ANNUAL REVIEW 2024 Incorporating Statutory Financial Statements
**CONWAY HALL ANNUAL REVIEW 2018CONWAY HALL ANNUAL R VIEW 2021**
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**CONWAY HALL ANNUAL REVIEW 2024STATUTORY FINANCIAL STATEMENTS**
## CONTENTS
## Conway Hall is a charity that helps to create a world Where Ethics Matter.
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 programme includes talks, concerts, courses, performances and community events, for audiences in-person and online.
Our Grade II listed building, built in 1929, is renowned as a hub for free and independent thought, for suffragettes, political radicals, scientists, philosophers, performers, artists, campaigners and other non-profit organisations.
Our Library holds the _Ethical Society's_ collection, which is the largest and most comprehensive Humanist and ethics-related research resource of its kind in the United Kingdom.
You can support Conway Hall and its work by making a . donation or by becoming a member of the _Ethical Society_
- 14 CEO's report 15 Chair's report
- 16 Honorary Treasurer’s report 17 2024 By Numbers
- 18 What We Do
- 12 Digital
- 13 Our Building & Venue
- 14 Funding and Support
- 16 Our Impact
## STATUTORY FINANCIAL STATEMENTS
- 20 Report of the Trustees
- 22 Legal and administrative information / Auditor’s Report
- 24 Statement of Financial Activities
- 25 Balance Sheet
- 26 Cashflow Statement
- 23 Notes forming part of the financial statements
Published by Conway Hall Ethical Society Registered charity 1156033
Conway Hall • 25 Red Lion Square, Holborn, London, WC1R 4RL • 020 7405 1818 • _info@conwayhall.org.uk_
Printed by Solopress • 9 Stock Road, Southend-On-Sea, SS2 5QF
_We are grateful to have received funding from:_
@ **conwayhall.org.uk** conwayhallethicalsociety f y¥ Go conwayhall
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## CHAIR’S REPORT
In a year where so much has happened, it's hard to select my own highlights.But they have to include the _Unmasked_ series, as well as the perpetually fantastic _Ethical Matters_ talks, which will always hold a special place in my heart. I’m delighted that we continue to be a beacon of radical, rational discussion, ensuring our relevance and importance in our social and political climate.
Perhaps most excitingly, we launched the _Conway Hall Virtual Tour_ - do take a look on our website. In partnership with _Humanist Heritage_ and made possible by support from the _National Lottery Heritage Fund_ , this project was built by _V21 Artspace_ and provides panoramic views, high-definition imagery, audio commentary and video highlights to illuminate the heritage of humanism and ethical thought contained within our building's walls.
## **I love the history and principles behind what you do**
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Taken from a recent member survey
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We welcomed three new Trustees and saw three leave us, among whom were Martin Robbins and Bob Churchill who had both served nine years and given huge amounts of their voluntary time to Conway Hall. They shall be missed.
We held our first ever Trustee Away Day to look strategically at future _Business Plan_ milestones and begin the thinking of how to achieve them. Alongside all the other Trustee activity, I'm particularly grateful to all who attended this day-long session – seeds are already being sown to reap the rewards in later years.
And I'd like to thank our donors, funders and supporters, who have generously
helped us financially and in kind, enabling us to sustain and grow our work.
## Carmen D'Cruz
## CEO’S REPORT
As I look back on another year of our charity's work, it becomes clear how far we've come and just how much we've managed to achieve.
At the heart of it all is our charitable object, most visibly delivered through our rich and varied programme platforming the diverse voices, perspectives and ideas that **Make Ethics Matter** . The number of events, projects and partnerships grew by 41% compared to 2022/23 and I look forward to its continuing evolution.
And since so much of what we currently do depends on our building and venue, this year we began the journey of repairing our roof. We were able to start the complex process of restoring its many different sections thanks to donations to our _Crowdfunder_ campaigns and the continuing, kind support of _The Rose Foundation._
## **Educational and provocative in a good, intelligent way**
_Taken from a recent audience survey_
However, maybe the most significant development is the introduction of our first annual _Impact Report._ Underpinned by year-round evaluation, the report demonstrates the impact of our charity's work in different arenas.
Diversity, visitor experience, learning, staff wellbeing and others sit alongside supporting new ideas on ethics, with accompanying statistics, so that we can present our work and worth in ways beyond traditional financial reporting. As we always knew, there is so much to be proud of at Conway Hall and now that story can be properly told.
Finally, it's been wonderful to see so many people engaging with my _Ethics First_ videos and blog, available on the website – there are a lot more in the pipeline.
## Jim Walsh
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## 2024 BY NUMBERS
**1**[Virtual Tour launch]
**1**[wedding held in our venue]
**37**[partner collaborations]
**125**[events held as part of our charitable programme ]
## **Overlapped two of my interests, ethics and space**
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Taken from a recent audience survey
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> [people attended our own events, in person and livestreamed] **10,416**
> [people viewed our ] _[YouTube]_[ channel] **71,298**
> [visits to our website ] _[(up nearly 17% on 2023)]_ **202,807**
> [people reached via ] _[Instagram]_ **227,683**
> [people reached via ] _[Facebook]_ **270,637**
## HON. TREASURER’S REPORT
Last year, our venue hire revenue increased by 70% on the previous year, so that our annual turnover went beyond £1m for the first time in our history.
This year, I’m delighted to say we improved on that by over 10%, to reach an income level of **£1.1m** . But not only that, we also achieved a small surplus (prior to depreciation) for the first time since the Covid pandemic.
Our Commercial team continue to innovate, introducing several new offers, which have seen weddings returning to Conway Hall and promotion to the film industry of our amazing spaces.
## **Thank you for something entirely unexpected & considered**
_Taken from a recent audience survey_
The Flower Room has also been renovated to complement the Fox Room so that we can offer a business suite for clients who need separate rooms for small team workshops etc. Plus, we have decorated the Theobalds Road façade to help showcase our charitable work and beautiful building.
Also, this year, we introduced a dedicated Development Board, as a subcommittee of the Trustees to help support the staff team in fundraising and donor engagement in what we all know is a very challenging climate.
Our new, five-year _Business Plan_ is now underway. It has milestones to achieve, such as re-opening our café space and creation of a dashboard to enable key information to be interrogated by staff and Trustees, guiding our efforts in real time.
It's good to see that the plan and the efforts of the staff and Trustees are already seeing results and helping to bring our charity increasing profile and revenue. Lucas Whittaker
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## **I love the events Conway Hall puts on**
_Taken from a recent audience survey_
## WHAT WE DO
Throughout 2024, _Conway Hall Ethical Society_ has continued to produce a diverse programme of events and projects that **Make Ethics Matter** in the world.
We began our Spring Season in January 2024 with the first of many _Ethical Matters_ talks, with **Tomiwa Owolade** on Why Black Lives in Britain Matter, followed by a timely discussion on Cancel Culture and the Culture Wars with **Hardeep Matharu** and **Joe Twyning** . Our _Ethical Matters_ series continues to bring a range of audiences into the discussion, both in person and online.
We also began a new series of talks and discussions, of conversations by and with neurodivergent people. _UnMasked_ is a place where people can feel at home, understand life a little more and contribute to the discourse.
This year we held discussions on Neurodivergence and Comedy with comedians **Joe Wells** and **Victoria Melody** , as well as The Politics of Neurodivergence with author **Jodie Hare** . We are deeply committed to offering meaningful opportunities to engage with ethics with all our audiences, regardless of neuro-type.
Our _Sunday Concerts_ continue to provide affordable and accessible classical music. In January, we saw the continuation of our song series take shape with a spectacular evening of music, song and spoken word performed by tenor **Mark Padmore** , spoken word artist **Hazel Holder** and celebrated accompanist **Roger Vignoles** . The programme reflected on the beautiful, wonder-filled natural world we live in – and our need to protect it now and in future.
We have also advanced our work supporting and promoting young musicians, both through the programming of our _Sunday Concerts_ with vibrant, emerging
ensembles such as **Calathea Quartet** , as well as through our partnership programme. In February we welcomed back _**London Music Fund**_ , with over 80 young musicians supported by their scholarships programme, for a music-filled takeover of Conway Hall, led by the fantastic **Hackney Colliery Band.**
We also hosted two operas, performed by some of the brightest emerging musicians from the _**London Performing Academy of Music**_ . April saw _La Bohème_ performed on the Main Hall stage, and in December we were treated to a production of _Turandot_ which featured original Mongolian costumes and props, provided by the Mongolian Cultural Envoy and the Mongolian community in London.
In our bid to make music accessible and affordable for all, we have been delighted to embark upon a new partnership project this year with _**Songhaven**_ , producing a series of five free, relaxed concerts for people living with dementia and their friends, carers and loved ones. We would like to _thank The McLay Dementia Trust_ for their generous support, without which this project would not have been possible.
Continuing on the musical theme, our ongoing partnership with _**Electric Voice Theatre**_ saw a new performance in our historic Library, celebrating the launch of a dedicated online resource on Eliza Flower, Conway Hall’s radical composer and activist. The special evening of music and discussion featured a premier of a brand-new work by **Frances M Lynch** , inspired by Eliza’s music.
Throughout 2024 we have continued to develop our partnerships with leading organisations and charities doing outstanding ethical work.
_**Stuart Hall Foundation**_ returned to Conway Hall in September with their Autumn Keynote on Catastrophe & Emergence with celebrated historian and writer **Professor Robin D.G. Kelley.**
## **Fascinating, thoughtprovoking and a real education** _Taken from a recent audience survey_
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## **I just loved the whole**
## **experience**
_Taken from a recent audience survey_
This summer was host to a special collaboration between _**Humanist Heritage**_ and Conway Hall, as we hosted a landmark exhibition, _Picturing Nonconformity_ , which celebrated _**LGBT Humanists**_ as a pioneering organisation that established places for the non-religious to freely express their gender and sexuality.
Featuring archival holdings from _**Bishopsgate Institute**_ and Conway Hall, alongside new works by LGBTQ+ artists and oral histories, the exhibition was accompanied by a series of events and activations, the highlight of which was undoubtedly the spectacular _Lead Me into Temptation, Please_ – an LGBTQ+ summer fair with workshops, film screenings, crafting, and an evening cabaret performance.
This programme was part of the _National Lottery Heritage Fund_ -supported twoyear project, _**Humanist Heritage: Doers, Dreamers, Place Makers,**_ coordinated by _**Humanists UK**_ in partnership with Conway Hall. In addition to the summer activities, this year we also saw the launch of two virtual tours of Conway Hall, created as part of this project, one of which is available on our website.
In the tours, visitors can explore a 3D virtual model of the building and learn some of the fascinating histories that it contains. One version has been designed specifically for schools, to be used as a teaching resource, and the other is for those generally interested in the history of Conway Hall and the ethical movement. Both are freely available for all to use, and will help us to reach more people, including those unable to visit us in person.
As ever, the Autumn Season means festivals here at Conway Hall. We opened with a brand-new endeavour, the _Freethought History Festival_ , a weekend of activities exploring the fascinating stories of freethought movement – the activists, authors and artists who asked the big questions about who should have the power to
shape our society. In collaboration with colleagues from _**Queen Mary University, The National Secular Society**_ and _**Oxford University**_ , we presented three days of talks, workshops and walks for all ages, celebrating humanism, secularism, atheism and the ethical movement, past and present.
Firm favourites, _**Antiuniversity Festiva** l_ and _**Open House Festival**_ also returned to Conway Hall in the autumn, providing new opportunities for people to visit our historic space and engage in exciting and inspiring discussions about how we can live well in this world, and come together to create community and social change.
The crowning celebration of the year was _**Bloomsbury Festival**_ , where we were immensely proud to host the Festival launch, _Bloomsbury Festival’s Big Night Out_ at Conway Hall, which was attended by the Mayor of Camden.
Throughout the evening, visitors were treated to a showcase of talent, including performances from **Parbati Chaudhury** ’s kathak dancers and musicians; Mediterranean polyphonic singing by the _**Alot Teatro Collective**_ ; music, dance and movement celebrating the Global South and the experience of ancestral Andean cultures in _Samka Meets Neo Norte._
Following the opening night, we welcomed a wonderfully diverse selection of artists and creatives across the weekend for a series of talks, workshops and performances. Highlights included a visual concert with pianist and filmmaker **Fadio D’Andrea** ; a performance from inclusive dance company _**Sage**_ , who work with older dancers; _Answers From the Archive_ , a discussion with archivists, artists and researchers on how archives can provide solutions to contemporary issues; and _Lit in Colour_ , a vital campaign to decolonise the English literature and drama curriculum and bring rich and relevant works by Global Majority writers to schools around the country.
## **So many interesting speakers and so informative**
_Taken from a recent audience survey_
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## **Please continue**
## **livestreaming these wonderful**
## **events**
_Taken from a recent audience survey_
## DIGITAL
It may surprise you that the vast majority of people who interact with Conway
Hall have never - and will never - come to our building.
Through our website, YouTube channel, Player, livestreams and, especially, social media, we deliver our charitable object digitally, so that people can discover Conway Hall, learn more about our work and access our events and archive from wherever they live, in the UK and globally.
Our **website** had over 200,000 visits in the past year. It hosts hundreds of blogs, many inspired by our Library and Archive collections, as well as articles published in the _Ethical Record_ , covering decades of the _Ethical Society_ 's talks. It also gives access to our digitised collections and the new Virtual Tour of Conway Hall itself.
We **livestream** all of our _Ethical Matters_ talks, making them accessible for those who cannot attend in-person, allowing them to join the conversation. Full recordings are then made available on our _**Conway Hall Player,**_ for a small charge - and free for members.
On our **YouTube channel** , which had nearly 72,000 views over the year, features highlights from our events, as well as videos on different topics made just for YouTube. One series of these is based on our CEO's _Ethics First_ blog, exploring the philosophy of ethics in the context of culturally relevant societal issues.
However, the main arena for engagement is **social media** , with nearly 500,000 people reached through Facebook and Instagram alone - although we also post on most other major social networks.
## OUR BUILDING & VENUE
Although we use our building's public spaces for our programme of events, they're mainly used by external hirers, the revenue from which is at the heart of our charity's commercial income.
2024 was a busy and exciting time for the Venue Hire team. We gained many new clients, with some really varied bookings taking place across all of our spaces.
After months of site visits and preparation, in May we welcomed the crew of _**Apple TV** ’s Slow Horses_ to the venue for a few days, during which they filmed scenes for Season 5 (on our screens in 2025). They made great use of the Main Hall, turning it into a political rally and filling the venue with hundreds of extras.
_**Al Jazeera**_ chose Conway Hall as the venue to re-launch their popular _Head To Head_ series, hosted by Medhi Hasan. The filmed debates tackle some divisive and difficult issues head on, and the five events that took place in 2024 have received, collectively, nearly 8 million views online.
Other interesting bookings this year include a spectacular fashion show for _London Fashion Week_ hosted by designer **Jenn Lee** , a choir concert by the staff of _**Disney UK**_ know as _Disney Voices_ , and a live recording of the popular _Kill James Bond_ podcast. We also hosted a wonderful wedding for one of our own staff members.
As always, we’ve been so pleased to see so many of our long term and repeat clients return in 2024, including _**Great Ormond Street Hospital, Times Higher Education,**_ the _**Small Publishers Fair, Unite the Union**_ and _**Film London**_ , to name a few - and we look forward to seeing who will choose Conway Hall as a venue for their events in 2025.
## **I love**
## **the building's atmosphere and feeling**
## **of history**
_**Taken from a recent audience survey**_
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## FUNDING & SUPPORT
**Events with free under 26 tickets is something amazing, very often we feel excluded from culture and art due to unaffordability, so this is a**
**great initiative!**
_Taken from a recent audience survey_
We'd like to thank all those who have supported us over the past year. Every donation and grant — no matter the size — has been instrumental in helping us further our charity's mission.
In 2024, our _Make Ethics Matter_ Crowdfunder campaign raised an impressive £4,774 to sustain our work, while our Crowdfunder to _Repair Conway Hall's roof_ raised £6,592, kickstarting critical repairs to the roof - or, to be more exact, many rooves - of our historic building. This work was further bolstered by the generous support of _**The Rose Foundation**_ .
We are also very grateful for grants or donations from:
• The _**Music Venue Trust** Pipeline Investment Fund_ _**,**_ which allowed us to purchase a new sound mixing desk for the Main Hall, ensuring we can continue to host outstanding live music and events in our venue.
• The _**National Manuscripts Conservation Trust**_ , for conservation and digitisation of pamphlets and documents from our collection and that of the _National Secular Society_ , held in our archive.
• The _**Cavatina Chamber Music Trust**_ , so that we're able to offer free tickets to
our _Sunday Concerts_ for those under 26.
• The _**London Community Fund**_ and _**Cockayne Grants for the Arts,**_ facilitating the relaunch of our Clements Prize for young composers as well as supporting opportunities and educational projects for young musicians and emerging ensembles.
- The _**Vaughan Williams Foundation,**_ supporting performances of this composer's work during our season of concerts.
Alongside these, we also held a special Fundraising Recital in the Library, featuring the _**Zoffany Ensemble**_ who kindly offered us an unpaid performance, raising funds to support our _Sunday Concerts_ series.
And we'd like to thank our higher-tier members for their support: **Andrew Copson, Derek Lennard, John Dowdle, Clive Hinds** and **Lucas Whittaker.**
## **Individuals** can support our charity by:
• Making a one-off donation or setting up a monthly direct debit, via our website: _conwayhall.org.uk/support_
- Becoming members of the _Ethical Society,_ especially through one of the higher tiers above Standard membership: _conwayhall.org.uk/membership_
- Beginning a conversation with us about high-value donations or legacies by contacting us at: _fundraising@conwayhall.org.uk_
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. We'd like to thank _**Adobe Inc.**_ for their generosity.
**Organisations and businesses** can support us through donations or through one of our _**Corporate Partnership Packages**_ . Please contact us, to start the conversation, at: _fundraising@conwayhall.org.uk_
## **The three young musicians were a revelation. I loved every minute**
_Taken from a recent audience survey_
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## OUR IMPACT
## **We were delighted to have been given the opportunity to perform. Access to London venues is a rarity.**
In a time of rising inequality, discrimination, and environmental challenges, the need for ethical thinking and action has never been greater. As the UK’s last remaining ethical society, we play a unique role in championing social justice, equality, and meaningful public discourse. To best carry out our mission of Making Ethics Matter, it is vital that we take stock of our impact, so that we can refine our activities and most effectively bridge the gap between ethics and action.
Our second Impact Report - available from _conwayhall.org.uk/impact24_ - builds upon the foundation of our first, offering a more in-depth evaluation of our work across ten key areas, including New Ideas on Ethics, Learning, and Collaborator Support. Our core aims include supporting new research, education and creative work on ethical topics, stretching our audiences’ minds through creativity and culture, and helping our partners deliver on their ethical purpose.
**Lumas Winds,** an ensemble with members aged under 26
Over the past year, we have strengthened our approach to impact assessment, developing a dedicated dashboard to track our progress. This has allowed our staff and Trustees to make data-informed decisions, ensuring we stay aligned with our Strategic Goals. The year also marked the start of our new five-year business plan, setting clear milestones towards our vision of driving thought leadership in ethics.
**We’ve had an unrivalled opportunity to bring history and humanism together – using the building and its collections to help us reach new audiences and increase public understanding.**
Our audience survey results continue to affirm the value of our work, with high satisfaction ratings for our events, and suggest we are achieving our goals as an educational charity of facilitating learning and increased understanding in our audiences.
We have expanded our reach through growing our audiences and digital engagement, making ethical discussions more accessible to wider communities. At the same time, we have continued to build our financial resilience, achieving record-breaking revenue in 2023-24. This success strengthens our ability to provide high-quality programming and increase our impact.
**The rich collections of Conway Hall lend visual appeal and help bring history to life.**
Looking ahead, especially as we approach our building's centenary, we are committed to growing our voice in the public sphere on ethics and working towards our goal of becoming _the_ space in the UK for effective public ethical discourse. Building revenue and funding allows us to invest further in our charitable initiatives and support more speakers, partners and projects that drive ethical change.
**Madeleine Goodall** With a focus on amplifying voices that champion equality and social justice, Humanist Heritage Coordinator at _Humanists UK_ we aim to create a ripple effect – spreading ethical thinking, in-person and increasingly online - inspiring action far beyond the walls of Conway Hall itself. **74% 85% 91% of our audiences felt that felt that felt inspired attending the event they had learnt after attending had deepened or discovered a talk or workshop their understanding something new** 3 2
With a focus on amplifying voices that champion equality and social justice, we aim to create a ripple effect – spreading ethical thinking, in-person and
## **Some of our Impacts & Outcomes:**
Ideas supporting equality, social justice, and a better life for all are promoted, helping to build a fairer society and facilitate social change
Through engaging with our events programme, our audience’s minds are stretched through creativity and culture
Our audiences learn through engaging with our online content and expand their understanding of ethics Young musicians progress in their music careers Our audiences and visitors feel a sense of community and are brought closer to **“It was amazing.** appreciating, understanding and feeling connected to other people **I am so looking** Under-represented groups are platformed and people who might not otherwise have the opportunity or inclination to engage with ethics, education and cultural activities are supported to do so **forward to**
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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.
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Kind
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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 2024**
_• Head of Fundraising and Communications_ held by Jeff Davy, _• Head of Operations_ held by James Foran,
## **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 2024.
- _Head of Commercial_ held by Jennifer Leatherby, and
- _Head of Programmes_ held by Holly Elson.
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.
Membership of the Society is open to all who are in sympathy with its charitable objects, upon payment of a subscription.
## **TRUSTEES’ RESPONSIBILITIES STATEMENT**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
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)._
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 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 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.
In preparing these financial statements,
the Trustees are required to:
This induction includes taking Trustees through the charity's policies as well as the current financial position and strategic aims for the future.
• 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;
The charity employs 28 staff, making up 19 full time equivalents, who are engaged in charitable activities, finance and day-to-day administration.
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The charity has five senior management positions:
- _Chief Executive Officer_ held by Dr. Jim Walsh,
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 a strengthening of audiences and communities at Conway Hall. The programme has boldly brought ethics into view across a wide variety of topics. A new virtual tour of Conway Hall with Humanist Heritage was launched and our chamber music series was joined by variety of folk performances.
Commercially, venue hire has outperformed all previous records and we have seen such generousity for our crowdfunders from our audiences, friends and members. The 5-year business plan is also well under way in order to fulfill its milestones and goals with the staff team and Trustees diligently working to _Make Ethics Matter._
## **FINANCIAL REVIEW**
_For a more detailed overview see the Annual Review section, in particular the Hon. Treasurer’s report._
Last year we saw our income go above £1m. This year the trend upwards has continued to see a new income record of £1.1m. On the expenditure side achievements have also been made to reduce overspend from last year’s 13% to 4% for this year. Or, to put it another way, prior to depreciation we made a £6k surplus.
Such growth in turnover for any organisation embarking on an ambitious 5-year business plan comes with risks attached. Such risks, though, have been mitigated by constant and determined focus at all levels by the Trustees and staff. Indeed, to support the Charities work, the Trustees have introduced a new Committee – the Development Board – to provide specific focus to the relatively new disciplines of fundraising and corporate engagement.
Again, at this point, it is worth
of the 5-year business plan based on strategic thinking and operational competencies. The 4 Aims identified to provide a framework for growth and meeting the goals set out in the strategic vision continue to be our focus for the future. The 4 aims are:
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.
- Achieve commercial resilience
## **RESERVES POLICY**
- Drive thought leadership in ethics
- The Reserves Policy was revised in 2019. • Develop a supportive community The Policy establishes the levels of funds • Develop robust learning, required to be held in reserve to ensure community, and platform the Society remains resilient and has programmes capacity to manage various financial circumstances, as well as future planned capital expenditure. Trustees regularly **DISCLOSURE OF INFORMATION** and routinely monitor and review the **TO THE AUDITORS** effectiveness of the policy in the light of the changing funding and financial We, the trustees who held office at the climate and other risks.
We, the trustees who held office at the date of approval of these Financial Statements, as set out above, each confirm, so far as we are aware, that:
- The Society seeks to hold an amount in confirm, so far as we are aware, that: free reserves equivalent to three months' salaries and establishment costs. This • there is no relevant audit produced a target figure for Required information of which the charity’s Reserves at the end of the financial year auditors are unaware; and under review of £235,710, of which free • we have taken all the steps that reserves would constitute £235,710. At we ought to have taken as Trustees 31st July 2024, the Society had Free in order to make ourselves aware Reserves of -£113,871. of any relevant audit information and to establish that the charity’s
- These figures will necessitate that, over 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**
Carmen D'Cruz (Chair)
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.
_On behalf of the Trustees_ January 2025
## **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 began the implementation
20
21
**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS**
**STATUTORY FINANCIAL STATEMENTS**
## INDEPENDENT AUDITOR’S REPORT
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.
**OPINION** _Auditors’ Responsibilities for the Audit of the Financial Statements_ section of our We have audited the financial report. statements of _Conway Hall Ethical Society_ (the ‘Charity’) for the year We are independent of the Charity ended 31 July 2024 set out on pages in accordance with the ethical 20 to 34.
We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the _Financial Reporting Council_ ’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
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)._
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves if, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The financial statements have been prepared in accordance with _Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102)_ in preference to the _Accounting and Reporting by Charities: Statement of Recommended Practice_ issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
We have nothing to report in this regard.
## **CONCLUSIONS RELATING TO GOING CONCERN**
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
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.
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:
Based on the work we have performed, we have not identifed any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
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.
• the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or • sufficient accounting records have not been kept; or • the financial statements are not in agreement with the accounting records and returns; or
In our opinion the financial statements:
- give a true and fair view of the Our responsibilities and the state of the Charity’s affairs as at responsibilities of the Trustees with 31 July 2024 and of its incoming respect to going concern are described resources and application of in the relevant sections of this report. resources for the year then ended;
• we have not received all the information and explanations we require for our audit.
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
## **OTHER INFORMATION**
## **RESPONSIBILITIES OF TRUSTEES**
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_ .
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.
- have been prepared in accordance with the requirements of the _Charities Act 2011._
## **BASIS FOR OPINION**
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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
In preparing the financial statements, the Trustees are responsible for
events and transactions reflected in the financial statements, the less likely we would become aware of it.
the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements.
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.
Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the _Charities Act 2011, Charity Commission_ and sector regulations, and UK Tax Legislation.
## **AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS**
A further description of our responsibilities for the audit of the financial statements is located on the _Financial Reporting Council_ ’s website at: _www.frc.org.uk/auditors_ responsibilities. This description forms part of our _Auditors’ Report_ .
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.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls).
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.
Appropriate audit procedures in response to these risks were carried. These procedures included:
## **USE OF OUR REPORT**
This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the _Charities (Accounts and Reports) Regulations 2008_ . Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an _Auditors’ Report_ and for no other purpose.
- Discussions with management, including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
- Reading minutes of meetings of those charged with governance; Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
-
-
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
- Identifying and testing journal entries; and
- • Challenging assumptions and judgements made by management in their significant accounting estimates.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
## **Goodman Jones LLP**
We also communicated relevant Statutory Auditors identified laws and regulations and potential fraud risks to all 1st Floor Arthur Stanley House, engagement team members; and 40-50 Tottenham Street, London, W1T remained alert to any indications of 4RN fraud or non-compliance with laws and regulations throughout the audit. **January 2025**
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
## **January 2025**
There are inherent limitations in the audit procedures described above and _Goodman Jones LLP are eligible to act_ the further removed non-compliance _as auditors in terms of section 1212 of_ with laws and regulations is from the _the Companies Act 2006_ .
Based on our understanding of the entity and industry, we identified that
## **THE FOLLOWING HAVE ACTED FOR THE SOCIETY DURING THE YEAR:**
_Bankers:_ HSBC [High Holborn Branch] and Charities Aid Foundation (CAF)
_Auditors:_ Goodman Jones LLP • 1st Floor Arthur Stanley House, 40-50 Tottenham Street, London, W1T 4RN _Solicitors:_ Eversheds • 1 Wood Street, London, EC2 7WS
_Surveyors:_ Matthews & Son • 26-27 Bedford Square, London, WC1B 3HP
22
23
**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS STATUTORY FINANCIAL STATEMENTS** ~~a~~ STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET **(INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 AS AT 31 JULY 2024**
|||Unrestricted|Restricted|Endowment|**Total 2024**|Total 2023|
|---|---|---|---|---|---|---|
||Notes|Funds [£]|Funds [£]|Funds [£]|**[£]**|[£]|
|**Incoming Resources**|||||||
|Income and Endowments from:|||||||
|Donations and Legacies|2|35,536|8,552|--|**44,088**|35,344|
|Charitable Activities|3|110,378|--|--|**110,378**|89,546|
|Other Trading Activities|4|850,974|--|--|**850,974**|751,354|
|Investments|7|152,281|--|--|**152,281**|163,102|
|**Total incoming resources**||1,149,169|8,552|--|**1,157,721**|1,039,346|
|**Resources Expended**|||||||
|Expenditure on:|||||||
|Raising Funds||602,319|--|--|**602,319**|569,633|
|Charitable Activities||590,790|8,552|--|**599,342**|612,223|
|**Total Expenditure**|8|1,193,109|8,552|--|**1,201,661**|1,181,856|
|**Net income / (expenditure)**||(43,940)|--|--|**(43,940)**|(142,510)|
|Transfers between funds||--|--|--|**--**|--|
|Other Recognised Gains / (Losses):|||||||
|Gains/(losses) on Investments||(450)|--|--|**(450)**|(6,797)|
|Gains/(losses) on Revaluation||--|--|--|**--**|--|
|of heritage assets|||||||
|Gains/(losses) on Revaluation||--|--|--|**--**|90,250|
|of Investment Propoerties|||||||
|**Net movement in funds**||(44,390)|--|--|**(44,390)**|(59,057)|
|Reconciliation of Funds:|||||||
|Total funds brought forward||4,378,304|--|--|**4,378,304**|4,437,361|
|Total funds carried forward||4,333,914|--|--|**4,333,914**|4,378,304|
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 27 to 38 form part of these financial statements.
|||**2024**|**2024**|2023|2023|
|---|---|---|---|---|---|
||Notes|**[£]**|**[£]**|[£]|[£]|
|**Fixed assets**||||||
|Tangible assets|13||**319,165**||342,948|
|Heritage assets|24||**401,120**||401,120|
|Investments|14||**--**||69,937|
|Investment Properties|15||**3,727,500**||3,727,500|
||||**4,447,785**||4,541,505|
|**Current assets**||||||
|Stock||**--**||--||
|Debtors|17|**115,043**||142,864||
|Short term deposits|19A|**--**||--||
|Cash at bank and in hand|19A|**83,852**||12,683||
|||**198,625**||155,547||
|Creditors: amounts falling due within one year|18|**(302,156)**||(295,469)||
|Net current liabilities|||**(103,531)**||(139,922)|
|Total assets less current liabilities|||**4,344,254**||4,401,583|
|Creditors: amounts falling due after|18A|**(10,340)**||(23,279)||
|one year||||||
|**Net assets**|||**4,333,914**||4,378,304|
|Unrestricted funds|21||**4,333,914**||4,378,304|
|**Restricted funds**|||**--**||--|
|Endowment fund|21||**--**||--|
|Arts Council Fund|||**--**||--|
|**Total funds**|||**4,333,914**||4,378,304|
The financial statements were approved and authorised for issue by the Trustees. _Signed on behalf of the Trustees:_
Signature: Carmen D'Cruz (Chair) January 2025
24
25
**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS**
**STATUTORY FINANCIAL STATEMENTS**
CASH FLOW STATEMENT **AS AT 31 JULY 2024**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 JULY 2024**
|Notes|**2024 [£]**
2023 [£]|
|---|---|
|**Cash Flow from Operating Activities**
Net Cash provided by (used in) Operating Activities
19|**(114,686)**
(304,561)|
|**Cash Flow from Investing Activities**
Dividends, interests, rents from investments
Proceeds from sales of investments
Purchase of property, plant and equipment
Purchase of investments
Net Cash provided by (used in) Investing Activities|**152,281**
**69,487**
**(25,534)**
**--**
163,102
50,000
(44,006)
--|
||**196,234**
169,096|
|Cash flows from financing activities
Repayment of Bounce Back Loan
Net cash provided by (used in) financing activities
Change in Cash and Cash Equivalents in the Reporting Period
Cash and Cash Equivalents at the Beginning of the Reporting Period
Cash and Cash Equivalents at the end of the Reporting Period
19A
19A|**(10,649)**
(8,874)|
||**(10,649)**
(8,874|
||**70,899**
**12,683**
**83,582**
(144,339)
157,022
12,683|
The notes on pages 27 to 38 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.
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.
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.
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.
Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Gifts in kind donated for distribution are Charitable activities and Governance included at valuation and recognised as costs are costs incurred on the charity’s income when they are distributed to the operations, including support costs projects. Gifts donated for resale are and costs relating to the governance of included as income when they are sold. the charity apportioned to charitable Donated facilities are included at the activities.All expenditure is inclusive of value to the charity where this can be irrecoverable VAT. quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated **(F) TANGIBLE FIXED ASSETS** by volunteers. **AND DEPRECIATION**
Income tax recoverable in relation to Tangible fixed assets costing more than donations received under Gift Aid or £250 are capitalised and included at deeds of covenant is recognised at the cost including any incidental expenses of time of the donation. acquisition.
Venue hire income is recognised on the A review for impairment of a fixed day in which the associated booking takes asset is carried out if events or place. changes in circumstances indicate that the carrying value of any fixed Other income is recognised in the period asset may not be recoverable.
Other income is recognised in the period asset may not be recoverable. in which it is receivable and to the extent that the goods have been provided or on Shortfalls between the carrying value of completion of the service. any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts **(D) DEFERRED INCOME** are recognised as impairments.
Income receieved in advance is deferred to the period in which the associated services are provided.
Impairment losses are recognised in the Statement of Financial Activities.
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:
## **(E) RESOURCES EXPENDED**
- Freehold property: not depreciated
- • Property improvements: over 40 years
Expenditure is recognised once there
is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
- Pianos: over 20 years
- Office equipment and library cataloguing system: over 10 years
- • Office furniture, fixtures and fittings: 4 to 20 years
- Expenditure is classified by activity. • The costs of each activity are made up of the total of direct costs and shared •
Promotional Assets: 3 to 10 years
26
27
**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS**
**STATUTORY FINANCIAL STATEMENTS**
## **(L) GOING CONCERN**
The property is not depreciated due to the property having a fair valuation in excess of carrying value as detailed in note 14.
The financial statements have been prepared on the going concern basis as the Trustees believe that no material uncertainties exist.
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 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 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.
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_ .
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 monitoring and forecasting of cash **(H) PENSION COSTS** flow, income, and expenditure continues as the Charity restructures and repositions The society operates a defined “post Covid”, and the Trustees and senior contribution scheme for the benefit of its management continue to investigate and employees. The costs of contributions are develop new fundraising activities. written off against profits in the year they are payable.
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.
## 02 • DONATIONS AND GIFTS
|02•DONATIONS AND GIFTS||
|---|---|
||**2024 [£]**
Unrestricted [£]
Restricted [£]
2023 [£]|
|Individuals: general
DCMS and LA Funding
Trusts and Foundations
Crowdfunding Income
National Manuscripts Conservation Trust|**20,901**
**--**
**8,552**
**11,417**
**3,218**
20,901
--
--
11,417
3,218
--
--
8,552
--
--
6,444
10,000
18,900
--
--|
||**44,088**
35,536
8,552
35,344|
- 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.
• In 2023, total funds of £35,344 included £18,900 in respect of restricted funds.
## 03 • INCOME FROM CHARITABLE ACTIVITIES
||2023 [£]
**2024 [£]**|
|---|---|
|Sunday Concerts
Sundry Income
Membership Subscription (see note 5)|36,806
838
51,902
**41,121**
**5,766**
**63,491**|
||89,546
**110,378**|
All of the current and prior year balances above and in notes 4 to 7 inclusive relate to unrestricted funds.
## **(M) STOCKS**
## **(I) OPERATING LEASES**
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.
## **(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.
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 slowmoving stock where appropriate.
## **(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.
## **(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.
## **(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.
## 04 • INCOME FROM OTHER TRADING ACTIVITIES
||2023 [£]
**2024 [£]**|
|---|---|
|Venue Hire
Catering Income|704,196
47,158
**789,373**
**61,601**|
||751,354
**850,974**|
28
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**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS**
**STATUTORY FINANCIAL STATEMENTS**
## 05 • MEMBERS SUBSCRIPTIONS AND PROGRAMME
|05•MEMBERS SUBSCRIPTIONS AND PROGRAMME||
|---|---|
||2023 [£]
**2024 [£]**|
|Subscriptions
Partnerships
Ethical Matters Talks
Other Events|7,155
20,270
23,018
1,465
**7,945**
**32,656**
**22,763**
**127**|
||51,908
**63,491**|
## 06 • INCOME FROM INVESTMENTS
|06•INCOME FROM INVESTMENTS||
|---|---|
||**2023 [£]**
**2024 [£]**|
|Interest and Dividends
Rental income|**279**
**162,823**
**195**
**152,085**|
||**163,102**
**152,281**|
## 07 • TOTAL RESOURCES EXPENDED
|07•TOTAL RESOURCES EXPE|NDED|||||
|---|---|---|---|---|---|
||Staff|Other Direct|Support|**Total**|Total|
||Costs [£]|Costs [£]|Costs [£]|**2024 [£]**|2023 [£]|
|**Raising Funds**||||||
|Events and Merchandising|--|--|--|**--**|--|
|Venue Hire|396,534|--|205,785|**602,319**|569,633|
|**Charitable Activities**||||||
|Provision of talks, concerts,||||||
|library & Publications|305,330|234,124|10,452|**549,906**|568,562|
|**Governance**|36,716|--|12,720|**49,436**|43,661|
|Total resources expended|738,580|234,124|228,957|**1,201,661**|1,181,856|
## 08 • SUPPORT COSTS
|08•SUPPORT COSTS||
|---|---|
||2023 [£]
**2024 [£]**|
|Property
Office administration
Other
Governance|169,513
45,221
18,457
10,800
**181,500**
**24,285**
**10,452**
**12,720**|
||243,991
**228,957**|
## 9 • GOVERNANCE COSTS
||**2024 [£]**
2023 [£]|
|---|---|
|Apportioned staff costs
Audit fee|**36,716**
**12,720**
32,861
10,800|
||**49,436**
43,661|
## 10 • TRUSTEES’ REMUNERATION & EXPENSES
|10•TRUSTEES’ REMUNERATION & EXPENSES
||
|---|---|
|AGM and SMT meeting expenses were as follows:|**2024 [£]**
2023 [£]|
|GALA, AGM and SMT expenses|**--**
--|
||**--**
--|
No Trustee received any remuneration or reimbursement of expenses during either the current or prior years.
## 11 • STAFF COSTS
||2023 [£]
**2024 [£]**|
|---|---|
|Wages and salaries
National Insurance costs
Pension costs
Other staff costs – recruitment, training, ex-gratia etc|554,198
45,750
20,863
46,220
**642,794**
**55,597**
**28,114**
**12,075**|
||667,031
**738,580**|
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:
||2023
(number)
**2024**
**(number)**|
|---|---|
|Charitable activities
Raising funds|14
13
27
**15**
**13**
**28**|
There is no redundancy payments made during the year (2023: £23,962). These payments were determined based on the terms specified in the employment contracts and in accordance with the relevant employment legislation.
## 11a • KEY MANAGEMENT PERSONNEL REMUNERATION
|11a•KEY MANAGEMENT PERSONNEL REMUNERATION||
|---|---|
||2023 [£]
**2024 [£]**|
|Salaries
Employer NI
Pensions
Travel|219,596
24,572
10,980
--
**235,846**
**26,720**
**11,793**
**--**|
||255,148
**273,909**|
30
31
**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS**
**STATUTORY FINANCIAL STATEMENTS**
## 12 • 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 £28,114 (2023 £20,863).
## 13 • 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
[£]
Promotional
Assets [£]
Pianos
[£]
Furniture,
Fittings &
Equipment [£]
**Total**
**[£]**
Property
Improvements
[£]
Property
[£]|
|---|---|
|**Cost**
At 1 August 2023
Additions
Disposals
At 31 July 2024|51,658
--
--
66,472
--
--
44,786
--
--
599,305
20,734
--
**951,615**
**25,534**
**--**
137,806
4,800
--
51,588
--
--|
||51,658
66,472
44,786
620,039
**977,149**
142,606
51,588|
|**Depreciation**
At 1 August 2023
Charge for year
Disposals
At 31 July 2024|27,300
5,658
--
61,571
1,791
--
34,786
1,000
--
439,612
34,730
--
**608,667**
**49,317**
**--**
45,398
6,138
--
--
--
--|
||32,958
63,362
35,786
474,342
**657,984**
51,536
--|
|**Net book value**
At 31 July 2024
At 1 August 2023|18,700
24,358
3,110
4,901
9,000
10,000
145,697
159,693
**319,165**
**342,948**
91,070
92,408
51,588
51,588|
## 14 • INVESTMENTS
|14•INVESTMENTS||
|---|---|
||Cost B/fwd [£]
Cost C/fwd [£]|
|Rathbones Greenbank Investment Portfolio at 31/07/24|7,016
--|
||7,016
--|
|Investments at Cost
Disposals in
31 July 2024 [£]
Additions in
31 July 2024 [£]
Market Value
B/fwd [£]|Change in
Market Value[£]
Market Value[£]
C/fwd|
|Rathbones Greenbank
(69,487)
--
69,937|(450)
--|
|Investments Disposals Note|Total Market cost [£]|
|Disposal proceeds
Less Market Value Cost
Gain/(Loss) on disposal|69,487
(7,016)
62,471|
|**Investments at fair value compromise:**|**2024 [£]**
2023 [£]|
|---|---|
|Listed equities - held in UK
Securities
Cash within Investment Portfolio|**--**
**--**
**--**
68,781
--
1,156|
||**--**
69,937|
## 15 • INVESTMENT PROPERTIES
||[£]|
|---|---|
|Investment properties held at valuation as at 1 August 2023|3,727,500|
|Additions in the year|--|
|Disposals in the year|--|
|Revaluation|--|
|Investment properties held at valuation as at 31 July 2024|3,727,500|
The investment properties were valued on an open market basis by Dillon Callum, an independent surveyor, on 28 July 2023.
## 16 • DEBTORS
|16•DEBTORS||
|---|---|
||2023 [£]
**2024 [£]**|
|Trade debtors
Legacies
Prepayments and other accrued income
Other debtors|110,320
2,280
27,836
2,428
**76,060**
**2,280**
**34,464**
**2,239**|
||142,864
**115,043**|
32
33
**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS**
**STATUTORY FINANCIAL STATEMENTS**
## 17 • CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|17•CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR||
|---|---|
||**2023 [£]**
**2024 [£]**|
|Trade creditors
Venue Hire paid in advance
Rent paid in advance
Talks, partnership sales, and other deferred income
Audit
Bounce Back Loan (note 18a)
Other creditors accruals and deferred income|**38,659**
**210,378**
**6,875**
**--**
**10,800**
**10,035**
**18,722**
**35,367**
**255,716**
**7,625**
**1,901**
**12,720**
**10,035**
**8,792**|
||**295,469**
**302,156**|
## 18a • CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
|a•: U U|**2024 [£]**
**2023 [£]**|
|---|---|
|Venue Hire paid in advance
Bounce Back Loan|**2,115**
**8,225**
**4,405**
**18,874**|
||**10,340**
**23,279**|
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
|18b•DEFERRED INCOME|**2023 [£]**
**2024 [£]**|
|---|---|
|Deferred income b/fwd
Released in the year
Deferred in the year (see note 26)
Deferred income c/fwd|**206,299**
**(205,043)**
**220,402**
**221,658**
**(217,253)**
**232,952**|
||**221,658**
**237,357**|
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|**2024 [£]**|**2023 [£]**|
|---|---|---|
|Net Movement in Funds (as per the Statement of Financial Activities)|**(44,390)**|**(59,057)**|
|Adjustments for:|||
|Depreciation charges|**49,317**|**47,024**|
|Loss on disposal of fixed assets|**--**|**--**|
|Dividends, interest and rents from investments|**(152,281)**|**(163,782)**|
|Loss/(profit) on the sale of fixed assets|**--**|**--**|
|(Increase)/decrease in Market Value of Investments|**450**|**6,797**|
|(Increase/decrease in Market Value of Investment Properties|**--**|**90,250**|
|(Increase)/decrease in Heritage asset valuation|**--**|**--**|
|(Increase)/decrease in Stocks|**--**|**4,247**|
|(Increase)/decrease in Debtors|**27,821**|**(37,057)**|
|(Increase)/decrease in Creditors|**4,397**|**(12,483)**|
|Net Cash Provided by (used in) Operating Activities|**(114,686)**|**(304,561)**|
## 19a • ANALYSIS OF CASH AND CASH EQUIVALENTS
|19a•ANALYSIS OF CASH AND CASH EQUIVALENTS|||
|---|---|---|
||**2024 [£]**|**2023 [£]**|
|Cash in hand|**83,582**|**12,683**|
|Notice deposits (less than 30 days)|**--**|**--**|
|Total Cash and Cash Equivalents|**83,582**|**12,683**|
## 20 • OPERATING LEASE COMMITMENTS
At 31 July 2024 the Society has annual commitments under the non-cancellable leases as follows:
||**2023 [£]**
**2024 [£]**|
|---|---|
|Not later than one year
Later than one year and not later than five years|**1,698**
**--**
**--**
**--**|
||**1,698**
**--**|
## 21a • STATEMENT OF FUNDS • **2024**
|21a•STATEMENT OF FUNDS•**2024**|21a•STATEMENT OF FUNDS•**2024**|
|---|---|
|**at 31 July**
**2024 [£]**
Income
[£]
at 1 August
2023 [£]
Expenditure
[£]
Transfers between
funds [£]
Gains /
(losses)[£]||
|Unrestricted funds:
General reserve
Revaluation reserve
Designated funds
Heritage Assets
Total unrestricted funds|**205,294**
**3,727,500**
**--**
**401,120**
1,149,169
--
--
--
249,684
3,727,500
--
401,120
(1,193,109)
--
--
--
--
--
--
--
(450)
--
--
--|
||**4,333,914**
**1,149,169**
**4,378,304**
**(1,193,109)**
**--**
**(450)**|
|Restricted funds:
Benevity Donation
Vaughan Williams
Cockayne Grant
Total restricted funds|**--**
**--**
**--**
7,552
1,000
--
**--**
**--**
**--**
(7,552)
(1,000)
--
--
--
--
--
--
--|
||**--**
**8,552**
**--**
**(8,552)**
**--**
**--**|
|Total funds|**4,333,914**
**1,157,721**
**4,378,304**
**(1,201,661)**
**--**
**(450)**|
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 Benevity donation received is towards the support of ongoing 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.
34
35
**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS**
**STATUTORY FINANCIAL STATEMENTS**
## 21b • STATEMENT OF FUNDS • **2023**
|21b•STATEMENT OF F|UNDS•**2023**|UNDS•**2023**|
|---|---|---|
||**at 31 July**
**2023 [£]**
Income
[£]
at 1 August
2022 [£]
Expenditure
[£]
Transfers between
funds [£]
Gains /
(losses) [£]||
|Unrestricted funds:
General reserve
Revaluation reserve
Designated funds
Heritage Assets
Total unrestricted funds|**249,668**
**3,727,500**
**--**
**401,120**
1,020,446
--
--
--
**398,991**
**3,637,250**
**--**
**401,120**
(1,162,956)
--
--
--
--
--
--
--
(6,797)
90,250
--
--||
||**4,378,304**
**1,020,446**
**4,437,361**
**(1,162,956)**
--
**83,453**||
|Restricted funds:
Sunday Concerts
Arts Council Fund
Vaughan Williams Grant
Cockagne Grant
Total restricted funds||**--**
**--**
**--**
**--**
--
2,900
1,000
15,000
**--**
**--**
**--**
**--**
--
(2,900,)
(1,000)
(15,000)
--
--
--
--
--
--
--
--|
|||**--**
**268,306**
**--**
**(268,306)**
**--**
**--**|
|Total funds|**4,378,304**
**1,039,346**
**4,437,361**
**(1,181,856)**
**--**
**85,453**||
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.
## 22b • ANALYSIS OF NET ASSETS BETWEEN FUNDS • **2023**
|22b•ANALYSIS OF NET AS|SETS BETWEEN|FUNDS•**2**|**023**|||
|---|---|---|---|---|---|
||Restricted|Endowment|Designated|General|**Total**|
||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)**|
||--|--|401,120|3,977,184|**4,378,304**|
## 23 • RELATED PARTY TRANSACTIONS
During the year, donations and membership fees from Trustees totalled £575 (2023: £520). 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.
- The Vaughan Williams Charitable Foundation Grant represents monies received for projects which further knowldge and understanding of the life ^ music of Ralph Vaughan Williams.
- The Cockayne Grant represents monies received for the Sunday Concerts.
## 22a • ANALYSIS OF NET ASSETS BETWEEN FUNDS • **2024**
||Restricted|Endowment|Designated|General|**Total funds**|
|---|---|---|---|---|---|
||funds [£]|funds [£]|funds [£]|funds [£]|**[£]**|
|Fund balances at 31 July 2024 are represented by:||||||
|Investments|--|--|--|3,727,500|**3,727,500**|
|Heritage assets|--|--|401,120|--|**401,120**|
|Tangible fixed assets|--|--|--|319,165|**319,165**|
|Cash and bank deposits|--|--|--|83,582|**83,582**|
|Other current assets|--|--|--|115,043|**115,043**|
|Current liabilities|--|--|--|(302,156)|**(302,156)**|
|Non-current liabilities|--|--|--|(10,340)|**(10,340)**|
||--|--|401,120|3,932,794|**4,333,914**|
## 24 • HERITAGE ASSETS
|24•HERITAGE ASSETS||
|---|---|
||[£]|
|Library Contents held at valuation as at 1 August 2023|344,000|
|Oil paintings, residual pictures, Little Wing and Bust of Moncure Conway held at valuation as at 1 August 2023|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 2024|401,120|
The Trustees consider there to have been no revaluations in the year following research regarding market values as at 31 July 2024. All heritage assets were last subject to professional valuation during the year ended 31 July 2022.
36
37
**CONWAY HALL ANNUAL REVIEW 2018STATUTORY FINANCIAL STATEMENTS**
**STATUTORY FINANCIAL STATEMENTS**
## 25 • FINANCIAL INSTRUMENTS
|25 • FINANCIAL INSTRUMENTS• FINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTS|||
|---|---|---|
||**2024 [£]**|**2023 [£]**|
|**Financial Assets:**
Measured at fair value through net income / expenditure:
Heritage assets (see note 24):|**401,120**|**401,120**|
|Investments (see note 14)|**--**|**69,937**|
|Investment properties (see note 15)
Debt instruments measured at amortised cost:|**3,727,500**
**4,128,620**|**3,727,500**
**4,198,557**|
|Cash at bank and in hand (see note 19a)|**83,582**|**12,683**|
|Short term deposits (see note 19a)
Trade debtors and venue hire arrears (see note 17)|**--**
**76,060**
**159,642**|**--**
**110,320**
**123,003**|
||**4,288,262**|**4,321,560**|
|**Financial Liabilities:**|||
|Measured at amortised cost:|||
|Venue hire paid in advance < 1 year (see note 18)|**225,716**|**210,378**|
|Venue hire paid in advance > 1 year (see note 18a)|**2,115**|**4,405**|
|Rent paid in advance (see note 18)|**7,625**|**6,875**|
|Talks and Partnerships tickets paid in advance|**1,901**|**--**|
|Bounce Back Loan < 1 year (see note 18)|**10,035**|**10,035**|
|Bounce Back Loan > 1 year (see note 18a)|**8,225**|**18,874**|
||**255,617**|**250,567**|
## W H ERE E THICS MAT TER
## **PHOTO CREDITS**
Christopher Andreeou - front cover, back cover + pages 4, 7, 8, 9, 10, 11, 13, 14, 15, 17, 18, 19, 21 Breaking Convention – pages 3, 13 Alavari Jeevathol – page 4 Dan Evans – pages 4, 5, 6, 7, 9, 10, 19 Stuart Keegan - pages 5, 10, 13, 18 Sharon Agricole – page 7 Prisha Tiwari – pages 7, 19 Glenys Adelusi – page 8 Maddy Goodall – pages 8, 19 Piers Allardyce – pages 8, 9, 11, 13, 15 Jeff Davy – pages 8, 9, 10, 12, 14, 15 Drii Francisco – pages 11, 18 Freya Barrass – page 12 Keetie Roelen – page 12 Hanson Leatherby – page 13 Lucy Macieira – page 15 MVT – page 15 Jenn Lee Fashion Show – pages 18, 19
38
3939
**From the production of** _**Turandot**_ **at Conway Hall, in partnership with the** eld _**London Performing Academy of Music**_