Charlty Reglstration No. 1085708 Company Registration No. 02796427 (England and Walesl GLOUCESTERSHIREACADEMY OF MUSIC LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 GLOUCESTERSHIRE ACADEMY OF MUSIC LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees & board of dlrectors V Hargreaves S Belinfante S Kesavan D Kenny G Greenwell J Aviss l Mean F Curtis A Conway-Jones D Lanyon C Woodd J Kemp Chainnan Vice Chairman Tr8asurer- Appointed 14112123 Appointed 24103124 Secretary A Veazey Charity numbor 1085708 Company number 02796427 Registered office Bart)ican House 31 Barbican Road Gloucester GL12JF Independent frxaminer Griffiths Marshall 4th Floor Llanthony Warehouse The Docks Gloucester GL12EH Advisors DAviss President- Stepped down 31107124 Patron - Appointed 01109124 Founder C Lumsden Senior staff members R Ashton-Phillips G Oxley S Bain Executive Director Principal Operations Director GLOUCESTERSHIRE ACADEMY OF MUSIC LTD CONTENTS Page Twstees, report Statement of trustees. responsibilities Independent examinevs report Statement of finanaal activities Balan￿ sheet Notes to the financial statements 9-21 GLOUCESTERSHIREACADEMY OF MUSIC LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present their annual report and financial statements for the year ended 31 August 2024. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document: GroU￿StershIre Academy of Music (GAM) is a charitable company limited by guarantee, governed by its memorandum of association adopted on 20 February 1993. Trustee 8eleetion methods: Trustees are appointed by the members of the company either lo fill a casual vacancy or as an addition to the Board of Trustees, provided the preS￿bed maximum of 14 Trustees is not exceeded. The Trustees in their capacity as members of the company and directors aclively and regularty 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 12 TnJ51ees, the Principal and Ex8CUtive Director also attend Board meetings which are held on average four times a year. A Finance Committee meets at leasl 3 times per year and is involved with preparation of the business plan and financial projections. The day-t&day management of the Charity is delegated to the Business Consultant and the Principal. Trustee Inductlon and training: Trustee induction and training has been carried out this year with the appointment of 2 n8W trust8es. A Disclosure and Barring SeNice check is completed for Trustees in accordance wtth Govemment andlor Charity Commission guidelines ft)r charities working with children andlor vulnerable adults. Trustees are also asked to undergo certtficated safeguarding training. Relatsd parties: GAM is a partner in the Gloucestershire Music Education Hub (br8nded as Make Music Gloucestershire), which distributes funding from Arts Council England and is GAM'S primary investor. From September 2024 onwanys, Th8 'Mak8 twusic GlouGestershire'Hub will become the new tri-hub a￿8 know as GSWMusic Education Hub covering Gloucast8rshire, Swindon and Wiltshire. Other investors in 2023124 were, Brimpsfield Music Society, Gloucestershire Communty Foundation, Bamwood Trust, National Lott6ry Awards for All, National Academy for Social Prescribing, and the Honourable Company of Gloucestershire Charitable Trust. GAM worked with 11 extemal partners throughout the year. GAM'S key partnerships were with Cheltenham Festivals, the Carducci String Quartet, Make Music Gloucestershire, Young Gloucestershire, 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 exams and is now the main centre for Trtnity College exams as well. GAM is grateful for its partnership with Cheltenham's Dean Close School which accommodates GAM'S Saturday afternoon activities and this year again hosted more than 150 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 with Cheltenham Festivals and county special schools at a pioneering event in Cheltenharn Town Hall. Malvern College worf(ed with GAM to host this year's popular adult Early Music Course. a residential week attended by 70 participants in August. GLOUCESTERSHIRE ACADEMY OF MUSIC LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Risk management: Ever since the Pandemic, risk management has been at the forefront of GAM'S priorities. 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 thal the proposed level of activity is within GAM'S financial and human resource capabilities. The plan is approved by the Trustees before implementation and projeds or programmes are not initiated unless adequately fijnded. All personnel. induding trustees and volunteers, who arè in regular contact with children or vulnerable adults are required to undergo an enhanced Disclosure and Barring Setvice check (where the role is in line wrlh DBS regulations) and to undertake safeguarding training. OBJECTIVES AND ACTIVITIES Objects of the ¢haiity". GAM exists to advance public education by the promolion of the study, practice, knowledge and appreciation of the art or science of music and olher performing arts. GAM'S activities were guided by its mission statement for the year, which is to.. Play a key role, with partners, in ensuring all children and young people in Gloucestershire hav8 a¢¢ess to the proven benefits of music. Provide access, development and prog￿$S1On opportunities for children, young people and adults. 18ading ihe way in classical music education through working with schools, training music teachers and providing top quality tuition using our holistic, proven teaching approaches. Work with partners to build and sustain Barbican Arts as an exciting and inclusive perfomiing arts centre that creates opportunities, enriches lives, sparks new collaborations, develops lalent and inspires through engagement with professional artists. Public bonefit In planning GAM'S activities for the year, the Trustees kept in mind the Charity Commission's guidance on public benefit. The main activiti&s undertaken for public benefit during 2023124 were= a programme of organisational development driven by the aims of improving efficiency. maximising impact and reach through partnership and extending reach and diversifying the range of student beneficiaries to plan for an exciting fvture for Barbican House, GAM'S headquarters, to maintain and develop its engagement with a broad cross-section of communities whole class, small group and 1-1 tuition in schools, making music a¢*ssible to a broader range of children and young people sustaining a diverse and attractive programme of group sessions and courses, as well as individual tuition, al GAM'S centres in Gloucester and Cheltenham development of an inclusion and community engagement programme underpinned by a focus on extending the beneffts of music to minority ¢ommunilies under-represented in the sector. running a bursary fund to bring down financial barriers to engagement in GAM'S seNi¢es. A fast-track version of our bursary scheme was set up soon after lockdown to assist participants from families facing economic challenges due to the pandemic. This fund has helped nearly 20 students in the past year and continues to do so. ACHIEVEMENTS AND PERFORMANCE 2023124 has been a successful year for GAM. Our numbers of participants across all services has exceeded expectations. We have also been successfijl in recruiting a new Executive Director. With extensive induslry experience they bring new strategic leadership and will help to imp18m8nt modemisation throughout the organisation. GLOUCESTERSHIRE ACADEMY OF MUSIC LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Barblcan House purchase GAM'S key objective of purchaslng Barbican House has moved forward successfully. A purchase prio has been agreed with current landlords. Gloucester Cify Coun￿1 and we are aclively working towards a completion date within the 2024125 period. Once complete, a process of surveys and consultations will begin to assess the potential for developing the current building to improve accessibility and capacity. This is part of the longer-temi sustainability plan for the organisation. Expanding reach Executive Director Richard Ashton-Phillips and Principal Glyn Oxiey have devised a plan Ihrough which to diversify GAM'S programffles, seNices 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 rationali5alion of its committees.. The Bursary subcommittee now comes under the umbrella of the Finance and General Purposes Committee. The new Barbican House Redevelopment Committee has been established to steer the purchase and development of GAM;'s headquarters. Tony Veazey continues in his capactty as Company Secretary. New trustees, who joined during the 2023124 - Actuary. Supriya Kesavan and Property Consultant, James Kemp. 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. Another outreach success involved Chèltenham Festival in July when GAM provided rts Inspire Orchestra to play at the first event of its kind involving special schools from across the county and the summer holidays saw 60 adults attending a residential Early Music Course at Malvem College plus three holiday courses for young musieAans of varying abilities. Durlng the year 2023-24: Although working with whole classes in schools has made a very slow recovery and has not yet returned to pr pandemi¢ levels, GAM has seen a large expansion of school-bas8d individual teaching. The number of PLtpils receiving weekly instrumental and vocal lessons in schools has increased by over 30°h. As well as benefiting schools and th8ir pupils, this means that we are offering work lo increasing numbers of freelance musicians. Our Barbican House and Dean Close music centres have increased their reach through a targeted marketing Campaign. Many of our students involved in Ihe Inspire project also took part in a high-profile conc8rt at Woroster Cathedral as part of the iconic Three Choirs Festival. The GAMIGloucester Dementia Choir has tripled its attendance over the 12 months to August and plans are in place to establish a second ¢hoir and also a pilot for a Young Onset Dementia Choir. GAM Exécutive Director is also working in partnership with NHS and University of Gloucestershire to establish a research projecl working with in-patient Dementia sufferers at Cheltenham General Hospital. A pilot proj8Ct for musical medicine In the Children's ￿ntre at GIOU￿sterShIre Royal hospital is also in th8 pipeline. Barbican House has now become the centr8 for all Trinity and Trinity Rock and Pop exams in Gloucestershire in addition to being the main ABRSM exam ￿ntre. GLOUCESTERSHIRE ACADEMY OF MUSIC LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The statlstlcs for 2023-2024 Over the course of the 2023124 academic year we achieved the following.. Worked with 1,904 participants aged 3-18 Worked with over 180 adults Rea¢hed participants from 90 schools Arranged or took part in 28 public performances Delivered musi¢ activities to 30 schools from all parts of GIOU￿SterShIre Contracted 48 music leaders to deliver lessons, workshops, Courses and masterclasses Assisled 41 participants through the bursary scheme. Development of Barbican House The board and GAM team have worked hard to maxlmlse use of Barbican House, welcoming users who share GAM'S vision for indusive and high-quality performing arts provision. The Flowers Band are based in Barbican House and will be working with GAM in the fulure to develop their youth offer and have already enhan￿d GAM'S brass programme. A brand new project Kingsley Brass was officially launched in February 2024 offering brass instrument tuition to students from local secondary school5. Throughout the year we have hosted wnte5t rehearsals for several Brass Bands from all over England. We have partnered with the GIoU￿sterShlre LAMDA organisation who now use Barbican House to deliver acting, poetry, public speaking and Musical theatre classes. We also house the Chettenham Trust's Gamelan. which is used for workshops by schools, adults and holiday ourses. Hire income from these additional users helps us to meel our building maintenance and overhead costs but also creates a unique arts educational hub in th8 ¢ounty. FINANCIAL REVIEW Reserves pollcy: It is the Trustees, policy to maintain sufficient funds to satisfy both the current programrne of work as well as providing a base reserve of unrestrictéd 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 doficit: No funds were in deficit. The trustees, report was approved by the Board of Trustees. Full Namo: uG￿lTI fi4ftIIQIL Date.. &). D J. 202£ GLOUCESTERSHIRE ACADEMY OF MUSIC LTD STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The trustees. who are also Ihe 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 accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Ar£ounting 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 resour￿$ and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, th8 trustees are required to: select suitable accounting policies and then apply th8m consistently., - observe the methods and principles in the Charities SORP. make judgements and estimates that are r8asonable and prudent., state whether applicable UK A¢¢ounting Standards have b88n followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequale accounting records that disdose wrth reasonable a¢curacy at any time the financial position of the charity and enable them to ensure thal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregulartties. The Trustees are responsible for the Maintenan￿ and integrity of the corporate and financial information included on the charitable company's website. GLOUCESTERSHIRE ACADEMY OF MUSIC LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLOUCESTERSHIRE ACADEMY OF MUSIC LTD I report to the trustees on my examination of the financial slatemenls of Gloucestershire Academy of Music Lld (the charity) for the year ended 31 August 2024. 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 finan¢ial statements in accordance wtth the requirements of the Companies Act 2006 (the 2006 Acl). Having satisfied myself that the financial Statements of the charity are not reqLSired to be audited under Part 16 of the 2008 Act and are eligible for independent exarninalion, I report in respect of my examination of the harity's financial statements carried out under section 145 of the Charities Act 2011 (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 2011 Act. Independent examlneff$ ststsment Since the charity's gross income exceeded £250,000 your examiner must b8 a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examinalion. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respe¢t of the ¢harity as required by section 386 of the 2006 Act., or the financsal statements do not accord with those records,. or the financial statements do not comply with the a¢counting requirements of section 396 of the 2006 Act 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., or the finanaal stateménls have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for a¢¢ounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection wtth the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be ￿athed. Stephen Humphries F Griffiths Marshall 4th Floor Llanthony Warehouse The Docks Gloucester Gloucestershire GL12EH GLOUCESTERSHIRE ACADEMY OF MUSIC LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2024 Unrestrlcted Restri¢tsd funds funds 2024 2024 Total Unrestrictsd Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other income 9,401 366,505 91,469 100,870 366,505 3,012 314,121 176,469 179,481 314,121 7,703 630 9,483 7,703 758 2.495 758 12,727 630 8,206 10,232 1,277 Total income 379,159 101,701 480,860 325.969 185,449 511,418 Expenditure on: Charitable activilies 376,880 113,547 490,427 296,032 124,417 420,449 Total expenditure 376,880 113,547 490.427 296,032 124,417 420,449 Net incomel(oxpendlture) and movement in funds 2,279 (11,846) (9,567) 29,937 61,032 90,969 Reconciliation of funds: Fund balances at 1 Sepiember 2023 91,397 268.662 360,059 61,460 207,630 269,090 Fund balances at 31 August 2024 93,676 256,816 350,492 91.397 268,662 360,059 The statement of financial activities indudes all gains and losses recognised in the year. All income and expendtture derive from continuing activities. GLOUCESTERSHIRE ACADEMY OF MUSIC LTD BALANCE SHEET AS AT31 AUGUST2024 2024 2023 Notss Flxed assets Tangible assets Current assets Debtors Cash at bank and in hand 15 13,343 14,151 16 8,626 351,924 11,381 342,599 360,550 353,980 Credftorn: amounts falling due within one year 17 (23,401) (8,072) Net current assets 337,149 345,908 Total assets less current Ilabllltles 350,492 360,059 Income funds Restricted funds Unrestricted ￿ndS 18 256,816 93,676 268,662 91,397 350,492 360,059 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 2024. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial slatemenls. The members have not required th8 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 applioable to companies subject to the small companies regime. The financial statements were approved by the Trustees on ....... z6zS S Kese Trustee an Company Registration No. 02796427 GLOUCESTERSHIRE ACADEMY OF MUSIC LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng poli¢ie$ Charlty Inforniatlon Gloucestershire Academy of Musi¢ Ltd is a private company limited by guarantee incorporated in England and Wales. The registered offic8 is Barbican House, 31 Batbican Road, Gloucester, GL12JF. 1.1 Accounting convention The financial statements have been prepar8d in aC￿rdan￿ with the charity's governing do¢ument, the Companies Act 2006 and "Accounting and Reporting by Charilies.. 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 chaTty 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 Slatement of Cash Flows. The financial statements are prepared in sterling, which is th& functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 1.2 Going Goncern At the time of approwng the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational exislenc8 for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unrestrided funds are available for use at the discretion of Ihe trustees in furthera￿￿ of their charitable objectives. Designated funds arè unrestricted funds eamiarked by the trustees for particular purposes. Restricted funds are subject to specrfic conditions by donors or grantors 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. 1A Income Income is recognised when the charty has entitlement to the funds, any performance conditions attached to the income has been met, it is probable that the income will be re￿iVed and that the amount can be measur8d r81iably. Cash donations are re￿gnIsed on receipt. Other donations are recognised once the charFty has been notified of the donalion, unless perfomiance 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 legaaes, 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 mad8, or when a distrtbulion is received from the estate. Re￿Ipl 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 executorfs 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 re￿iVed in advanced of the provision of a specified service is deferred until the criteria for income recognition are met. GLOUCESTERSHIRE ACADEMY OF MUSIC LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (Contlnuedl Donated professional services and donated facilities are recognised as income when the charity has control over the item or re￿iVed the service, any conditions associated with the donation have been mel, the receipt of economic benefrt from the use of the charity of the item is probable and the economic benefit can ba measured reliably. In accordance with the Charrties SORP (FRS102), volunteer tim8 is not r8cognised so refer lo the trustees, annual report for more information aboul their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift lo 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 govemment and other grants, whether "capital" grants or "revenu8" grants, is re¢ognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probably that the incom8 will b8 received and the amount can be measured reliably and is not deferred. 1.5 Expenditure Expenditure is recognised On￿ there is a legal or constructive obligation to mak8 a payment to a third paty. 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.. Cost of raising funds relale to the costs incurr8d by the charitable company in inducing third parties to make voluntary contributions to tt, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of term-time courses, holiday courses, Schools Music Agency, bursaries, Barbican project and Dementia Choir undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those items not falling into any other heading. Irrecoverab18 VAT is Charged as a cost against the activity for which the expenditure was incurred. Grants payable are made to third parties in furtheran￿ 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 tharity. Prowsion for grants are made when the intention to make a grant has been communicated to the recrpient but there is uncertainty about either the timing of the grant or the amount of grant payable. Allocatlon 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 lo each aotivity. Governance costs are the costs associated with the governan￿ arrangements of the charity. These costs are associated with constitulional and statutory requirements and include any costs associated with the strategic managernent of the charity's activities. 1.6 Intangible fixed assets other than goodwlll Intangible assets are included at cost or fair value on acquisition and then amortised over the life of the asset. 10- GLOUCESTERSHIRE ACADEMY OF MUSIC LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting poll¢ies (Contlnued) 1.7 Tangible fixed assets Tangible fixed assets are initially measLrred at cost and subsequently measured al cost or valuation, net of deprecAation and any impaimient 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 Piano Computer equipment 15 % reducing balance 150A redu¢ing balance 150A reducing balance The gain or loss arising on the disposal of an asset is determined as the differ8nc8 be￿een the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial adivilies. 1.8 Impairnient 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 impaimient loss. If any suth indication 8XiSts, the recoverable amount of the asset is estimated in order to detemine the extent of the impaimient loss (if any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnancial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrumenls Issues. of FRS 102 to all of its financial instruments. Financial instruments are ￿cOgnised in the charity's balan￿ sheet when the charity becomes party to the contractual provisions of th6 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 nel basis or to realise the asset and settle the liability simultaneously. Basic flnanelal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at Iransaction price including transaclion costs and are subsequently Ca￿led at amortised cost using the effedive interest method unless the arrangement constitutes a financing transaction, where the transaction is measU￿d at the present value of the future receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. 11 GLOUCESTERSHIRE ACADEMY OF MUSIC LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (Continued) Basic flnanclal Ilabllities Basic financial liabilities, induding creditors and bank loans are initially recognised at transaction pri￿ unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the presenl 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 Ca￿led at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or service5 that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as Qu￿ent liabilitie5 if payment is due within one year or less. If not, Ihey are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequentty measured at amortised cost using the 8ffective int8rest method. Derecognition of financlal Ilabllltles Financial liabilities are derecognised when the ¢harity's contractual obligations expire or ar8 discharged or cancelled. 1.11 Taxatlon The charitable company is exempt from corporation tax as all of its income is charitable and 15 applied for charitabl8 purpos8S. 1.12 Employee benofits The cost of any unused holiday entitlement is recognised in the period in which the employee's servicEs are received. Ternination benefits are r6cognised immediately as an expense when the charity is demonstrably committed to lemiinate the employment of an employee or to provide lermination benefits. Employees are enrolled in the NEST auto enrolment sch8me, which is a defined contribution scheme. Contributions are recognised as they become payable. Critical accounting estlmates 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 assumption5 are based on historical experienc8 and oth8r fadors that are considered to be relevant. Actual results may differ from these estimates. The eslimates and undedying 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. 12- GLOUCESTERSHIRE ACADEMY OF MUSIC LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2024 Donations and legacies Unrestrlcted Restrictsd funds funds Total Unrestricted Restricted funds fijnds Total 2024 2024 2024 2023 2023 2023 Donations and gifts Grants 9,401 27,690 63,779 37,091 63,779 3,012 57,739 118,730 60,751 118,730 9,401 91.469 100,870 3,012 176,469 179,481 Grants receivable for core activities Arts Counal England L G Hanis Trust Summerfi8ld TNst Barnwood Trust 63,779 63,779 70,553 20,000 20,000 8,177 70,553 20,000 20.000 8,177 63,779 63,779 118,730 118,730 13- fD f tt) ffj Lnr ¢0 r LO ?x aj ￿ ¢0 (9wLLU)O GLOUCESTERSHIRE ACADEMYOF MUSIC LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Income from other trading activities Restri¢ted funds 2024 Restrfcted funds 2023 Fundraising events 7,703 Income from investments Unrestrictsd Unrestrfcted funds funds 2024 2023 Interest receivable 758 630 Other Income Unrestricted Restricted funds funds 2024 2024 Total Unrestrlcted Restricted funds funds 2023 2023 Total 2024 2023 Other income 2.495 10,232 12,727 8,206 1,277 9,483 15- ¢Dr*orou) a)¢0￿#(0 CO Ci f41 In o) r o CD e o) N CD (o ro xwx U ￿*￿cl• fl) L o v) J£) u)