ANNUAL REVIEW 2023 Incorporating Statutory Financial Statements 



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## CONTENTS 

Conway Hall is a charity that helps to create a world Where Ethics Matter. 

- 14 CEO's report 

- 15 Chair's report 

With a landmark venue and over 100 years of championing independent voices promoting equality, social justice, and a better life for all – we call that ETHICS – Conway Hall offers a dynamic platform for those driven by the same passion for change. 

Our Grade II listed building, built in 1929, hosts a wide variety of talks, concerts, courses, performances and community events. It is renowned as a hub for free and independent thought, for suffragettes, political radicals, scientists, philosophers, artists, performers, campaigners, charities and other non-profit organisations. 

Our Library holds the _Ethical Society's_ collection, which is the largest and most comprehensive Humanist and ethicsrelated research resource of its kind in the United Kingdom. 

You can support Conway Hall and its work by making a donation or by joining the _Ethical Society_ . To  find out more: _conwayhall.org.uk/support_ 

- 16 Honorary Treasurer’s report 

- 17 2023 By Numbers 

- 18 What We Do 

- 12 Our Building 

- 13 Support Us 

- 14 Vision and Mission 

## STATUTORY FINANCIAL STATEMENTS 

- 16 Report of the Trustees 

- 18 Legal and administrative information / Auditor’s Report 

- 20  Statement of Financial Activities 

- 21 Balance Sheet 

- 22  Cashflow Statement 

- 23 Notes forming part of the financial statements 

Published by Conway Hall Ethical Society 

Printed by Solopress • 9 Stock Road, Southend-On-Sea, SS2 5QF Statutory auditor: Goodman Jones • 29/30 Fitzroy Square, London, W1T 6LQ 

Conway Hall • 25 Red Lion Square, Holborn, London WC1R 4RL _Conway Hall is owned and operated by Conway Hall Ethical Society_ Registered charity 1156033 

conwayhall.org.uk conwayhallethicalsociety conwayhall conwayhall 

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## CHAIR’S REPORT 

2023 has been a challenging but rewarding year for Conway Hall, as we continued to pursue our mission of making ethics matter. 

One of the highlights was the expansion of our board of Trustees, with seven new members bringing their skills, experience and perspectives to our governance and strategic direction. I would like to thank them for their commitment and enthusiasm and express my gratitude to the outgoing Trustees who have served us well over the years. 

Additionally, the launching of new programme elements this year, such as _Folk Unplugged_ , along with the development of our _An Eye For Ethics_ film screening series has been particularly rewarding. These events have brought new audiences to the venue, facilitated fresh conversations and allowed us to expand our discussions about ethics in the wider cultural landscape. 

## **“Conway Hall is a place I can go for inspiration”** 

_Taken from a recent audience survey_ 

Of course, none of these achievements would have been possible without the dedication and hard work of our staff, volunteers and partners, who continue to show resilience and adaptability. I would also like to thank our donors, funders and supporters, who have generously supported our work and growth. 

Looking ahead, we have ambitious plans to diversify our income sources, strengthen our partnerships and enhance our monitoring and evaluation systems, allowing us to expand our reach and impact and make a lasting impact on the world. 

## Carmen D'Cruz 

## CEO’S REPORT 

It has been another year of huge change. This year we welcomed 10 new colleagues, creating several new roles and modernising others, as we developed our departments under the guiding hands of our four heads of department. 

In line with such changes, we expanded our strategic thinking and created a comprehensive five-year business plan to chart our future. Alongside  the traditional business plan favourites of aims, market analysis, risk, resources and finance, we also set out a large number of milestones across the next five years. This includes a heightened focus on fundraising and cultivating corporate partnerships. Additionally, we will continue to enhance our facilities where necessary and undertake critical repair work to the many roofs of our historic building. 

## **“ It was amazing, I'm so looking forward to coming back!”** 

This year also saw the roll-out of a new initiative via _OpenUp_ - a platform to support mental wellbeing at work – as well as training for senior staff to support all of our colleagues more effectively. The key to success is the balance between the mission and how we can support those who deliver it. 

Our ambition is for Conway Hall to be the space in the UK for effective public discussion on ethics _._ To advance the conversation, my new, regular _#ethicsfirst_ blog highlights ethical issues, by balancing prominent figures with key philosophical ideas, both topical and eternal. If you like the sound of Voltaire mixing with Jackson Pollock and Elvis Costello, and Maya Angelou sitting down with Georgia O’Keeffe, Nina Simone and Mozart, you should take a look. 

_Taken from a recent audience survey_ 

## Jim Walsh 

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## 2023 BY NUMBERS 

- **1**[wedding or civil partnership ceremony held in our building] 

- **13**[partners we collaborated through our events programme] 

- **38** _[Sunday Concerts ]_[in our Main Hall] 

- **41**[talks hosted by ] _[Conway Hall Ethical Society]_ 

## **“An amazing venue with world class music, accessible for all“** 

_Taken from a recent audience survey_ 

- **88**[events held as part of our charitable programme] 

- **30**[talks live-streamed from our venue] 

- **832**[events held in our building] 

- [people attended our own events, in person and online] 

- **7,622** 

- [people reached via our Facebook and Instagram] 

- **355,990+**[minutes watched on our ] _[YouTube]_[ channel] 

- **3,399,000+** 

## HON. TREASURER’S REPORT 

In a landmark achievement, Conway Hall has achieved a turnover in excess of £1million. This is up from £917K last year, which itself was a record. 

This was driven primarily by a 70% increase in venue hire revenue – at the heart of Conway Hall's commercial income - which can be credited to a return to in-person events following Covid and, in particular, our putting in place a strong team who maximise the utilisation of our spaces for commercial and charitable purposes. 

The additional venue hire income was essential, as the _Arts Council_ ceased their _Cultural Recovery Fund_ grants to arts organisations after the end of the pandemic, which had been essential for our survival in the previous two financial years. 

Regrettably, one-off costs related to staff changes contributed to this year's £143K loss, prompting strategic measures to drawdown the ethical investments held with _Rathbones_ to address cash deficits. We are now intensifying our focus on costeffectiveness and enhancing income streams, such as bringing AV management in-house which is already saving money and generating additional commission from hirers. 

In addition, the adjacent commercial properties in our portfolio which also provide us with rental income, were revalued upwards by £90K in terms of our assets. 

A continued proactive strategy across the organisation underscores our commitment to financial stability and positions us for positive outcomes ahead. 

## **“It's like being part of a family”** 

_Taken from a recent audience survey_ 

## Lucas Whittaker 

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## WHAT WE DO 

## **“It was lovely. I wish I'd discovered Conway Hall sooner”** 

_Taken from a recent audience survey_ 

_Conway Hall Ethical Society_ is an independent charity. We curate, support and facilitate people and ideas that Make Ethics Matter in the world. We do this by hosting talks, concerts, performances and community events, as well as through our learning and partnership activities. 

2023 was a fantastic year for our programme, with several new, exciting projects making their debut, alongside the return of some of our longest-running series. 

Our _Ethical Matters_ talks series saw a diverse array of speakers igniting conversation and debate on all things ethical. We explored other ways of living and loving with asexual activist Yasmin Benoit and bisexual author Dr Julia Shaw, Ian Leslie presented a fascinating take on "how to disagree" and Dr Arthur Miller and Reema Selhi led a lively debate on the future of art and AI. 

Through our _Sunday Concerts_ programme, we have continued our commitment to making classical music affordable for all and building a welcoming and accessible musical community. 

Alongside performances from long-time favourites such as the Piatti Ensemble and Greenwich Trio, 2023 also saw the introduction of a new song series, thanks to support from the _Cockayne Foundation_ . Tenor James Gilchrist gave performances of Ravel and Vaughn-Williams, and soprano Julieth Lorenzo performed Debussy and Dvorák. The highlight of the song series was a threeday weekend of immersion into Schubert’s _Winterreise_ featuring eight supremely talented young musicians from London conservatoires, led by distinguished song pianist Roger Vignoles. 

This year also saw the return of the _Clements Prize_ , our biannual young composers’ competition named after Alfred J. Clements, who helped to establish the _Sunday Concerts_ in 1887. Out of 117 submissions, six young composers were selected to appear in the live final: Jasper Eaglesfield won audience prize and Michael Phillips was awarded the first prize. 

In  Autumn, we started a brand-new monthly music series, _Folk Unplugged._ Created in response to increasing closures of Grassroots Music Venues, this series brings together diverse, emerging artists with veterans of the folk scene, including Granny’s Attic, Maddie Morris and Kathryn Williams. In keeping with our mission to keep music accessible for as many people as possible, tickets for the series are some of the most affordable in London. 

2023 was a great year for partnerships, both new and longstanding. _Stuart Hall Foundation_ returned in February with their Annual Public Conversation, featuring author, feminist and cultural critic Jacqueline Rose. And we hosted two _Playing Days_ with _London Music Fund_ , welcoming around 200 young musicians supported by that organisation's vital scholarship programme for children from disadvantaged backgrounds. This combined workshops and a fantastic concert for the young musicians' friends and families. 

We have also seen several new creative collaborations through our _Co-programming Partnership_ programme. A particular highlight was _Silence = Death: 40 years of speaking out about HIV_ , a collaboration with _Terrence Higgins Trust_ and _Switchboard_ . May 2023 marked the 40th anniversary of the first public meeting in the UK on HIV and AIDS, held at Conway Hall. 

## **“Brilliant lecture. Highlight of my year so far!”** 

_Taken from a recent audience survey_ 

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## **“Among my top lifetime musical** 

## **experiences”** 

_Taken from a recent audience survey_ 

This event brought together leading voices in the fight to eradicate HIV, to celebrate the achievements of the last 40 years and discuss what still needs to be done. The panel discussion was accompanied by a display of archival material from Conway Hall and _Bishopsgate Institute_ , documenting both the original campaign in the 80’s as well as the preceding campaigns to decriminalise homosexuality. 

Conway Hall’s archives were front and centre once again in a collaboration with _Electric Voice Theatre_ , celebrating the life and works of Eliza Flower – composer, activist and leading figure in the history of _South Place Chapel_ – in _Flowers of the Seasons: Politics, Power and Poverty_ . This event featured the first public performance of some of Eliza’s music for at least a hundred years, as well as a display in the Library of her works and scores held in Conway Hall’s archive. 

In September, we teamed up with _Fashion Declares_ to host the first ever _Regenerative Fashion Day_ at the beginning of _London Fashion Week_ . Combining industry seminars with pop-up workshops, musical performances, as well as a unique catwalk show, this partnership event explored how we can build a regenerative and just fashion industry, end fossil fuel dependency and move towards sustainable fibres and production that honour people, place and planet. The event featured trailblazing designers including Zandra Rhodes, Bora Aksu for _People Tree_ and Tammam, and we hope it will be an annual event. 

The Autumn Season featured four festivals and saw many new visitors finding their way through our doors. In September, the _Antiuniversity Festival_ returned with two days of events exploring radical learning, participation and action, featuring workshops on peer learning, copyright, clothes mending and more. A temporary display using our archive was created in the Library featuring prisoner diaries and personal reports from those incarcerated for their beliefs and politics. 

September also saw the return of _Open House Festival_ , for which we welcomed around 100 people – the majority of whom were first time visitors – to a series of tours which explored the history of the _Ethical Society_ and our historic building. A temporary display of archival materials, including building plans, historic photographs and posters was created for the Festival. 

In October we welcomed _Bloomsbury Festival_ back for 3 days of workshops and performances on the theme of “Grow”. Highlights included a fanzine workshop inspired by Conway Hall’s extensive collection of 19th century pamphlets, a writer’s workshop with _26 Wordstock_ in the Library and _Histoire du Tango_ , a sell-out performance celebrating the history and evolution of Argentine tango, created by _UK Tango Championship_ finalists Emma Lucia Reyes and Carlos Cisneros, and followed by a milonga. 

_Being Human Festival_ returned to Conway Hall in November, with a series of workshops exploring what makes a person “great and good” – or worthy of remembrance. Led by researcher Clare Stainthorp and Madeline Goodall from _Humanists UK_ , these creative workshops drew on some of the important figures in the history of the ethical and secular movements. 

We rounded off the year with a performance from the young students of the _London Performing Academy of Music_ . This year, Conway Hall has supported a programme which brought young Ukrainian musicians directly impacted by the war to the UK, enabling them to continue their studies in safety. In October we were proud to celebrate the first graduations of these students, and we will continue to support this wonderful programme, as well as many more community partnerships and programmes that Make Ethics Matter into 2024 and beyond. 

## **“Lovely venue and great series of talks”** 

_Taken from a recent audience survey_ 

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## **“Thank you for the amazing event and the** 

**care around accessibility, as I'm a** 

## **wheelchair user. The whole team** 

## **were wonderful"** 

_Taken from a recent audience survey_ 

## OUR BUILDING 

This year the building has seen a full array of events, with film crews and school plays, rehearsals and auditions, weddings and memorials, comedy shows and dance performances. Even more so than in previous years, Conway Hall has really proved itself to be a welcoming and flexible place. 

Our Main Hall hosted 204 events this year, including a big party for _LBC_ 's 50th Anniversary and notable talks and conferences such as _TEDxNHS_ . We welcomed comedians from all over the world, holding events in a variety of languages and, in October, _Bloomsbury Pakistan Literature Festival_ took over the whole building with an inspiring list of authors and speakers. 

The Library was host to some impressive guests this year too, most notably it provided an atmospheric backdrop to a _CBS_ interview with singer-songwriter Nick Cave who candidly spoke about dealing with grief and his new book. 

We were also delighted to host a wedding in the Library for some of our neighbours who live in Red Lion Square and, with the re-launch of our wedding offer this year, we hope to see many more happy couples tie the knot at Conway Hall in the near future. 

We have also been working hard to add a new space to our portfolio. We have refurbished a room previously occupied by a tenant, and the brand new Flower Room, named after Eliza Flower, is now part of the _Conway Suite_ of rooms situated near the Fox Room. 

In 2024, we also intend a trial reopening of our cafe for certain events. 

## FUNDING & SUPPORT 

We are grateful for the funding and donations received over the past year. No matter the size, such support plays a vital role in ensuring that we can continue to flourish. We are particularly grateful to the musicians who donated their playing fee and the following: 

Cockayne Foundation • The London Community Foundation Vaughn Williams Charitable Foundation  • Cavatina Chamber Music Trust 

In late 2023 we successfully launched two Crowdfunder campaigns. One to support our charitable programme of events and another to help fund much needed repairs to our roof. These campaigns are ongoing and will allow us to galvanise support from the wide range of people, groups and organisations which have celebrated, debated and danced under Conway Hall’s roof. 

Individuals can support our charity by: 

- Making a donation via our website: _conwayhall.org.uk/support_ 

- Donating to our Crowdfunder campaigns: _conwayhall.org.uk/cf2023_ 

- Becoming members of the Society: _conwayhall.org.uk/membership_ 

Individuals who work for _Benevity_ -partnered organisations can also steer their employers’ charitable contributions by pledging their support (at no cost to themselves) via this platform. 

Organisations and businesses can support us through donations or by becoming a partner via _conwayhall.org.uk/partners_ or _fundraising@conwayhall.org.uk_ 

## **“It was amazing. I am so looking forward to coming back soon”** 

_Taken from a recent audience survey_ 

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## Historic 

We embrace our history and share our heritage, in order to build a platform for future progress. 

## Diverse 

We celebrate the benefits of many viewpoints and those working together for common goals and minority rights. 

## Kind 

We seek to avoid causing harm, preferring options which benefit people and help them to live freely. 

## Human 

We believe in the power of people solving problems together to build the world we want to live in. 

## Creative 

We believe in the power of creativity and culture to stretch our minds. 

We Curate, Support and Facilitate People and Ideas that MAKE ETHICS MATTER 

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## REPORT OF THE TRUSTEES 

## **FOR YEAR ENDED 31 JULY 2023** 

by Jennifer Leatherby and _Head of Programmes_ held by Holly Elson. 

## **INTRODUCTION** 

_Conway Hall Ethical Society_ is a registered charity. Its Trustees herewith submit their annual report and the audited financial statements for the year ended 31 July 2023. 

Membership of the Society is open to all who are in sympathy with its charitable objects, upon payment of a subscription. 

The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (revised 2019) in preparing the annual report and financial statements of the charity. 

## **TRUSTEES’ RESPONSIBILITIES STATEMENT** 

The Trustees are responsible for preparing the _Trustees’ Report_ and the financial statements in accordance with applicable law and _United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)._ 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including its income and expenditure, of the charity for that period. 

The charity is governed by its Trustees who form the “Trustees”, having a maximum membership of twelve. The Trustees meet regularly to manage the charity’s affairs. 

The Society, as of 1st August 2014, became a Charitable Incorporated Organisation. 

All Trustees are appointed by the members in General Meetings. Once appointed, each trustee undergoes an induction with the Chief Executive Officer, the Chair, and relevant members of the executive team. This induction includes taking Trustees through the charity's policies as well as the current financial position and strategic aims for the future. 

In preparing these financial statements, the Trustees are required to: 

• select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- • make judgements and estimates that are reasonable and prudent; 

The Trustees employ paid staff to run the administration of the Society and Conway Hall. 

- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The charity employs 27 staff, making up 18 full time equivalents, who are engaged in charitable activities, finance and day-to-day administration. 

The charity has five senior management positions: _Chief Executive Officer_ held by Dr. Jim Walsh, _Head of Fundraising and Communications_ held by Jeff Davy, _Head of Operations_ held by James Foran, _Head of Commercial_ held 

The Trustees are responsible for keeping accounting records that are sufficient to show and explain the charity’s transactions and disclose 

with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the _Charities Act 2011_ , the _Charity (Accounts and Reports) Regulations 2008_ and the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **OBJECT** 

The governing instrument is the Constitution (for a Charitable Incorporated Organisation, of the Association type) and it came into effect on 1st August 2014. 

The Object of the Society is the advancement of study, research and education in humanist ethical principles. 

## **ACTIVITIES AND PUBLIC BENEFIT** 

The activities undertaken by the Society are planned with its objects in mind. Some of the principal ways in which this Object is met are through a regular programme of talks, concerts, and events, which take place online and in our building. Some of these are arranged in collaboration with 

partner organisations. 

The Society’s activities and events are open to the public as well as to members. When planning the Society’s activities, the Trustees give consideration to the _Charity Commission_ 's guidance on public benefit. More detailed descriptions of activities can be found in the _What We Do_ section of this document. 

## **ACHIEVEMENTS AND PERFORMANCE** 

_For a more detailed overview please see the Annual Review section, which contains statements from the CEO,_ 

_Chair, and Hon. Treasurer, as well as reports on our programme and commercial activities._ 

This year has seen the triumphant return of audiences and communities to Conway Hall. The programme has delighted them across talks, film, fashion, and music (chamber, folk and 200 participating children courtesy of the _London Music Fund_ ). 

The year also has seen a surge in commercial activity, particularly venue hire, with income targets exceeded and new initiatives and partnerships implemented. We have also finalised a 5-year business plan to underpin the new strategic vision and welcomed a wave of new staff and Trustees to help us carry out this important and 

ambitious work. 

## **FINANCIAL REVIEW** 

_For a more detailed overview see the Annual Review section, in particular the Hon. Treasurer’s report._ 

To generate income of over £1m in such ever-changing and challenging times has been a major achievement for the organisation. 

The costs (13% higher than income) associated with reaching this milestone are made up of many different factors, but ultimately tell the story of investment and determination in strategic growth. 

For an organisation to affect change and create impact, resources such as time and money are required. 

The return on investment in this year’s spend will come over the next five as the business plan gathers momentum and replenishes our reserves. In the meantime, a business loan will be sought to provide security until the fruits of that plan are harvested. 

Again, at this point, it is worth noting that a sizeable chunk of our expenditure (around £50K per annum) during each of these years is due to depreciation charges following the largest investment programme in Conway Hall since it was built. 

framework for growth and meeting the goals set out in the strategic vision. The 4 aims are: 

## **RESERVES POLICY** 

- The Reserves Policy was revised in vision. The 4 aims are: 2019. The Policy establishes the levels of funds required to be held in reserve • Achieve commercial resilience to ensure the Society remains resilient • Drive thought leadership in and has capacity to manage various ethics financial circumstances, as well as • Develop a supportive community future planned capital expenditure. • Develop robust learning, Trustees regularly and routinely community, and platform monitor and review the effectiveness of programmes the policy in the light of the changing funding and financial climate and other risks. **DISCLOSURE OF INFORMATION** 

## **DISCLOSURE OF INFORMATION TO THE AUDITORS** 

- The Society seeks to hold an amount in free reserves equivalent to three We, the trustees who held office at the months' salaries and establishment date of approval of these Financial costs. This produced a target figure Statements, as set out above, each for Required Reserves at the end of confirm, so far as we are aware, that: the financial year under review of £226,838, of which free reserves • there is no relevant audit would constitute £226,838. At 31st information of which the charity’s July 2023, the Society had Free auditors are unaware; and Reserves of -£89,017. • we have taken all the steps that we ought to have taken 

- These figures will necessitate that, as Trustees in order to make over the next few years, the Trustees ourselves aware of any relevant address this difference in order to meet audit information and to establish the full Required Reserves figure and that the charity’s auditors are aware of that information. 

These figures will necessitate that, over the next few years, the Trustees address this difference in order to meet the full Required Reserves figure and to rebuild positive free reserves. The primary generator in rebuilding these reserves will be the business plan. 

We approve the Trustees’ Annual Report, in our capacity as Trustees. 

## **RISK MANAGEMENT** 

The Trustees manage risk to the Society via a Risk Management Plan which reviews major risks and establishes mitigation systems and activities to reduce/eliminate those risks. 

Carmen D'Cruz (Chair) 

_On behalf of the Trustees_ February 2024 

## **REMUNERATION OF KEY MANAGEMENT PERSONNEL** 

The Trustees, via the Finance & Audit Committee, manage the staffing pay structure and remuneration of all staff including key management personnel. 

## **PLANS FOR THE FUTURE** 

In 2024, we shall begin the implementation of a 5-year business plan based on strategic thinking and operational competencies. 4 Aims have been identified to provide a 

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## **THE FOLLOWING HAVE ACTED FOR THE SOCIETY DURING THE YEAR:** 

_Bankers:_ HSBC [High Holborn Branch] and Charities Aid Foundation (CAF) _Auditors:_ Goodman Jones LLP • 29-30 Fitzroy Square, London, W1T 6LQ _Solicitors:_ Eversheds • 1 Wood Street, London, EC2 7WS 

_Surveyors:_ Matthews & Son • 26-27 Bedford Square, London, WC1B 3HP 

## INDEPENDENT AUDITOR’S REPORT 

## **OPINION** 

## **BASIS FOR OPINION** 

## **OTHER INFORMATION** 

We have audited the financial We conducted our audit in accordance statements of _Conway Hall Ethical_ with International Standards on Auditing _Society_ (the ‘Charity’) for the year (UK) (ISAs (UK)) and applicable ended 31 July 2023 set out on pages law. Our responsibilities under those 20 to 34. standards are further described in the _Auditors’ Responsibilities for the Audit of_ The financial reporting framework that _the Financial Statements_ section of our has been applied in their preparation report. 

The other information comprises the information included in the _Annual Report_ , other than the financial statements and our _Auditors’ Report_ thereon. The Trustees are responsible for the other information contained within the _Annual Report_ . 

The financial reporting framework that has been applied in their preparation is applicable law and _United Kingdom Accounting Standards_ , including _Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice)._ 

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  or conclusion thereon. 

_Accounting Standards_ , including We are independent of the Charity _Financial Reporting Standard 102_ in accordance with the ethical _‘The Financial Reporting Standard_ requirements that are relevant to our _applicable in the UK and Republic of_ audit of the financial statements in the _Ireland’ (United Kingdom Generally_ United Kingdom, including the _Financial Accepted Accounting Practice). Reporting Council_ ’s Ethical Standard, and we have fulfilled our other ethical The financial statements have responsibilities in accordance with been prepared in accordance these requirements. with _Accounting and Reporting by Charities preparing their accounts_ We believe that the audit evidence _in accordance with the Financial_ we have obtained is sufficient and _Reporting Standards applicable in_ appropriate to provide a basis for our _the UK and Republic of Ireland (FRS_ opinion. _102)_ in preference to the _Accounting and Reporting by Charities: Statement of Recommended Practice_ issued on **CONCLUSIONS RELATING TO** 1 April 2005 which is referred to in **GOING CONCERN** the extant regulations but has been withdrawn. In auditing 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, 

## **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. 

This has been done in order for the accounts to provide a true and fair view in accordance with the _Generally Accepted Accounting Practice_ effective for reporting periods beginning on or after 1 January 2015. 

we are required to report that fact. 

Based on the work we have performed, we have not identifed any material uncertainties relating to 

We have nothing to report in this regard. 

## In our opinion the financial statements: 

events or conditions that, individually 

   - or collectively, may cast significant 

- give a true and fair view of the or collectively, may cast significant state of the Charity’s affairs as at doubt on the Charity's ability to 31 July 2023 and of its incoming continue as a going concern for a resources and application of period of at least 12 months from resources for the year then ended; when the financial statements are 

- • have been properly prepared in authorised for issue. accordance with United Kingdom Generally Accepted Accounting Our responsibilities and the Practice; and responsibilities of the Trustees with 

- • have been prepared in respect to going concern are described accordance with the requirements in the relevant sections of this report. of the _Charities Act 2011._ 

## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** 

- We have nothing to report in respect of the following matters where the _Charities (Accounts and Reports) Regulations 2008_ requires us to report to you if, in our opinion: 

- the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records expected to influence the economic have not been kept; or decisions of users taken on the 

- • the financial statements are not basis of these financial statements. 

engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 

- the financial statements are not in agreement with the accounting records and returns; or 

Irregularities, including fraud, are instances of non-compliance with laws There are inherent limitations in the and regulations. We design procedures audit procedures described above and in line with our responsibilities, the further removed non-compliance outlined above, to detect material with laws and regulations is from the misstatements in respect of events and transactions reflected in irregularities, including fraud. The the financial statements, the less likely extent to which our procedures are we would become aware of it. capable of detecting irregularities, including fraud, is detailed below: Also, the risk of not detecting a 

- we have not received all the information and explanations we require for our audit. 

## **RESPONSIBILITIES OF TRUSTEES** 

As explained more fully in the _Trustees’ Responsibilities Statement_ , the Trustees are responsible for the preparation of financial statements which 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 Charity’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 Charity or to cease operations, or have no realistic alternative but to do so. 

including fraud, is detailed below: Also, the risk of not detecting a material misstatement due to fraud is Based on our understanding of the higher than the risk of not detecting entity and industry, we identified that one resulting from error, as fraud may the principal risks of non-compliance involve deliberate concealment by, with laws and regulations related for example, forgery or intentional to industry sector regulations and misrepresentations, or through unethical and prohibited business collusion. practices, and we considered the extent to which noncompliance might A further description of our have a material effect on the financial responsibilities for the audit of the statements. financial statements is located on the _Financial Reporting Council_ ’s We also considered those laws and website at: _www.frc.org.uk/auditors_ regulations that have a direct impact responsibilities. This description forms on the preparation of the financial part of our _Auditors’ Report_ . statements such as the _Charities Act 2011, Charity Commission_ and sector regulations, and UK Tax Legislation. **USE OF OUR REPORT** 

We evaluated management’s This report is made solely to the incentives and opportunities for Charity’s trustees, as a body, in fraudulent manipulation of the accordance with Part 4 of the financial statements (including _Charities (Accounts and Reports)_ the risk of override of controls). _Regulations 2008_ . Our audit work has been undertaken so that we Appropriate audit procedures in might state to the Charity’s trustees response to these risks were carried. those matters we are required These procedures included: to state to them in an _Auditors’_ • Discussions with management, _Report_ and for no other purpose. 

## **AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** 

We have been appointed as auditor under section 145 of the _Charities Act 2011_ and report in accordance with the Act and relevant regulations made or having effect thereunder. 

• Discussions with management, _Report_ and for no other purpose. including consideration of known or suspected instances of nonTo the fullest extent permitted by compliance with laws and law, we do not accept or assume regulation and fraud; responsibility to anyone other than the • Reading minutes of meetings of Charity and its trustees, as a body, for those charged with governance; our audit work, for this report, or for • Obtaining and reading the opinions we have formed. correspondence from legal and regulatory bodies including (Sookkor Jans af HMRC; 

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 an _Auditors’ Report_ 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. 

• Identifying and testing journal Goodman Jones LLP entries; and Statutory Auditors • Challenging assumptions 29/30 Fitzroy Square and judgements made by London, W1T 6LQ management in their significant accounting estimates. February 2024 

Misstatements can arise from fraud or error and are considered We also communicated relevant _Goodman Jones LLP are eligible to act_ material if, individually or in the identified laws and regulations _as auditors in terms of section 1212 of_ aggregate, they could reasonably be and potential fraud risks to all _the Companies Act 2006_ . 

18 

**19** 



**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS CONWAY HALL ANNUAL REVIEW 2018 STATUTORY FINANCIAL STATEMENTSSTATUTORY FINANCIAL STATEMENTS** ~~Ee~~ STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET **(INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023 AS AT 31 JULY 2023** 

**(INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023** 

|||Unrestricted|Restricted|Endowment|**Total 2023**|Total 2022|
|---|---|---|---|---|---|---|
||Notes|Funds [£]|Funds [£]|Funds [£]|**[£]**|[£]|
|**Incoming Resources**|||||||
|Income and Endowments from:|||||||
|Donations and Legacies|2|16,444|18,900|--|**35,344**|273,805|
|Charitable Activities|3|89,546|--|--|**89,546**|63,194|
|Other Trading Activities|4|751,354|--|--|**751,354**|421,742|
|Investments|7|163,102|--|--|**163,102**|158,952|
|**Total incoming resources**||1,020,446|18,900|--|**1,039,346**|917,693|
|**Resources Expended**|||||||
|Expenditure on:|||||||
|Raising Funds||569,633|--|--|**569,633**|458,233|
|Charitable Activities||593,323|18,900|--|**612,232**|540,738|
|**Total Expenditure**|8|1,162,956|18,900|--|**1,181,856**|998,971|
|**Net income / (expenditure)**||(142,510)|--|--|**(142,510)**|(81,278)|
|Transfers between funds||--|--|--|**--**|--|
|Other Recognised Gains / (Losses):|||||||
|Gains/(losses) on Investments||(6,797)|--|--|**(6,797)**|(4,354)|
|Gains/(losses) on Revaluation||--|--|--|**--**|109,573|
|of heritage assets|||||||
|Gains/(losses) on Revaluation||90,250|--|--|**90,250**|--|
|of Investment Propoerties|||||||
|**Net movement in funds**||(59,057)|--|--|**(59,057)**|23,941|
|Reconciliation of Funds:|||||||
|Total funds brought forward||4,437,361|--|--|**4,437,361**|4,413,420|
|Total funds carried forward||4,378,304|--|--|**4,378,304**|4,437,361|



|||**2023**|**2023**|2022|2022|
|---|---|---|---|---|---|
||Notes|**[£]**|**[£]**|[£]|[£]|
|**Fixed assets**||||||
|Tangible assets|14||**342,948**||345,966|
|Heritage assets|24||**401,120**||401,120|
|Investments|15||**69,937**||126,054|
|Investment Properties|16||**3,727,500**||3,637,250|
||||**4,541,505**||4,510,390|
|**Current assets**||||||
|Stock||**--**||4,247||
|Debtors|17|**142,864**||105,807||
|Short term deposits|19A|**--**||10,014||
|Cash at bank and in hand|19A|**12,683**||147,008||
|||**155,547**||267,076||
|Creditors: amounts falling due within one year|18|**(295,469)**||(310,855)||
|Net current liabilities|||**(139,922)**||(43,779)|
|Total assets less current liabilities|||**4,401,583**||4,466,611|
|Creditors: amounts falling due after|18A|**(23,279)**||(29,250)||
|one year||||||
|**Net assets**|||**4,378,304**||4,437,361|
|Unrestricted funds|21||**4,378,304**||4,437,361|
|**Restricted funds**|||**--**||--|
|Endowment fund|21||**--**||--|
|Arts Council Fund|||**--**||--|
|**Total funds**|||**4,378,304**||4,437,361|



The financial statements were approved and authorised for issue by the Trustees. _Signed on behalf of the Trustees:_ 

The statement of financial activities includes all gains and losses recognised in the year. 

All income and expenditure derive from continuing activities. The notes on pages 23 to 34 form part of these financial statements. 

Signature: 

Carmen D'Cruz (Chair) February 2024 

**20** 

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**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS** 

**CONWAY HALL ANNUAL REVIEW 2018** 

**STATUTORY FINANCIAL STATEMENTSSTATUTORY FINANCIAL STATEMENTS** 

CASH FLOW STATEMENT **AS AT 31 JULY 2023** 

## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 JULY 2023** 

|Notes|**2023 [£]**<br>2022 [£]|
|---|---|
|**Cash Flow from Operating Activities**<br>Net Cash provided by (used in) Operating Activities<br>19|**(304,561)**<br>(88,027)|
|**Cash Flow from Investing Activities**<br>Dividends, interests, rents from investments<br>Purchase of property, plant and equipment<br>Proceeds from sales of investments<br>Purchase of investments<br>Net Cash provided by (used in) Investing Activities|**163,102**<br>**(44,006)**<br>**50,000**<br>**--**<br>158,952<br>(8,951)<br>50,000<br>--|
||**169,096**<br>200,001|
|Cash flows from financing activities<br>Repayment of Bounce Back Loan<br>Net cash provided by (used in) financing activities|**(8,874)**<br>(10,649)|
||**(8,874)**<br>(10,649)|
|Change in Cash and Cash Equivalents in the Reporting Period<br>Cash and Cash Equivalents at the Beginning of the Reporting Period<br>Cash and Cash Equivalents at the end of the Reporting Period<br>19A<br>19A|**(144,339)**<br>**157,022**<br>**12,683**<br>101,325<br>55,697<br>157,022|
|The notes on pages 19 to 30 form part of these fnancial statements||



The notes on pages 19 to 30 form part of these financial statements. 

## GENERAL INFORMATION 

_Conway Hall Ethical Society_ is Charitable Incorporated Organisation registered with the Charity Commission in England and Wales under the charity number 1156033 and operating from 25 Red Lion Square, London, WC1R 4RL. The Object of the Charity is _the advancement of study, research and education in humanist ethical principles._ 

## 01 • ACCOUNTING POLICIES 

## **(A) BASIS OF PREPARATION** 

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011. 

The financial statements have been  prepared under the historical cost convention, modified to include certain items at fair value (including investments, investment properties and heritage assets). The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. 

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

## **(B) 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 charity and which have not been designated for other purposes. These funds are held to finance both working capital and capital investment. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for specific purposes and to represent the value of heritage assets. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **(C) INCOMING RESOURCES** 

All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can 

be quantified with reasonable accuracy. 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Grant income is recognised once the above criteria have been met, together with any performance conditions attached to the grant. Grant income received is deferred only when the charity has yet to fulfill the performance 

conditions. 

Entitlement to legacies is recognised in the accounts on receipt or earlier when there is sufficient evidence to provide the necessary certainty that the legacy will be received and the value of the incoming resources can be measured 

with sufficient reliability. 

Charitable activities and Governance costs are costs incurred on the charity’s operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.All expenditure is inclusive of irrecoverable VAT. 

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. 

Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing **(F) TANGIBLE FIXED ASSETS** the cost. No amounts are included in the **AND DEPRECIATION** financial statements for services donated by volunteers. 

Tangible fixed assets costing more than £250 are capitalised and included at cost including any incidental expenses of acquisition. 

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. 

Venue hire income is recognised on the day in which the associated booking takes place. 

Other income is recognised in the period in which it is receivable and to the extent that the goods have been provided or on completion of the service. 

Impairment losses are recognised in the Statement of Financial Activities. 

## **(D) DEFERRED INCOME** 

Income receieved in advance is deferred to the period in which the associated services are provided. 

Pianos are periodically re-valued for insurance purposes and the carrying value in the accounts is adjusted accordingly via an adjustment to accumulated depreciation. 

Grant income is deferred when performance conditions attached to the grant are yet to be fulfilled. Such deferrals are shown in the notes to the accounts and the sums involved are shown as creditors in the accounts. 

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight-line basis over their expected useful economic lives as follows: 

- Freehold property: not depreciated Property improvements: over 40 years 

## **(E) RESOURCES EXPENDED** 

- Expenditure is recognised once there is a • Pianos: over 20 years legal or constructive obligation to trans• Office equipment and library fer economic benefit to a third party, it • cataloguing system: over 10 years 

- is probable that a transfer of economic Office furniture, fixtures and fittings: 

- benefits will be required in settlement 4 to 20 years 

- and the amount of the obligation can be measured reliably. • Promotional Assets: 3 to 10 years 

**22** 

**23** 



**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS** 

**CONWAY HALL ANNUAL REVIEW 2018 STATUTORY FINANCIAL STATEMENTSSTATUTORY FINANCIAL STATEMENTS** 

The property is not depreciated due to the property having a fair valuation in excess of carrying value as detailed in note 14. 

prepared on the going concern basis as the Trustees believe that no material uncertainties exist. 

The Trustees have considered the future plans for the Charity, the level of reserves, cash flow, and the expected level of income and expenditure for a period of at least 12 months form the authorising of these financial statements. 

The heritage assets in the accounts are capitalised and classed as such balances since the library contents, oil paintings and residual pictures hold historic/artistic importance etc and are maintained for their contribution to knowledge and culture. The Trustees annually value these in accordance with their insurance restoration valuation. 

The Trustees are satisfied that the Charity has sufficient reserves and cash available to enable it to continue to operate and, as such, consider it appropriate to adopt the going concern basis when preparing these financial statements. 

## **(G) INVESTMENTS** 

Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year. 

The Charity has taken advantage of various UK Government Covid-19 support schemes available, including the Coronavirus Job Support Scheme, obtaining a bounce back loan, and various Covid-19 relief and recovery grants available from the local authority and _Arts Council England_ . 

The monitoring and forecasting of cash flow, income, and expenditure **(H) PENSION COSTS** continues as the Charity restructures and repositions “post Covid”, and The society operates a defined the Trustees and senior management contribution scheme for the benefit of continue to investigate and develop new its employees. The costs of contributions fundraising activities. are written off against profits in the year they are payable. 

## **(M) STOCKS** 

## **(I) OPERATING LEASES** 

Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate. 

Rentals under operating leases are charged to the Statement of Financial Activities incorporating the income and expenditure account on a straight line basis over the lease term. 

## **(J) TAXATION** 

As a registered charity, the Society is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the Society, and is therefore included in the relevant costs in the Statement of Financial Activities. 

## **(N) DEBTORS AND CREDITORS RECEIVABLE/ PAYABLE WITHIN ONE YEAR** 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 

## **(K) INVESTMENT PROPERTIES** 

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SOFA. 

## **(O) LIABILITIES & PROVISIONS** 

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

## **(L) GOING CONCERN** 

The financial statements have been 

Liabilities are recognised at the amount 

that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. 

## **(P) CASH AT BANK & IN HAND** 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **(Q) FINANCIAL INSTRUMENTS** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **(R) CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS** 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are: 

• The level of investment return and performance of the investment markets and the valuation of investments. 

- The market value of investment properties, and the useful economic life of buildings and equipment. 

## 02 • DONATIONS AND GIFTS 

||**2023 [£]**<br>Unrestricted [£]<br>Restricted [£]<br>**2022 [£]**|
|---|---|
|Individuals: general<br>DCMS and LA Funding<br>Sunday Concert donors<br>Trusts & Foundations<br>Cockayne Grant<br>Arts Council England Cultural Recovery Grant<br>Coronavirus Job Retention Grants<br>Covid Business Support Grant|**6,494**<br>**10,000**<br>**--**<br>**18,900**<br>**--**<br>**--**<br>**--**<br>**--**<br>6,444<br>10,000<br>--<br>--<br>--<br>--<br>--<br>--<br>--<br>--<br>--<br>18,900<br>--<br>--<br>--<br>--<br>**5,499**<br>**--**<br>**742**<br>**--**<br>**20,000**<br>**242,824**<br>**4,740**<br>**--**|
||**35,344**<br>16,444<br>18,900<br>273,805|



- In 1971 the Charity was informed of a significant legacy in the form of a property on the Isle of Arran, Scotland. The donor granted a life interest in this property to a relative and upon their death the property will transfer to the Charity. The property was valued at £60,000 on 30th June 2011 by a local estate agent. 

- The Charity received support from the government’s Coronavirus Job Retention Scheme and several staff were placed on furlough during the year. The Charity continued to pay staff as normal. The Charity also obtained a 'Bounce Back’  loan, as per note 18, and received Arts Council England grant funding to support ongoing arts activities. 

- In 2022, total funds of £273,805 included £268,306 in respect of restricted funds. 

## 03 • INCOME FROM CHARITABLE ACTIVITIES 

|03•INCOME FROM CHARITABLE ACTIVITIES||
|---|---|
||**2022 [£]**<br>**2023 [£]**|
|Sunday Concerts<br>Sundry Income<br>Membership Subscription (see note 6)<br>Charitable Event and Merchandising (see note 5)|**32,890**<br>**4,116**<br>**26,188**<br>**--**<br>**36,806**<br>**838**<br>**51,902**<br>**--**|
||**63,194**<br>**89,546**|



All of the balances above and in notes 4 to 7 inclusive relate to unrestricted funds. 

## 04 • INCOME FROM OTHER TRADING ACTIVITIES 

||**2022 [£]**<br>**2023 [£]**|
|---|---|
|Venue Hire<br>Catering Income|**410,316**<br>**11,426**<br>**704,196**<br>**47,158**|
||**421,742**<br>**751,354**|
|05•CHARITABLE EVENTS AND MERCHANDISING<br>London<br>Thinks [£]<br>Conway<br>Collective [£]<br>Events<br>[£]<br>Retail<br>[£]|Total<br>2022 [£]<br>**Total**<br>**2023 [£]**|
|Income<br>Expenditure<br>--<br>--<br>--<br>--<br>--<br>--<br>--<br>--|--<br>--<br>**--**<br>**--**|
|Contribution<br>--<br>--<br>--<br>--|--<br>**--**|



**24** 

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**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS** 

**CONWAY HALL ANNUAL REVIEW 2018 STATUTORY FINANCIAL STATEMENTSSTATUTORY FINANCIAL STATEMENTS** 

## 06 • MEMBERS SUBSCRIPTIONS AND PROGRAMME 

|06•MEMBERS SUBSCRIPTIONS AND PROGRAMME||
|---|---|
||2022 [£]<br>**2023 [£]**|
|Subscriptions<br>Book Sales<br>Ethics Matters Talks<br>Courses, Partnerships, Other Events|8,883<br>4<br>7,230<br>10,071<br>**7,155**<br>**--**<br>**23,018**<br>**21,735**|
||26,188<br>**51,908**|



## 10 • GOVERNANCE COSTS 

||**2023 [£]**<br>2022 [£]|
|---|---|
|Apportioned staff costs<br>Audit fee|**32,861**<br>**10,800**<br>17,445<br>10,800|
||**43,661**<br>28,245|



## 11 • TRUSTEES’ REMUNERATION & EXPENSES 

## 07 • INCOME FROM INVESTMENTS 

|07•INCOME FROM INVESTMENTS||
|---|---|
||**2022 [£]**<br>**2023 [£]**|
|Interest and Dividends<br>Rental income|**15**<br>**158,937**<br>**279**<br>**162,823**|
||**158,952**<br>**163,102**|



|_AGM and SMT meeting expenses were as follows:_|**2023 [£]**<br>2022 [£]|
|---|---|
|GALA, AGM and SMT expenses|**--**<br>--|
||**--**<br>--|



No Trustee received any remuneration during either the current or prior years. 

## 12 • STAFF COSTS 

## 08 • TOTAL RESOURCES EXPENDED 

||Staff<br>Costs [£]|Other Direct<br>Costs [£]|Support<br>Costs [£]|**Total**<br>**2023 [£]**|Total<br>2022 [£]|
|---|---|---|---|---|---|
|**Raising Funds**||||||
|Events and Merchandising|--|--|--|**--**|--|
|Venue Hire|354,899|--|214,734|**569,633**|458,233|
|**Charitable Activities**||||||
|Provision of talks, concerts,||||||
|library & Publications|279,271|270,834|18,457|**568,562**|512,493|
|**Governance**|32,861|--|10,800|**43,661**|28,245|
|Total resources expended|667,031|270,834|243,991|**1,181,856**|998,971|



## 09 • SUPPORT COSTS 

|09•SUPPORT COSTS||
|---|---|
||2022 [£]<br>**2023 [£]**|
|Property<br>Office administration<br>Other<br>Governance|171,263<br>31,498<br>13,802<br>10,800<br>**169,513**<br>**45,221**<br>**18,457**<br>**10,800**|
||227,363<br>**243,991**|



|12•STAFF COSTS||
|---|---|
||2022[£]<br>**2023 [£]**|
|Wages and salaries<br>National Insurance costs<br>Pension costs<br>Other staff costs – recruitment, training, ex-gratia etc|389,260<br>30,354<br>12,121<br>12,242<br>**554,198**<br>**45,750**<br>**20,863**<br>**46,220**|
||443,977|



The Charity made three redundancy payments during the year. The total amount of redundancy payments made was £23,762 (2022: £Nil). These payments were determined based on the terms specified in the employment contracts and in accordance with the relevant employment legislation. 

## 12a • KEY MANAGEMENT PERSONNEL REMUNERATION 

|12a•KEY MANAGEMENT PERSONNEL REMUNERATION||
|---|---|
||2022 [£]<br>**2023 [£]**|
|Salaries<br>Employer NI<br>Pensions<br>Travel|141,076<br>15,520<br>6,062<br>--<br>**219,596**<br>**24,572**<br>**10,980**<br>**--**|
||162,658<br>**255,148**|



There were no employees whose emoluments as defined for taxation purposes amounted to over £60,000 in either year. The average number of employees, analysed by function, was: 

||2022<br>(number)<br>**2023**<br>**(number)**|
|---|---|
|Charitable activities<br>Raising funds|9<br>11<br>**14**<br>**13**|
||20<br>**27**|



**26** 

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**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS** 

**CONWAY HALL ANNUAL REVIEW 2018 STATUTORY FINANCIAL STATEMENTSSTATUTORY FINANCIAL STATEMENTS** 

## 13 • PENSION COSTS 

The charity operates a contributory pension scheme. It is a defined contribution scheme and contributions are charged in the statement of financial activities as they accrue. The charge for the year was £20,863 (2022 £12,121). 

## 14 • TANGIBLE FIXED ASSETS 

Included in Property is the cost of Conway Hall. The Trustees have not obtained an external valuation for the property but the re-instatement cost for insurance purposes is in excess of £10 million. 

||Venue<br>[£]<br>Promotional<br>Assets [£]<br>Pianos<br>[£]<br>Furniture,<br>Fittings &<br>Equipment [£]<br>**Total**<br>**[£]**<br>Property<br>Improvements<br>[£]<br>Property<br>[£]|
|---|---|
|**Cost**<br>At 1 August 2022<br>Additions<br>Disposals<br>At 31 July 2023|35,922<br>15,736<br>--<br>61,972<br>4,500<br>--<br>44,786<br>--<br>--<br>593,809<br>5,496<br>--<br>**907,609**<br>**44,006**<br>**--**<br>119,532<br>18,274<br>--<br>51,588<br>--<br>--|
||51,658<br>66,472<br>44,786<br>599,305<br>**951,615**<br>137,806<br>51,588|
|**Depreciation**<br> At 1 August 2022<br>Charge for year<br>Disposals<br>At 31 July 2023|21,089<br>6,211<br>--<br>59,780<br>1,791<br>--<br>33,786<br>1,000<br>--<br>407,616<br>31,996<br>--<br>**561,643**<br>**47,024**<br>**--**<br>39,372<br>6,026<br>--<br>--<br>--<br>--|
||27,300<br>61,571<br>34,786<br>439,612<br>**608,667**<br>45,398<br>--|
|**Net book value**<br>At 31 July 2023<br>At 1 August 2022|24,358<br>14,833<br>4,901<br>2,192<br>10,000<br>11,000<br>159,693<br>186,193<br>**342,948**<br>**345,966**<br>92,408<br>80,160<br>51,588<br>51,588|



## 15 • INVESTMENTS 

|15•INVESTMENTS||
|---|---|
||Cost B/fwd [£]<br>Cost C/fwd [£]|
|Rathbones Greenbank Investment Portfolio at 31/07/23|127,995<br>7,016|
||127,995<br>7,016|
|Investments at Cost<br>Disposals in<br>31 July 2023 [£]<br>Additions in<br>31 July 2023 [£]<br>Market Value<br>B/fwd [£]|Change in<br>Market Value[£]<br>Market Value[£]<br>C/fwd|
|Rathbones Greenbank<br>(51,340)<br>2,020<br>126,054|(6,797)<br>69,937|
|Investments Disposals Note|Total Market cost [£]|
|Disposal proceeds<br>Less Market Value Cost<br>Gain/(Loss) on disposal|51,340<br>(53,932)<br>2,592|



|**Investments at fair value compromise:**|**2023 [£]**<br>2022 [£]|
|---|---|
|Listed equities - held in UK<br>Securities<br>Cash within Investment Portfolio|**68,781**<br>**--**<br>**1,156**<br>124,987<br>--<br>1,067|
||**69,937**<br>126,054|



## 16 • INVESTMENT PROPERTIES 

||[£]|
|---|---|
|Investment properties held at valuation as at 1 August 2022|3,637,250|
|Additions in the year|--|
|Disposals in the year|--|
|Revaluation|90,250|
|Investment properties held at valuation as at 31 July 2023|3,727,500|



The investment properties were valued on an open market basis by Dillon Callum, an independent surveyor, on 28 July 2023. 

## 17 • DEBTORS 

|17•DEBTORS||
|---|---|
||2022 [£]<br>**2023 [£]**|
|Trade debtors<br>Legacies<br>Prepayments and other accrued income<br>Other debtors|68,106<br>2,280<br>29,657<br>5,764<br>105,807<br>**110,320**<br>**2,280**<br>**27,836**<br>**2,428**<br>**142,864**|



**28** 

**29** 



**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS** 

**CONWAY HALL ANNUAL REVIEW 2018 STATUTORY FINANCIAL STATEMENTSSTATUTORY FINANCIAL STATEMENTS** 

## 18 • CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 

||**2022[£]**<br>**2023 [£]**|
|---|---|
|Trade creditors<br>Venue Hire paid in advance<br>Rent paid in advance<br>Audit<br>Bounce Back Loan (note 18a)<br>Other creditors accruals and deferred income|**41,721**<br>**198,003**<br>**7,041**<br>**10,800**<br>**9,788**<br>**43,502**<br>**38,659**<br>**210,378**<br>**6,875**<br>**10,800**<br>**10,035**<br>**18,722**|
||**310,855**<br>**295,469**|



## 18a • CREDITORS: AMOUNTS FALLING AFTER ONE YEAR 

|18a•CREDITORS: AMOUNTS FALLING AFTER ONE YEAR||
|---|---|
||**2023 [£]**<br> **2022 [£]**|
|Venue Hire paid in advance<br>Bounce Back Loan|**4,405**<br>**18,874**<br>**1,255**<br>**27,995**|
||**23,279**<br>**29,250**|



The Bounce Back Loan represents a loan of £50,000 received as part of the UK Government's coronavirus financial support offering. The loan is due for repayment in May 2026 and interest is accruing at 2.5% per annum. 

## 18b • DEFERRED INCOME 

||**2022 [£]**<br>**2023[£]**|
|---|---|
|Deferred income b/fwd<br>Released in the year<br>Deferred in the year (see note 25)<br>Deferred income c/fwd|**117,887**<br>**(117,887)**<br>**206,299**<br>**206,299**<br>**(206,299)**<br>**221,658**|
||**206,299**<br>**221,658**|



Deferred income represents grant income received in advance of associated performance conditions being completed as well as venue hire and rental income received in advance. 

## 19 •  RECONCILIATION OF NET MOVEMENT IN FUNDS FROM OPERATING ACTIVITY 

|FROM OPERATING ACTIVITY|**2023 [£]**|**2022 [£]**|
|---|---|---|
|Net Movement in Funds (as per the Statement of Financial Activities)|**(54,810)**|**(23,941)**|
|Adjustments for:|||
|Depreciation charges|**47,024**|**47,471**|
|Loss on disposal of fixed assets|**--**|**--**|
|Dividends, interest and rents from investments|**(163,782)**|**(158,840)**|
|Loss/(profit) on the sale of fixed assets|**--**|**--**|
|(Increase)/decrease in Market Value of Investments|**6,797**|**4,354**|
|(Increase/decrease in Market Value of Investment Properties|**(90,250)**|**--**|
|(Increase)/decrease in Heritage asset valuation|**--**|**(109,573)**|
|(Increase)/decrease in Debtors|**(37,057)**|**63,650**|
|(Increase)/decrease in Creditors|**(12,483)**|**168,270**|
|Net Cash Provided by (used in) Operating Activities|**(304,561)**|**(88,027)**|



## 19a • ANALYSIS OF CASH AND CASH EQUIVALENTS 

|19a•ANALYSIS OF CASH AND CASH EQUIVALENTS|||
|---|---|---|
||**2023 [£]**||
|Cash in hand|**12,683**|~~**2022 [£]**~~|
|Notice deposits (less than 30 days)|**--**|**147,008**|
|Total Cash and Cash Equivalents|**12,683**|**10,014**<br>~~**157,022**~~|



## 20 • OPERATING LEASE COMMITMENTS 

_At 31 July 2023 the Society has annual commitments under the non-cancellable leases as follows:_ 

||**2022 [£]**<br>**2023 [£]**|
|---|---|
|Not later than one year<br>Later than one year and not later than five years|**10,188**<br>**1,698**<br>**1,698**<br>**--**|
||**11,886**<br>**1,698**|



## 21a • STATEMENT OF FUNDS • **2023** 

|21a•STATEMENT OF FUNDS•**2023**|21a•STATEMENT OF FUNDS•**2023**|
|---|---|
|**at 31 July**<br>**2023 [£]**<br>Income<br>[£]<br>at 1 August<br>2022 [£]<br>Expenditure<br>[£]<br>Transfers between<br>funds [£]<br>Gains /<br>(losses) [£]||
|Unrestricted funds:<br>General reserve<br>Revaluation reserve<br>Designated funds<br>Heritage Assets<br>Total unrestricted funds<br>**249,684**<br>**3,727,500**<br>**--**<br>**401,120**<br>**4,378,304**<br>1,020,446<br>--<br>--<br>--<br>**1,020,446**<br>398,991<br>3,637,250<br>--<br>401,120<br>**4,437,361**<br>(1,162,956)<br>--<br>--<br>--<br>**(1,162,956)**<br>--<br>--<br>--<br>--<br>**--**<br>(6,797)<br>90,250<br>--<br>--<br>**83,453**||
|Restricted funds:<br>Arts Council Fund<br>Vaughan Williams<br>Cockayne Grant<br>Total restricted funds|**--**<br>**--**<br>**--**<br>2,900<br>1,000<br>15,000<br>**--**<br>**--**<br>**--**<br>(2,900)<br>(1,000)<br>(15,000)<br>--<br>--<br>--<br>--<br>--<br>--|
||**--**<br>**18,900**<br>**--**<br>**(18,900)**<br>**--**<br>**--**|
|Total funds<br>**4,378,304**<br>**1,039,346**<br>**4,437,361**<br>**(1,181,856)**<br>**--**<br>**83,453**||



The General reserve represents the free funds of the charity, which are not designated for particular purposes. 

- The Designated Heritage Assets fund represents the carrying value of heritage assets. 

- The Arts Council Fund represents monies received towards the support of ongoing arts activities. 

- The Vaughan Williams Charitable Foundation Grant represents monies received for projects which further the knowledge and understanding of the life and music of Ralph Vaughan Williams. 

- The Cockayne Grant represents monies received for the Sunday Concerts. 

**30** 

**31** 



**CONWAY HALL ANNUAL REVIEW 2018CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTSSTATUTORY FINANCIAL STATEMENTS** 

**CONWAY HALL ANNUAL REVIEW 2018 STATUTORY FINANCIAL STATEMENTSSTATUTORY FINANCIAL STATEMENTS** 

## 21b • STATEMENT OF FUNDS • **2022** 

|21b•STATEMENT O|F FUNDS•**2022**|F FUNDS•**2022**|
|---|---|---|
||**at 31 July**<br>**2022 [£]**<br>Income<br>[£]<br>at 1 August<br>2021 [£]<br>Expenditure<br>[£]<br>Transfers between<br>funds [£]<br>Gains /<br>(losses) [£]||
|Unrestricted funds:<br>General reserve<br>Revaluation reserve<br>Designated funds<br>Heritage Assets<br>Total unrestricted funds|**398,991**<br>**3,637,250**<br>**--**<br>**401,120**<br>649,387<br>--<br>--<br>--<br>**484,623**<br>**3,637,250**<br>**--**<br>**291,547**<br>(730,665)<br>--<br>--<br>--<br>--<br>--<br>--<br>--<br>4,354<br>--<br>--<br>109,573||
||**4,437,361**<br>**649,387**<br>**4,413,420**<br>**(730,665)**<br>--<br>**105,219**||
|Restricted funds:<br>Sunday Concerts<br>Arts Council Fund<br>Covid JRS<br>Cockagne Grant<br>Total restricted funds||**--**<br>**--**<br>**--**<br>**--**<br>742<br>242,824<br>4,740<br>20,000<br>**--**<br>**--**<br>**--**<br>**--**<br>(742)<br>(242,824)<br>(4,740)<br>(20,000)<br>--<br>--<br>--<br>--<br>--<br>--<br>--<br>--|
|||**--**<br>**268,306**<br>**--**<br>**(268,306)**<br>**--**<br>**--**|
|Total funds|**4,437,361**<br>**917,693**<br>**4,413,420**<br>**(998,971)**<br>**--**<br>**105,219**||



The General reserve represents the free funds of the charity, which are not designated for particular purposes. 

- The Designated Heritage Assets fund represents the carrying value of heritage assets. 

## 22b • ANALYSIS OF NET ASSETS BETWEEN FUNDS • **2022** 

||Restricted|Endowment|Designated|General|**Total**||
|---|---|---|---|---|---|---|
||funds [£]|funds [£]|funds [£]|funds [£]|**[£]**||
|Fund balances at 31 July 2022 are|represented by:||||||
|Investments|--|--|--|3,763,304|**3,763,304**||
|Heritage assets|--|--|401,120|--|**401,120**||
|Tangible fixed assets|--|--|--|345,966|**345,966**||
|Cash and bank deposits|--|--|--|157,022|**157,022**||
|Other current assets|--|--|--|110,054|**110,054**||
|Current liabilities|--|--|--|(310,855)|**(310,855)**||
|Non-Current liabilities|--|--|--|(29,250)|**(29,250)**||
|Total net assets|--|--|401,120|4,036,241|**4,437,361**||



## 23 • RELATED PARTY TRANSACTIONS 

During the year, donations and membership fees from Trustees totalled £520 (2022: £550). No restrictions were attached to these amounts. 

Except as disclosed above and elsewhere in these financial statements, there were no transactions with related parties in either the current or prior years requiring disclosure. 

- Sunday Concerts represents donations received for the performance of Sunday Concerts. 

- The Arts Council Fund represents monies received towards the support of ongoing arts activities during the Covid-19 pandemic. 

- The Coronavirus Job Retention Scheme represents monies received to support salaries of furloughed staff. 

- The Cockayne Grant represents monies received for the Sunday Concerts. 

## 22a • ANALYSIS OF NET ASSETS BETWEEN FUNDS • **2023** 

||Restricted|Endowment|Designated|General|**Total funds**|
|---|---|---|---|---|---|
||funds [£]|funds [£]|funds [£]|funds [£]|**[£]**|
|Fund balances at 31 July 2023 are|represented by:|||||
|Investments|--|--|--|3,797,437|**3,797,437**|
|Heritage assets|--|--|401,120|--|**401,120**|
|Tangible fixed assets|--|--|--|342,948|**342,948**|
|Cash and bank deposits|--|--|--|12,683|**12,683**|
|Other current assets|--|--|--|142,864|**142,864**|
|Current liabilities|--|--|--|(295,469)|**(295,469)**|
|Non-current liabilities|--|--|--|(23,279)|**(23,279)**|
|Total net assets|--|--|401,120|3,977,184||



## 24 • HERITAGE ASSETS 

|24•HERITAGE ASSETS||
|---|---|
||[£]|
|Library Contents held at valuation as at 1 August 2022|344,000|
|Oil paintings, residual pictures, Little Wing and Bust of Moncure Conway held at valuation as at 1 August 2022|57,120|
|Total of Heritage Assets|401,120|
|Additions in the year|--|
|Disposals in the year|--|
|Revaluation|--|
|Heritage Assets held at valuation as of 31 July 2023|401,120|



The Trustees consider there to have been no revaluations in the year following research regarding market values as at 31 July 2023. All heritage assets were last subject to professional valuation during the year ended 31 July 2023. 

3232 

**33** 



**CONWAY HALL ANNUAL REVIEW 2018CONWAY HALL ANNUAL REVIEW 2022STATUTORY FINANCIAL STATEMENTS** 

## 25 • FINANCIAL INSTRUMENTS 

|25 • FINANCIAL INSTRUMENTS• FINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTS|||
|---|---|---|
||**2023 [£]**|**2022 [£]**|
|**Financial Assets:**<br>Measured at fair value through net income / expenditure:<br>Heritage assets (see note 24):|**401,120**|**401,120**|
|Investments (see note 15)|**69,937**|**126,054**|
|Investment properties (see note 16)<br>Debt instruments measured at amortised cost:|**3,727,500**<br>**4,198,557**|**3,637,250**<br>**4,164,424**|
|Cash at bank and in hand (see note 19a)|**12,683**|**147,008**|
|Short term deposits (see note 19a)<br>Trade debtors and venue hire arrears (see note 17)|**--**<br>**110,320**<br>**123,003**|**10,014**<br>**68,106**<br>**225,128**|
||**4,321,560**|**4,389,552**|
|**Financial Liabilities:**|||
|Measured at amortised cost:|||
|Venue hire paid in advance < 1 year (see note 18)|**210,378**|**198,003**|
|Venue hire paid in advance > 1 year (see note 18a)|**4,405**|**1,255**|
|Rent paid in advance (see note 18)|**6,875**|**7,041**|
|Bounce Back Loan < 1 year|**10,035**|**9,788**|
|Bounce Back Loan > 1 year|**18,874**|**27,995**|
|Total Cash and Cash Equivalents|**250,567**|**244,082**|



## W H ERE E THICS MAT TER 

## **PHOTO CREDITS** 

Piers Allardyce - front cover + pages 8, 9, 10, 14, 17 Dvora Photography - back cover + pages 4, 13, 14 Dan Evans - pages 4, 7, 9, 11, 12, 13, 14, 15 Glenys Adelusi - pages 4, 8, 9, 10, 12, 14 James Basire - pages 3, 9, 10, 11, 15 TEDXNHS - pages 5, 7, 8, 10, 11, 13, 15 Conway Hall - page 4 Barry Martin - page 6 Herbie Clarke - pages 5 Rosie Powell - page 5 BBC - pages 14, 15 Stuart Keegan - pages 6, 7, 9, 10 Jeff Davy - pages 7, 8, 11, 12, 13, 16 CBS - pages 12, 15 Hanson Leatherby - page 10 

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