2022-07-31-accounts - Yorkshire College Of Music And Drama

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Yorkshire College of Music and Drama

Charity number 529220

Annual Report and Financial Statements

for the year ended 31 July 2022

Yorkshire College of Music and Drama

Annual Report and Financial Statements

for the year ended 31 July 2022

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 Accountancy Service CIO

Yorkshire College of Music and Drama

Trustees' report for the year ended 31 July 2022

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 Position Dates

David Hughes John Varley Lee Wallace Nicholas Wayne

Charity number

529220

Registered in England and Wales

Registered and principal address

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

Simon Bostrom FCIE

West Yorkshire Community Accountancy Service CIO

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 2022

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

We have expanded our activity to connect with partners who are active in providing support to groups within the community who are disadvantaged – especially those suffering from mental or physical disability of some kind. This includes providing space for them to carry out stimulating music based activities, or practice and rehearsal space where there is none other available to them.

Financial review

The net expenditure for the year was £111,374.

Reserves policy

The charity's free reserves, excluding fixed assets, at the year end were £62,913.

In addition to this there are invesments held valued at £185,832 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.

Whilst the charity’s ability to generate income was compromised to some extent by COVID we were able to reduce our operating costs and were in receipt of a number of grants which mitigated the situation. We also have significant reserves which are sufficient to support the charity for at least 2 years. The global economic situation and the war in Ukraine is causing further uncertainty, but we are actively expanding our range of activities to give us greater options in terms of income generation. We are investing in our staff to increase our skills base and market reach, and we have fixed energy agreements for both electricity and gas that will insulate us from instability in those markets until January 2025 and January 2026 respectively.

Approved by the board of trustees on 26/05/2023

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 2022, 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.

Simon Bostrom FCIE

26/05/2023

West Yorkshire Community Accountancy Service CIO

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 2022

Notes 2022 Unrestricted funds £ Income from: Grants and donations (2) 21,124 Tuition fees 68,230 Room hire 13,577 Investment income 4,238 Other earned income 3,352 Total income 110,521 Expenditure on: Salaries, NI and pensions (3) 50,147 Tutors' fees 68,083 Other tuition costs 502 Marketing and public relations 1,899 Property lease charges 45,060 Rates 3,546 Utilities and water 8,549 Cleaning and refuse 4,819 Repairs and maintenance 2,846 Health and safety 324 IT maintenance and software 1,384 Printing 4,921 Telephone and internet 2,609 Equipment lease costs 5,178 Insurance 2,742 Food and refreshments 219 Investment management fees 3,075 Bank charges 821 Accountancy and independent examination 1,320 Depreciation 575 Sundry expenses 1,002 Bad debts 532 HR support 1,150 Total expenditure 211,303 Net gains/(losses) on investments (10,592) Net income / (expenditure) (111,374) Fund balances brought forward 363,379 Fund balances carried forward (4) 252,005	2022 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4,193 4,193	2022 Total funds £ 21,124 68,230 13,577 4,238 3,352 110,521 50,147 68,083 502 1,899 45,060 3,546 8,549 4,819 2,846 324 1,384 4,921 2,609 5,178 2,742 219 3,075 821 1,320 575 1,002 532 1,150 211,303 (10,592) (111,374) 367,572 256,198	2021 Total funds £ 26,143 61,601 3,794 6,342 775 98,655 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 63,380 (36,554) 404,126 367,572

All incoming resources and resources expended derive from continuing activities.

Yorkshire College of Music and Drama

Balance sheet

as at 31 July 2022 2022 Unrestricted £ Fixed assets Tangible assets (5) 3,260 Investments (6) 185,832 Total fixed assets 189,092 Current assets Debtors and prepayments (7) 8,069 Cash at bank and in hand (8) 56,556 Total current assets 64,625 Current liabilities: amounts falling due within one year Accruals 1,712 Total current liabilities 1,712 Net current assets / (liabilities) 62,913 Net assets 252,005 Funds Unrestricted funds 252,005 Restricted funds - Total funds 252,005	2022 Restricted £ - - - - 4,193 4,193 - - 4,193 4,193 - 4,193 4,193	2022 Total £ 3,260 185,832 189,092 8,069 60,749 68,818 1,712 1,712 67,106 256,198 252,005 4,193 256,198	2021 Total £ 3,835 345,261 349,096 12,169 7,327 19,496 1,020 1,020 18,476 367,572 363,379 4,193 367,572

The financial statements were approved by the board of trustees on 26/05/2023

David Hughes (Trustee)

Yorkshire College of Music and Drama

Notes to the accounts

for the year ended 31 July 2022

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 2022

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.

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2|Grants and donations|2022|2022|2022|2021| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |£|£|£|£| |-| |Leeds City Council|21,124|21,124|26,143| |-| |21,124|21,124|26,143| |3|Staff costs and numbers|2022|2021| |£|£| |Gross salaries|49,052|48,311| |Pensions|1,095|710| |50,147|49,021|

----- End of picture text -----

The average number of employees during the year was 2, being an average of 1.8 full time equivalent (2021: 2, 1.7 FTE). There were no employees with emoluments above £60,000.

----- Start of picture text -----
|||| |---|---|---| |Defined contribution pension scheme|2022|2021| |£|£| |Costs of the scheme to the charity for the year|1,095|710| |-|-| |Amount of any contributions outstanding at the year end| |-|-| |Amount of any contributions prepaid at the year end|

----- End of picture text -----

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |4|Restricted funds|Balance b/f|Incoming|Outgoing|Transfers|Balance c/f| |£|£|£|£|£| |-|-|-| |Derek Blackwell bursary|4,043|4,043| |W Robinson Memorial Fund|150|-|-|-|150| |-|-|-| |4,193|4,193|

----- End of picture text -----

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 2022

5 6 7	Tangible assets Cost At 1 August 2021 Additions At 31 July 2022 Depreciation At 1 August 2021 Charge for year At 31 July 2022 Net book value At 31 July 2022 At 31 July 2021 Fixed assets investments Carrying (market) value at beginning of year Less: disposals at carrying value Dividends reinvested 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 46,639 575 47,214 3,260 3,835 2022 £ 345,261 (153,075) 4,238 (3,075) (7,517) 185,832 2022 £ 175,808 10,024 185,832 2022 £ - 8,069 8,069 Equipment	Total £ 50,474 - 50,474 46,639 575 47,214 3,260 3,835 2021 £ 389,211 (109,000) 6,336 (4,666) 63,380 345,261 2021 £ 343,612 1,649 389,211 2021 £ 4,330 7,839 12,169

Yorkshire College of Music and Drama

Notes to the accounts continued

for the year ended 31 July 2022

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.

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 £15,275 (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 Over five years from the balance sheet date Expected future minimum lease payments over the remaining life of the lease, analysed into the period in which the commitment falls due:	2022 £ 43,809 85,914 - 129,723	2021 £ 45,657 129,482 - 175,139

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 2022

2022 2021 Unrestricted Unrestricted funds funds £ £ Income Grants and donations 21,124 26,143 Tuition fees 68,230 61,601 Room hire 13,577 3,794 Investment income 4,238 6,342 Other earned income 3,352 775 Total income 110,521 98,655 Expenditure Salaries, NI and pensions 50,147 49,021 Tutors' fees 68,083 57,610 Other tuition costs 502 1,590 Marketing and public relations 1,899 7,774 Property lease charges 45,060 45,208 Rates 3,546 2,115 Utilities and water 8,549 3,853 Cleaning and refuse 4,819 3,676 Repairs and maintenance 2,846 5,293 Health and safety 324 1,087 IT maintenance and software 1,384 740 Printing 4,921 - Telephone and internet 2,609 3,313 Equipment lease costs 5,178 3,548 Insurance 2,742 3,084 Food and refreshments 219 341 Investment management fees 3,075 4,666 Bank charges 821 782 Accountancy and independent exam 1,320 3,504 Depreciation 575 676 Sundry expenses 1,002 708 Bad debts 532 - HR support 1,150 - Total expenditure 211,303 198,589 Net gains/(losses) on investments (10,592) 63,380 Net income / (expenditure) (111,374) (36,554) Fund balances brought forward 363,379 399,933 Fund balances carried forward 252,005 363,379	2022 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4,193 4,193	2021 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4,193 4,193	2022 Total funds £ 21,124 68,230 13,577 4,238 3,352 110,521 50,147 68,083 502 1,899 45,060 3,546 8,549 4,819 2,846 324 1,384 4,921 2,609 5,178 2,742 219 3,075 821 1,320 575 1,002 532 1,150 211,303 (10,592) (111,374) 367,572 256,198	2021 Total funds £ 26,143 61,601 3,794 6,342 775 98,655 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 63,380 (36,554) 404,126 367,572