BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Charity registration number 1072627 Company regislration number 03448894
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CONTEKrs Page Legal and administrative informab'on Trustees, annual r8POrt IrKlependenl auditor's report 9-12 Statement of financial activities 13 Statement of cashflows and reconciliation of net debt 14 Balance sheet 15 Notes to the financial statements 16-27
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Charity number 1072627 Company number 03448894 Govemlng document The Company is govem8d by its memanduM and arbdes of association. Known as The Conservatoire Registered and Principal Office 19-21 Lee Road Blackheath London SE3 9RQ Auditors Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers Barclays Lev8127. 1 Churchill Place London E14 5HP Current Trustees Jane Burton- Joint Chair Clare Cornwell- Joint Chair Mhairi Baxter Duncan Campbell Simon James Tom Lee James Radford Emma Smillie Executlve Director Patrid( Holden Wabsite https:/Avww.consep4atoire.org.uk
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT The Trustees, who are the directors of the Company for th8 purposes of Company law, have pleasure in presenting their report together WFth the financial statement for The Blackheath Conseprfatoire of Music and the Arts Ltd (the °Cons8rvatoire° or the °COmpan) for the year ended 31 Augusl 2024. The report has been prepared in accordance with the Charrties Act 2011 and it is also the report of the directors for the purposes of the Companies Act 2006. The financial statements have been prepared in accordance with the accounting policies set out on pages 16 and 17 of the attached financial statements and comply with the Company's Memorandum and Articles of Association. Structur•. Governance and Management The Company is a charity and a Company limited by guarantee. The charity registration number is 1072627. The Company registration number is 03448894. The governing documents are its Memorandum and Articles of Association which were last amended on 11 May 1999. The Members are the guarantors of the Company and each has undertaken to contribute such amounts as may be required (but not exceeding £10) to the Companls assets if it shoukl be wound up while they are a member. or wlthin one year after they should cease to be a member, for payrnent of the Compsny's debts and liabillties contracted before they ceased to be a membei. together with the costs, charges and expenses of the windlng up. and for the adjustrnents of the rights of the contributories among themselves. Trustso$ The Trustees constitute the directors of the Company for the purposes of th8 Companies Act 2006. The initlal Trustees were appointed at the date of incorporation. with futu Trustee appointments being made in subsequent y8ars on the basis of eligibility, personal compet8nce. specialist skllls and local knowledge. New Trustees receive an induction into the operations of the Company. The retirement by rotation and re-election procedures for the Trustees are set out in the Memorandum and Artides of AsslatiOn. There must be a minimum of three Trustees but there is r70 maximum limit. The following Trustees held Offi between 1 September 2023 and the date of this report, unless Othenvise noted below. Name Mhairi Baxter Jane Burton - Joint Chair Duncan Campbell Clare Comwell - Joint Chair Simon James Tom Lee James Radford Emma Smilli8 Date Appoint Date Rèsigned
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COM,PANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT Trustees (contlnued) The beneficial interest of the Trustees in contracts and transadions with the Company during the period are disdosed in note 18 of the financial statements. Statemènt of Trustèes, responsibilities The Trustees are responsible for preparing the Trustees, report and financial statements in accordance with applicable laws and United Kingdotn Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Company and of the incoming resources and application of reSoUrs. including the income and expenditure. of the Company for that period. In preparing these financial statements. the Trustees are required to: Select suitable accounting policies and then apply them consistenti Observe the methods and principles in Ihe Charities SORP.. Make judgements and estimates that ar8 reasonable and prudent" State whether applicable UK accounting standards have been followed, subject to any material deparbjres disclosed and 8xplained in the financial statements; and Prepare the financial statements on the going concem basis unless tt is inappropriate to presume that the Company will Gontinu8 in oper8tion. The Trustees are responsible for keeping adequat8 accounting records that disclose with reasonable accuRcy at any time the financial position of the Company and enable them to ensure that the financial statements comply wlth the Companies Act 2006. They ar8 also spOnSible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the Trustees confims that: So far as the Trustee is aware, there is no relevant audit information of which the CoMpanS audith are unaware,. and The Trustee has taken all the steps that they ought to have taken as a Trustee in order to make themseIv8S aware of any relevant audit infomiation and to establish that the Company's auditors are aware of that infonnation. This confirmation is given and should be inteweted in accordance with the provisions of $418 of the Companies Act 2006. The Trustees are responsible for the rna1ntenan and integrity of the Company and financial infonnation included on the Company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Objectives of the charity The long term objectives of the charity are its objects. as set out in the Memorandum of Association. being to promote the study, knowledge. understsnding and appreciation of music, fine arts and the applied arts (altogether e arts.) for the benefit of the inhabitants of Blackheath, Greenwich, Lewisham and the surrounding area. The charity also atms to provide sustainable bursary funding to selected students to enable them to complete their studies. The charrty has set a short temi objective of aGhieving and maintaining a sustainable n8t surplus through the expansion of its range of courses. the increase in the occupancy on its courses. the development of other funding sources such as rental income and the careful monitoring of costs.
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT M•asurement of succes5 against aims and objectlV88 The Trustees have referred to the guidance in the Charity Commission general guidance on public benefrt when reviewing the aims and objectives of the Company and in planning its activities and in measuring its success against those aims and objectives. The activities of the charity fulfil the public benefit requirements through the provision of music. drama and art courses that woukl not be available to students through other local sources or organisations and the provision of financial support to students who would. without this support. be unable to benefit from the tuition provided. The charity measures tts success against its long term objectives by the level and quality and range of the tuition provide(1 to its students, the level of engagement provided to the local comrnunily in the form of events or other sponsored activities and the level of bursary funding provided to students. The charity measures its susS againsl its short term objective by the achievement of sustainable net surplus. Main achievements in the period This report focuses on our activilies in the year including the generation of Income from individual tuition, group courses, events, rental. donations. grants and other sources. The Company has continued to maintain its focus on the provision of high qualtty art, drama and music tuition to the local communrty throughout the year. The charity also continued to engage with the communty through a number of community focused activitles and events which have been w811 attended. The level of bursary funding and other support for studenls who require financial assistance to enable them to receive tuition was maintained during the year with bursary support provided to Ukrainian refugees and their families. Rlsk management The Trustees regularly review the key id8rrtified risks facing the charity and develop action plans to minimise the impact of those risks. The Identified key risks and related responses are.. The loss of effective management of the charity through the loss of Trustees andlor key management. The Trnstees regularly review the tenure of the Board members and induct new Board members as necessary. The Board regularty reviews the performance and capabilities of the management team and ensures that contingency plans are in place to ensure the operations of the charity will not be affected by the departure of a key member of management. The inability of the charity to continue lo operate as a going concem. The Board ensures that annual profit and cash flow budgets are prepared and that performance against budget is monitored Ihrough the preparation of quarterly management accounts and forecasts. Fire or other damage to the buildings or to the IT infrastructure of the charity. The charity employs a dedi(xted Operations Manager to manage the property estate and to ensure that fire and security systems are maintained and that repairs are performed on a timely basis to minimise risk. Buildings Insuran is maintained. The charity has implemented IT policies to minimise the impact of the loss of IT infrastructure including the use of cloud based hosting of key systems. offsite storage of other key data and the daily back up of data. The loss of reputation as a result of a child safeguarding issue. The charity has a fomial child safeguarding policy in place which inclLJdes the appointment of a Trust safeguarding lead. the requirement for ongoing Tnjstee and staff training. the completion ol DBS checks and the perforniance of regular reviews with all slaff. course assistants and tutors. The Trustees will maintain the controls to mitigat8 the rfsks arising from the above risk areas.
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT Review of the year The Company has continued to make progress on the implementation of its strategic plan. In particular: The group course curriculum was maintained throughout the year and a wide range of courses and holiday courses were delivered. range of events were held in each term to enable more people to access the resources of the conservato1, including adult and child art exhibitions. concerts and other public activities. The Conservato1 was an active contributor to local community events. Improvements have continued to be made to the buildings with a number of repairs being completed during the year. Our bursary programme continued with assisted bursary places being provided during the year to help young talented musicians thriv8 and grow. The bursary scheme was maintained during the year and included Ukrainian fUgeeS and their families. The Board has also focused during th8 year on maintaining the trust and co-oper8tion of the local communily, sponsors and business partners. Particular care has be8n taken to engag8 Posltively with the local residents near the Conservatolre who are impacted by its operations. The Board will continu8 With Its positive engagement with all the supporters and business partners of the Conservatoire wlth regu18r communication to those stakeholders being issued throughout the year. Fundraislng Total donations of £102,934 were received, a decrease of £59,231. Donations of £11,385 were received to support the Developing Young Potential Fund and a donation of £5,000 was received to support the Developmenl Fund. Unrestricted donations of £86.549 were also received. A grant agreement was entered into with the Heam F(ndall0n during the year to provide additional bursary places in the 2025 financial year. The grant is for £50,000 per year for three years. £5,000 of this grant was received in the current year to provide funding for the administrative costs incurred in establishing the Heam bursary scheme and in selecting the future recipients of the Hearn bursaries. The Company did not use fundraising services. consultants or extemal professional fundraiser5 to undertake its fundraising activities. No data is shared with or sold to any extemal agencies. The Company holds events for existing donors and for individuals who hav8 expressed an interest in supporting the work of the Company. Th8 Company complies wlth the provisions of the data protection legislation. Marketing We continued to run a number of targeted marketing campaigns during the year to support the d8velopment and expansion of the group course curriculum and the range of other events. We also continu8d to malntain the Conservatoire w8bsite in order to provide extensive information our activities and courses.
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COM,PANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT Staffing Staff and tutors have continued to provide a dedicated sen11 to our custom8rs and the public during the year. Remuneration policy The remuneration policy of the charity is to offer a range of benefits to employees. including pension scheme participation. part time and flexible working and discounts that will enable the Company to offer competitive remuneration packages to current and prospective employees. Trnstees There was no change in Trustees during the year. Financial review The results for the year and financial position of the Company are shown in the financial statements. Total income increased by £53.404 to £1.744.734. due to th8 increases in course income, other course related income and rental income. These increases arose from the impact of pri increases and other incom8 generating actions taken during the year. Total donations of £102,934 were reived. a decrease of £59.231. Donations of £11.385 were received to support the expanded Developing Young Potential Fund and £5.000 was received to support the Development Fund. Unrestricted donations of £86,549 were also r8ceived. Total grants of £5,000 were reIved, a decrease of £11.114. The current year grant provided funding for the administrative costs of establishing the Heam bursary scheme and selecting the ffjcipients of the Heam bursary. Total expenditure increased by £97.696 to £1,741,581. Course related expenditure incr8ased by £6,600 to £775,124, due to the increase in teaching and other course related activity. Outreach expenditu decreased by £2,317 to £2,221 as due to the reduction in activity levels. SupFK)rt expenditure, which includes salaries, marketing and publi(ity costs. office costs, premises costs. professional fees, finance costs. depreciation and g0Veman costs increased by £93.413 to £964.236. reflecting increased salary costs arising from the implementation of staffing changes. increased marketing and publicAty costs to promote course5. increased professional fees to support IT changes and increased operational costs due to inllation. The operating profit. being net income before finance cosls and depreciation. decreased by £52.737 to £169.362 as a result of the net impact of the fadors noted above Finan costs decreased by £5,885 to £109,9, due to the interest savings arising from the £984,356 early repayment of the Triodos bomwing, net of the related eady repayrnent fees. The £800,000 loan from the Charites Foundation {"CAF"), which was taken out in the year to repay part of the Triodos borrowing, is non-inter8st bearing. The net profit after finance costs decreased by £46.852 to £60.293, as a resutt of the net impact of the factors noted above. Depreciation costs decreas8d by £2.560 to £57,140. as a result of flxed assets becoming fully depreciated. n8t of the additional depreciation on the capital expenditure in the curr8nt year and prior year. The net income for the ar, after finance costs and depreciation, decreased by £44,292 to £3,153 as a result of the net impact of the factors discussed above.
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT Flnancial review (continued) Fixed and intangible assets decreased by £44.555 to £1.373,619, as the deprecialion charge for the y8ar exceeded the capital expenditure on fixed asset additions. Current 8ssets decreased by £141.710 10 £663,914. pritnarily due to the utilisation of cash lo repay a portion of the Triodos loan. Cuffent liabilities decreased by £33.227 to £589,940. being the net impact of the reduction in the current wrtion of loans due to the repayments made in the year. the increase in trade creditors and the decase in other liabilities. Non-current liabilities decreased by £156.191 to £1.356.443. as the net result of the loan repayments made during the year. During the year £984,386 of the existing Triodos loan was repaid utilising the proceeds from the £800,000 CAF loan and £184,386 of cash resources. Restricted funds decreased by £29.196 to £69.497 due to the excess of restrict8d expenditure over restricted income. The g8neral reserve deficit decreased by £38,185 to £503,568 due to the net impact of the retained surplus for the year of £32.349 and th8 Iransfer of £5,836 from Ihe revaluation reserve to the general reserve. The revaluation reserve de¢aSed by £5,836 to £525,221 as a result of the additional depreciation on the revalualion surplus being transferred to the general reserve. The total r8senies of the Company increased by £3,153 to £91.150 as a result of the retained surplus for the year. Funds The Company has a general fund and a revaluation reserrfe fund the accounting policy for which are described in note 1 to the Financlal Statements. These funds are consldered by the Trustees to be unrestricted funds. The Company has a Developing Young Polential fund. which is a restricted fund. The Developing Young Potent1 fund holds the funds donated to enable the Company to fund bursary students. including Ukrainian refugees and their families. The Company has established a Development Fund. which is a restricted fund. The Development Fund holds the funds donated to fund expenditure on the development of the Conservatoire, including the development of IT SyStns. fundraising capacity and other operational improvements The Company did not hold any designaled funds as at 31 August 2024 (2023 - £nil). Reserves policy The Trustees intend to eliminate the deficit on general reserves by implementing a strategy to generat8 sustainable net profits in the future. Net profits will be generated by increasing income levels through the identification of additional revenue sources, including grants and by growing course revenue, together with continued control over costs. The Trustees intend to increase reserves to a level that will enab18 the Company to meet the overheads of the organisation for a three month period. Future plans In the irnmediat8 future the Company is engaged in ensuring that future individual tuition and group COULSe income continues to increase through the provision of additional tuition, group courses and holiday courses. The Company wfll also look at other income generating opportunities thal are consistent with Its aims arKI objectives.
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT Future plans (continued) The Going Concem section of this reporl provides information the budget for the 2025 financial year and th8 ability of the Company to continue to operate in the tuture. The longer term future plans of the Company remain to maintain and develop its range of courses. tuition and events in order to sustain the level of charitable income fr( this sour. The Company will need to balance tha demands for tuition space arising from these plans against the other space requirements of the business and the need to maintain the level of rental inGome. The Company plans to carefully increase its level of engagement in the local community by partnering with schools and other local community organisalions who have a need for art. music and drama services or who will use such services to address local issues. The Company will need to balance the increased costs arising from the inGreased demands on its resources with the level of income earned to ensure that these activities are sustainable. Going concern As at the 31 August 2024 the Company had cash at bank and in harKI of £512,737, current assets of £663,914 and current liabiltt18s of £589,940. Net current assets were £73.974. The total borrowings of the Company We £1,169.234. Of th8 total borrowings £369,234 was secured on the Company's freehold property and has a repayment term of 15 years. The remaining £800,000 of borrowings vrfas unsecured and was repayable in 156 equal instalments comrnencing in April 2026. The Trustees believe that they are justified in preparing accounts on a going concern basis as the strategy and financlal plan for the Company means that the Company has a realistic prospect of generating sustainable profits. generating positive cssh flows and repaying its borrowings. In reaching this conclusion the Trustees have taken into account the following points.. The unaudited budget for the year ending 31 August 2025 shows an operating profit of £118,501 and a surplus after finance costs of £80,908. This budget reflects the positive impact of the actions taken to generate income, inGlurJing price increases, th8 extension of term lengths, the increase in class sizes and the leasing of th8 café. The monthly cash flows for the year ending 31 August 2025 indicate that the Company will be able to maintain adequate cash reserves to be able to meet operating liabilities as and when they fall due over that period. The Company is currently funded wlth two 15 year loan facilities. The Company holds litle to freehold property which has been valued at £2.76 million, providing sufficient securty for current and future borrowings. Based on the above position the Trustees are satisfied that the Company has adequate resources to enable the Company to meet its commitments as they fall due and therefore the financial statements have been prepared on a going concern basis. Auditors It is the intention of the Board that auditors for the year ending 31 August 2025 will be proposed for appointment at the forthcoming Annual General Meeting. Approved by the Board and signed on behalf of the Board of Trustees by: 21 January 2025
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED Opinion We have audited the financial statements of Blackheath Conservatoire Of Music And The Arts Limited (the 'charitable Companv) for the year ended 31 August 2024 which comprise the Statement of Financial Aclivilies. the Balan Sheet, the Cash Flow Statement and notes to the financial statements. including a summary of significxnt accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements". gSve a true and fair view of the state of the charitable Cornpany's affairs as at 31 August 2024 and of Fts incoming resources and application of resources, including ils income and expenditure. for the year then ended; hav8 been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit In accordanc8 With Internatlonal Standards on Auditing (UK) (ISAS {UK)) 8nd applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of OUT report. We are independent of the charitable Company in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical r8sponsibilities in accordance with these requirements. We believe that the audit evideno we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have conduded Ihat the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is approtxrate. Based on the work we have performed. we have not identifEd any material uncertainlies lating to events or condiiions that, individually or collectively, may cast significant doubt on the charitsble Company's ability to continue as a going concem for a period of at least twelve months from when the financial statemenls are authorised foi issue. Our responsibilities and the responsibilities of the Tntstees with respect to going conrn are described in the relevant sections of this report. Other Inforniatlon The Trustees are responsible for the other information. The other information comprises the infomiation included in the Annual Report. other than the financi81 statements and our Report of the Independent Auditors thereon. Our opinion on the financial ststements does nol cov8r the other infonnation and. 8XC8Pt to the extent otherwise explicitly stated in our report. we do not eXpsS any fonn of assurance conclusion thereon.
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (CONTINUED) Other infomiation (continued) In connection with our audit of the financial statements, our responsibilty is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detennine whether this gives rise to a material misstatement in the financial sfatements themselves. If. based on the work we have performed, we conclude that there is a material rnisstatement of this Ot information. are required to report that fact. We have nothing to report in Ihis regard. Opinion on other vnattors prescribed by the Companies Act 2006 In our oplnion. based on the work undertaken in the course of the audit.. the inft)rmation given in the Report of th8 Trustees for the financial year for which the financial statements are prepared is consistent with the financial statsments: and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by excaption In the light of the knowl8dge and understsnding of the charitable Company and its environment oblained in the course of the audlt, we hsve not identified material mlsstatem8nts in the Report of the Trustees. We have nothing to report in respect of the following maller5 Whe the Companies Act 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us. or the fjnancial statements are not in agreement with the accounting records and retums. or certain disclosures of Trustees, remuneralion specified by law are not made: or vrfe have not received all the information and explanations we requi for our audit," or the Trustees were nol entitled to lake advantage of the small companies, exemption from the requirement to prepare a Strategic Report or in preparing the Repcrt of the Trustees. Responsibilities of Trustees As explained more fully in the Statemerrt of Trustees, ReSp(SIbIlItIes, the Trustees (who are also the directors of the charitable Company for the purposes of Company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the Trustees detennin8 is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In pparing the financial statements, the Trustees are responsible for assessing the charltable Companys ability to continue as a going concgm, disclosing. as applicable, matters related to going conrn and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable Company or to cease operations. or have no realistic allemate but to do so. 10-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (CONTINUED) Our responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a le are free from material misstatemenL whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or etror and are considered material if. individually or in the aggregate. they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design proCedUS in line with our responsibilities, outlined above. lo delect material misstatements in respect of irregularities. including fraud. The extent to thIch our procedures are capable of detecting irregularities. including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are the Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice) and the Charities SORP °Accountlng and Reporting by Chatities". Statement of ReCCmended Practice.. The Charity is requlred to comply with charity law and, based on our knowledge of its activities. we identified that the legal requirement to accurately account for restricted funds was of key significance. We understood how the charity is complylng with those frameworks via communication with those charged with governance, together wSth the r8view of the charitvs documeTrted pollcies and prc¢edures. Our approach included agreeing Ihe charitys recognition of income on the basis of the tuition delivered and to the terms of the underlying grant agreements and associated correspondence. the review of journal entries prOSSed in the accounting r8cords and the investigation of significant and unusual transactions identffied from our review of the accounting records. Our approach was also to theck that all restrlcted income was properly Identified and 58parately accounted for and to ensu that only valid and appropriate expenditure was charged to restricted funds. This induded revlewing joumal adjustments and unusual transactions. Based on this understanding we designed our audit prOdureS to identify non-compliance with such laws and regulations. Our procedures involved VIeW of the reporting to the directors with respect to the application of the d(xumented policies and procedures and review of the financial statements to ensure compliance wilh the reporting requirements of the charity. There are inherent limitations in Ihe audit procedures described above and. the furthei removed non- compliance WFth laws and regulations is from the events and transactions reflected in the financial statements, the less likely we VUld become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one Slting from error. as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations, or through collusion. A further desLYiPtx)n of our SponSIbl11t1eS for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditotsresponsibilities. This description forms part of our Report of the Independent Auditors 11
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (CONTINUED) Use of our report This report is made solely to the charitable Company's members, as a body. in accordance with Chapter 3 of Part 16 ofthe Companies Act2006. Ourauditwork has been undertaken so that we rnight state to the charitable Company's members those matters we are required to state to them in an auditors, report and for no other purpos8. To the fullest extent permstted by law, we do not accept or assume responsibility to anyone olher than the charitable Company and the charitsble Company's members as a body. for our audit work, for this report, or for the opinions we have formed. Matthew Elkins FCA {Senior Statutory Auditor) for and on behalf of Knox Cropper LLP Chartered Accountant5 and Statutory Auditors Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE 24 January 2024 12-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 August 2024 Unr8stricted Restricted Funds Funds Total 2024 Total 20223 Incom• from Donations and legaci•s Charitable actlvltlès Other trading actlvities 86.549 1,632.800 4.000 16.385 102,934 162,165 5,000 1,637,800 1.529,165 4,000 Total income 1.723,349 21,385 1,744.734 1.691,330 Expendlture on Charltabl• activltias Raising funds 1.691.CK)O 50,581 1,741,581 1,643.885 Total axp•ndlture 1,691,000 50,581 1,741,581 1,643,885 Net (exp•nditure)lincome 32,349 {29.196} 3.153 47.445 Transfers belwaen funds Net mov•mont In (deflcit)Ifunds Reconclllation of fund5 Total funds at 1 September 32.349 {29,196) 3,153 47,445 (10.696) 98,693 87.997 40,552 Total funds at 31 August 13 21,653 69.497 91,150 87.997 All incoming resources and resources expended derlve frorn continuing activit18S. The notes on pages 16 to 27 fom part of these financial statements. 13-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASHFLOWS AND RECONCILIATION OF NET DEBT FOR THE YEAR ENDED 31 August 2024 STATEMENT OF CASHFLOWS 2024 2023 Net cashflow from oporatlng actlvitles 60,782 84.239 Nat cash usod In investing activltias Purchase of fixad assèts (12,585) (4,910) Net cash (used in)Iprovided by financlng activilies New bom>wing Repayment of loans 800.000 (984,386} (43.788) Change in cash and cash equivalents in tho perlod Cash and cash oqulvalents at tho beglnnlng of the pariod (136.189) 35.541 648,926 613,385 Cash and cash •quivalent8 at the end of the pèrlod 512,737 648,926 Reconciliation of net income to net cashfiow from operating activities Net income for the reporting period 3.153 47,445 Decreasel(increas8) in debtors {Decrease)lincreasa In creditors D•precialion 5.521 (5.032) 57.140 (35,241) 12,335 59.700 Not cashllow from oparatlng activitSos 60.782 84,239 RECONCILIATION OF NET DEBT Asat 01.09.23 Asat 31.08.24 Cash flows Cash and cash equivalents 648,926 (136.189) 512,737 Loans falling due withln one yaar (40.986) 28,195 (12,791) Loans falling du• aft•r more than one year Nèt debt (1.312,634) 156,191 (1.156.443) {704.694) 48.197 (656,497) 14-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) COMPANY NUMBER: 03448894 BALANCE SHEET AT 31 August 2024 Notes 2024 2023 Flxed assets Intangible ass8t Tangible assets 1,373,619 1,418.174 Currnnt assets Debtors Cash at bank and in hand 1,373,619 1.418,174 151.177 512,737 156,698 648.926 663,914 Credltors: amounts falling due within one year 805,624 (589.940} (623.167) Not current assets 73.974 182.457 Tolal assets less curr•nt liabllities 1,447,593 1,600,631 Creditors: amounts falling due after more than on8 year 10 (1,356,443) {1,512.634) Net assets 91,150 87.997 Reprnsent•d by: Unrestricted Funds 14 General Fund Revaluation Reserve (503.568) 525,221 (541,753) 531.057 21,653 (10,696) Restricted Funds 14 69.497 98,693 69.497 98,693 Total Surplus 91.150 87,997 The financial stalem8nts have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies. Approved by the Board and signed on behaw of the Board Of Trustees by: 21 Janao 2025 The notes on pages 16 to 27 fonx part of these financial statements. J¢wL 15-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 l Accountlng poIici•s Basis of preparation and xcounting conventlon The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in £ GBP Sterling, which is the functional currency of the Charity. Monetary amounts in these financials statements are rounded to the nearest £. The accounts have been prepared in accordan with the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) Second Edltion issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102 March 2018) and the Companles Acl 2006. The Charity constitut8s a publlc benefit entwty as defined by FRS 102. Income All income is recognis8d once the charity has entitlement lo the income, it is probable that the income wlll be reiVed and the amount of income re1vable can be m8asured reliably. Income is deferred when the charity has r8ceived payment in advance for courses taking place in the subsequent year or where the income recognition criteria has not been met at the y8ar end date. Legacies are included when Ihe charity is advised by the personal representative of an estate that a legacy is probable and that payment will be made or property transf8rred and the amount involved can be quantif18d. Donations are recognlsed when received. Grants are recognised wh8n the charity has been informed that the grant has been unconditionally awarded. C(xJrse fees are reco9nised when the course tuition has been provided to the student. Rental income is recognised evenly over the term of the lease. Other trading income is reccNJnised when the evenl or activity has been provided to the customer. Expenditure Liabilities are recognised as expendibJr8 as soon as there is a legal orconstructive obligatlon committing the charity to that expenditure, it is probable that settJem8nt will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregale all costs related to the category. whe costs cannot be directly attributed to particular headings they have en allocated to activities on a basis consistent with use of the resources. Resources expended includes VAT which cannot be recovered. Raising funds consists of fundraising expenditu and allocated support costs. Charitable activities includes Tuition costs and Other Costs and support costs, including govemance costs. Debtors and creditors Trade and Other Debtors are clasSifd as basic financial instruments and are measured and recorded in the accounts at the initial transaction price. Debtors and Creditors are subsequently measured al amortlsed cost using the effective interest rate method. Financial assets dassified as recelvable within one year and financial lith"Ilties classified as payable wtthin one year are not amortised. 16-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2023 1 Accounting policles (continued) Tanglble fix•d assets Tangible fixed assets ar8 included at cost with the exception of land and buildings, which are Included at valuation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold Buildings Improvements to Property Computer Equipment Musical Instruments Fumiture and Equipment Fixtures and Fittings 1 Vo on cost - s° on cost - 25Yo on cost 100/0 on cost 100k on cost 100/0 on cost Depreciation is not wovided on assets that are not in economic use by the year end date. Intangible tlxed assets Intangible red assets repent website development costs and are included at cost. D8preciation is provided at the rate of 50Yo per annum to write off the asset over its estimated useful life. Taxation The Company is exempt from corporation tax as it Is a registered charity that has daimed tax exempt ststus. Fund accounting Unrestricted funds Gan be used in accordance with the charitable objectives at the discretion of the Trustees. Restricted funds can only be used for particular restricted purposes within the obiects of the Company. Restrictions arise when specified by the donor or when funds are raised for particular restricted purpos8s. Further explanation of the nature and pUoSe of each fund is included in note 14 to the financial statements. Gifts in klnd The values attribLrted to gifts in kind are based on a reasonable estimate of their value lo the Company, or the amount actually realised. Assets glven for use by the Company are recognised as incoming resources when receivable. Operating leases Rentals applicable to operating leases are charged to the Income and Expenditure Account over the Ilfe of th8 lease. Sale and leaseback Sale and 18aseback afrangemerrts where substantially the risks and rewards of Owrship of the asset remain with the Company are accounted for as finance arrangements in accordance with Ihe uirements of FRS 102. The assets are retained on the Company's balance sheet and the proceeds of the sale are disdosed as a liability to the purchaser. Slgnlflcant management judgements and estimatFon uncertaintles The significant management judgements and estimation uncertainlies are: Impalmient of fixe(l assets - whether management decisions or extem81 events have caused the book value of the assets to exceed Ihe value in use or sales value of the asset and, if they have, what adjustment should b8 made to the book value of the asset. Depreciation rates what depreciation rate best reflects the period that the fixed asset is expected to b8 used within the buslness Provision for bad debts - What level of debts will prove uncollectabl8. 17-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 2 Income Unrestrlcted 2024 Restricted 2024 Total 2024 Total 2023 Donation5 and l•gacles Donations 86,549 16,385 102,934 162.165 86,549 16.385 102,934 162,165 Charitable actlvltiés Course income Grant income Rental income Other Income 1,465,715 1.465,715 5,000 107.782 59,303 1.372,482 16.114 102,141 38.428 5,000 107,782 59,303 1.632.800 5,000 1,637,800 1.529,165 Other trading actlvitles Rental income 4,000 4,000 Total income 1,723,349 21,385 1.744,734 1,691,330 Course income is consid8red by the Charity to be its prindpal source of funding, which supports the key objectives of the Charity to promote th8 Study. knowledge, understanding and appreciation of 8rt. music and drama. Expènditure 2024 2023 Costs directly allocated to activity Tuition costs Other costs Oulreach costs Supporl costs Staff costs Office costs Marketing and publicity costs Premises costs Professional fees Finance costs Depreciation Govemance 694,024 81,100 2.221 709.399 59.125 4.538 507.139 63,602 40,873 145,288 30,965 109.069 57.140 10.160 463,978 59,036 29,743 123,538 11.394 114,954 59,700 8,480 Totsl expenditure 1,741,581 1,643,885 18-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 Operating profit This is ststed 8ft8r charging: 2024 2023 TfUSt88s emoluments Auditor's remuneration (Inc VAT) Depreciation of tangible and intangible assets 10,160 57.140 8.480 59,700 staff costs 2024 2023 Wages and salaries Social security costs and pension costs 470.839 36,300 431,875 32,103 507.139 463.978 The average head count of staff employed during the year was: 2024 No 2023 No Charitable activitles 27.17 24.92 No employee received emplonen1 benefrts, exduding National Insurance and employer pension costs, of more than £60,000 durlng the year. {2023 - None). No Trustee reIved any remuneration, reimbursed expenses or other benefrts in the year (2023 - None). Employment benefrts received by Key Management Personnel amounted to £97.989 (2023 - £98,339). Tuition servlces are provided to custom8rs by self-employed tutors. The fees paid to the tutors are included wrthin tuition costs. The monthly average of tutors during the year was 101 (2023 - 102). Intangible fixed assets The intangible fixed asset represents the cost of a website for the Company with transactional capabilitie5. The total cost of the asset is £27,000. A depreciation charge of £nil (2023 £nil) was recorded on the intangible fixed ass8t in the year. The net book value of the inlangible fixed 8sset as at the yearond is £nil (2023- £nil). 19-
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BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COM,PANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 2024 2023 Trade debtors Prepayments and accrued income Other debtors 139,782 11.042 353 144.714 11.664 320 151,177 156,698 Creditors: amounts falling du• wlthin one ar Bank loan - Secured Trade creditors Taxation & social security Accruals Other creditors Deferred income 2024 2023 12.791 57.413 8.890 17.259 49.405 444,182 40.986 42.228 7.757 24.234 60.427 447,535 589.940 623.167 Deferred income at 1 September Released in the current year Deferred in the current year 447.535 (447,535) 444,182 417.175 (417,175) 447.535 Deferred income at 31 August 444,182 447,535 Deferred income relates to course fees for subsequent temis which have been paid before the year 8nd date. 10 Creditors: amounts falling due after more than one year 2024 2023 Bank loan - Secured Oth8r loan Sale and leasebad( Ilability 356,443 800,000 200.000 1.312.634 200.000 1,356.443 1.512,634 The sale and leaseback liability relatss to a sale and leaseback on a parcel of land adjant to the Conservatoire's premises. The Conservatolre sold the land for £200,000 and entered into 99 year lease on the land for an annual rental of £1, with an option to repurchase the land at the higher of £200,000 the market value of th8 land at the date the purchase option is exerclsed less 10Y.. The £200,000 sale proceeds are. under FRS102, disclosed as a creditor falling due after more than one year. 21
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 11 Creditors- amounts falling due after more than one year- Bank loan - Secured 2024 2023 Bank loan - 1-2 y8ars Bank loan - 2-5 years Bank loan - Over 5 years 13,852 48,845 293,746 44,499 157,710 1,110,425 356,443 1,312,634 The bank loan is secured by a fixed charge on certaln of the Conservatoire's Freehold Properties. The loan bears interest at 3¥0 above the Bank of England Base Rate with a minimum rate of 3.5% and is repayable in monthly inslalments with a final payment in Dernber 2039. Creditors: amounts falling due after more than one year- Other loan 2024 12 2023 other loan - 1-2 years Other loan - 2-5 years Other loan - Over 5 years 25,641 184.615 589,744 800,000 The other loan is unsecured and bears no Interest. The loan is repayable in 156 equal monthly instalments commencing in April 2026. Analysis of net assets between funds 13 Unrestricted Restricted Funds Funds Total 2024 Total 2023d Fund balances are represented by: Tangiblelintangible fixed assets Current assets Total liabiltties 1,373,619 594.417 (1.946,383) 1,373,619 1,418,174 663,914 805.624 (1.946.383) (2.135.801} 69,497 21,653 69,497 91,150 87,997
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 14 Movemant In funds Net Movoment in Funds Transfer Betweèn Funds Blfwd Clfwd Unrestricted funds General fund Revaluation reserve (541.753} 531.057 32.349 5,836 (5.836) (503.568) 525,221 Total unrestrlcted funds (10.696} 32,349 21.653 R•strlctad funds Developing Young Potential Fund Development FurKJ 30.693 68,000 (4,196) (25,000) 26,497 43,000 Total restricted funds 98,693 (29,196) 69,497 Total funds 87,997 3.153 91,150 The costs charged to the stricted funds include the income that has been forgone which was funded by the restricted fund. D•veloping Young Potontlal Fund Funds to offer dFsadvantsged or particularty talented bursary students financial support towards the fees charged for their tuition. This fund was expanded in the year to Include bursaries granted to Ukrainian refugees and their families. Donations and funds raised from events are used to provide thls support. D•velopment Fund Funds held to for expenditure on the development of the Conservatoire, induding the development of IT systems. fundralsing Gqpacity and other operational improvements. 15 Taxation The nature of the income received and the Cthnpany's charFtable activities means that no corporation tax liability arises on the results for the year. No VAT is recoverable on inputs or payable on outputs as the Company is not required to be registered for VAT. Ultimat• control The Company is under no overall control, it is adminlstered by the Twstees. 16 -23-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 17 Op•ratlng lèases 2024 2023 Within one year Within 2 to 5 years Over 5 years 18 R•lated Party Transactlons No Trustee received any remuneration. reimbursed expenses or other benefits in the year (2023 - None}. 19 Going Concern As at the 31 August 2024 the Company had cash at bank and in hand of £512,737, current assets of £663,914 and current Ilabilities of £589.940. Net current assets wer8 £73,974. The total boffowings of the Company were £1,169,234. Of the total borrowings £369,234 was secured on the Company's freehold property and has a repanent temi of 15 years. The remaining £81)0.000 of borrowings was unsecured and was repayable in 156 equal instalments commencing in April 2026. The Trustees believe that Ihey are justified in preparing accounts on a going concern basis as the strategy and financFal plan for the Company means that the Company has a realistic prospecl of generating sustainable profits. generating positive cash flows and repaying its borrowings. In reaching this conclusion the Trustees have taken into account the following points: The unaudited budget for the year ending 31 August 2025 shows an operating profit of £118,501 and a surplus after finance costs of £80,908. This budget reflects the positive impact of the actions taken to generate income. including price increases, the extension of term lengths, the increase in dass sizes and the leasing of the cafe. The monthly cash flows for the year ending 31 August 2025 indicate that the Company will be able to maintaln adequate cash reserves to be able to me8t operatlng liabilities as and when they fall due over that period. The Company is currently funded with two 15 year loan facilitles. The Company holds title to freehold property which has been valued at £2.76 million, providing sufficient security for current and future borrowings. Based on the above position the Trustees are satisfied that the Company has adequate resources to enable Ihe Company to meet its commitrnents as they fall due and therefore the financial ststements have been prepared on a going conrn basis. Post balanrA sheet events 20 There are no post balance sheet events requiring disclosure in these financial statemenls. -24-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 21 Comparatlve infomiation Income and Expenditure account - 2023 Unrestrlcted Rostrietod Funds Funds Tot 2023 Notss Incom• from Donations and legacies Charitablo actlvities Other tradlng actlvities 40,277 1.513.051 121.888 162.165 16.114 1.529.165 Total incom• 1.553,328 138,002 1.691,330 Expenditure on Charilabl• activitles Raislng funds 1,582.757 61.128 1,643.885 Total expenditure 1.582.757 61,128 1.643,885 Net Income (29.429) 76.874 47,445 Transfers between funds Not movement in funds (29,429) 76.874 47.445 R•eonciliatlon of funds Total (deficityfunds at 1 September 18,733 21,819 40,552 Total funds at 31 August 14 (10,696} 98,6g3 87,997 All incoming resources and resources 8xpended derive from continuing acttvities. -25-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 21 Comparative infonnation (Continued) Income - 2023 Unrestricted 2022 Restrictèd 2022 Total 2022 Donatlons and legacies". Donations 40.277 121,888 162.165 40.277 121,888 162,165 Charitable activities: Course income Grant income Rental income Other Income 1.372,482 1,372.482 16.114 102.141 38.428 16,114 102,141 38.428 1,513,051 16.114 1.529.165 Other trading activities Rental income Total income 1,553.328 138,002 1,691,330 Analysls of nat a8SOts between funds - 2023 Unrnstrlcted Restrlcted Funds Funds Total Fund balances are represented by: Tangibl81intangible fixed assets Current assets Total liabilities 1,418,174 706,931 (2,135,801) 1,418.174 805.624 (2.135,801) 98,693 (10,696) 98,693 87,997 -26-
BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 21 Comparative inforniation (Continued) Movement In funds 2023 Transfer Between Funds Movement In Funds Blfwd Clfwd Unrestricted funds General fund Revalualion reserve (518,160) 536,893 (29,429) 5.836 (5,836) (541,753) 531,057 Total unrestricted funds 18,733 (29.429) (10,696) Restricted funds Developing Young Potential Fund Outreach Fund 21,819 8.874 68,000 30,693 68.000 Total reslricted funds 21,819 76,874 98.693 Total funds 40,552 47,445 87,997 -27-