Company registration number.. 07307202 Charity registration number.. 1138482 South West Music School (A company limited by guarantee) Annual Report and Financial Staiements for the Year Ended 31 August 2024 WESTCOTTS a BUSINESS 4DVISER5
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Contents Reference and Administrative Details Trustees. Report 2109 Independent Examinerfs Report 10t011 Statement of Financial Activits'es 12 Balance Sheet Notes lo the Financial Statements 14to26
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Reference and Administrative Detsils Trustees Mr C C Spar*hall. (Chair) (Appoinled 22 May 2024) Mr O Leaman Mr D Butler Mr P J Springate Miss K Hurr, (ReSned 29 February 2024) Mr P G Dolling. (Resigned 8 September 2024) Mr M R Pontin, (Appointed 22 May 2024) 1138482 Charity Registration Number Company Registration Number 07307202 Registered Office 10 Temple Back Bristol 8S1 6FL Westcotts (SW) LLP Chartered Accountants & Statutory Audrtor Tallford House 38 WalSisco'4e Road Weston-super-mare Sornerset BS23 1LP Independent Examiner Solicitors Fool Anstey Secretarial Lirnited Senate Court Southemhay Exeter Devon EX1 1NT Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill. West Malling, Kent ME19 4JQ Page 1
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Trustees, Report The trustees, who are directors for the purposes of company law. present their report and the financial statements of the charitable company for the year ended 31 Augusl 2024. Structure, govemance and management Governing document The organisalion is a charitable company Limited by guarantee incofporated on 7 July 2010, registered as a charity on 19 October 2010. and commenced aclivilEs on 1 Sepiember 2010. The charity was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under Its Articles of Association. Organisation South West Music School was founded In 2006 as a department of the Dartinglon Hall Trust through a partnership of the Bournemouth Symphony Orchestra. Dartinglon Hall Trust, Federation of Music Services South Wesl, Wells Cathedral School and Wittshife Music Cenlre. Due to success of this partnership and the work of Soulh Wesl Music School we began opefatin9 as an independent organisalion from 1st September 2010, becoming a registered charity. and demerged from the Dartingion Hall Trust on the 1st November 2010 Soulh West Music School 15 part of a national nehvork of Centres of Advanced Training (CATS) and Specialist Schools supported by the Department for Education. Music and Dance Scheme. The Music CATS and the whole network meet on a regular basis, overseen by represenlatives of the DfE Trustees The Trustees meet quarterly. and at each meeting receive compre4ensive reports from the General Manager The Board of Trustees delegate all operational and programmin9 decisions to the General Manager and the sign off on finance and contractual agreements. The Trustees who served during the year were.. Dr Oliver Leaman (Chair) Mr David Butler Mr Philip Springate Mr Philip Dolling (resigned September 24) Ms Kerenza Hurr (resigned February 241 Mr Matthew Pontin Mr Christopher Sparkhall Risk Management It remains the Trustee's policy to keep administrative overheads to a minimum. but not to compromise on the quality of delivery. Every year all South West Music School policies are reviewed. revised and agreed by the Trustees and the relevant intemal systems artered to mitigate the nsk to which the Chanty could be exposed. Page 2
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Trustees. Report Objectives and actlvlties The objective of South West Music Sd)ool in accordance to our Memorandum and Articles is to provide music education for young people primarity in, birt not limited lo, the South West of England. Our students and programme of activity are spread across the South West of England. We work in partnership wrth rnuS professionals, educational settings and venues across the region, nalionalty and internalionally. Sotsth West Music School is a virtually based organisation. with no fixed office or delivery building. This enables our team to work across the region on a more locally spread basis. This objective has been delivered through the folbwing programmes of work: Page 3
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Trustees, Report Music and Dance Scheme IMDSI SWMS offers lurtion and menloring throvgh a number of programmes that are funded under the Music and Dance Scheme (MDS) and by paying parent. We work wilh up lo 75 students who are funded either wholly or in pari by MDS grants. South Wesl Music School is open to students who are not e1Ible for a grant. The families either pay for a full programme of activity. excluding a turtion budget. or they conlribule on a 'pay as you go" basis. The 23124 cohort included 21 such students of varying age. The scheme delivers 1-2-1 mentoring by music education and indusiry professionals, individual luilion support, development programmes. genre and instrument specifK workshops, and residential learning opportuntties. We offer 3 main programmes wrth bolt on specialisms. The Foundation (enhanced with mentoring), Performance Development Programme, The Core (inc Composers and Songwriting pathwtsys) Music production and DAW Cornpositn is covered across all programmes. All of our Pfogramme student cohort work on a cross genre basis wrthin the programme of activities lexcluding tuition schools) In 202&24 MDS funded students were tutored by approx. 120 tulors and guided by 26 mentors Of the graduating. sludenls from these programme5. 6 progressed lo higher education to Study music inc5uding Universily and Conservaloire. 1 went lo study at HE non-music course, 1 took a Piano tuning course for the workplace and 3 look Gap Years. In 23124 400/0 of the student cohort faced a leaming challengelphy51callrnenlal heallh andlor medical challenge, andlor familylpersonal challenges {e.g bereavemenl, family split) Which means they are often marginalised or lack in confidence with in the traditional education selting. Music is their passion and strength. High level MUS provision and inslrumenl specific luition 15 on the decline within the state sector. Families are lurning to us to support their child's abilty and progression where they do not have the funds personally or provision localty. South West MUS School is a musical family where students feel safe to follow their passion and dreams_ This approach has proven itself many times over with the trust and engagement of our students_ Many slay in touch with us throughout their education and inlo their careefs. Our Alumni often retum as guest tutors for specific skill support, South Wes, Youlh Orchestra, mentoring and house parenting. Page 4
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Trustees. Report Learnlng challenges: 10 have a diagnosis of autism 3 have ADHD thal need specrfic support 1 has lourettes 2 are visually impaired 3 have hearing loss (partial) 3 have dyspraxia Mental Health Concems: 16% have significanl anxiety of a level that impacts daily life 16% have coped wrth SnIfICant familylpersonal chaInge$ Ibereavement, cancer in the immediate family, parents split) Education 10Qh are home educated 1 student educaled in a health care unit has continued music lessons and mentoring with a specialist vocal coach for transgender students 1 student is in a specialist school for complex needs Our students fomi strong friendships which allow them lo Iruly be themselves in our environments where music is the common slrand. Our Alumni often take the role of Peer mentors When youngef one5 go on lo the same University the Altsmni provide a friendly fa Thi5 allobvs the continuity of background and experience. We are passionate about developing the students confidence and wellbeing. Our house parent team are the same team for all workshops and residentials, which contributes to the feeling of the musical famity- SWMS also offers programmes. vthich a not funded through the MDS. The Foundation course is for young musicians in the 8-11 year age range who are not yet ol a standard to apply for MUS and Dance scheme grant South West Youth Orchestra We delivered our third South West Youlh Orchestra residential in August 2024. This opportunity is open lo crchestral students G6+ extemal to SWMS, alongside existing students and Alumni. It lakes place al Miiifield School, Somerset. and Is Conducted by Patrick Bailey. This year V offered the opportunity for some of our students to compose pieces for orchestfa to be played during the resKfential - a wonderful and unusual experience for budding young composers. Our Podium conducting project also sits alongShe Swfo and is a great experience for those students to play wilhin and conducl the orchesira. The repertoire for the orchesira this yEar was" Dvorak 8th Symphony (conducting project) Dance from Othello - Coleridge Taylor Restless Oceans - Anna Clyne Page 5
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Trustees, Report SWMS continues to yrk in partnership with most of the Music Education Hubs that operale within our geographic region. We are a progression partner in support of the strategy for local and regional music education development and progression. Applications and audllions The application process opened in April 23 for the 23r24 year. Some Cornvrfall students were auditionedfintervie¥*EII online, however the st of the region attended auditions in person. wilh an audition panel of 3 Independent music tulors wrth the General Manager as an observer. The apPIan1$ were then inter¥Ved by Ihe Lead Menlor. We had 30 new student applications during the academic year - giving a total cohort of 86 students across the programmes. 75 of the students were eligible for MDS grants (full and parb'al). Achievements and perfomiance During the 2023124 academic year students engaged in 31 programme day workshops at weekends (genre specific. instrument specific, ensemble activity and music produclion), 8 residentials {included weekends and holiday weeks) including the third South West Youth Orchestra. Core programme residential - Composition focus - October half term 2024 7 students with a composrtion focus took part in a residential based near Bodrnin. Comwall. The tutofs led by Dr Sadie Harrison worked wrth the students to start orchestral pieces to be played by South West Youth Orchestra - this project conlinued both online and in person Ihroughout the year. Core programme - Songwriter focus 9 students from a main group of 11 look part in a resKlenlial based in Gloucestershire. The lead tutor Matthew Ker spent the year developing a portfolio of work for the students. Workshops throughout the year look place online and in petson. Guest support tutors for the year - Ana Silvera, Ben Crawley and Mara Simpson. Easter residential 40 of our Core students took part in the Easter residential, based at Miiifield School, Somerset. The tutors - Steve AIIsvK)rth. Preslon Prince and Tyler sper Page 6
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Trustees. Report A Muslcal Hand Off A musical extravaganza bringing together the best of classical and contemporary musicianship, all leading lo a final perfomiance Unlike any olhef. This residential will push students out of their comfort zone, but in doing so. develop skills that will be used for a lrfet5me. Every musician and instrument has a role to serve in each musical srtualion. and tPiis sidential will see sludents relying on each other to bring together a cohesive final perfomance a5 we cross-genre. stylistic boundaries, and traditional ensemble fomals Every student will come away with a beller understanding of how they can serve a musical situation. significantly improved listening skills, vaslly improved adaptability. and having been a part of an exciting performance situation. July resldentlal 32 of our Core students took part In the July resi¢enlial based al Bath Spa University, Bath The lulors - Eddie Parker, Jan Hendrickse. Jon Sterckx and Cuffy Flamenco Students work to devise their own response to Debussy's Iberia {cross-genre working groups) Debussy Iberla reimagined In painting a 5ucces5ion of tableaux wrth cinematic scope DebLJSSy Crtcs dance, Canto jondu song, landscape. populous festival scenes." castles, windmi115. donkeys bray1ng. nocturnal fragrance5, moonlight. and romance. We want to inspire you lo create your own response to Debussy s music. We'll do this by giving you an experience of some of the elements that inspired Oebu55y'. two in particular being flamenco dance and Mus. ano scenes and storTres Iiuin Cenianles, Don Quixote (which lies behind many of the Musical tableaux in Iberia} August residential South West Youth Orchestra. This was the third year for Ihe successfully relaunched SWYO. We returned to Miiifield School and welcomed 30 talented young musicians aged 13-23. Foundation and Perfonnance Development Progrdmme. Our younger students. aged 8 - 14. attended a series of workshops across the academiG year {2 per term). They are split into projects with varied tutors. genre. skill outcomes and perfomiance opportunities Dunng Ihe first lemi of 23r24 the two programmes joined to work with Bath Spa Univer5ily tutors_ These programmes are devised to increase a student's confidence in their own musicianship, to explore their insirument5 and widen kheii IVlUbiCGII knowled9e and iaste. Bath Spa proiect - both programmes explored innovative and new ways of scoring music, including online games that help a young person lo score their own creations. This culminated in a day at Bath Spa Univer5ty playing as part of an immersive. impfovised orchestra In the second and third lem5 the students reverted back to separate VrkShopS focussing on improvisation and performance skills with tutors - Sam Massey. Lewis Riley and Zaid Al Rikabi. Page 7
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Trustees, Report Publ¢c benefrt In planning our activities for any year. we have kepl in mind the Charty Cornmission guidance on public benefit. South Wesl Music School appltations are open lo all regardless of social. cultural or musical background from across the South West region of England. We ensure that our workshopslresidenlials are spread geogfaphically for easy acce5S. To support the cost of fees we offer means-tesled national grants supported by the Department for Education Music and Dance Scheme for lower incorne familie5. In 23124 we welcomed sludenls wilh a variety of addrtional needs Inc physical accessibility ano mental heallh challenges. Financial review The Statement of Financial Aclivtiies shows the charily had incoming resources for the year of £300.562 12023 £270.9581 Income from charitable activities relates directly to the funding of the student places wilhin South West Music School by the way of nalional grants and there was an Increase in income due lo an increase In the number of students Outgoings during the year lolalled £349,267 12023 £287.0511, of this £2C6,819 (2023.. £111.196) was incurred servicing the student places, £142,448 {2023-. £105,151) related to support costs {including staff costs of £132,659 {2023. £69.218) £9,789 (2023 £10,704) related lo the governance costs of Ihe charity. There were no fund-raising costs (2023 £nil) The South West Music Schools reserves continue lo be in a positive posltion. SWMS Risk Anatysis South Wesl Music School plans to continue to develop its current programme of work. Our aim is to address the identified risk factors and develop longer-terTn funding partners to enable South INesl Music School to become more suslainable At the same time, the charty will continue to advocale the advantages of the South West Music School delivery m¢xfel and educational philosophy to individuals and organisalions across the region and beyond Reserves PolÈcy The reseNes poIY of the charity is to retain sufficient funds equivalent to two to three months, of expected running cosis. equating lo betyveen £55.000 and £85.000 The current level of reserves is within that target range Plans fof future period5 The future plans for Soulh West Music School are to continue to develop our current programme of work In the light of the DfE's Music and Dance Scheme review our aim we will continue to review and diversify our income 51reams, and develop longer term fvnding partners to enable Soulh West Music School lo become more sustainable We will continue IO advocate Ihe South Wesl Music School model and educational philosophy to individual and organisations across the region and beyond. Page 8
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Trustees. Report Trustees. responsibilitles stslement The trustees, who are also directors for the purposes of company law. are responsible for preparing the Iruslees. report and the financial statements In accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice) Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the slate of affairs of the charrtable company and the incoming resources and application of resources, including the income and expenditufe. for thai period. In preparing these financial statements, the trustees are required lo: selecl suitable accounting policies and then apply them consistenlly. observe Ihe methods and principles in the applicable Charities SORP 2019 (FRS 102); make judgments and accounting estimates that are reasonable and prudent.. prepare the financial statements on the going Concern basis unless Il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounling records that are sufficient lo show and explain the charily's Ifansactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure Ihal the financial statements romply with the Companies Acl 2006. They are also responsible for 53feguarding the assels of the charity and hence lor taking reasonable steps for Ihe prevention and detects'on of fraud and other irregularilies. Audttor Each of the persons who is a trustee at the date of approval of this report confimis that". so lar as they are aware. there is no relevant audit Information of which the charity's auditor is unaware.. and they have taken all steps that they ought lo have laken as a trustee to make themselves aware of any relevant audit infomialion and to establish that the chanty's auditor is aware of that information. Sm311 companies provision statement This report has been prepared in accordance wrth the small companies regime under the Companies Act 2006. The Irustee5' annual report was approved on board of trustees by: .29th.May 2025.. and signed on behalf of the Mr D Butler J Trustee Page g
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Independent Examiner's Report to the trustees of South West Music School {'the Company'> I report lo the charity Iruslees on my examinalK)n of the accounts of the Company for the year ended 31 August 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also rts directors for Ihe purposes of company lawl you are responsible for the preparation of Ihe accounts in accordance th the requirements of Ihe Companies Acl 2006 ('the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 200S Act and are eligible for independent examination, I report in respecl of my examinalion of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Acl'}. In carrying out my examination I have folb)wed the Directions given by the Charity Commission under section 14515)Ibl of the 2011 Act. Independent examinefs Statement Since the Companls gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of Ihe 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of . which is one of the listed bodies. I have completed my examinatK)n I confirm thai no mallers have cume lo my altention in connection wilh the examinalion giving me cause lo believe 1. accounting records were not kepl in respecl of South Wesl Music School as required by section 386 of the 2006 Act, or 2. Ihe accounts do not accord with those records: or 3. the accounts do not comply with the accounting requiremenls of section 396 of the 2006 Act other than any requiremenl that the 2¢¢0unls give a 'true and fair view. which is nol a matter considered as part of an independent exarninalion. or 4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charilies [applicable to charities preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)1. I have no concerns and have come across no other matters in connection wrth the examination to which attention should be drawn in this report in order lo enable a proper underslanding of the accounts to be reached. Page 10
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Independent Examiner's Report to the trustees of South West Music School {'the Company.) Peter L maxF Tallford House 38 Walliscote Road Weston-super-mare Somer5et 8S23 1LP D81e'. Page11
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Statement of Financial Activities for the Year Ended 31 August 2024 {Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable aclivilies Investment income 3.960 294.726 1,876 3,960 294.726 1,876 530 269,556 872 Total income 300,562 300.562 270,958 Expenditure on: Charitable activities (344.212 (344,212 (287,051 Total expenditure 1344,212) (43,650) (344,212) 1287,051) Net expendrlure 43,6501 (16,093) Net movement in lunds (43.650) (43,650) (16,093) Reconciliation of funds Total funds brought forbyard 131.401 131,401 147.494 Total funds carried forward 18 87.751 87,751 131.401 All of the charity's activities derive from continuing operations during the above two periods The funds breakdown for 2023 is shown in note 18. Prior year Statement of Financial Activities comparatives are discbsed in note 17. The notes on pages 14 to 26 forn an integral part of these financkgl statements. Page 12
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 (Registration number: 07307202) Balance Sheet as at 31 August 2024 2024 2023 Note Fixed assets Tangible assets 13 851 751 Current assets Debtors Cash at bank and in hand 14 2.210 102,943 10.482 131.795 105.153 142,277 Creditors: Amounts falling due within one year Net current assets 15 18.253) (11 ,627) 86.900 130,650 Net assets 87.751 131,401 Funds of the charity: Unrestrlcted income funds Unre51ricled funds 87.751 131.401 Total funds 18 87,751 131,401 For the financial year ending 31 Augusl 2024 Ihe charty was entitled to exemption from audit under section 477 of the Companies Act 2006 reL4ting to small companies. Direclors, responsibilities= The members have not required the charity to oblain an audit of its account5 for the year in question in accordance wilh section 476: and The directors acknowledge their responsibilities for complying with ihe requirements of the Act with respect to accounting records and the oreparation of accounts These financial slatements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime wrthin Part 15 of the Cornpanies Act 2006. The financial statements on pages 12 to 26 yre approved by the trustees. and authorised for issue on 29. M.ay.2025 and sned on Iheir behalf by. Mr D Butler Trustee The notes on pages 14 to 26 fonn an integral part of these financial statements. Page 13
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Financial Ststements for the Year Ended 31 August 2024 1 Charity status The charily is limited by guarantee, incorporated in England and Wajes, and consequently does not have share capital Each of Ihe trustees Is liable to contribute an amount not exceeding £1 towards the assets of the charity in the evenl of liquidation. The address of ils registered office is.. 10 Temple Back Bristol BS16FL 2 Accounting policies Sumrnary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial ststements are sel out below. These policies have been consistently applied to all the years presented. unless otherwise stated. Statement of compllance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Stalemenl of Recommended Practice (applicable lo charilie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepLJblic of Ireland (FRS 102)) {issued in January 2019) - (Charities SORP IFRS 102}l. the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 1021, the Charitie5 Act 2011 and the Companies Acl 2006. Basis of preparation South Wesl Music School meels the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless Otherwise stated in the relevant accounting policy notes. The financial statements are prepared in Sterfing, which 15 the functional currency of the entity Going concern The Iruslees consider that there are no material uncertainties aboLSt the chariWs abilty to continue as 2 going concem nor any significant areas of uncertainty that affect the carryinq value of assets held by the charity. Page 14
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Financial Statements for the Year Ended 31 August 2024 Judgements and key sources of estimation uncertainty In preparing Ihese financial statements. the directors have made the followin9 judgements. Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depencling on a number of lactors. such as their product life cycles and maintenance programmes Residual value assessments consider issues such as future market condilions. the remaining life ol the asset and projected disposal values. Trade debtors are reviewed for impaimienl loss on an annual basis and provision is made for any balances where there is uncenainty against the recoverability of the balance. This melhodclogy is applied on a customer by customer basis. Future evenls that ar6 believed lo be reasonable under the circumstances. Income and endowments All income is recognised once the charity has enlttlemenl lo the income. il is probable that the income will be received and the amount of the income receivable can be measured reliably_ Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a (lonation is 5ubiect to conditions that require a level of performance by Ihe charity before the charity 18 pntilled to the funds. the income is deferred and not recognised until either those conditions are fully mel, or Ihe iuifilment of th05e conditions is wholly wilhin the control of the charity and it is probable that these condrtions will be fulfilled in the reporling period. Investment incorne Inleresl income is recognised using the effective interest method expt where it relates to a transaction where payment is deferred beyond normal GTedii lerms. Charitable activities Income from donated goods is measured at the fair value of the goods unless thi5 is impractical lo measure reliably, in which case the value Is derwed from the cost lo the donor or the estimated resale vallte. Donated facilities and services are recognised in the accounts when received rf the value can be reliably measured_ No amounts are includeo for the contribution of general volunteers_ Income from contracts for the supply of services 15 recognised with ihe delivery of the contracted service This is classified as unrestricted funds unless there Is a contractual requirement for it to be spent on a particular purpose and returned rf un5penl. in which case rt may be regarded as restricted. Page 15
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Financial Statements for the Year Ended 31 August 2024 Expendlture All expendilure is recognised once there is a legal or conslruclive obligation to that expenditLtre. it is probable setllemenl is required and the amount can be measured reliably All cosls are allocated lo the applicable expendilure heading that aggregate simiL8r cosls lo 11)at category Where costs cannol be directly attributed lo particular headings they have been allocated on a basis consistent wilh the use of resources. wrth central slaff costs allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use Other support costs are allocated based on Ihe spread of staff costs. Charitable actlvifies Charitable expenditure comprises those costs incurred by the charity in Ihe delivery of its activilies and services for ils beneficiaries. It includes both costs that can be allocaled directly lo such activities and those costs of an indirect nalure necessary to support Ihern. Support Costs Support costs include central functions and have been allocated to aclivity cost categories on a basis consislenl with the use of resources. lor example, allocating property costs by floor areas, or per capila, $13ff costs by the time spenl and other c0515 by their usage Governance costs These include the cos15 attributable to the chanty's compliance with constitutional and statutory requirements, including audi( strategic management and truslee5 meelings and reimbursed expenses. Tangible fixed assets Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated dep18t10n and any accumulat impairment losses. Depreciation and amortisation Depreciation Is provided on tangible fixed as5et5 so as to write off the cost or valuation. less any eslimaled residual value, over their expected useful economic lrfe as follos. Asset class Fixtures and fittings Computer equipment DepreciatTon method and rate 25°/ts Straight line 25°/o Straight line Page 16
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Financial Statements for the Year Ended 31 August 2024 Trade debtors Trade debtors are amounts due from studenls for MUS and dance services performed in the ordinary course of business. Trade debtors are recognised initially at the Iransaclion price. They are subsequently measured al amortised cost using the effeclive Inte51 method. less provision for impairmenl A provision for the impairment of trade debtors is esiablished when there is objective evidence Ihal the charity will not be able lo collect all amounts due according lo Ihe original lems of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lemi highly liquid Investments that are readily convertible to a known amount of cash and are subject lo an insignificant risk of change in value. Trade Cfeditors Trade creditors a oblgations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers Accounts payable are cla55ified as currenl liabililies if the charity does not have an uncondilional right. al the end of the reporting period, lo defer settlement of the creditor for al least twelve months after the reporting dale If there is an unconditional right lo defer selllemenl lor at least twelve monttr,5 after the reporting date. they are piesented as non-currenl Iiabililies. Trade creditors are recognised inttialty at the transaction price and subsequently measured al amortised cost using the effective interest method. Fund structure Unrestncted income funds are general funds thai are available for use at the trustees discrelion in furtherance of the objectives of the charity Restricted fund5 are subjectea lo restrictions on their expenditure declared by the donor or through the terms of an appeal. Pensions and other post retirement obligations Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided_ Prepaid contributions are recognised as an asset to the extent that the prepaymenl will lead to a reduclion in future payments or a cash refund_ When contribulions are not expected to be settled wholty within 12 monlhs of the end of the reporting dale in which the employees render the related service. the liability Is measured on a discounted present value basis. The unwinding of Ihe discount is recognised as an expense in the period in which it 3N5es. Page 17
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Note5 to the Flnancial Ststements for the Year Ended 31 August 2024 Financial instruments Classiflcatlon Financial assets and financial liabilities are recognised when Ihe charity becomes a party to the contractual provision5 of the instrument. Financial liabilrties and equity instruments a classifd acc(xding io the substance of the conlraclual arrangements enlered into An equity instrument is any conlracl that evidences a residual interest in the asset5 of the charty after deducting all of tls liabilities. Recognition and measurement All financial assets and liabilrties a initialty measured at transadion price (including transaction costs}, except for Ihose financial assets classified as at fair value through profit or loss, which are initially measured at fair value {which is nomally the transaction pri excluding transaction coslsl. unless Ihe arrangement conslrtutes a financing transaction. If an arrangement constilutes a financing transaction, the financial asset or financial liability Is measured al the psent value of the future payments discounted at a market rate of interest for a Simitar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when. and only when there exists a legally enforceable right to Set off the recognised amounts and the charity intends either to settle on a net basis. or to realise the asset and settle the liability simullaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flow5 from the financial assel expire or are settled. b) the charity transfers to another party substantially all of the risks and rewards ol ownership of the financial a5sel, or c) the charty. despite having retained some, but not all. significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities a derecognised only when the obligalion specified in the contract is discharged, cancelled or expires. Debt instruments Debt instruments are subsequently measured at amortised cosL 3 Income from donations and legacies Unrestricted funds General Total 2024 Donations and legacies" Other grant5 3,960 3,960 3,960 3.960 Page 18
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Financial Ststements for the Year Ended 31 August 2024 Unrestricted funds General Total 2023 Donations and legacies.. Other grants 530 530 530 530 4 Income from charltable activlties Unrestricted funds General Total 2024 Fee income National grants 10,413 284,313 10,413 284,313 294.728 294,726 Unrestrictsd funds General Restricted funds Total 2023 Fee income National grants 27.871 107.(X)4 27,871 241,685 134.681 134.875 134.681 269.556 Page 19
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Financlal Statements for the Year Ended 31 August 2024 The national granls represent Music and Dance Scheme arxl suslainabilty grdnts received from the Department of Educalion. 5 Investment Income Unrestrfcted funds General Total 2024 Inte st receivable and similar income., Interest receivable on bank deposits 1,876 1,876 1,876 1,876 Unrestricted funds General Total 2023 Interest receivable and similar income- Interest feceNable on bank deposts 872 872 872 872 Page 20
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Financial Statements for the Year Ended 31 August 2024 6 Expendlture on charitable activlties Unrestricted funds General Total 2024 Note Sovth West Music School Allocated support costs Governance costs 206.819 132,659 4,734 344,212 206,819 132,659 4.734 344,212 Unrestricted funds General Restricted funds Total 2023 Note South West Music School Alk)caled support costs Governance costs 36.515 105.151 10.704 134,681 171,196 105.151 10.704 152.370 134.681 287,051 Activity undertaken directly Activity support costs 2024 South West Music School 206,819 Activity undertaken directly 132,659 Activity support costs 339,478 2023 South Wesl Music School 171.196 105,151 276,347 In addition to the expenditure analysed above, the are also govemance costs of £4,734 {2023 £10,704) which relate directy lo charitable activities See note 7 for further details. Page 21
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Financlal Statements for the Year Ended 31 August 2024 7 Analysis of governance and support costs Support costs allocated to charitable activities Total 2024 Total 2023 Staff costs Depreciation Communicalions. IT and subscnptions Rent. insurance, pairS. printing and other office expenses Consultancy fees Travelling, accommodation and training 114,265 599 7,660 7,257 69,218 483 4,655 7,559 20,987 2,249 105,151 2.878 132.659 Governance costs Total 2024 Total 2023 Audit fees Audit of the financial statements Other fees paid lo auditors Legal fees Other governan costs 6,000 4,010 575 119 3.795 821 118 4.734 10,704 All support and govemance costs are unrestricted. 8 Net incomelexpenditure Net expenditure for the year include: 2024 2023 Depreciation of fixed assets 599 483 Page 22
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Financial Statements for the Year Ended 31 August 2024 9 Trustees remuneration and expenses None of the Irustees have been paid any remuneration or received any other benefits in the current or previous year. No trustee was reimbursed or waived expenses in the current or previous year. 10 Staff costs The aggregate payroll costs Vre as follows 2024 2023 Staff costs during the year were: Wages and salaries Staff pensions Staff NIC (Employers) 104,011 1,337 3.579 68,577 187 454 108.927 69,218 The monthly average number of persons (including senior managemenl I leadership team) employed by the charity during the year expressed per head count as follows.. 2024 No 2023 Average number of employees No employee received emoluments of more than £60.000 during the year or the previous year. The total employee benefrts of Ihe key management personnel of the charity were E62,186 {2023 £41.613). 11 Auditors. remuneration 2024 2023 Audit of the financial statements 6.000 Other fees to audito All other non-audit services 3.795 4.010 Page 23
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Flnancial Statements for the Year Ended 31 August 2024 12 Taxatlon The charity is a registered chariiy and is therefore exempt from tsxation. 13 Tanglble fixed assets Fumlture and equipment Total Cost At 1 September 2023 Addilions 1,933 699 1,933 699 At 31 August 2024 2,632 2.632 Depreclatlon Al 1 Septernber 2023 Charge for the year 1,182 599 1,182 599 Al 31 August 2024 1 781 1.781 Net book value At 31 August 2024 Al 31 August 2023 851 851 751 751 14 Debto 2024 2023 Trade debtors Accrued income 2.210 315 10,167 2,210 10,482 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditor5 Accruals 13,492 2,261 2,500 18,253 1,644 2,428 7,555 11,627 Page 24
South West Muslc School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Financial Statements for the Year Ended 31 August 2024 16 Pension and other schemes Defined contrlbution penslon scheme The charrty operates a defineo conlributK)n pensK)n scheme. The pension cost charge for the year represents contributions payable by the charty to the scheme and amounted to £Nil12023 - £187). 17 Prior year Statement of Financial Activities comparatives Unrestricted tunds Reslricted funds Total 2023 Note Income and Endowments from.. Donations and legacies Charitable activities Inveslment income 530 134,875 872 530 269.556 872 134.681 Tolal income 136.277 134,681 270 958 Expenditure on: Charitable acknvities (1 $2.370) (134.681) 1287,0511 Total expenditure (152.370 (134.681) (287,0511 Net expenditure [16,093) 116,0931 Net movement in funds 116.093) (16,093) Reconciliation of funds Total funds brought fopward 147.494 147,494 Total funds carried ford 18 131,401 131.401 Page 25
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2024 Notes to the Financial Statements for the Year Ended 31 August 2024 18 Funds Balance at 1 September 2023 Balance at 31 August 2024 Income Expenditures Unrestrlcted funds General General fund 131.401 300,592 349,297 82,696 Balance at 1 Septernber 2022 Balance at 31 August 2023 Income Expenditures Unrestricted funds Genernl General fund 147,494 270.958 (287,051) 131,401 Music and Dance Scheme represents the income and cost associated wrth the core programme, composers, feeder programme. induction progfammes, performances and residential courses. 19 Analysis of net assets between funds Unrestricted funds General Total funds at 31 August 2024 Tangible fixed assets Current assets Current liabilitEs 851 105,153 {18,253) 851 105,153 {18,253) Total net assets 87.751 87,751 Unrestricted funds General Total fund5 at 31 August 2023 Tangible fixed assets Current as5et5 Current liabilrties 751 142,277 (11,627) 131,401 751 142.277 {11,627 Total net assets 131.401 Page 26