Company registration number.. 07307202 Charity registration numbei.. 1138482 South West Music School (A company limited by guarantee) Annual Report and Financial Slalements for the Year Ended 31 August 2025 WESTCOTTS TEWEts ACCOVMTAMrs BUSINES$ ADVISERS
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Contents Reference and Admlnistrslwe Detai18 Trustees, Report 2to9 Statement of Trustees, R88pon8iT>iliti88 10 Independent ExamineV8 Report 11to12 Statement of Financial Activ46 13 Balance Sheel 14 Notes to the Financial Statements 15to27
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Reference and Administrative Details Trustees Mr C C Sparkhall. (Resigned 26 February 20261 Mr O Leaman Mr D Butler Mr P J Spring81e. {Resigned 27 August 2025} Mr P G Dolling, {Re¥ignod 8 Sgptember 2024) Mr M R Pontin Mr J CricketL (Appointed 19 May 2025) IRe8igned 28 February 2026} 1138482 Charity Registr•Uon Number Company Registrntion Number 07307202 Registered Office 10 Temple Ba Bristol BS16FL Ind•pendent Examiner Weslcotts ISWI LLP Chartered Accounlanls & Slalutory Auditor Taltford House 38 Walliscote Road Weslon-5uper-Mare Somerset BS23 1LP Solicitors Foot An8ley Secretsrial Llmited Senato Court Southemhay Exeter Devon EX1 1NT Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill, Wesl Malling. Kent ME19 4JQ Page 1
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Trustees. Report The trustees, who are directors for the purpos88 of company law. pre8ent thelr report and the financial slalemenls of the charitable company for the year ended 31 August 2025. Structure, govèmance and managernent Governing document The organisalion is a charitable camp8ny limited by guarantee, incorporated on 7 July 2010, regi8lerÈd as a charity on 19 October 2010, and commenced 8clivilies on 1 September 2010. The charity was established under a Memorandum of Association which established the objects and powers of the charitable company and is govemed under ils Articles of Association. Organlsatlon South Wesl Music School was founded in 2006 as a department of the Dartington Hall Trust through a partnership of the Bournemouth Symphony Orchestra, Dartinglon Hall Trust, Feder8tr'on of Music SeNices South West. Wells Cathedral SchoDI and Willshlre Music Cenlre, Due to success of this partnership and tho work of South Wcsl mU1c School we began operating aB an independent Drganisalion from 151 September 2010, becoming a registered charliy. and demerged from the Dartington Hall Trust on the 1st November 2010. South West Music School is part of a national network of Centres of Advanced Training (CATS) and Spècialist Schools supported by thè Dep8rtmenl for Education, Music and Dance Scheme. The Music CATS and the whole network meet on a regular basis, overseen by representatives Df the DfE. Trustee5 The Trustees meet quarterly. and al each meeting receive comprehensive reports from the General Manager. The Board of Trustees delegate all operational and programming decisions lo the General Manager, and th8 sign off on financ8 and conlraclual agreements. The Trustees who served during the year were.. Dr Oliver Leaman {Chair- stepped down from Chair- February 20251 Mr Philip Springale (resigned July 202SI Mr David Buller (Finance) Mr Christopher Sparkhall (Chair from May 2025 - February 2026} Mr Matthew Pontin (Parent trustee} Mr Jonalhon Crickell (IT specialisll joined June 2025 Risk Managemant 11 remains the Trustee's policy lo keep adminislratnie overheadg 10 a minimum. bul not lo comprnmiqft on the quality of delivery. Every year all South Wesl Music School policies are reviewed. revised and agreed by the Trustees, and the relev8nl internal systems altered lo mitigate the risk lo which the charity could be exposed. Page 2
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Trustees, Report Objectives and activities The objecliva of South Wesl Music School in accordance lo our Memorandum and Articles is to provide music education for young people primarily in, but not limited to, the South Vvesl of England. Our students and programme of activity are SPTead acros5 the South Wesl of England. We work in partnership with music professiona15. educational settings and venues across the region. nats'onally and internationally. South West Music School is a virtually based organisation, with no fixed office or dolivery building. Thi¥ enables our team to work across the region on a more l¢xalty spread basis. This objective has been delivered through the following programmes of work.. Music ond Dance Scheme (MDS) SWMS offer8 tuition and mentoring through a number of progr8mmes. The MDS scheme supports up lo 75 students who are eligible to be funded either wholly or in part by MDS grant• ba5od on moan9 legling of farllily income. In 24125 we offered GO grants lo students fron'i across the SW region. The charity a150 receives small grants and trust support for students on a parochial basis. South West Music School is open lo students who are not eligible for an MDS gf8nl. The families either pay for a full programme of activity, excluding a tuition budget, Of they contribute on a 'pay as you go basis. The 24125 cohort included 19 such students of varying age. Wo offer 3 main pro9rammes with boll on speci81isms. The scheme delive 1-2-1 mentoring by music education and industry professionals. individual tuition 8UPPOrt, devek)pment programmes, genre and instrument specific workshops, and residential learning opportunities. The Foundation Programme, the Perfomance Development Programme. the Core linc Composers and Songwriting pathways}. Music production and DAW composition are covered across all progrdmmes. All of our sludenl cohort work on a cross genre basis within the programme of activities (excluding genre and in51rumenl specrfic luilion schools). Page 3
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Trustees, Report Achlevement and overvSew In 2024-25 Students were tutored by approximately 80 tutors and guided by 26 Mentors. Of the 10 graduating students from these programmes lie those leavlng to Hlghei Educatlonl. De$tlnations: 2 to study muslc 81 conseNalolre (RNCM and Guildhall) 2 to study music at universty IBalh Spa Commerical MUS programmel 110 study sound engineering IPlymoulh} 4 to study medicinelsciences al university 2 gap year11 intemship in boarding school music dept. another working of voice before going on to study operatic voicel The inlemship sludenl has recently received an offer for 2026 enty to Roy81 Academy of Music - 4 YearJazz Bmus. 420h, had specific needs that are taken into consideration when planning activilles. This includes students with SEN support in schools and those wf(h an EHCP. 11 also inclLJdes students with medical. mental hearth andlor wellbeing needs not fomally identified as SEN, and pupils with allergies or medication monitoring needg that Bren't usually included in SEN school census data. 2 students are severely visually impaired, 1 regislered blind and with severe hearing loss. 12 sltjdents have autism andlor ADHD 1 sludenl has Type 1 OlabetÈS and requires careful monitoring of levels during activities 1 sludenl has a serious autoimmune syndrome requiring timely medication throughout the clay 1 sludenl has TOutteS and DYspraa, requiring careful monitoring when moving upldown stalrs Several students have serious allergies and 2 carry epi-pens Page 4
South West Music School Company Limited by Guarantee Trustees. Annual Report & Accounts Year ended 31 August 2025 Trustees. Report Educatlon background overview 10 students home educated 5 fee paying school8 6 Grammar school 1 specialist SEN provision The remgining 8ludenls 8re in slate education from Primary to FE college. Our Students fom strong friendships which allow them lo truly be them501ves in our environments with music being the conimon strand. Our Alumni often lake the role of Peer mentors., for example when younger ones 90 on to the same university the Alumni provide a friendly face. This allows the continuity of b8ckground and experience. INe are passionate about developing the students confideTr¢e and wellbeing. Our house paTenl toam are the same team for all workshop$ and residen1181s. which conlribules to the feeling of the musical family. The Foundation course is open tp all young musicians in the &11 age range Inc those who may not yel be of a standard lo appty for Music and Dance Scheme place, all of our actimlies are open to extern81 students of the required level to eng8ge. SWMJ continues lo work iii pailneTsliip with the Music Eduealksn Hubs that operate wllhln our geographic re9ion. Wg are a progression partner in support of the strategy for local and regional music education delopment and progression. Activities During the 2024125 academic year students engaged in programme day workshop5 at weekends (genre Specific. instrument specific, ensemble activity and music production). residenlials lincluded weekends and holiday w8ek51. Foundation progr#mme- 6 day workshops over the academic year. Tutor¥ - Dr Sadie Harrison and Mark Hewitt Focus ~ Folk and traditional music from around the World. Page S
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Trustees, Report Dèveloplng Programme - 4 day workshops over the academic year, plus 1 overnight residential. Tutors- Lewis Riley, Sam Massey. Preston Prince, Martin Jenkins Focus- Introduction lo Latin American music. Core programme R•sldential - Composition focus - October half term 2024 Icomwalll. Lead tutor- ThAatthew Sergeant (Bath Spa lead for Composition). Focus - develop a short ple for solo (live) piano and electronic Sounds. The students then wrote the Piano piece lo b8 played, and r8cofded from a Specialist synlhesiser (which they al80 IpAmt how In Usel. 91 Core programme - Songwriter focus - February IN Devon, Somerset and Exeter) Residen1181 Introduction, followed by workshops and a final performance Tutors- Matthew Ker, Ana Silvera. Greg Cordez and M8rk Whillam Focus - Developing a full Song from both word and melody line Stimuli. Page 6
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Trustees. Report Easter re5idontial - Millfield School {Slreel. Somer5ell Tutors- Jan Hendrick8e, John Miles and Jon Slerckx FULUS - The focus on the interfacing of 2 elements. and the potential of expanding the sonic palette - Combiriing acoustic wilh electronic into new sounds- Grealing a large ensemble piece. July residential - Bath Spa Universlcy {Balhl Tutors - Zaid Al Rikabi, Ben Sutcliffe and Greg Cordez FvLui> - lu ie¥puncJ dnd Lompobe ensemble pieces In response lo Lalln Amerlcan rf)ythm $llmulus. In addition lo the workshop$ and residentials listed above. South West Music School supported students with Muslc Production workshops and 121 sesslons online. SWMS delivere(J instrument and genre specific tuition schools x 6 work5hop5 across the year. Tutors Classical Lucille Bums and Meg Davies w0001nd. Chris Sampson (Cello and Orcheslraliunl Helen Reid, Andrew Trewhella (Piano), Lindsay Bfaga, Sadie Harrison Violin and Viola. Contemporary - Mark Whillam (Drums). Steve Allsworth and Dave Randall (Guilarl. Greg Corde2 IB8ssl, Martin Jenkins (Keys). Page 7
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Trustees, Report Podium The Podium Conductors project W88 another strong 8ucc8ss culminating in a live orchestra showcase event, for our advanced Pianists and Conductor8. The orchestra was a scratch orchestra linviled musicians from around the South Wesl of England}. Distance Learning A level music in partnership with Trinty Laban. SWMS offers a DL leaming A level musi¢ option for our sludenl$ in 24125 we supported 3 places with 121 composition mentoring on a local basis. Publlc benefit In planning our activities for any year. we have kept In mlnd the charity commission guidance on public benefiL South West Music School applications are Dpen lo all regardless of social, cultural or musical background from across the South West region of England. We ensure that our workshopslTesid8nlig1s are spread geographically for easy aGGess. To support the cost of fee8 we offer means-tesled national grants supported by the Department for Education Music and Dance Scheme for lower income families. In 24125 we welcomed studen15 with variety of addrtional need8 inc physical accessibility and additional leaming requirements. Flnanclal review The Statement of Financial Activities shows the charity had incoming resources for the year of £292,882 12024 £300,562). Income from charitable activities relates directly to the funding of the student places within South West Music School by the way of national grants and there was an increase in income due to an increase in the number of students. Oulgoings during the year lolalled £325,046 {2024- £344,212), of this £176,312 12024.. £206,819) was incurred servicing the student places, £142,933 12024.. £132.6591 relaled lo support costs (including staff costs of £121.117 12024: £108,928. £8,043 12024.. £4,734> related lo the govemance costs of the charity. The were no fund-raising costs 12024.. £nill. The South West Music Schools reserves conlinue lo bv in a pi)siliv position. Page 8
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Trustees. Report SWMS Risk Analysls South Vvest Music sch(1 plans to continue lo develop ils eurrenl programme of work. Our aim is to Iddress the identified risk factors and develop longer-lerm funding partners to enable South Wesl MusiG School lo become more sustainable. At the same lime. the charity will continue lo advocate the advantages of the South Wesl Music School delivery model and educational philosophy lo individuals and organisations a¢r055 the region and beyond Reserves Policy The reserves pulicy of the chaiily is lo relain sufficient ndS equivalent lo two lo three months of xpL&Lled running ¢L)bts. equating lo approximately £55,000 10 £85.000. This is lo provide financial heddroom should there be delay5 in receiving grant funding or lo cover unexpeded ¢o51s. The current level of free reserves is £55,587, and so is al the lower end of the largel fange. The Trustees have viewed the income and cost base of the charity and have taken steps to return the charity to suiplus. and expect the reserves of the charity to be in lin& with the policy in the next 1-2 years. The Iruslees aro re5PQnsible foi keeping adequate accounting records that are sufficient lo show and explain the charity's Iransacliov15 and disclose with reasonable accuracy al any time the financial POSltiori of the charity and enable them to ensure that the financial statements Comply with the Compdnies Acl 2006. Tliey are also responsible for safeguarding the assets of the charity and hence lur Idking redsolldble steps tor the prevention and detection of fraud and other irregulaiilies. Plans for future periods The future plans for tho South West Music School are to conlinye to develop our current prDgramme of work. Our aim is to diversify oui income streams and develop longer term funding partners to enable SoLJlh Wesl Music School lo become more sustainable. We will continue lo 8dvocate the South West Music School model and educational philosophy to individual and organisalions across the region dnd beyond. Going Concem The Ttusl&es ale mindful of the outcome in the year, which shows a net reduction in funds ol approximately £32,000, and a consequential reduction in the charity's cash reserves of approximately £46,000. In part this is down lo the unexpected 1055 of £14,000 of DFE sustainability funding which wa5 moVed al short notice during the year by the DFE. Since the year end, the trustees have acted lo reduce the costs with significant c051-saving adjustments to tha provision, by seeking additional income from nor)-DFE sourc&s and by dUcIng the staff headcounl by one. They approved 8 budget for 2516 which will at least break even. They have ¢onlinued lo closely monitor costs. The cash bdlance dl the end of January 2026 was improved compared to thè prior year, and they continue to IllL)nilor co¥ls regularly to ensure that SWMS is on a sustsinable financial footing. Following these dLliuii¥. Ilie Irusleeb believe that it is appropriate lo prepare the financial slalemenls on a going LYncem basis. Page 9
South West Music School Company Limited by Guarantee Trustees. Annual Reporl & Accounts Year ended 31 August 2025 statement of Trustees. Responsibilities The Iruslee8 (who are also the directors of South West Music School for the purposes of cornpany lawl are responsible fDr preparing the trustees, report and the financial slalemenls in accordance wilh applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Acr,epted Accounting Praclicel, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company 18w requires the Iruslees to prepare financial statements for each financial year. Under company law the Iruslees musl not approve the financial statements unless they are s21isfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these finaneial statements. the trustees are required lo.. select suitable acec)unting policies and apply them consistently., Observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., stale whether applicable 8ccounting slAndards, comprising FRS 102 have been followed, subject lo any material departUS disclosed and explained in the financial slalemenls., and prepare the financial statements on the going eoncem basis unless tt Is Inapproprlate lo presume that the charitable company will continue in business. The Iruslees are responsible for keeping proper accounting records Ihal can disclose with rea.80nable accuracy al any lime the financial position of the charitable campany and enable them to ensure that the financial slalements comply with the Companies Act 2006. They are 8180 responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslee5 are responsible for the mainlenanee and integrity of the corpor81e and financial information included on the charitable compantys website. Legislation goveming the preparation and dissemination of financial slalemenls may differ from legislation in other jurisdicliDns. Small companles provlslon Statement This report has been prepared in accordance with the sm811 companies regime under the Comp8nie8 Act 2006. Approved by the trustees of the charity on .l.l.Maroh.2fj and Signed on ils behalf by.. Mr D Butler Trustee Page 10
South West Music School Company Limited by Guaranlee Truslees, Annual Report & Accounts Year elided 31 August 2025 Independent Examinor's Report to the trustees of South West Music School I'the Company.) I report to the charity Iruslees on my examination of the accounts of the Company for the year ended 31 Augusl 2025. Rosponsibilities and basis of report As the chdrily's trustees DI the Company (and also ils directors lor the purposes of company lawl you dfLJ resporisible lor the prepaTalion of the accounts in accordance with the requiremenlb of the Conipanies Act 20061.the 2006 Act'l. Having 5a115fied rnysell that the accounts of Ihe COpanY are not required to be audited under Part 16 01 ttte 2006 Act and are eligible for independent examination, I report in respect of my examination of your charily'b aLcounls as carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the DirectiDnS given by the Charity Commission under ¥¥cliun 14515llbl of ihe 2011 Act. Indopendont oxaminorfs statement Siiice the Lompany's gross income exceeded £250.000 your examiner must be a member of a body Ii51LJd in sCaL10 145 of the 2011 Act. I confirm that l am qualified tu undertake the examination bLILauiA4 1 l Jiri o mLimbLir of , which iw onc ol Ihc li•lod bodic" I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe.. 1. accounting records were not kLhpI in respect of South Wesl Music Sch¢Jol as qUired by section 3116 of the 2006 Act,. or 2. the accounts do not accord with those records,. or 3. the dccoun15 do not comply with the accounting requirements of section 396 of the 2006 Act other Ihdn dny requirement that the accovnls give a 'lrue and fail view. which is not a rndller corisidered ats part of an independent examination", or 4. the accounts have not been prepared in accordance with the methods and principles of the Slalefflenl uf Recomrnended Practice for accounting and reporting by charities lapplicable lo harilies preparing their accounts in accordance with the FinanGial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10211. I have no cc>n¢erns Gind have come across no other mallers in connection with the examination lo which allenlion should be drawn in this feport in order lo enable a proper understanding of the dCLounls lo be reached. Page 11
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Independent Examinerf8 Report to tho trustees of South West Music School {'the CompanV} Peter L axFC Talllord House 38 Walliscole Road Weston-$upgr-Mare Somersel BS23 1 LP Page 12
South West Music School ornpany Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 statement of Financial Activities for the Year Ended 31 August 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2025 Total 2024 Note Income and Endowments from: Dondlions and leg¥cies Charitable activitie5 Investment income 5.000 286.503 1,379 5,000 286,503 1,379 3.960 294,726 1,876 Total income 292,882 292,8e2 300,562 Expenditure on.. Ch81ilable activities 1325,0461 1325,0461 (344,212) Total expenditure 1325,0461 1325,0461 1344.2121 N¥1 gxpendilure 132.1C4) 132,1G41 143,GaO) Nel Iiiuveiiivril iii fundb {J2.1ti41 lJ2,1b41 14J,15tsU) Reconciliation of funds Tolal funds brought forward 87,751 87,751 55,587 131,401 Total funds calried forward 55.587 87,751 All of Ihe Charity's aclivrties derive from ¢ontinuing operations during the above two periods. The funds bredkdown for 2024 is shown in note 15. All funds for th¢ 2024 year weie unrestricted. The notes on pages 15 10 27 fomi an integral part of these financlal statements. Page 13
South West Music School Company Limited by Guarantee Trustee5' Annual Report & Accounts Year ended 31 August 2025 (Registration number. 073072021 Balance Sheet as at 31 August 2025 2025 2024 Note Flxed assets Tangible asse15 12 1,179 851 Current 88gets Debtors Cash at bank and in hand 13 5.120 56,946 2,210 102.94.1 62.066 105,153 Credltors: Amounts falllng due within one year 14 17,6581 18.2531 Net current assets 54,408 86.900 Net a55ets 55,587 87.751 Fun(Js o( Ilie cllarily: UnrestriGted illGome funds Unrestricted funds 55,587 87,751 Total funds 15 55.587 87,751 For the financial year ending 31 August 2025 the charity was enlilled to exemption from audit under section 477 of the Comp8nies Act 2006 relating to small Companies. Directors, responsibilities.. The members have nDI required the charity to obtsin an audit of ils accoun18 fr)r the year in question in accordance with section 476,. and The directors acknowledge their responsibilities for complying with the requiremenls of the Act with respect lo accounting records and the preparation of accounts. These financial slalemenls have been prepared in accordance with the Special provisions relating lo companies subject lo the small companies regime within Part 15 01 the Companies Act 2006. The fin8ncial statements on pages 13 10 27 were approved by the Iruslees. and aulhorised for is8ue on J.l..MarGh.26 and signed on their behalf by.. Mr i) Butler Trustee The notes on pages 15 10 27 fomi an integral part of these flnancial stalemenls. Page 14
South West Music School
Cofflpany Limited by Guarantee
Trustees, Annual Report & Accounts
Year ended 31 August 2025
Notes to the Financial Statements for the Year Ended 31 August 2025
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not
have shGllP G¥pil
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounls Year ended 31 August 2025 Notes to the Financial Statements for the Year Ended 31 August 2025 Going concern The Trustees are mindful of the outcome in the year, which shows a nel rediiction in fund8 of approximately £32,000, and a consequential reduction in the charity's cash reserves of approximately £46,000. In part this is down to the unexpected loss of £14,000 of DFE suslainabilily funding which was removed at short notice during the year by the DFE. Since the ye8r end, the tru51ees have acted lo reduce the costs with significant cosl-saving adjuslmenls lo the provision. by seeking additional income from non-DFE sgurces and by reducing the staff headcount by one. They approved a budget for 2516 which will al least break even. They have continued lo closely monitor costs. The eash balance at the end of January 2026 was improved compared to the prior year, and they continue to monitor costs régularly to ensLJre that SWMS is on a sustainable financial footinq. Following these actions. the Iruslees bèlieve that it is appropriate lo prepare the financial slalemènls on a £Joing concem basis. Judgements and key sources of estimation uncertainty In preparing these financial statement8, the directors have made the following judgements.. Tai)gibl¥ fixed assels are depreciated over their useful live5 taking into account residu81 value8, where appropriale. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of fa¢lors, such as their product life cycles 8nd mainlÈnance programmes. Residual value assessments consider issues such a8 future market conditions, the rpmaining life ol the asset and projected disposal values. Trade debtors are reviewed for impairment loss on an annual basis and provision is made f¢)r any balances where there is nrtaInty against the recoverabilty of the balance. This methodology Is applied on a customer by customer basis. Future evÈnls that are believed to be reasonable under the circumslaneès. Income and endowments All income is recognised once the charity has enlillemenl lo the income. il is probable that the incomè will be received 8nd the amount of the income receivable ean be measured reliably. Donations and legacies Donations are recognisèd when the eharty ha8 been notified in writing of both the amount and settlement dale. In the event that a donation is subject lo conditions that require a level ol performance by the charity before the charity is enlilled to the funds, the income is deferred and not recognised until either those condition5 are fully met. or the fuifilmenl of those conditions is wholly within the control of the charity and it is probable that these eondilions will be fulfilled in the reporting period. Investment Income Interest income is recognised using the effective Interest method except where. il relates lo a transaction where payment is defeThed beyond nomal credit lem)s. Page 16
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Notes to the Financial Statements for the Year Ended 31 August 2025 ChJritable activities Income from donated g¢x)ds is measured al the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from thè cost lo the donor or the estimated resale value. Doridled facilities and services are recognised in the accounts when received if the value can reliably measur¥d. No amounts dre included fDr the colllribution of general volunteers. Iiicorrie from eoiilrecls for the supply of serviGes is cogNiSe01 with the delivery of the contracted SLrviGL. Tliis Lldssilied as Ljnreslricted fund5 unless there is a contractual requirement for il to be spent 011 d partiLulcir purpose and returned if unspent, in which case it may be regarded as restricted. Exponditure All expenditure is recogni5ed once there is a legal or conslruclive obligation lo that expenditure, il is probable settlernent Is required and the amount can be measured reliably. All Gosls ale allocated to thLJ applicable expendrtufe heading Ihal agggate similar costs to that category. Where costs cannot be directly allribuled to particular hèadings they have been allDcaled Dn a basis Consislenl with the USL4 01 resources, wilh Genlral staff Costs allocated on the basis of liffle spent, and depreciation chdrgL4S dllocdlLthd on the portion of the asset's u58. Othei 5UPPOrt costs are allocated based on the sprcsdd of sldll 6obls. Charitable activilies Charitable expendiluie comprises those costs incurred by the ch8rity in the delivery of its activ((ies and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those cosls of an indirect nature necessary lo support them. Support costs Suppurt costs include central functions and have been allocated lo activity cost categories on a basis consislenl with Ilie use of resources, for example, allocating property costs by floor areas. or per Lapila, sldff Losts by the lime spenl and other costs by their usage. GovLsfnanctr cu5ts These include the costs attributable lo the charitys compliance wi(h conslilutional and slalutory requirèments, including audit. strategic management 8nd trustees meetings and reimbursed expenses. Tangiblo fixotj assets Tangible assets are initially recorded al cost and ere subsequeritly stated al cost less any accurnulalLJd depr(.¢i¢ilion and any accumulated impaiment105ses. Depreciatlon and amorti5ation Oeprecialion is provided on tangible fixed assets so as lo write off the Cost or valuation, less any estimated residual value. over their expected useful economic life as follow5". Page 17
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Notes to the Financial Statements for the Year Ended 31 August 2025 Assèt class Fixtures and fittings Computer equipment Depreclation mèthod and rate 25% straight line 25DA str8ight line Trade dobtois Trade debtors are amounts due from students for music and dance services perfomied in the ordinary course of business. Trade debtors are recognised initially at the transactlon price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charty will not be able lo collect all amounts due according to the origin81 temis of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm hiqhly liquid investments that are readily convertible lo a known amount of cash and are subject lo an insignificant risk of change in value. Trade creditors Trade creditors are obligalKJns to pay for goods or serwces that have been acquired in the ordinary course of business from suppliers. Accounts payable are classffied as current liabilTiies if the charity does not have an unconditional right. at the end of the reporting period, lo defer settlement of the creililor for at least twelve rnonlhs after the reporting dale. If there is an unconditional right la defer settlement for al least Iwelvg months after the reporting dale, they are presented a% non-c.urrpnt Trade creditors are recognised initially 81 the tran8action price and subsequently measured al amortised cost using Ihe effective interest method. Fund structure Unrestricted income fund8 a general funds that are avalble for u88 al the trustees discretion in furtherance of the objectives of the charty. Restricted funds are subjected lo rèslriclions on their expenditure declarèd by the dnnor or through the lemis 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. Prepald contributions are recognised as ?n asset to the extent that the prepayment will lead to a reduction in future payments or 8 ca8h refund. When conlribulion8 are not expected to be 8ettled wholly within 12 months of the end of the reporting dale in which the emptoyees render the related service, the liabilty is measured on a discounled present value basis. The unwinding of the discount Is recognised as an expen8e in the period in which it arises. Page 18
South West Music School ompany Limited by Guarantee Trustees. Annudl Report & Accounts Year ended J1 August 2025 Notes to the Financial Statements for the Year Ended 31 August 2025 Financial instruments Classrficalion Findncldl dsselb dnd financial liabilities are recognised when the charity becomes a party to the conlrdclual provisions of the inslrumenl. Financial liabilities and equity instrument5 are classified according lo the substance of the contractual arrdngemenls entered into An equity instrument is any contract that evidence5 a residual Interest in Ihe assets of the charity after deéucling all af f(s liabilities. Recognition and measurement All financial asselts and liabilities are inttially measured at transaction price lincluding transaction Loslbl. exropl for those financial assets classified a5 al lair value through profil or loss, which are initially measured al fair value (which is normally the transaction price excluding transaction coslsl. unless Ihc arrangement Conslilules a financing transaction. If an arrangetnenl constilules a financing Ir<insdclion, the Iinr)ncial asset or financial liability is measured al the present value of the future Pdyiiieiils (j1UUIl1d al a rTldrkel rale of interest for a slmllar debt Instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legdlly enforceable right lo sel off the recognised amounts and the charity intends either lo settle on 2 net basis, or lo realise the asset and settle the liability simultaneously. Financial assets are derecognised when and onty when al the contractual rights lo the cash ffows Irom the fin4ncial dssel expire or are selll8d, bl the charity transfers lo another party subslanlially all of the risks and rewardb of ownership of the financial asset. or cl the charity, despite having retained some, bul not all, significant risks and rewards of ownership, has transferred control of the a5sel to another party. FinanLiJl liabililiL'S are dcrecognised onty when the obligation specified in the contract is discharged, CdnG8lled or expires. Debt instruments Debt inslrumLnts are subsequgnlly meaSUd at amortised cost. Page 19
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Notes to the Financial Statements for the Year Ended 31 August 2025 3 Incom• from donations and legacies Unrestrictèd Iunds General Total 2025 Donations and tegacies., Other grants 5,000 5,000 5.000 5.000 Unrestrlcted funds General Total 2024 Donations and18gacies'. Other grant8 3.960 3,960 3,960 4 Income from charltable activities Unrestricted funds General Total 2025 Fee income National grants 14,703 271,800 14.703 271,tJoo 286,503 286,503 Unrestricted funds General Total 2024 Fee income National grants 10.413 284,313 10,413 284.313 294,726 294.726 The national grants represonl Music and Dance Schema and sustainability grants received from Ihp Department of Education. Page 20
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Notes to the Financial Ststem•nts for the Year Ended 31 August 2025 5 Investment in¢ome Unrestricted funds Ggnoral Total 2025 Interest receivable and similar income.. Interest receivable on bank deposits 1.379 1,379 1.379 1,379 Unrestrlcted funds General Tot•1 2024 Interest receivable and similar income- Interest recelvable on bank deposlts 1,876 1,876 1,876 1,876 Page 21
South West Muslc School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Notes to the Financial Statements for the Year Ended 31 August 2025 6 Expendire on eharltable activities Unrestrlctod funds Genernl Total 2025 Note South Wesl Music School Staff costs Allocated support costs Governance costs 176,312 121,117 19,574 8,043 325,046 176,312 121,117 19,574 8.043 10 325,046 Unrestricted funds General Totsl 2024 Note South West Music School Staff costs Allocated support costs Governance costs 206,819 108.928 23,731 4,734 206,819 1 OB.928 23,731 4.734 10 344,212 344.212 Actlvlty undertaken directly Activlty Bupport costs 2025 South West Music School 176,312 140,691 317,003 Activty undertaken directly Activity support C08ts 2024 South Wesl Music School 208,819 132.659 339,478 Page 22
South West Music School Company Limited by Guarantee Tru51ees' Annual Report & Accounts Year ended 31 August 2025 Notes to the FinanGial Ststements for the Year Ended 31 August 2025 7 Analysis of governance and support costs Support costs allocated to charltable activllles Total 2025 Total 2024 Depreciation of fixtures and fittings Depreciation ol office equipment Subconlracl cost Staff training Rent Insurance Telephone and fax Computèr software and maintenance costs Prinlinq, postage and s1(Ilionery Trade subs¢riplions Sundry expenses Travel and subsistence 575 126 5,070 189 410 5,337 4g8 4,166 2,230 663 1,979 330 5.018 531 2,380 23.731 3,992 85 612 2.255 209 3.825 428 2.397 19,574 Governance costs Total 2025 Total 2024 Audit fees Ollier fees Pdid Iv auditors Legal fees Other g0Veman costs 7,412 502 129 3.795 821 118 8,043 4,734 AII SUPF)Ort and governance costs aro unrestricted. 8 Net incomelexpenditure Nel expenditure for tho year include: 2025 2024 Depreciation of fixed ossels 701 599 Page 23
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Notss to the Financial Statements for the Year Ended 31 August 2025 9 Trustees remuneratlon and expenses None of the Iruslees have be8n paid any remuneration or recénied any other benefits in the currpnt or prevk)us year. Tru8lee8 do not receive pay for their voluntary roles bul 2 trustees received reimbursements for travelling expenses during the year of £166.90. 10 Staff costs The aggregate payroll costs were as lollows: 2025 2024 Staff costs durlng the yearwere: Wages and salaries Social security costs Pension costs 113,265 5.966 1,886 104,011 3,579 1.338 121,117 108,928 The monthly average number of persons lincluding senior management I leadership leaml employpd by the charty during the year expressed per head count was as follows.. 2025 No 2024 No Average number of employees No employee received emoluments of more than £60,000 during the year or the previou8 year. The lolal employee benefits of the key management personnel of the charity were f 75.112 {2024 - £62,186). Page 24
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Notes to the Financlal Ststements for the Year Ended 31 August 2025 11 Taxation The chanty is a registered charity and is therefore exempt from laxalion. 12 Tangible fixed as¥ets Fumlture and gquipm8nt Totsl Cost Al I September 2024 Additions 2,632 1,029 2,632 1,029 At 31 August 2025 3,661 3,661 Depfeciation At 1 September 2024 Charge for the year 1.781 701 1,781 701 Al 31 August 2025 2,482 2,482 Net book value AI 31 August 2025 1,179 1,179 Al 31 August 2024 851 851 13 Debtors 2025 2024 Trade debtors Accmed income Other debtors 2.210 5,000 120 5.120 2.210 Page 25
South West Music School Company Limited by Guarantee Trustees, Annual Report & Accounts Year ended 31 August 2025 Notes to the FinanGial Statements for the Year Ended 31 August 2025 14 Crèdltors: amounts falling due wlthln one year 2025 2024 Trade credf(ors Other laxalion and social security Other creditors Accruals 330 1,628 13,492 2,261 2,500 18,253 5.700 7,658 15 Fund8 Balance at Septembèr 2024 Balance at 31 August 2025 Incomlng resources Resources expended Unrestricted funds General 87.751 292,882 325.0461 55.587 Balance at 1 September 2023 8alance at 31 August 2024 Ineomln9 resources Resources expend&d Unrestricted funds General 131,401 87,751 Page 28
South West Music School Company Limited by Guarantee TTUStees' Annual Report & Accounts Year ended 31 August 2025 Notes to the Financial Statements for the Yaar Ended 31 August 2025 16 Analysls of net •S¥ots between fund¥ Unre5tri¢ted funds General Total fund at 31 August 2025 Tangibh fixed as8ets Current assets Current liabllities 1,179 62,066 7.658 1,179 62,066 17,658 55,587 Total net assels 55,587 Unr•stricted funds Genernl Total funds at 31 August 2024 Tangible fixed assets Cufrent asse18 Current liobilities 851 105.153 118.2531 87,751 851 105,153 {18,2531 87,751 Total net asset5 17 Relatèd party transactlons There were no ielated party Iransactions in the year. Page 27