Charity number: 1141138 

## **LONDON YOUTH CONSERVATOIRE LTD** 

## **TRUSTEES REPORT AND FINANCIAL STATEMENTS** 

**FOR THE PERIOD ENDED 31 JULY 2022** 

MORACLE LIMITED 

CHARTERED CERTIFIED ACCOUNTANTS & REGISTERED AUDITORS 960 CAPABILITY GREEN 

LUTON ENGLAND, LU1 3PE 



**LONDON YOUTH CONSERVATOIRE LTD** 

## **CONTENTS** 

||**Page**|
|---|---|
|**Legal and Administrative Information**|**3**|
|**Trustees’ Report**|**4**|
|**Independent Examiner’s Report**|**8**|
|**Statement of Financial Activities**|**9**|
|**Balance Sheet**|**10**|
|**Notes to the Accounts**|**12**|



Page 2 of 16 



## **LONDON YOUTH CONSERVATOIRE LTD** 

## **LEGAL AND ADMINISTRATIVE INFORMATION FOR THE PERIOD ENDED 31 JULY 2022** 

## **TRUSTEES** 

Barbara Anderson Kathleen Devitt Josephine Dufouleur Susannah Hutchon Natalie Lindsay Fabienne Nacouzi Florence Quattrocchi **CHARITY NUMBER** 1141138 **COMPANY NUMBER** 06944077 **REGISTERED OFFICE** 54 Wandsworth Bridge Road London SW6 2TH **INDEPENDENT EXAMINER** Moracle Limited Chartered Certified Accountants & Registered Auditors 960 Capability Green Luton England, LU1 3PE **BANKERS** HSBC High Street Kensington 94 Kensington High Street London W8 4SJ 

Page 3 of 16 



## **LONDON YOUTH CONSERVATOIRE LTD** 

## **TRUSTEES’ REPORT** 

## **For the period ended 31 July 2022** 

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period ended 31 July 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Charities SORP (FRS 102) second edition, effective for reporting periods beginning on or after 1 January 2019. 

## **OBJECTIVES AND ACTIVITIES** 

London Youth Conservatoire Ltd is a school of music that provides a holistic approach to the teaching of music on a not-for-profit basis. The main object of the charity is to advance, improve, develop and maintain education in, and appreciation of, the art of music in all its aspects through the carrying on of a music school and any related activities the trustees see fit. 

The School's core curriculum includes instrument lessons, ensembles, and musicianship classes. In addition, the School offers multiple public performance opportunities. 

## **PUBLIC BENEFIT** 

## **Access** 

London Youth Conservatoire Ltd is a non-selective school that offers music education to all ages and abilities. This approach differs from other music schools such as junior departments of higher education music colleges, which are only available for the very talented and gifted students. As a not-for-profit organisation, we aim to keep fees as low as possible, thus increasing access. 

As part of its charitable mission, London Youth Conservatoire Ltd maintains a Impact Fund which is used to finance a bursary programme and cover the costs of its outreach activities. 

## Bursaries 

London Youth Conservatoire Ltd seeks to offer music education to pupils irrespective of their financial situation. As such the school runs a bursary programme, which offers financial support ranging from 25% to 95% of the fees. Bursary applications are reviewed by the bursary committee and the decision to award support is based on the financial means of the household and the level of commitment and behaviour of the student. 

The number of bursaries allocated depends on the size of the Impact Fund and the income from fundraising events. When the bursary committee decides to support a student, it aims to do so for as long as they need. Most of the bursary students are supported over several years at the school, depending on their progress, commitment, and financial situation. 

In order to ring-fence funds allocated to bursaries, London Youth Conservatoire Ltd transfers its fundraising and donation campaigns into the Impact Fund. 

## Community outreach 

London Youth Conservatoire Ltd seeks to enhance the quality of life for people who may not otherwise have the opportunity to attend live music events. This year, we organised workshops to introduce brass instruments music to local state schools. These workshops were followed by a themed concert to bring music into the community. 

Page 4 of 16 



## **LONDON YOUTH CONSERVATOIRE LTD** 

## **Personal development** 

Students are prepared and encouraged to take ABRSM grade exams or other qualifications where appropriate. 

Students learn transferable skills such as teamwork and self-motivation. They learn to work independently and together towards a common objective – a performance.  They must develop negotiation skills amongst their peers and in addition develop leadership skills. 

Students participate in concerts during the school year where they share the stage with professional musicians. Participation in these concerts provides huge confidence and self-esteem. These concerts are also part of our outreach programme. 

## **ACHIEVEMENT AND PERFORMANCE** 

In the school year 2021-22, London Youth Conservatoire Ltd enrolled 284 students. The number of students increased significantly compared to previous year. 

This year, our fundraising activities for the school raised sufficient funds to support our bursary and outreach programme. This enabled us to allocate bursaries to students whose parents would otherwise not be able to afford a musical education for their children. 

London Youth Conservatoire Ltd organised a successful Fundraising concert. We also ran a campaign asking families to make a weekly donation to the Impact Fund. Deposits were donated, and some unrestricted donations from private donors were received. 

## **FINANCIAL REVIEW** 

In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective for reporting periods beginning on or after 1 January 2019) and with relevant companies and charities legislation and regulations, the Statement of Financial Activities on page 9 shows London Youth Conservatoire Ltd’s income from all sources and how this was expended, and the split of activity between restricted and unrestricted funds. 

The Charity’s income was £457,923 for the period ended 31 July 2022 compared to £386,745 for the year ended 31 July 2021. The total expenditure amounted to £445,948 for the period ended 31 July 2022 compared to £396,101 for the year ended 31 July 2021. 

The fund balance carried forward at 31 July 2022 is £166,545 compared to £154,570 in the year ended 31 July 2021. The full Statement of Financial Activities is set out on page 9 of these accounts. 

## **Reserves Policy** 

London Youth Conservatoire Ltd is committed to using its resources in pursuit of its charitable objectives. It is also committed to: 

- maintaining a prudent level of reserves to meet ongoing liabilities 

- ensuring that all delivery commitments can be met, and 

- protecting the long-term future of London Youth Conservatoire Ltd’s operations. 

London Youth Conservatoire Ltd’s policy seeks to balance these priorities by holding a level of reserves which covers the operating commitments. The Board of Trustees monitors the level of reserves frequently and takes appropriate action if reserves fall outside the desired range. London Youth Conservatoire Ltd has identified the following potential risks to its business which it seeks to mitigate against. 

Page 5 of 16 



## **LONDON YOUTH CONSERVATOIRE LTD** 

## Market risks 

Although London Youth Conservatoire Ltd serves a clear and growing need, it is a nonetheless a discretionary service and the economic environment may have negative impacts on our activity. 

## Delivery risks 

London Youth Conservatoire Ltd is a local school serving a local community. As a result, geographical location is all-important. 

Should the school temporarily not be able to access the premises at Lady Margaret School, it would need to be prepared to offer tuition in different premises or over platforms such as Zoom. London Youth Conservatoire Ltd faces the risk of having to cancel lessons as a result of adverse weather or other force majeure. 

## Operating risks 

London Youth Conservatoire Ltd has grown significantly over the past few years, and further growth needs to be managed and planned. The core support team has been strengthened, and other potential costs associated with different growth options budgeted for. London Youth Conservatoire Ltd continues to monitor operating expenses associated with growth to ensure that reserves are sufficient. 

For 2022-23, the Board of Trustees is confident the level of general reserves is sufficient to cover the risks identified. 

## **Investment policy and performance** 

The Articles of Association provide that the organisation invests money not immediately required for its own purposes in or upon such investments, securities or property, as may be thought fit. At the present time the trustees’ policy is to maintain all such monies on deposits earning a market rate of interest. 

## **Financial outlook and future plans** 

In the school year 2022-23, the school has grown to approximately 330 students and management will review the optimum size and organisational structure for the school going forward this year. 

London Youth Conservatoire Ltd will continue to organise Community Family concerts, and school events. 

The Board continues to work on the strategic direction of the school, review its mission and discuss future plans for development. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Constitution and organisational structure** 

London Youth Conservatoire Ltd is a company limited by guarantee and was incorporated on 25[th] June 2009. 

London Youth Conservatoire Ltd was established by a Memorandum and Articles of Association, which describes the objects and powers of the charitable company; it is governed under its Articles of Association. Under those Articles, the Trustees are appointed at the Annual General Meeting. The Members have guaranteed to contribute a maximum of £1 each in the event of the company being wound up. 

All members of the Trustee Board give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in the notes to the accounts. 

## **Governance and decision-making** 

The Board of Trustees/Directors governs London Youth Conservatoire Ltd and meets at least 4 times a year to discuss and review strategy, planning, development and financial matters. Day-to-day management of 

Page 6 of 16 



LONDON YOUTH CONSERVATOIRE LTD
the orgonisotbon is delegated to the H￿d ol School, Deputy Heod ol khc¢Jl, th8 Administration and
Finonce OMic•r, ond the teochws (under Service Agr8emontl.
London Youth Consemitolre Ltd has two employees {one In tha prevlous peTI(xl).
R•cruilmgni und app011thne￿ of new tvwto9*
The oppointment and removal of trustees decided by a malorfty ol vol•s. At gvory Annuol GenOfoI
Meeting, tho longest 5eNing ontrthird ol the trustees is requirad to rotire Irom oflica but thgs8 tru5teos o
èlig4bl• lor ￿le￿Ion.
Rhk monug•m•nt
The truste95 hovè o duty to identrty ond reviv44 thè rlsks to which tha charlty is expc*8d ond to ensure
opproprSotg controls ar• in place to provide reasonoble (tssuronce agolnst fraud and •rror.
STATEMEKf OF TRUSTEES. RESPONSIBILMES
The trLtste8s Iwho ore also dir¢ctors ol London Youth Conservotolra Ltd, for the purpos•s ol company low}
are responsible for preporing the Trust•e￿ Annual Report ond the flnoncial stotemenls in occordonce ￿￿th
applicuble low and United Kingdom Accountlng Stondords {Unltod Kingdtsm Gonerolly Accepted
Accounlsng Prodicel.
Compony I¢￿ requi￿ thè trustees to prepore Ilnoncial 5tatemeTrts for ea¢h finondal yeor, which give o true
nd lalr view ol thè state ol affoits ol the choritoblè company ond ol the Incomtng rasources ond
applicotion ol rosources, ineluding the income and expenditurè, ol the choritoblo company for thot poriod.
In preporfng ihgsg Ilnonclal stotoment5, the trustses ure requirèd to..
Seled suitable accounting polici$$ ond then apply thèm conslstently-
Observo the methods and principles in the Choritae5 SORP..
Make judgments and estlmate5 thot ore reasonable ond pwdent,.
Statè whether opplieable UK Accounting Siandords hove been followed. subied to ony Moter￿1
departures dlsclosed ond oxplained in tha Ilnanctol stutements.. and
Prepar8 tho finonclal slatements on the golng con¢•m t4isls unlo88 It Is Inopprowat• to presume
thot lh8 charitoble company will continuè in busines5.
The trusl89s ore rtsponsiblo lor k••piry proper oecounting records thot disd0￿ whh rea￿nabl• occur¢Jcy
at any time the linoneiol position ol thè ehoritoble company and enoble them to 8nsuTe thot thè Ilnancial
stotements comply with tha Componiès Ad 2006.
They are also resp)nslble lor sateguofding the ossets ot the ehoritoble company and hènce lor toking
reosonobl• steps lor tho provgnllon ond datection ol Irtsud and other irregularilies.
APPROVAL
This report was opproved by th• Board ol Trustee5 on 25ffj M reh 2023 ond signed on it5 behow ty..
Fablenne Nocouzl - Truslee
Page 7 0116

## **LONDON YOUTH CONSERVATOIRE LTD** 

## **INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF LONDON YOUTH CONSERVATOIRE LTD** 

I report on the accounts of the charitable company for the period ended 31 July 2022, which are set out on pages 9 to 16. 

## **Respective responsibilities of trustees and examiner** 

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of Association of Chartered certified Accountants. 

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: 

- Examine the accounts under section 145 of the 2011 Act; 

- To follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and 

- To state whether particular matters have come to my attention. 

## **Basis of independent examiner's report** 

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. 

## **Independent examiner's statement** 

In connection with my examination, no matter has come to my attention: 

- (1) which gives me reasonable cause to believe that in any material respect the requirements: 

   - to keep accounting records in accordance with section 386 of the Companies Act 2006; and 

   - to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities 

have not been met; or 

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

Morlai Kargbo, FCCA For and on behalf of Moracle Chartered Certified Accountants & Registered Auditors 

960 Capability Green Luton England, LU1 3PE 

Date: 23[rd] March 2023 

Page 8 of 16 



## **LONDON YOUTH CONSERVATOIRE LTD** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 JULY 2022** 

|Notes<br>Unrestricted<br>Funds<br>£<br>**INCOME AND ENDOWMENT**<br>**FROM:**<br>Donations and legacies<br>Donation<br>9,620<br>Others trading activities<br>Fund-raising<br>10,941<br>Income from Investment<br>Bank interest received<br>13<br>Income from charitable activities<br>Teaching income<br>422,081<br>Administration fee<br>-<br>Events<br>12,491<br>Other income<br>377<br>TOTAL INCOME AND ENDOWMENTS<br>455,523<br>**EXPENDITURE ON:**<br>Expenditure on Raising funds<br>2,253<br>Expenditure on charitable activities<br>2<br>443,750<br>TOTAL EXPENDITURE<br>446,003<br>NET RESULT BEFORE TRANSFERS<br>9,520<br>Transfers<br>-<br>NET MOVEMENT IN FUNDS FOR THE<br>PERIOD<br>9,520<br>Total funds brought forward<br>154,570<br>TOTAL FUNDS CARRIED FORWARD<br>AT 31 JULY 2022<br>8<br>164,090|Restricted<br>Funds<br>£<br>2,400<br>-<br>-<br>-<br>-<br>-<br>2,400<br>-<br>-<br>-<br>2,400<br>-<br>2,400<br>-<br>2,400|31 July<br>2022<br>TOTAL<br>£<br>31 July<br>2021<br>TOTAL<br>£<br>12,020<br>4,034<br>10,941<br>3,666<br>13<br>1<br>422,081<br>369,984<br>-<br>-<br>12,491<br>9,060<br>377|
|---|---|---|
|||457,923<br>386,745|
|||2,253<br>21<br>443,750<br>396,081|
|||446,003<br>396,102|
|||11,920<br>(9,357)<br>-<br>-|
|||11,920<br>(9,357)<br>154,570<br>163,927|
|||166,490<br>154,570|



The Statement of Financial Activities includes all gains and losses recognised in the period.  The notes on pages 13 to 17 form part of the financial statements. 

Page 9 of 16 



## **LONDON YOUTH CONSERVATOIRE LTD** 

## **BALANCE SHEET AS AT 31 JULY 2022** 

|Notes<br>**FIXED ASSETS**<br>Tangible fixed assets<br>4<br>**CURRENT ASSETS**<br>Debtors<br>5<br>Cash at bank and in hand<br>CREDITORS: Amounts falling due within<br>one period<br>6<br>NET CURRENT ASSETS<br>NET ASSETS<br>FUNDS<br>7<br>Unrestricted funds<br>General fund<br>Designated funds<br>8|31 July 2022<br>£<br>31 July 2021<br>£<br>12,497<br>10,155<br>16,009<br>32,150<br>329,634<br>302,491<br>345,643<br>334,641<br>(191,550)<br>(190,226)<br>153,993<br>144,415<br>166,490<br>154,570<br>144,000<br>132,303<br>22,490<br>22,267<br>166,490<br>154,570|31 July 2022<br>£<br>31 July 2021<br>£<br>12,497<br>10,155<br>16,009<br>32,150<br>329,634<br>302,491<br>345,643<br>334,641<br>(191,550)<br>(190,226)<br>153,993<br>144,415<br>166,490<br>154,570<br>144,000<br>132,303<br>22,490<br>22,267<br>166,490<br>154,570|
|---|---|---|
|||154,570|
|||132,303<br>22,267|
|||154,570|



Page 10 of 16 



LONDON YOUTH CONSERVATOIRE LTD
BALANCE SHEET (CONTINUED)
AS AT 51 JULY 2022
The compuny is entitled to axèmption from OLxlit under Section 477 01 the Compunie5 Ad 2006 lor the
pèriod èndod 31 July 2022. The members hove not required the compony to obtoin on audit ol its linanciol
statemgnts tor thè Feriod 31 Juty 2022 in occordance with Sedion 476 of the Compan￿$ Ad 2tQ6.
Tho directors acknovAedge their rèsponsibilities lor-.
ènsuring thot the company k8ops occounting r8COfds which compty with SodKJns 386 orbd 387 01 the
Comwftitt Act 2006; and
prgrxjrong Ilnandal statgmBnts which gi* o two orthj lolr of Iho stat• of offoirs of the comptsny
os at the end ol each linanool perlt)d ond ol Its proltt or loss tor each linonciol peri￿ In accotdonco wSth
the fequirem&nt8 ol S¢dlons 394 ond 395 and thich Othe￿$* compty wlth tho raqulraments ol the
Companies hLt 2006 relating to linonciol 8trJlgTngnts. $0 lor os appllcoble lo the comF)Olly.
Tho Ilnoncial statements hovè been prèFXJf•d in occordance with opplicable United Kingdom accountlng
slondord$. includlng, sedion 1A'Srnall Entitie5' of thg Finonciol Reporting Standords opplicoblè in the UK
ond Republ￿ ol Ireland (FRS 102) {efterti¥e lor reporting wriods beginning on or after l January 2019).
and the Cornponiès Act 2006.
Thè linonclol stotèments were opproved and authori*d lor issue ty the Trustee5 on 18 Januory 2023 ond
signed on thglr bohalf, ty.
Fobienne Nacouzi - Trustee
Tho oc¢OmFyan￿ng notes form port of tho Ilnandol stoternents.
Page 11 of 16

## **LONDON YOUTH CONSERVATOIRE LTD** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2022** 

## **1. ACCOUNTING POLICIES** 

1.1 Basis of preparation of financial statements 

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with applicable United Kingdom accounting standards, including, section 1A 'Small Entities' of the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective January 2015), and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. 

1.2 Fund accounting 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. 

1.3 Income and Endowments 

Income is recognised when the school has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. 

School fees are invoiced a term in advance. To ensure compliance with the accruals concept it may be necessary to defer income into the following period. 

Income received in advance for school fees is deferred until the criteria for income recognition are met. 

## 1.4 Donations 

## Income from donations is recognised at the time of pledge. 

## 1.5 Expenditure 

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

- Costs of raising funds comprise the costs of commercial trading including the bar and coffee lounge 

- and their associated support costs. 

- Expenditure on charitable activities includes the costs of performances, exhibitions and other 

- educational activities undertaken to further the purposes of the charity and their associated support costs. 

- Other expenditure represents those items not falling into any other heading. 

1.6 Allocation of support costs 

Support costs are those functions that assist the work of the school but do not directly undertake charitable activities. Support costs include back office costs, finance, rent and governance costs which support the School’s music programmes and activities. Governance costs are those incurred in connection with enabling the Charity to comply with external regulation, constitutional and statutory requirements and in providing support to the Trustees in the discharge of their statutory duties. 

These costs have been allocated between cost of raising funds and expenditure on charitable activities. 

1.7 Depreciation and Fixed Assets 

Items purchased are accounted for as fixed assets when the purchase price is over £50. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, which most of the time is estimated at 3 years, apart from some instruments (bassoon, oboe: 10 years). This year, the fixed assets represent the instruments that London Youth Conservatoire Ltd bought for its tuition needs. 

## 1.8 Operating leases 

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA as incurred. 

## 1.9 VAT 

The charity is not registered for VAT and its expenses are therefore inflated by VAT, which cannot be recovered. 

Page 12 of 16 



## **LONDON YOUTH CONSERVATOIRE LTD** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2022** 

## **2. CHARITABLE ACTIVITES** 

||Unrestricted|Restricted|31 JULY|31 JULY|
|---|---|---|---|---|
||Funds|Funds|2022|2021|
||||TOTAL|TOTAL|
||£|£|£|£|
|**Charitable ACTIVITIES**|||||
|Teaching fees|237,508|-|237,508|239,334|
|Events|15,399|-|15,399|11,605|
|Teaching books|2,107|-|2,107|1,153|
|Scholarships granted|12,415|-|12,415|16,082|
|Saturday Expenses|-|-|-|-|
|Cancellations|-|-|-|-|
|**Support costs**|||||
|Rent of premises|58,730|-|58,730|34,140|
|Management team fees|99,620|-|99,620|72,734|
|Communication costs|1,891|-|1,891|859|
|Development|960|-|960|75|
|Instrumental expenses|125|-|125|1,572|
|Web costs|4,311|-|4,311|9,078|
|Telephone|179|-|179|139|
|Depreciation expenses|3,643|-|3,643|3,051|
|Bad debts|-|-|-|-|
|Staff entertainment|131|-|131|67|
|Insurance|1,110|-|1,110|1,416|
|Office expenses|1,057|-|1,057|264|
|Miscellaneous expenses|2,543|-|2,543|878|
|Governance|2,021||2,021|3,655|
||443,750|-|443,750|396,102|



## **Expenditures on charitable activities Previous period:** 

|Unrestricted funds<br>Restricted funds|2021<br>£<br>396,102<br>-|
|---|---|
||396,102|



Page 13 of 16 



**LONDON YOUTH CONSERVATOIRE LTD** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2022** 

## **3. NET INCOME FOR THE PERIOD** 

The net income for the period is stated after charging: 

||2022|2021|
|---|---|---|
||£|£|
|Depreciation of tangible fixed assets|3,643|3,051|
|Independent examination fee|1,200|1,200|



During the period, no Trustees received any remuneration, any benefits in kind, any reimbursement of expenses (2021-Nil). 

**Related party transactions:** One of the Trustees’ family member has been paid a remuneration as a service provider. All fees paid in line with the other service providers on same tasks. 

**Employees:** Since January 2021, the charity has had two employees. 

No employees received employee benefits (excluding employer pension costs) of more than £60,000. 

## **4. TANGIBLE FIXED ASSETS** 

||Furniture &<br>Fittings|Instruments|Total|
|---|---|---|---|
||£|£|£|
|COST||||
|At 31 July 2021|3,813|14,556|18,369|
|Additions|830|5,155|5,985|
|At 31 July 2022|4,643|19,711|24,354|
|DEPRECIATION||||
|At 31 July 2021|2,856|5,358|8,214|
|Charge for period|690|2,953|3,643|
|At 31 July 2022|3,546|8,311|11,857|
|NET BOOK VALUE||||
|At 31 July 2022|1,097|11,400|12,497|
|At 31 July 2021|957|9,198|10,155|



Page 14 of 16 



## **LONDON YOUTH CONSERVATOIRE LTD** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2022** 

## **5. DEBTORS** 

|2022<br>£<br>Debtors<br>13,086<br>Prepayments<br>2,923<br>16,009<br>**.**<br>**CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>2022<br>£<br>Deposits<br>32,300<br>Deferred revenue - See below<br>154,835<br>Other creditors<br>4,415<br>191,550|2021<br>£<br>29,260<br>2,890|
|---|---|
||32,150|
||2021<br>£<br>38,850<br>138,568<br>12,808|
||190,226|



## **6. CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR** 

London Youth Conservatoire Ltd requires all families to pay in advance the first term of fees for the following school year in order to secure their place. The deferred revenue is composed of invoices issued in June/July 2022 for the fees covering the 1st term 2022-23 starting in September 2022. 

## **7. MOVEMENT IN FUNDS** 

## **Movement in funds Current period:** 

|Brought<br>forward<br>£<br>Unrestricted funds<br>General funds<br>132,303<br>Designated funds<br>22,267<br>Total Funds<br>154,570<br>**Movement in funds Previous period:**<br>Brought<br>forward<br>£<br>Unrestricted funds<br>General funds<br>135,041<br>Designated funds<br>28,886<br>Total Funds<br>163,927|Income<br>£<br>457,923<br>-<br>457,923<br>Income<br>£<br>386,745<br>-<br>386,745|Expenditures<br>£<br>(446,003)<br>-<br>(446,003)<br>Expenditures<br>£<br>(396,102)<br>-<br>(396,102)|Transfers<br>between<br>funds<br>£<br>-223<br>223<br>-<br>Transfers<br>between<br>funds<br>£<br>6,619<br>-6,619<br>-|Carried<br>Forward<br>£<br>144,000<br>22,490|
|---|---|---|---|---|
|||||166,490|
|||||Carried<br>Forward<br>£<br>132,303<br>22,267|
|||||154,570|



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## **LONDON YOUTH CONSERVATOIRE LTD** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2022** 

## General Funds 

Funds available are sufficient to permit the charity to continue in operation in the short term. 

## Designated Funds 

The designated funds are dedicated to our charitable mission: bursaries and outreach activities. The net profit from fundraising campaign including donations is transferred to Designated Funds. The funds are then used for the bursary programme and the outreach programme. 

## **8. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

## **Analysis of net assets between funds current period:** 

|General<br>funds<br>2022<br>£<br>Total assets<br>335,550<br>Total liabilities<br>(191,550)<br>144,000<br>**nalysis of net assets between funds previous period:**<br>General<br>funds<br>2021<br>£<br>Total assets<br>322,529<br>Total liabilities<br>(190,226)<br>132,303|Designated<br>funds<br>2022<br>£<br>22,490<br>-<br>22,545<br>Designated<br>funds<br>2021<br>£<br>22,267<br>-<br>22,267|Total<br>funds<br>2022<br>£<br>358,040<br>(191,550)<br>166,490<br>Total<br>funds<br>2021<br>£<br>344,797<br>(10,226)<br>154,570|Total<br>funds<br>2021<br>£<br>344,797<br>(190,226)|
|---|---|---|---|
||||154,570|
||||Total<br>funds<br>2020<br>£<br>310,450<br>(146,523)|
||||163,927|



**Analysis of net assets between funds previous period:** 

## **9. TAXATION** 

The charity is not liable to tax on its charitable grants, donations or fee income earned in the course of its charitable activities, so long as the income is applied for the purposes of its charitable aims. 

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