North West Music Academy Limited IA cornpany Ilmited by guarantee) Annual Report and Financial Statements 30 November 2024 Company règistration number: 09863784 Charity registration number: 1174325 dOdd&co
North West Music Academy Limited Contbnts Reference and Adminislralive Details Trustees, report Trustees, responsibilities in rolalion lo the financial Slaleff:nls 14 Independent examiner's report 15 Siatemenl of financial activities 16 Balance sheet 17 Notes to the financial statements 18
North West Music Academy Limited Reference and Administrative Details Charity name North West Music Academy Limited Charity registration number 1174325 Company registratson number 09863784 Principal office 125 Duke Street BARROW-IN-FURNESS LA14 1XA Registered office 125 Duke Street BARROW-IN-FURNESS LA14 1XA Trustees D Milledge L A Faulkner M K Borgia (Resigned 4 February 20241 E Howarth (Appoinled 4 February 20241 (Appointed 24 June 20241 RZAQ821 Accountant Dodd & Co Limited FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Page 1
Annual Report & Financial Statement For Year End November 30th 2024
WELCOME TO NORTH WEST MVSIG AGADEMY 2SPulpS2.FlorJl tralolng, pèrf6thl?c¢ an(frWeatlghTiom outhtt¥ltyge)yll ' iilè of all LEGAL &,ADMINISTRATIVE INFORMATION Trustees: Deb)rah Milledge Lesley Faulkner nma Howarth .Robert Zafar Aziz Qazi Mary Borgia (resigned 4.2.24) Registered'iotrice: 125 Duke St 8arrow-in-Furness IA141XA Independ8nt Examiner: Dodd &Co Clint Mill, Cornmaiket, PENRITH, CA117HW Charity: 1174325 Company: 09863784
The trustees present their annual report and financial stst8ments for the year ended 30 November 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and compty with the Charty Memorandum and Articles. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity s Memorandum and Articles of Associatbon, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". Objectives and activities The charity¥ objectives are for the public benefit: To promote the musical & arts education of young people in & around the Furness peninsula through the provision of learning & performlng opportunities. To provide or assist in the provision of fa¢llities In the interests ot social welfare for recreation or other leisure time occupation with the object of improving the conditions of lrfe for residents on the Furness peninsula & in particular young people in need by reason of youth. Activities have been undertaken for public bonefit in relatlon to these objects. The Trustees confirm that they have had due regard to the Charfty Commission* publlshed guidance on the 'publlc benefif notice. Tho trustees have paid due regard to guidance issued by the Charity Commission in decidlng what activities the charity should undertake.
Directors Statement Aftgr $gveral months of soarching, wth help fr(Nn Barrow Horitage Adon 2one and vla B private philanthroplc loan, NWMA purchased our four storey venue In March 2W. WE Immodiately t to work on fulfllllng our staled olm$ and objectN#to benefft Ihe poo& of Barrow & Furnegs. the same montty sOh Lake5 Rock School movèd Into Roor 1 onlgasthold which has enabled u8 to ¢over the necessary runnlng cost$ ot the bullding, whilst gradually buildin9 up Jxir NWMA activities and events. The charlty Is currently run by, trust9e[r9et0rS on a voluntary basls. Highlights of th& year to Novwnber2024 Indudg: Tha gwth ol NWMA Classical Acadm. Instrum a.kYC. Hoor 2 to people fiDm acfftss agè and abllity groups. A vathl rnn9a ol perfotinanGe ev6..111v& mttslc & tet.cOsts kopt' v. an 81[01& prke. Grov+th In other organimuons Ing sp4¢4lor niuslc at NWMA vast #mount of &upw>rt from the.1gGdty and,'donatlrJns of inth•'" shoet & equiprnent. Th& gra%th In financial yupport from lund% 11)9 stsrt d perfomance hpll Trfurbi$hth2Nt Mthgground floor Looking ahead to n&xt year, wpwill be seeking lurther fundlnu lor buildlng devaloprnt. expandlrg our 01.0f Insltvmental & voe4 tuklODJI ' alongsldetha d8YdDpmtt of a tlkne wrwt F*csramrn&
Followlng In detalled'& susSIu1 appli.catlon wewere delighted to be awarded grant of £34500 from Westmorfand & Furness Council vla tho UK Shared Prosperlty Fund - Thrlve wlth Arts.. Culture & Herltsge. The funding supports the develo.pment of our Porformance Hall, e$L15sh1ng .NWMA as a venue for Ily,e music of all genres In the,heart of Barrow. Wotk.3tarted In November 2024.
IEduc-atlon + Workshops Perfornances + Events DECEMBEA 2023 Soulh Ke9 Rsick Sthool oxp•ls on Floor 1 dellverlng Instrumentsl & vocal ie550ns frnm og8 5 to lult. Manylaklng Trlnlty College & RSL Award$ èx4ms NWMA Classl¢HIAGadomy grow5 on Floor 2 delivoring Instriimental & v¢Kal leggon5 to SI of all a9e5 &tsackBrounds. Many stUdnlrTr1D1ty & ABASM Bxam$ Barrnw Po¥h Cholr& SLRS Aook Cl7olr Bi-monthty 'Lirn&liglrt' Classical 'open mic. event5 develop fealuring acoustic music. singlng & spoken word NWMA Christmas Bash wlth live music & festfve choir. JANUARY 2024 RSL Profe¥8knHI DWuMa'lnT¢a¢hlng (Level 41 ¢iyirno fund8d by SlrJohn Fisher Foundatlon.Iwn.InWm¢ntorstsslon5 Gro41 etinllnuby NWMADlractors (*¢aJtiri' . . Royol Llverpool Philh4mionie String Trio at NWMA FEBRUARY
Educatlori + W0shopS ,Pèrfomiances + Events MARCH FurneBS Glassieal •venl at NWMA with Clare Eccle8 5opr¥no NWMA First Birthday. Inlernationpl Wom,$ Day & Moth¢rs Day celebrations with Emma Howarth Saxopaonist Andy Taylor Group- Blues at NWMA Boogi• Club event JULY AUGUST Uld¢1? Wothshop *t14WMA Dan Raza & Des Horsfall •t NWMA (part of UK trjurt SEPTEMBER NWMA rèc•lv•s bursary to work wrth Jaxz N4xlh a¥ Nèw Northèrn Promotor. OCTOBER NwhlA.hostsB8rw,MiAIÈ.IV•èkondMr ¢0.HayDAyIM,UelW,.Alty Barrow Musie Weekender Industry Conference hostsd at NYIMA. Events Such as John Robb in convgrsation, Th• Soprano8 NOVEMBER R1[Shment of Ground Floor Perform•ncè space beglns with funding from W&F Coun¢bl 'Thri¥e The Art& Cuttur• & Herlta9e' via UKSPF.
.4 J.1, , We wère'adigli-tsd'oncg.agaln to hostevgnls at NWMAfor.Barrt•W.Muslc Weekonder2024. Leam to '.H?y day sawyts..ung"peoP.lè outa varfety OY Mlke Kidson"(fomierlDur.rna-nagtyr for Phll Colllns & Lgd. Eeppdin). Clara £Ie5 a Eleanor Ma(yntosh perfomied as The Sopr8n05 & the music Industry conlgréneé fncludgd panelllts-Dèb Grantfrom BBC Radlo 6 Musl0• Katherfrte CAntwell of Heavenly lecturer.,.expertly. led by" Damlan Morgan of artist management.701wpnty10.dl%u55.Ing current iS$u¢S In thè.m64.1.o.Indystry , MUSK lrtdustry Contvrgn
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Westmorfand,& Fumess Council:£34500
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FINANCIAL REVIEW The results for the year are summarised in the Ststement of Financi81 Activities rincome and expenditure account). The trustees recognise the importance of maintaining a realistic level of reserves in order to ensure that North West Music Academy continues to be in a position to discharye Its obligations. The reserves policy is reviewed annually by trustees to take into account risk and sustainability of the organisation. In March 2023 the trustses defined the reserves target such that unrestricted general funds. axcluding designated funds, are required to be at least equal to 3 months, cover of core costs to be held in the form of cash at bank. The trustees have considered the major risks to which the charity 18 exposed and have implemented review systems to mitigate these risks. The major risks are currently identified as: Reliance on short term Charitable grants income Reliance on a sole leaseholder as main income source Critical impact of the loss of key trusteel directors To mitigate these risks the charity will: Ensure that it has a diverse funding profile without an over-reliance on any one source of funding Review existing and potential ways of generating earned income and works towards financial sustainability Maintain and enhance relationships with key funders and stay informed about developments in arts funding Invest time and effort in th8 exploration of funding opportunities and financial partnerships Ensures that all trusteesldirectors are well supported and that there is a regular appraisal of skills, roles and shared résponsibilities within the team
STRUCTURE,GOVERNANCE & MANAGEMENT The charity is a ¢otYpany Ilmited by guarantee. not havlng Share capltal. aiid is govemLYl ty Memorandurn and Arlicles of Associatkj dalecl 13 July 201 i, as amended. Il's eOTnpany registered.nurnber Is 09863784. The conipany is.a regislerefJ.o%arlly with a charity'numb 1174325. The Iwstets.. wlio are also the Olreclors fc Ihe porpo of'compan law: and who GervÈ(I durlng Ihe year and up lo Ihe date of signature iè51oy Faulkner. Ernrna HDwarth Robert Zalar AKIZ Q8zl Mary Borgia (resigned 4224) The Board consists of people vAlh conslderable intere51 aiid experlence in music, who are able lo draw on Ihslr past eXPBfiÈrb¢e*_ al a senlor level In raiwarit disclpllnes. Noiie of the Ifusiees hes ahy beneliclal inle1 in It company. All the liustees members OT the company and gLsaHite¢ lu corrtnbute tl In the evenl of anding up. The trUYtees' w.rt was approved by the Board ol Truslee& L Faulkn9r (frust•e/Dlrect Datgd Aiigusi 141h
2023-2024: NWMA collaborating with Artistes & Organisations Andy Taylor Group, BAE Systems, Barrow Bid, Barrow Music Week, Barrow Town Council, Chris Bethell - The Piano Man, Boogie Club, Julia Cobby, Clare Eccles, The Full Octave, Des Horsfall, Dan Raza, Dylan Pepper (Orkney Blues Festival), Emma Howarth Saxophonist, Jazz North, Mike Kidson, Eleanor Mclntosh, John Robb,'•A, Royal Liverpool Philharmonic, The Forum Theatre, South Lakes Rock School, Westmorland & Furness Council
North West Music Academy Limited Trustees, Responsibilities in relation to the Financial Statements The trustees (who are also directors of North West Music Academy Limited for the purposes of company law) are responsible for preparing the Trustees. A Thnual Report and the fi'nancial statements in accordance with applicable law and the Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including income and expenditure, of the charitable company for thal period. In preparing these fi'nancial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concern basis unless it is inappropriale to presume thal the charitable company will ¢ontinue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the linancial position of the charitable company and enable them to ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safegL¢arding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 14
Independent Examinerfs Report to the Trustees of North West Music Academy Limited I report on the accounts of the Company for the year ended 30 November 2024, which are sel out on pages 16 to 26. Respective responsibilities of trustees and examiner The trustees (who are also the directors of Ihe company for the purposes of company law) are responsible for the preparation of the accounts. The Iruslees consider that an audit is not required for this year under section 144121 of the Charitie5 Act 2011 as amended by the Chanlies Act 2022 Ilhe Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies A¢t 2006 and 15 eligible for independent examination, it is my responsibility to.. examine the accounts under section 145 of the Act.. follow the ProdureS laid down in Ihe General Directions given by the Charity Commission under section 145 {5} Ibl of the Act., and state whether particular matters have come to my attention. Basis of independent examiner's T9PQrt My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedure5 undertaken do not provide all the eviden¢e that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limrted lo those matters set out in the statement below. Independent examlner's statement In connection with my examination, no matter has come to my attention.. 111 which gives me reasonable cause lo believe that in any material resped the requiremenls.. to keep accounting records in accordance with section 386 of the Companies Act 2006., and to prepare accounts which accord with the accounting records, comply with the a¢counting requirements of sèction 396 of the Companies Acl 2006 and with the methods and principles of the Statement of Recommended Practice.. Accounling and Reporting by Charities have not been mel. or 121 lo which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts lo be reached. FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW nne Thomlinson FC odd & Co Limited Chartered Accountants 14 August 2025 Page 15
North West Music Academy Limited Statement of Financial Activities (including Income and Expenditure Account } for the Year Ended 30 November 2024 Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Note Income and endowments from: Donations and legacies Charitable activilies Other income Total income and endowments 60 15.175 22,161 38,150 38,210 15,175 22.161 75,546 27,610 6.325 16,347 38.150 Expenditure on: Charitable activities Total expenditure 27,300 27,300 11,532 11,532 38,832 38,832 28,140 28,140 Net income before transfers 10.096 26,618 36,714 22,142 Transfers Transfers belween funds 21,128 121,128) Net movements in funds 31,224 5,490 36.714 22,142 Re¢onciliation of funds Total funds brought forward Total funds carried forward 14,342 45,566 7,800 13,290 22,142 58,856 22,142 All of the Charitys activities derive from conlinuing operations during the above periods. The notes on pages 18 to 26 form an integral part of Ihese financial statements. Page 16
North West Music Academy Llmited Company registration number: 09863784 Balance Sheet as at 30 November 2024 2024 2023 Note Fixed assets Tangible assets 229,166 213,553 CuThènt assets Cash at bank and in hand 23,037 12.069 Credllors: Amounts falling due wlthin one year 10 (14.680) (16,8131 Net current assetsl{liabilities) 8.357 14,7441 Total assets less current liabilities 237,523 208,809 Credilors: Amounts falling due after more than one year {178,667} 1186.667) Net assets 58,856 22,142 The funds of the charity: Rostrictod funds 13.290 7,800 Unre$tricted fund$ Unrestricted income funds 45.566 14,342 Total charity funds For the financial year ended 30 November 2024. Ihe charity was entitled to exemption from audit under section 477 of the Companies Act 2006. 58,856 22,142 The members have nol required the charity to obtsin an audit of its accounts for the year in question in accordance wth section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounls have been prepared in accordan )Mth the provisions applicable to companies subject to the small companies regime. Approved by the Board on 14 Augusl 2025 and signed on its behalf by. LtsLey A FaL4Lkr L A Faulkner Trustee The notes on pages 18 to 26 fomi an inlegral part of these financial statements. Page 17
North West Music Academy Limited Notes to the Financial Statements for the Year Ended 30 November 2024 Accounting policies Summary of significant accounting poli¢ies and key accounting eslimates The prtncipal accounling policies applied in the PTeparation of these financial slalements are set out below. These policies have been consislenlly applied to all the years presented, unless otherwise staled. Statement of compliancè The financial slalements have been prepared in accordance with Accounting and Reports"ng by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Financial Reportj'ng Standard applicable in the UK and Republic of Ireland IFRS 102> (effective 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basis of prfrparatlon The charitable company meets the definslion of a public benefit entity under FRS 102. Assets and liabililies are initially recognised at hislorical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Golng concem These financial statements have been prepared on a going concem basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material UnrtaInlieS related to events or conditions that may cast signifi'cant doubl on the ability of the Charity to continue as a 90ing concem. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. Fund accounling policy Unrestricted income funds are general funds that are available for use at the Iruslee5' discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes,-the use of which is restrided to that area or purpose. Further details of each fund are disclosed in note 14. In¢ome and endowments Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to eonditions that require a level of performance by the Charity before the Charity is entilled to the fijnds, the income is deferred and not recognised until either those ondilions are fully mel, or the fulfilment of those conditions is wholly within the conlrol of the Charity and it is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis followng the grant of probate when Ihe administorlexecutor for the estate has communicated in writing both the amount and settlement date. In Ihe event that the gift is in the form of an asset other than cash or a financial asset traded on a CogniSed stock exchange, recognition is subject to the value of the gift being reliably measured with a degree of reasonable accuracy and the title lo the asset having been transferred to the Charrty. Income from Government and other grants, whether 'capiial' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any perfomance conditions attached lo the grants have been met, it is probable that the income will be received and Ihe amount can be measured reliably and is not defeed. Page 18
North West Music Academy Limited Notes to the Financial Statements for the Year Ended 30 November 2024 continued Gifts in kind are recognised in different ways dependent on how they are used by the charity.. li) Those donated for resale produce income when they are sold. They are valued at the amount actually realised. {ii) Those donated for onward transmission to beneficiarses are included in the statement of financial activities as incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had lo pay lo acquire them. {iiil Those donated for use by the Charity itself are included when receivgble. They are valued at the amount the Charity would have had to pay to acquire them. In¢ome from charitable aclivrties includes income recognised as earned (as the related goods or services are provided) under contracl. Expenditure Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an aGGruals basis and has been classifi'ed under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. It includes both costs that can be allocated directly to such actiwlies and those costs of an Indire nature necessary lo supportthem. Support costs Support costs include central functions and have been allocated to activity Cost categories on a basis consistent with the use of reSoUrs, for example, allocating property cosls by floor areas, or per capila, staff ¢osts by the time spent and other costs by their usage. Taxatlon The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within Categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chaigeable Gains Acl 1992, lo the exlenl that such income or gains are applied exclusively to charitable purposes. Fixed assets Individual fixed assets costing £100 or more are initially recorded at cost. Depr•¢latlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuab'on, less any estimated residual value, over their expected useful economic life as follows: 2 /• Straight line basis 15°A reducing balance basis Land and buildings Fixtures, fittings and equipment Cash and Cash Equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 19
North West Music Academy Limited Notes to the Flnancial Statements for the Year Ended 30 November 2024 continued Liabllltle$ Trade creditors are obligations to pay for goods or Sel¢eS that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the ènd of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlemen* for at least twelve months after Ihe reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured al amortised cosl using the effeclive interest method. Donations and legacies Unrestrlcted Restricted Totsl Funds Total Funds Funds Funds 2024 2023 Donations and legacies Donations Donated assets for use by the charity 60 60 500 18,610 19.110 60 60 Grants Cumbria Community Foundation Sir John Fisher Foundation Weslmorland & Furness Council Jazz North Bursury Barrow Town Council Barrow BID 1,000 7,500 34,500 900 2,500 250 38,150 34,500 900 2,500 250 38,150 8,500 80 38,150 38,210 27,610 Of the donations and leg2¢ies income in 2023, £19,110 related to unrestricted funds and £8,500 related to restricted funds. Charltable activities Unrestricteil Restricted Total Funds Total Funds Funds Fund5 2024 2023 Event and workshop income 15,175 15,175 6.325 All of the income from charitable aclivities in 2023 related lo unreslricted funds. Page 20
North West Music Academy Limited Notes to the Financial Statements for the Year Ended 30 November 2024 . continued Other income Unrgstrleted Restricted Totsl Funds Total Fund8 Funds Fund$ 2024 2023 Room hire Other income 22,061 100 22,161 22,061 100 22,181 16.112 235 16.347 All of the other income in 2023 related to unrestricted funds. Expendlture Musl¢al a¢livities Total 2024 Total 2023 Dir9Ct costs Purchases Event and workshop expenditure Rent and rates Wate¥ rates Light, heat and power Insurance Depreciation of freehold property Depreciation of fixtures and fittings 374 10,844 308 1,046 4.816 3,353 4.100 1,978 26,819 374 10,844 308 1.046 4,816 3,353 4,100 1,978 26.819 1,800 2.479 181 675 4,411 3,005 2,738 1,432 16,721 Support costs Repairs and maintenance Printing, postage and stationery Sundry expenses Advertising Accountan¢y fees Independent examinerfs fee Legal and professional fees Bank charges Loan interest 5,880 50 156 240 3,467 450 45 125 1,600 12,013 5,880 50 156 240 3.467 450 45 125 1.600 12,013 1,890 76 6.856 50 750 450 265 15 1,067 11,419 38,832 38,832 28,140 Of the expenditure in 2023, £27,440 related to unrestricted funds and £700 related to restricted funds. Page 21
North West Music Academy Limited Notes to the Financial Statements for the Year Ended 30 November 2024 . Gontinued Governance costs 2024 2023 Accounlan¢y fees - 2023 year end accounts Accountancy fees - 2024 year end accounts Independent examinevs fee Legal and professional fees 1,717 1,750 450 45 3.962 750 450 265 1,465 Trustees. remuneration and expenses Expenses ol £nil were paid in the year.12023.' £1,731 } Taxation The company is a registered charily and is, therefore, exempt from taxation on income and gains. Tangible fixed assets Fixtures, flttlngs and equipment Land and buildings Total Cost As al 1 D8cember 2023 Additions As al 30 November 2024 204,998 12.725 21,691 34,416 217,723 21,691 239,414 204,998 Dèpreclatlon As al 1 December 2023 Charge for the year As at 30 November 2024 2,738 4,100 6,838 1,432 1,978 3,410 4,170 6,078 10,248 Net book value As at 30 Novémber 2024 As at 30 November 2023 198.160 202,260 31.006 11,293 229,166 213.553 Page 22
North West Music Academy Limited Notes to the Financial Statements for the Year Ended 30 November 2024 conlinued 10 Credltors: Amounts falllng due withln one year 2024 2023 Trade creditors other creditors Accruals and deferred Income 2,613 13,000 1,200 16,813 13,000 1.680 14,680 11 Credltors: Amounts f21llng duo aftor more than one year 2024 2023 Other creditors 178,567 186,667 Included in the creditors are the following amounts due after more than 5 yeats.. 2024 2023 After more than five years by instalments 148,667 154,667 12 Members, liability The charity is a private company limited by guarantee and consequently does not have share capilal. Each of Ihe members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. Page 23
North West Music Academy Limited Notes to the Financial Statements for the Year Ended 30 November 2024 continued 13 Related parties Controlling entlly The charity is controlled by the trustees who are all directors of the company. Related party transa¢tlons L A Faulkner is the owner of South Lakes Rock School and paid £21,132 to the charity for room hire. Truslges. advances The following balances owed to the Irustees were outstanding at the year end.. 2024 2023 D Milledge (property loan) D Milledge (other loan) 186,667 5,000 191,667 194,667 5,000 199,667 The first loan was provided to the Charity lo purchase the property in which il operates from. The loan has a flat inleresl rale of 2Q/o and will be paid back over 25 years. The second loan of £5,000 Is an interest free amount which was provided to help cover legal costs in relation to the property purchase discussed above. Page 24
North West Muslc Academy Limited Notes to the Financial Statements for the Year Ended 30 November 2024 . continued 14 Analysis of funds At1 Dècember 2023 At30 November 2024 Incoming re80urct$ Resources expended Transfers General Funds Unrestricted income fund 14,342 37,396 {27,300) 21,128 45,566 Restricted Funds Cumbria Community Fund Sir John Fisher Foundation Westmorland & Furness Council Jazz North Bursury Barrow Town Council Barrow BID 396 (3961 7,404 (7,4041 34,500 900 2,500 250 38,150 (1,9541 121,128} 11,418 900 972 (1,5281 (2501 (11,5321 7,800 (21.128) 13,290 22,142 75,546 {38,832} 58,856 Cumbria Community Fund - grant funding to purchase instruments for the Orchestral Academy. The grant is to be spent within Ve1Ve months from the date of the award or the start date of the project. Sir John Fisher Foundation - grant funding or 5 tutors to progress through the RSL Level 4 professional Diploma in Teaching (Music). The grant is valid for e1ve months and must be fully spent by May 2024. Westmorland & Furness Council - granl funding lor the performance hall development under the UK Shared Prosperity Fund {UKSPFI and Rural England Prosperity Fund IREPF) Thrive with Arts, Culture 8nd Heritage Programme. Jazz North Bursury - grant funding towards NWMA as a new Northern Promolor ahead of plans for jazz weekend in 2025. Barrow Town Council grant funding towards education events and conferences as part of Barrow Music Weekender. Barrow BID - match funding to support Barrow Jazz. Page 25
North West Music Academy Limited Notes to the Financial Statements for the Year Ended 30 November 2024 . continued Prior period At1Dg 2022 Incoming resources Resources expended AI 30 Nov 2023 General Funds Unrestricted income fund 41,782 {27,4401 14,342 Restricted Funds Cumbria Community Fund Sir John Fisher Foundation 1,000 7,500 8,500 50.282 16041 {961 17001 128,1401 396 7.404 7,800 22,142 15 Transfers A transfer of £21,128 has been made belween unrestricted and rèstricted funds since the restrictions on the funds were satisfied following Ihe purchase of fixed assel5. 16 Net assets by fund Unrèstrl¢t•d Funds Restricted Funds Total Funds 2024 Total Funds 2023 Tangible assets Current assets Creditors." Amounts falling due within one year Creditors". Amounts falling due after more than one year Net assets 229,166 9,747 229,166 23,037 213,553 12,069 13,290 {14.680) 114,680) {16,8131 1178,667) 45,566 1178,6671 58.856 {186,6671 22,142 13.290 Prior period Unrèstri¢ted Funds Restricted Funds Total Funds 2023 Total Funds 2022 Tangible assets Current assels Creditors". Amounts falling due within one year Creditors.. Amounts falling due after more than one year Net assets 213,553 4,269 213,553 12,069 7,800 116,8131 116,813) 1186,6671 1186,6671 22,142 7,800 Page 26