2022-07-31-accounts - Sheffield Music Academy

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Trustees' Annual Report
Independent Examiner's	report
Statement offinancial activities
Balance sheet
Notes to the accounts

The financial statements	The financial statements	The financial statements	The financial statements	The financial statements	comply with the	Charities Act 2011,the	Charities Act 2011,the	Charities Act 2011,the	Charities Act 2011,the	Charities Act 2011,the	Charities Act 2011,the	Companies	Act 2006, the IVlemorandum	Act 2006, the IVlemorandum	Act 2006, the IVlemorandum	Act 2006, the IVlemorandum	Act 2006, the IVlemorandum	and Articles	and Articles
ofAssociation,		and the			charities Statement		of Recommended Practice (applicable to charities									preparing		their accounts
in accordance October 2019.		with	the		Financial Reporting		Standard			applicable		in the UK and			Republic of Ireland;		FRS	102) issued	in
					13EFERENCE AND					ADMINISTRATIVE DETAILS
Date ofincorporation					13June 2011
Company registration				no.07667445
Date ofregistration					17August 2011
Charity registration			no.		1143420
Patron'					Ms EWatts
					IVlr R Wtgglesworth
Trustees	during	period			Ms A Brurnpton				co-opted 05			October 2021, appointed 18January 2021
					Ms TCooper (Chair)				temporarily			stepped down			as Chair between 28June			2021
									and		04 October 2022
					h/Ir I Falconer (Treasurer)				and		interim	Chair between			28June 2021	and 04October 2022
					Ms Ii Mallaband				co-opted 05			October 2020,			appointed 18January		2021
					Mr J Payne				co-opted 05			October 2020,			appointed 18January		2021
					Ms E Pieters
					Ms 5 Unwin				co-opted 04			October 2021, appointed 31				January	2022
Music ()irector					It/Ir M Cropper
General Manager					Miss J O' Neill
Campany	Secretary				Miss J O' Neill
Registered office					Office. 9, Shirley	House
					31Psalter Lane
					5heffield, 511BYL
Independent Examiner					Sarah Lightfoot	FCA, DChA,			employee of
					VAS Community	Accountancy
					The Circle
					33 Rockingham	Lane
					Sheffield, 514FW
Bankers					Virgin Money (formally			Yorkshire			Bank)	Charities		Aid Foundation
					66 Fargate							25 Kings	Hill Avenue
					Sheffield							Kings Hill,		West Mailing
					512HE							Kent ME194TA

		FINANCIAL REVIEW	FINANCIAL REVIEW	OFTHE YEAR ENDED	31JULY 2022
			2021-22			2020-21
		Income	Expenditure E	Net movement before transfers E	Income E	Expenditure E	Net movement before transfers E
Core artivities		445,763	414,956	30,807	349,369	342,169	7',220
Harmony Total	Works	49,340 495,103	143,919 558,875	(94,579) (63,772)	95,615 445,204	111,377 453,546	(1.5,562) (8,34;?)

				Unrestricted	Restricted	Total	Unrestrictecl	Restricted	Total
				funds	funds	2022	funds	funds	2021
			Notes	f	f	E	f.	E	f
Income from:
(Grants and	donations			10,852	60,410	71,262	11,519	97,745	109,264
Charitable	activities			423,126		423,126	335,854		335,854
Investments	-bank	interest		407	208	615	86		86
Other - prol'it on sale ofassets				100		100
				434,485	60,618	495,103	347,459	97,745	445,204
Expenditure	on:
Charitable	activities			414,956	143,919	558,875	342,169	111,377	453,546
				414,956	143,919	55$,875	347,169	111,377	453,546
Net income/(expenditure)				19,529	(S3,301)	(63,772)	5,290	(13,632)	(8,342)
Transfers				(27,110)	27,110		(7,784)	7,784
Gain on revaluation		offixed asset	7
I'Set movement in funds				(7,5$1)	(56,191)	(63,772)	(2,494)	(5,848)	(8,342)
Total funds	brought	forward		191,017	20,814	211,831	193,511	26,662	220,173
Total funds	carried	forward		1S3,436	(35,377)	14S,059	191,017	20,814	211,831

					Total	Total
				Notes	2022	2021
					6	6
Fixed assets						3
Current assets
Debtors					39,870	33,976
Cash at bank and in	hand				165,526	131,305
Total current assets					205,396	165,281
Creditors: amounts	fa83ng due within		one year		(63,866)	(51,113)
Wet current assets					141,530	114,168
1otal assets less current		liabilities			248,380	211,831
Creditors: amounts	falling	due after	more than one year	10	(100,321)
1otal net assets
lte presented by:
Funds ofthe Charity
General Funds					149,878	139,071
Designated funds				12	1,279	19,667
Revaluation Reserve				13	32,279	32,279
Unrestricted Funds	Total				183,436	191,017
Restricted Funds				14	(35,377)	20,814
Total Funds				15	148,059	211,831

								Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
								Funds	Furlds	2022	Funds	Funds	2021
								6	6		E	E	E
	Concert Donations							786		786	262		262
	Friends ofSheffield	Music Academy
	Other Donations							2,566	10,000	12,566	2,942		2,942
	GRI Group							7,500		7,500	5,000		5,000
	Sheffield City Counml		-	coronavirus			business grant scheme				3,315		3,315
	Bursaries
	Theamber Trust								1,278	1,278		1,930	1,930
	Architectural Heritage			Fund					20,132	20,132		61,315	61,315
	Sheffield 1own Trust								3,500	3,500
	CMS LLP - donation	in	kmd						14,850	14,850		26,000	26,000
	Falconer Associates	Ltd							650	650		3,500	3,500
	Anonymous donation								10,000	10,0()0
	Sheffield City Council		-	Harmony		Works						5,000	5,000
												97745	109,264
3	Income from charitable				activities
								Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
								Funds	Funds	2022	Funds	Funds	2021
								6	E		E	E	E
	Fees paid by Department				for Education			252,773		252,7 3	224,444		224,444
	Fees paid by parents							155,419		155,419	110,293		110,293
	Artistic Projects							13,619		13,619
	Instrument Hire							1,315		1,315	835		835
	Other mcome										282		282
								423,126		423,126	335 854		335~854

4	Expenditure on charitable	activities	activities
					Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
				Note	FUItds	Funds	2022	Funds	Funds	2021
					6	E.	E	E	E	E
	Permanent staff costs Temporary staff and deputies Academic costs Staff training Rent and premises costs Artistic project expenditure off				302,254 35,231 29,987 282 14,969 5,164	16,125	318,379 35,2 1 29,987 282 24,969 5,164	280,951 3,567 21,449 1,071 9,098 1,617	23,311	304,262 3,567 21,449 1,071 9,098 1,617
	Administration costs Marketing Insurance Depreciation Bank charges ~ad debts j written or independent exammation Department for Education	provision made fee grant audit			7,878 2,242 1,639 4,761 215 4,088 2,100 1,230		7,878 2,242 1,639 4,761 215 4,088 2,100 1,230	6,585 1,936 475 4,304 90 5,638 2,100 960		6,585 1,936 475 4,304 90 5,638 2,100 960
	Payroll services jincluding pension Legal and professional fees		charges)		2,916		2,916	2,328		2,328
	I-larmony Works feasibility Loan mterest	project				127,473 321	127,473 321		88,066	88,066
	Total charitable expenditure						5588/5	342 169	111377	453546
S	Staff Costs
									Z022	2021
									6	E
	Salaries Employer's national insurance contributions Employer's pension contributions								306,602 9,108 2,669	292,999 8,837 2,426
									~828 329	304~262

Fees paid to	independent	examiner's organisation
			2022	2021
			E	E
Independent	examination	fee	2,100	~2100
Other fees paid:
~epartment	for Education	grant audit	1,230	960
Payrog Softwarelicence			2,916 270	2,328 252
				3,540

								instrument	instrument		Worklrig	Office
									collection	instruments		eqwpment	Total
									6			6	6
	Cost or Valuation
	As at 1August 2021								40,000		95,440	4,988	140,428
	Additions										15,229	1,519	16,748
	Disposals										(2,900)		(2,9DD)
	As at 31July	2022							40,000		107,769	6,507	154,276
	Depreciation
	As at 1August 2021										37,777	4,988	42,765
	Depredauon	charge									4,357	304	4,661
	Disposals
	As at 31July	2022									42,134	5,292	47,426
	Net BookValue
	As at 31July	2022							40,000		65,635	1,215	1082350
	As at 31July	2021							40,000		57,663		97.663
	Working mstruments			include	15 instruments		that are considered	to hold their value -therefore	no depreciation		has been	ciiarged on these	assets.
8	Debtors
												2022	2021
												6	E
	Fees payable	by Department			for Education							12,750	11,850
	Fees payable	by parents										21,616	9,298
	Other debtors											689
	Prepayments											4,815	12,828
9	Creditors: amounts		falling due within			one	year
												2022	2021
												6	E
	Trade ered,ters											3D,831	17,254
	July Salaries Other taxes and sooal Other creditors			secunty								23,107 2,647 574	23,489 3,520 651
	Accruals											6,707	6,199
10	Creditors: amounts		falling due after			snore	than one year
												2022	2021
												6	E
	Loans											100,321

i.i	Harmony Works
																	Restricted	Designated			Total
																	Fund		Fund		Funds
																	Note 14		Note 12
																	E		E
	Income from grants and	donations															49,340				49,340
	Expenditure on charitable activities																(143,919I			(143,919)
	Net income/(expenditure)																(94,579)
	transfers
	SMA contribution set aside re match funding						for the year												20,00D		2D,OOO
	use of SMA contribution	on expenditure				during the year											38,388		(38,388)
	Total transiers																38388		(18388)		20 000
	Net movement in funds																(56,191)		(18,388)		(74,579)
	Fund balances brought	forward															15,814		19,667		35,481
	Fund balances carried forward
	Restricted fund - grants	providecl			by external		funders,	and project expenditure.		Cashf low is supportecl							by a 5100,000 loan'from		5heffiel	City	Council,
	as detailed in the Trustees' Report
	Designated fund - funds	set aside			by the	trustees for		match funding
	Cumulativeanal NofHarmon			Works proact-star				ed)	2 18 19								Restricted	Designated			Tots I
																	Fund		Fund		Funds
																	E		E		E
	Income from grants and	donations															256,286			256,286
	Expenditure on charitable activities																(354,752)		(32)	(354,784)
	~et income/(expenditure)																(98,46!i)		(32)		(98.498)
	Transfers
	Cumulative SMA contnbutions		set aside			for project													6D,DOO		60,000
	Cumulative SMA contnbutions		spent an			project											58,089		(SB,D89)
	Use of SMA contribution	on 2018			expenditure		previously		funded from general	funds									(600)		(600)
	Total transfers																58,089		1,311		59,400
	Net movement in funds	(and position) as at 31July 2022
12	Designated funds
										Brought											Carried
										forward				Income			Expenditure	Transfers		farward
													E				E E		6
	Harmony 9/orks										19,667								(18,388)		1,279
											19,667								(18388)		1,279
	The trustees set aside a	further	620,00D			in the 21/22		financial year towards the match				fundmg		element			ofthe feasibility	stage	ofthe Harmony		Work»
	project (see the trustees' report			for further			detail).	E38,388 was transferred		into the			restricted		fund for the match			funding	of expenditure		in the
	finanmal year, leaving a	balance		ofC1,279 cerned forwards for future costs.
	Prior yeor comporrson									Brought											Carried
										forword				Income			Expenditure	Transfers		forword
												6				E E			E		E
	Harmony Works										9,381								10,286		19,667
											9,381								10286		19667
	The trusfees determined	toset	aside E20,000 in the 20/21 financial year towards								the	match funding				element of the feasibility			stoge of	the Harmony
	Works pro/ect (see the trustees'			report for further detail).					Eg 714 wos transferred		Into the restricted fund for the match/unding								of cxpendii'ure		in the
	financial year, leaving a	balance		ofE19,667carried forwordsfor future costs.

li	resere
evauaton	v		2022	2021
			E	E
Revaluation	reserve brought	forward	32,279	32,279
Revaluation	during the year
Revaluation	reserve carried	forward	32 279	32.279

Restricted	funds
			Brought					Carried
			forward	Incorne	Expenditure		Transfers	forward
			E	6		6	6	6
Ensemble Harmony Bursanes Instrument	360 Academy Works purchase	Prolect	5,000 15,814	49,340 1,278 10,000	(143,919)		38,388 (1,278) (10,000)	5,000 (40,377j