2023-07-31-accounts - Yorkshire College Of Music And Drama

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Yorkshire College of Music and Drama

Charity number 529220

Annual Report and Financial Statements for the year ended 31 July 2023

Yorkshire College of Music and Drama

Annual Report and Financial Statements for the year ended 31 July 2023

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 2023

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 Sheila Howarth

Resigned 6 December 2022 Appointed 17 July 2023

Charity number

Registered and principal address

529220

Bankers

Registered in England and Wales

St Mark's House Barclays Bank plc 1 St Mark's Avenue 1 Churchill Place Leeds London LS2 9BN E14 5HP

Independent examiner

Rhys North ACA

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 2023

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 continued to expand our activities to provide access to music in all it’s forms to a greater audience of people of all ethnic, social and economic backgrounds, as well as inclusivity regarding age, gender, and physical or mental disabilities

Financial review

The net expenditure for the year was £159,261, including net expenditure of £155,068 on unrestricted funds and net expenditure of £4,193 on restricted funds, after transfers.

Reserves policy

The charity's free reserves, excluding fixed assets, at the year end were £94,166.

The charity does not have a reserves policy.

The trustees are carefully monitoring the charity's financial position via the use of cash flow forecasts given the reduction in unrestricted reserves in the year ending 31 July 2023. In particular actions are being taken to increase income from existing services whilst also exploring the potential for new sources of income - particularly in terms of grant funding. These actions have resulted in an improved financial position for the current financial year. Given this the trustees believe the accounts can be prepared on a going concern basis.

The trustees plans to develop a reserves policy as part of its ongoing financial monitoring actions as mentioned above - particularly once the trustees are confident that the charity has a viable recurrent financial plan.

Approved by the board of trustees on 20/05/20204

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 2023, 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.

Rhys North ACA

20/05/2024

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 2023

Notes 2023 Unrestricted funds £ Income from: Grants and donations (2) 4,654 Tuition fees 62,070 Room hire 21,968 Investment income 3,554 Other earned income 3,535 Total income 95,781 Expenditure on: Salaries, NI and pensions (3) 65,812 Payroll charges 3,426 College principal and creative director 30,410 Tutors' fees 52,427 Other tuition costs 988 Marketing and public relations 6,376 Property lease charges 45,000 Rates 3,762 Utilities and water 6,307 Cleaning and refuse 4,650 Repairs and maintenance 10,529 Health and safety 348 IT maintenance and software 2,154 Printing 17 Telephone and internet 2,827 Equipment lease costs 4,622 Insurance 3,580 Food and refreshments 592 Investment management fees 2,833 Other consultancy costs 1,320 Bank charges 848 Accountancy and independent examination 1,920 Depreciation 489 Sundry expenses 625 Bad debts 332 HR support 1,780 Total expenditure 253,974 Net gains/(losses) on investments (918) Net income / (expenditure) (159,111) Transfers between funds 4,043 Net movement in funds (155,068) Fund balances brought forward 252,005 Fund balances carried forward (4) 96,937	2023 Restricted funds £ - - - - - - - - - - - - - - 150 - - - - - - - - - - - - - - - 150 - (150) (4,043) (4,193) 4,193 -	2023 Total funds £ 4,654 62,070 21,968 3,554 3,535 95,781 65,812 3,426 30,410 52,427 988 6,376 45,000 3,762 6,307 4,650 10,679 348 2,154 17 2,827 4,622 3,580 592 2,833 1,320 848 1,920 489 625 332 1,780 254,124 (918) (159,261) - (159,261) 256,198 96,937	2022 Total funds £ 21,124 68,230 13,577 4,238 3,352 110,521 50,147 - 15,275 52,808 502 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) - (111,374) 367,572 256,198

All incoming resources and resources expended derive from continuing activities.

Yorkshire College of Music and Drama

Balance sheet

as at 31 July 2023 2023 Unrestricted £ Fixed assets Tangible assets (5) 2,771 Investments (6) - Total fixed assets 2,771 Current assets Debtors and prepayments (7) 11,556 Cash at bank and in hand 87,544 Total current assets 99,100 Current liabilities: amounts falling due within one year Creditors and accruals (8) 4,934 Total current liabilities 4,934 Net current assets / (liabilities) 94,166 Net assets 96,937 Funds Unrestricted funds 96,937 Restricted funds - Total funds 96,937	2023 Restricted £ - - - - - - - - - - - - -	2023 Total £ 2,771 - 2,771 11,556 87,544 99,100 4,934 4,934 94,166 96,937 96,937 - 96,937	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

The financial statements were approved by the board of trustees on 20/05/20204

David Hughes (Trustee)

Yorkshire College of Music and Drama

Notes to the accounts

for the year ended 31 July 2023

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, if 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 2023

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	2023 Unrestricted funds £ 4,654 4,654	2023 Restricted funds £ - -	2023 Total funds £ 4,654 4,654 2023 £ 64,468 1,344 65,812	2022 Total funds £ 21,124 21,124 2022 £ 49,052 1,095 50,147

The average number of employees during the year was 2.4, being an average of 1.7 full time equivalent (2022: 2, 1.8 FTE). There were no employees with emoluments above £60,000.

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 £ - 150 150	2023 £ 1,344 Transfers £ (4,043) - (4,043)	2022 £ 1,095 Balance c/f £ - - -

Fund name

Purpose of restriction

Derek Blackwell bursary Funds to provide singing lessons for those who would be unable to attend the college. Transfer is to recognise costs incurred by College in recent years for providing tutor services to local schools at no cost.

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 2023

5 6 7 8	Tangible assets Cost At 1 August 2022 Additions At 31 July 2023 Depreciation At 1 August 2022 Charge for year At 31 July 2023 Net book value At 31 July 2023 At 31 July 2022 Fixed assets investments Market value at beginning of year Less: disposals at carrying value Dividends reinvested Investment management fees Net gain/(loss) on revaluation 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 Debtors and prepayments Debtors Prepayments Creditors and accruals Creditors Accruals Taxation and social security Other creditors	£ 50,474 - 50,474 47,214 489 47,703 2,771 3,260 2023 Total £ 185,832 (184,830) 2,749 (2,833) (918) - 2023 £ - - - 2023 £ 3,408 8,148 11,556 2023 £ 1,866 1,920 880 268 4,934 Equipment	Total £ 50,474 - 50,474 47,214 489 47,703 2,771 3,260 2022 Total £ 345,261 (153,075) 4,238 (3,075) (7,517) 185,832 2022 £ 175,808 10,024 185,832 2022 £ - 8,069 8,069 2022 £ - 1,320 - 392 1,712

Yorkshire College of Music and Drama

Notes to the accounts continued

for the year ended 31 July 2023

9 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 total employee benefits received by key management personnel were £19,900 (previous year: £15,275).

10 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:	2023 £ 46,018 50,908 - 96,926	2022 £ 43,809 85,914 - 129,723

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 2023

2023 2022 Unrestricted Unrestricted funds funds £ £ Income Grants and donations 4,654 21,124 Tuition fees 62,070 68,230 Room hire 21,968 13,577 Investment income 3,554 4,238 Other earned income 3,535 3,352 Total income 95,781 110,521 Expenditure Salaries, NI and pensions 65,812 50,147 Payroll charges 3,426 - College principal & creative director 30,410 15,275 Tutors' fees 52,427 52,808 Other tuition costs 988 502 Marketing and public relations 6,376 1,899 Property lease charges 45,000 45,060 Rates 3,762 3,546 Utilities and water 6,307 8,549 Cleaning and refuse 4,650 4,819 Repairs and maintenance 10,529 2,846 Health and safety 348 324 IT maintenance and software 2,154 1,384 Printing 17 4,921 Telephone and internet 2,827 2,609 Equipment lease costs 4,622 5,178 Insurance 3,580 2,742 Food and refreshments 592 219 Investment management fees 2,833 3,075 Other consultancy costs 1,320 - Bank charges 848 821 Independent examination 1,920 1,320 Depreciation 489 575 Sundry expenses 625 1,002 Bad debts 332 532 HR support 1,780 1,150 Total expenditure 253,974 211,303 Net gains/(losses) on investments (918) (10,592) Net income / (expenditure) (159,111) (111,374) Transfers between funds 4,043 - Net movement in funds (155,068) (111,374) Fund balances brought forward 252,005 363,379 Fund balances carried forward 96,937 252,005	2023 Restricted funds £ - - - - - - - - - - - - - - - - 150 - - - - - - - - - - - - - - - 150 - (150) (4,043) (4,193) 4,193 -	2022 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4,193 4,193	2023 Total funds £ 4,654 62,070 21,968 3,554 3,535 95,781 65,812 3,426 30,410 52,427 988 6,376 45,000 3,762 6,307 4,650 10,679 348 2,154 17 2,827 4,622 3,580 592 2,833 1,320 848 1,920 489 625 332 1,780 254,124 (918) (159,261) - (159,261) 256,198 96,937	2022 Total funds £ 21,124 68,230 13,577 4,238 3,352 110,521 50,147 - 15,275 52,808 502 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) - (111,374) 367,572 256,198