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2025-08-31-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 2025

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees & board of directors V Hargreaves Chairman - Resigned 07/07/2025 S Belinfante Vice Chairman S Kesavan Treasurer D Kenny G Greenwell J Aviss I Mean Resigned - 07/07/2025 F Curtis A Conway-Jones D Lanyon Resigned - 17/11/2025 C Woodd Appointed - 03/11/2025 J Kemp Secretary A Veazey Charity number 1085708 Company number 02796427 Registered office Barbican House 31 Barbican Road Gloucester GL1 2JF Independent examiner Griffiths Marshall Business Advisory Limited 4th Floor Llanthony Warehouse The Docks Gloucester GL1 2EH Advisors D Aviss Patron - Appointed 01/09/24 C Lumsden Founder Senior staff members R Ashton-Phillips Executive Director G Oxley Principal S Bain Operations Director

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 23

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2025

The trustees present their annual report and financial statements for the year ended 31 August 2025.

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 8 Trustees, the Principal and Executive Director also attend Board meetings which are held on average four times a year.

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 is delegated to the Executive Director and the Principal.

Trustee induction and training:

Trustee induction has not taken place this year due to no new appointments.

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, Swindon & Wiltshire Music Education Hub (branded as GSW), which distributes funding from Arts Council England and is GAM’s primary investor. Other investors in 2023/24 were, Freemasons of Gloucester, LHC Community Fund , Gloucestershire Community Foundation, Barnwood Trust, National Lottery Awards for All, National Academy for Social Prescribing, and the Honourable Company of Gloucestershire Charitable Trust, Rotary Club of Gloucester Severn, Dee & Griffin Solicitors, Foyle Foundation.

GAM worked with 11 external partners throughout the year. GAM’s key partnerships were with Cheltenham Festivals, the Carducci String Quartet, GSW Hub, Gloucestershire NHS Trust, Longborough Festival Opera, LAMDA, ABRSM, Trinity College London, Malvern College, Dean Close School, Dean Field Centre, Gloucester Cathedral, Gloucestershire Symphony Orchestra and the Flowers Band.

GAM supported Gloucestershire Symphony Orchestra in the development and delivery of Gloucestershire Young Musician of the Year.

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. During the summer, GAM’s Inspire orchestra worked with Cheltenham Festivals and county special schools at a pioneering event in Cheltenham Town Hall. Malvern College worked with GAM to host this year’s popular adult Early Music Course, a residential week attended by 70 participants in July. In addition to this a new junior residential course was established at the Dean Field Centre in the Forest of Dean attended by over 20 young people. This year GAM also took part in pilot projects with Gloucestershire NHS Foundation Trust bringing the health benefits of music making to in-patients in both Gloucester and Cheltenham hospitals

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Risk management:

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 and yearly budget 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 mission statement for the year, which is to:

Public benefit:

I n planning GAM’s activities for the year, the Trustees kept in mind the Charity Commission’s guidance on public benefit.

The main activities undertaken for public benefit during 2024/25 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 future 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 accessible 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, at GAM’s centres in Gloucester and Cheltenham.

• Development of an inclusion and community engagement programme underpinned by a focus on extending the benefits of music to minority communities under-represented in the sector.

• Running a bursary fund to bring down financial barriers to engagement in GAM’s services. This fund has helped nearly 50 students in the past year and continues to do so.

ACHIEVEMENTS AND PERFORMANCE

2024/25 has been a successful year for GAM. Our numbers of participants across all services has exceeded expectations. Our modernisation of internal processes has seen a huge impact on productivity.

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Barbican House purchase

GAM’s key objective of purchasing Barbican House has moved forward successfully. A purchase price has been agreed with current landlords, Gloucester City Council and we are actively working towards a completion date before the on of 2025 (calendar year). 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-term sustainability plan for the organisation.

Expanding reach

Executive Director Richard Ashton-Phillips and Principal Glyn Oxley have devised a plan through which to diversify GAM’s programmes, services and community reach. This year they appointed a Community Music Projects Lead, a Dementia projects manager, a new Marketing Officer and an SEN support staff member.

Board Governance Structure

The GAM Board has reshaped its working practices this year with the rationalisation of its committees: The Bursary subcommittee now comes under the umbrella of the Finance. The new Barbican House Redevelopment Committee has been established to steer the purchase and development of GAM;’s headquarters.

Tony Veazey continues in his capacity as Company Secretary.

Trustees who have resigned this year – V. Hargreaves & I. Mean on 7/07/2025 at the conclusion of their term.

During the year 2024-25:

GAM has seen a large expansion of school-based individual teaching. The number of pupils receiving weekly instrumental and vocal lessons in schools has increased by over 30%. As well as benefiting schools and their pupils, this means that we are offering work to 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 the Inspire project also took part in professional experience opportunities with

Longborough Festival Opera.

The Dementia Choir project has expanded into a second choir and also a pilot for a Young Onset Dementia Choir.

A pilot project for musical medicine In the Children’s centre at Gloucestershire Royal hospital and the Guiting Ward in Cheltenham took place and was hugely successful. Plans are in place for a further project in the next year.

Barbican House has now become the centre for all Trinity and Trinity Rock and Pop exams in Gloucestershire in addition to being the main ABRSM exam centre. In addition, Barbican House is also now hosting LAMDA drama exams.

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The statistics for 2024-2025

Over the course of the 2024/25 academic year we achieved the following:

Worked with 1,904 participants aged 3-18 Worked with over 180 adults 607 Students in weekly tuition 190 attended weekly groups Over 40 bursaries funded 304 attended holiday courses Reached participants from 90 schools Arranged or took part in 32 public performances to over 3500 audience members Delivered music activities to 30 schools from all parts of Gloucestershire Contracted 48 music leaders to deliver lessons, workshops, courses and masterclasses Delivered over 47 days of instrumental and performance exams

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.

Throughout the year we have hosted contest rehearsals for several Brass Bands from all over England.

We have partnered with the Gloucestershire LAMDA organisation who now use Barbican House to deliver acting, poetry, public speaking and musical theatre classes.

We also house the Cheltenham Festival’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.

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.

Full Name: Charles Woodd

Position: Chairman

Date: 19/05/2026

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2025

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.

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 statements of Gloucestershire Academy of Music Ltd (the charity) for the year ended 31 August 2025.

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.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. 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:

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 financial statements to be reached.

Stephen Humphries FCA Griffiths Marshall Business Advisory Limited 4th Floor Llanthony Warehouse The Docks Gloucester Gloucestershire GL1 2EH United Kingdom

Dated: 26 May 2026

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 AUGUST 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
24,801
68,776
Charitable activities
4
419,203
132,858
Investments
5
787
-
Other income
6
6,000
-
Total income
450,791
201,634
Expenditure on:
Charitable activities
7
496,072
138,153
Total expenditure
496,072
138,153
Net income/(expenditure)
(45,281)
63,481
Transfers between
funds
(2,435)
2,435
Net movement in
funds
9
(47,716)
65,916
Reconciliation of funds:
Fund balances at 1 September
2024
93,676
256,816
Fund balances at 31 August
2025
45,960
322,732		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
93,577
9,401
91,469
552,061
366,505
-
787
758
-
6,000
2,495
10,232
652,425
379,159
101,701
634,225
376,880
113,547
634,225
376,880
113,547
18,200
2,279
(11,846)
-
-
-
18,200
2,279
(11,846)
350,492
91,397
268,662
368,692
93,676
256,816		 Total
2024
£
100,870
366,505
758
12,727
480,860
490,427
490,427
(9,567)
-
(9,567)
360,059
350,492

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

BALANCE SHEET

AS AT 31 AUGUST 2025

Notes
Fixed assets
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds		 2025
£
6,897
360,561
367,458
(14,184)		 £
15,418
353,274
368,692
322,732
45,960
368,692		 2024
£
8,626
351,924
360,550
(23,401)		 £
13,343
337,149
350,492
256,816
93,676
350,492

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 2025.

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 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 26 May 2026

C F Basil Woodd Trustee

Company Registration No. 02796427

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

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.

1.1 Accounting convention

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 £.

1.2 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 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.

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.

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(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.

1.6 Intangible fixed assets other than goodwill

Intangible assets are included at cost or fair value on acquisition and then amortised over the life of the asset.

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

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).

1.9 Cash and cash equivalents

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.

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(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.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
8,674
-
Grants
-
68,776
Other income
16,127
-
24,801
68,776
Grants receivable for
core activities
Arts Council England
-
68,776
-
68,776		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
8,674
9,401
27,690
68,776
-
63,779
16,127
-
-
93,577
9,401
91,469
68,776
-
63,779
68,776
-
63,779		 Total
2024
£
37,091
63,779
-
100,870
63,779
63,779

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

4 Income from charitable activities

Term Time School Music
Agency
2025
2025
£
£
Individual lesson fees
129,721
145,758
Group lessons
52,500
-
Exam fees
3,336
-
Fees from participants
-
-
Shared lesson fees
-
-
Donations and grants
-
-
Other income
5,665
-
191,222
145,758
Analysis by fund
Unrestricted funds
191,222
145,758
Restricted funds
-
-
191,222
145,758		 Holiday
Courses
Bursary Fund
& Kingsley
Brass
Community
Music
Barbican
House
Management
2025
2025
2025
2025
£
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
67,126
-
-
-
-
-
-
-
-
27,041
62,905
2,400
-
2,815
68
12,697
67,126
29,856
62,973
15,097
67,126
-
-
15,097
-
29,856
62,973
-
67,126
29,856
62,973
15,097		 Barbican
Appeal
2025
£
-
-
-
-
-
40,029
-
40,029
-
40,029
40,029		 Total
2025
£
275,479
52,500
3,336
67,126
-
132,375
21,245
552,061
419,203
132,858
552,061		 Total
2024
£
210,980
62,002
3,671
65,576
18,521
-
5,755
366,505
366,505
-
366,505

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

4 Income from charitable activities

(Continued)

For the year ended 31 August 2024

Term Time School Music
Agency
£
£
Individual lesson fees
122,913
-
Group lessons
60,854
-
Exam fees
3,671
-
Fees from participants
-
65,576
Shared lesson fees
-
-
Other income
5,755
-
193,193
65,576
Analysis by fund
Unrestricted funds
193,193
65,576		 Holiday
Courses
£
88,067
1,148
-
-
18,521
-
107,736
107,736		 Total
2024
£
210,980
62,002
3,671
65,576
18,521
5,755
366,505
366,505

5 Income from investments

Unrestricted Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 787 758
Other income
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Other income 6,000 - 6,000 2,495 10,232 12,727

6 Other income

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

7 Charitable activities

Term Time
School Music
Agency
Holiday
Courses
Bursary Fund
& Kinglsey
Brass
Community
Music
Barbican
House
Management
Barbican
Project
2025
2025
2025
2025
2025
2025
2025
£
£
£
£
£
£
£
Staff costs
46,500
15,241
12,455
-
29,428
-
-
Holiday courses costs
-
-
36,155
-
-
-
-
Examination costs
1,110
-
-
-
-
-
-
Instruments and music
1,469
-
2,373
30
5
-
-
Prizes / Bursaries awarded
150
-
-
28,946
-
-
-
Property costs including utilities
-
-
-
-
-
12,598
118
Office and administration costs
1,332
-
848
-
136
-
2,610
Miscellaneous costs
3,363
-
2,046
805
3,501
923
256
Sub contractor and other staff costs
120,774
113,994
21,667
1,043
14,376
50
112
174,698
129,235
75,544
30,824
47,446
13,571
3,096
Share of support costs (see note 8)
94,591
31,530
31,530
-
-
-
-
Share of governance costs (see note
8)
1,296
432
432
-
-
-
-
270,585
161,197
107,506
30,824
47,446
13,571
3,096
Analysis by fund
Unrestricted funds
241,480
158,400
90,901
-
-
5,291
-
Restricted funds
29,105
2,797
16,605
30,824
47,446
8,280
3,096
270,585
161,197
107,506
30,824
47,446
13,571
3,096		 Total
2025
£
103,624
36,155
1,110
3,877
29,096
12,716
4,926
10,894
272,016
474,414
157,651
2,160
634,225
496,072
138,153
634,225		 Total
2024
£
230,495
33,728
1,291
4,260
20,636
20,227
7,378
4,268
-
322,283
166,164
1,980
490,427
376,880
113,547
490,427

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

7 Charitable activities

(Continued)

For the year ended 31 August 2024

Term Time
Holiday
Courses
£
£
Freelance costs
124,416
13,756
Holiday courses costs
-
33,728
Examination costs
1,291
-
Instruments and music
4,151
100
Prizes / Bursaries awarded
100
-
Property costs including utilities
3,853
-
Office and administration costs
7,265
63
Miscellaneous costs
2,179
24
143,255
47,671
Share of support costs (see note 8)
84,744
23,263
Share of governance costs (see note 8)
1,010
277
229,009
71,211
Analysis by fund
Unrestricted funds
165,230
71,211
Restricted funds
63,779
-
229,009
71,211		 School
Music
Agency
Bursary
Fund &
Kinglsey
Brass
Community
Music
Barbican
House
Managemen
t
£
£
£
£
81,589
-
-
10,734
-
-
-
-
-
-
-
-
-
-
-
9
-
20,536
-
-
-
-
16,374
-
-
-
50
-
-
-
-
2,065
81,589
20,536
16,424
12,808
58,157
-
-
-
693
-
-
-
140,439
20,536
16,424
12,808
140,439
-
-
-
-
20,536
16,424
12,808
140,439
20,536
16,424
12,808		 Total
2024
£
230,495
33,728
1,291
4,260
20,636
20,227
7,378
4,268
322,283
166,164
1,980
490,427
376,880
113,547
490,427

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

8
Support costs
Support
costs
Governance
costs
2025Support costs Governance
costs
£
£
£
£
£
Staff costs
126,606
-
126,606
153,766
-
Property costs including
utilities
3,295
-
3,294
3,361
-
Office and administration
costs
24,950
-
24,950
6,604
-
Depreciation and
amortisation
2,740
-
2,740
2,373
-
Bank charges and bad
debts
60
-
60
60
-
Independent examiner
fee
-
2,160
2,160
-
1,980
157,651
2,160
159,810
166,164
1,980
Analysed between
Charitable activities
157,651
2,160
159,811
166,164
1,980
9
Net movement in funds
2025
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
2,160
Depreciation of owned tangible fixed assets
2,740
10
Auditor's remuneration
Fees payable to the charity's auditor and associates:
2025
£
For audit services
Independent examination of the financial statements of the charity
2,160		 2024
£
153,766
3,361
6,604
2,373
60
1,980
168,144
168,144
2024
£
1,980
2,373
2024
£
1,980

11 Trustees

The charity trustees were not paid nor received any other benefits from employment with the charity in the year (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil).

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

12 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
12
2025
£
211,717
14,282
4,231
230,230		 2024
Number
8
2024
£
153,766
-
-
153,766

The key management personnel for Gloucestershire Academy of Music Limited are the trustees, the Principal, the Executive Director and the Operations Director. The trustees receive no remuneration. The total employees benefits including pension contributions of the key management personnel were £136,573 (2024: £101,854).

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

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14

Tangible fixed assets

Instruments
and equipment
£
Cost
At 1 September 2024
15,863
Additions
1,928
At 31 August 2025
17,791
Depreciation and impairment
At 1 September 2024
12,880
Depreciation charged in the year
737
At 31 August 2025
13,617
Carrying amount
At 31 August 2025
4,174
At 31 August 2024
2,983		 Piano
Computer
equipment
£
£
23,685
5,400
2,000
888
25,685
6,288
16,092
2,634
1,439
564
17,531
3,198
8,154
3,090
7,593
2,767		 Total
£
44,948
4,816
49,764
31,606
2,740
34,346
15,418
13,343

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

14
Tangible fixed assets
All of the above assets are used for charitable purposes.
15
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
17
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 (Continued)
2025
2024
£
£
1,753
8,681
5,144
(55)
6,897
8,626
2025
2024
£
£
3,032
(1,408)
2,482
3,896
-
28
8,670
20,885
14,184
23,401
2025
2024
£
£
4,231
-

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Gains and
losses
Balance at
1 September
2024
r
£
£
Bursary fund
-
30,223
Arts Council England
-
-
Barbican Project
-
220,386
Dementia Choir
-
6,207
Stand By Me
-
-
Kingsley Brass
-
-
NHS Projects
-
-
-
256,816		 Movement in funds
Incoming
esources
Resources
expended
£
£
36,001
(28,946)
56,787
(56,787)
40,029
(3,097)
44,197
(27,107)
18,318
(15,338)
1,302
(1,879)
5,000
(5,000)
201,634
(138,154)		 Transfers
Balance at
31 August
2025
£
£
(3,238)
34,040
-
-
6,142
263,461
(6,207)
17,090
-
2,980
5,738
5,161
-
-
2,435
322,732		 Transfers
Balance at
31 August
2025
£
£
(3,238)
34,040
-
-
6,142
263,461
(6,207)
17,090
-
2,980
5,738
5,161
-
-
2,435
322,732
322,732

Purpose of restricted funds

Bursary fund - To make awards to individuals and families of existing and prospective students attending term-time 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.

Kingsley Brass - A county wide band for young players to give them additional learning opportunities of playing in an ensemble setting, performing in public and participating in competitions.

Stand By Me - An intergenerational music project, connecting children and care home residents through a series of interactive workshops giving young and old enriching musical experiences and the opportunity to make friends across the generations.

NHS Project - A pilot hospital project bringing the therapeutic benefits of live music to patients in older adults’ and children's wards in Cheltenham and Gloucester hospitals.

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

18 Restricted funds

(Continued)

Transfers

Bursary Fund - Gift Aid of £2,500 was incorrectly allocated to unrestricted funds in the prior year; this has now been corrected and allocated to the Bursary Fund. Additionally, Kingsley Brass was previously amalgamated with the Bursary Fund, but this year the funds are being reported separately. Consequently, £5,738 has been transferred from the Bursary Fund to Kingsley Brass.

Barbican Fund - In the prior year, the Barbican Fund Appeal and Barbican House Management were incorrectly combined, despite Barbican House Management being an unrestricted fund. This year, the funds have been separated, and £6,142 has been transferred from unrestricted funds to correct the opening balance for the Barbican Fund Appeal.

Dementia Choir - An additional accrual was recorded in the prior year for the Dementia Choir, which resulted in income being double-counted. To correct this, £6,207 has been transferred from restricted funds to unrestricted funds.

19 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 August 2025:
Tangible assets
15,418
-
Current assets/(liabilities)
30,542
322,732
45,960
322,732
Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 August 2024:
Tangible assets
13,343
-
Current assets/(liabilities)
80,333
256,816
93,676
256,816		 Total
2025
£
15,418
353,274
368,692
Total
2024
£
13,343
337,149
350,492

20 Related party transactions

During the year, the aggregate amount of donations received from related parties amounted to £nil (2024: £nil).

GLOUCESTERSHIRE ACADEMY OF MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

21 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.