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2021-07-31-accounts

Page
Trustees'
Annual
Report		 1-10
Independent Examiner's report
Statement of financial activities 12
Balance sheet 13
Notes to the accounts 14-21

REFERENCE REFERENCE AND ADMINISTRATIVE
DETAILS		 AND ADMINISTRATIVE
DETAILS		 AND ADMINISTRATIVE
DETAILS		 AND ADMINISTRATIVE
DETAILS
Date ofincorporation 13June 2011
Company registratian no. 07667445
Date ofregistration 17August 2011
Charity registration no. 1143420
Patrons Ms EWatts
Mr RWigglesworth
Trustees during period Mr J Armstrong resigned 18January 2021
Ms A Brumpton co-opted 05 October 2021, appointed 18January 2021
Ms TCooper (Chair) temporarily stepped down as Chair wef28June 2021
Mr
I Falconer (Treasurer)
and		 interim Chair wef28June 2021
Ms R Mallaband counted 05 October 2020, appointed 18January 2021
Ms A Olusoga resigned 18January 2021
Mr J Payne co-opted 05 October 2020, appointed 18Jonuory 2021
Ms E Pieters
Ms E Underwood
Ms 5 Unwin co-opted 04 October 2021
Music Director Mr M Cropper
General Manager Miss J O' Neill
Company Secretary Miss J O' Neill
Registered office Office 9, Shirley House
31Psalter Lane
Sheffield, 511BYL
Independent Examiner Sarah Lightfoot FCA, DChA, employee of
VAS Community Accountancy
The Circle
33Rockingham Lane
Sheffield, S14FW
Bankers Virgin Money (formally Yorkshire Bank) Charities Aid Foundation
66 Fargate 25 Kings Hill Avenue
Sheffield Kings Hill, West Mailing
512HE Kent ME194TA

FIN ANCIAL
REVIEW		 OF THE YEAR ENDE D 31JULY 2021
2020-21 2019-20
Incomef Expenditure
f		 Net movement
before transfers
6		 Income
E		 Expenditure
E		 Net movement
before transfers
E
Core activities 349,389 342,169 7,220 375,736 363,617 9,119
Harmony Works 95,815 111,377 (15,562) 95,123 82,152 12,961
Total 445,204 453,546 (8,342) 470,849 444,769 22,080

As restated- seenote18 As restated- seenote18
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2021 funds funds 2020
Notes f f f f f f
Income from:
Grants and donations 11,519 97,745 109,264 12,157 98,510 110,667
Charitable activities 335,854 335,854 355,697 355,697
Fundraising 3,585 3,585
Investments -bank interest 86 86 358 358
Other - profit on sale ofassets 542 542
347,459 97,745 445,204 372,339 98,510 470,849
Expenditure on:
Charitable activities 342,169 111,377 453,546 362,243 82,152 444,395
342,169 111,377 453,546 362,243 82,152 444,395
Net income/(expenditure) 5,290 (13,632) (8,342) 10,096 16,358 26,454
Transfers (7,784) 7,784 (3,144) 3,144
Gain on revaluation offixed asset 8
Net movement
in funds		 (2,494) (5,848) (8,342) 6,952 19,502 26,454
Total funds brought forward - as
originally
stated		 177,882 26,662 204,544 174,804 7,160 181,964
Prior year adjustment 18 15,629 15,629 11,755 11,755
Total funds brought forward as restated 193,511 26,662 220,173 186,559 7,160 193,719
Total funds carried forward 191,017 20,814 211,831 193,511 26,662 220,173

As restored
Total Total
Notes 2021 2020
6 6
Fixed assets 97,663 92,767
Current assets
Debtors 33,976 29,571
Cash at bank and in hand 131,305 134,845
Total current assets 165,281 164,416
Creditors: amounts falling due within one year 10 (51,113) (37,010)
Net current assets 114,168 127,406
Total assets less current liabilities 211,831 220,173
Creditors: amounts falling due after more than one year
Total net assets 211,831 220,173
Represented
by:
Funds ofthe Charity
General
Funds		 139,071 151,851
Designated
funds		 12 19,667 9,381
Revaluation
Reserve		 13 32,279 32,279
Unrestricted
Funds		 Total 191,017 193,511
Restricted
Funds		 14 20,814 26,662
Total Funds 15

Income from grants an d donatio ns
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds 2021 Funds Funds 2020
6 E 6 E E 6
Concert Donations 262 262 2,194 2,194
Friends ofSheffield Music Academy 550 550
Other Donations 2,942 2,942 1,413 1,413
GRI Group 5,000 5,000 5,000 5,000
D'Oyly Carte Foundation 2,872 2,872
Sheffield
City		 Council - coronavirus busmess grant scheme 3,315 3,315 3,000 3,000
Bursaries
The Amber Trust 1,930 1,930 525 525
Architectural Heritage Fund 61,315 61,315 21,113 21,113
CMS LLP - donation in kind 26,000 26,000 36,000 36,000
Falconer Associates Ltd 3,500 3,500
Sheffield
City		 Council - Harmony Works 5,000 5,000 38,000 38,000
12,157 98,510 110,667
Income from charitable activities
Unrestricted Restricted Tote I Unmstrlcted Restricted Total
Funds Funds 2021 Funds Funds 2020
6 F. 6 6 6 E
Fees paid by Department for Education 224,444 224,444 256,008 256,008
Fees paid by parents 110,293 110,293 94,816 94,816
Artistic Projects 432 432
Instrument
Hire		 835 835 480 480
Other income 282 282 3,961 3,961
4 Net income from fundraising from fundraising activities activities Unrestricted Restricted Total Unrestricted Restricted Tots I
Funds Funds 2021 Funds Funds 2020
6 6 6 E E E
Music Marathon 3,585 3,585
3,585 3,585
5 Expenditure on charitable activities
As restated- see note 18
Unrestdicted Restricted Total Unrestricted Restricted Tota I
Note Funds Funds 2021 Funds Funds 2020
6 E E E E E
Permanent staff costs 280,951 23,311 304,262 276,613 6,589 283,202
Temporary staff and deputies 3,567 3,567 19,613 19,613
Academic costs 21,449 21,449 17,846 17,846
Staff training 1,071 1,071 2,040 2,040
Rent and premises costs 9,098 9,098 11,790 11,790
Artistic project expenditure 1,617 1,617 68 68
Administration
costs		 6,585 6,585 12,830 12,830
Marketing 1,936 1,936 5,113 5,113
Insurance 475 475 1,546 1,546
Depreciation 4,304 4,304 5,301 5,301
Bank charges 90 90 127 127
Bad debts (written off) or provision made 5,638 5,638 4,247 4,247
Independent examination fee 2,100 2,100 2,100 2,100
Department for Education grant audit 960 960 960 960
Payroll services (including pension charges) 2,328 2,328 2,036 2,036
Legal and professional fees 13 13
Harmony
Works feaubility		 project 88,066 88,066 75,563 75,563
Total charitable
expenditure		 342169 ~222 377 ~453546 362243 82 152 ~444 395
6 Staff Costs
2021 2020
E E
Salaries 292,999 274,327
Employer's national
insurance		 contributions 8,837 7,606
Employer's allowance (775)
Employer's pension contributions 2,426 2,044
~304262 ~283202

Fees paid to indepen dent examiner's
organ		 isation
2021 2020
f 6
Independent examination fee
Other fees paid:
Department for Education grant audit 960 960
Payroll 2,328 2,036
Software licence 252 252
Fees for other work done 42
3,540 ~3290
Tangible Fixed Assets - restated
Instrument Working Office
collection instruments equipment Total
F. E E E
Cost or Valuation
As at1August 2020 40,000 86,240 4,988 131,228
Additions 9,200 9,200
Disposals
As at 31July 2021 95,440 4,988 140,428
Depreciation
As at 1August 2020- as restated 33,473 4,988 38,461
Depreciation charge 4,304 4,304
Disposals
As at 31July 2021 37,777 4,988 42,765
Net gook Value
As at31July 2021 40,00D 57,663 97,663
As at31July 2020- as restated 40,000 52,767 92,767
Working instruments include 15instruments that are considered to hold their value - therefore no depreciation has been charged on these assets.
Debtors
2021 2020
6 6
Fees payable by Department for Education 11,850 10,731
Fees payable by parents 9,298 13,574
Other debtors 4,099
Prepayments 12,828 1,168
33976 29,571
Creditors: amounts faglng due within one year
2021 2020
E 6
Trade creditors 17,254 5,291
July Salaries 23,489 21,048
Other taxes and socialsecurity 3,520 2,925
Other creditors 651 465
Accruals 6,199 7,281
~52 113 ~37010

Harmony
Works
Restricted Designated Total
Fund Fund Funds
Note 14 Note 12
E 5
Income from grants and donations 95,815 95,815
Expenditure
on charitable
activities		 (111,377) l111,377)
Net income/(expenditure) 15,562 (15562)
Transfers
SMA contribution
set aside re match funding far the		 year 20,000 20,000
Use ofSMA contribution on expenditure during the year 9,714 (9,714)
Totaltransfers 9,714 10,286 20,000
Net movement
in funds		 (5,848) 10,286 4,438
Fund balances brought forward 21,662 9,381 31,043
Fund balances carried forward 15,814 19,667 ~35481
Restricted fund- grants provided by external funders, and project expenditure
Designated
fund - funds		 set aside by the trustees for match funding
Prior yeor comporison Restricted Designoted Toto)
Fund Fund Funds
E E E
Income from grants and donations 95,113 95,113
Expenditure
on chari toble activities		 (82,152) (82,152)
Netincome/(expenditure) 12 961 12961
~ymns
SMA contribution
set aside re match funding for the year		 12,000 12,000
Iise ofSMA mntributi
on		 on expenditure during the year 7,335 (7,335)
Use ofSMA cantributlan on 2018 expenditure
previously funded fram generalfunds		 (600) (600)
Totaltransfers 7,335 4,065 11,400
Net movementin
funds		 20,296 4,065 24,361.
Fund balances broughtfanvard 1,366 5,316 6,682
Fund balonces carried forward 21,662 9,381 31,043

Designated
funds
Brought Carried
forward Income Expenditure Transfers forward
6 E 6 9 6
Harmony
Works		 9,381 10,286 19,667
9,381 u
Harmony
Works
The trustees
determined
to set aside E20000		 in the 20721financial year towards the match funding element ofthe feasibility stage ofthe Harmony
Works project (see the trustees'
report for further
detaill.		 69,714was transferred
into the		 restricted fund for the match funding
of expenditure
in
the financial year, leaving a balance of E19,667carried forwards forfuture costs.
Prior yeor comparison Brought Carried
forward income Expenditure Transfers forward
E E E E E
Hormony
Works		 5,316 4,065 9,381
~5326 f065 9381
Harmony
Works
The trustees determined toset aside 612000in the 19/20 financial yeor towards the match funding element ofthe feasibility stoge ofthe Harmony
Works project (see the trustees' reportfor further detailj. E7335was tronsferred into the restrictedfund jor the match funding ofexpenditure ln the
finoncial year and E600transferred to the generaifunds to match expenditurefrom 2018/19, leoving a balance ofE9 381carried forwards forfuture
costs.
Revaluation
reserve
2021 2020
6 E
Revaluation
reserve brought forward		 32,279 32,279
Revaluation
during the year
Revaluation
reserve carried forward		 ~32279 ~32279
Restricted funds
Brought Cardied
forward Income Expenditure Transfers forward
6 9 E 6
Ensemble 360Academy Project 5,000 5,000
Harmony
Works		 21,662 95,815 (111,377( 9,714 15,814
Bursaries 1,930 (1,930(
Ensemble 360Academy Project
This project is funded by Sheffield Town Trust, The Freshgate Trust Foundation and JG Graves Charitable Trust. The project was due to take place in
the financial year 2019-20,but remains postponed
due to COVID-19.
Harmony
Works
Money is being raised towards the feasibility stage ofthe Harmony works project (see the trustees' report for further detail).
Bursaries
This fund
represents		 monies
given to		 the Academy to provide additional funding to those students that demonstrate a clear need for tuition fee
support. The Academy has provided discounted fees to a number ofstudents which totalled 61,930this year, which
has		 therefore been transferred to
unrestncted
funds.
Prior yeor comparison Brought Carried
fanuard Income Expenditure Transfers forward
E E E E E
Ensemble 3604codemy Project 5,000
The D'Oyly Corte Chari toble Trust 2,872 (2,872j
Harmony
Works		 1,366 95,113 (82152j 7,335 21,662
Bursaries 794 525 (1.,319j

Analysis ofnet ass ets between
funds
General Designated Restricted Total
Funds Funds Funds 2021
E E E E
Tangible fixed assets 97,663 97,663
Current assets 110,411 19,667 35,203 165,281
Creditors: amounts falling due within one year (36,724) (14,389) (51,113)
Prior year comparison -as restated General Designated Restricted Totol
Funds Funds Funds 2020
E E E E
Tangible fixed ossets 92,767 92,767
Current assets 125,367 9,381 29,668 164,416
creditors: amounts falling due within one year (34,004J (3,006J (37,010J
184,130 9382 26,662 220173

The changes to the policy are summa rised The changes to the policy are summa rised below:
Previous asset type Previous pogcy Revised policy Revised asset type
Musical Instruments
ofsignificant		 value At valuation At valuation Instruments
collection
Other Musical Instruments 20'% Reducing Balance 10years straight line or not depreciated Working instruments
Office equipment 2076 Reducing Balance 5years straight line Office equipment
Tangible fixed assets - previous year revised note 8
Tangible fixed assets - p revious ye ar revised note 8
Instrument Working Office
collection instruments equipment Total
E E E 6
Cost or Valuation
As at 1August 2019 40,000 78,423 4,988 123,411
Additions 10,027 10,027
Dlsposals (2,210) (2,210)
As at 31July 2020 40000 86,240 4,988 131,228
Depreciation
As at 1August 2019-restated 29,611 3,991 33,602
Depreciation
charge - restated		 4,304 997 5,301
Dispose(a (442) (442)
As at31July 2020 33,473 4,988 38,461
Net Book Value
As at31July 2020 40,000 52,767 92,767
As at 31July 2019 40,000 48,812 997 89,809
Depreciation
As at 1August 2019-restated - as originally stated 41,761 3,596 45,357
Prior year adjustment 12,150 (395) 11,755
Depreciation
charge - restated - as		 originally stated 8,896 279 9,175
Adjustment
to 19/20 depreciation		 charge 4,592 (718j 3874
Cumulative
depreciation		 adjustment 16,742 (1,113) 15,629