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2023-07-31-accounts

Company Number: 07667445 Registered Charity Number: 1143420

Sheffield Music Academy

Annual Report and Unaudited Financial Statements

For the year ended 31 July 2023

Sheffield Music Academy

Contents

Page
Trustees’ Annual Report 1 – 11
Independent Examiner's report 12
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the accounts 16 - 23

Sheffield Music Academy

Trustees’ Report for the year ended 31 July 2023

Sheffield Music Academy (the Academy) is a charitable company limited by guarantee. The Directors are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees.

The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 July 2023 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and the charities Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS 102) issued in October 2019.

REFERENCE AND ADMINISTRATIVE DETAILS

Date of incorporation 13 June 2011
Company registration no. 07667445
Date of registration 17 August 2011
Charity registration no. 1143420
Patrons Ms E Watts
Mr R Wigglesworth
Trustees during period Ms A Brumpton co-opted 05 October 2020, appointed 18 January 2021
Ms T Cooper (Chair) re-appointed 18 January 2023 (Chair from 04 October 2022)
Mr I Falconer (Treasurer) re-appointed 18 January 2023 (Interim Chair 28 Jun 2021 - 04 Oct 2022)
Ms R Mallaband co-opted 05 October 2020, appointed 18 January 2021
Mr J Payne co-opted 05 October 2020, resigned 02 January 2024
Ms E Pieters re-appointed 18 January 2021
Ms S Unwin co-opted 04 October 2021, appointed 31 January 2022
Music Director
Mr M Cropper
General Manager Miss J O’Neill until 07 October 2023
& Company Secretary Mr M Wigley from 08 October 2023
Registered office Office 9, Shirley House
31 Psalter Lane
Sheffield, S11 8YL
Accountants Seven Hills Accountants Limited
57 Burton Street
Sheffield, S6 2HH
Bankers Virgin Money_(formally Yorkshire Bank)_ Charities Aid Foundation
66 Fargate 25 Kings Hill Avenue
Sheffield Kings Hill, West Malling
S1 2HE Kent ME19 4TA

1

Sheffield Music Academy

Trustees’ Report (continued) for the year ended 31 July 2023

OUR AIMS AND OBJECTIVES

Purpose and objectives

Our charity’s purpose, as set out in the objects contained in the company’s Articles of Association, is to advance the education of young people of exceptional musical ability or potential who are aged between four and 19 years in all aspects of music and musicianship. In short, Sheffield Music Academy (the Academy) exists to help young musicians fulfil their potential.

We are part of a network run under the auspices of the Department for Education’s (DfE’s) Music and Dance Scheme, which includes Centres for Advanced Training (CATs) in music and dance, Specialist Residential Schools and Conservatoire Junior Departments.

Our aim is to raise aspirations for young people passionate about any form of music in which they show above average aptitude, not necessarily for a career in music and the performing arts but in order that they may make the most of their skills and talents, develop their self-confidence and in their turn contribute to the musical activities of their schools and colleges, areas and communities. Our aim fully reflects the purposes that the charity was set up to further.

Ensuring our work delivers our aims

We review our aims, objectives and activities each year. This review covers the year ending 31 July 2023 and looks at what we achieved and the outcomes of our work during that period. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help.

The review also helps us ensure our aims, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

The focus of our work

Alongside continuing to provide education for talented young musicians, we have focused on finding additional ways of funding that education. The strategies we used to meet our objectives included:

HOW OUR ACTIVITIES DELIVER PUBLIC BENEFIT

All our charitable activities focus on the education of young people of aged between four and 19 of exceptional musical ability or potential and are undertaken to further our charitable purposes for the public benefit.

Who used and benefited from our services?

Our objects and funding enable us to provide services to students who reside mainly in a geographical area to include South Yorkshire, Derbyshire, Northeast Lincolnshire and North Nottinghamshire.

2

Sheffield Music Academy

Trustees’ Report (continued) for the year ended 31 July 2023

Our main achievements that delivered public benefit in 2022-23 included:

ACADEMIC AND ARTISTIC HIGHLIGHTS OF THE YEAR ENDED 31 JULY 2023

During 2022-23 we welcomed 36 new students into the main Academy, including one Ukrainian refugee (whose place was funded by our sponsor GRI Group) and said farewell to 11 students who graduated at the end of the previous academic year. We were also joined by five new members of staff, who helped us to maintain our standards of musicianship and teaching.

Supporting First Generation Musicians

We recognise that barriers to children taking up a musical instrument and continuing with it are not purely financial, but also concern levels of family confidence in supporting their children in music making. And learning an instrument involves much individual practice at home, which can be greatly enriched by concert attendance, listening to repertoire at home, and benefits from informal performing for family and friends. in particular, we believe that the best ambassadors for taking up and sticking with a musical instrument are our current students, and that many of the barriers to accessing music-making dissolve when children see other children just like them perform.

In 2023 we therefore launched the Supporting First Generation Musicians project, a three-year initiative to support children who may not have previously been involved with music-making at home on their journey to learn a musical instrument.

During 2022-23 the funds we raised enabled us to:

We also challenged our older students (aged 15-18), supported by SMA Alumni and students from the Royal Birmingham Conservatoire, to create an outreach programme showcasing rare breed instruments which they would deliver themselves as ‘performances by young people for young people’. And our students also created the publicity artwork themselves, making the concerts feel immediately appealing to younger children.

The programme reached over 500 children and culminated in performances in the last week of the summer term of Prokofiev’s ‘Peter and the Wolf’ at Sheffield Children’s Hospital, in Sheffield primary schools, and Sheffield Cathedral. We also performed at the Buxton Fringe Festival, winning the Buxton Fringe Award for best show and a shout out on Classic FM.

Many of the children taking part told us that they were inspired to further engage with music through seeing young people just like them creating these musical worlds.

3

Sheffield Music Academy

Trustees’ Report (continued) for the year ended 31 July 2023

Infant Academy

In 2017-18 we began to pilot an infant scheme for budding young musicians aged between six and eight years old. We are delighted that, after just six years, the Infant Academy has moved from a pilot project with 24 students to a fully integrated part of our offer that now accepts students from as young as four years old. In 2022-23 it had 90 students drawn from some 37 different schools across the region and it continued to deliver fantastic music provision, offering some classes during the week as well as Saturday afternoons.

Other highlights

FINANCIAL REVIEW OF THE YEAR ENDED 31 JULY 2023

2022-23 2021-22
Income
£		 Expenditure
£		 Net movement
before transfers
£		 Income
£		 Expenditure
£		 Net movement
before transfers
£
Core activities 470,112 476,266 (6,154) 445,763 414,956 30,807
Harmony Works * 321,352 297,130 24,222 49,340 143,919 (94,579)
Total 791,464 773,396 18,068 495,103 558,875 (63,772)

* a more detailed commentary on the Harmony Works project follows in a separate section that begins at page 7 below

Core activities

Our total income for core activities in the 12-month period was £470,112, some £24,349 (5 per cent) more than we received in 2021-22. The increase was mostly due to 11 more students being enrolled in the main and infant academies than the previous year, and our success in more than doubling the amount of income we receive from non-DfE grants and donations, a promising early return on the Board’s decision to investment in a small fundraising team during the year.

We are particularly proud that grants from the DfE, together with the bursaries that we are able to offer from our own funds, mean that some 73 per cent of the students in the Main Academy receive some sort of support with their fees.

Our total expenditure on core activities was £476,266, some £61,310 (15 per cent) more than we spent in the same period last year. The increase was mostly due to the six extra monthly staff we now employ (41 versus 35) to accommodate the rise in student numbers and the projects funded by new grants and donations. We also invested in an updated and simplified website and are particularly pleased with the work that local photographer Will Roberts has done for us.

4

Sheffield Music Academy

Trustees’ Report (continued) for the year ended 31 July 2023

As a result of these year-on-year changes in income and expenditure, the overall net movement in our funds from unrestricted core activities was a small decrease of £6,154 before transfers.

Principal funding sources

The principal funding sources for the core activities of the charity are grants from the DfE’s Music and Dance Scheme, and fees paid by parents and guardians of the Academy’s students. While we remain heavily reliant on income from the Scheme (50 per cent of our core income in 2022-23, excluding grants towards the Harmony Works project), that dependence is reducing (it was 72 per cent of our income in 2015-16) because of concerted efforts to increase our sources of voluntary income and other grants. We are extremely grateful for the continued support of the Friends of Sheffield Music Academy, our business sponsors and local grant giving trusts.

Investment Policy

The donations we receive enable the Academy to maintain its reserves for core activities at a prudent level. Until we have sufficient funds for long-term investment, our reserves will continue to be split between two separate banks to ensure they remain protected by the Financial Services Compensation Scheme.

Reserves Policy

The trustees are risk averse as regards the Academy’s reserves and aim to maintain sufficient free reserves in unrestricted funds (net current assets and assets that can be readily converted to cash) to ensure that the Academy's main operations can continue for a period of six months, or 26 weeks.

The annual operating cost of our core activities in 2023-24 is budgeted at £465,000. Net current assets in general funds amounted to £55,786 on 31 July 2023 and we held fixed asset instruments with a net book value of £102,346 that we considered to be readily convertible to cash, giving free reserves in unrestricted funds of £158,132, sufficient to cover our main operations for 17.7 weeks.

It was perhaps inevitable during these challenging economic times that we were unable to maintain our free reserves at their desired level during 2022-23, but our fundraising efforts during the year have already secured new funding for future years that means we should be able to return our free reserves to their previous levels by the end of 2023-24.

Going Concern

The Board is reassured that the Academy almost continued to live within its means during 2022-23, with only a small (1.3%) shortfall of income over expenditure. We have approved a balanced budget for the 2023-24 financial year and our latest forecast, based on the outturn to January 2024, confirms we remain on target to deliver it. The DfE has confirmed its support for the Music and Dance Scheme until July 2024, and we are satisfied that should the DfE grant funding no longer be available beyond 31 July 2024, the Academy's main operations could continue for at least six months, i.e., until February 2025.

For these reasons, the Board continues to adopt the going concern basis in preparing the financial statements.

The Board also considers that the ongoing economic uncertainty resulting from Brexit, and the wars in Ukraine and the Middle East are unlikely to have a material impact upon the Academy’s ability to achieve its charitable objectives in the next 12 months. Nevertheless, the trustees and the Music Director will continue to monitor and respond to the risks of operating the Academy during these volatile times on an ongoing basis. The Academy has robust business continuity plans, risk management and financial management processes and so is well placed to respond to future uncertainty in a timely manner.

Events after the Reporting Period

The only significant post balance sheet event is the establishment on 29 August 2023 of the Harmony Works Trust, a new charitable incorporated organisation, which will shortly acquire the assets and liabilities of the Harmony Works project, including the obligation to repay the £100,000 loan and accumulated interest which we took on behalf of the project from Sheffield City Council.

5

Sheffield Music Academy

Trustees’ Report (continued) for the year ended 31 July 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Academy is a charitable company limited by guarantee. The company was established and is governed under Articles of Association that established the objects and powers of the charitable company and are based upon the Charity Commission’s model with only very slight modification. In the event of the company being wound up its members are each required to contribute an amount not exceeding £1.

Patrons

We have two Patrons supporting Sheffield Music Academy:

Recruitment and Appointment of Board of Trustees

There must not be less than three trustees but there is no maximum number. Trustees must retire after three years’ service but may offer themselves for re-election or further co-option.

A person qualified and wishing to become a trustee must be aged 18 years or over and must either be recommended by the trustees or be nominated for election by a member of the Charity. The trustees may co-opt individuals to the Board during the year for their particular expertise (e.g., financial or legal advice) through an ordinary resolution of the Board, but a co-opted trustee holds office only until the next AGM.

Every trustee must sign a declaration of willingness to act as a charity trustee of the Charity before they are eligible to vote at any Board meeting.

The Trustees of the Charity for the year ended 31 July 2023 are listed on page 1.

In June 2021 Trisha Cooper temporarily handed over her duties as Chair to Ian Falconer who acted as Interim Chair until 04 October 2022, i.e., including the first two months of the period covered by these financial statements.

Except for Emily Pieters’ work as Project Director of the Harmony Works project ( see note 14 and below) , all trustees give of their time freely. No other trustee remuneration or expenses were paid in the year, and no other trustees registered a conflict of interest during the yea ~~r.~~

Organisational structure

The SMA Board met three times during 2022-23. At its meetings the trustees agree the broad strategy and areas of activity for the Charity, including consideration of grant making, investment, reserves and risk management policies and performance.

Throughout 2022-23 we have continued to supplement our Board meetings with regular informal catchups with management, supporting the Music Director and his team as they determined the Academy’s response to the constantly changing external environment. We are grateful for the considerable extra time that individual trustees have invested to support the charity during this period.

The day-to-day administration of the Academy’s activities, including its curriculum, staffing and student recruitment is delegated to the Music Director and his small administrative team.

6

Sheffield Music Academy

Trustees’ Report (continued) for the year ended 31 July 2023

Risk Management

The trustees keep the major risks to which the charity is exposed under regular review and have established systems and procedures to manage them.

The trustees consider that major financial risk facing the Academy is the unsecured loan from Sheffield City Council to provide cashflow support to the Harmony Works project. If fundraising for the project is unsuccessful, then it will need to be repaid from the Academy’s own funds in June 2026 and June 2027. The trustees are satisfied however, having regard to the Financial Strategy 2022-27, that so long as its Reserves Policy continues to be adhered to, there will be sufficient free reserves in unrestricted funds to cover the repayment of the loan.

Other financial risks continue to be the possible loss or reduction in the Academy’s major source of core funding (i.e., the grant provided by the Music and Dance Scheme), its over-reliance on that one source of funding and any other unfunded liabilities arising from the Harmony Works project. Donations and grants received during the year helped to mitigate these risks, and the trustees continue to review alternative future strategies.

The most significant non-financial risks are:

THE HARMONY WORKS PROJECT

In 2017 the Sheffield Music Academy joined forces with the Sheffield Music Hub to explore the creation of a permanent home for music education in the city. Both organisations are serving increasing numbers of children and young people, but each relies on renting temporary spaces, spread across the Sheffield City Region; none of which are designed for music or fit for expansion.

Harmony Works is a bold and compelling vision to create an inspirational new centre for music education and performance and a collaboration between partners which will touch the lives of thousands of children and young people in the Sheffield City Region:

Article 4.8 of our Articles of Association allows the Academy to acquire or improve property of any kind in furtherance of our charitable objectives. Since 2017 we have exercised those powers to act as Accountable Body for the Harmony Works project, administering its funding on behalf of the project’s partners. During 2023-24 we expect to transfer the ‘accountable body’ role to the Harmony Works Trust, a charitable incorporated organisation set up for that purpose and registered on 29 August 2023 with the following objects:

7

Sheffield Music Academy

Trustees’ Report (continued) for the year ended 31 July 2023

In 2022-23 our small but highly skilled and committed team of trustees, staff and partner organisations continued to make exciting progress with the project:

Canada House

Having previously identified Canada House as a suitable heritage building in the heart of Sheffield city centre to be the project’s home and secured initial funding from the Architectural Heritage Fund to undertake viability work, we secured an option to purchase Canada House in September 2019 and exchanged contracts with its owners for its purchase in January 2021. And in October 2021 we were awarded £1.6 million towards the capital cost of the Harmony Works project from the Government’s Levelling Up Fund, being one of three projects withing Sheffield City Council’s successful Gateway bid, designed to bring economic benefits to the Castlegate Quarter and help bind its communities together.

During 2022-23:

And since the year-end:

Although the project has benefited from significant financial support from Sheffield City Council, the Architectural Heritage Fund and the National Lottery Heritage Fund, and the generous pro bono support of locally based international legal advisers CMS LLP and others, it still requires a material injection of funding to be able to complete the next stages. Only then will the newly established Harmony Works Trust be able to complete the purchase of the building using Levelling Up Fund monies. Full occupation therefore remains unlikely before 2027.

SMA’s support for Harmony Works’ educational activities

In July 2023 the project funded a performance of Prokofiev’s ‘Peter and the Wolf’ at Sheffield Children’s Hospital as part of the Academy’s ‘Supporting First Generation Musicians’ project (see page 3 above).

And since the year end, In September 2023 SMA and its partners worked together to deliver the ‘Proms in the Playground’ programme, a very successful week of performances funded by Arts Council England that engaged 900 performers and 180 parents and acted as a proof of concept for the Harmony Works collaboration.

8

Sheffield Music Academy

Trustees’ Report (continued) for the year ended 31 July 2023

Financial Review of the Project

We received £321,352 on behalf of the Harmony Works project during the financial year, comprising restricted funds from Sheffield City Council, the National Lottery Heritage Fund and several local Sheffield trusts, and the value to the project of the pro-bono work undertaken on our behalf by CMS LLP and others.

Project expenditure during the year was £297,130, resulting in a net increase of £24,222 before transfers to designated and restricted funds.

By 31 July 2023 we had spent a total of £652,514 on behalf of the Harmony Works project since it began in 2017, some £14,876 more than the £637,638 the project had raised from all sources by that date (including SMA’s own contribution). The shortfall was funded by an unsecured loan of £100,000 that we took on behalf of the project from Sheffield Council in June 2022, which is repayable in two equal instalments in June 2026 and June 2027. If the project stalls before this liability transfers to the Harmony Works Trust and cannot be repaid from future fundraising, it will be repaid from funds which the Academy has otherwise budgeted to spend on Harmony Works in its long-term financial plan 2022-27.

The restricted funds that we hold on behalf of the Harmony Works project are kept in a dedicated bank account, separate from the Academy’s two other business accounts.

Structure, Governance and Management of the Project

In accordance with Article 8.1.2 of the Academy’s Articles of Association, the SMA Board has established a working group to oversee the Harmony Works project. Known as the Development Board, it is advisory, with no delegated powers except the permission to approve expenditure within budgets already determined by the SMA Board which continues to act as the project’s Accountable Body.

The Development Board is chaired by Ian Falconer (SMA Treasurer), supported by Professor Karen Burland (Chair of the Sheffield Music Hub), and independent advisors David Hobson and Denise Edwards. Attendees include Emily Pieters (Project Director), the Academy’s Music Director and the Hub’s Head of Music Education. The Development Board met seven times during 2022-23.

The Academy’s Instruments and Articles do not provide for payments to its trustees without the approval of the Charity Commission. In May 2020, having first received independent legal advice that it could satisfactorily address all the factors outlined in Charity Commission Guidance Note CC29 (Conflicts of interest: a guide for charity trustees) the Board agreed to retain one of its trustees, Emily Pieters, to act as Project Director of the Harmony Works project. The Charity Commission gave its consent to these arrangements, noting the trustees had made a strong case as to why this was in the best interests of the charity.

In particular, the Commission noted that:

Day-to-day administration of the Harmony Works project is delegated to the Project Director, supported by a small project team.

9

Sheffield Music Academy

Trustees’ Report (continued) for the year ended 31 July 2023

THE ACADEMY’S PLANS FOR 2023-24 AND BEYOND

Looking to the future, the Sheffield Music Academy has plans to:

10

Sheffield Music Academy

Trustees’ Report (continued) for the year ended 31 July 2023

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees (who are also directors of Sheffield Music Academy for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each accounting period, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps or the prevention and detection of fraud and irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the Academy’s website.

The Trustee’s Annual Report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The company is currently exempt from a statutory audit because its annual gross income does not exceed £1 million.

Approved by the Trustees of Sheffield Music Academy on 22 February 2024 and signed on their behalf by:

Trisha Cooper Chair Sheffield Music Academy

11

Sheffield Music Academy

Independent Examiner’s report to the Trustees of Sheffield Music Academy (“the Company”)

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2023.

Responsibilities and basis of report

As the charity’s trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; 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 charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: ____ Sarah Lightfoot, FCA DChA Seven Hills Accountants Limited 57 Burton Street Sheffield, S6 2HH

Date: ___ 26 February 2024

12

Sheffield Music Academy

Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 31 July 2023

Notes
Income from:
Grants and donations
SMA music activities
2
Harmony Works
17a
Charitable activities
SMA music activities
3
Investments - bank interest
SMA music activities
Harmony Works
Other - profit on sale of assets
Expenditure on:
Fundraising costs
Charitable activities
SMA music activities
4
Harmony Works
17b
Net income/(expenditure)
Transfers
13
Net movement in funds
Total funds brought forward
Total funds carried forward		 SMA
Unrestricted
funds
£
13,839
-
414,986
3,389
-
-
432,214
4,510
452,640
-
457,150
(24,936)
4,112
(20,824)
183,436
162,612		 SMA
Restricted
funds
£
37,898
-
-
-
-
-
37,898
750
18,366
-
19,116
18,782
(4,649)
14,133
5,000
19,133		 Harmony Works
Restricted
funds
£
-
318,950
-
-
2,402
-
321,352
-
-
297,130
297,130
24,222
537
24,759
(40,377)
(15,618)		 Total
Restricted
Funds
£
37,898
318,950
-
-
2,402
-
359,250
750
18,366
297,130
316,246
43,004
(4,112)
38,892
(35,377)
3,515		 Total
Funds
2023
£
51,737
318,950
414,986
3,389
2,402
-
791,464
5,260
471,006
297,130
773,396
18,068
-
18,068
148,059
166,127		 Total
Funds
2022
£
22,130
49,132
423,126
407
208
100
495,103
-
414,956
143,919
558,875
(63,772)
-
(63,772)
211,831
148,059

13

Sheffield Music Academy

Balance Sheet As at 31 July 2023

Notes
Fixed assets
7
Current assets
Debtors
8
Cash at bank and in hand
Total current assets
9
Net current assets
Total assets less current liabilities
10
Total net assets
Represented by:
Funds of the Charity
General Funds
Designated funds
11
Revaluation Reserve
12
Unrestricted Funds Total
Restricted Funds
13
Total Funds
Creditors: amounts falling due after
more than one year
Creditors: amounts falling due within
one year		 SMA
Unrestricted
funds
£
106,084
41,613
52,937
94,550
(38,022)
56,528
162,612
-
162,612
129,591
742
32,279
162,612
162,612		 SMA
Restricted
funds
£
-
-
19,133
19,133
-
19,133
19,133
-
19,133
-
-
-
-
19,133
19,133		 Harmony Works
Restricted
funds
£
-
29,482
111,442
140,924
(53,671)
87,253
87,253
(102,871)
(15,618)
-
-
-
-
(15,618)
(15,618)		 Total
Restricted
Funds
£
-
29,482
130,575
160,057
(53,671)
106,386
106,386
(102,871)
3,515
-
-
-
-
3,515
3,515		 Total
Funds
2023
£
106,084
71,095
183,512
254,607
(91,693)
162,914
268,998
(102,871)
166,127
129,591
742
32,279
162,612
3,515
166,127		 Total
Funds
2022
£
106,850
39,870
165,526
205,396
(63,866)
141,530
248,380
(100,321)
148,059
149,878
1,279
32,279
183,436
(35,377)
148,059

For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director's acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies' regime.

22 February 2024

Approved by the Trustees of Sheffield Music Academy on _____ and signed on their behalf by:

Trisha Cooper Chair Sheffield Music Academy

14

Sheffield Music Academy

Statement of Cash Flows As at 31 July 2023

Cash flows from operating activities
Net income/(expenditure) for the year (as per the SOFA)
Adjustments for:
(Increase)/decrease in debtors
Increase/(decrease) in creditors (excluding bank loan)
Investment income
Loan interest payable
Depreciation
(Profit)/Loss on disposal of fixed assets
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Investment income
Purchase of fixed assets
Proceeds from sale of fixed assets
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Net cash provided by/(used in) financial activities
Change in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 18,068
(31,225)
27,827
(5,791)
2,550
5,950
-
5,791
(6,834)
1,650
-		 2023
£
17,379
607
-
17,986
165,526
183,512		 (63,772)
(5,894)
12,753
(615)
321
4,661
(100)
615
(16,748)
3,000
100,000		 2022
£
(52,646)
(13,133)
100,000
34,221
131,305
165,526

15

Sheffield Music Academy

Notes to the Accounts For the year ended 31 July 2023

1 Accounting Policies

(a) General

Sheffield Music Academy is a charitable company in the United Kingdom limited by guarantee. In the event that the charity is wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and with the Charities Act 2011.

Sheffield Music Academy meets the definition of a public benefit entity under FRS 102. The financial statements are prepared under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and are rounded to the nearest £.

(b) Income

Income is recognised when the organisation has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

(c) Donated goods and services

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

(d) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

(e) Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

(f) Tangible fixed assets

Depreciation has been calculated to write down the cost or valuation, less estimated residual value, of all tangible fixed assets over their expected useful lives, as follows:

Instruments collection At valuation Working instruments 10 years straight line or no depreciation Office equipment 5 years straight line

The Trustees have undertaken to carry out an impairment review of the Instruments collection each year, to ensure no significant factor has affected the value during the year. In addition to this, all the instruments in the Instruments collection will be revalued by an expert every 3-5 years with any movement in the valuation being reflected in the asset valuation and the revaluation reserve.

(g) Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction 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 company will not be able to collect all amounts due according to the original terms of receivables.

(h) Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

16

Sheffield Music Academy

Notes to the Accounts - continued For the year ended 31 July 2023

1 Accounting Policies - continued

(i) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of loans which are subsequently measured at amortised cost using the effective interest method.

(j) Funds

Unrestricted funds are donations and other income receivable or generated for the objects of the organisation without further specified purpose and are available as general funds.

Designated funds are funds set aside at the discretion of the trustees for a specific project.

Restricted funds are to be used for specific purposes as laid down by the funder.

(k) Taxation

As a charity, Sheffield Music Academy is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

(l) Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

(m) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2 SMA music activities - income from grants and donations

Concert Donations
Other Donations
GRI Group
The D'Oyly Carte Charitable Trust
The Freshgate Trust Foundation
John Thaw Foundation
Philip King Trust
Postlethwaite Foundation
Schroder Charity Trust
Bursaries
The Amber Trust
SMA music activities - income from charitable activities
Fees paid by Department for Education
Fees paid by parents
Artistic Projects
Instrument Hire
Other income		 Unrestricted
Funds
£
3,056
3,283
7,500
-
-
-
-
-
-
-
13,839
Unrestricted
Funds
£
236,176
171,691
-
1,455
5,664
414,986		 Restricted
Funds
£
-
-
-
3,000
2,000
1,000
25,000
2,000
4,000
898
37,898
Restricted
Funds
£
-
-
-
-
-
-		 Total
2023
£
3,056
3,283
7,500
3,000
2,000
1,000
25,000
2,000
4,000
898
51,737
Total
2023
£
236,176
171,691
-
1,455
5,664
414,986		 Unrestricted
Funds
£
786
2,566
7,500
-
-
-
-
-
-
-
10,852
Unrestricted
Funds
£
252,773
155,419
13,619
1,315
-
423,126		 Restricted
Funds
£
-
10,000
-
-
-
-
-
-
-
1,278
11,278
Restricted
Funds
£
-
-
-
-
-
-		 Total
2022
£
786
12,566
7,500
-
-
-
-
-
-
1,278
22,130
Total
2022
£
252,773
155,419
13,619
1,315
-
423,126

3 SMA music activities - income from charitable activities

17

Sheffield Music Academy

Notes to the Accounts - continued For the year ended 31 July 2023

4 SMA music activities - expenditure on charitable activities

Note
Permanent staff costs
5
Temporary staff and deputies
Academic costs
Staff training
Rent and premises costs
Artistic project expenditure
Administration costs
Marketing
Insurance
Depreciation
7
Bank charges
Bad debts written off/provision
Independent examination fee
6
Department for Education grant audit
Payroll services (including pension charges)
Total charitable expenditure		 Unrestricted
Funds
£
363,916
6,040
27,776
672
16,063
2,111
12,810
1,592
1,840
5,950
97
6,841
2,880
960
3,092
452,640		 Restricted
Funds
£
-
12,540
3,000
-
-
1,052
1,774
-
-
-
-
-
-
-
-
18,366		 Total
2023
£
363,916
18,580
30,776
672
16,063
3,163
14,584
1,592
1,840
5,950
97
6,841
2,880
960
3,092
471,006		 Unrestricted
Restricted
Funds
Funds
£
£
302,254
-
35,231
-
29,987
-
282
-
14,969
-
5,164
-
7,978
-
2,242
-
1,639
-
4,661
-
215
-
4,088
-
2,100
-
1,230
-
2,916
-
414,956
-		 Total
2022
£
302,254
35,231
29,987
282
14,969
5,164
7,978
2,242
1,639
4,661
215
4,088
2,100
1,230
2,916
414,956

5 Staff Costs

Salaries
Employer's national insurance contributions
Employer's pension contributions		 2023
£
353,428
10,860
3,127
367,415		 2022
£
306,602
9,108
2,669
318,379

The average number of monthly employees was 41 (2022: 35). No employee received emoluments of more than £60,000 in the year.

6 Fees paid to independent examiner's organisation

Independent examination fee
Other fees paid:
Department for Education grant audit
Software licence
Tangible Fixed Assets
Cost or Valuation
As at 1 August 2022
Additions
Disposals
As at 31 July 2023
Depreciation
As at 1 August 2022
Depreciation charge
As at 31 July 2023
Net Book Value
As at 31 July 2023
As at 31 July 2022		 Instrument
collection
£
40,000
-
-
40,000
-
-
-
40,000
40,000		 Working
instruments
£
107,769
3,751
(2,100)
109,420
42,134
4,940
47,074
62,346
65,635		 Office
equipment
£
6,507
3,533
-
10,040
5,292
1,010
6,302
3,738
1,215		 2023
£
2,880
960
90
1,050
Total
£
154,276
7,284
(2,100)
159,460
47,426
5,950
53,376
106,084
106,850

7 Tangible Fixed Assets

Working instruments include instruments that are considered to hold their value - no depreciation has been charged on these assets.

18

Sheffield Music Academy

Notes to the Accounts - continued For the year ended 31 July 2023

8
Debtors
Fees payable by Department for Education
Fees payable by parents
Other debtors
Prepayments
2022: Prior year fund split
9
Creditors: amounts falling due within one year
Trade creditors
July Salaries
Other taxes and social security
Other creditors
Accruals
2022: Prior year fund split
10
Creditors: amounts falling due after more than one year
Loans
2022: Prior year fund split		 SMA
Unrestricted
funds
£
6,092
15,206
11,392
8,923
41,613
39,870
SMA
Unrestricted
funds
£
2,913
25,504
3,552
772
5,281
38,022
35,834
SMA
Unrestricted
funds
£
-
-
-		 Harmony Works
Restricted
funds
£
-
-
29,482
-
29,482
-
Harmony Works
Restricted
funds
£
53,671
-
-
-
-
53,671
28,032
Harmony Works
Restricted
funds
£
102,871
102,871
100,321		 Total
Funds
2023
£
6,092
15,206
40,874
8,923
71,095
Total
Funds
2023
£
56,584
25,504
3,552
772
5,281
91,693
Total
Funds
2023
£
102,871
102,871		 Total
Funds
2022
£
12,750
21,616
689
4,815
39,870
39,870
Total
Funds
2022
£
30,831
23,107
2,647
574
6,707
63,866
63,866
Total
Funds
2022
£
100,321
100,321
100,321

The loan is an unsecured loan from Sheffield City Council to support the expenditure of the Harmony Works project. The loan is repayable in two equal instalments in June 2026 and June 2027. Interest is accrued on a daily basis at 2.55% per annum.

11 Designated funds

Designated funds
Note Brought
Carried
forward
Income
Expenditure
Transfers
forward
£
£
£
£
£
Harmony Works 17 1,279
-
-
(537)
742
1,279
-
-
(537)
742
The trustees set aside monies towards the match funding element of the feasibility stage of the Harmony Works project (see the trustees' report for
further detail). £537 was transferred into the restricted fund for the match funding of expenditure in the financial year, leaving a balance of £742
carried forwards for future costs.
Prior year comparison Brought
Carried
Harmony Works forward
Income
Expenditure
Transfers
forward
£
£
£
£
£
19,667
-
-
(18,388)
1,279
19,667
-
-
(18,388)
1,279

The trustees set aside a further £20,000 in the 21/22 financial year towards the match funding element of the feasibility stage of the Harmony Works project (see the trustees' report for further detail). £38,388 was transferred into the restricted fund for the match funding of expenditure in the financial year, leaving a balance of £1,279 carried forwards for future costs.

19

Sheffield Music Academy

Notes to the Accounts - continued For the year ended 31 July 2023

12 Revaluation reserve

Revaluation reserve brought forward
Revaluation reserve carried forward
13
Restricted funds
Note
Ensemble 360 Academy Project
Improvised Compositions Project
First Generation Musicians Project
Student bursary funds
SMA total restricted funds
Harmony Works restricted funds
17		 Brought
forward
£
5,000
-
-
-
5,000
(40,377)
(35,377)		 Income
£
-
2,000
35,000
898
37,898
321,352
359,250		 Expenditure
£
-
(2,000)
(17,116)
-
(19,116)
(297,130)
(316,246)		 2023
£
32,279
32,279
Transfers
£
-
-
(3,751)
(898)
(4,649)
537
(4,112)		 2022
£
32,279
32,279
Carried
forward
£
5,000
-
14,133
-
19,133
(15,618)
3,515

Ensemble 360 Academy 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 was postponed due to COVID-19. It is being rearranged in 2023-24.

Improvised Compositions Project

The Freshgate Trust Foundation granted £2,000 towards this project aimed to give our students a safe and fun framework for composing their own music, regardless of their level of experience. It culminated in two performances of student compositions at The Victoria Hall and Sheffield Cathedral.

First Generation Musicians Project

During 2022-23 we launched a three year initiative to support children aged between four and eight years old who may not have previously been involved with music-making at home on their journey to learn a musical instrument. The project involves instrument lessons and musicianship classes, support to parents via workshops and videos, subsidised tickets to professional orchestral concerts for 50 young students and their families and the purchase of child-sized instruments for their use (represented by the transfer of £3,751).

It is funded by grants from D'Oyly Carte Charitable Trust, John Thaw Foundation, Philip King Trust, Postlethwaite Music Foundation and Schroder Trust.

Student bursary funds

The Amber Trust provides Music Awards to support to blind and partially sighted children and young people, who may also have other disabilities or special educational needs, until the age of 18. Its grant has been transferred to discount the fees of such students at the main Academy.

Harmony Works restricted funds

Money is being raised towards the feasibility stage of the Harmony Works project (see the trustees' report for further detail). The negative fund balance is supported by a £100,000 loan from Sheffield City Council - see notes 10 and 17.

The transfer of £537 of unrestricted funds represents the match funding element of the Company (see note 11).

Prior year comparison
Ensemble 360 Academy Project
Bursaries
Instrument purchase
SMA total restricted funds
Harmony Works		 Brought
forward
£
5,000
-
-
5,000
15,814
20,814		 Income
£
-
1,278
10,000
11,278
49,340
60,618		 Expenditure
£
-
-
-
-
(143,919)
(143,919)		 Transfers
£
-
(1,278)
(10,000)
(11,278)
38,388
27,110		 Carried
forward
£
5,000
-
-
5,000
(40,377)
(35,377)

Ensemble 360 Academy 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 was cancelled due to COVID-19.

Harmony Works

Money is being raised towards the feasibility stage of the 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 of students which totalled £1,278 this year, which has therefore been transferred to unrestricted funds.

Harmony Works

Monies given to fund instrument purchases. The instruments bought have no restrictions on their use, and so the monies have been transferred to the unrestricted funds.

20

Sheffield Music Academy

Notes to the Accounts - continued For the year ended 31 July 2023

14 Trustees and key management remuneration, benefits and expenses

The trustees were not paid or received any other benefits from employment with the charity in the year for their role as trustees (2022: £nil). No trustees were reimbursed expenses during the year (2022: £nil).

Emily Pieters, trustee, received payment of £25,200 in the year for being the project manager of the Harmony Works project (2022: £7,000). Permission was obtained from the Charity Commission to make these payments, as required by the constitution.

No other charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

Key management, consisting of trustees and the Music Director, received total employee benefits of £58,701 during the year (2022: £48,176).

15 Related Party Transactions

Falconer Associates Limited, a company owned by trustee Ian Falconer and his wife, provided pro-bono PR advice of £840 to the Harmony Works project during the year (2022: £650).

There were no other related party transactions other than those listed above and in note 14.

16 Net debt reconciliation

Cash at bank and in hand
Bank loan falling due within 1 year
Prior year comparative
Cash at bank and in hand
Bank loan falling due within 1 year
Harmony Works
Note
Income from grants and donations
17a
Income from investments - bank interest
Expenditure on charitable activities
17b
Net income/(expenditure)
Transfers
SMA contribution set aside re match funding for the year
Use of SMA contribution on expenditure during the year
Total transfers
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 Designated
Funds
£
Note 11
-
-
-
-
-
(537)
(537)
(537)
1,279
742		 Restricted
Funds
£
Note 13
318,950
2,402
(297,130)
24,222
-
537
537
24,759
(40,377)
(15,618)		 At start
of year
£
165,526
(100,321)
65,205
At start
of year
£
131,305
-
131,305
Total
2023
£
318,950
2,402
(297,130)
24,222
-
-
-
24,222
(39,098)
(14,876)		 Cash flows
£
17,986
-
17,986
Cash flows
£
34,221
(100,000)
(65,779)
Designated
Funds
£
-
-
-
-
20,000
(38,388)
(18,388)
(18,388)
19,667
1,279		 Other
non-cash
changes
£
-
(2,550)
(2,550)
Other
non-cash
changes
£
-
(321)
(321)
Restricted
Funds
£
49,132
208
(143,919)
(94,579)
-
38,388
38,388
(56,191)
15,814
(40,377)		 At
year end
£
183,512
(102,871)
80,641
At
year end
£
165,526
(100,321)
65,205
Total
2022
£
49,132
208
(143,919)
(94,579)
20,000
-
20,000
(74,579)
35,481
(39,098)

17 Harmony Works

Restricted fund - grants provided by external funders, and project expenditure. Cashflow is supported by a £100,000 loan from Sheffield City Council, as detailed in the Trustees' Report.

Designated fund - funds set aside by the trustees for match funding

21

Sheffield Music Academy

Notes to the Accounts - continued For the year ended 31 July 2023

17
17a		 Harmony Works - continued
Cumulative analysis of Harmony Works Project-started in 2018/19
Income from grants and donations
Income from investments - bank interest
Expenditure on charitable activities
Net income/(expenditure)
Transfers
Cumulative SMA contributions set aside for project
Cumulative SMA contributions spent on project
Use of SMA contribution on 2018 expenditure previously funded from general funds
Total transfers
Net movement in funds (and position) as at 31 July 2023
Harmony works - income from grants and donations
Unrestricted
Restricted
Funds
Funds
£
£
Sheffield City Council - Harmony Works
-
160,000
The National Lottery Heritage Fund
-
73,605
James Neill Trust Fund
-
2,000
Sheffield Church Burgesses Trust
-
10,000
Sheffield Town Trust
-
3,000
The Tramlines Trust
-
750
CMS LLP - donation in kind
-
67,755
Falconer Associates Ltd - donation in kind
-
840
Harmony Works donations
-
1,000
Architectural Heritage Fund
-
-
Anonymous donation
-
-
-
318,950		 Total
2023
£
160,000
73,605
2,000
10,000
3,000
750
67,755
840
1,000
-
-
318,950		 Designated
Fund
£
-
-
(32)
(32)
60,000
(58,626)
(600)
774
742
Unrestricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
Fund
£
575,028
2,610
(651,882)
(74,244)
-
58,626
-
58,626
(15,618)
Restricted
Funds
£
-
-
-
-
3,500
-
14,850
650
-
20,132
10,000
49,132		 Total
Funds
£
575,028
2,610
(651,914)
(74,276)
60,000
-
(600)
59,400
(14,876)
Total
2022
£
-
-
-
-
3,500
-
14,850
650
-
20,132
10,000
49,132

Income from grants and donations
Income from investments - bank interest
Expenditure on charitable activities
Net income/(expenditure)
Transfers
Cumulative SMA contributions set aside for project
Cumulative SMA contributions spent on project
Use of SMA contribution on 2018 expenditure previously
Total transfers
Net movement in funds (and position) as at 31 July 2023
Harmony works - income from grants and donations
Sheffield City Council - Harmony Works
The National Lottery Heritage Fund
James Neill Trust Fund
Sheffield Church Burgesses Trust
Sheffield Town Trust
The Tramlines Trust
CMS LLP - donation in kind
Falconer Associates Ltd - donation in kind
Harmony Works donations
Architectural Heritage Fund
Anonymous donation

17b Harmony works - expenditure on charitable activities

Note
Permanent staff costs
5
Feasibility study and development costs
Loan interest		 Unrestricted
Funds
£
-
-
-
-		 Restricted
Funds
£
3,499
291,081
2,550
297,130		 Total
2023
£
3,499
291,081
2,550
297,130		 Unrestricted
Funds
£
-
-
-
-		 Restricted
Funds
£
16,125
127,473
321
143,919		 Total
2022
£
16,125
127,473
321
143,919

22

Sheffield Music Academy

Notes to the Accounts - continued

For the year ended 31 July 2023

18 Statement of financial activities - prior year comparative by material fund

Notes
Income from:
Grants and donations
SMA music activities
2
Harmony Works
17a
Charitable activities
SMA music activities
3
Investments - bank interest
SMA music activities
Harmony Works
Other - profit on sale of assets
Expenditure on:
Fundraising costs
Charitable activities
SMA music activities
4
Harmony Works
17b
Net income/(expenditure)
Transfers
13
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
13,839
-
414,986
3,389
-
-
432,214
4,510
452,640
-
457,150
(24,936)
4,112
(20,824)
183,436
162,612		 SMA
Restricted
funds
£
37,898
-
-
-
-
-
37,898
750
18,366
-
19,116
18,782
(4,649)
14,133
5,000
19,133		 Harmony Works
Restricted
funds
£
-
318,950
-
-
2,402
-
321,352
-
-
297,130
297,130
24,222
537
24,759
(40,377)
(15,618)		 Total
Restricted
Funds
£
37,898
318,950
-
-
2,402
-
359,250
750
18,366
297,130
316,246
43,004
(4,112)
38,892
(35,377)
3,515		 Total
Funds
2023
£
51,737
318,950
414,986
3,389
2,402
-
791,464
5,260
471,006
297,130
773,396
18,068
-
18,068
148,059
166,127		 Unrestricted
funds
£
10,852
-
423,126
407
-
100
434,485
-
414,956
-
414,956
19,529
(27,110)
(7,581)
191,017
183,436		 SMA
Restricted
funds
£
11,278
-
-
-
-
-
11,278
-
-
-
-
11,278
(11,278)
-
5,000
5,000		 Harmony Works
Restricted
funds
£
-
49,132
-
-
208
-
49,340
-
-
143,919
143,919
(94,579)
38,388
(56,191)
15,814
(40,377)		 Total
Restricted
funds
£
11,278
49,132
-
-
208
-
60,618
-
-
143,919
143,919
(83,301)
27,110
(56,191)
20,814
(35,377)		 Total
Funds
2022
£
22,130
49,132
423,126
407
208
100
495,103
-
414,956
143,919
558,875
(63,772)
-
(63,772)
211,831
148,059

23