COMPANY REGISTRATION NUMBER.. 07667445 CHARITY REGISTRATION NUMBER: 1143420 Sheffield Music Academy Company Llmited by Guarantee Unaudited Financial Statements 31 July 2024 ALLEN, WEST AND FOSTER LIMITED CharteTed accountants Omega Court 364-366 Cemetery Road Sheffield S118FT
Sheffield Music Academy Company Llmlted by Guarantee Financial Statements Year ended 31 July 2024 Page TTUStees' annual report (incorporating the director's report) Independent ex8mlnerfs report to the trustees 13 Statement of financial activities (including income and expenditure account) 14 statement of financial posltlon 16 statement of cash flows 17 Notes to the financl81 statements 18
4tieffiLld IWlusiL Ar.adeiiiy Company Limited by Guaranteo Trustees, Annual Report {Incorporatlng the Dlrectorfs Report) Year ended 31 July 2024 Sheffield Music A¢ad$my Ithe Academy) is a charitable company limited by guarantee. The 01CtOrS 8re its Trustees lor the purposes of chanly Iw and throughout this report 8re collectively referred to as the Trustees. The Iruslees ale pleased to present their annual directors, report logether wth the financial statements of the charity for the year 2nding 31 July 2024 which a also pr8pared to rneel the requirernents for a dirèctors. report and account8 for Comp8nies Act purposeB. The finano81 Ststements cornply with the Ch8ritie8 Act 2011. the Companies Act 2(MJ6, the Articles ol AsBociabon, and the charities Stslernent ol Recommended Pr¥¢lice lapplic8ble to charities preparing their accounts in accordance wth thè Financlal Reporting Standard applicable in th¢ UK and Republlc of Ireland., FRS 1021 Issuèd in October 2019. REFERENCE AND ADMINISTIIATIVE DETAILS 04t• ol incorpor•tlo 13June2011 Comp•ny r•ol•tr•tlon no. 07667445 Dats of r•glstrntlon 17 August 2011 Ch•rlty r•gl•tr•tlon no. 1143420 P•tro Ma E Walts Mr R Wgglasworth Honor•ry Pr••ld•nl Trt$h• Coowr TYu•t•M durlno p•rfod M$A Brnrnplon ¢0p1a6 05 Oetober2020, re.appoinl•d 22 Fobrnary2024 s T Cooper ICh8irl re-oppointsd 18 J8nu•ry 2023, reth'rad31 July 2024 Mf l F8lGoner ITreagurerl rn-appoinl8d laJry 202J Ilntsrim ChairlrDm 01 ALWSt20741 Mr• M Gaylo cLwl•d 11 JLily 2024 MrNM8 c&oplod 25 July 2024 M8 R Mall¥bHnd CfrDpÈod 05 Orlober 2Q20, re-4wptrlnl•d 22 Fabru8ry 2024 M$ E Plete r•-appointed 18 J•nuary 2021 MI S Ury&n cowt8d 04 Oclober 2021, •pprynhd 31 Janu•ry 2022 Muilc Dlr•ctor r M Croppor G•nernl Mqnager Ml$$ J O'Neill & Company S•cY•t•ry Mr M Wgley nÈil OT O¢lobvr2Q23 from 08 Octttber2023 Reol•t•r•d offlc• Office 9, Shirfey HouE• 31 Psallor Lgne Sherneld. S118YL AGcountmt¥ Allen Wvsl & Foster Limrtod Omega Ctturt. 364-368 C8metery Road Sheffle. S118FT Bank•rn Virgin Money 66 Fargole Sheffi2kJ S1 2HE ch•ntiB¥A Foundation 25 Klng5 HillAvenue Kings Hill. WBSI M811ing Kent ME19 4TA
Sfr14'.,ftipl(A MiisiL Acad&Y41 Company Llmlted by Guarantee Trustees, Annual Report Ilncorporatlng the Director's Report) (conwnuedj Year ended 31 July 2024 OURAIMSAND OBJECTIVES Purp8 •nd obl•etlve8 Our charity's purpose. 85 Set ¢ul in the objects contained the company's Articles of Associalion, is to advance the education ol young people ol exceptional rnu51c818bility or potentl81 who are aged behveen four and 19 year$ in all aspects of mu51c and musiGi&nshlp. In short. Sheffield Music Academy (the Academy) 8XlSts to help young musicians lulfil their potential. We are part ol 8 network run under the auspices ol the Departrnenl for Education's IDE'S) Music and Dance Scherne. which indudes Centres for Advanc8d Trainlng ICAT$l In music and dance. Specialist Residenb'al Schools and Conservatoire Junior Oep8rtrnents. Our airn is lo raise 88piration8 for young people pa55ion8le about any lorm ol rnusl¢ In which they $h¢>w abovè 8verage aptitude, not necessarily for a career In mus1¢ and the perlorrning arts but in order that they may fflake ttte rn06t ol thelr Skills and talents, develop their $811.confidence and in Ih¢lr turn contribute to the musi¢J 8¢tivitiès of Ih8ir schools and colleges, 8rea5 and cornmunilies. Our aim fully reflect6 the puTpo8e$ that Iha charity wa8 8et up to further. En•urlng our wortl d•llver• our alm• We review our airnB, obie¢live8 and acliMtie8 e8th year. This revivw cover8 the year endlng 31 July 2024 and looks 81 wh81 we achieved and the outcomes ol our work durirrfJ thAt period. The review look$ 81 the success of each key activity and the benellls they h8ve brought to those groups of people we are 8et up to help. The review al80 helps us ensure our airns. objectlves and activitie$ remalned Io¢us8d on our slated purposes. We have referred to the guidance contsined in the Chanty Commisslon's general guldanee on public benefit ¥*hen reviewing our 81rn and objectives and in anning our future 8¢tivitlès. In PArticular, the trustees consider how planned activities will contribute to the aims and objecllves they have Bet. Tho focu• of our work Alongside continuing lo prOtr educats.on for talented young rnUSiCAans, we have focused on flnaing dddltional ways of fvnding that aducation. The strBtegi85 we UBed to rneet obiethv&$ In¢lud&d'. Ensuring that every student receives individual support, chooBing Irom a number ol core and optsonal classes al our Sheffield-b35ed Acaderny whith runs lor 30 Saturdays during term tirne. Em Joying highly skilled tutors in a wide rang? ol Glass11 instruments. Providing gUlar opportunitie3 lo p18y in orchestras and en8embles. Organising workshops, frorn spec48lisl m8slerclasses to intense ensernble training, welcoming experts in a range ol in$lruments, music and health, lolk rnusic, rodL, jazz and mu51c production. Parts'cipating In extem81 workshops that enable students to benefit from the kodemy's close partnefship wlh various music organisats'ons in Sheffield 8nd the 8urrounding area. Rai&ing 8dditional funds to supplement the grants made availabltr through the Music and Dance Scheme. Grants are means tested using tre Department for Eduration's criteria.
Slierrit)Id Music Company Llmlted by Guarantee Trustees, Annual Report {Incorporating the Dlrectovs Report) Icontlnuedj Year ended 31 July 2024 HOW OUR ACTIVITIES OEUVER PUBUC BENEFIT All our ch8ri18ble activities locus on the educ8tion of young people ol aged between lour and 19 of exceptional musical ability or potential and are Ltrndertaken to further our charitable purposes for th8 puIAic benefit. Who and ben•flted from out •ervlc••? Our ci)jects an(J fijnding enable us to provide servic&8 lo Students who reside mainly in 8 geographical area to include South YoShire. Derbyshire, Northeast Lincolnshi and North NDttingharn5hire. Our main athi•vements that delivered put1¢ benefi't in 202&24 included.. Providing Week lessons to 128 young mu5ician8 In the rnain Academy (delivered vi8 199 individual Sessions, 44 ¢la55?5, 8enior and junior choir, various groups including our 3&piece chJmber orchestra an¢J a concert band 0124 students) and 95 students In the Infant Acaderny. Continuing lo recruit staff of the highe81 calibre frorn around the UK. Attracting applications frorn an increasingly dlverse group of potential 8ludent8. Expanding our legrn lo indude more non-leachin9 staff, increB51ng our investment in th8 wellbeing ol our slud¢ntE by providlng non-musical activitsas and 84fe creative Bpace8 for Ihern to enjoy In their downtime, e.g. th8 art ¢omer. Continulng our busy concert 8erle8. presenting 13 public perfomiance$ 01 venues acr088 South Yorkshire. ACADEMIC AND ARTISTIC HIGHLIGHTS OF THE YEAR ENDED 31 JULY 2024 During 2023-24 we welcomed 21 new 8tudent8 into the main Academy. Including one Ukrglnlgn refugee Iwh05e place was funded by our sponsor GRI Group) and said lar8w811 lo nine sludenls gradu4led at the end ol the previ¢u8 academic year. We were also ioin&d by 8ix new member8 01 st&ff, who helped u8 to rnaintain our $landard5 01 musicianship and teaching. Supportlng Flr•t G•n•rntlon Mu•lclan• We recognise that barriers to childrèn taking up a rnusical Instrument 8nd eonlinuing wlth il 8re not purely linanci81. but also concern levéls of famity confidence in supporting their children In mu8iC making. le8rnlng an Instrument InvL¥lvè$ much Individual practice at home, which ¢9n be gre8lly enriched by concert attèndance. listening to rep8rloir8 at h¢mt. and benelits from informal performing for farnily and fnends. in partrcul8r, we believe that the best amba$$adorB fr)r taking up and sts'cking wlh 8 musical instrument gra our current Students, and that many of the barriers to 8cce5slng mu8iC-maklng disaolvts when children se• othar chlldren just like them perfomi. In 2023 we therefore 18unched the Supporting First Gener81ion Musicians project, a three-year lnitl8b.ve lo support childrèn who may nol have previously been Involved wilh music-making at home on their journey to learn a musical inslrurnenl. During 202&24 thè fund$ we rai3ed enabled us to.. ovide bursaries lo 70 fi'rst generation mu8idan8. subsidising iheir Week instrument811@sson8 and musiuan8hip group dasses
Company Limlted by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (cortlnu•(l) Year ended 31 July 2024 provl¢e subsidised tickets lor 8tudent¥ and their families to attend their first major professi(x)al concert. In 2023-24 these Inclucjed a visit to Sheffield City H811 lo celebr8te Sir Mark Elder's final Shelfield performance with the Hallé OrcheBtra. contlnya to develop our new learning scheme that enables parents to develop a mLJsical Ille ol their own alongside thelr Ghild. The scherne supports practice at horne and encourages parents to become pail uf uui ir1usILdl L()IiiiriuiiiLy giuuy¥ Jiid clioirs. Our resources Include workshops providing prathcal and odvu on how to optimise hDme rnu81¢ pr8¢tice, and how parent8 and childrèn can learn to play together. The workshops are available as video r880urce5 and farm groNMng archive of Information and advice which parents and others can refeT lo as their child progresse5. To data they have had over 1,000 views. Following the SucsS of our 'Pelèr and Wolf Projéct, we celebrated 2 years of Beethov&n's Syrnphony, bringing the whole of the SMA family log8lher, wdcorning back a nvmbÈr of SMA alumni and engaging profe55ional Soloists to accompany thern. We invited our infants and juniors lo begin the performance with a perforrnance of 'Ode lo Joy,. Inlont A¢ad•my Established in 2017-18. the Inlanl Academy 1$ now a lully integrated part of our offèr that accepls tuden15 trom 38 young as four years old. In 2023-24 il had 95 students drawn from some 32 different s¢hoo15 across the region and It continued lo deliv8r fantastic music provision, offering somè dasse$ durin9 Ihe w8¢k as well a8 S&tuidBy afternoonB. Oth•r hlghllght• We commlssloned one ol wr final year students, Jpcob Jordan, to write a plece lo celebrate Sir Mark Elder's 25 years wilh the Hallé Orchestra. which Olsf 8lud•nl$ yrformed lor hlm to great acdaim al the Sheffield City Hall. Our maslercl8ss progr8mme induded a vi81t by Inlornalicnal p18nisl Benjamin Frilh, who Iocu8sed on Gill¢xk's educational works. Yourig performers from the Acaderny gave we-¢on¢èrt rècitgls in the foyer ol the Clty Hall btfore e8rh Of the concerts in the Sheffield Inlernali¢nal Concert Season. Th• exceptional quality of the year'5 final year students. and their e¥tr8ordinary output. ¢nabl•d UB to put on three additionAI performances in 202&24. including Ccpeland'8 darinel concerto. and olin concertos by M8ndelson and Bruch. All ol our 2023-24 graduates went on lo study in higher aducgtion, including Iho8e wrth full schdarship8 to conservatoires and places 81 Oxbridge. Tha annual Inlants and Jvniors joint showcase brought together around 140 of our young sludents under 12 years old, confirming the value ol Investment In the region's young musicians. Together with Mu51c in The Round, Brass Bands England and our other partners In tho Hgrmony Works Project, we once 8981D presènted Proms in The Playground, 8 rnusic educgtion project held in a number of Sh8ffield primgry schools during the autumn term 012023.
.SliÈ?fii,Iii MusiL Ai:adoniy Company Llmlted by Guarantee Trustees, Annual Report (Incorporatlng the Directorfs Report) l¢onii•wffd) Year ended 31 July 2024 FINANCIAL REVIEW OF THE YEAR ENOED 31 JULY 2024 2023-24 2022-23 Net movernenl befo Iran$fers Income Expendilura rnoVeMl belore tr8nsfors Incom Expenditu Core •¢tNrt Harmony Works ' Totsl 468.974 47S,$34 34.477 16.5801 15,618 470, 112 476,268 297, 130 773,396 16, 154) 24.222 18,088 50,095 321.352 619,069 610,010 .05B 791,464 rn• dgtJllod ¢omm•rt8ryOn Ihe H8mJony Works pmiocl loLlow8 In a up•r•tV 8Kh'on Ihat b•glns atpw• g bolow Cor• actlvltl•• Our total income for core a¢Uvltie8 in the 12-monlh perio(J was £488,974, alMo¥l the 88rne 85 we received in 2021_22. Alhough we enrolled 11 morg student8 in the maln and Infant academie8 Ihan the previou3 year, vAth a proportionate Increa3e In luilion feeB and grants, donations and other Income fell slightly, results'n9 In overall levelB of Income rernaining constant in r081 terms. Our total expenditur8 on cort activitie8 was £475,534, a180 aboLrt the same gs w• 8penl in the 8am¢ period last year. A5 8 result ol thesa year-on-year change8 in income and expenditur&, tho overall nel mov•menl in our funds from unrestricted c¢r¢ 8ctivili•s wa8 a sm811 decrea88 01 £6,560 before tran8f8r8. We are particulgt1y proud Ihat grants from the DIE. together with thè bur8aries th8t we are ae lo offer trom our own funds, mean IhBt just over 70 per cent of the students In tha Maln Academy receive Borne sort of support wth their lees. And our Infant fee8 are Set at a level that each pays about 15% 1&$8 an the cost ol their provision. Prlnclp•l fundlng •our¢•• The princip81 funding sources for the cor8 adivilies of Ihe charity are grants Irom the OIE'S Music and Dance Scheme. and lees paid by pgrents and 9uardian$ ol the Acaderny'5 students. While we remain heavily reliAnt on Ineome from the Scheme 146 per cent ol our Income in 2023-24. exduding grants towards th# Harmony Works proiecll, that dependence is rgdu¢ing Ill w¥5 72 per cant of our income in 201&161 because ¢1 concerted efforts lo increase our sources ol voluntary income and other grants. We are extremely grateful f¢r the ¢¢nlinued support of Ihe Friends of Sheffield Music Ac8damy. our busine86 sponsors and local grant gwlng irus18, In¥tment Polley The donation8 receive eae the Acaderny to maintaln Sts reserv08 for core activilieg 81 a prudent level. Until we h8ve sufflent funds for long-term investment, our r88èrve5 wll continue to be Bplit beeern two separate banks lo ensure trey remain protected by the Finanaal Service8 Compensalion S¢h¢rne.
olii.lfield Music fiL<iilv.Iriy Company Llmlted by Guarantee Trustees, Annual Report {Incorporating the Oireclofs Reportl (conthuerfl Year ended 31 July 2024 Reserves Pollcy The trust•8s are risk averse as regard5 the Acaderny's ras8rves and aim to mainiain suffiuenl tree reserves in unrestricted fvnds Inet current 8ssetS and assets that can be readily converted lo cashl to ensure that the Ac8derny'5 main operats'ons can continue lor a period of six months, or 26 weeks. The annual osxrating cost ol our core activities in 2024-25 is budgeted at £523,000. Net current assets in general funds amounted to £74,824 on 31 July 2024 and we held fixed asset Instruments with a nel book value of £97,629 that we considered to be readily convertible to (xsh, giving Iree reserves in unrestricted lund8 of £172.425, 8uffirAent to Cover our mBin opwation$ for 17.1 weeks 117,7 weeks In 2022-231. ile we were un8ble lo rebuild our free reserves to their (Je5ired level during 2023-24, the 2e week target W8s last reviewed in July 2018. when our operating Iget was 60% lower1£200.0001 than Il is today. The Board therefore plans to review It5 Res&rvts Polw In 2024-25, seeking prole88ional 9dv1 on a prudent level going lorward. In the m¥gnlime, we wll continue our fundraising Inve51menl$ next year Bnd tt rernains a pric1Y to maintain a Blightly hlgher level of iree reserves than 81 Iy888nl. Golng Cone•rn The Board is rèa88ured that Ihe Academy alrnoBt continued to live within its rneans during 2023-24. th only a small11.4Q/tsl shortfall ol incorne over expenditure. We have approved a balanced budget lor the 2024-25 financial year and our latest forecast. bpsed on the outtum to Novernber 2024, confirms we m81n on t8rget to ¢Jellver It. Th8 DIE has confirmed its SUPPOrt for the Music and Oance Scherne unb'l July 2025. and w8 are 88tl81ied that should the DfE grant funding no longer be available beyond 31 Juty 2025, th• Acaderny's main operats'on8 could continue for al18asl flve Mtr8, l.e,, until Decèmber 2025. For these re850n8, the 8oard conllnu•s to adopt the going concern baBiS in preparing the financial 818lemenl5. The Board also considers that exlemal events are unlikety to hav• o moteri81 impact upon th• Academy's ability to achleve ilB charrtable obj¢ctiva$ in the next 12 months. Nevertheless. the Iru$lee8 and the Music Director wll ¢onllnue to monitor and respond to the risks of operating the Academy on an ongolng basis. The Academy has robust business continuity pl8n8. risk rnanagemenl 8nd Ilnanaal rnanagemènt proc•sség And so is W811 placed to respond lo future uncertainly In a timely manner. Ev•nts aft•r the Reportlng Perltsd The only significant post balance sheet event i& tht est8bli8hment on 29 August 2023 of the Harrnony Works Trust, a new charitable inctsrporated orggnisation. which acquired the assets and liabilitie8 of the Harmony Works proiecl from that date, including the obligation lo repay the £100.000 198n and accumulated interest which we look on behalf ol the project from Sheffield Cily Councll.
I"ItifiiL,IrJ Imusic At)tl Limy Company Llmlted by Guarantee Trustees, Annual Report Ilncorporatlng the DirectOS Report) (conllnu¢OJ Yèar ended 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Gov•mlng Oocument The Academy is a charitat4• company limited by guarantee. The company was establishgd and 1$ governed under Artides ol Association that established the objects and powers ol the charitable company and ar8 basèd upon the Charity Commission's model with only very sllghl ffludlfic8tion. In the event of the cornpony being VUnd up its rnemb8fS are each quired lo ¢onlribute an amount not exceeding £1. Patron• We have two Patrons supporting Sheffield Music Academy.. Elizgbelh W8tts Is one of Britain's leading sopranos and is much In dornand throughout the worfd as a recllallst and concert singer. She wa5 8 chorister al Norwich Cathedral and studied rchaeology at Sheffield Univarsrty before attending the Royal College ol Music. Ryan Wlgglesworth is a cAJmp05er, conductor and pieni$l and Chief Conductor ol the BBC Scott15h Syrnphony Orchestra. He was born In Win¢¢bank, Sheffield and allended King Edward Vll School gnu w86 8 C8tr&dral cholrboy. R•crultm•nt Ind Appolntmvnt vf eo•Td of Tru•tee• There must not be18ss than tru8tees but there 18 no maximurn nurnber. Trustee8 muel rets.re 8fter three years, service but rnay offer them&elva$ for ro-election or further ctroption, A person qualified and w16hing to become a trustee must be 8ged 18 years or over and must either be recommended by the Irustoes or be norninated lor electlon by a member of the Charity. The Irusle¢8 may co-opt individvals to the Board during the year for their particular expertise le.g.. financial or legol dvicel through an ordinary $olUtIon ol the Board, bul 8 ctropted truBtee holds office only until the nextAGM. Every trustee must sign a dedargtion ol wllingne88 to act a$ a charity trustee ol the Charlty before they are ¢llglble to vole 81 any Board rneeting. The Trug1¥¢$ ol the Charity for the year ended 31 July 2024 ar li8l•d on pa9e 1. They indude Mary Gayford and Ning Ma, boih ol whom were co.opted in July 2024. On 31 July 2024 our founding Chair, Tri8ha Cooper, retired after almost 13 years in office. The Academy is extremely grateful for the selflèss way that Trisha ha6 used her professional skills and experi¢n¢e In tre worfd of music and media lor its benefit, and In recognition of her dedicated servi the Board has 8ppoinled her 88 our fi'rst Honorary President with effect rrom 01 Augusi 2024. Ian Falconer is aCng as Interim Chalr untll A n8w Chair 18 8PPOinted later in 202425.
SlID.I'tiolil MusiL AK•¢JU.ciiiy Company Llmlted by Guarantee Trustees. Annual Report Ilncorporating the Directorfs Report) {conllnimLII Year ended 31 July 2024 Al trustees give of their lirne freely and no tru8lee remuneration expenses were paid in the year. Two Imstèes registered a confiicl ol interest during 202&24'. In May 2020, havlng received Independent kgal advice that Il could sats'sfactorily address all the factor8 Outlinèd in Charity CommissiC Guidance Note CC29 Iconflicis of Intere51' 0 guide lor charity Irusteesl the 80ord agreed that Emily Pielers be retained 83 HBrrnony Works Project Director. The Charity Commission gave ils conBenl lo these arr8ngern8nts, noting the trustees had made a strong case 88 lo why this was In the best Interesls of the charity. Emily's conflict ended when her employment transferred to the Harmony Works Trust on 29 August 2023. On 11 July 2024 the trustees agreed lo c0p1 our fundraising officer, Mary Gaylord. lo the Boartj. M8ry'5 P8rtner. Chns Gaylord is also 8 member ol the Acaderny's teBching $18ff. As both thelr mployments occurred before Mary's co-optyon, the Board is sa115fied that their salanes are not benefit arislng frorn her trusteeshlp. In accord8n¢e with the Academy's Conflicts ol Intere8t Poli.. all payrneni8 to Emity and Mary are disclosed in the AdemY'S Annual Report and FinancJal St8tement5 both have agreed lo declarè the •xigt•n of thelr contract5 of employment in their Tru8te• D&¢laration8 ol Inte$t, published on the Acaderny'B website. Oryanllatlonal •tructur• The SMA Board rnet lour Ilrnes during 2023-24. Al Its mtretlngs tho trustees agree the broad strategy and areas of 8divily for the Charity, Including wn$ideralion ol grant making, nve5tment, reserve5 and ri8k management policies and perforrnance. Throughout 202&24 we have ntInUed to 8upplamanl our Board meetsng8 with regular Snlorrnal Catchups with management, supporbng the Music Director and his team as they determined the Academy's re8pong¥ lo the constantly chgnging external environment. are gr8telul for the conslderable extra lime that indlvldu81 truste86 have invested to support the tharlly during thi8 perlod. The day-ltrday adrninistrats'on of the A¢gdemy'$ g¢tivitle9, Including its curriculum, Staffing and student recrulMent is deleg8led to thè Music Director and his small administrative team. Rljk Management The trustees keep th8 major rlsk8 to vthich the tharity 15 exposed under regul8r oview and have evtablished $y$lems and procedures to manage them. th the transfer ol the Harrnony Works Pr¢ject 1¢ the Harmony Works Trust in August 2023, the trustees consider that major financial r15k8 facing the AcJderny are now the possib5e loss or reduction in the Acaderny's major source of Core funding li.e., the grant provided by the Music and Dance Scheme) 8nd Its over-reliance on that one source of knnding. Donations and gr8nl8 received during the yèar hglped lo mitigate these risk5, and ihe trusteeB continue to review 81t¢rnativa lulure tralegie¥.
Company Llmited by Guarantee Trustees, Annual Report {Incorporatlng the Dlrector's Report) fcontlnuedj Year ended 31 July 2024 The most Significant non-finonrial r15ks remain. Ihal Ihe AcadTrY fails lo meet its legg1 r8sponslbilili8s concerning saf8guarding, d8t8 prol8clion and employmenl 14YW. and tljal it fails to pmlect its IT sy$lems 8nd da18. The Board indudes Iru5tO88 With practical experienc8 of 50feguarding and legal and data proiection Is8ues and has commi38ioned independent IT and estates adwce that wll help mitsgate these ri$k¥. That Ihe Ac8demys leaching pr8mis8S 8r8 nol 8cc8ssible nor lit lor futur8 PUfPOS8. in term8 of Gapacity anrl qu8111y. In the short term we have been able lo hire alternative prernises lor lace-10-fa ensemble tuition when our usual premises have not been available. And in the longer lenn these r18kB are b&ng oddresBed by the Hamiony Wc*ki Pfoiect. THE HARMONY WORKS PROJECT In 2017 the Sheffield Music Academy joln•d for8 With the Sheffield Music Hub to •xp4ore the cre91ion ol a perrnanent horne for music educ8lion in the crty. Both organisalions are serving incre85ing numbers of children and young people, but ea¢h relie5 on renting ternporary space$. $pr6ad across the Sheffield Crty R¢gicn." none of which are de8igned for music or fit for expansion. Harmony Works 18 a bold 4nd compelling vision to create an Inspiration81 new centre lor music eilucati¢n and perlomiance and a Collaboration between partners whlGh will touch the lives of thousond8 of chlldren and young people in the Sheffield City Region.. A permBnent 8nd shared home would provide a highly visible, aecA581blÈ, physical focu8 lor muslc education, open lo the put4ic and with B full 8rr8y ol practice, rehegrsal, and perlorrnance space9 not available e13ewhere In the region. By facilitating eloser working and collaborats'on, The Harmony Works partnership will expan arcess to Music tegchlng to r8a¢h 8$ many children ond young people 85 P055ible. Artid? 4.8 of our Artides ol Association allows the Academy to acquire or Improve property ol any kind in furtherance ol our ¢harfl8ble objectives. Since 2017 we eyerrysed those powers to act as Accountable Body for the Harmony Works Prq'ect. adrninistering its funding on beh8lf of the project'8 partner8 as they sought to T8i5e funds for the #cquisilion 8nd relurbighment of Cangd8 House lo be their new pemianent home. On 29 August 2023 a new ¢h8rit8ble in¢orporated organisation, Harmony Vibrk8 TruBt (H1, wa5 regisloigd wth the following objects.. to advance education in and promote public appreciabon ol the perlomiing art8, in partseular bui not limrted lo, rnu3ic, and to acquire, preserve. restore and m8lntain th8 building of historic and architectural intefe$t Sltualed in Sheffield currently known as C8nad8 House.
41ip.{ljE%id Music Acddcaiiiy
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Roport) l¢oniintthdl
Year ended 31 July 2024
Before HIM could complete the contract to purthAse Canada House which the Academy h8d entered
Into in January 2021, we first needed to be tran51er to the new Trust the role ol accountable body and
the various assets and liabilities that we held on the prqeel's behalf.
On 25 March 2024 the Academy and Hwf signed 8 Busines8 Transfer and Plandover Agreement to
lomially regi$ter that transfer. The Agreernent, whith was prep8red by Our l•gal advisors CMS LLP
and tax advisors CT LLP, cle8rfy set out what transferred and confirmed that would be
responsible lor all outstanding li8bililies relating lo the transferring business and would indemnify SMA
ccordin91y.
Athough the Agreernenl confirmed that for VAT rea3ons the ¢ffe¢tivè datè ol transfer was the dale of
ncorporatlon of HVW, ie 29 Augusl 2023. In some instances the Ac8demy continued to os agent
for unts'l the dat8 of the agreement. entering into engagements on the TruBI'J behalf and
eontinuing lo hold cash funds in relation to loan monies until 115 logn agreement with Sheffield City
Council was novated.
Flnanclal R•¥l•w ol th• Prol•¢t
We r8ceived £50,095 on behalf of the Harmony Works projed in August 2023, mostly comprising
restricted funds from Sheffield Crty Counryl. Project expendrture during the month was £34.477,
resulting in a net increase 01£15.618 before Iran8f¢r6 lo designated and re8tricled lund8.
On 25 Merch 2024 w8 transferred the balence ol the restricted lund3 we held on behalf 0>1 Ihe project
1£29,4271 to Harmony Works Trust. Unb"I that dale we had kept IhoBÈ lunds In 8 dedicated bank
account, separate Irom the A¢8demy 8 oth•r bu8in888 accounts.
Stru¢tur•. Gov•rnanc• and M•nag•ment of the Prol•ct
In •¢¢ordonce wth Artide 8.1,2 of the Academy'8 Ar'cle8 ol A$soclalion, th& SMA Board established
working group to oversee the Harmony Works projact. Known as the Development Board, il was
advisory. wlth no deleg8te¢J power8 except the permission to aFprove expendlture wlhin budget8
elready deterrnined by the SMA 8oard %thich acted 85 the prq'eGt'5 Accountable Body until 29 August
2023. ?$ 8genl to beeen 29 August 2023 and 25 March 2024 when the Businegs Transfer
gnd HandoverAgreement was signed.
The Developrnenl 808rd w8s chaired by lan Falconer ISMA Treasurer), Supported by Professor K8ren
Burland (Chair ol the Shefflel
Shpffield Llg',ii: Ar.aclLiiri Company Llmlted by Guarantee Trustees. Annual Report Ilncovporating the Directo5 Report) (conunuedj Year ended 31 July 2024 THE ACADEMYS PLAN9 FOR 2024.23 AND BEYOND Looking to the future, the Sheffield Mu$i¢Auderny haB plans to.. Continue to grow the standard and numbers ol 3tudent applications, and to further strengthen our leaching Btaff. Continue lo develop our new learning Scheme lor parènt5 arKI children. part of the Supporting First Generalion Musicians project, including the completion of accessible vldeo resources forrning an archive ol information and 8dvice to BUPPOrt student progression. Conlinve to grow our public profi18. Our fundraislng wll focus on.. o Some large, visionary, pi¢luw project8, e.g. supporting a project b8s8d around Britten'5 Young Person's Guide To The Orchestra. o A progiamme to developing young ¢duCtorS. o Approachlng organl$alicf18 wth support lo cover re costs. Conllnue wth our plans to automata and Improve ¢ur office support systems. for example by the introduction of èlèctronic regi8ter8 - our learn ol jubt 2.2 fte stsff currenuy Supports Scffie 10,000 hours ol tuition eactt yaarl Futher develop our partnership th the Stsuth Yorkshire Mayoral Combined Authority that In S•plember 2024 launched a new South Yofkshire Music Hub ISYMHI. In partnership with th? four local Music Hubs across the region. In Barty, Dty)¢8sler, Rolherham and Sheffield. Th1$ ngw collabor31ion. led by SYMCA and fun(Jed by Arts Counul England IACEI. I part ol an 8mbitiOU8 natsonal program lo pr¢vide high-quality music educalion lor all children and young pgople. Join colleaguès from acro88 the region In an enoimous South Yorkshlre super oftheslra that wll play at The Music For Youth Prom8 at the Royal Albert Hall In London in November 2024. Continue lo bulld towards the full r¢8llsation of our Harmony Works vi810n. TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL 8TATEMENTS The Tru8tè8$ (who are algo directors of Sheffield Music A¢gdemy for the purpo$e8 ol cornpany lawl are responsible lof preparing the Trustees, Annual Report and financial statements In accordance wllh applicable law and United Kingdom Accountsng Standards (United Kingdom Gener811y Accepted Accounting Practice). Company law raquiras the tru$teeB to prepare finandal stst8ments for each a¢counling pedfrj. thich give a true and lair view ol the ¥l#le ol 8ffair3 ol the charitable company and of the incoming resources and application ol resources, Including the Income and expenditure, of the charitable company lor that riod. In preparing these fi'nancial statements, tha trustees are required to, Select suiiable accounting pe4iie6 and then apply them con8iStenlly. Observe the motttods and prinrJple5 in the Charities SORP. M8ke judgements and estimates that are reasonable and prudent.
Sheffield Music Academy Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Dlrectof8 Report) l¢onttnu•O Year ended 31 July 2024 State whether ap lCable UK AccountirrfJ Standards have been ftjllowed, subject to any material departures di6closed and explained in the fin8nrJal Btslernents. Prepare the finan¢ial statèments On a going ncern basis unlass it is ak¥Jroprlate to presume that the charrtable company wll not continue in operatson. The trustees are responsible lor keepiry adequate accounting re¢ord$ that di$do$e vhth reasonable accuracy al any tirne Ihe financS81 positson of the d)airtable company and enable them to ensure that the fin8nual 5taternonts comply with the Companies Act 2008. They are 3150 responsible lor saleguoraing the asBets ol the charitsble cornpany and hence for t8king reasonable steps or the prevention and detection ol fraud and irregul4rib'¢s. The Iru$tses are responsible lor the Maintenance and irltegrlty of the charity and linano81 Information Inclutjed on the Acgdemy'8 web8lte. rhe Trustee's Annual Report has been prepared in accordance wlh the special provi31ons ol Part 15 of the Compani88 Act 2006 relating to Small cornpanK98, The company is rrentlY ex&mpt Irorn statutory audrt becBuse tts annual 9ros¥ income doe? not exceed £1 million. Jproved by the TnJstee8 01 sheffld Music Academy on 16 Decernber 2024 and siGned on their behalf ty. lan Falcorter Interim Chair & Tre•8urer Sheffield Music Ac8d¢rny 12
Sl ILilfiL,Id Wlijsir, Ac.adeiny Company Llrnlted by Guarantee Independent Examiner's Report to the Trustees of Sheffleld Muslc Academy Year ended 31 July 2024 I report to the trustees C my exarninalion of the financial statements ol Sheffield Mu$l¢ A¢8demy I'the charity'l for the year ended 31 July 2024, R•spontslbllltle• ¥nd baglg of rnport As the truslees of the company land also rts directors for the purpo8e5 of comparry lawl you are responsible for the prepar8Utsn ol the frn8nclal 6talements in a¢cord8nce WI the r8quiremenls of the Companies Act 20061'the 2006 Aet'i- Having 581i8fied rnysell that the account5 of the company are not required lo be audrted under Part t6 of the 2006 Act and are eligible lor ind&pend8nl examln8tion, I report in respect ol my examinabon of the charity's 9cGounl8 as carried out under section 145 of the ChJritie8 Act 2011 I'the 2011 Act'l. In carrying out my ex8fflination I have followed the Directions given by the Charity Cornmission under sectiDn 14515llbl ol the 2011 Aci. Ind•pend•nt •xamln•rf• •tat•m•nt Since the charity's gros5 income exceeded £250.000 your exBrniner musl be a rnernber ol 8 body listed in sectson 145 of the 2011 Act I confirm that 18m qualified to undertake the examination because l am a member ol the In81ilule of Chartered Accountants in England and Wales IICAEW), whlch 18 one ol the listed bodies. I havg completed rny examination. I confirm that no mgllers hBve cijme lo my attenllon In connection with the exarninatron giving me cause to believe. accounting rècords were not kept in respect ol Ihe charrty Os required by 8ecli¢x 386 Of the 2006 Act., or the financ4al statemen18 do nol accord wlh those record8,' or the linanc181 staternentB do not comply with thè accounting requirernents of section 398 01 the 2006 Act other than any requirement that th8 accounts glve a 'lrue and lai¢ view which 18 not o rnatter considered 88 part o18n independent exarnination., or thè financlal statements have not been prepared in accordance wth the rnethods and pnn¢ieS ol the Statement of Re¢¢mrnended Practice for 8ccounling and reporting by charities applic8ble to charities prep8nn9 their accounts In 8ccordan¢e wlh th8 FinanclBI Rèporting Standard 8pplicabl& in the UK and Republic ol Ireland IFRS 1021. I have no ¢C*n¢erns and have come acr¢s$ no other matters in connection wlh the exarnin8tion lo which attention yhould be drawn in this report In older lo enable a proper understanding ol the 8¢count3 to be reach8d. Stephen Allen ACA FCCA Independent Examiner Omega Court 364-366 Cemetery Road Sheffield S11 eFT 13
Slieffield Music Academy Cornpany Llmlted by Guarantee statement of Flnancial Actlvities Ilncluding income and expenditure account) Year ended 31 July 2024 2024 2023 Hamiony Works Restricted fund8 Totsl fund8 Total fund5 Unrestricted fiJnd8 Restricted fund8 Not• Income •nd endowThents Donations and legacies Charitable acliwties Investment income 11,839 426,330 3,190 27,815 49,744 89,198 426,330 3,541 519,069 370,887 414.986 5.791 351 Totsl Incom• 441,359 27.815 50,095 791.464 Exp•ndltur• ExpBnditure on raising funds.. Costs of r818ing L1onolions and legacies Expenditure on charitable ¥ctivi11•g TotAI •xp•ndltur• 6.056 422.730 6,056 503.955 5,280 768,136 9,10 46,748 34,477 428,788 46,748 34,477 510.011 773,3 N•t Incom• And not mov•m•nt In lund• 12,573 119,1331 15,818 9.OS8 18,068 R•conclllatlon of fund• Tot81 lund8 bfoughl lorw•rd Total tund• cirrf•d forward 182,612 175,185 19,133 115,6181 186.127 148,059 1e6,127 175,185 The Statement of finana818dvltles Iridudes all gains and ki88eB recognised in the year. l income and expenditure derive Irorn continuing Bctivllie$. The notsj on p•gM 18 to 31 fom) yrt of flnanelal stst•m•ntB. 14
Sheffield ilJlusiL AL¢l(lori!y Company Limlted by Guarantée Statement of Financial Position 31 July 2024 2024 2023 Note Fixed a89Otg Tangible fixed aBset8 16 100,357 106,084 Current ••$•ti Debtors CaBh at bank gn¢J In h8nd 17 35,122 80.082 71.095 183,512 115.184 254,807 Credltorn: amounts l•11Sng due wlthln one year N•t ¢urrenl aJ••t¥ 18 40,358 91.693 74,828 162,914 Total a8g•ts l••• curr•nt 11obllltle• 175,185 268,998 Crndltorn.. amount• falllng du• ¥ft•r than one yo•r Net a85•1• 19 102,871 175,185 188,127 Fund• of the charlty R8Stncl¥d lunds Unrestricted funds.. Revaluation reseNe Other unrestricted income lundj 3,515 32.279 142.908 32,279 130,333 Total unro•trlct•d lund• 17S,185 162.612 Totsl ch•rlty fund• 21 175.185 166,127 For the year ending 31 July 2024 the charity wa8 enb'lled to exemption from audlt under &ection 477 of the CompBni?s Act 20C6 reloling to 8m911 wnpanies. Oireclor$' respjnsibillles,. The rnembers have not required tre company to obtain an audit of rts Ilnan¢io1 stslemon16 for the year in questic In 8c¢ordance with section 478, The directors aeknowledga Ih¥lr responsibilities lor complying with the requi1¢mlS ¢1 the A¢t wth respect to accounting record8 and the preparbtlon ol financial 5tgtements. These fJnancl81 8t¥ternentB have been pr8pare<l in 8c¢oréance wi¢h the provisions applicable to companiès subject lo the $rn811 ccfflpani•8' mglml. The statement of financial position continues on the following page. rho no¢08 on pag£s 18 to JI forfn part of the8e flnanclal st•tsments. 1S
Sheffield Music Academy Company Llmlted by Guarantee Statement of Flnancial Position ieondmi•dl 31 July 2024 These finandal ststemen15 were approved by the board of trustsas and authorised for issue on 18 December 2024. 8nd are signed on behaw ol the board by.. Ian FalcKJn8r Interim Chair and Treasuror Tho nots• on p•9•• 19 to 31 form p•rt ofthM• Iln•n¢l•l •t•t•n•ntL 16
Strieffield Music A£'.adeiny Company Llmited by Guarantee Statement of Cash Flows Year ended 31 July 2024 2024 2023 C4¥h flowB from op•ratlng actFvltl Nel income 9,058 18,068 AdJ.ustrnIS for.. Depreaation of tangible fixed assets Other inlere3t receivable and similar in¢om¢ Int#re5t payable and 51milar charges Accrued expens&8 5.866 13,5411 177 1,212 5.950 15,7911 2.550 Changes in.. Tracle and other debtors Trnde and other creditors 35,973 1155,4201 11C6,6751 131,2251 27,827 17,379 Cash generated from operations Interest paid Intare$l r8c¢lved 11771 3,541 1103,3111 5,791 Net cash Iu88d inlllrom oporating aclivi1Sè1 23,170 Caih floT4W from Snv•*tlng •¢tlvltle• Purchase ol tangible assets Proceed8 from Bale ol tangible 8888t$ Net cash u86d in investsng aBtivilie• 11391 16,8341 1,650 15.1841 11391 N•t Idéer•a•éVln¢r•••• In ci•h and c••h •qulval•nts Ca•h and ca•h •qulv•lgnti 41 boglnnlng ol y••r Ca•h equlv•l•nt• at end of y••r 1103,4501 1e3,512 17.986 165,526 80,Cfj2 183,512 Th• notes on pagom 18 to 31 fomi part ol Ihese flnortGl•l ¥taternents. 17
Sl-i offiold Ililii.s jc.. Academy Company Limlted by Guarantee Notes to the Financial Statements Year ended 31 July 2024 G•neral Snformallon The charity 18 8 publ benefit entity and 8 priv8t8 company lifflit8d by gu8r8ntee, registered in England and Wales and a gIStered charity in Englan(J and Wales. The address of the registered office is Office 9. Shirley House, 31 Psalter Lane, Sheffield. S118YL. ststem•nt of cornpllance Th88e fin8nual statement5 have been prèpared in compliae with FRS 102, 'The Financial Reportrny St8ndard opplicable in the UK and the Republic ol Ireland,, the Statement ol Recomrnended Practice applicable to charilies preparing their accLJunts in accordance with the Financial Reporting Standard applicable in the UK and Reput4ic ol Ireland IFRS 1021 ICh9ri1i8s SORP IFRS 10211 and the Companies Ad 2008. A¢countln9 poll¢l B••l• of pr•p•r•tlo The linancial statement8 have been prepared on the historic81 cost b8818, a8 modifivd by the revaluation of certain fin8nci81855ets 8nd IiBbilili?9 8nd Inve81rnent propertiej measured al lair value through incorne or expenditure. The flnandal 61*•rn8nts ar8 prèpared in 8t8rling, which is the functional currency ol the entity. Golng ¢oneèm There are no material uncer(8Sntle$ about the charlty'8 abllty lo conllnue. Judgem•nt• and k•y •our¢u ol ••tlm•tlon un¢•rt•lnty The prep8r8tion ol the financiol $tatemenl$ require$ management to moke judgements, estimates and assumptions that affect the amounts reported. The8e estirnales and ludgernerrts are continuAlly reviewed and are based on experience and other factors, includiry expectations ol luture eventB that are believed lo be re8sonable under the circum8t8nces. Fund Iccountlng Unrestricted funds are av4i1gble for use at the discrètion ol th• tru8te88 to further any of the chprity's purposes. O•signAted lunds are unfestricted funds earrnarked by the trustees for partIlar lulure projèct or commitment. Reslncted funds are subjected to restrictions on their expenditure dedared by the donor or through the terms ol an appeal, and fall Into one ol two sub-dassej, restricted In¢om¢ fvnd8 or endowrnenl fvnd5.
Stie.f lieli.l iVJIisii4 Ar,ad+iiiiJ Company Limlted by Guarantee Notes to the Financial Statements (¢onthu•o) Year ended 31 July 2024 Accountlng pollcies Iconunuodj Incomlng rOUr¢e• All incorning resources are Incl¢Jded in the statement ol financial activitses when entidement ha8 Passed lo the charity.. it Is probable that the economic benefits associal•d th the Ir8ns8cIi 11 flow to the charity and the amount can be reliably measured. The following spealic policies are applied lo particular categories ol income". In¢ome from donations or grants is recogn158d when there is edence of entitlernt to the gift. receipl Is probable and ils amount ¢8n be measured reliably. legacy income 13 recognised when receipt Is probable and enlillernenl is established. Incomè from donated goods is mea8ur*d al the fair value of the goods unless this is impraciic811o rneasure reliably, in which case the v8lue Is derived from the cost to the donor cr Ihe eslimaled resole value. Donated lacllities and 88rvic85 are recognised in the accounts when received if the value can be rel'ably measured. No amounts arÉ included fDr the contributjon ol general volunteers. Income Irorn contract8 lor tha sUpV of Bervices 16 recognised with the delivery ol the ¢onlracted service. This is dassified 88 unrèstricted lunds unle68 there is a contractual requirement for It to be 8pent on a particular purpose 8nd rèturned If unspent, in which case rt rnay be regarded as restricted. Re•ource¥ •xp•nd•d Expendilure is recognised on gn oxru81$ basis as a liability is incurred. Expendlture includ8s Any VAT whith ¢onnol be fully recovered, and 1$ ¢189sified under headings of the statement ol financjal activiti88 lo which it rdaleB'. expenditure on raising funds indudes Ime costs ol 911 fundr8I$ing aclivltl68, eVtnl$, non-charrtable Ir8ding aclivilies, and the sale ol donAted goods. expenditure on charitable 8divilies includes all costs incurred by a chgrlty In und8rtaking 8clivitie6 that lurther its thari18ble 8im6 for the benefit ol ils beneliciario$, Induding those support Costs and costs r81ailng to the governance of the charlty 8PPOrtion8d to ch?rll801• activitles. other expenditure indudes all expendlture that 1$ neither rel8ted lo raising funds for the charity nor part of ils expenditure on charitable activlllos. All costs are allocated lo expenditure categories reflecting the use ol th8 r8sour¢e. Direci costs 8ttributable to a single 8Ctivily are allocated directly to that activty. Shared costs are apports.oned b¢lween the aclivibes they contribute to on a re850n8ble, jusliliable arid consistent bBsis. T•ngrble 585eti Tangible 8ssetS a inits'alty recorded at cost, 8nd subsequently slated at C05t less any accumulated depreciation and irnpairrnenl losses. Any tangible assets C8rried al rev81LJed mounts are recorded 91 the fair value al the date of revaluation less any subsequent 8¢cumulaled depreaation an(J sub$equonl accurnulaled impairrnenl losses. 19
lieftiold lUsIL Ar.ailL)Iny Company Limlted by Guarantee Notes to the Financial Statements (conUnu•dJ Year ended 31 July 2024 Aceountlng pollele• fconllnu•o) Tanglble as•ets An In¢re8$0 in the ¢grying amount ol an asset as a result ol a revalualion, is recognid In other recognised gains and losses, unless rt rever5e$ a charge for irnpairmenl that has previousty been recognised as expenditure wthin the 5181¢menl ol fit)anu81 activities. A decrease in the carrying amount Df an asset 85 8 result ol revaluation, is reco9nised in other recogni8ed gains and108ses, except to which li offsets any previous revaluation gain, in which case the loss Is shown within other recDgniserJ gains and losses on the statement of financi818clivilie8. Deprecl•tlon Depreciation is cslculated $0 as lo write off the cost or valuation of an a8Bet, le85 It6 residu41 value. over tr) us6lul econornic life of that a888t as follows. Working instruments Equiprnenl 10 years straight line ¢r no depreciation 5 year5 Straight line Impalrment of fixod ••••l A rleW for Indicators ol Impairment 1$ c8rried out at each reporting date. th the recoverpble amount being estlm8ted where such indic8tor6 exist. Vere the corrying value exce6d8 the recoverable Bmounl, the 8658115 irnp8ired accordingly. Prior irnpairmenls are 8180 reviewed lor p¢$$lble revers818t r•portlng date. For tho purpo88s of Impairnient t8611ng, when it is not pos¥ible lo e$b"mg1è th8 r•coverable arnounl of an individual asset, an estimate IB made ol the rè¢ov8rAbl• amount ol the cash-generatlng unit to which the aB$et belongs. The ¢8sh-g8n8rab'ng unit is the 8malle&l 1denbflae group of a53et8 Ihpl in¢lud¢$ the gSS¢t And gener81es cash inflows that largely independent ol the cash intlows Irom other assets or groups of asselB. For Imp8irment lestlng ol goodwill, the goo111 acquired in 8 busine88 ¢cmblno1ion is, trom the 8cquisibon date, allocated to ea¢h ol the ¢88h-gen8r8tlng unita that are expected to benelil frorn the synergies of Ihe cornbinab'on. Irrè9cbY8 of whether other assets or liabilities ol the charity are a98igned lo thcse unl18. Fln•n¢hl In•trym•nt• A financial asset or a financial liability is recognl8ed only when tho ¢h8rily be¢ome$ a party to the contractual provisions ol the instrument. Basic financial instruments are initially recognised al the arnouni recelvoble or payable induding any related transaction c£Jsts. Current assets and current li8bililies ars $ub¥oqugntly memsured at the cash or other con8ider8b.on expecie£l lo bè paid or received and not discounted. Debt in8truments 8re subsequently measured at arnortised cost. 20
,ddf)IlTry Company Llrnlted by Guarantee Notes to the Financial Ststements i¢oniimi•dl Year ended 31 July 2024 Accounting pollcles fconUnu•dl Flnan¢l•l in•truments l¢anthu•dJ here investments In 8h8res are publidy traded or their fair value can Otherwi$¢ be rneasured reliably, the investm8nt Is subsequentty measured at fair valLt8 Wlth thangas In fair v8lue recogni5ed in income and expenditure. All other such Investments are subsequenlty measured at cost1885 impalrrnent. Other finan¢ig1 in51rument5. Including derivatives. are initially recagniEed at fair value. unles8 payment lor an asset Is deferred beyond normal buBiness temis or financed at a rotè of Inter681 that is not a market rate, in which ca58 the asset is rneasured at the present value ol the futur• p8yment8 discounted at a market rale of Interest ror a 8imil8r debt Inslrumenl. Othèr financi81 instrurnents are subsequenlly measured 81 fair value, with yny change8 Tecognised In the Ststtrmenl ol financial activibes, wth th& exceplicm ol hedging Instruments In a designated hed9ing relalion8hlp. Financial assets that are measured at co$1 or amortised 8t are reviewed lor objective evidence af impairment 8t the end ol e8ch reporting dale. 11 there is obi*ctive èvidence of impalrmenl, an irnpairmenl loss rocognised under the appropriate heading In th• 8tat•manl ol fingnd81 aclivilles in which the initial gain was recognised. For all equlty in8tnJrnenls regardless of ¥ignifi¢8nce, and other fin8ncl81 assets that ore Individually $ignillcanl, these are assessed individually lor impairment. Other financial a56et8 are either assessed Indivldually or grouped on ihe basis ol similar credit risk rhargcleristics. Any reversals ol impairment ore recognis•d Immedlately, lo the extent th81 the reversal doe8 not result In a carrying amount ol the financial asset that exceeds bthat the carrying amount would hav8 been had the Impairrnent not yeviou81y been recognised. Ogflned contrfbutlon plan• Contribulions lo defined contribution plons ¥re recognised as an expense in the period in which the related Service is provide¢J. Prepaid contributions are r•cognisÈd 88 an 88$el lo the exlenl that the prepayment will lead lo a reduction in future payments or a cash refund. When contribLrtions are not expecltsd to bé $elUed wholly within 12 months ol the end ol th• reporting date in which the employees rènder the related 6erwce. the Iiabillly is measured on 8 di8counled pre3enl val¢Je basis. The unwnijing of the 01scounl is recognised as an expense in the period In which il arises. Llmlted by guarante• Sh8ffield Music Academy is a charitable colnpany in the United Kingdon limited by guarantee. In th8 Èvènl that the charity is wound up, the liability In respe¢1 of the guarantee 18 limited to £1 per member of tho charity. 21
Slieffield LlSlC' Acadeimy Company Limited by Guarantee Notss to the Flnancial Statements Iconthu•dJ Year ended 31 July 2024 Donatlon• and legacles Unrestricted Funds Resth'cted Tot•1 Fund8 Funds 2024 Donatlon• Concert don8tion8 Other donaUon8 GRI Gr¢up The Tramlines Trust Harnony Works.. CMS LLP- donation In klnd FaIner Associ8ie$ Ltd- donAts'on in kind H8rmony Works donations PfOffl• In The Playground: Arts CounrAI Lollery 539 10,300 539 10,300 1.000 1,OOQ 10,865 10.885 Grant• ImprovlJ•d Compogbtlong Project: The Freshgate Trusl Foundation FSr•t G•n•r•tlon Mu•lcl•n¥ Prolect- Philip King Trust The D'oyly Carte Charitoble Tru3t Postlethwaite Founda0 John Thaw Foundation Scroder Charbty Trust 8ur••rlo•'. Burs8ria8- The Amber Trust Bursaries. Future Talent Harmony Work8.. Sherrield City Coun¢ll The National Lottery H8rrt8ge Fun¢J J8m$ N8111 Trust Fund Shèffi'eld Church 8urgesses Trust Sheffield Town Trust The Trarnlines Trust 16.500 16,500 250 250 50,1J)O 12561 50.000 12561 11.839 77.359 89.198 Unr88lrlded Funds R•8tricied Tota Fund8 Funds 2023 Don•tlon• Concert donations Olh¢r donab'ony GRI Group The Trarnline5 Trust Harmony Workg.. CMS LLP- donation in klnd F8lconer Associates Ltd- donabon in kind Ham)ony Works donations Proms In The Playground: Arts Council Loitery 3,056 3,283 7.500 3,056 3,283 7,500 87.755 840 1.000 67.755 1,000 22
Slieffield Ilnusir. ALadeiny Company Llmlted by Guarantee Notes to the Financial Statements (Mnthvtd) Year ended 31 July 2024 Oon¥tlon• and lega¢l•s (conwnuedj Unrestricted Funds Restricted Total Funds FundB 2023 Gronts Improvi•ed CompMitlon• Prol•¢t- The Freshgale Trust Foundation Firnt G•n•rntlon Musl¢lan• Proleet.. Philip King Tru81 The D'oyty Carte Charitable Twst Po$tlethw8ile Foundation John Thaw Foundation Scroder Charity Trust Bursarlo•: Bursarie3- The Amber Trust 8ursarie8- Future Talent Harmony Works". Sheffield City Coun¢il- Harmony Work8 The National Lottery HerilBge Fund Jam¢s Neill Trust Fund Sheffield Chyr¢h Burgesses Tru8t Sheffield Town Trust The Tramline$ Tru$1 2,000 2,000 25,000 3,000 2,000 1,000 4,000 25.000 3,000 2,CKIO 1,000 4,CX)O 898 160.000 73.605 2,000 10,000 3,000 750 160,000 73,805 2,000 10,000 3,000 750 13,839 356,$48 370,687 Ch•rltabl• actlvlll•• UnraÉtriclèd Tol#l Fund• Uniestricled Total Funds Funds 2024 Fund8 2023 Fees paid ty Department for Education Fees paid by paren18 Art18tic Project$ Instrument Hira Other Income 217,273 205,594 2,000 1,080 383 217,273 205.594 2,000 1,080 383 238,176 171,891 236,176 171,691 1.455 5,884 414.96e 1.455 5.864 428,330 426,330 414.988 Invo81rn?nt Incom• UnreBlricted Funds Restricted Tot•1 Fund• Fund$ 2024 SMA MUBIC 8d'vities bank int¥rèst Harmony Works bank int8rest 3.190 3,190 351 351 3,190 351 3,541 23
Sheffield Music Academy Company Llmited by Guarantee Notes to the Flnancial Statements l¢thrytrntrqd) Year ended 31 July 2024 Inve•tment In¢ome Icontlnuedj Unre8lri¢ted Funds Restricted Tot Funds Funds 2023 SMA rnusic acbvitles bank inlere6t Harmony Works bank interest 3,389 3,389 2,402 5.791 2,402 3.389 2,402 Coit• of ral8lng donatlon• and l?gacl•i Unrestricted Funds Restdcted TDt•l Fund? Fund8 2024 Fundrai8lng COBtB 6,058 e,058 Unrg$tdct8d Funds Re¥trl¢ted Total FLtndi Funds 2023 Fundraislng costi 4,510 750 5,260 E¥pendltur• on ch•rlt•bl• •ctlvltl•• by fund typ• Un1•81rlded Fund5 R•strictad Total Fund• FundB 2024 Ch•ril8ble activili68 Support co818 416,008 6,722 81,22S 497,233 6.722 422,730 81,225 503,955 Unr881rl¢ted Fund¥ R•8tricted Total Fund8 Fund5 2023 Chantable activilles Support Gosts 445,708 8,932 315.496 761,204 6,932 452,640 315,498 788,138 10. Expendlture ch•rltsble •¢tlvltl•• by •¢llvlty typ• Activities undertaken diredy Support Totsl lund• costs 2024 Total fund 2023 Charrtabk adiwties GovemanrE c051s 497.233 497,233 6.722 781,204 6,932 768.136 8,722 497.233 6.722 503.955 24
Slieflield Musir. ALadeiny Company Llmlted by Guarantee Notes to the Financial Statements i¢onbnuedJ Year ended 31 July 2024 11. Net Income Net in¢ome IB slated after chargingllcreditingi.. 2024 2023 Depreciats'oTI ol tangit4• fixed 8558t8 5,866 5,950 12. Independont examlnatlon f••8 2024 2023 Fees payable to the independent examiner for. Independent exarnination ol the finan¢lal staternenls Other a$sur8nce services Other finana81 services 1,800 930 2,880 90 2,730 3.930 13. 8tsff co•ts The total Btaff c05t¥ and employee beneflls for the reporting p8riod are ¥n8ly$ed as follws.. 2024 2023 Wages and salarios Social 8ecurity costs Empl¢yer contribulionB to p8n8ion pkqn8 Other employee benefits 348.C63 13.149 3,612 24,199 389,023 353,428 10,860 3,127 18,580 385.995 The average head count of ernployees during the year was 4012023. 411. The average number of lull-time equivalent ernployees during the year is analysed 08 follows. 2024 No. 2023 No. Permanent &taff 40 41 No employee received employee ben•fit8 Of mwe than £80,000 durlng the y8ar12023'. NIII. 25
lioffield Musir. Acridoiny Company Llmited by Guarantee Notes to the Financial Stalements f¢oniifflu• Year onded 31 July 2024 14. fw•t•• r•mun*rntlon and expenge8 The trustees were not paid or received any benelrts from employment with the charty in the year for their rde as trustees 12023.. £nill. No trustees were reimbursed expenses during the year 12023.- £nlll. Emily Pieters, trustee, received payment of tnil In the year for being the project rnanager of the H8rrnoTly Work8 project 12023. £2S,2001. Permission was obtained from th& Charity Commission to make these payments, as required ty the con8tiluts'on. No other charity received payment for profesBionBI cr Other services Suppld to the charfty 12023.. £nlll. Key rnanagement, ¢onsi6bng ¢1 tnJstees and the Music Director, recelved total emFloyee benefits of £43,429 during the year12023.' £58,701). Dunng the year a total 01 £6,05812023' £5,2eoi was paid to M¥ry Gayford for freelance work towards the charity'6 fundraising activities. which was Incurred prior lo her appointment as Trustee on 11 July 2024. Further details ara given within lh8 Trustees, Rep¢xL 15. Tran•f•rs betwg•n fund• The tru81ees sel 88ide monies into a deslgnaled fund towards tre m8tch lunding element of the feasibility 8tage ol the Harmony Work5 proi¥¢t Isa8 the trustees, report lor bjrther det8ill. At beginning of the yeBr a balance of £742 was being hel(J toward5 this project Durlng the y•Ar to 31 July 2024 a lolal of £742 was spent, therefore leaving a balanGe ol £nil as a131 July 2024. 11. T•nglbl• flx•d Worklng In8lrument8 In8trurnent collection Equlprnent Total Co•t A¢ 1 August 2023 Addltions 109,420 139 10,040 40,000 159,460 139 At 31 July 2024 Depr•¢l•llon Al 1 August 2023 Charge for the year At 31 July 2024 Carrylng amount At 31 July 2024 Al 31 July 2023 109,559 10,040 40,000 159,599 47.074 4,856 8,302 1,010 53,378 5,866 51.930 7,312 59,242 57,e29 2,728 40.000 100,357 62.346 3.738 40,000 106.084
Slieffield Music Afyadeiny Company Limited by Guarantee Notes to Ihe Flnancial Statements i¢onthieO Year ended 31 July 2024 17. D•btor8 2024 2023 Trade debtors Prepayments 8nd accrued incorne Other debtors 23,634 2.368 8,920 21,298 8,923 40,874 35.122 71.095 18. CredltoY*.' amounts f4lllny due wfjthln one ye•r 2024 2023 Trgde creditorg Accruals and dèférred income Social security and other taxe$ Other creditors 2,975 6,493 3,841 27,047 40,358 56,584 5,281 3,552 26,276 91,693 19. Crndltorn.. •mount• i•lllng due aft•r mor• ihAn on• y••r The loan Is an unsecured loan frofn Shelfi'eld City Councll to support thè •xp•nd1tur8 ol the Harmony Works project. The108n is repayable in fv40 equal instalmenls in June 2026 and June 2027. Interest Is accrued on a dally basis yl 2.55% per annum. In Ihe year to 31 July 2024 the tsance ol Ihe1¢8n w8¥ transferred to Hanrony Work8 Trust. 20. P•n•lon• Ind oth•r pt r•tlr•m•nt b•n•fit• Defln•d contrfbullon plang The arnount recognised in Incom• or expenditure as an expense in relation to defined contributlon plan$ w88 £3,61212023' £3,127).
Sheffield Music Academy Company Llmlted by Guarantee Notes to the Flnanclal statements (¢¢A¢n* Year endgd 31 July 2024 21. Analy¥i• of charbtAbl• fund• Unr•8trlcted fvnd• At31 July 2024 Augu812023 Income Expenditure Transfers General funds Ravaluation reserve 13Q,333 32,279 162,812 441,359 1428,786 142,906 32,279 175,18S 441,359 1428,786 A11 August 2022 At31 Juty 2023 Incorne Expenditure TrBnsfer8 Ganeral funds Revaluation reswve 151,157 32,279 183,438 432.214 1457,150 4,112 130,333 32,279 162,812 432.214 1457,1501 4,112
Shetfield I'ilUSiC Academy Company Llrnlted by Guarantee Notes to the Financial Statements Icontsnuadj Year ended 31 July 2024 21. Anaty818 of charftsble lundo {¢onth¥odJ RtrIcted funds At1 August 2023 A131 July 2024 In¢we Expenditure Transfers Ensemble 360 Acodemy Project Harmony Works Improvised Compositions Project First Generation Musicians Project Student bursery funds Proms In Tha Playground 5.000 11S,6181 15,OCMJI 134,4771 5ri,095 14,133 16.500 250 130,6331 12501 10,865 110.8851 181,2251 3,515 77,710 A11 Augu8t 2022 A131 July 2023 Income Expenditure Tran8fer$ Ens•mbl& 360 Academy Project H8rrn¢ny VVorkB Improvised Composits'on8 Project First Generation Musicians Project Student bursery knnds Proms In The Playground 5,000 140,3771 5.000 115,8181 321,352 1297,1301 537 2,000 12,0001 35,0(KJ 117,1161 13,7511 18981 14,133 135,3771 359,250 1316,246} 14,1121 3,515 29
.%lioffiild t4JlusiL Ar.¥l¥aL,Il¥iy Company Llmited by Guarantee Noles lo th• Flnan¢lal Statements icontlftu•dJ Year ended 31 July 2024 21. Analys1* of charltabl• funds iconilnu•d) Ensemble 360 Academy Project This project 15 funded by Sheffield Town Tiust, The Freshgate Trusl Foundation and JG Graves Chantable Tru$l. The prtsiect was due to take place In the fi'nancial year 2019-20 bul w8$ postponed due to COVID-19. It was being rearranged in 202>24. Improvlsed Composltion• Project The Fresh98te Trust Foundatlon grenled £2.CIJO towards thi8 project aimed lo give our Btudents safe and fun frarnework lor cornposing their own music, regardless ol their level ol experience. 11 culminated in performances ol student comp05rtion8 al The Vlcttsria Hall 8nd Sheffield Cathedral. Flr•¢ G•n•r•tlon MuxlclinB Project Durlng 2022-23 w8 launched a ihree year initial've to Bupport rhildren aged b8fv48•n four and èight yèars Old who may nol have previously been involved with muslc-mgking 81 home on their journey to learn a musical in8trument. The project Involva5 Instrument lessons and musiciBn5hip classes, support lo parents via woikshop5 and videos, sub5idised tickets to profe8810rn81 orchèstr81 conc8rtB lor young musician& and their families and the purchase of child-sizad Instruments lor their use. It is funded by grant6 from D'oyly Carte Ch8nt8ble Trust, John Thaw Found8Jon, Philip King Tru8t, P0SethWa1te Mu$lc Foundation and S¢hroder Trujt. Student bur•ary lund• The Amber Trust provide$ Music Awards to 8UPPOrt bllnd and partlalty Sted thlldren 8nJ young peoF4e. who may al$¢ h8Ve Other di68bilrtie8 Of Special educational needs, unb"I the ag& ol 18. Its grant hgs been transferred to discount the fees ol such student5 al the rn8in Academy. In the year to 31 July 2024 a further bursary of £250 was receivod from Futurg Talent towards Ihe luibon lees of b 8ludent, H•rmony Work• Mtsney Is being raised toward$ the f8a8ibilrty stage ol the Harrnony Works project (see th& Irustè8s' report lor further detail). The negative fvnd balance 85 al 31 July 2023 wa$ Supported by a £100,000 loan Irorn Sheffield City Council - See other notes. Expenditure of £34.477 in 2023-24 indudes Ihe bal8nce of £29.427 tran8f&rr8d to the Harmory Works TruBt on 29 Augu81 2023. Proms In The Playground Money was roi$ed from grant providers towards a collaborative Music education prlect foojsad on brass ensemble playing and group singlng dire¢tty Into Sheffiald Primary schools during summer 2023. 30
Sheffield Music Acadeiny Cornpany Limited by Guarantee Notes to the Flnancial Slatements l¢oniin¥¢dJ Year ended 31 July 2024 22. Anaty•ls of a$••th between fundo Unrestricted Funds Restricted Total Fund• Funds 2024 Tangible fixed 088et8 Current assets Creditor5 less thon 1 y88r CreditorB greater than 1 year Net a*•oti 1rK).357 115,184 140,3581 100.357 115.184 140,3561 175.185 175,185 Unrestrlded Restricted Total Funds Fund8 Funds 2023 Tangible fixed assets Current assets Creditors le88 than 1 year Credrtors great•r than 1 year 106,084 94,550 136,0221 106.oe4 180,057 254,607 I,671) 191.6931 1102,8711 1102,8711 3,515 18e,127 182,612 23. Analy•l• DI chang•g In n•t d•bt Al At 1 Aug 2023 C88h fltsws 31 Jul 2024 Cash al bank and in hand 183,512 1103,4501 80.062 24. R•l•ted p•rtl•• Falconer Associat88 Limlled, a company ¢Jwned by tru8tee lan FaIrne and hls ¥fe, providod prtrbono PR advi ol £nil to the Hamony Works project during the year12023.' £8401. There wtsre no other rel8led party tran88th'on8 Other than thosa notèd above. 31