## |||||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|