2021-07-31-accounts - The Liverpool Institute For Performing Arts

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			Page
Legal and Administrative Details
Operating and Financial Review
Corporate Governance Statement			13
Trustees' Responsibilities Statement			17
Financial Statements auditor's report			19
Consolidated and Institute Statement ofComprehensive		Income and Expenditure	22
Consolidated and Institute Statement ofChanges	in Reserves		23
Consolidated and Institute Balance Sheets			24
Consolidated Statement ofCash Flows			25
Accounting Policies			26
Notes to the Accounts			31

Isabel Be			Kim Johnson from6	Kim Johnson from6	Kim Johnson from6	ul	2021
Gina Carter			lan ones —Chair
ames Dow			Sean McNamara	from		3Se tember 2021
Louise Ellman			Ro er Morris
Victoria Fea			David Owen
Mark Featherstone-Wi			Frank Sanderson		to 25		June 2021
Jonathan Ford	to	25 June 2021	Simeon Scheuber-Rush				from 9November 2020
Simon Fowler			Andrew Westwood
Geoffre Goodwin		—Vice Chair	Claire Workman
JoeJohnson from		4Au ust 2021	Richard Youn	to	25	une 2021

BA	Actin						108
BA	Actin	Screen and	Di ital	Media			30
BA	A lied Theatre and Communi				Drama		66
BA	Creative Technolo		ies and	Performance			25
BA	Dance						94
BA	Mana	ement ofMusic, Entertainment,				Theatre and Events	91
BA	Music						96
BA	Music	Son 'tin	and Performance				107
BA	Music	Son 'tin	and Production				60
BA	Sound	Technolo
BA	Theatre and Performance			Desi			50
BA	Theatre and Performance			Technolo			58

year ended 31«		2021		2021		2020		2020
)uly
INCOME		Consolidated		Institute		Consolidated		Institute
	Notes
Tuition Fees		10,092,282			10,092,282	9,511,165		9,511,165
Funding Body Grants	1.2		590,656		590,656	2,544,598		2,544,598
Project Income	1.3		254,116		254,116		339,399	339.399
Other Income			502,824		502,824		729,816	728,566
Investment Income	1.5		5,726		5,726		7,175	7,175
Total Income
before Donations and		11,445,604			11,445,604	13,132,153		13,130,903
Endowments
Donations and Endowments	1.6		50,624		50,624		41,261	42,012
Total Income		11,496,228			11,496,228	13,173,414		13,172,915
EXPENDITURE
Staff Costs		7,707,485			7,707,485	7.266,649		7,266,649
Other Operating Expenses		3,041,412			3,041,412	2.899,264		2,900,110
Depredation			929,875		929,875		945,691	945,691
Interest and
Other Finance			19,397		19,397		36,642	36.642
Costs
Total Expenditure		11,698,169			11,698,169	11,148,245		11,149,092
(Loss) /
Surplus before		(201,941)			(201,941)	2,025,169		2,023,823
Tax
Taxation
(Loss) /
Surplus and
Total Comprehensive		(201,941)			(201,941)	2,025,169		2,023,823
Income for the
year
Represented by:
Unrestricted
(expenditure) / income for the		(249,296)			(249,296)	2,015,699		2,014,353
year
Restricted
income for the			50,000		50,000		10.000	10.000
year
Endowment
(expenditure) / income forthe			(2,645)		(2.645)		(530)	(530)
year

	Income and Expenditure	Income and Expenditure	Account
	Endowment	Restricted	Unrestricted	Total
Consolidated
Balance at1"August 2019	270,184	422,120	16,554,158	17,246,462
[Deficit)/Surplus from the income and Expenditure Account	(530)	10,000	2,015,699	2,025,169
Balance at1"August 2020	269,654	432,120	18,569,857	19,271,631
(Degcit] / Surplus from the Income and Expenditure Account	(2,645)	50,000	(249,296]	(201,941)
Transfers between funds		(482,120)	482,120
Total Comprehensive Income for the year	(2,645)	(432,120)	232,825	(201,941)
Balance at31"July 2021	267,009		18,802,681	19,069,690
Institute
Balance at1"August 2019	270,184	422,120	16,555,504	17,247,808
(Deficit]/Surplus from the Income and Expenditure Account	(530)	10,000	2,014,353	2,023.823
Balance atte August 2020	269,654	432,120	18,569,857	19,271,631
(Degcit) / Surplus from the Income and Expenditure Account	(2,645)	50,000	(249,296)	(201,941)
Transfers between funds		(482,120)	482,120
Total Comprehensive Income for the year	(2,645)	(432,120)	232.825	(20L941)
Balance at31uJuly 2021	267,009		18,802,681	19,069,690

			Asat31uJuly 2021	Asat31uJuly 2021	Asat31"July	2020
			Consolidated	Institute	Consolidated	Institute
		Notes
Non-Current Assets
intangible Assets			243,674	243,674	272,232	272,232
Fixed Assets			16,567,450	16,567,450	17,016,666	17,016.666
Assets Held in Trust			1.425,831	1,425,831	1,564,396	1,564,396
Investments			2,377	2,477	2,377	2,477
			18,239,332	18,239,432	18,855,671	18,855,771
Current Assets
Stock		10	4,000	4,000	4,850	4,850
Trade and Other Receivables		11	518,429	518,429	549,263	549,263
Cash and Cash Equivalents		12	3,436,161	3,436,161	3,226,586	3,226,586
			3.958,590	3,958,590	3,780,699	3,780,699
Less:Creditors
Amounts Falling Due Within One Year		13	(3,128,232)	(3,128,332)	(3,137,763)	[3,137,863)
Net Current Assets			830,358	830,258	642,936	642,836
Total Assets less Current Liabilities			19,069,690	19,069,690	19,498,607	19,498,607
Less: Creditors
Amounts Falling Due after more		14			(226,976)	(226,976)
than One Year
Total Net Assets			19,069,690	19,069,690	19,271,631	19,271,631
Restricted Reserves
Income and Expenditure Endowment Reserve	Reserve—	15	267,009	267,009	269,654	269,654
Income and Expenditure Restricted Reserve	Reserve—	16			432.120	432,120
Unrestricted Reserves
Income and Expenditure - Unrestricted	Account		18,802,681	18,802,681	18,569,857	18,569,857
TotalFunds			19,069,690	19.069,690	19,271,631	19,271,631

Cash Flow from Operattng	Activities	Activities			2021 6	2020 6
Surplus for the year ended	31eJuly				(201,941]	2,025,169
Ad)ustment for Non-Cash	Items
Depreciation					929,875	945,691
Decrease in Stock					850	2,160
Decrease / (Increase) in Debtors					30,834	440,160
[Deciease] / Increase in Creditors					316,197	(388,296)
Assets Donated						(29,214)
Ad]ustment for Investing	orPinancing		Activities
Investment Income					(5,726)	(7,175)
interest Payable					19,397	36,642
Loss on SaleofFixed Assets
Net Cash Inflow from Operating		Activities			1,089,486	3,025,137
Cash Flows from investing	acttvities
Investment Income					5,726	7,175
Payments made toAcquire	Fixed	Assets			(489,421)	(3,887,715]
					(483,695]	(3,880,540]
Cash flows from financing	activities
Interest Paid					(19,397]	(36,642)
Loan Repaid					(376,819)	(545,526)
					(396,216)	(582,168)
Increase/(Decrease] in Cash and Cash year			Equivalents	in the	209,575	(1,437,571)
Cash and Cash Equivalents	at beginning		ofthe year		3,226,586	4,664,157
Cash and Cash Equivalents	at end	ofthe	year		3,436,161	3,226,586

Income		2021	2021	2020	2020
		Consolidated	Institute	Consolidated	Institute
1.1	Tuition Fees
	Full Time UK/EU Undergraduate Fees	6.993,470	6,993,470	6,466,255	6,466,255
	Full Time Overseas Undergraduate Fees	2,197,859	2,197,859	2,383,642	2,383.642
	Postgraduate and
	foundation self-funded	897,533	897,533	627,183	627,183
	fees
	Audition and Other Pees	3,420	3,420	34085	34085
		10,092,282	10,092,282	9,511,165	9,511,165
1.2	Funding Body Grants
	OfS Recurrent Grants	443.798	443,798	440,073	440,073
	OfS Capital Grant 05Hardship Funding	74,174 72,684	74,174 72,684	43,859	43,859
	Catalyst Revenue Grant			355,000	355,000
	Catalyst Capital Grant			1705666	I705666
		590,656	590,656	2,544,598	2,544,598
1.3	Project Income
	LIPA 4-19	234,085	234,085	315,402	315,402
	Other Projects	20,031	20,031	23,997	23,997
		254,116	254,116	339,399	339,399
1.4	Other Income
	Catering, Barand Venue Hire	74,538	74,538	250,914	ZS0,914
	Projects and Performances	90,437	90,437	134,159	134,159
	Service Level Agreement Income	216,624	216,624	208,554	208,554
	Sundry Income	121,225	121,226	136,189	134,939
		502,824	502,824	729,816	728,566
1.5	Investment income
	Interest Receivable	5,726	5,726	7,175	7,175
		5.726	5,726	7,175	7,175
	Donatioosand
	Endowments
	New Endowments			950	950
	Donations with Restrictions	50,000	50,000	39,214	39,214
	Unrestricted Donations	624	624	1,097	1,848
		50,624	50,624	41,261	42,012

Average number ofpersons (including the Founding Principal and Chief Executive) employed during the	Average number ofpersons (including the Founding Principal and Chief Executive) employed during the	Average number ofpersons (including the Founding Principal and Chief Executive) employed during the	Average number ofpersons (including the Founding Principal and Chief Executive) employed during the	Average number ofpersons (including the Founding Principal and Chief Executive) employed during the	Average number ofpersons (including the Founding Principal and Chief Executive) employed during the	Average number ofpersons (including the Founding Principal and Chief Executive) employed during the	2021oumber		2020 number
year was:
Administration							60		63
Teaching and	Teaching Support						86		85
Catering, Bar, Conference and Venue Hire							6		6
							152		154
In addition, about 180staff were employed				on apart time hourly paid basis. Many ofthese were students orpart-
time LIPA 4-19staff. The full time equivalent					of	all the part-	time hourly paid staff	is 12(2020:12),
					2021		2021	2020	2020
					Consolidated		Institute	Consolidated	Institute
The aggregate	amounts for	staff	and
directors can be	split into the	following
categories:
Teaching						4,403,514	4,403,514	3,979,173	3,979,173
Productions						456,283	456,283	427,059	427,059
projects						152,723	152,723	156,892	156,892
Canteen, Bar and	Venue					120,131	120,131	152,790	152,790
Information Systems and Technical Support						520,182	520382	525,802	525,802
Marketing and Student Recruitment						698,417	698,417	728,264	728,264
Facilities						443,495	443,495	409,869	409,869
Administration						912,740	912,740	886,800	886,800
					7,707,485		7,707,485	7,266,649	7,266,649
							2021		2020
							No.		No.

			2021			2020
			6
Reimbursement	oftravel and	accommodation
expenses to one	director (2020:three directors).		89			347
Analysis ofOperating	Expenditure	by Activity
		2021		2021	2020		2020
		Consolidated		institute	Consolidated		institute
		6		6	6
Teaching Related		545,700		545,700	435,116		435,116
Productions		249,293		249.293	147,149		147,149
projects		40,588		40,588	54,262		54,262
Cafe. Barand Venue		23,529		23.529	110,433		110,433
Information Services and Technical Support		615,474		615,474	446,268		446,268
Marketing and Student	Recruitment	205,9&9		205,989	362,210		362,210
Facilities		626,989		626,989	587,717		587,716

gible Assets (solbvare) olidated and Institute
Cost	Total
	E
At 1*iAugust 2020	637,535
Additions
Disposals	[197,896)
At31eJuly 2021	439,639
Depreciation
At1"August 2020	365,303

Charge for the Year	28,558
Eliminated on Disposal	(197,896)
At31"July 2021	195.965
Net BookValue
At31oJuly 2021	243,674
At31"July 2020	272,232

Consolidated and Ins	titute
	Freehold Land	Assets	in	Fixtores,
	and	Course	of	Fittings and	Art Works	Total
	Buildings	Construction		Equipment
	6	6		6
Cost
At la August 2020	13,897,683	2,194,450		5,574,402	197,092	21,863,627
Additions	57,800		73,675	182,061		313,536
Transfers	2,268.125	(2,268,125)
Disposals				[228,779)		(228,779)
At31"July 2021	16,223,698			5,527,684	197,092	21,948,384
Depreciatioa
At 1e August 2020	1,141,228			3,508,641	197,092	4,846,961
Charge for the Year	287,148			475,604		762,752
Disposals				(228,779)		(228,779)
At3to July 2021	1,428,376			3,755,466	197,092	5,380,934
Net BookValue
At 31uJuly 2021	14,795,232			1,772,218		16,567,450
At31eJuly 2020	12,756,455	2,194,450		2.065.761		17,016,666

	Forthe year ended 31"July	Forthe year ended 31"July	Forthe year ended 31"July	Forthe year ended 31"July	2021
11.	Trade and Other Receivables					At 31uJuly 2021							At31"July 2020
	Amounts due	within	one year			Consolidated		Institute				Consolidated Institute
						6		6					6
	Tuition and Other Fees					35,862		35,862					15,029	15,029
	Other Debtors					166378		166,378					192,731	192,731
	Amount owed	by subsidiary
	undertakings
	Amounts owed by related undertakings					7,755			7,755
	Prepayments	and Accrued Income				308,434		308,434					341,503	341,503
						518,429		518,429					549,263	549,263
12.	Cash and Cash	Equivalents				At31aJuly 2021							At31oJuly2020
						Consolidated			Institute				Consolidated	Institute
						f			6
	Cash and Cash	Equivalents				3,436,161			3,436,161				3,226,586		3,226,586
13.	Creditors: Amounts		falling	due within		one	At	31uJuly	2021				At 31uJuly	2020
	year
						Consolidated			Institute				Consolidated		Institute
							6				6		8		6
	Bankloan						395,682				395,682		545,525		545,525
	Trade Creditors						772,662				772,662		953,559		953,559
	Taxation and	Social	Security				375,568				375,568		314,623		314,623
	Accruals						367,948				367,948		265,503		265,503
	Other Creditors and		Deferred income				1.216,372			1,216,472			1,058,553		1,058,653
							3,128,232		3,128,332				3,137,763		3,137,863
	Deferred Income
	Included in other creditors			and	deferred income are		the following		items		of	income	which have been deferred		until	specific
	performance	related	conditions		have been met.
								At31uJuly		2021			At 3to July 2020
						Consolidated					Institute		Consolidated		institute
												6	6			6
	Donations							4,000				4,000	2.000			2,000
	Crants												26.769			26,769
								4,000				4,000	28,769			28,769

14.	Creditors: Amounts than one year	Creditors: Amounts than one year	falling	due after more	At31eJuly	2021		At31"July	20ZO
					Consolidated	Institute		Consolidated	Institute
					6			E	6
	Bank loan:	Amounts	payaBle
	Between one and two years Between two and five years							226,976	226,976
	Over live years
								226,976	226,976
15.	Endowments			Restricted Permanent Endowments	Unrestricted Permanent Endowments	Expendable Endowments		2021 Total	2020 Total
				6	6
	Balances at	teAugust
	2020
	Capital						238,689	238,689	239,441
	Accumulated	Income					30,965	30.965	30,218
							269,654	269,654	270,184
	New Endowments								950
	Investmentlncome						809	809	270
	Expenditure						(3,454)	(3,454)	(1,750)
	At31"July Z021						267,009	267.009	269,654
	Represented	by:
	Capital						235,372	235,372	238,689
	Accumulated	income					31,637	31,637	30,965
							267,009	267,009	269,654
	Analysis by	type of
	purpose
	Bursary and	Prize Funds					62,909	62,909	63,398
	Culture						181,270	181,270	180,727
	Graduate Business
	Support						22,830	22,830	25.529
							267,009	267,009	269,654
	Analysis by Asset
	Cash						267,009	267,009	269,654

eserves with r	estrictions are as follow	s:
			Capital	Other Restricted	2021	2020
			Grants	Fundsand Donations	Total	Total
				6		E
Balances at 1«August 2020				432,120	432,120	422,120
New Grants						1.705,666
New Donations				50,000	50,000	10,000
investment income
Capital Grant Utilised
Expenditure
At 31«)uly 2021						432.120
Analysis ofOther Restricted Funds and Donations by type ofpurpose					2021	2020
					Total	Total
					E	E
Buildings						418,120
Other						14,000
						432,120
Other restricted	funds include donations	and restricted	expendable	endowments.

17.	Reconciliation ofCash Flow	Reconciliation ofCash Flow	Reconciliation ofCash Flow	toStatement ofFinancial Position	toStatement ofFinancial Position
	Consolidated				At 1«August 2020	Cash Flows At31«July 2021
					E		E
	Cash at Bank and on Deposit				3.226,586	209,575 3,436,161
	Other
					3,226,586	209,575 3,436,161
18.	Consolidated	reconciliation		ofnet credit
						31July 2021
	Net credit at	1August	2020			2,454,085
	Movement in	cash and cash equivalents				209,575
	Other non-cash changes					376,819
	Net credit at31July 2021					3,040,479
	Change in net credit					586,394
	Analysis ofnet credit:					31July 2021	31July 2020
						E	E
	Cash and cash equivalents					3.436,161	3.226,586
	Borrowings:	amounts	falling	due within	one year
	Secured loans					(395,682)	(545,525)
	Borrowingst	amounts	falling	after more	than one year
	Secured loans						(226,976]
	Net credit					3,040,479	2,454,085

19.	Capital and Consolidated		Other Commiunents and Institute at31"July		2021	2020
					E	E
	Commitments		contracted for refurbishment	ofestates		24,738
	Other capital		additions
						24,738
20.	Contingent	Assets and Uabilities
	Consolidated		and Institute at31»July		2021	2020
					E	E

						31»July 2021		31"July
								2020
				Plant	and	Other Leases	Total	Total
				Machinery
				E
Payable during the year					9,545		9,545	10.059
Future minimum Lease payments		due
Not later than one year					9,455		9,455	1,006
Later than Iyear and not later	than	5 years			9,455		9,455
					28,455		28,455	1,006
Financial assets and liabilities
				31»July 2021			31»July	2020
				Consolidated		ltlstitute	Consolidated	Institute
				E		E	E	E
Financial assets measured at	amortised cost			3,646,156		3,646,156	3,434,346	3,434;346
Financial liabilities measured	at amortised		cost	2,187,397		2,187,397	2.318,055	2,318,055