given the sector wide challenges for arts funding.

  2. Enable commitment to strategic plans and delivery that may extend beyond a 12 month cycle.

  3. Underpin YCAT’s ability to offer enhanced financial artist support when required. For clarity of planning, 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.

At 31 August 2025 total charity funds were £1,151,176 of which £69,549 are endowments and restricted funds, £705,000 are designated funds, leaving £376,627 as general unrestricted funds.

Over the past year, ‘Cash at bank’ increased from £739,926 to £832,466 and remains in a healthy position at 131% 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 £23,557. 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. During 2024-25, these continued to be M&G managed funds, both in bonds and equities which follow relatively conservative strategies. Since September 2025, Charibonds have been moved to a dedicated charitable managed fund with Blackrock. The remaining investments are 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 for the purposes of the 2024-25 accounts.[1]

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Young Classical Artists Trust

Trustees Report 2024-25

- M&G Charibond Charities Fixed Interest Fund Investment Policy (April 2025)

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 are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable application of resources, including company and the incoming resources and the net income or expenditure, of the charitable year. In preparing those financial companies for the statements the trustees are required to;

The trustees are at any time responsible for keeping proper accounting records which disclose the reasonable financial position of the charitable company and which enable them to ensure that the financial statements responsible for safeguarding 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.

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

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Young Classical Artists Trust

Trustees Report 2024-25

Auditors Godfrey Wilson Limited was 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 26 January 2026 and signed on their behalf by

Lord Burns, GCB 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 2025 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 other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within 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 (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the 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.

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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.

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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: 26 January 2026

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 2025

Note
£
Income from:
Donations and legacies
3
-
Charitable activities:
Concerts and auditions
4
-
Artists' management
5
-
Investments
6
3,527
Total income
3,527
Expenditure on:
Raising funds
-
Charitable activities:
Concerts and auditions
3,527
Artists' management
-
Career development
-
Total expenditure
7
3,527
Net gains on investments
12
2,015
Net movement in funds
8
2,015
Reconciliation of funds:
Total funds brought forward
63,701
Total funds carried forward
65,716
Endowment		 Restricted
£
32,068
-
-
-
32,068
-
101,568
-
101,568
-
(69,500)
73,333
3,833		 Unrestricted
£
650,646
54,002
39,700
35,481
779,829
121,570
59,928
303,215
44,162
528,875
21,542
272,496
809,131
1,081,627		 2025
Total
£
682,714
54,002
39,700
39,008
815,424
121,570
165,023
303,215
44,162
633,970
23,557
205,011
946,165
1,151,176		 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

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.

24

Young Classical Artists Trust

Balance sheet

As at 31 August 2025

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		 £
99,785
832,466
932,251
(64,378)		 2025
£
6,328
276,975
283,303
867,873
1,151,176
65,716
3,833
705,000
376,627
1,151,176		 2024
£
2,152
127,245
129,397
93,516
739,926
833,442
(16,674)
816,768
946,165
63,701
73,333
450,000
359,131
946,165

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 26 January 2026 and signed on their behalf by

Lord Burns - Chairman

25

Young Classical Artists Trust

Statement of cash flows

For the year ended 31 August 2025

Net movement in funds
Adjustments for:
Depreciation charges
Gain on investments
Dividends and interest from investments
Increase in debtors
Increase / (decrease) in creditors
Net cash provided / (used) by operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Purchase of listed investments
Proceeds from disposal of listed investments
Dividends and interest from investments
Net cash provided / (used) by investing activities
Increase / (decrease) 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		 2025
£
205,011
1,419
(23,557)
(39,008)
(6,269)
47,704
185,300
(5,595)
(330,000)
203,827
39,008
(92,760)
92,540
739,926
832,466		 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

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

26

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

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 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.

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.

27

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

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:

2025 2024
Raising funds 23% 22%
Concerts and auditions 13% 14%
Artists' management 55% 55%
Career development 9% 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.

28

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

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.

29

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

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
3,394
Total income
3,394
Expenditure on:
Raising funds
-
Charitable activities
Concerts and auditions
3,394
Artists' management
-
Career development
-
Total expenditure
3,394
Net gains on investments
5,431
5,431
Endowment
Net income / (expenditure) and
movement between funds		 Restricted
£
£
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)
Unrestricted		 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

30

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

3. Donations and legacies

Grants - £5,000 or more
29th May 1961 Charitable Trust
The Countess of Munster Musical Trust
Esmée Fairbairn Foundation
Grove End Housing
The Hotspur Charitable Trust
JP Jacobs Charitable Trust
Kathleen Beryl Sleigh Charitable Trust
Michael Watson Charitable Trust
The Storey Charitable Trust
TIOC Foundation
Grants - less than £5,000
Other
Donations - Individuals
Gift aid reclaimed
Legacies
Total donations and legacies		 Restricted
£
£
-
5,000
24,676
-
-
5,000
-
20,000
-
10,000
-
5,000
-
15,000
-
5,000
-
25,000
-
12,500
7,392
15,500
-
260,786
-
16,860
-
255,000
32,068
650,646
Unrestricted		 2025
Total
£
5,000
24,676
5,000
20,000
10,000
5,000
15,000
5,000
25,000
12,500
22,892
260,786
16,860
255,000
682,714

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

31

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

3.
Donations and legacies (continued)
Prior period comparative
Grants - £5,000 or more
29th May 1961 Charitable Trust
Backstage Trust
The Cosman Keller Art and Music Trust
The Countess of Munster Musical Trust
The Fresh Leaf Charitable Foundation
The Hotspur Charitable Trust
John Swire 1989 Charitable Trust
Kathleen Beryl Sleigh Charitable Trust
Maria Björnson Memorial Trust
Old Possum's Practical Trust
The Stanley Picker Trust
Stanley Thomas Johnson Foundation
The Storey Charitable Trust
Grants - less than £5,000
Other
Donations - Individuals
Gift aid reclaimed
Legacies
Total donations and legacies
4.
Concerts and auditions
Concert ticket sales
Audition fees
40th Anniversary tour		 Restricted
£
£
-
5,000
33,333
-
30,000
-
23,622
-
-
20,000
-
10,000
-
25,000
-
10,000
5,000
-
-
5,000
5,000
-
-
17,062
-
25,000
1,000
15,250
-
131,865
-
26,980
-
50,215
97,955
341,372
2025
Total
£
18,003
7,517
28,482
54,002
Unrestricted		 2024
Total
£
5,000
33,333
30,000
23,622
20,000
10,000
25,000
10,000
5,000
5,000
5,000
17,062
25,000
16,250
131,865
26,980
50,215
439,327
2024
Total
£
33,741
7,001
-
40,742

All income from concerts and auditions was unrestricted in the current and prior years.

32

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

5. Artists' management

Commission
BBC income
Partnership income		 2025
Total
£
23,700
12,000
4,000
39,700		 2024
Total
£
14,806
1,500
7,500
23,806

All income from artists' management was unrestricted in the current and prior years.

6. Investment income

Endowment
£
£
Dividend income
3,527
14,251
Bank interest
-
21,230
3,527
35,481
Prior period comparative
Endowment
£
£
Dividend income
3,394
3,231
Bank interest
-
28,287
3,394
31,518
Unrestricted
Unrestricted		 2025
Total
£
17,778
21,230
39,008
2024
Total
£
6,625
28,287
34,912

33

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

7. Total expenditure

Staff Costs (note 9)
Artist Management
Rent, Rates and Service Charge
Concert Expenditure
40th Annivesary Tour Costs
Marketing and Communciations
Auditons: Semi Finals and Finals
Office Support
Fundraising
Accountancy & Audit
Travel, Subsistence and entertainment
Composer Fellowship
Insurance
Irrecoverable VAT expense
Bank Interest and Charges
Sub-total
Allocation of support and governance costs
Total expenditure		 £
144,845
17,831
-
-
-
-
-
-
-
-
8,696
5,500
-
-
-
176,872
126,343
303,215
Artists'
management		 £
35,233
-
-
25,290
57,434
-
17,203
-
-
-
-
-
-
-
-
135,160
29,863
165,023
Concerts and
auditions		 Career
development
£
23,488
-
-
-
-
-
-
-
-
-
-
-
-
-
-
23,488
20,674
44,162		 Raising
funds
£
62,636
-
-
-
-
-
-
-
6,100
-
-
-
-
-
-
68,736
52,834
121,570		 £
125,271
-
27,855
-
-
13,410
-
12,898
-
9,968
1,259
-
2,536
31,243
5,274
229,714
(229,714)
-
Support and
governance
costs		 2025 Total
£
391,473
17,831
27,855
25,290
57,434
13,410
17,203
12,898
6,100
9,968
9,955
5,500
2,536
31,243
5,274
633,970
-
633,970

Total governance costs for the year were £5,551 (2024: £5,307).

34

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

7.
Total expenditure
Prior period comparative
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		 £
133,545
30,610
-
-
-
-
-
-
3,906
4,000
-
-
-
172,061
96,840
268,901
Artists'
management		 £
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

35

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

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)		 2025
£
1,419
26,301
Nil
Nil
5,000
1,824		 2024
£
926
24,537
Nil
Nil
4,750
2,037

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements and tax returns. 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		 2025
2024
£
£
312,402
287,819
25,569
24,629
28,357
26,766
20,769
14,114
Other staff related costs 387,097
353,328
4,376
2,792
391,473
356,120
2025
2024
No.
No.
Average head count
8
8
One employee earned between £90,000 and £100,000 during the year (2024: One employee
earned between £90,000 and £100,000).

The key management personnel comprise the trustees and the Chief Executive Officer. Total employee benefits paid to the key management personnel were £119,250 (2024: £118,409).

10. Taxation

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

36

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

11. Tangible fixed assets

Cost
At 1 September 2024
Additions
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Depreciation on disposal
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 £
6,128
5,595
(2,706)
9,017
3,976
1,419
(2,706)
2,689
6,328
2,152
Computer
equipment		 Total
£
6,128
5,595
(2,706)
9,017
3,976
1,419
(2,706)
2,689
6,328
2,152

12. Investments

M&G Charifund (Woodhouse)
M&G Charibond (Woodhouse)
M&G Charifund (Nesbitt)
M&G Charibond (Nesbitt)
M&G Charifund (Strategic Fund)
M&G Charibond (Strategic Fund)		 £
42,757
10,584
8,148
2,213
39,988
23,555
127,245
Market
value at 1
September
2024		 Additions
at cost
£
-
-
-
-
165,000
165,000
330,000		 Disposal
proceeds
£
-
(10,424)
-
(2,180)
-
(191,223)
(203,827)		 £
1,855
(160)
353
(33)
18,874
2,668
23,557
Gains /
(losses)		 £
44,612
-
8,501
-
223,862
-
276,975
Market
value at 31
August
2025

37

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

13. Debtors

Trade debtors
Other debtors
VAT debtor
Prepayments
Accrued income
Gift Aid recoverable		 2025
£
4,425
21,240
3,527
26,912
27,000
16,681
99,785		 2024
£
140
14,941
4,050
10,327
38,333
25,725
93,516

14. Creditors : amounts due within 1 year

Trade creditors
Accruals
Other taxation and social security
Other creditors		 2025
£
16,151
11,305
9,000
27,922
64,378		 2024
£
1,045
8,517
7,112
-
16,674

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		 2025
£
9,262
11,148
(20,410)
-		 2024
£
1,693
1,433
(3,126)
-

16. Contingent assets

There are some legacies which have been notified to the charity at 31 August 2025 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 £24,000 (2024: in the region of £150,000).

38

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

17. Analysis of net assets between funds

Endowment Restricted Designated General Total
funds funds funds funds funds
£ £ £ £ £
Fixed assets - - - 6,328 6,328
Investments 65,716 - 211,259 - 276,975
Current assets - 3,833 493,741 434,677 932,251
Current liabilities - - - (64,378) (64,378)
Net assets at 31 August 2025 65,716 3,833 705,000 376,627 1,151,176
Prior period comparatives
Prior period comparatives
Fixed assets Total
funds
£
£
£
£
£
-
-
-
2,152
2,152
Endowment
funds
Restricted
funds
General
funds
Designated
funds
Investments 63,701
-
63,544
-
127,245
Current assets -
73,333
386,456
373,653
833,442
Current liabilities -
-
-
(16,674)
(16,674)
Net assets at 31 August 2024 63,701
73,333
450,000
359,131
946,165

39

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

18. Movements in funds
£
Endowment funds:
63,701
63,701
Restricted funds:
-
Backstage Trust
33,333
27,000
5,000
5,000
EJT Memorial Fund
3,000
-
-
73,333
Unrestricted funds
Designated funds:
450,000
450,000
General funds
359,131
809,131
Total funds
946,165
Total endowment
funds
Restricted
Permanent Fund
Cosman Keller Art &
Music Trust
Royal Philharmonic
Society
Maria Björnson
Memorial Fund
Stanley Picker Trust
At 1
September
2024
YCAT Strategic
Initiative Fund
The Countess of
Munster Musical Trust
American Friends of
Wigmore Hall
Total unrestricted
funds		 Income
£
£
3,527
(3,527)
3,527
(3,527)
3,392
(3,392)
-
(33,333)
-
(29,500)
3,000
(5,000)
-
(1,667)
-
(3,000)
24,676
(24,676)
1,000
(1,000)
32,068
(101,568)
114,251
-
114,251
-
665,578
(528,875)
779,829
(528,875)
815,424
(633,970)
Expenditure		 Gains
and
(losses)
£
2,015
2,015
-
-
-
-
-
-
-
-
-
21,542
21,542
-
21,542
23,557		 -
-
-
-
-
-
-
-
-
-
-
119,207
119,207
(119,207)
-
-
Transfers
between
funds		 £
65,716
65,716
-
-
(2,500)
3,000
3,333
-
-
-
3,833
705,000
705,000
376,627
1,081,627
1,151,176
At 1
September
2025

40

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

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

American Friends of Wigmore Hall

A new grant to be applied to costs associated with presenting Sterling Elliot, Hana Chang and Njioma Grevious at YCAT's Wigmore lunchtime concert series in 2025.

Backstage Trust

Spending the 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.

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.

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.

Cosman Keller Art & Music Trust

Spending the first year of a three-year grant to support and foster a named string quartet (Fibonacci Quartet) and to cover the costs associated with establishing and supporting a Composition Fellowship (2024-26). The second year Composition Fellowship of £2,500 was paid in advance of receiving the second year grant.

The Countess of Munster Musical Trust

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

Stanley Picker Trust

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

41

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

18. Movements in funds (continued) Purposes of designated funds YCAT Strategic reserve

This is a designated fund approved by the board, with an ambition to reach £1M. The fund underpins YCAT’s core mission, building confidence to plan beyond a single financial year, safeguarding resources enough to honour the charity’s multi-year artist management commitment to YCAT artists should the charity face unanticipated financial challenges, and ensuring the charity’s long-term sustainability both operationally and in its strategic development. Income generated annually, and on occasion capital (with approval from the board), can be drawn down to support and enhance the work for early career artists. Initial capital from three unrestricted legacies has since been augmented by further bequests and fundraised income.

Transfers

During the year, the trustees decided to transfer £119,207 (representing contributions generated as a result of the 40th Anniversary Appeal) from the General Unrestricted Fund into the Designated YCAT Strategic Reserve Funds. During the prior 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.

42

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

18. Movements in funds (continued) Prior period comparatives

£
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
Stanley Picker Trust
The Countess of
Munster Musical Trust
The Storey
Charitable Trust
Royal Philharmonic
Society
Maria Björnson
Memorial Fund
YCAT Strategic
Initiative Fund
Cosman Keller Art &
Music Trust
Total endowment
funds
Total unrestricted
funds
Total restricted
funds
At 1
September
2023
Restricted
Permanent Fund		 Income
£
£
3,394
(3,394)
3,394
(3,394)
33,333
-
30,000
(3,000)
-
(2,200)
-
(3,500)
-
(3,277)
5,000
-
1,000
(1,000)
5,000
-
23,622
(23,622)
-
(10,000)
97,955
(46,599)
35,454
-
-
-
3,231
(3,231)
-
-
38,685
(3,231)
398,753
(448,078)
437,438
(451,309)
538,787
(501,302)
Expenditure		 £
5,431
5,431
-
-
-
-
-
-
-
-
-
-
-
-
-
4,774
-
4,774
-
4,774
10,205
Gains and
(losses)		 £
-
-
-
-
-
-
-
-
-
-
-
-
(155,454)
(381,154)
(78,855)
450,000
(165,463)
165,463
-
-
Transfers
between
funds		 £
63,701
63,701
33,333
27,000
-
3,000
-
5,000
-
5,000
-
-
73,333
-
-
-
450,000
450,000
359,131
809,131
946,165
At 31
August
2024

43

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

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
2025
2024
£
£
27,745
26,676
84,391
107,124
-
1,116
112,136
134,916
Property

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 (2024: £3,000) from the Ann Driver Trust. 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 £24,676 (2024: £23,622) 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 the Artistic and Executive Director of Wigmore Hall. During the year, YCAT received £433 in commission on £7,290 fees invoiced on behalf of artists (2024: £1,283 in commission on fees of £15,495). In addition, YCAT hired the hall 11 times at a combined cost of £21,278 (2024: 8 times for a total £12,822).

S Robey and A Tait, YCAT trustee and CEO, are respectivively the Chair of the board of trustees and a trusteeof Britten Pears Arts, performance halls at which YCAT Artists are hired to perform. During the year, YCAT received £170 in commission on £9,279 fees invoiced on behalf of artists (2024: £nil commission on fees of £nil.

S Robey, YCAT Trustee, is Chair of Board of Trustees and Kirsty MacDonald, YCAT Trustee (from 21 October 2024) is Deputy Principal (Advancement) at Royal Academy of Music where YCAT held its semi final auditions. During the year YCAT was invoiced £1,784 (2024: £nil).

A Dixon, YCAT Trustee until 20 January 2025, is the CEO of Saffron Hall, a performance hall at which YCAT Artists are hired to perform. During the year, YCAT received £nil in commission on £nil invoiced on behalf of artists (2024: £230 in commission on fees of £3,443).

R Van Walsum, YCAT Trustee, is Chair of Board of Trustees of World Heart Beat Music Academy where YCAT held its semi final auditions in the prior year. During the year YCAT were invoiced £nil (2024: £450).

J Webb, YCAT Trustee, is Client Director of Howden Insurance who are YCAT's insurance broker. During the year YCAT were invoiced £964 (2024 £1,047) for insurance. In addition, Howdens Insurance was a Corporate Sponsor of YCAT £nil (2024 £5,000) and Howdens Ireland was a Corporate Sponsor for £nil (2024: £2,500).

44

Young Classical Artists Trust

Notes to the financial statements

For the year ended 31 August 2025

20. Related party transactions (continued)

J Vaughan, YCAT Trustee, is principal of The Guildhall School of Music and Drama, a performance hall at which YCAT Artists are hired to perform. During the year, YCAT received £25 in commission on £300 fees invoiced on behalf of artists (2024: £nil commission on fees of £nil).

During the year trustees and their close relatives made unrestricted donations totalling £50,735 (2024: £65,570). There were no unfilled conditions or amounts outstanding at the year end.

45