**SALEM ACADEMY OF MUSIC CHARITY NUMBER:1112240**
**ANNUAL REPORT AND FINANCIAL STATEMENTS 31ST AUGUST 2025**
## **SALEM ACADEMY OF MUSIC CHARITY NUMBER:1112240**
|**Contents**|Page||
|---|---|---|
|Legal and administrative information||3|
|Report of the Trustees||4|
|Report of the independent examiner||6|
|Statement of financial activities||7|
|Balance sheet||8|
|Notes forming part of the financial statements|9|& 10|
2
## **SALEM ACADEMY OF MUSIC CHARITY NUMBER : 1112240**
## **Legal & Administrative Information**
WORKING NAME: SALEM ACADEMY OF MUSIC FINANCIAL YEAR :1st SEPTEMBER 2024 TO 31ST AUGUST 2025 DIRECTORS/MANAGEMENT COMMITTEE AT 31/08/2025 Rev Victor Okusanya Chair Modupe Olubiyi Trustee Cynthia Torres Pedro Trustee Saula Ogunkoya Trustee **Address:** 95 FENHAM ROAD PECKHAM LONDON SE15 1AE **Independent Examiner** Charterbrook Accountants EasyHub Croydon Suite 3.12 22 Addiscombe Road Croydon CR0 5PE **Bankers** Natwest 250 Bishopsgate London EC2M 4AA
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## SALEM ACADEMY OF MUSIC
Report of the Trustees for the year ended 31st August, 2025
The Trustees present their report along with the financial statements of the charity for the year ended
31 August, 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 9 to 10 and comply with the charity's trust deed and applicable law.
## OBJECTS
1.To advance the musical education of the public, particularly but not exclusively to children and young people who are in need by reason of their ec by the provision of classes and training in music in all its aspects with the object of improving the conditions of life of such persons.
.
2. To deliver a rigorous programme of teaching, training, and practice, aligned with the internationally recognised standards of ABRSM and Trinity,
3, To prepare all trainees for the professional world by providing regular exams, concerts and performance opportunities, designed to build confiden
4. To provide mental health support and training to all our service users
5. To provide free or subsidised music tuition fees to those facing financial barriers,
6. To provide access to free or loaned instruments to those facing financial barriers
7. To collect surplus foods from vetted and reputable outlets and redistribute them to all our service users to combat food hunger, and support those
## Legal Status, Governance & Management
Board meetings are bi-monthly and ensure the purpose of the organisation is implemented through effective planning resulting in the annual work plan, associated resources to deliver core and projects, and support to our volunteers, teachers, children and young pe
## Funding
Delivery of our work programme and related costs is achieved through a mixture of tuition fees, grants, performance charges, and dona
## Public Benefit
The Board have due regard to the guidance on public benefit in planning, resourcing and delivering its activities.
Our charity exists to widen access to high-quality music education and performance opportunities. We provide affordable or free tuition By doing so, we remove financial and social barriers to participation in music.
Through regular exams, concerts, workshops, and community events, we give young people the opportunity to perform publicly, buildi discipline, and communication, which support their wider education and future careers.
Our work benefits not only our students, but also the wider community: families, schools, and local audiences gain access to cultural ex so that children and young people from all backgrounds, including those unable to afford private tuition, can participate fully.
4
## **SALEM ACADEMY OF MUSIC CHARITY NUMBER:1112240**
## **Report of the Independent Examiner**
We have examined the financial statements on pages 7 to 8 which have been prepared under the accounting policies set out on page 9.
## **Respective responsibilities of trustees and examiner**
As the charity's trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section of the Charities Act 2006 does not apply. It is our responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners Act, whether particular matters have come to my attention.
## **Basis of opinion**
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts.
## **Opinion**
In connection with our examination, no matter has come to our attention:
- (1) which gives us reasonable cause to believe that in any material respect the requirements
- a) to keep accounting records in accordance with section 41 of the Act; and
- b) to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act
has not been met; or
- (2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Charterbrook Accountants**
Date: 20-Sep-25
EasyHub Croydon Suite 3.12 22 Addiscombe Road Croydon CR0 5PE
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## **SALEM ACADEMY OF MUSIC CHARITY NUMBER:1112240**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31ST AUGUST 2025**
|**STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE YEAR ENDED 31ST AUGUST 2025**||
|---|---|
|Notes
Incoming resources:
**Grant**
Other Income
Tution & Examination
Fund Raising
**Donations**
**Less:**
**Resources Expended**
**Tutors & Staff Expenses**
Rent
Subscription
Insurance
Subsistence
**Printing & Publicity**
**Transport**
**Website and Zoom**
Charity Expenses
Telephone & Internet
Independent Examiners fee
Administrative expenses
Equipment & Materials
Postage & Stationery
Books
Depreciation
1(f) & 3
TOTAL EXPENSES
Net Incoming/(Outgoing)
Balances b/f
Balances c/f|**Restricted**
**Unrestricted**
**TOTAL**
**Funds**
**Funds**
**2025**
**£**
**£**
**£**
**15,775.00**
**-**
**15,775.00**
**-**
5,466.00
5,466.00
**-**
10,385.00
10,385.00
**-**
**10,272.00**
**10,272.00**
**4,144.00**
**4,144.00**|
||**15,775.00**
**30,267.00**
46,042.00|
||**4440.00**
11,005.00
15,445.00
**840.00**
-
840.00
197.00
197.00
**-**
263.00
263.00
**-**
**386.00**
**386.00**
**-**
**331.00**
331.00
**-**
4,567.00
4,567.00
1,256.00
1,256.00
**-**
2,448.00
2,448.00
**-**
221.00
221.00
**-**
575.00
575.00
**-**
1,468.00
1,468.00
**5,500.00**
-
5,500.00
**-**
886.00
886.00
**-**
1,358.00
1,358.00
**-**
-
-|
||**10780.00**
24,961.00
35,741.00
**4,995.00**
5,306.00
10,301.00|
||**0**
3,424.00
3,424.00|
||**4995.00**
**8,730.00**
**13,725.00**|
7
## TOTAL
2024
£
5,000.00 - 8,876.00 - 3,410.00 17,286.00
5,803.00 - 56.00 219.00 10.00 146.00 2,274.00 1,646.00 402.00 - - 372.00 5,457.00 4.00 372.00 - 16,761.00 525.00 2,899.00 3,424.00
1358
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## **SALEM ACADEMY OF MUSIC CHARITY NUMBER:1112240**
## **BALANCE SHEET AS AT 31ST AUGUST, 2025**
|**Notes**
**Fixed assets**
Tangible assets
1(f)& 3
**Current assets**
Debtors & Prepayment
2
Cash at Bank and in hand
Creditors: amount falling due
within one year
4
**Net current assets / Current liabilties**
**Total assets less current liabilites**
**Represented By:**
Restricted Funds
Unrestricted Funds
1B
Designated Funds
Total Charity Funds|**£**
-
13,725.00
|**2025**
**£**
**£**
-
-
3,424.00
3,424.00
-
13,725.00
13,725.00
4,995.00
8,730.00
13,725.00
|**2024**
**£**
-
3,424.00|
|---|---|---|---|
||13,725.00
-|||
|||||
||||3,424.00|
||||-
3,424.00|
||||3,424.00|
We certify that the annexed accounts are in accaordance with the records, information and explanations supplied by u
and have our approval.
Signed by Order of the Board
## **Saula Ogunkoya**
**Date:** 20-Sep-25
8
8
## **SALEM ACADEMY OF MUSIC**
## **Notes forming part of the financial statements for the year ended 31st August, 2025**
## **1. Accounting policies**
## **(a) Accounting convention**
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective March 2000). In preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2005) effective October 2000.
## **(b) Fund Accounting**
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purpose. Restricted funds are funds which have been given for particular purposes and projects.
## **( c ) Incoming resources**
All incoming resources are included in the financial statements when the Charity is legally entitled to the income and the income can be quantified with reasonable accuracy. Pledges are only recognised when the amount is certain.
## **(d) Resources expended**
Expenditure is accounted for on accrual basis and classified under the heading appropriate to the nature of the expenditure.
## **(f) Tangible fixed assets and depreciation**
Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives as follows:
|Equipments|20%|
|---|---|
|Furniture, Fixtures & Fittings|20%|
|Motor Vehicle|20%|
## **2. Current Assets**
|Debtors and Prepayments
Cash at Bank and in hand|**2025**
£
-
13,725.00
**13,725.00**|**2024**
£
-
3,424.00|
|---|---|---|
|||**4,638.00**|
9
9
## **SALEM ACADEMY OF MUSIC**
## **Notes forming part of the financial statements (cont'd) for the year ended 31st August, 2025**
## **3. Tangible fixed assets**
|**Cost**
At 01 September, 2024
Additions
Disposals
At 31st August, 2025
**Depreciation**
At 01 September, 2024
Charge for the year
On disposals
At 31st August, 2025
**Net book value**
At 31st August, 2025
At 31st March, 2023|**Furniture &**
**Motor**
**Total**
**Equipments**
**Fittings**
**Vehicle**
**£**
**£**
**£**
**£**
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|
||-
-
-
-|
||-
-
-
-
-
-
-
-
-
-
-|
||-
-
-
-|
||0.00
0
0
0.00|
||0.00
0
0
3,640.00|
None of these assets were acquired under the terms of hire purchase.
## **4. CREDITORS: Amount falling due within one year**
|**Cost of Charitable Activities**
Independent Examiners fee
Other Creditors|**2025**
**2024**
0
0
0
0|
|---|---|
||0
0|
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