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$my Ithe Academy) is a charitable company limited by guarantee. The 01￿CtOrS 8re its Trustees lor the purposes of chanly Iw and throughout this report 8re collectively referred to as the Trustees. The Iruslees ale pleased to present their annual directors, report logether wth the financial statements of the charity for the year 2nding 31 July 2024 which a￿ also pr8pared to rneel the requirernents for a dirèctors. report and account8 for Comp8nies Act purposeB. The finano81 Ststements cornply with the Ch8ritie8 Act 2011. the Companies Act 2(MJ6, the Articles ol AsBociabon, and the charities Stslernent ol Recommended Pr¥¢lice lapplic8ble to charities preparing their accounts in accordance wth thè Financlal Reporting Standard applicable in th¢ UK and Republlc of Ireland., FRS 1021 Issuèd in October 2019. REFERENCE AND ADMINISTIIATIVE DETAILS 04t• ol incorpor•tlo 13June2011 Comp•ny r•ol•tr•tlon no. 07667445 Dats of r•glstrntlon 17 August 2011 Ch•rlty r•gl•tr•tlon no. 1143420 P•tro Ma E Walts Mr R Wgglasworth Honor•ry Pr••ld•nl Trt$h• Coowr TYu•t•M durlno p•rfod M$A Brnrnplon ¢￿0p1a6 05 Oetober2020, re.appoinl•d 22 Fobrnary2024 s T Cooper ICh8irl re-oppointsd 18 J8nu•ry 2023, reth'rad31 July 2024 Mf l F8lGoner ITreagurerl rn-appoinl8d laJ￿￿￿ry 202J Ilntsrim ChairlrDm 01 ALWSt20741 Mr• M Gaylo cLwl•d 11 JLily 2024 MrNM8 c&oplod 25 July 2024 M8 R Mall¥bHnd CfrDpÈod 05 Orlober 2Q20, re-4wptrlnl•d 22 Fabru8ry 2024 M$ 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 Purp￿8 •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 prO￿￿tr 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 Glass1￿1 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 Yo￿Shire. Derbyshire, Northeast Lincolnshi￿ and North NDttingharn5hire. Our main athi•vements that delivered put￿1¢ 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 Suc￿sS 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 rnoVeM￿l 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 a￿e 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 e￿a￿e the Acaderny to maintaln Sts reserv08 for core activilieg 81 a prudent level. Until we h8ve suff￿lent funds for long-term investment, our r88èrve5 wll continue to be Bplit be￿eern two separate banks lo ensure trey remain protected by the Finanaal Service8 Compensalion S¢h¢rne. olii.lfield Music fiL1 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 be￿een 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 Shefflel24, 10 Shpffield Llg',ii: Ar.aclLiiri Company Llmlted by Guarantee Trustees. Annual Report Ilncovporating the Directo￿5 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 Bar￿￿ty, 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$tses are responsible lor the Maintenance and irltegrlty of the charity and linano81 Information Inclutjed on the Acgdemy'8 web8lte. rhe Trustee's Annual Report has been prepared in accordance wlh the special provi31ons ol Part 15 of the Compani88 Act 2006 relating to Small cornpanK98, The company is ￿rrentlY ex&mpt Irorn statutory audrt becBuse tts annual 9ros¥ income doe? not exceed £1 million. Jproved by the TnJstee8 01 sheff￿ld Music Academy on 16 Decernber 2024 and siGned on their behalf ty. lan Falcorter Interim Chair & Tre•8urer Sheffield Music Ac8d¢rny 12 Sl ILilfiL,Id Wlijsir, Ac.adeiny Company Llrnlted by Guarantee Independent Examiner's Report to the Trustees of Sheffleld Muslc Academy Year ended 31 July 2024 I report to the trustees C￿ my exarninalion of the financial statements ol Sheffield Mu$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¢i￿eS 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$' respjnsibillles,. The rnembers have not required tre company to obtain an audit of rts Ilnan¢io1 stslemon16 for the year in questic￿ In 8c¢ordance with section 478, The directors aeknowledga Ih¥lr responsibilities lor complying with the requi1¢m￿lS ¢1 the A¢t wth respect to accounting record8 and the preparbtlon ol financial 5tgtements. These fJnancl81 8t¥ternentB have been pr8pare24. Improvlsed Composltion• Project The Fresh98te Trust Foundatlon grenled £2.CIJO towards thi8 project aimed lo give our Btudents safe and fun frarnework lor cornposing their own music, regardless ol their level ol experience. 11 culminated in performances ol student comp05rtion8 al The Vlcttsria Hall 8nd Sheffield Cathedral. Flr•¢ G•n•r•tlon MuxlclinB Project Durlng 2022-23 w8 launched a ihree year initial've to Bupport rhildren aged b8fv48•n four and èight yèars Old who may nol have previously been involved with muslc-mgking 81 home on their journey to learn a musical in8trument. The project Involva5 Instrument lessons and musiciBn5hip classes, support lo parents via woikshop5 and videos, sub5idised tickets to profe8810rn81 orchèstr81 conc8rtB lor young musician& and their families and the purchase of child-sizad Instruments lor their use. It is funded by grant6 from D'oyly Carte Ch8nt8ble Trust, John Thaw Found8Jon, Philip King Tru8t, P0S￿ethWa1te Mu$lc Foundation and S¢hroder Trujt. Student bur•ary lund• The Amber Trust provide$ Music Awards to 8UPPOrt bllnd and partlalty S￿￿ted 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 FaIr￿ne￿ 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