## 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**
1
## 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.
2
## 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)
3
## 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
4
## 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.
5
## 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)
6
## 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.
7
## 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.
8
## 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|
|---|---|---|---|
9
## 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|
|---|---|---|
10
## 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|
|---|---|---|---|---|
11