2021-07-31-accounts - Yorkshire College Of Music And Drama

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Yorkshire College of Music and Drama

Charity number 529220

A company limited by guarantee number

Annual Report and Financial Statements

for the year ended 31 July 2021

Yorkshire College of Music and Drama

Annual Report and Financial Statements for the year ended 31 July 2021

Contents	Page
Trustees' report	2 to 3
Examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the accounts	7 to 11

Prepared by West Yorkshire Community Accounting Service

Yorkshire College of Music and Drama

Trustees' report for the year ended 31 July 2021

Reference and administrative details of the charity, its trustees and advisors

The trustees during the financial year and up to and including the date the report was approved were: Name

David Hughes John Varley Lee Wallace Nicholas Wayne

Charity number 529220 Registered in England and Wales Registered and principal address Bankers St Mark's House Barclays Bank plc 1 St Mark's Avenue 1 Churchill Place Leeds London LS2 9BN E14 5HP

Independent examiner

Claire Welling West Yorkshire Community Accounting Service Stringer House 34 Lupton Street Leeds LS10 2QW

Structure, governance and management

The charity is governed by a trust deed dated 14 October 1968.

Method of recruitment and appointment of trustees

The charity is in the form of a trust. New trustees may join at the invitation of the existing trustees.

Yorkshire College of Music and Drama

Trustees' report (continued) for the year ended 31 July 2021

Objectives and activities

The charity's objects

To promote the study of music, drama and the arts in and around the city of Leeds and in particular to continue to extend and develop the work hitherto carried on by the college.

The charity's main activities

The charitable aims of the Yorkshire College of Music & Drama include working in the community to bring music, and the love of playing and singing, to disadvantaged groups who would not normally be able to access music – lessons, participation and appreciation.

We work with schools which haven’t the budget or staff to provide music lessons for their pupils. We aim to engage with a wide range of groups such as the elderly, the young, people with physical or learning difficulties and groups of socially or physically excluded people so they can enjoy the pleasure of music by simply listening or, hopefully, joining in.

Public benefit statement

In setting our objectives and planning our activities our Trustees have given serious consideration to the Charity Commission’s general guidance on public benefit and in particular the advancement of education, the arts, culture, heritage and science.

Achievements and performance

The Charity has provided subsidised access to music – tuition, appreciation and participation – to those who would not normally have such access for reasons of economic, cultural, physical or mental disadvantages.

The charity underwent a re-branding exercise in 2020/21, creating the delivery brand "Music House". It was felt that this better reflected the progressive and broader based aspiration of the charity in reaching out to diverse communities across the City of Leeds

Financial review

The net expenditure for the year was £36,554, all on unrestricted funds.

Reserves policy

The charity's free reserves, excluding fixed assets and investments, at the year end were £14,283. In addition to this there are invesments held valued at £345,261 at the year end date.

The Trustees aim to provide music lessons at a price that covers the direct costs of the tutor and a contribution to the overheads of the College. The reserves that have been built up since 1968 are to provide against the risk of shortfalls in the income received.

Signed on behalf of the board of trustees on 28/3/2022

David Hughes (Trustee)

Yorkshire College of Music and Drama

Independent examiner's report to the trustees of Yorkshire College of Music and Drama

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 July 2021, which are set out on pages 5 to 11.

Responsibilities and basis of report

As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act; 2 the accounts do not accord with those records; or
3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Claire Welling

28/3/2022

West Yorkshire Community Accounting Service

Stringer House 34 Lupton Street Leeds LS10 2QW

Yorkshire College of Music and Drama

Statement of Financial Activities

(including summary income and expenditure account) for the year ended 31 July 2021

Notes 2021 Unrestricted funds £ Income from: Grants and donations (2) 26,143 Tuition fees 61,601 Room hire 3,794 Bank Interest 6 Other income 775 Total income 92,319 Expenditure on: Salaries, NI and pensions (3) 49,021 Tutors' fees 57,610 Other tuition costs 1,590 Marketing and public relations 7,774 Property lease charges 45,208 Rates 2,115 Utilities and water 3,853 Cleaning and refuse 3,676 Repairs and maintenance 5,293 Health and safety 1,087 IT maintenance and software 740 Printing, postage and stationery - Telephone and internet 3,313 Equipment lease costs 3,548 Insurance 3,084 Food and refreshments 341 Investment management fees 4,666 Bank charges 782 Accountancy and independent examination 3,504 Depreciation 676 Sundry expenses 708 Total expenditure 198,589 Net gains/(losses) on investments 69,716 Net income / (expenditure) (36,554) Fund balances brought forward 399,933 Fund balances carried forward (4) 363,379	2021 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4,193 4,193	2021 Total funds £ 26,143 61,601 3,794 6 775 92,319 49,021 57,610 1,590 7,774 45,208 2,115 3,853 3,676 5,293 1,087 740 - 3,313 3,548 3,084 341 4,666 782 3,504 676 708 198,589 69,716 (36,554) 404,126 367,572	2020 Total funds £ 10,000 63,677 16,994 - 7,589 98,260 23,584 67,552 1,676 12,055 42,500 4,624 5,609 2,873 7,229 352 319 912 2,778 6,139 3,485 584 4,102 994 1,020 796 5,323 194,506 1,148 (95,098) 499,224 404,126

All incoming resources and resources expended derive from continuing activities.

Yorkshire College of Music and Drama

Balance sheet

as at 31 July 2021 2021 Unrestricted £ Fixed assets Tangible assets (5) 3,835 Investments (6) 345,261 Total fixed assets 349,096 Current assets Debtors and prepayments (7) 12,169 Cash at bank 3,134 Total current assets 15,303 Current liabilities: amounts falling due within one year Accruals 1,020 Total current liabilities 1,020 Net current assets / (liabilities) 14,283 Total assets less current liabilities 363,379 Net assets 363,379 Funds Unrestricted funds 363,379 Restricted funds - Total funds 363,379	2021 Restricted £ - - - - 4,193 4,193 - - 4,193 4,193 4,193 - 4,193 4,193	2021 Total £ 3,835 345,261 349,096 12,169 7,327 19,496 1,020 1,020 18,476 367,572 367,572 363,379 4,193 367,572	2020 Total £ 4,511 389,211 393,722 1,382 14,784 16,166 5,762 5,762 10,404 404,126 404,126 399,933 4,193 404,126

The financial statements were approved by the board of trustees on 25/3/2022

David Hughes (Trustee)

Yorkshire College of Music and Drama

Notes to the accounts

for the year ended 31 July 2021

1 Accounting policies

Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and with the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102. There has been no change to the accounting policies since last year. No changes have been made to the accounts for previous years.

Going concern

The trustees are satisfied that there are no material uncertainties about the charity's ability to continue.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to the resources, it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability.

Grants and donations

Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Where grants are related to performance and specific deliverables, they are accounted for as the charity earns the right to consideration by its performance.

Investments

Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

Expenditure and liabilities

Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.

Taxation

As a charity the organisation benefits from rates relief and is generally exempt from income tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

Tangible fixed assets

Tangible fixed assets are capitalised and included at cost including any incidental expenses of acquisition. Gifted assets are shown at the value to the charity on receipt.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows: Project and office equipment: 15%

Pensions

The charity operates a defined contribution scheme for the benefit of its employees. The costs of contributions are recognised in the year they are payable.

Yorkshire College of Music and Drama

Notes to the accounts continued

for the year ended 31 July 2021

1 Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

Leases

Rents under operating leases are charged on a straight line basis over the lease term or to an earlier date if the lease can be determined without financial penalty.

2 Grants and donations Leeds City Council 3 Staff costs and numbers Gross salaries Pensions	2021 Unrestricted funds £ 26,143 26,143	2021 Restricted funds £ - -	2021 Total funds £ 26,143 26,143 2021 £ 48,311 710 49,021	2020 Total funds £ 10,000 10,000 2020 £ 23,047 537 23,584

The average number employees during the year was 2, being an average of 1.7 full time equivalent (2020: 1, 1 FTE).

Defined contribution pension scheme Costs of the scheme to the charity for the year 4 Restricted funds Balance b/f £ Derek Blackwell bursary 4,043 W Robinson Memorial Fund 150 4,193	Incoming £ - - -	Outgoing £ - - -	2021 £ 710 Transfers £ - - -	2020 £ 537 Balance c/f £ 4,043 150 4,193

Fund name Purpose of restriction

Derek Blackwell bursary Funds to provide singing lessons for those who would be unable to attend the college.

W Robinson Memorial Fund Funds for the purpose of purchasing equipment for the drama department.

Yorkshire College of Music and Drama

Notes to the accounts continued

for the year ended 31 July 2021

5 6 7	Tangible assets Cost At 1 August 2020 At 31 July 2021 Depreciation At 1 August 2020 Charge for year At 31 July 2021 Net book value At 31 July 2021 At 31 July 2020 Fixed assets investments Carrying (market) value at beginning of year Less: disposals at carrying value Investment management fees Add / (deduct): net gain / (loss) on revaluation Carrying (market) value at end of year Breakdown of investments agreeing with SOFA and Balance sheet Analysis of investments at market value Investments listed on a recognised stock exchange, funds or trusts Cash held as part of the investment portfolio Total Debtors and prepayments Debtors Prepayments	£ 50,474 50,474 45,963 676 46,639 3,835 4,511 2021 £ 389,211 (109,000) (4,666) 69,716 345,261 2021 £ 343,612 1,649 345,261 2021 £ 4,330 7,839 12,169 Equipment	Total £ 50,474 50,474 45,963 676 46,639 3,835 4,511 2020 £ 476,165 (84,000) (4,102) 1,148 389,211 2020 £ 379,750 9,461 389,211 2020 £ 770 612 1,382

Yorkshire College of Music and Drama

Notes to the accounts continued

for the year ended 31 July 2021

8 Related party transactions

Trustee expenses

No trustee received any expenses during this year or the previous year.

Trustee remuneration and benefits

No trustee received any remuneration or benefit during this or the previous year.

During the year 1 trustee, Nicholas Wayne was paid £7,356 in respect of marketing consultancy services (2020 £10,055 for the development and delivery of the Voices Yorkshire Project).

Remuneration and benefits received by key management personnel

The key management personnel of the charity include the trustees and College Principal. The total employee benefits received by the College Principal were £15,000 (previous year: £15,000).

No trustee received any remuneration or benefit in this capacity during this or the previous year.

9 Operating leases Within one year In the second to fifth years inclusive Expected future minimum lease payments over the remaining life of the lease, analysed into the period in which the commitment falls due:	2021 £ 45,657 129,482 175,139	2020 £ 45,886 175,139 221,025

Yorkshire College of Music and Drama

Statement of Financial Activities including comparatives for all funds (including summary income and expenditure account) for the year ended 31 July 2021

2021 2020 Unrestricted Unrestricted funds funds £ £ Income Grants and donations 26,143 10,000 Tuition fees 61,601 63,677 Room hire 3,794 16,994 Bank Interest 6 - Other income 775 7,589 Total income 92,319 98,260 Expenditure Salaries, NI and pensions 49,021 23,584 Tutors' fees 57,610 67,552 Other tuition costs 1,590 1,676 Marketing and public relations 7,774 12,055 Property lease charges 45,208 42,500 Rates 2,115 4,624 Utilities and water 3,853 5,609 Cleaning and refuse 3,676 2,873 Repairs and maintenance 5,293 7,229 Health and safety 1,087 352 IT maintenance and software 740 319 Printing, postage and stationery - 912 Telephone and internet 3,313 2,778 Equipment lease costs 3,548 6,139 Insurance 3,084 3,485 Food and refreshments 341 584 Investment management fees 4,666 4,102 Bank charges 782 994 Accountancy /independent exam 3,504 1,020 Depreciation 676 796 Sundry expenses 708 5,323 Total expenditure 198,589 194,506 Net gains/(losses) on investments 69,716 1,148 Net income / (expenditure) (36,554) (95,098) Fund balances brought forward 399,933 495,031 Fund balances carried forward 363,379 399,933	2021 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4,193 4,193	2020 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4,193 4,193	2021 Total funds £ 26,143 61,601 3,794 6 775 92,319 49,021 57,610 1,590 7,774 45,208 2,115 3,853 3,676 5,293 1,087 740 - 3,313 3,548 3,084 341 4,666 782 3,504 676 708 198,589 69,716 (36,554) 404,126 367,572	2020 Total funds £ 10,000 63,677 16,994 - 7,589 98,260 23,584 67,552 1,676 12,055 42,500 4,624 5,609 2,873 7,229 352 319 912 2,778 6,139 3,485 584 4,102 994 1,020 796 5,323 194,506 1,148 (95,098) 499,224 404,126