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 mem￿anduM
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 Ass￿latiOn.
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 reSoUr￿s.
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 CoMpan￿S 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 su￿sS 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 re￿ived. 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 re￿Ived, 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 dec￿ase 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 Potent￿1
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
SySt￿ns. 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 con￿rn 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 eXp￿sS 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 p￿paring 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 con￿rn 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 allemat￿e 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
proCedU￿S 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 ReCC￿mended 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 prO￿SSed 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 prO￿dureS 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 V￿Uld become aware of it. The risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one ￿S￿lting 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 re￿iVed and the amount of income re￿1vable 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 clasSif￿d 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 r￿ed assets rep￿ent 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 pU￿oSe 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 Owr￿ship 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 emplo￿nen1 benefrts, exduding National Insurance and employer pension costs, of
more than £60,000 durlng the year. {2023 - None).
No Trustee re￿Ived 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-

0>>
¢no&
I CON)

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 adja￿nt 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 De￿rnber 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 repa￿nent 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 con￿rn 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
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