COMPANY REGISTRATION NUMBER: 07667445 CHARITY REGISTRATION NUMBER: 1143420 Sheffield Music Academy Company Llmited by Guarantee Unaudited Financial Statements 31 July 2025 ALLEN, WEST AND FOSTER LIMITED Chartered accountants Omega Court 364-366 Cemetery Road Sheffield S118FT
Sheffield Music Academy Company Limit•d by Guarantee Flnancial Statements Year ended 31 July 2025 Pagg Trustees, annual report (Incorporating the directovs report) Independent examinerfs report lo the trustees ststement of financial activlties (including income and expenditure account) 13 15 Statement of financial positlon 16 statement of cash flows 18 Notes to the flnanclal statements 19
Sheffield Music Academy Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Rèport) Year ended 31 July 2025 Sheffield Muslc Academy (the Academy) is a charitable compary limited by guarantee. The Directors are ils Trustees for the purposes of charity law and throughout this report are collectively referred lo as the Trustees. The trustees are pleased lo present their annual directors, report together wllh the financial slalemenls of the ¢harity for the year ending 31 July 2025 which are also prepared lo meet the requirements for a dir8clors' report and accounts for Companies Act purposes. The financlal statements comply with the Charities Act 2011. the Companies Act 2006. the Artldes of Association, and the charities Statement of Recommended Practice lapplicable lo charities praparing their acunIS In accordance with the Financial Reporting Stsndard applicable in the UK and Republ1¢ of Ireland,. FRS 102) issued in October 2019. REFERENCE AND ADMINISTRATIVE DETAILS Dato of Incorporatlon 13 June 2011 Company r•glstralSon no. 07667445 Date of r•gS8tratlon 17 August 2011 Charlty rogl$tratlon no. 1143420 Patrons Ms E Walls Mr R Wigglesworth Honorary Pr•8ld•nt M5 Trisha Cooper Tru•t•g• during p•rfod Ms A BNmpton re-appolnted 22 February 2024 Mr l Fal¢oner (Treasuréfl re-appointed 18 Janu8ry 2023 (and Int8rim Chair fron7 01 August 20241 appointed 16 December 2024 8pw)inled t6 Decemb&r 2024 r8•appoAnted 22 February 2024, rgllred 31 July 2025 reppoInted 16 December 2024 ppolnted 31 January 2022 Mrs M G8r MrNMa Ms R Malloband Ms E Pielers Ms S Unwin Mujlc Dlrectof Mr M Cropper Gon•ral Manager & Company Secr•tary Mr M Wiglèy R•glstered offlce Office g, Shlrtey House 31 Psalter Lane Sheffleld. S118YL Acuntants Allen. W8st & Foster Limlled Omega Court, 364-366 Cemetery Road Sheffield. S118FT
Sheffield Music Academy Company Limitsd by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 July 2025 Bankers Virgln Money 66 Fargale Sheffield S1 2HE Charilles Ald Foundallon 25 Kings Hill Avenue Kings Hill. West Malllng Kent ME19 4TA The Co-operativé Bank Swindon SN4 4PL
Sheffield Music Academy Company Llmlted by Guarantee Trustees, Annual Report {Incorporating tha Dlr•ctorfs Report) {condnued) Year ended 31 July 2025 OURAIMS AND OBJECTIVES Purposo and obloctlves Sheffield Musi¢ Academy (the Academy) exists lo inspire young musiclans lo fulfil their potenllal and pursue a career Sn music should they choose to. Our charity's purpoge. as sel out in the objects contained in the company's Articles of Association IArticlesl, is to advance the education of young peopl8 of exceptional musical ability or potential who are aged beeen four and 19 years Sn all aspects of music and musicianship. We are part of a netsvork run under th6 auspkes of the Department for Education's {DfE'sl Mu$lc and Dance Scheme IMDSI, which includes Cenlres for Advanced Tralnlng ICATS) in music and dance. Speclalisl Resldenlial Schools and ConseNatoire Junior Departments. Our aim is lo ralse aspirations for young people passionate about any form of music in whlch they show abov8 average aptitude and commitment, not necessarily for a career In musi¢ and the performing arts bul in order that they may make the most of thelr skllls and lalen15, develop Ihelr self-Gonfiden¢e and in their turn Gonlribule lo the musical acllvilies of Ihelr schools and colleges, areas and communities. Our aim fully reflecls the purp05e5 that tho Charlty was sel up lo fvrther. En8urlng our work delSv?rs our alm• We revlew our aim5, objectives and activllies each y&ar. Thls review cover5 the year ending 31 July 2025 and looks at what we achieved and the out¢ome$ of our work durlng that perlod. The review looks al the success of each key acltvily and the benefits they have brought lo thos6 groups of people we a set up to help. The vIeW 8190 helps us ensuffj our aims, objecllves and actlvllles remained focused on our slated purposes. We have referred to the guidance contained in the Charlty Commlssion's general guidance on publlc benefit when reviewing our aim and objectives and In planning our future aclivilies. In parti¢ular, the truste85 consider how planned acllvilles will ¢onlrlbule lo the aims and obleclives they have $et. Tho fo¢u8 of our work To ensure that all of our talented young mu$lclan8 recelve a ¢omprehen8Sve music education. we fows our work on.. Tailor-made timetables ensuring that every sludenl receives individual support. choosing from several core and optional classes al our Sheffleld-b8sed Academy whl¢h runs for 30 Saturday5 during term time. Teachlng Staff - em QYIng highly skilled tutors in a wide range of classical instruments. Shared muslc making - providing weeY opportunities lo rehearse and play in orchestra9. ensembles and choirs. Performance classes providing students with weekly opportunilles to share their learning, practi¢e performing and receive feedback and encouragemenl. Informal lunchtime concerts - enabling students lo practlce performing to the whole of the SMA community in a friendly and supportive environment. Workshops and maslerclasses welcoming experts in Ihelr fields lo share Ihelr knowledge and expertise with students and staff. Collaboration - partnering wilh other organisalions lo make the most of opportunities and share good practice.
Sheffield Music Academy Company Limlted by Guarantee Trustees. Annual Report (Incorporating tho Directorfs Report) (condnu8dJ Year ended 31 July 2025 Fundraising - raising additional funds lo supplement the grants made available through the Mus and Dance SGheme. Grants are means tested using the Department for Education's criteria. Safeguarding and wellbeing - ensuring leaching and non-teaching staff receive support and regular training and all approprSale checks. HOW OUR ACTIVITIES DELIVER PUBLIC BENEFrr l our charitable acllvilies focus on the educallon of young people aged beeen four and nlneleen of exceptional musical abillty or potential and are undertaken to further our charitable purposes for Ihe public benefit. Who us•d and bgnefStod from our 8ervlces? Our oblects and fundlng enabSe us to provide services lo student8 who reside mainly in a geographlcal area lo include South Yorkshire, Derbyshire, North&a$l Lln¢olnshire and North Nottlnghamshir8. Our maln achlevements that delivered publlc benefit In 2024-25 Included.. Providing weekly lessons lo 124 young musiclans In the maln Academy Ideliv8r•d vla 175 individual 58ssions. 46 classes, senior and junior ¢holr. various groups including our 35-piece chamber orchestra and a concert band of 30 students) and 85 sludenl8 In thé Infant Academy. Continuing to recruit staff of the highest calibre from around the UK. Atlractlng applications from a diverse group of potential students. Expandlng our team lo indude more non-18aching staff, increasing our investment in the wellbelng of our students by provldlng non-musical activities and safe creatsve spaces for them to enloy In their downtime, e.g. the art ¢orner. Conllnulng our busy concert sertes, presenting 10 public performances al venues across South Yorkshlre and Derbyshire including a large-scale performance al the Royal Albert Hall, London.
Sheffield Music Academy Company Limlted by Guarantee Trustees, Annual Report {Incorporating the Director's Report) (GonflnUj Year ended 31 July 2025 ACADEMIC AND ARTISTIC HIGHLIGHTS OF THE YEAR ENDED 31 JULY 2025 During 2024-25 we welcomed 19 new students into the main Academy. and we said farewell to five students who graduated al the end of th8 prevlous academic year. Highlights included.. Benjamln Britten's 'The Young Person'5 Guide to the Orchestra, featured as the inspiralkjn for 2025's large-scale proje¢t. Students learnt about Brltten's life and career through musical and visual art a¢llville¥ leading up lo the end of year 8venl. Staff created different arrangements of the work. enabling all 51udenls of the SMA family, across the infants, juniors and senior programmes, lo perform al Sheffielé Cathedral in July 2025. Along with members of the South Yorkshire Muslc Hub, 40 students and f+ve staff from SMA took part in Music for Youth's Annual Proms celebrations at the Royal Albert Hall in November 2024. They developed a diverse repertoire and rehearsed Ihls throughout the Autumn. The students were inspired by the experience of performing al one of the world's most celebrated venues. Our maslérclass programme included a visit by international pianist 8enjamin FrSlh, who mentored students on several works by BaGh. Students in Conc8rt 8and were mentored by composer Lucy Armstrong as they rehearsed her work 'The Old Ship,. Young performers from the Academy led an In¢redibly exciting and polgnanl performance to rnark the first event al Canaéa House, the home of Harmony Works, on 17 July 2025. As part of a fundraising event, SMA studenls joineé forces with peer5 from South Yorkshire Muslc Hub to perform r8pertolre ranging from Vaughan Wllliams lo Elbow, as well 88 accompanylng lo¢al folk star duo Jon and Jackie Boden. The annual Infan15 and Junlofs hoinl Showc868 brought together around 140 of our young students undèr 12 years old, conflrmlng the value of Investment in the region's young muslcians. Toolklt for Eff•ctlv• Practlco Continuing lo develop and bulld upon our Supporting FKst G8ner8lion Muslclans Inltiatlv6. three-year project lo support children who may not have previously been involved wkh music making al home, SMA'S 167 project focuses on the learnlng betsveen 18sson5 and how students learn to practice productively. We have developed a loolkil lo ensure students m8intaln healthy and efflcienl practice through: Indlvidual Leaming Plans - Tutors work closely with Students lo develop an Indidual Learning Plan {ILP). Practice Dlari8s - SMA students re¢eive a practlce diary for ea¢h Instrumental lesson, aSlowlng lulor$ lo outline weekly practice expectations. These diaries also serve as an effective communication tool for parents, keeping them Informed about what is required at home. Individual Learning Plans IILPS) are documented at the front of each diary for easy reference. Practice Materlal - the SMA portal and Glass mailing lists can be effectlvely used by SMA staff as platforms for sharing recommended listening, practice materials, and exercises. Open Door Days parents and guardians are en¢our8ged to allend their child's timetabled activities to gain a better understanding of leaming goals, learn how to support praclke al home, and ask any questions they may have about their child's studies. Instrument Rontal We recognise that barrier5 to chiléren taking up a musical instrument and continuing with il are not purely financial but a159 ¢0neern levels of family confidence in supporting their children in music
Sheffield Music Academy Company Limitsd by Guarantee Trustees. Annual Report (Incorporating the Diractor's Report) (conthu8dJ Year ended 31 July 2025 making. By continuing to Invest in our sloGk of instruments, we ensure that all students and their families have access lo good quality, suitable instruments that are well maintained without requiring an initial financial OuaY. This provides farnilies the opportunity to save for a good quality instrument when required. Infant Acadomy Eslabli$h& In 2017-18, the Infant Aoademy welcomes students from as young as four years old. In 2024-25, It enrotled 85 students from more than 30 schools across the region and continued lo deliver exceptional music provision. By offering classes on Saturdays at Blrkdale Prep School and on Monday afternoons al Millhouses Church, il further improved accessibility for famili8s. Most of our infant Students continu8 Studying an instrument beyond Infant Academy, whh many students progressing to the Junior Programme al SMA. Becca Fran¢l$, Head of the Infant Academy since its Inceptlon, stepped down on 31 July 2025. The Academy Is extremely gr81eful for her dedlcated leadershlp which has helped to ensu11 Is now a fully inlegraled part of our programme. Oth•r hlghllght• All our 2024-25 graduates went on lo study in hlgher education. Graduate destinations induded the Universities of Durham, Brl810l and York, and Leed5 Conservatolre of Music. This year. for the first lime, we set up a communlty prolect In Buxlon, where local young musicians were Invlted lo attend rehearsals and joln our Buxlon Festival performance of Benjamin Britten's 'The Young Person's Guide to the Orchestra,. The Art Corner continues to go from strength lo strength, foslenng a sense of communlty beeen the young people and supporting sludenl wellbeing. Students continue lo produce great works of V15ual art which are being used by SMA for both printed and soclal medla.
Sheffield Music Academy Company Limited by Guarantse Trustees, Annual Report (Incorporating the Director's Rèport) Icontlnuod) Year ended 31 July 2025 FINANCIAL REVIEW OF THE YEAR ENDED 31 JULY 2025 2023 202&24 Net movement before transfers Net movement before Ir8nsf8rs Income Expenditure Income Expenditure Core aclivilies Harmony Works . 50,095 34.477 15,618 Total 479,151 469,096 10,055 519,069 510,010 9.088 A new chTtable cwg8ni$81ion. Ihg Harmony ¥York$ frusl (HWT) was registered on 29 Au9USt 2023. T Academy and Hwt SAgr1 a bu&n888 transf8r 8gr88menl on 25 March 2024, confinning that HWT was 8sponwble Icw all ou181anding lia118 of the tr8nsf8rring tJusin8ss and indemnifying the AcBd8my accordingly. 479,151 469,096 10.055 468,974 475.534 (6,560) Cor• aGtlvlll08 Our lolal income for core acllviti8s in the 12-monlh perfod was £479,151, a Sllght Increase on whal we re¢oived In 2023-24. Our lolal expendllure on core aclivllies was £489,096, slightly les$ than what we Spent In 2023-24. Thi5 can be allributed to a smaller leaGhing l&am a8 well as well<onsidered financial cholces. As a result of these year-on-year changes in in¢ome and expenditure, the overall net movement in our funds frorn unreslricled core tiVitieS was an increase of £16,615 before Iran5fvrs. We remaln proud that the MDS grants from the DfE. together with the Sludenl Support bursaries that we are abl8 lo offer from our own fund5, mean that around 0-thirdS of students in the Main Academy receive Some sort of support with their fees. And our Infant fees are also subsldised, with every 51udenl paying about 15°h less than the cost of their provision. In 2024-25 we were able lo limit to the average Increase in our fees to RPI and, mindful of the increasing financial pressure on families, we remain commilled to finding ways lo ensure that SMA remalns accessible lo all In the future. Prlnclpal fundlng sourcw5 The prlnclpal funding sources for the core activities of the Academy are grants from the DfE's Music 8nd Dance Scheme, and fees paid ty parents and guardians of our students. While our dependence on income from the MDS Scheme has reduced significantly over the last decade (from 72 per cent lo 51 p8r cent of our cor8 income in 2024-251 because of concerted efforts lo Increase our sources of voluntary in¢ome and other grants. our non-MDS income was 7¥01£18,081 } lower in 2024-25 than the year befo. This. together with a freeze in MDS rates for 202&26, pu15 increaslng pressure on our fundraising efforts golng forward if w8 are lo be able lo maintain our sludenl support al ils cuffenl levels. We are therefore extremely grateful for the continued support of the Friends of Sheffleld Music Academy, our business sponsors and lo¢al grant giving trusts.
Sheffield Music Academy Company Llmltod by Guarantee Trusteos. Annual Report {Incorporating the Dirg¢torfs Report) Iconllnu Year ended 31 July 2025 Investment PollGy The donations we receive enable the Academy to maintain it5 reserves for core activities at a prudent level. Until we have sufficient funds for long-lerm investment, our reserves will continue to be split beeen three separate banks lo ènsure they remain proleded by the Financlal SeNws Compensation Scheme. Reserves Pollcy The Irusleas are rlsk averse as règard$ the Academy's reserve3 and alm lo maintain sufficient free reserves in unreslricled funds (net current assets and assets that can be readily converted lo ¢ash) lo ensure that the Academy's main operation5 Can continue for a period of slx months, or 26 week$. The annual operating cost of our core actlvitle8 in 2025-26 1$ budg8led at £479.300. Nel current assets in general funds amounted lo £86.678 on 31 July 2025 and we held flxed asset Instruments with a net book value of £96,844 that we considered to be readlly convertlble lo cash. giving free reserves Sn unreslricled funds of £195,522, sufficient to Gover our maln operations for 21.2 weeks 117.1 weeks In 202&241. While we were able lo maintain a hlgher level of free reseNes th19 year than in 2023-24. they are not yel back lo their desired level. However, the 28 week largel was last reviewed in July 2018, when our operating budget was almost 60Qlo lowar {£200,0001 than il is today. The Board Iherefore plans to revlew its Reserves Pollcy in 2025-26. seeklng professional advic8 on a prudent lev61 golng forward. Golng Concern Th8 Board is reassured that the Academy alm081 continued lo Ilve wlthSn Ils means during 2024-25, g8n8raling a Small 12.1¥0} surplus of Sncome over expendllure. We have approved a balanced budget for the 2025-26 financial year and our latest forecast, based on the oullurn lo November 2025, confirms we remaln on largel lo dellver 11. The DfE has confirmed 118 SUPPOrt for the Musl¢ and Dance Scheme until July 2026, and we are sallsfled that should the DfE grant funding no long8r be availabl8 after that dale, the Academy's main operations could contlnue for al leasl five months, i.e., until De¢ember 2026. For these reasons, the Board continue$ lo adopt the going concern basls In preparing tho financial statements. The Board also Gonsiders that external events are unlikely lo have a rnalerial impact upon the Academy's abillty to achieve Ils charllable objecllves Sn the next 12 months. Nevertheles5, the trustees and the Music Director wlll continue to monitor and respond lo the risks of operating the Academy on an ongoing basis. The Academy has robu51 business continuity plans. risk management and financial rnanagemenl processe5 and so Is well placed to respond lo future uncertainty in a timely manner.
Sheffield Music Academy Company Limited by Guarantse Trustees. Annual Report (Incorporating the Dirgctorfs Report) (Gotrflnvedj Year ended 31 July 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Govomlng Documont The Academy Is a charltable company Ilmiled by guarantee. The company was oslablished and Is governed under Articles of A550clatlon th81 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 belng wound ils member5 are each required to contribute an amount not ex¢eedlng £1. Patrons We hav& Patrons supporting Sheffield Music Academy.. Elizabeth Watts Is one of Brltaln's leading sopranos and 19 much In demand throughout the wodd as a recitalist and concert sing8r. She was a ¢hori$ler al Norwlch Cathedral and studied archaeology al Sheffield University before attendlng the Royal College of Muslc. Ryan Wigglesworth is a composer. Conductor ané pianist and Chief Conductor of the BBC Scollish Symphony Orchestra. He was born in Wlncobank, Sheffield and allended King Edward Vll School and was a Cathedral choifboy. Rocrultmont and Appolntm•nt of Board of Tru$t••8 The Academy's Articles slate that we musl have no les8 than thr88 Iruslees but there Is no maxlmum number. One third of the Trustees who have been longest In offSc8 musl rellre each year bul may offer themselves for re-elecllon or furth8r co-option. Our Iruslees musl be aged 18 years or over, not disqualrfled under the Companies Act or Charities Acts, and musl elther be recommended by the Iruslees or be nomlnated for èlecllon by 8 member of the Charity. The tnjslees may co-opt indlviduals lo the Board during the year for their expertlse (e.g., financial or 18gal advlcel through an ordinary re3olullon of the Board, but a ¢o-opled tru81ee holds office only until the next AGM. Every trustee musl slgn a declaralSon of willingness lo a¢1 as a charlty trustee of the Charmy before they are eligible to vole al any Board meeting. The Trustees of the Charlty for the ye8r ended 31 July 202S are118led on page 1. All trustees give of their lime freely and no Iruslee remuneration or expenses were paid In the year. One Iruslee regislergd a conflict of Interest during 2024-25= On 11 July 2024 the Iruslees agreed to Co-opt our fundralslng offir, Mary Gayford, lo the Board and her apwintmenl was confirmed on 16 December 2024. Mary's partner. Chris Gayford, is also a member of the Academy's leaching staff. As both their employments occurred before Mary's co-oplion, the Board is satisfied that Ihelr salarles are not a benefll arising from her tnjsteeship.
Sheffield Music Academy Company Limited by Guarante• Trustees. Annual Report (Incorporating the Directorfs Report) (cofttlnuod) Year ended 31 July 2025 In accordance with the Academy's Conllicls of Interest Policy all payments lo Mary are dlsclosed in the Academy's Anr)ual Report and Financial Stalemenls. Mary agreed lo declare the existence of her contract of employment in her Trustee Declarations of Interest. published on the Academy's website. Although not a Confllcl of Interest, for the sake of openness, the Board wishes to highlight that Emily Pielers is employed by the Harmony Works Trust as ils Project Dir8clor, and that lan Falconer acts as SMA'S nominated represenlalive on ils Board of Trustees. Organl8ational $tructur• The Academy's Board mel four limes during 2024-25. At our Board meetings we agree the broad strategy and areas of activity for the Charlty. including con8lderalion of grant making. investment, reserves and risk management policles and performance. Throughout 2024-25 we have conllnued lo supplement our Board m88tlngs wllh regular informal catchups wllh management, 5UPPOrtlng the Music Dlre¢lor and his team as they determined the Academy's response lo the constantly changing oxlernal environment. We are grateful for the considerable extra lime that indivldual trustees have Invested to support the charity during this perlod. We have delegated the day-to-day admSnlslration of the Ac8demy'5 activities, Including Ils curriculum, staffing and sludenl recrullment to tha Muslc Director and h58 small adminislrallve team. Rlsk Managemont The Irusle&s keep the malor risks to which the charity Is exp03ed under regular rev1 and have establish&d systems and procedures lo manag8 them. With the transfer of the Harniony Works Projeol lo the Harmony Works Trust in August 2023, we consider that major financial risks facing the Academy remaSn the possible loss or reduction in the Academy's malor source of core fLbnding11.e. the grant provlded by the Music and Dance Sch&mel and its over-rellance on that one source of funding. Donations and gran15 Tecelved during the year helped to mlllgate these risks, and we contlnue lo revlew alternallve future slrategle8. The m05t signrflcanl non-financlal rlsks remaln: th8t the Academy f811s to meel its leg81 responsibilitles concemlng s8feguarding. d818 kwotection and employn7ent 18w, and that il falls to protect its IT systems and data. The Board includes trustees with practi1 experience of safeguardlng, employment law and cyber and data protection issues and has previously commlssioned independent IT and estates advice that will help miligale these risks. that the A¢8demy's teaGhir6r premises are not accesslb18 nor lil for future purpos&, in terms of apacity and quality. In the short term we have been able lo hire allernalive premises for face-lo-face ensemble tuition when our usual premlses have nol been available. And in the longer term these risks are being addressed by the Harmony Works Project. 10
Sheffield Music Academy Company Llmlted by Guarantee Trustees. Annual Report {Incorporating the Dlrectorfs Report) (GontinU8d) Year ended 31 July 2025 THE ACADEMY'S PLANS FOR 202&26 AND BEYOND Looking lo the future, the Sheffi'eld Music Academy has plans to.. Further develop a consislenl teaching and learning approach across ils Core and Infant schemes beller supporting staff lo reflect and share best practice and continuing lo develop a library of resources for staff, students and parents to fa¢llltate the goal of a common approach and lo facilitate the best practice al home. Build on our new database System, further integrating data collection. Input and processing to streamline and facililale the management of SMA. Continue lo develop our new learnlng scheme for parents and children, part of the Supportlng Flr$t Generation Musicians project, includlng the completion of accessible vldeo resources forrnlng an archive of informallon and advice lo support sludenl progression. Develop closer Ilnks wllh our partner$, as we progress t¢)wards moving Into our new home at Hamiony Works. Working closely with South Yorkshire MUS Hub lo pilot its Progression Slralegy, developing clearer pathways b&tween Sheffield Music Academy and Sheffield MusiG Service lo ensure students receive the most relevant and hlgh-quality music education provislon, with each young person receivlng the rSghl support for Ihelr musical ambitions. Share SMA'S benchmarking and pathways wllh partners. worklng closely with organis81ions Such as CSYO lo support sludenl progressS0n. Further develop our partnership wSlh th6 South Yorkshire Mayoral Comblned Authorlty that in September 2024 launched a new South Yorkshire Music Hub {SYMHI, in partnership with the four local Mu$1¢ Hubs across the reglon, in Barnsley. Doncaster. Rotherham and Sheffleld. This new ¢ollaborallon, led by SYMCA and funded by Arts Council England IACEI, is part of an ambitiou$ national program to provlde high*uallty music education for all children and young people. 11
Sheffield Music Academy Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {condnu811) Year ended 31 July 2025 TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees (who are also directors of Sheffield Music Academy for the PUTP05es of company law) aro responsible for preparing the TTUStees' Annual Report and financial statements in accordance with appll¢able law and United Kingdom Accountlng Standards (Unlted Kingdom Generally Accepted AcGounllng Praclicel. Company law require5 th8 trustees lo prepare financial statements for each aG¢ounllng perfod, which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resourcès, including th8 incoffle and expendllure. of the charitable company for that period. In preparing thesp financial stalemenls, the Iruslees are requlred lo.. SeleGI suitable accounting policies and then apply them consi51enlly. ObseNe the methods and prlnciples in the Charitiès SORP. Make judg8ment8 and estimates that are reasonable and prudent. Stsle whether applicable UK Accounting Standards have been followed, subject lo any malerlal departures disclosed and explalned In the financial Slalements. Prepare the financl81 slalemenls on a going concern basis un188s Il is approprlale lo presume that the ¢harilabl8 company wlll not continue In operallon. The trustees are responsible for keeping adequate accounting records that dlsclose with reasonable accuracy at any lime the financial poslllon of the chaTilable company and enable Ihem lo ensure that the financial slalements comply with the Companies Acl 2006. They are also responsible for safeguarding the assets of the charitable company and hence for laklng reasonable steps or the prevention and detection of fraud and irregularities. The Iruslees are re5ponslble for th8 maintenance and integrity of the charity and finan¢lal information inGluded on the Academy's websS1e. The Trustee'5 Annual Report has been prepared in accordance th the special provSsions of Part 15 of the Companies Act 2006 relallng lo small companies. The company is currently exempt from slalutory audit because its annual gross income does not exceed £1 mlllion. Approved by the Truste88 of Sheffield Muslc Academy on l December 2025 and signed on thelr behalf by: lan Falconer Interlm Chalr & Treasurer Shefflold Muslc Academy 12
Sheffield Music Academy Company Limlted by Guarantee Independent Examinerfs Report to th• Trustees of Sheffield Music Academy Year ended 31 July 2025 I report to the tw$tees on my examination of the financial statements of Sheffield Muslc Academy ('Ihe charity'l for the year ended 31 July 2025. Responsibllltle8 and basis of rnport As the Iruslees of the company (and also its directors for the purposes of company law) you are responslble for the preparation of the financial statements in a¢¢ordance with the requlrements of the Companies Act 2006 ('the 2006 Acl'}. Having satisfied myself that the accounts of the company a not required lo be audlted under Part 16 of the 2006 Act and are eligible for independ&nl examination. I report in respect of my examination of the charity's accounts as carried out under $e¢tlon 145 of the Charities Act 2011 I'lhe 2011 Acl'l- In carrying out my examination I have followed the Directions glven by the Charity Commission under secllon 14515llbl of the 2011 Act. Indopond•nt examlnor's BLement Sin¢e the charity's gross income exceeded £250,000 your examlner musl ba a member of a body listed in section 145 of the 2011 Act, I confirm that l am quallfied lo undertake the examination b?Gause l am a member of the Inslltule of Chartered Accountants in England and Wales {ICAEW}, which is one of the lislad bodies. I have completed my examlnallon, I confirm that no mall8rs have come to my allenllon In Connectlon wllh the examinatlon givlng me cause lo believe.. acGounting records were not kept In re8P8Ct of the charity as requlred by 8eclion 386 of the 2006 Act., or th8 flnanclal slalemenls do not accord with those records,- or the financial stalem8nts do not comply with the 8ccounling requlrements of sectlon 396 of the 2006 Act other than any ffjquiremenl that the accounts glve a 'lrue and fair, vlew whlch is not a mattèr conshlered as part of an Independent examinallon., or the financlal statements have not been prepared in accordance wblh the m¢thods and prSnciples of the Statement of Recommended Pracllce lor accounting and reportlng by charities appllcable lo charitie$ preparing their accounts in accordance with the Financlal Reportlng Standard appllcable In the UK and Republlc of Ireland IFRS 1021. 13
Sheffield Music Academy Company Limitsd by Guarantee Independent Examiner's Report to th• Trustees of Sheffleld Music Academy fcontlnu¢d) Yoar ended 31 July 2025 I have no concerns and have Come across no other mallers in connection with the examination to which attention should be drawn In this report in order to enable a proper understanding of the accounts lo be reached. Stephen Allen ACA. FCCA Independent Examiner Omoga Cwrt 364-366 Cemetery Road sheffld S118FT 14
Sheffield Music Academy Company Llmltsd by Guarantee Statoment of Financial Activities (including income and expenditure account) Year ended 31 July 2025 2025 Restricted fund$ Total funds Total funds 2024 Unrestrlcted funds Incoma and endowm•nts Donations and legacies Charitable activities Invéslmenl income 5.725 456.135 791 16,500 22,225 456,135 791 89,198 426,330 3,541 Total Income 462,651 16,5 479,151 519.069 Expendtture Expenditure on ralslng fund$'. Costs of raislng donalk)ns and legacies Expenditure on charltable actlvllles Total •xp•nditur• 3,274 449,322 3,274 465,822 469,096 6,056 503,955 9,10 16,500 16,500 452,596 510,011 N•t Incom• and n•t movom•nt In fund• 10,055 10,055 9,058 Roconclllatlon of fund• Total funds brought forward Total fund8 rrI•d forward 175,185 185,240 175,185 166,127 175,185 185.240 The Statement of flnanclal aclivllle8 Includes all gain8 and losses recognised In the year. All Income and expendllure derlve from conlinulng actlvilies. The not•* on pages 19 to 30 form part of these flnanclal stat•ment8. 15
Sheffield Music Academy Company Llmltsd by Guarantee Statement of Financial Position 31 July 2025 2025 2024 Fixed assets Tangible fixed assets 15 98,562 100.357 Current a89ats Debtors Cash al bank and in hand 16 41,265 88,042 129.307 35,122 80,062 115,184 Crgdltors: amounts falllng duo wlthln one year N•t ¢urrnnt a•s•ts 17 42,629 86.678 40,356 74,828 175,185 Total u8et• le88 current Ilabllltlo8 185,240 185,240 N•t a•80ts 175,185 Fund8 of the charlty Unreslricl8d funds.. Revaluallon reserva Other unr8slricled income funds 32,279 152,981 32.279 142,908 175.185 Total unre•trlct•d lund• 185,240 Tolal charlty funds 19 185,240 175,185 For the year 8nding 31 July 2025 the charity was 8nlitled lo exemption from audit under séction 477 of the Companies Act 2006 relating lo small companies. Dlreclors, responslbllltles: The members have not required the company lo oblaln an 8udlt of ils financial Slalements for the year in question In accordance wlth secllon 476.. The dSreclors acknowledge thelr responsibilities for complying with the requlremenls of the Act with respect to accounting records and the preparation of financial slalemenls. These flnancial statements have been prepared in accordance with the provisions applicable to companies sublecl lo the small companies, regime. The statement of financial position continues on the following page. The notes on pages 19 to 30 form part of these financlal stat•m•nts. 16
Sheffield Music Academy Company Llmlted by Guarantee Statement of Financial Positlon (conllnu8d) 31 July 2025 These finanGial statements were approved by the board of Iruslees and authorised for issue on , and are stqned on béhalf of the board by.. lan Falconer Interlm Chalr & Treasurer The notes on pago8 19 to 30 forni part of th080 financlal st8t•monts. 17
Sheffield Music Academy Company Limitsd by Guarantee Statement of Cash Flows Year ended 31 July 2025 2025 2024 Cash flows from operatlng aGtlvltle• N81 (expendituvincom8 10,055 9.058 Adjustn78nls for.. D8precialion of tangible fixed assets Other inlerèsl receivable and slmilar income Interest payable and similar charges Accrued expenses 6,318 17911 2.036 629 5,866 13.541) 177 1,212 Chang•s In.. Trade and other debtors Trade and other creditors {8,1431 35.973 1155,420) 1106.6751 Cash generated from operatlons 13,748 Interest pald Inter881 recelved 12,0361 791 11771 3.541 Net cash fromllu88d inl operatlng actlvltie8 12,503 {103,311) Cash fl¢)ws from Inv•stSng actlvltles Purchase of tangible assets Net cash used in Invesllng a¢livi1Ses 14,523) 14,523) {139) 1139) Net incre88d{docreasel In ¢ash and cash oqulvalants Cash and cash equiva10nts at beglnnlng of yoar Cash and cuh oqulvalonts at •nd of year 7,980 80,062 88,042 1103,4501 183,512 80,082 Th• noteg on Pa 19 to 30 f*)rnb otth•8• tlnanclal 8tat¢mwt$. 18
Sheffield Music Academy Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2025 Genoral Informatlon The charity is a publlc benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity In England and Wales. The address of the registered office 1$ Offlce 9, Shirley House, 31 P8aller Lane, Sheffield, S118YL. statemont of ¢ompllance These financlal $tatem8nts have been prepared In compliance with FRS 102, The FinanGial Reporting Slandaré applicable in the UK and the Republic of Ireland.. the Slalemenl of Recommended Pracllce applicable to charltles preparing their accounts In accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 1021 (Charlties SORP IFRS 10211 and the Companies Act 2006. Accountlng pollcl•s Ba818 of praparatlon The financial Statements have been prepared on the historical cost b88is, as modified by the revaluallon of certain flnancial assets and Ilabllltles and Investment properties measured al falr value through income or expendilure. The financ1 slalemenls are prepared in slerllrwJ, which Is the fun¢tlonal currency of the entlty. Golng concern Theffj are no malerSal uncertaintles about the charity'3 ablllty lo conllnue. Judg•m•nts and key •ourceJ of •8tlmatlon uncertalnty Th& preparallon of the financial statements requires management lo make judgements, eslimales and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and olh8r fa¢lors. Includlng expeGlatlons of future 8venls that are believed lo b8 reasonable under the ¢lrcumstances. Fund a¢countlng Unreslricled funds are availate for use al the discretion of tho trustee8 lo furthèr any of the charity's purposes. D85ignaled funds are unrestrbcted funds eamiarked by the trustees for particular future project or commitment. Reslrlcled funds are subjected lo restrictions on thelr expenditure deGlared by the donor or through Ihe terms of an appe81. and fall into one of two sub-classes.. reslricled income funds or endowment funds. 19
Sheffield Music Academy Company Limited by Guarantee Notes to the Financial Statements I¢18d> Year ended 31 July 2025 Accountlng pollcles (cont1th7V) Incomlng resources All Incoming resources are included in the statem8nl of financial aclNilies when entitlement has passed lo the charity.. It is probable that the economic benefits associated with the transaction will flow lo the charlty and the amount can be reliably measured. The following specifi¢ pollcles are applied to particular categories of income.. income from donations or grants is recognised when there is evlden¢e of enlillemenl to the glft, receipt 1$ probable and ils amount can be measured r81iably. legacy income is racognised when recelpl Is probable and enllllement Is establlshed. ncome from donated goods Is measured al the fair value of the goods unless thls Is Impracllcal lo measure rellably, in which case the value 1$ derived from the cost to the donor or the esllmaled resale value. Donated facilities and services are recognised in the ac¢ounls when received if the value can be reliably measured. No amounts are Included for the GonlrStMJbon of general volunteers. income from ¢onlracls for Ihe supply of services Is recognlsed with the dellvery of the contracted servlce. This Is classifled a$ unreslricled funds unless there is a contractual requlrement for11 lo be spent on a particular purp08e and relurn8d hf unspent, in which case it may be regarded as restrlcled. ROUrC•S •xpend•d ExpendltUTe is recognlsed on an accrua15 basis a$ a liability is incurred. Expenditure includes any VAT whlch cannot be fully recovered, and is classified under headings of the slalemenl of flnancial aclivllies lo which il relates.. expendllure on ralsing fund$ Includes the costs of all fundraising actlvlties, events, rn-charl1abI8 Iradlng activllies, and the sale of donated goods. expenditure on Charitsble acllvlll8s includes all costs incurred by a charity in undertaklng actlvilies that further its charitable alms for the benefit of Ils beneficiaries, includlng those ¥upport co31s and costs relating to the governance of the charity apportioned lo charitable activities. other expenditure includes all expendilufft that Is neither related to raising fund5 for the harity nor part of its expenditure on charitable aclniities. All costs are allocated to expenditure categories r8flecllng the use of the resource. Dlrect costs attributable to 8 single activity are allocated directly lo that a¢livily. Shared costs are apportloned belmen the aclivllles they contribute to on a reasonable, justifiable and consislenl basis. Tangiblo assets Tangible as$el$ are initlally recorded at cost, and subsequently staled at cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amounts are recorded al the fair value al the dale of revaluation less any subsequent accumulated d8pr8ciallon and subsequent accumulated impairment losses. 20
Sheffield Music Academy Company Limited by Guarant¢• Notes to the Financial Statements i¢oni?nu•d) Year ended 31 July 2025 Accountlng pollc106 (cofttinuod) Tangiblé assets (continued) An increase In the carrying amount of an asset as a r85uIt of a revaluation, is recogni58d in other Cognised gains and losses. unles5 11 reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a r85uII of revaluation. is recognised in other recognised gains and losses, except lo which il offsets any previous revaluation gain, in which case the loss is shown withln other recognised galns and losses on the Statement of financial aclNitie$. Dopr¢clatlon Depreciation Is calculated so as to wrlte off the cost or valuation of an asset, less its resKlual value, over the useful economlc lrfe of that asset as follows.. Working instrumen18 Equlpmenl 10 years 51raighl Ilne or no depreclalion 5 years slraighl Ilne Impalrment of flxed a880t8 A review for indicators of impairment is carried out al each reportlng dale, wSlh the recoverable amount being estimated where such indicators exist. Where the carying valu8 exceed5 the recoverable amount. th8 asset Is impalred accordingly. Prior Impairments are a150 reviewed for Possible reversal al each reportlng dale. For the purposes of impairment testing, when il 1$ not possible to estimate the recoverable amount of an Indlvidual asset, an esllmale is made of the recoverable amount of the cash-generating unll lo which the 28sel belongs. The cash-generaling unil is the smallest idenlifSable group of assets that includes the asset and generates ca8h infiows that largely independent of the cash inflow5 from other a8sels or groups of assets. For impalrmenl testing of goodwill, the goodwlll acquired In a business comblnalion Is, from Ihe affjulsilion date, allocated lo each of the cash-generallng units that are expected lo benefit from the synergies of the combinallon, irregpectlve of whether other assets crf Ilabili1185 of th8 charity are assigned lo those unil8. Flnanclal Instrument8 A finan¢ial asset or a financial liability Is recognised only when the charity becomes a party lo the contractual provisions of the instrument. Basic financlal instnJm8nts are initially recognised at the amount receivable or payable including any related transaction costs. Currenl asset5 and current liabilities are subsequently measured al the ¢a$h or other consideration expecled to be paid or received and not discounted. Debt instruments are subsequendy measured at amortised cost. 21
Sheffield Music Academy Company Llmlted by Guarantee Notes to the Financial Statements l¢ontirtU801 Year ended 31 July 2025 Accountlng pollcles (¢ontlnu•d) FinancSal Instruments {¢onrfftu6d) Where investments in shares are publicly traded or their fair value can otherwise be measured rellably. the investment is subsequently measured al fair value with changes In falr value re¢ognised in incom8 and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial inslrumenls. including derivatives, are initially recognised al falr value. unless payment for an asset is deferred beyond normal business terms or flnanced al a rale of interest that is not a market rate, In which case the asset is measured al the present value of the future payments discounted at a market rale of interest for 8 similar debt Inslrumenl. Other financial SnslnJmenls are subsequently measured al falr value, with any changes cognlsed in the stal8menl of financial aclivilles. with the exception of hedging instruments In a deslgnaled hedging relationship. Financial assets that are measured al ¢o$t or amortlsed cost are revWed for obje¢llve evldence of impairment al the end of each reportlng dale. If there is oblecllve evldence of Impairment, an impairment 108s Is recognised under the appropriate headlng In the statement of financial activities in which the initial galn was re¢ognised. For all equlty instruments regardless of signiflcanc8, and other financlal a$$els that are indlvidually significant, these are asse$$ed individually for impairment. Other finanoial assets are elther assessed individually or grouped on the basis of similar credit risk characterl$llcs. Any reversals of impairment are re¢ogni$ed immedia18ly, lo the exlenl that the reversal does not result in 3 carrying amount of the financlal asset that exceeds what the carying amount woul h8ve been had the impairment nol previously been recognlsed. Defln•d contrlbutlon plan8 Contributions lo defined contribution plans are recognlsed as an expense In the perlod in whlch the related service is provided. Prepaid contributions are recognlsed as an asset lo the extent that the prepayment will lead lo a feductlon in future payments or a cash refund. When contributions are not expecloé lo be sellled whdly within 12 months of the end of the reporting date in whlch the employees render Ihe related service. the liability is meaSUTed on a discounted present value basis. The unwinding of the dbscount is recognised as an expense in the perlod in whlch it arlses. Llmited by guarant•0 Sheffield Muslc Academy is a charitable company in the United Kingdon limlted by guarantee. In the event that the charity is wound up. the liablllty In respect of the guarantee is limited lo £1 per member of the charity. 22
Sheffield Music Academy Company Limitsd by Guarantee Notes to the Flnancial Statements {conlinuedJ Year ended 31 July 2025 Donatlons and l¢gacS08 Unre$lrieted Funds Reslricted Total Funds Funds 2025 Donatlons Concert donations Other donations Arts Council Lottery The Tramlines Trust 255 470 255 470 Grants Philip King Trust Posllelhwaile Foundation Sheffield City Coun¢ll - Harmony Works Tha National Lollery Herltage Fund Bursarfes - Future Talent Harrlson Frank Foundallon 16,500 16,500 1,000 1.000 4,000 4,000 5,725 16,500 22,225 Unreslricled Funds Restricted Total Funds Funds 2024 Donatlon• Concert donallon$ Other donatlons Arts Coun¢ll Lottery The Tramllnes Trust 539 10,300 539 10,300 10,885 1,000 10,865 1,000 GTant8 Phllip King Trust Posllethwaile Foundallon Sheffield Cily Council Harmony Works The National Lottery Herllage Fund Bursaries - Future Talent Harrison Frank Foundation 18,500 16,500 50,000 12561 250 50,000 {2561 250 11.839 77.359 89,198 23
Sheffield Music Academy Company Limited by Guarantee Notes to the Financial Statements IntInu0dj Year ended 31 July 2025 Charlt8bl¢ actlvltios Unreslrlcled Total Funds Unrestrlcted Total Funds Funds 2025 Funds 2024 Fees paid by Department for Education Fees paid by parents Artlstic Projects Instrument Hlre Other income Examination reGharges 245.511 194.966 1.380 4,020 411 9,847 245,511 194,968 1,380 4,020 411 9,847 456,135 217.273 205.594 2.000 1,080 383 217,273 205,594 2,000 1,080 383 456.135 426,330 426,330 Inve8tm•nt in¢om• Unreslri¢ted Funds Reslricled Total Fund8 Funds 2025 SMA mu51c aclivllies bank interest Harmony Works bank inlerosl 791 791 791 791 Unreslricled Funds Restricted Total Funds Funds 2024 SMA music aGIllieS bank Snleresl Harmony Works bank interest 3,190 3.190 351 351 3,1 351 3,541 Cwts of raising donatlon• and1oga¢l•g Unreslricled Total Funds Unrestricted Total Funds Fund8 2025 Funds 2024 Fundraising costs 3.274 3,274 6,056 8,056 24
Sheffield Music Academy Company Limited by Guarant•• Notes to the Flnancial Statements (¢Onllnu•d) Year ended 31 July 2025 Expendlturg on ¢harltable actlvitigs by fund type Unreslricled Funds Reslricted Total Funds Funds 2025 Charitabl8 8clivilies Support costs 443,044 6,278 16.500 459,544 6,278 465,822 449,322 16.500 Unrestricted FLtrnds Restrfcted Total Funds Funds 2024 Chari18ble activities Support costs 416,008 6,722 422,730 81,225 497,233 6,722 81,225 503.955 10. Exp•ndlture on charltabl• a¢tlvltles by activlty typ• Acllvllles unéertaken dlrectly Support Total funds C051s 2015 Total fund 2024 Charitable aclfvilles Governance c08ts 459,544 459,544 8,278 465,822 497,233 6,722 6,278 6,278 459.544 503,955 Governance costs consist of independent examination fee8 of £2,77212024'. £1,800), grant audll of £97812024.. £930) and payroll 8erviceslbookkeeping support of £2,528 {2024. £3,992>. 11. N•t1oxpondlturellSncom• Net lexpendltureyincome i¥ slated after charglntyl¢redlllng)'. 2025 2024 Depreciation of tanglble flxed a55els 6,318 5,886 12. Independent •xamlnatlon f••s 2025 2024 Fees payable lo th8 independent examinar for.. Independent examination of the financial statements Other assuranc& seNlces 2,772 978 1.800 930 3,750 2,730 25
Sheffield Music Academy Company Limited by Guarantee Notes to the Financial Statements (¢onthued) Year ended 31 July 2025 13. Staff costs The total staff costs and emrAoyee benefits for the reporting period are analysed as follow5- 2025 2024 Wages and salaries Social securlty costs Employer conldbullons to pension plans Other ernployee benefits and other staff costs 344.030 8.798 3.785 18.495 348,063 13,149 3,612 24,199 389,023 375,088 The average head count of employees during the year was 36 (2024.. 40). The av8rage number of full-lime equivalent employees during the year is analysed as follow$'. 2024 2025 No. Perman•nt $laff 36 40 No employee recelved employee beneflls of more than £60,000 durlng the year12024- NII)- 14. Tru8to• r•muneratbon and •xp•n•fr• The trustees were not paid or recelved any benefits from employment wilh the charity In the year for their role as truslees12024.. £nll). In the year lo 31 March 2025 M Gayford was relmbursed travel expenses of £65. No othor Iruslees were re1mlrS8d expenses duTing the year (2024.. £nill. No other charlly receNed payment for profe88ional or other 8ervlces supplied to the charlly 12024.. £nill. Key management, consisting of trustee$ and the Mu8Sc Dlreclor, recelved total emFloyee beneflis of £44,590 during the year12024.' £43,429>. During the year a lotsl of £3,27212024'. £6.0561 was paid to Mary Gayford for freelance work towards the ¢harWg fundraising actlvilies. Further details are given wllhin the Trustee5' Report. 26
Sheffield Music Academy Company Limited by Guarantee Notes to the Financial Statements (¢ontlnugd) Year ended 31 July 2025 15. Tanglble flxed assets Worklng Instrument8 Instrument colleGtion Equipment Total Cost Al 1 August 2024 Additions 109,559 4,523 114,082 10,040 40,000 159,599 4.523 At 31 July 2025 Depreclallon At 1 August 2024 Charge for the year At 31 July 2025 Carrylng amount At 31 July 2025 At 31 July 2024 10.040 40,000 164,122 51,930 5.308 7,312 1,010 59,242 6,318 57.238 8,322 65,560 56,844 1,718 2,728 40,000 40,000 98,562 57,629 100,357 10. 0obtor8 2025 2024 Trade debtors Prepayments and accrued income Other debtors 14.342 2,056 24,867 41,285 23,834 2,368 8,920 35,122 17. Credltors: amount• fallSng due wlthln ono yéar 2025 2024 Trade credllors Accruals and deferred income Social security and other taxes Other creditors 5,100 7,122 3.933 26,474 2,975 6,493 3.841 27.047 42,629 40.356 18. P&n8lon8 and other post rgtiromgnt b•nefit8 D•fin•d contrlbutlon plans The amount recognised in income or expenditure as an expense in relation lo defined contribution plans was £3,76512024.. £3,612}. 27
Sheffield Music Academy Company Limited by Guarantee Notes to the Financial Statements (¢onWftu•d) Year ended 31 July 2025 19. Analy$l8 of ¢harltablo funds Unrmtrlcted funds At 1 Aug 2024 At Income Expendlture 31 July 2025 General funds Revaluation reserve 142,906 32,279 462.651 {469,096) 136,461 32,279 175,185 462,651 {469,096) 168,740 Al 1 Aug 2023 Al Income Expendllure 31 July 2024 General funds Revaluation reservo 130,333 32,279 162,612 441,359 1428,7861 142,906 32,279 441,359 1428,7861 175,185 ReAtrlct•d funds At 1 Aug 2024 At Income Expendlture 31 July 2025 Ensemble 360 Academy Project Harmony Works Flrst Generation Muslclans Project Sludenl bursary funds Proms In Th8 Playground 18,5CrfJ {18,$001 16.51XJ 118,5001 Al 1 Aug 2023 At Income Expenditure 31 July 2024 Ensemble 360 Academy Prolecl Harmony Works First Generatlon Musicians Project Student bursary funds Proms In The Playground 5,000 115,6181 14,133 15,0001 134,4771 {30.6331 (2501 {10,8651 50,095 16.500 250 10.865 3.515 77,710 181.225} 28
Sheffield Music Academy Company Limited by Guarantee Notes to the Financial Statemonts (ntInU4) Year ended 31 July 2025 19. Analys18 of charltable funds (¢onllnued) Ensomblo 360 Academy Projoct This project is funded by Sheffield Town Trust, The Freshgalé Trust Foundation and JG Graves Charitable Trust. Flrst Generatlon MuslcSan¥ Project During 2022-23 we launched a three year iniliatlve lo support children aged between four and eight years old who may not have previously been involved wllh music-making al home on their journey lo learn a musical instrument. The proje¢l involves instrument lessons and musicianship classes, support to parents via workshops and videos. subsidised lickels lo professional orchestral concerts for young rnusician5 and Ihelr families and the purchase of child-sized Instruments for Ihelr use. 11 Is funded by grants from D'oyly Carte Charitable Trust, John Thaw Foundallon, Phlllp Klng Trust, Posllelhwalle MLTrslc Foundallon and Schroder Trnst. Stud•nt burnary fund• The Amber Trusl provides Music Awards lo support bllnd and partially slghted chlldren and young people, who may also have other disabilities or special educational needs, until the age of 18. Ils grant has been Iran8f8rred lo discount the fees of such students al the main A¢ademy. In the year to 31 July 2024 a further bursary of £250 was received from Future Talent toward8 the luilion fees of a student. Hamiony Work$ Money 1$ belng rai8ed towards the feasiblllty stage of the Harmony Works project {see the trustees, report for further detail). The negallve fund balance as al 31 July 2023 was supported by a £100,000 loan from Sheffleld Clty Council see other notes. Expenditure of £34,477 in 2023-24 includes the balance of £29,427 transferred lo the Harmony Works Trust on 29 August 2023. Proms In Tho Playground Money was raised from granl providers towards a collaborative muslc education project focused on brass ensembl8 playlng and group slnging dlreclly Into Sheffield Primary schoolg durlng summer 2023. 29
Sheffield Music Academy Company Limited by Guarantee Notes to the Financial Statements (¢onlTnuodJ Year ended 31 July 2025 20. Analysls of net assets two•n funds Unreslri¢led Total Funds Funds 2025 Tangible fixed assets Current asset5 Creditors less than 1 year Nat assots 98,582 129.307 {42,6291 18S,240 98,562 129,307 {42.629) 185,240 Unre3lrl¢ted Total Funds Funds 2024 Tangible fixed a$$ets Current assets Credilorsless Ihan 1 year Creditors greater than 1 year Net au•ts 100.357 115.184 140,356) 100,357 115,184 140,3561 175.185 175,185 21. Analy818 of ¢hango• Sn n•t debt At At 1 Aug 2024 Cash Ilows 31 Jul 2025 Cash al bank and In hand 80,062 7,980 88,042 30