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2023-08-31-accounts

Charity Registration No. 1085708

Company Registration No. 02796427 (England and Wales)

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees & board ofdirectors V Hargreaves Chairman
S Belinfante Vice Chairman
L Cong Treasurer -Appointed 23/01/23
D Kenny
G Greenwell
J Aviss
Mean
F Curtis Appointed 28/11/22
AConway-Jones Appointed 28/11/22
D Lanyon Appointed 28/11/22
C Woodd Appointed 22/05/23
Secretary AVeazey
Charity number 1085708
Company number 02796427
Registered office Barbican House
31 Barbican Road
Gloucester
GL1 2JF
Independent examiner Griffiths Marshall
Beaumont House
172 Southgate Street
Gloucester
GL1 2EZ
Advisors DAviss President
C Lumsden Founder
G Oxley Principal
C Wilkins Business Consultant
Seniorstaffmembers G Oxley Principal
SBain OperationsDirector

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

CONTENTS

Page
Trustees’ report 1-5
Statement oftrustees’ responsibilities 6
Independent examiner's report Hi
Statement of financial activities 8
Balance sheet 9
Notestothefinancialstatements 10-22

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023 pi

The trustees present their annual report and financial statements for the year ended 31 August 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document:

Gloucestershire Academy of Music (GAM) is a charitable company limited by guarantee, governed by its memorandum of association adopted on 20 February 1993.

Trustee selection methods:

Trustees are appointed by the members of the company either to fill a casual vacancy or as an addition to the Board of Trustees, provided the prescribed maximum of 14 Trustees is not exceeded. The Trustees in their capacity as members of the company and directors actively and regularly review the composition of the board and the skills represented on it.

Organisational structure:

The Charity operates under a governing Board of Directors consisting of the Trustees, the Principal and Business Consultant as well as specialist advisors, such as the President, also attend Board meetings which are held (on average) every other month.

A Finance Committee meets at least 3 times per year and is involved with preparation of the business plan and financial projections.

The day-to-day management of the Charity was delegated to the Operations Director and Principal.

Trustee induction and training:

Trustee induction and training has been carried out this year with the appointment of 5 new trustees.

A Disclosure and Barring Service check is completed for Trustees in accordance with Government and/or Charity Commission guidelines for charities working with children and/or vulnerable adults. Trustees are also asked to undergo certificated safeguarding training.

Related parties:

GAM is a partner in the Gloucestershire Music Education Hub (branded as Make Music Gloucestershire), which distributes funding from Arts Council England and is GAM's primary investor. Other investors in 2022/2023 were The Summerfield Trust and the Barnwood Trust.

GAM worked with 11 external partners throughout the year. GAM’s key partnerships were with Cheltenham Festivals, the Carducci String Quartet, Make Music Gloucestershire, Gloucestershire Boys’ Choir, Jackie Shewell-Thomas Ballet and the Flowers Band. GAM supported Gloucestershire Symphony Orchestra in the development and delivery of Gloucestershire Young Musician of the Year. GAM has continued to provide an exam centre for ABRSM and Trinity exams.

GAM is grateful for its partnership with Cheltenham’s Dean Close School which accommodates GAM's Saturday afternoon activities and this year hosted more than 180 young musicians at The Big String and The Big Blast workshops. Dean Close has supported GAM'’s Inspire project, as well as hosting the Gloucestershire Young Musician of the Year contest in the past. During the summer, GAM’s Inspire orchestra worked again with Cheltenham Festivals and county special schools at an event in Cheltenham Town Hall.

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Risk management:

Risk management assessments have been at the forefront of GAM’s activities particularly with the onset of the pandemic and its effect on the organisational and financial aspects of the academy. The Trustees assess risk on a rolling basis as part of an organisational development programme.

The programme of work is set out in a business plan which ensures that the proposed level of activity is within GAM’s financial and human resource capabilities. The plan is approved by the Trustees before implementation and projects or programmes are not initiated unless adequately funded.

All personnel, including trustees and volunteers, who are in regular contact with children or vulnerable adults are required to undergo an enhanced Disclosure and Barring Service check (where the role is in line with DBS regulations) and to undertake safeguarding training.

OBJECTIVES AND ACTIVITIES

Objects of the charity:

GAM exists to advance public education by the promotion of the study, practice, knowledge and appreciation of the art or science of music and other performing arts.

GAM'’s activities were guided by its strategic objectives for the year, which is to:

Public benefit:

In planning GAM's activities for the year, the Trustees kept in mind the Charity Commission's guidance on public benefit.

A strong focus was placed on maintaining an online presence during Covid lockdowns to ensure there was minimum disruption to our provision and that students and staff could access our activities safely.

The main activities undertaken for public benefit during 2022/23 were:

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

ACHIEVEMENTS AND PERFORMANCE

GAM’s 40th Anniversary Year has been a pivotal one in planning a new and sustainable future for the academy. And despite major changes, GAM can boast more students enrolling in 2022-23 than in the previous years and a trading profit surplus.

Barbican House purchase proposal

GAM's key objective of purchasing Barbican House is well under way, with £433,624 raised thanks to capital fundraiser Jacqueline Kingsley. There is £66,375 left to raise. How this is addressed is being actively explored by trustee Gill Greenwell through leasehold options with our landlords Gloucester City Council. It also provides food for thought on how we engineer best outcomes for GAM going forward - particularly in terms of brokering partnerships that will benefit our purpose mission-wise and financially.

Expanding reach

Principal Glyn Oxley has devised a plan through which to diversify GAM’s programmes, services and community reach, including plans to appoint a community engagement lead.

Board Governance Structure

The GAM Board has reshaped its working practices this year with the formation of new subcommittees: Operations and Estates have been added to the existing Finance and Bursary Committees.

The GAM Board has also seen changes during the past year with Bursary Committee chair Janet Hall stepping down in the Spring, along with lawyer Tony Veazey, who is continuing in his capacity as Company Secretary. Tony has been instrumental in drawing up a new constitution for GAM's Board which was approved by the Charity Commission in the summer.

New trustees, who joined during the summer, were lawyer Gill Greenwell, educationalist Jen Aviss and media/ business expert lan Mean.

The GAM staff team has seen turnover post pandemic with a newly-created role of Operations Director being taken on by Sue Bain, former registrar at Sir Thomas Rich’s Grammar School, Karin Lythell is now Schools Assistant with expanded responsibilities. GAM has appointed a new Finance Officer.

Chairman of the Finance Committee Jim Webster and Treasurer Flavia Jones have both been instrumental in helping the team continue to function during these staff changes. They have both now stepped down and handed over to new treasurer Lin Cong appointed in January 2023.

GAM's reach has been growing year on year. The Big String and its sister event The Big Blast attracted in excess of 150 students from the county and beyond involved in music making activities. Another outreach success involved Cheltenham Festival in July when GAM provided its Inspire Orchestra to play again at their event involving special schools from across the county and the summer holidays saw 70 adults attending a residential Early Music Course at Malvern College plus three holiday courses for young musicians of varying abilities.

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 EEE

During the year 2022-23:

Although working with whole classes in schools has made a very slow recovery and has not yet retumed to pre-pandemic levels, GAM has seen a large expansion of school-based individual teaching. The number of pupils receiving weekly instrumental and vocal lessons in schools has reached approximately 250 almost tripled this academic year. As well as benefiting schools and their pupils, this means that we are offering regular work to a good number of freelance musicians.

Several high-profile celebratory events were held during the year:

The Adult Early Music course saw another highly successful residential week, returning for a second year to Malvern College. Not only is this a perfect venue for this popular course, but the college is the former employer of our founder, Alan Lumsden and our late and much missed colleague, woodwind specialist Wes Duggan.

The Gloucester Dementia Choir was launched in December 2022 and regularly attracts over 50 people each Friday morning.

The statistics for 2022-2023 Over the course of the 22-23 academic year we achieved the following:

Development of Barbican House

The board and GAM team have worked hard to maximise use of Barbican House, welcoming users who share GAM’s vision for inclusive and high-quality performing arts provision. The Flowers Band are based in Barbican House and will be working with GAM in the future to develop their youth offer and have already enhanced GAM'’s brass programme. The Nethra Academy of Performing Arts have brought diversity to our activities. Jackie Shewell-Thomas ran her dance classes after school here until her retirement in the summer, and there have been successful projects involving her dancers and GAM musicians. Gloucestershire Boys’ Choir, and Bantang Drumming take place at Barbican House, together with Trinity and ABRSM examinations. We also house the Cheltenham Trust's Gamelan, which is used for workshops by schools, adults and holiday courses.

Hire income from these additional users helps us to meet our building maintenance and overhead costs but also creates a unique arts educational hub in the county.

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

FINANCIAL REVIEW

Reserves policy: It is the Trustees’ policy to maintain sufficient funds to satisfy both the current programme of work as well as providing a base reserve of unrestricted funds. These funds may be used to cover a funding shortfall in a project, either to its planned conclusion or to bridge a gap in its targeted funding. In addition, there is a contingency fund available for unforeseen organisational obligations and future salary commitments.

Details of any funds materially in deficit: No funds were in deficit.

The trustees' report was approved by the Board of Trustees,

FullName: =-VWiENNE MANVELITA RARE HARGREAVES Position: CHA, R Date: Lh 12, =e A20n5

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023

The trustees, who are also the directors of Gloucestershire Academy of Music Ltd for the purpose of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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 are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website.

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

| report to the trustees on my examination of the financial statements of Gloucestershire Academy of Music Ltd (the charity) for the year ended 31 August 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of ICAEW, which is one of the listed bodies.

| have completed my examination. | confirm that no 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 386 of the 2006 Act: or

| 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 financial statements to be reached.

Stephen Humphries FCA Griffiths Marshall Beaumont House

172 Southgate Street Gloucester GL1 2EZ

Dated: Zo/12/3

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
Notes £ £ £ £ £ £
Income and endowments from:
Donations and
legacies 3 3,012 176,469 179,481 2,114 234,672 236,786
Charitable activities 4 314,121 - 314,121 272,765 - 272,765
Other trading
activities 5 - 7,703 7,703 - - -
Investments 6 630 - 630 854 - 854
Other income 7 8,206 1,277 9,483 14,518 - 14,518
Total income 325,969 185,449 511,418 290,251 234,672 524,923
Expenditure on:
Charitable activities 8 296,032 124,417 420,449 284,456 124,991 409,447
Gross transfers
between funds - - - (80,570) 80,570 -
Net income forthe year/
Netmovement in funds 29,937 61,032 90,969 (74,775) 190,251 115,476
Fund balances at 1
September2022 61,460 207,630 269,090 136,235 17,379 153,614
Fund balances at 31
August2023 91,397 268,662 360,059 61,460 207,630 269,090

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

BALANCE SHEET AS AT 31 AUGUST 2023

AS AT 31 AUGUST 2023AT 31 AUGUST 202331 AUGUST 2023AUGUST 20232023 AS AT 31 AUGUST 2023AT 31 AUGUST 202331 AUGUST 2023AUGUST 20232023 AS AT 31 AUGUST 2023AT 31 AUGUST 202331 AUGUST 2023AUGUST 20232023 AS AT 31 AUGUST 2023AT 31 AUGUST 202331 AUGUST 2023AUGUST 20232023 AS AT 31 AUGUST 2023AT 31 AUGUST 202331 AUGUST 2023AUGUST 20232023 AS AT 31 AUGUST 2023AT 31 AUGUST 202331 AUGUST 2023AUGUST 20232023
acerca
ee
ete
emmamemmeuemes
2023 2022
Notes £ £ £ £
Fixed assets
Tangibleassets 13 14,151 16,666
Current assets
Debtors 14 11,381 4,628
Cash atbankand in hand 342,599 281,970
353,980 286,598
Creditors: amountsfallingduewithin
oneyear 15 (8,072) (34,174)
Netcurrentassets 345,908 252,424
Totalassets lesscurrent liabilities 360,059 269,090
Income funds
Restrictedfunds 16 268,662 207,630
Unrestricted funds 91,397 61,460
360,059 269,090

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 14,12. 20.2

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L Cong
Trustee
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Company Registration No. 02796427

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Charity information

Gloucestershire Academy of Music Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Barbican House, 31 Barbican Road, Gloucester, GL1 2JF.

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income has been met, it is probable that the income will be received and that the amount can be measured reliably.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity 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 charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity 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 advanced of the provision of a specified service is deferred until the criteria for income recognition are met.

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

(Continued)

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use of the charity of the item is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income from 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 probably that the income will be received and the amount can be measured reliably and is not deferred.

1.5 Expenditure 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.

Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provision for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is based on staff time, of the amount attributable to each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

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1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Instruments and equipment 15% reducing balance Piano 15% reducing balance Computer equipment 15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.11 Taxation

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

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Employees are enrolled in the NEST auto enrolment scheme, which is a defined contribution scheme. Contributions are recognised as they become payable.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

sn

3 Donations and legacies
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Donations and gifts 3,012 57,739 60,751 1,964 80,703 82,667
Grants - 118,730 118,730 150 153,969 154,119
3,012 176,469 179,481 2,114 234,672 236,786
Grants receivable for
core activities
Arts Council England - 70,553 70,553 - 60,398 60,398
Architectural Heritage
Trust - - - - 35,071 35,071
CHK Foundation - - - - 20,000 20,000
PF Charitable Trust - - - - 10,000 10,000
Graham Kirkham
Foundation - - - - 10,000 10,000
LG HarrisTrust - 20,000 20,000 - 10,000 10,000
Macfarlane WalkerTrust - - - - 2,000 2,000
Boris Karloff Charitable
Trust - - - - 1,500 1,500
Coin Trust - - - - 2,000 2,000
Radcliffe Trust - - - - 3,000 3,000
The Concertina
Charitable Trust - - - 150 - 150
Summerfield Trust - 20,000 20,000 - - -
Barnwood Trust - 8,177 8,177 - - -
- 118,730 118,730 150 153,969 154,119

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

ss 4 Income from charitable activities

Term-time
courses		 HolidaySchools
courses		 Schools Music
Agency		 Total
2023		 Term-time
courses		 HolidaySchools
courses		 Schools Music
Agency		 Total
2022
2023 2023 2023 2022 2022 2022
£ £ £ 2 £ £ £ £
Individual lesson fees
Group lessons
Exam fees
Feesfrom participants
Shared lesson fees
Otherincome		 92,200
62,753
1,584
-
-
4,981		 -
-
-
56,831
-
-		 70,268
2,491
-
-
21,226
1,787		 162,468
65,244
1,584
56,831
21,226
6,768		 91,603
64,465
4,586
-
-
5,566		 -
a
a
50,257
-
-		 42,333
570
=
-
11,425
1,960		 133,936
65,035
4,586
50,257
11,425
7,526
161,518 56,831 95,772 314,121 166,220 50,257 56,288 272,765

Serre -15-

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

5 Other trading activities

Fundraising events 6 Investments

Restricted Total
funds
2023 2022
£ £
7,703 -

Interest receivable

Unrestricted Unrestricted
funds funds
2023 2022
£ £
630 854
Unrestricted Restricted Total Unrestricted
funds funds funds
2023 2023 2023 2022
£ £ £ £
Other income 8,206 1,277 9,483 14,518

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GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

TTT —

8 Charitable activities

Term-time
courses		 Holiday
courses		 School
Music		 Bursaries Barbican
Project		 Dementia
Choir		 Total
2023		 Total
2022
Agency
2023 2023 2023 2023 2023 2023
Freelance
costs
Holidaycourses costs
Examination costs
Instruments and music
Prizes / Bursariesawarded
Propertycosts including utilities
Officeand administration costs
Miscellaneous costs		 £
98,374
-
1,386
3,009
150
10,282
6,241
2,475		 £
9,772
32,744
-
128
-
889
966
12		 £
71,103
-
-
33
-
1,067
718
-		 £
-
-
-
-
7,204
-
-
-		 £
5,040
-
-
339
-
26,324
1,145
398		 £
2,725
-
-
172
-
178
196
180		 £
187,014
32,744
1,386
3,681
7,354
38,740
9,266
3,065		 £
163,808
25,775
2,687
6,485
8,429
55,406
6,998
3,655
121,917 44,511 72,921 7,204 33,246 3,451 283,250 273,243
Share ofsupport costs (see note 9)
Share ofgovernance costs (see note 9)		 106,139
1,368		 10,168
180		 16,364
216		 2,313
-		 -
-		 415
36		 135,399
1,800		 134,404
1,800
229,424 54,859 89,501 9,517 33,246 3,902 420,449 409,447
Analysis byfund
Unrestricted funds
Restricted funds		 151,672
77,752		 54,859
-		 89,501
-		 -
9,517		 -
33,246		 -
3,902		 296,032
124,417		 284,456
124,991
229,424 54,859 89,501 9,517 33,246 3,902 420,449 409,447

SUEnnn

417 =

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

_ CO

8 Charitable activities

(Continued)

For the year ended 31 August 2022

Term-time Holiday School Bursaries Barbican Total
courses courses Music Project 2022
Agency
Freelance
costs
Holiday courses costs
Examination
costs
Instruments
and music
Prizes
/Bursariesawarded
Property costs including utilities
Officeand administrationcosts
Miscellaneous costs		 £
112,053
-
2,687
6,402
362
3,425
6,296
2,331		 £
8,641
25,775
-
-
-
-
170
-		 £
43,114
-
-
-
-
-
-
40		 £
-
-
-
-
8,031
-
-
-		 £
-
-
-
83
36
51,981
532
1,284		 £
163,808
25,775
2,687
6,485
8,429
55,406
6,998
3,655
133,556 34,586 43,154 8,031 53,916 273,243
Shareofsupportcosts (see note 9)
Share ofgovernancecosts (see note 9)		 98,115
1,314		 25,537
342		 10,752
144		 -
-		 -
-		 134,404
1,800
232,985 60,465 54,050 8,031 53,916 409,447
Analysis by fund
Unrestricted funds
Restrictedfunds		 169,941
63,044		 60,465
-		 54,050
-		 -
8,031		 -
53,916		 284,456
124,991
232,985 60,465 54,050 8,031 53,916 409,447

eee

248s

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 eae a a a eee eee eee eaeee

9 Support costs

Support costs
Support Governance 2023Support Support costs Governance 2022
costs costs costs
£ £ £ £ £ E
Staffcosts 114,391 - 114,391 113,752 - 113,752
Property costs including
utilities 15,150 - 15,150 13,258 - 13,258
Office and administration
costs 3,282 - 3,282 4,233 - 4,233
Depreciation and
amortisation 2,516 - 2,516 3,068 - 3,068
Bank charges and bad
debts 60 - 60 93 - 93
Independent examiner
fee - 1,800 1,800 - 1,800 1,800
135,399 1,800 137,199 134,404 1,800 136,204
Analysed between
Charitableactivities 135,399 1,800 137,199 134,404 1,800 136,204

10 Trustees

The charity trustees were not paid nor received any other benefits from employment with the charity in the year (2022: Enil). No charity trustee received payment for professional or other services supplied to the charity (2022: Enil).

  1. Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
i 9g
Employment costs 2023 2022
£ £
Wagesandsalaries 114,391 113,752

The key management personnel for Gloucestershire Academy of Music Limited are the trustees, the Principal, the Executive Director (left during the year) and the Operations Director. The trustees receive no remuneration. The total employees benefits including pension contributions of the key management personnel were £78,216 (2022: £64,116).

There were no employees whose annual remuneration was more than £60,000.

-19-

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Tangible fixed assets

13 Tangible fixed assets
Instruments
and equipment		 Piano Computer
equipment		 Total
£ £ £ £
Cost
At
1 September2022		 14,298 23,685 5,400 43,383
At 31 August 2023 14,298 23,685 5,400 43,383
Depreciation and impairment
At1September2022 12,011 13,176 1,529 26,716
Depreciation charged in the year 343 1,576 597 2,516
At 31 August 2023 12,354 14,752 2,126 29,232
Carrying amount
At 31 August 2023 1,944 8,933 3,274 14,151
At 31 August 2022 2,287 10,508 3,871 16,666
All ofthe above assets are used for charitable purposes.
14 Debtors
2023 2022
Amounts falling due within one year: £ £
Trade debtors 8,156 848
Prepayments and accrued income 3,225 3,780
11,381 4,628
15 Creditors: amounts falling due within one year
2023 2022
£ £
Other taxation and social security (1,184) 2,606
Payments received on account - 7,199
Trade creditors 7,060 22,813
Other creditors 28 -
Accruals and deferred income 2,168 1,556
8,072 34,174

15 Creditors: amounts falling due within one year

-20-

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
1 September resources expended 31 August
2022 2023
£ £ £ £
Bursary fund 7,589 39,557 (9,517) 37,629
Arts Council England 7,199 70,553 (77,752) -
Barbican Project 192,842 65,229 (33,245) 224,826
Dementia Choir - 10,110 (3,903) 6,207
207,630 185,449 (124,417) 268,662

Purpose of restricted funds

Bursary fund - to make awards to individuals and families of existing and prospective students attending termtime activities and holiday courses.

Arts Council England - this is funding for training and courses in Gloucestershire.

Barbican Project - to engage professionals and undertake research to produce a project viability report on the purchase of Barbican House.

Dementia Choir - to provide weekly choir sessions and performance opportunities to boost the wellbeing of adults living with Dementia.

17 Analysis ofnet assets between funds Analysis ofnet assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Fund balances at 31
August 2023 are
represented by:
Tangible assets 14,151 - 14,151 16,666 - 16,666
Current assets/(liabilities) 77,246 268,662 345,908 44,794 207,630 252,424
91,397 268,662 360,059 61,460 207,630 269,090

18 Related party transactions

During the year, the aggregate amount of donations received from related parties amounted to £2,835, all of which is restricted to the Barbican Project (2022: £5,847 with £5,5187 being restricted to the Barbican Project).

-21-

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

=~ 22 =