Annual Report September 2023 – August 2024
The chair and trustees are pleased to report SEDMC has had a successful year. Despite the economic climate the music centre has managed to maintain membership. Membership fees were held at the same rate to encourage existing members to stay and new members to join.
We successfully applied to become a delivery partner as part of Derbyshire Music Partnership in line with the new government plan. We continue to offer a wide range of opportunities for ensemble playing and singing on term time Saturdays.
The Autumn term began with an external concert for flutes. The concert was the majority of the current SEDMC flute players plus SEDMC alumni flautists many of whom now pursue musical careers. The concert was to highlight the fundraising needed for the 2024 SEDMC European tour.
A revision of the musical progression routes for members was carried out in this term with the formation of SEDCO (South East Derbyshire Concert Orchestra). The published progression routes provide greater clarity and understanding of the musical pathways offered by SEDMC to members. This was of benefit to members, their parents, and carers and has potential benefits to member recruitment.
Every group contributed to the end of term Christmas concerts including BeatRoots. BeatRoots is the youngest members of SEDMC making music and learning the musical foundations of rhythm and timing in a fun way.
Groups of members were involved in a variety of community settings with Christmas Markets, light switching on, and carol concerts.
The concerts at the end of Spring term were also very successful. The senior groups held a prom concert which showcased the remarkable musical talents of these young people.
A small group flute choir was created and performed at Derby Arts Festival in March and won the award for the most outstanding small group.
At the end of the summer term a Summer Festival Day of music making was held. This was three shorter performance slots with all members involved in some capacity. This was a successful and enjoyable day.
The planned European tour went ahead in July encompassing three countries. The tour had over 50 players who excelled musically and socially throughout the tour.
As is SEDMC all year 13 members were presented with a red rose to say farewell as they move on.
Some financial concerns were experienced due to the timings of receipt of the Arts Council grant. To attempt to mitigate this, successful discussions took place with our main landlord to negotiate more favourable terms for the annual rent. We have also entered into discussion with professional fundraisers to investigate pursuing other income sources. The financial position remains secure despite the challenges experienced. The Accounts for SEDMC are below.
Annual Finance Report
Registered charity, number 1180960 For the period ended 31 August 2024
Prepared by Steven Hardy
Prepared on
22 June 2025
This financial statement has been prepared to comply with cash accounting method.
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Table of Contents
Treasurer’s report …………………………………………………………………………………………. 3 Independent examiner’s report …………………………………………………………………….….... 4 SEDMC Finance Statement ……………………………………………………………………………... 5 Bank balances …………………………………………………………………………………………….. 6 Notes to the accounts ……………………………………………………………………………………. 7 Glossary of terms ………………………………………………………………………………………..... 8
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Treasurer’s report
The principal funding sources for the charity have remained to be from membership subscriptions and the Arts Council England grant administered by the Derby and Derbyshire Music Partnership.
This year has seen a decrease in total funds held.
Total income this year was £55.1k and total expenses was £64k.
The financial statement for year-end August 2024 therefore displays a deficit of £9k. Two key factors impacting the Trust’s finances during the period were:
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Change of the date of the payment of the Arts Council England grant of £17,000, awarded on the delivery of key performance indicators by the Trust, from March/April to September, thus moving this payment into the next financial year.
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Late invoicing for the rental of the Kirk Hallam Community Academy for the period, with payment of £8,307 expected early in the next financial year.
Notwithstanding these factors and Tour income/expenditure, the Trust saw a deficit from its ordinary activities during the period.
Income highlights for the period included a modest increase in total membership fees (from £16,429 to £16,795, demonstrating continued stability) that was also contributed in part to an increase in gift aid for the period (£4,267, compared to £3,960 and £3,210 for the previous two periods, both received in 2022-23) that also included the opportunity to claim gift aid from concert activity. The tuck shop saw a turnaround in its performance, with a 55% increase in sales, in part due to improved stock and a better location.
Although expenditure, excluding tour payments, was in line with the previous year (£43,004, compared to £43,813 in 2022-23), rent of £8,307 due for the period was deferred until 2024-25. Staff costs increased by 15% and a one-off increase in instrument costs (new piano and music stands) were key factors in increase expenditure.
The Trust closed with a cash reserve of £25,770.13, of which £9,907.23 is restricted for future tours—reflecting the success of recent fundraising efforts.
Although this leaves the unrestricted reserve temporarily below the target identified in the Trust’s Reserves Policy (two terms’ worth of essential operating costs, approximately £30,600 for 2023– 24), this shortfall is due to timing issues
rather than structural imbalance. Specifically, had the grant funding been received and the rent invoice settled within the financial year, reserves would have aligned with the policy target.
Inflationary pressures are expected to increase the reserve requirement in the short- to mediumterm. Nonetheless, the Trust remains committed to prudent financial stewardship and is confident that, once outstanding income and expenses are realised, reserves will return to the intended level.
It is the Trustees view that they will continue to seek to maintain finances in 2024-25 and withstand inflationary pressures on costs. There will be a continued focus on sustained growth of fee-paying members and control of costs to provide for stable finances in the medium-term and increasing reserves in line with Policy, with expected increases in costs.
The Trust’s independently verified accounts are attached to this Report.
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Independent examiner's report on the accounts
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Section A Independent Examiner’s Report
Report to the trustees South East Derbyshire Music Centre Trust
On accounts for the year 31 August 2024 Charity no 1180960
ended (if any)
Set out on pages 6 to 9
I report to the trustees on my examination of the accounts of the above charity
(“the Trust”) for the year ended 31 /08 /2024 .
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Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
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Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
- Please delete the words in the brackets if they do not apply.
Signed: Date: 24/06/2025 Name: Charlotte Hallworth
Relevant professional Chartered Global Management Accountant (CGMA) qualification(s) or body (if any):
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South East Derbyshire Music Centre Trust Financial Statement
1 September 2022 to 31 August 2023
| 1 September 2022 to 31 August 2023 | ||
|---|---|---|
| Total | ||
| Sep 2023 to | Sep 2022 to | |
| Aug 2024(£) | Aug 2023(PY) (£) | |
| INCOME | ||
| Concerts income | 7,264.82 | 8,118,85 |
| Donations and legacies | 4,267.36 | 26,260.75 |
| Instrument Hire | 30.00 | 45.00 |
| Interest Received | 311.19 | 138.21 |
| Music Centre Fee | 16,475.00 | 15,885.00 |
| Sales | (1.00) | 1,043.50 |
| Satellite Clubs | 320.00 | 544.00 |
| Tour income | 25,243.46 | 9,695.00 |
| Tuck Shop Sales | 2,513.56 | 1,625.41 |
| Total Income | 56,424.39 | 61,355.72 |
| COST OF SALES | ||
| Cost of sales | 0.00 | 1,010.00 |
| Tuck Shop costs | 1,296.21 | 2,475.88 |
| Total Cost of Sales | 1,296.21 | 3,485.88 |
| TOTAL | 55,128.18 | 57,869,84 |
| EXPENDITURE | ||
| Advertising/Promotional | 486.50 | 124.48 |
| Bank Charges | 28.17 | 7.07 |
| Computer Costs | 566.07 | 577.18 |
| Concert Expenses | 330.91 | 383.12 |
| Instrument Insurance | 646.80 | 646.80 |
| Instrument Purchases | 1,501.65 | 240.16 |
| Miscellaneous Expenses | 369.12 | 1,270.25 |
| Music Purchases | 234.38 | 523.10 |
| Office/General Administrative Expenses | 16.99 | 76.49 |
| Phone Costs | 47.88 | 69.46 |
| Printing, Postage and Stationery | 237.15 | 84.24 |
| Rent - All venues | 652.50 | 6,970.00 |
| Salaries | 36,083.41 | 32,583.64 |
| Tour Payments | 21,499.65 | 9,300.00 |
| Training | 300.00 | 257.00 |
| Total Expenditure | 64,131.86 | 53,112.99 |
| NET OPERATING INCOME/(EXPENDITURE) | (9,003.68) | 4,756.85 |
| NET INCOME/(EXPENDITURE) | (9,003.68) | 4,756.85 |
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Bank balances
| Balance held at year-end Cash Held PayPal Saving / Reserve account Current account Total Current liabilities Total current liabilities Total net assets Cash funds are split between Restricted Unrestricted Total Cash movement over the financial year Opening Bank Balances Income and Expenditure result (page 5) Closing Bank Balance |
2024 £ 0.00 0.00 20,619.49 5,150.64 25,770.13 0.00 25,770.13 9,907.23 15,862.90 25,770.13 34,773.81 (9,003.68) 25,770.13 |
2023 £ 0.00 126.37 20,308.30 14,339.14 |
|---|---|---|
| 34,773.81 | ||
| 0.00 | ||
| 34,773.81 | ||
| 6,163.42 28,484.02 |
||
| 34,773.81 | ||
| 30,016.96 4,756.84 |
||
| 34,773.81 |
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Notes to the accounts
| 1) Donations, Grants & Subsidies Gift aid received Other income Arts Council England SLA grant received TOTAL |
2024 4,167.36 100.00 0.00 4,267,36 |
2023 7,170.08 52.67 17,000.00 |
|---|---|---|
| 24,222,75 |
2) Assets for own use
SEDMC own a variety of instruments which are used in the delivery of our music programme throughout the year. These are insured to the value of £77k.
Includes the new Piano purchased 2024-25
3) Creditors
| 3) Creditors | |
|---|---|
| Rent for use of Kirk Hallam Community Academy, | |
| invoice expected September 2024. | 8,307.00 |
| 4) Debtors | |
| Arts Council England grant (payment moved from | |
| March/April to September). | 17,000.00 |
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Glossary of terms
Receipt & Payment accounts
Receipt and payment accounts contain a summary of money received and spent during the period. Usually, this lists cash received and cash spent either as transactions through bank accounts or by cash in hand.
Bank Funds
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds are unrestricted funds earmarked by the trustees for a particular purpose.
Restricted funds can only be used for particular purposes within the objects of the charity. Restrictions arise when specified by a donor or when funds are raised for specific purposes.
Creditors
These are amounts owed by the charity, but not paid during the accounting period.
Debtors
These are amounts owned to the charity, but not received in the accounting period.
Prepayments
These are services that the charity has paid for in advance, but not used during the accounting period.
Cash basis of accounting (Cash Method)
SEDMC adopts this method of financial reporting for its annual accounts submission to the Charity Commission. It is a simple method of record keeping. No prepayments, Accrued income or expenses, no debtors or creditors in the balance sheet. The finance report is purely cash received and paid within the financial year. Notes to the accounts are for informational use and are not shown in the balance sheet of the Cash Method.
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