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 ac￿unIS 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$tratlon no. 1143420 Patrons Ms E Walls Mr R Wigglesworth Honorary Pr•8ld•nt M5 Trisha Cooper Tru•t•g• during p•rfod Ms A BNmpton re-appolnted 22 February 2024 Mr l Fal¢oner (Treasuréfl re-appointed 18 Janu8ry 2023 (and Int8rim Chair fron7 01 August 20241 appointed 16 December 2024 8pw)inled t6 Decemb&r 2024 r8•appoAnted 22 February 2024, rgllred 31 July 2025 re￿ppoInted 16 December 2024 ppolnted 31 January 2022 Mrs M G8￿r￿ MrNMa Ms R Malloband Ms E Pielers Ms S Unwin Mujlc Dlrectof Mr M Cropper Gon•ral Manager & Company Secr•tary Mr M Wiglèy R•glstered offlce Office g, Shlrtey House 31 Psalter Lane Sheffleld. S118YL Ac￿untants Allen. W8st & Foster Limlled Omega Court, 364-366 Cemetery Road Sheffield. S118FT Sheffield Music Academy Company Limitsd by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 July 2025 Bankers Virgln Money 66 Fargale Sheffield S1 2HE Charilles Ald Foundallon 25 Kings Hill Avenue Kings Hill. West Malllng Kent ME19 4TA The Co-operativé Bank Swindon SN4 4PL Sheffield Music Academy Company Llmlted by Guarantee Trustees, Annual Report {Incorporating tha Dlr•ctorfs Report) {condnued) Year ended 31 July 2025 OURAIMS AND OBJECTIVES Purposo and obloctlves Sheffield Musi¢ Academy (the Academy) exists lo inspire young musiclans lo fulfil their potenllal and pursue a career Sn music should they choose to. Our charity's purpoge. as sel out in the objects contained in the company's Articles of Association IArticlesl, is to advance the education of young peopl8 of exceptional musical ability or potential who are aged be￿een four and 19 years Sn all aspects of music and musicianship. We are part of a netsvork run under th6 auspkes of the Department for Education's {DfE'sl Mu$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 wee￿Y 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 be￿een 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) (GonflnU￿j 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 Ind￿idual 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 Ou￿aY. 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 ensu￿11 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 be￿een 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 20￿23 202&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 ch￿Ttable cwg8ni$81ion. Ihg Harmony ¥York$ frusl (HWT) was registered on 29 Au9USt 2023. T Academy and Hwt SAgr￿1 a bu&n888 transf8r 8gr88menl on 25 March 2024, confinning that HWT was 8sponwble Icw all ou181anding lia￿11￿￿8 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 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. R￿OUrC•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, r￿n-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 rev￿Wed 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 I￿ntInu0dj 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 aGI￿llieS 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 $laff 36 40 No employee recelved employee beneflls of more than £60,000 durlng the year12024- NII)- 14. Tru8to• r•muneratbon and •xp•n•fr• The trustees were not paid or recelved any benefits from employment wilh the charity In the year for their role as truslees12024.. £nll). In the year lo 31 March 2025 M Gayford was relmbursed travel expenses of £65. No othor Iruslees were re1ml￿rS8d expenses duTing the year (2024.. £nill. No other charlly receNed payment for profe88ional or other 8ervlces supplied to the charlly 12024.. £nill. Key management, consisting of trustee$ 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