# BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED # (A COMPANY LIMITED BY GUARANTEE) ## FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Charity registration number 1072627 Company registration number 03448894 BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) ## FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ## CONTENTS ||Page| |---|---| |Legal and administrative information|1| |Trustees’ annual report|2-8| |Independent auditor’s report|9-12| |Statement offinancial activities|13| |Statement ofcashflows and reconciliation of net debt|14| |Balance sheet|15| |Notestothefinancialstatements|16-27| BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) ## LEGAL AND ADMINISTRATIVE INFORMATION |LEGAL ANDAND ADMINISTRATIVE INFORMATION|LEGAL ANDAND ADMINISTRATIVE INFORMATION| |---|---| |a|| |Charity number|1072627| |Company number|03448894| |Governing document|The Company is governed by its memorandum| ||and articles 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
Level 27, 1 Churchill Place| ||London| ||E14 5HP| |Current Trustees|Mhairi Baxter — Chair| ||Duncan Campbell| ||Tom Lee| ||James Radford| ||Emma Smillie| |Executive Director|Patrick Holden| |Website|https://www.conservatoire.org.uk| -1- BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) | ## TRUSTEES’ ANNUAL REPORT ## a The Trustees, who are the directors of the Company for the purposes of Company law, have pleasure in presenting their report together with the financial statement for The Blackheath Conservatoire of Music and the Arts Ltd (the “Conservatoire” or the “Company”) for the year ended 31 August 2025. The report has been prepared in accordance with the Charities 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. Structure, 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 Company's assets if it should be wound up while they are a member, or within one year after they should cease to be a member, for payment of the Company's debts and liabilities contracted before they ceased to be a member, together with the costs, charges and expenses of the winding up, and for the adjustments of the rights of the contributories among themselves. Trustees The Trustees constitute the directors of the Company for the purposes of the Companies Act 2006, The initial Trustees were appointed at the date of incorporation, with future Trustee appointments being made in subsequent years on the basis of eligibility, personal competence, specialist skills 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 Articles of Association. There must be a minimum of three Trustees but there is no maximum limit. The following Trustees held office between 1 September 2024 and the date of this report, unless otherwise noted below. |Name|DateAppointed|Date Resigned| |---|---|---| |Mhairi Baxter - Chair|-|-| |Jane Burton|-|8 July 2025| |Duncan Campbell|-|-| |Clare Cornwell|-|15 March 2025| |Simon James|-|8 July 2025| |Tom Lee|-|-| |James Radford|-|-| |EmmaSmillie|-|-| ## a -2- BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) ## TRUSTEES’ ANNUAL REPORT ## Trustees (continued) The beneficial interest of the Trustees in contracts and transactions with the Company during the period are disclosed in note 18 of the financial statements. ## Statement of Trustees’ responsibilities The Trustees are responsible for preparing the Trustees’ report and financial statements in accordance with applicable laws and United Kingdom 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 resources, including the income and expenditure, of the Company for that period. In preparing these financial statements, the Trustees are required to: - e Select suitable accounting policies and then apply them consistently; - e Observe the methods and principles in the Charities SORP; - e Make judgements and estimates that are reasonable and prudent; - e State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - e Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible 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 confirms that: - e So far as the Trustee is aware, there is no relevant audit information of which the Company’s auditors are unaware; and - e The Trustee has taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the Company’s auditors are aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The Trustees are responsible for the maintenance and integrity of the Company and financial information included on the Company’s website. Legislation in the United Kingdom governing 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, understanding and appreciation of music, fine arts and the applied arts (altogether “the arts”) for the benefit of the inhabitants of Blackheath, Greenwich, Lewisham and the surrounding area. The charity also aims to provide sustainable bursary funding to selected students to enable them to complete their studies. The charity has set a short term objective of achieving and maintaining a sustainable net surplus through the regular review of the range of its 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. -3- : | ## BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) ## TRUSTEES’ ANNUAL REPORT Measurement of success against aims and objectives The Trustees have referred to the guidance in the Charity Commission general guidance on public benefit 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 would 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 its success against its long term objectives by the level and quality and range of the tuition provided to its students, the level of engagement provided to the local community in the form of events or other sponsored activities and the level of bursary funding provided to students. The charity measures its success against its short term objective by the achievement of sustainable net surplus. ## Main achievements in the period This report focuses on our activities 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 quality art, drama and music tuition to the local community throughout the year. The charity also continued to engage with the community through a number of community focused activities and events which have been well attended. The level of bursary funding and other support for students who require financial assistance to enable them to receive tuition was increased during the year due to grants from the Hearn Foundation. Bursary support continued to be provided to Ukrainian refugees and their families. ## Risk management The Trustees regularly review the key identified risks facing the charity and develop action plans to minimise the impact of those risks. The identified key risks and related responses are: - e The loss of effective management of the charity through the loss of Trustees and/or key management. The Trustees regularly review the tenure of the Board members and induct new Board members as necessary. The Board regularly 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. - e The inability of the charity to continue to operate as a going concern. The Board ensures that annual profit and cash flow budgets are prepared and that performance against budget is monitored through the preparation of quarterly management accounts and forecasts. - e Fire or other damage to the buildings or to the IT infrastructure of the charity. The charity employs a dedicated 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 insurance 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. - e The loss of reputation as a result of a child safeguarding issue. The charity has a formal child safeguarding policy in place which includes the appointment of a Trustee safeguarding lead, the requirement for ongoing Trustee and staff training, the completion of DBS checks and the performance of regular reviews with all staff, course assistants and tutors. - The Trustees will maintain the controls to mitigate the risks arising from the above risk areas. -4- ## 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: - e Anew sales system was implemented during the year which enabled customers to book places on group courses online. - e The group course curriculum was developed throughout the year and a wide range of courses and holiday courses were delivered. Following a detailed review drama group courses were discontinued and increased focus placed on art and music courses, which are considered to be the core strength of the Company. - e A range of events were held in each term to enable more people to access the resources of the Conservatoire, including adult and child art exhibitions, concerts and other public activities. The Conservatoire was an active contributor to local community events. - e Improvements have continued to be made to the buildings with a number of repairs being completed during the year. - e The level of bursary funding and other support for students who require financial assistance to enable them to receive tuition was increased during the year due to grants from the Hearn Foundation. Bursary support continued to be provided to Ukrainian refugees and their families. The Board has also focused during the year on maintaining the trust and co-operation of the local community, sponsors and business partners. Particular care has been taken to engage positively with the local residents near the Conservatoire who are impacted by its operations. The Board will continue with its positive engagement with all the supporters and business partners of the Conservatoire with regular communication to those stakeholders being issued throughout the year. ## Fundraising Total donations of £104,403 were received, an increase of £1,469. Donations of £34,794 were received to support the Developing Young Potential Fund and a donation of £15,000 was received to support the Development Fund. Unrestricted donations of £54,609 were also received. | The Hearn Foundation provided £50,000 funding during the year to provide bursary places. £5,000 of the grant provides funding for the administrative costs incurred in maintaining the Hearn bursary scheme and in selecting the recipients of the Hearn bursaries. The Company did not use fundraising services, consultants or external professional fundraisers to undertake its fundraising activities. No data is shared with or sold to any external agencies. The Company holds events for existing donors and for individuals who have expressed an interest in supporting the work of the Company. The Company complies with the provisions of the data protection legislation. ## Marketing We continued to run a number of targeted marketing campaigns during the year to support the development and expansion of the group course curriculum and the range of other events. We also continued to maintain the Conservatoire website in order to provide extensive information on our activities and courses. ## Staffing Staff and tutors have continued to provide a dedicated service to our customers 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. ~-5- BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) ## TRUSTEES’ ANNUAL REPORT ## Trustees The changes in Trustees are set out on page 2 of this report. Claire Cornwell and Jane Burton, who were Joint Chairs, retired from the Board during the year. Both had provided invaluable support to the Company over many years and their contribution was gratefully acknowledged by the Board. Simon James retired from the Board during the year and the Board thanked him for his valuable contributions during his time as a Trustee, ## Financial review The results for the year and financial position of the Company are shown in the financial statements. Total income increased by £78,536 to £1,823,270, due to the increases in course income and Bursary grant income. Total donations of £104,403 were received, an increase of £1,469. Donations of £34,794 were received to support the Developing Young Potential Fund and a donation of £15,000 was received to support the Development Fund. Unrestricted donations of £54,609 were also received. The Hearn Foundation provided £50,000 funding during the year to provide bursary places. £5,000 of the grant provides funding for the administrative costs incurred in maintaining the Hearn bursary scheme and in selecting the recipients of the Hearn bursaries. Total expenditure increased by £14,533 to £1,756,114. Course related expenditure increased by £90,462 to £865,586, due to the increase in teaching and other course related activity. Outreach expenditure increased by £255 to £2,476, with activity levels being maintained. Support expenditure, which includes salaries, marketing and publicity costs, office costs, premises costs, professional fees, finance costs, depreciation and governance costs decreased by £76,184 to £888,052, reflecting primarily the decreased interest costs following the early part repayment of the Triodos loan. Salary costs increased due to the implementation of staffing changes to support operations and salary increases. Professional fees reduced to the completion of the related projects. The operating profit, being net income before finance costs and depreciation, increased by £839 to £170,201 as a result of the net impact of the factors noted above Finance costs decreased by £62,090 to £46,979, due to the interest savings arising from the early part repayment of the Triodos loan. The £800,000 loan from the Charites Aid Foundation (“CAF”), which was taken out in the prior year to repay part of the Triodos borrowing, is non-interest bearing. A further £200,000 part repayment of the Triodos loan was made during the year from operating cash resources. The net profit after finance costs increased by £62,929 to £123,222, as a result of the net impact of the factors noted above. Depreciation costs decreased by £1,074 to £56,066, as a result of fixed assets becoming fully depreciated, net of the additional depreciation on the capital expenditure in the current year and prior year. | The net income for the year, after finance costs and depreciation, increased by £64,003 to £ 67,156 as a result of the net impact of the factors discussed above. -6- BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) ## TRUSTEES’ ANNUAL REPORT ## Financial review (continued) Fixed and intangible assets decreased by £55,816 to £1,317,803, as the depreciation charge for the year exceeded the capital expenditure on fixed asset additions. Current assets decreased by £158,046 to £505,868, primarily due to the utilisation of £200,000 of cash to repay a portion of the Triodos loan. Current liabilities decreased by £53,685 to £536,255, primarily due to the decrease in deferred income as a result of the change in timing of sales for the Autumn 2025 term. Non-current liabilities decreased by £227,333 to £1,129,110, as the result of the loan repayments made during the year. During the year £200,000 of the existing Triodos loan was repaid utilising operating cash resources. Restricted funds decreased by £11,178 to £58,319 due to the excess of restricted expenditure over restricted income. The general reserve deficit decreased by £84,170 to £419,398 due to the net impact of the retained surplus for the year of £78,334 and the transfer of £5,836 from the revaluation reserve to the general reserve. The revaluation reserve decreased by £5,836 to £519,385 as a result of the additional depreciation on the revaluation surplus being transferred to the general reserve. The total reserves of the Company increased by £67,156 to £158,306 as a result of the retained surplus for the year. ## Funds The Company has a general fund and a revaluation reserve fund the accounting policy for which are described in note 1 to the Financial Statements. These funds are considered by the Trustees to be unrestricted funds. The Company has a Developing Young Potential fund, which is a restricted fund. The Developing Young Potential 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 for the development of the Conservatoire, including the development of IT systems and fundraising capacity and for premises improvements and other operational improvements. The Company did not hold any designated funds as at 31 August 2025 (2024 - Enil). ## Reserves policy The Trustees intend to eliminate the deficit on general reserves by implementing a strategy to generate 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 enable the Company to meet the overheads of the organisation for a three month period. ## Future plans In the immediate future the Company is engaged in ensuring that future individual tuition and group course income continues to increase through the provision of additional tuition, group courses and holiday courses. The Company will also look at other income generating opportunities that are consistent with its aims and objectives. -7- ## BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ ANNUAL REPORT ## Future plans (continued) > The Going Concern section of this report provides information on the budget for the 2026 financial; year and the ability of the Company to continue to operate in the future. 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 from this source. The Company will need to balance the 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 income. The Company plans to carefully increase its level of engagement in the local community by partnering with schools and other local community organisations 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 increased demands on its resources with the level of income earned to ensure that these activities are sustainable. Going concern As at the 31 August 2025 the Company had cash at bank and in hand of £372,690 and net current liabilities of £30,387, of which £394,073 represented deferred Income. The total borrowings of the Company were £961,543, Of the total borrowings £161,543 was secured on the Company's freehold property and has a repayment term of 14 years. The remaining £800,000 of borrowings was unsecured and is repayable in 156 equal instalments commencing in April 2026. The Trustees believe that they are justified in preparing accounts on a going concern basis as the strategy and financial plan for the Company means that the Company has a realistic prospect 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: - e The unaudited budget for the year ending 31 August 2026 shows an operating profit of £194,483 anda surplus after finance costs of £158,299. This budget reflects the positive impact of the actions taken to generate income. - « The monthly cash flows for the year ending 31 August 2026 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. - e The Company is currently funded with long term loan facilities. « 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 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 2026 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: / James Radford 2) January 2026 | -8- ## 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 Company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant 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: - e give a true and fair view of the state of the charitable Company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - e have been prepared in accordance with the requirements of the Companies Act 2006. **----- Start of picture text -----**
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## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable Company in accordance 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## Other information The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. -Q- ## 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) ## a ## Other information (continued) In connection with our audit of the financial statements, our responsibility 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: - e the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - e the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - e adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - e the financial statements are not in agreement with the accounting records and returns, or e certain disclosures of Trustees' remuneration specified by law are not made; or e we have not received all the information and explanations we require for our audit; or - e the Trustees were not entitled to take advantage of the small companies’ exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of Trustees As explained more fully in the Statement of Trustees' Responsibilities, 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 internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable Company or to cease operations, or have no realistic alternative 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 statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence 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 procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - e 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 “Accounting and Reporting by Charities: Statement of Recommended Practice”. - e The Charity is required 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. - e We understood how the charity is complying with those frameworks via communication with those charged with governance, together with the review of the charity's documented policies and procedures. - e Our approach included agreeing the charity's 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 processed in the accounting records and the investigation of significant and unusual transactions identified from our review of the accounting records. - e Our approach was also to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions. - e Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the reporting to the directors with respect to the application of the documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirements of the charity. There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. 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 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable Company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable Company and the charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. ## Katto es Matthew Elkins FCA (Senior Statutory Auditor) for and on behalf of Knox Cropper LLP Chartered Accountants and Statutory Auditors Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE ## 22. January 2026 **----- Start of picture text -----**
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-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 2025 |||Unrestricted|Restricted|Total|Total| |---|---|---|---|---|---| ||Notes|Funds|Funds|2025|20224| |||£|£|£|£| |Income from|||||| |Donations and legacies|2|54,609|49,794|104,403|102,934| |Charitable activities|2|1,662,067|50,000|1,712,067|1,637,800| |Other trading activities|2|6,800|-|6,800|4,000| |Total income||1,723,476|99,794|1,823,270|1,744,734| |Expenditure on|||||| |Charitable activities||1,645,142|110,972|1,756,114|1,741,581| |Raising funds||-|-|-|-| |Total expenditure|3|1,645,142|110,972|1,756,114|1,741,581| |Net income/(expenditure)||78,334|(11,178)|67,156|3,153| |Transfers between funds||-|-|-|-| |Net movement in funds(deficit)||78,334|(11,178)|67,156|3,153| |Reconciliation offunds|||||| |Total funds at
1 September||21,653|69,497|91,150|87,997| |Totalfundsat31August|13|99,987|58,319|158,306|91,150| All incoming resources and resources expended derive from continuing activities. The notes on pages 16 to 27 form 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 2025 |STATEMENT OF CASHFLOWS||2025|2024| |---|---|---|---| |||£|£| |Net cashflowfrom operating activities||67,894|60,782| |Net cash used in investing activities|||| |Purchase offixed assets||(250)|(12,585)| |Net cash (used in)/provided by financing activities|||| |New borrowing||-|800,000| |Repayment of loans||(207,691)|(984,386)| |Change in cash and cash equivalents in the period||(140,047)|(136,189)| |Cash and cash equivalents atthe beginning ofthe|||| |period||512,737|648,926| |Cash and cash equivalents atthe end ofthe period||372,690|512,737| |Reconciliation of net income to net cashflow from|||| |operating activities|||| |Net income forthe reporting period||67,156|3,153| |Decrease in debtors||17,999|5,521| |(Decrease) in creditors||(73,327)|(5,032)| |Depreciation||56,066|57,140| |Net cashflowfrom operating activities||67,894|60,782| ||As at||As at| |RECONCILIATION OF NET DEBT|01.09.24|Cashflows|31.08.25| ||£|£|£| |Cash and cash equivalents|512,737|(140,047)|372,690| |Loans falling due within oneyear|(12,791)|(19,642)|(32,433)| |Loans falling due aftermore than one year|(1,156,443)|227 333|(929,110)| |Netdebt|(656,497)|67,644|(588,853)| -14- BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) COMPANY NUMBER: 03448894 BALANCE SHEET AT 31 August 2025 ## eee **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |Notes|2025|2024| |Fixed|assets|£|£|£|£| |Intangible|asset|6|-|-| |Tangible|assets|7|1,317,803|1,373,619| |1,317,803|1,373,619| |Current|assets| |Debtors|8|133,178|151,177| |Cash|at|bank and|in|hand|372,690|512,737| |505,868|663,914| |Creditors:|amounts|falling| |due within|one year|9|(536,255)|(589,940)| |Net|current| |(liabilities)/assets|(30,387)|73,974| |Total|assets|less|current| |liabilities|1,287,416|1,447,593| |Creditors:|amounts|falling| |due|after|more|than|one| |year|10|(1,129,110)|(1,356,443)| |Net assets|158,306|91,150| |Represented|by:| |Unrestricted|Funds|.|14| |General|Fund|(419,398)|(503,568)| |Revaluation|Reserve|519,385|525,221| |99,987|21,653| |Restricted|Funds|14|58,319|69,497| |58,319|69,497| |Total surplus|158,306|91,150| **----- End of picture text -----**
; The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies. felmes Radford by iy" and signed on behalf of the Board of Trustees by; mes 20 January 2026 The notes on pages 16 to 27 form part of these financial statements, ## eee -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 2025 ## 1 Accounting policies ## Basis of preparation and accounting convention 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 accordance 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 Edition issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102 March 2018) and the Companies Act 2006. The Charity constitutes a public benefit entity as defined by FRS 102. ## Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income is deferred when the charity has received payment in advance for courses taking place in the subsequent year or where the income recognition criteria has not been met at the year-end date. Legacies are included when the charity is advised by the personal representative of an estate that a legacy is probable and that payment will be made or property transferred and the amount involved can be quantified. Donations are recognised when received. Grants are recognised when the charity has been informed that the grant has been unconditionally awarded. Course fees are recognised 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 recognised when the event or activity has been provided to the customer. ## Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement 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 aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been 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 expenditure and allocated support costs. Charitable activities includes Tuition costs and Other Costs and support costs, including governance costs. ## Debtors and creditors Trade and Other Debtors are classified as basic financial instruments and are measured and recorded in the accounts at the initial transaction price. Debtors and Creditors are subsequently measured at amortised cost using the effective interest rate method. Financial assets classified as receivable within one year and financial liabilities classified as payable within 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 policies (continued) ## Tangible fixed assets Tangible fixed assets are 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 - 1% on cost Improvements to Property - 5% on cost Computer Equipment - 25% on cost Musical Instruments - 10% on cost Furniture and Equipment - 10% on cost Fixtures and Fittings - 10% on cost Depreciation is not provided on assets that are not in economic use by the year end date. ## Intangible fixed assets Intangible fixed assets represent website development costs and are included at cost. Depreciation is provided at the rate of 50% 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 claimed tax exempt status. ## Fund accounting Unrestricted funds can 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 objects of the Company. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in note 14 to the financial statements. ## Gifts in kind The values attributed to gifts in kind are based on a reasonable estimate of their value to the Company, or the amount actually realised. Assets given 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 life of the lease. ## Sale and leaseback Sale and leaseback arrangements where substantially the risks and rewards of ownership of the asset remain with the Company are accounted for as finance arrangements in accordance with the requirements of FRS 102. The assets are retained on the Company’s balance sheet and the proceeds of the sale are disclosed asa liability to the purchaser. **----- Start of picture text -----**
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## Significant management judgements and estimation uncertainties The significant management judgements and estimation uncertainties are: - e Impairment of fixed assets - whether management decisions or external events have caused the book value of the assets to exceed the value in use or sales value of the asset and, if they have, what adjustment should be made to the book value of the asset. - e Depreciation rates - what depreciation rate best reflects the period that the fixed asset is expected to be used within the business. - e Provision for bad debts — What level of debts will prove uncollectable. -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 2025 |2|Income||||| |---|---|---|---|---|---| |||Unrestricted|Restricted|Total|Total| |||2025|2025|2025|2024| |||£|£|£|£| ||Donations and legacies||||| ||Donations|54,609|49,794|104,403|102,934| |||54,609|49,794|104,403|102,934| ||Charitable activities||||| ||Course income|1,500,976|-|1,500,976|1,465,715| ||Grant income|-|50,000|50,000|5,000| ||Rental income|105,108|-|105,108|107,782| ||Interest Income|3,381|-|3,381|-| ||Other Income|52,602|-|52,602|59,303| |||1,662,067|50,000|1,712,067|1,637,800| ||Other trading activities||||| ||Rental income|6,800|-|6,800|4,000| ||Totalincome|1,723,476|99,794|1,823,270|1,744,734| Course income is considered by the Charity to be its principal source of funding, which supports the key objectives of the Charity to promote the study, knowledge, understanding and appreciation of art, music and drama. ## 3 Expenditure |Expenditure||| |---|---|---| ||2025|2024| ||£|£| |Costs directly allocated to activity||| |Tuition costs|776,189|694,024| |Other costs|89,397|81,100| |Outreach costs|2,476|2,221| |Support costs||| |Staff costs|519,275|507,139| |Office costs|60,796|63,602| |Marketing and publicity costs|36,449|40,873| |Premises costs|140,208|145,288| |Professional fees|18,389|30,965| |Finance costs|46,979|109,069| |Depreciation|56,066|57,140| |Governance|9,890|10,160| |Totalexpenditure|1,756,114|1,741,581| | : - 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 2025 |4|Operating profit||| |---|---|---|---| ||This is stated after charging:|2025|2023| |||£|£| ||Trustees emoluments|-|-| ||Auditor’s remuneration (IncVAT)|9,890|9,420| ||Depreciation oftangible and intangible assets|56,066|57,140| |5|Staff costs||| |||2025|2023| |||£|£| ||Wages and salaries|478,834|470,839| ||Social security costs and pension costs|40,441|36,300| |||519,275|507,139| ||The average head count of staffemployed||| ||during the year was:||| |||2025|2023| |||No|No| ||Charitableactivities|24.50|27.17| One employee received employment benefits, excluding employer National Insurance and employer pension contributions, of £61,267 during the year. (2024 — No employee received over £60,000, excluding employer National Insurance and employer pension contributions). No Trustee received any remuneration, reimbursed expenses or other benefits in the year (2024 — None). Employment benefits, including employer National Insurance and employer pension contributions, received by Key Management Personnel amounted to £106,829 (2024 - £97,989). Tuition services are provided to customers by self-employed tutors. The fees paid to the tutors are included within tuition costs. The monthly average of tutors during the year was 107.25 (2024 — 101). ## 6 Intangible fixed assets | The intangible fixed asset represents the cost of a website for the Company with transactional capabilities. The total cost of the asset is £27,000. A depreciation charge of Enil (2024 - £nil) was recorded on the intangible fixed asset in the year. The net book value of the intangible fixed asset as at the year-end is £nil (2024 - Enil). -19- ||||3
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=| ## BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2025 |8|Debtors|2025|2024| |---|---|---|---| |||£|£| ||Trade debtors|124,804|139,782| ||Prepayments and accrued income
Other debtors|8,374
-|11,042
353| |||133,178|151,177| |||2025|2024| |9|Creditors: amounts falling duewithin one year|£|£| ||Bank loan — Secured|6,792|12,791| ||Other loan|25,641|-| ||Trade creditors|43,129|57,413| ||Taxation & social security|10,385|8,890| ||Accruals
Other creditors|10,646
45,589|17,259
49,405| ||Deferred income|394,073|444,182| |||536,255|589,940| ||Deferred income at
1 September
Released in the currentyear
Deferred in the current year|444 182
(444,182)
394,073|447,535
(447,535)
444,182| ||Deferred income at 31 August|394,073|444,182| ||Deferred income relates to course fees for subsequent|terms which have been paid before the|| ||year end date.||| |10|Creditors: amounts falling due aftermore than|2025|2024| ||one year|£|£| ||Bank loan - Secured|154,751|356,443| ||Other loan|774,359|800,000| ||Sale and leaseback liability|200,000|200,000| |||1,129,110|1,356,443| The sale and leaseback liability relates to a sale and leaseback on a parcel of land adjacent to the Conservatoire’s premises. The Conservatoire 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 or the market value of the land at the date the purchase option is exercised less 10%. 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 2025 |11|Creditors: amounts falling due aftermore than
one year—Bank loan - Secured|2025
£|2024
£| |---|---|---|---| ||Bank loan - 1-2 years
Bank loan - 2-5 years
Bank loan - Over 5 years|7,283
25,162
122,306|13,852
48,845
293,746| |||154,751|356,443| ||Thebank loan is secured bya fixed charge on certain ofthe Conservatoire’s Freehold Properties.
The loan bears interest at3% above the Bank of England Base Rate with a minimum rate of3.5%| |---|---| ||and is repayable in monthly instalments with a final payment in December 2039.| |12|Creditors: amounts falling due aftermorethan
2025
2024
one year—Other loan
£
£| ||Other loan - 1-2 years
61,538
25,641
Other loan - 2-5 years
184,615
184,615
Other loan - Over 5 years
528,206
589,744| ||774,359
800,000| The other loan is unsecured and bears no interest. The loan is repayable in 156 equal monthly instalments commencing in April 2026. ## 13 |Analysis of netassets between funds|Unrestricted
Funds|Restricted
Funds|Total
2025|Total
2024| |---|---|---|---|---| ||£|£|£|£| |Fund balances are represented by:
Tangible/intangible fixed assets
Current assets|1,317,803
447,549|-
58,319|1,317,803
505,868|1,373,619
663,914| |Total liabilities|(1,665,365)|-|(1,665,365)|(1,946,383)| ||99,987|58,319|158,306|91,150| -22- BLACKHEATH CONSERVATOIRE OF MUSIC AND THE ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2025 |NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARTHE YEARYEAR ENDED 31 August 2025|NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARTHE YEARYEAR ENDED 31 August 2025|NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARTHE YEARYEAR ENDED 31 August 2025|NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARTHE YEARYEAR ENDED 31 August 2025|NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARTHE YEARYEAR ENDED 31 August 2025|NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARTHE YEARYEAR ENDED 31 August 2025| |---|---|---|---|---|---| |a|||||| |14|Movement in funds|Bifwd
£|Net
Movement
in Funds
£|Transfer
Between
Funds
£|Clfwd
£| ||Unrestricted funds||||| ||General fund
Revaluation reserve|(503,568)
525,221|78,334
-|5,836
(5,836)|(419,398)
519,385| ||Total unrestricted funds|21,653|78,334|-|99,987| ||Restricted funds||||| ||Developing Young Potential Fund
Development Fund|26,497
43,000|6,526
(17,704)|-
-|33,023
25,296| ||Total restricted funds|69,497|(11,178)|-|58,319| ||Totalfunds|91,150|67,156|-|158,306| Developing Young Potential Fund Funds to offer disadvantaged or particularly talented bursary students financial support towards the fees charged for their tuition, including bursaries granted to Ukrainian refugees and their families. Donations and funds raised from events are used to provide this support. This fund was expanded in the year following the £50,000 of funding received from the Hearn Foundation. Development Fund Funds donated for the development of the Conservatoire, including the development of IT systems and fundraising capacity and for premises improvements and other operational improvements. ## 15 Taxation The nature of the income received and the Company’s charitable 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. | 16 Ultimate control The Company is under no overall control, it is administered by the Trustees. ## ee - 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 2025 ## a |17|Operating leases|2025|2024| |---|---|---|---| |||£|£| ||Within one year|-|-| ||Within 2 to 5 years|-|-| ||Over5years|-|-| ## 18 Related Party Transactions No Trustee received any remuneration, reimbursed expenses or other benefits in the year (2024 — None). ## 19 Going Concern As at the 31 August 2025 the Company had cash at bank and in hand of £372,690 and net current liabilities of £30,387, of which £394,073 represented deferred income. The total borrowings of the Company were £961,543. Of the total borrowings £161,543 was secured on the Company’s freehold property and has a repayment term of 14 years. The remaining £800,000 of borrowings was unsecured and is repayable in 156 equal instalments commencing in April 2026. The Trustees believe that they are justified in preparing accounts on a going concern basis as the strategy and financial plan for the Company means that the Company has a realistic prospect 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: - e The unaudited budget for the year ending 31 August 2026 shows an operating profit of £194,483 and a surplus after finance costs of £158,299. This budget reflects the positive impact of the actions taken to generate income. - e The monthly cash flows for the year ending 31 August 2026 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. - e The Company is currently funded with long term loan facilities. e 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 the Company to meet its commitments as they fall due and therefore the financial statements have been prepared on a going concern basis. ## 20 Post balance sheet events There are no post balance sheet events requiring disclosure in these financial statements. ## a -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 2025 ## 21 Comparative information |||Unrestricted|Restricted|Total| |---|---|---|---|---| |Income and Expenditure account - 2024|Notes|Funds|Funds|2024| |||£|£|£| |Income from||||| |Donations and legacies|2|86,549|16,385|102,934| |Charitable activities|2|1,632,800|5,000|1,637,800| |Othertrading activities|2|4,000|-|4,000| |Total income||1,723,349|21,385|1,744,734| |Expenditure on||||| |Charitable activities||1,691,000|50,581|=1,741,581| |Raising funds||-|-|-| |Total expenditure|3|1,691,000|50,581|1,741,581| |Net Income||32,349|(29,196)|3,153| |Transfers between funds||-|-|-| |Netmovement in funds||32,349|(29,196)|3,153| |Reconciliation offunds||||| |Total (deficit)/funds at
1 September||(10,696)|98,693|87,997| |Totalfundsat31August|14|21,653|69,497|91,150| All incoming resources and resources expended derive from continuing activities. -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 2025 ## 21 Comparative information (Continued) ## Income - 2024 ||Unrestricted|Restricted|Total| |---|---|---|---| ||2024|2024|2024| ||£|£|£| |Donations and legacies:|||| |Donations|86,549|16,385|102,934| ||86,549|16,385|102,934| |Charitable activities:|||| |Course income|1,465,715|-|1,465,715| |Grant income|-|5,000|5,000| |Rental income|107,782|-|107,782| |Other Income|59,303|-|59,303| ||1,632,800|5,000|1,637,800| |Other trading activities|||| |Rental income|4,000|-|4,000| |Total income|1,723,349|21,385|1,744,734| |Analysis of net assets between funds - 2024|Unrestricted|Restricted|| ||Funds|Funds|Total| ||£|£|£| |Fund balances are represented by:|||| |Tangible/intangible fixed assets|1,373,619|-|1,373,619| |Current assets|594,417|69,497|663,914| |Total liabilities|(1,946,383)|-|(1,946,383)| ||21,653|69,497|91,150| -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 2025 ## 21 Comparative information (Continued) |Movement in funds 2024||Net|Transfer||| |---|---|---|---|---|---| ||B/fwd
£|Movement
in Funds
£|Between
Funds
£||C/fwd
£| |Unrestricted funds|||||| |General fund
Revaluation reserve|(541,753)
531,057|32,349
-|5,836
(5,836)||(503,568)
525,221| |Total unrestricted funds|(10,696)|32,349||-|21,653| |Restricted funds|||||| |Developing Young Potential Fund
Outreach Fund|30,693
68,000|(4,196)
(25,000)||-
-|26,497
43,000| |Total restricted funds|98,693|(29,196)||-|69,497| |Totalfunds|87,997|3,153||-|91,150| -27-