Charity number- 1161732 THE NORTH LONDON CONSERVATOIRE TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
THE NORTH LONDON CONSERVATOIRE CONTENTS Page Rofvron¢o and admlnistrativo dots11$ of the Charity. Its Tru$tsos and advisors Tru$tso$' rgport Independent auditors. report on the financial statements 8- 11 Statsment of financial activities 12 Balance sho•t Statoment of cash flo 14 Notes to thè financlal $tatsm•nts 15-24
THE NORTH LONDON CONSERVATOIRE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Trustees Mr P West. Chair Mr A Brindley LLB Ms S Chamberfain Charity registsred number 1161732 Prln¢lpal 0ffi¢o
THE NORTH LONDON CONSERVATOIRE TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Trustees present their annual report together wth the audited financial statements of the The North Lonllon Conservatoire for the year 1 September 2022 10 31 August 2023. The Trustees confimi that the annual report and financial statements comply wth the current statutory requirements and the provisions of the Statement of Recommended Prath'ce ISORPI "Accounting and Reporb'ng by Charities. issued in January 2019. Objectivos and activities a. Poll¢l•$ and oblectlv•8 The objective of the charity as defined in the goveming document is the promotion and advancement of musical education in accordance wlh the pnnciples and practi5es as taught by Zollan Kodaly In setting objectives and planning for adivth'es, the Trustees have given due consideration to general guidance published by the Chanty Commission relabng to public benefit, including the guidance 'Public benefit.. running chanty IP821'. b. Stralgglg¥ for a¢hle¥lng obJKtlves The Charity undertakes to provide musical education in order lo achieve its objectives. c. Actlvltl•s undortakon to ach5ov• obJ•ctlves The main activrties undertaken lo achieve objectives includes the Musi1 education, CDS and materials, concerts and festivals and the sale of b¢)ok$. d. Maln activltlos und•rtak•n to furthor th• Charity's purw•s f¢r the public In•fIt During the period the Charity concentrated on developing its operalions and Iocu55ed on several key areas.. rebuilding prowsion and resources after the pandemic." a necessary increase in pastoral eare lo cope wlh vanous anxieties ol students and parents alike". conb"nuing lo expand provision al the Middlesex University venue." continuing lo improve provision for piano sludenls wth new ath'vities to promote enjoying the arts in groups through the piano and through pIancOnlY concerts and masterclas$e$, in short, reinstatement of as many adult and public events as possible. Page 2
THE NORTH LONDON CONSERVATOIRE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Achievements and perfoan¢t a. Main achievements ofthe Charity The year September 2022 to Augusl 2023 the Charty provided excellent weekly music education for children and teenagers ¥Mth the addition of free se$$ions for Students in Y2- Y5 as Mpensation for the previou$ years, forced online provision. The serie5 of concert5 and the music festival in the local community conts.nued as did workshops for children and teenagers and adults. There were three residential courses for stn.ng players aged from 10- 18 years and special projects for Choir & Or¢hestra a national ¢horal luminary. MuKiple major public con¢erts were put on throughgut the year to showcase, encourage and reward high effort at every level of ability and children were prepared for extemal exam entry wth an 87% Oistinction rate (all Grades 7 & 81 and continued to provide very high-level leachin9 to the high achievers who may well pursue a professional career. One student gained an undefgraduale place to study composib.on at the Guildhall School of Music,. several other students aged 10 to 14 gaine¢J places in the Natsonal Children's Orchestras, City of Birmingham Symphony Orchestra Youth Orchestra and other. 16 musi¢ scholar$hip$ and places were gained by primary $chool students for secondary schools., places were gained by children applying for places at the Guildhall School of Music Junior Department., the charity ran chamber music courses for children and also Music Appreciation dasses that were extended separatety to an adult audience. The Adult Choir resumed sessions weekly. Music Kindergarten numbers increased over the year by 150 to June 2022, wth over 530 children in attendanGe weekly. The Saturday School at Middlesex University Music Department conts'nued to develop strongly. Instrumental numbers remained stable throughout the year (the desired outcome, with no plan to increase the number other than annually from the kindergartenl. Best Practice wlhin the profession continued lo be promole<J. The Charity's plans lo provide a free week of music tu"on lo a local primary school, bul there were no lakers this year." more efforts wll be made next year. b. K•y rfOlIne• indicatorn The results are reported wthin the financial statements and the Charitys assets are suficient to meet its obligations. The principal funding sources are by way of instrumental leaching and spe¢ifi¢ income received from the running of the kindergarten. Key perfomance Indicators utslised are gross margin and EBITDA. c. Roviow of activitiOS The results are reported within the financial ststements and the Charity's assets are sufficient to meet its obligations, which is the principal finanaal management policy of the Charity. The principal funding sources are by vrdy of instrumental teaching and specifi¢ income received from the running of the kindergarten. Total incoming resources in the period were £1,562,557 (2022.. £1.455,5061. The surplus for the year is £48,466 12022.. £47,647). Page 3
THE NORTH LONDON CONSERVATOIRE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Achievements and perfo an¢e l¢ontinuedl d. Factors rgl•vant to a¢ l¢v• obJ•¢tlvos There are various laclors control are reviewed regul charity is the volatility of vo ils trustees and employee levant to the charity achieving ils objectives. Factors wlhin and outside the charity's rly as part of the risk management pro¢edures. As noted above, the major risk to the unlary income. Other key faclors wthin the charity's control indude relationships with •. Fundralslng a¢tlvltl•$ nd Incom• g•n•ratlon All income is 9eneraled f performed. om the provision of music education, as such no public fvndrai5ing activities are Flnan¢i41 review a. Golng concorn After making appropriate resources lo continue in o the going eoncern basis i going concern basis can nquiries, the Trustees have a reasonable expectation that the Charity has adequate rational existence for the foreseeable future. For this reason. they continue lo adopt preparing the finanual slatemenls. Further details regarding the adoption of the found in the accounb'ng policie$. b. R•8•rv•¥ pollcy The Trust wishes lo ntin e lo grow its reserves in order to maintsin Sustsinability and resilience. c. Prlncipal risk8 and un rtalntl•s The Trust managed lo su charge VAT on il's revenu ive the COVID Pandemic and deems its current principal risk to be that of needing lo d. F5nancial risk manag ent obj'ectives and pollcies The Trugt aims to continue to build up See5 in order lo give itself resilience against those rigks. e. Principal funding All funding is received in r pect of the various services provided. Structuro. governance a d management a. Constitution The North Lon
THE NORTH LONDON CONSERVATOIRE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Structure. governan¢t and management Icontlnuedl b. Methods of appolnlment or •1g¢tlon of Tru$ts•$ The management of the Charty is the responsibilrty of the Trustee5 who are elected and ¢o-OPted under the terms of the Consrtution . Oryanisational structure and decision4naking policie The Chanty is govemed by a board wthich is responsible for setting the strategic direction of the organisation and for establishing policy. The board meets as a body on a lermly basis as part of the termly committee meeting or in addition to, depending on the nature of business lo be discussed. OU)ewse, matters a addressed face lo face or by phone or by email as necessary. Al the committee meeting$. the Tru$lees' report 1$ labled. as well as the latesl financial infomiation. d. Poll¢l08 adoptsd for th• Indu¢tlon and tralnlng of Trust•es The Trustees are already familiar wth the Charity's aims and objèctives as Ihiy is considered i prerequisite lo their election a$ Trustees g. Pay pollcy for k•y manaym•nt lsonn The Charity pays its staff in accordance wth the accepted prevailing mathel rates in the sector. f. Rèlatèd party rol*tion$hlps The Charity regularly monitors and reviews the related party relatnshIpS to ¥thich rt is exposed, and Trustees discuss and approve these as and when they arise. g. Flnanclal rlsk management The Trustee$ have aysessed the major risk5 to which the charity is exposed. in particular those related lo the operations and finances of the Chanty, an(1 are satisfie(I that systems and procedures are in place lo miligale exposure lo the major risks. The Trustees regularfy Teview procedures to minimise risk to assets and income, and to ensure that where risks are identified, procedures are in place to alleviate them as far as possible. For the major risks idents'fied the tru5tee5 have put in place appropriate measures to rnanage those risks. The Trustees continue to keep the Charty activibes under review. particularly 1th regard lo any major riks that may arise from time to time and to monitor the effectiveness of the system of intemal controls. Page 5
THE NORTH LONDON CONSERVATOIRE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Plans for future periods The Trustees continue to ensure risk is minimised vnth regard to its assets and income, and to ensure that where risks are identified, procedures are in place to alleviate them as far as possible. For the major risks identified. the Tru51ees have put in place appropriate measures to manage those nsks. Running costs are contsnually reviewed and savings are made appropriately in line wth maintaining full operational delivery. Projected figures for su$taining viabilty are reviewed and adjusted in line with maintaining the services and meeting needs. Statsment of Truslges. r•spon$lbiliti•$ The Trustees are responsible lor preparing the Trustees. report and the financial slalemenls in accordance with applicable law and United Kingdom Accountsng Standards IUnrte(l Kingdom Generally Accepted Accounting Praclicel. The law applicable to charrties in England & Wales requires the Trustees lo prepare financial slalemenls for each financial year bvhich give a true and fair view of the stale of affairs of the Charity and of rts incoming resources and application of resources. including its income and expendrture, for that period. In preparing these financial slalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consislenuy". observe the methods and principles of the Charities SORP IFRS 1021., make judgments and ac¢ounling eslimales that are reasonable and prudent." stsle whether applicable UK Accounting Standards IFRS 1021 have been folbwed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slalemenls on the going concem basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequ*e accounting e0rd$ that a sufficient lo show and explain the Chanty's transactions and disclose wth reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the finan¢ial stslements MplY wlh the Charities A¢1 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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. Dlsclosurn of Inforn)atlon to audltors Each of the persons vtho are Tnjstees at the time vA)en this Trustees, port is approved has confimied Ihal.. so far as that Trustee is awa, there is no levant audrt infomialion of which the charity's auditors a unaware, and that Trustee ha5 18ken all the steps that ought to have been tsken as a TNslee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that inforrnation. Approved by order of the members of the board of Trustees and signed on their behalf by.. Page 6
THE NORTH LONDON CONSERVATOIRE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Mr P West Chair Date. 2810612024 Page 7
THE NORTH LONDON CONSERVATOIRE INDEPENDENT AUDITORS, REPORT TOTHE MEMBERS OF THE NORTH LONDON CONSERVATOIRE Opinion We have audited the financial ststements of The North London Conservatoire (the 'charityl for the year ended 31 August 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flow5 and the related notes, including a summary of significant accounbng policies. The financial reporting framework that has been applied in their preparab.on is applicable law and United Kingdom AOntIng Standards, in¢lLJding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland, (United Kingdom Generally A¢¢epted A¢ntIng Practice). In our opinion the financial stslements.. give a true and fair view of the state of the charitys aff8iTS as al 31 August 2023 ind of ils incoming resources and applicabon of resources for the year then ended., have been property prepared in accordan vAth Unrted Kingdom Generally Accepted Accounting Practice". and have been prepared in accordance wth the requiremen1$ of the Charitie$ A¢t 2011. B*818 for oplnlon We cgnducted our audit in a¢¢ordance wth International Standard$ on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial stalernenls sedion of our report. We are independent of the charity in a¢¢ordan¢e with the ethical requirements that are relevant lo our audit of the financial stslements In the United Kingdom, including the Financial Reporting Council's Ethical Stsndard. and we have fulfilled our other ethical SponsIbl111es in a¢¢ordan¢e with these requirements. We believe Ihal the audrt evidence we have obtained is sufficient and appropriate tg provide a basis for our opinion. Conclu•lon$ relang to going c¢)ncom In auditing the financial statement5, we have concluded that the Trustees. use of the going concem basis of accounting in the preparation of the finaneial 5talemenls is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as going con¢em for a period of at least fv1ve month5 from when the financial statements are auth0ri5ed for issue. Our responsibilities and the responsibiliti'es of the Trustees respect to going concern are described in the relevant sections of this report. Page 8
THE NORTH LONDON CONSERVATOIRE INDEPENDENT AUDITORS, REPORT TOTHE MEMBERS OF THE NORTH LONDON CONSERVATOIRE ICONTINUEDI Other Infomiatlon 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 Infomialion contained within the Annual pOrt. Our opinion on the finanual ststemenls does not cover the other information and. except to the extent othemse explictly stated in our ceport. we do not express any form ol assurance Conclusion thereon. Our responsibility is to read the other infornialion and, in doing $0. consider ether the other information is materially inconsistent wth Ihe financial statements or our knedge obtained in the course of the audrt, or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material misstalemenls, we are required to determine %thether this gives rise lo a material misslalemenl in the financial statements themselves. If. based on the work we have performed, we condude that there is a material misststemenl of this other infomialion. we are required lo report that fact. We have nothing to report in this regard. Mattgrs on whS¢h wg •rg rgquired to report by gX¢ePtion We have nothing lo report in respect of the followng matters vA)efe the Charities (Accounlg and Reportsl Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Trustees, report is inconslent in any material respect wlh the financial statements,. or suffieienl accounting records have not been kept". or the financial statements are not in agement wlh the accounting records and retums.. or we have not received all the information and explanations we require for our audit. Ro$p¢nslbllitlos of tru$tso8 A5 explained more fully in the Trustees, responsibilities statement. the Trustees are responsible for the preparation ol the finanual statements whi¢h give a true and fair view, and for such inlemal control as the Trustees determine is necessary lo enable the pparatiOn of finanual statements that a free from material misslalemenl, vthether due lo fraud or error. In preparing the financial 5talemenls. the Trustees are responsible for assessing the charitys ability to continue as a going eoncem. disclosing, as applicable. matters rel*ed lo going concern and using the going concem basis of accounting unless the Trustees erther intend to liquidate the charity or lo cease operations. or have no realistic alternatsve but to do so. Page 9
THE NORTH LONDON CONSERVATOIRE INDEPENDENT AUDITORS, REPORT TOTHE MEMBERS OF THE NORTH LONDON CONSERVATOIRE ICONTINUEDI Audltors. r•$pon$lbllltl•s for th• audlt of th• finan¢lal $tatsm•nts We have been appointed as auditor under section 144 of the Charrties Act 2011 and report in accordance with the Act and relevant regulations made or hawng effect thereunder. Our objectives are to obtain reasonable assurance aboLrt vknether the financial statements as a whole are free from material misstatement, vthether 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 wth ISAS IUKI will atways dete¢t a material misslatemenl then il exists. Misslatemenls can arise from fraud or error and are Considered material if. individually or in the aggregate, they ¢ould reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregulanlies, Including fraud, are instances of non<ompliance wth laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misslalemenls in respect of irregularits'es, in¢luding fraud. The extenl to which our procedure$ are ¢apable ol dele¢ting irregularities, including fraud is detailed below.. Enquiring of management around actual and potents'al litigation and claims Reviewing board meeting minute5 01 meetings of those charged wlh govemance Reviewng financial slalemenl disdosures and lesb.ng lo supporting documentation lo assess compliance with applicable laws and re9ulalions Performing audit work over the risk of managemenl override of ¢onlrols, in¢luding testing of joumal entries and other adju$lment$ for appropriateness, evaluating the busine$$ rab'onale of significant tran$a¢tion$ outside the normal course of business and reviewing accountr'ng estsmates for bias As part of an audit in accordance wlh ISA$ IUKI, we extlse professional judgment and maintain professional sceptici$m throughout the audit. We also.. Identify and assess the risks of malerial misstslement of the financial slalemenls, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropnale lo prowde a basis for our opinion. The risk of not ijetecling a material misstatement resutti'ng from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, Intentional omissions, mi5repTesentats"ons. or the override of internal control. Obtain an understanding of inlemal control relevant to Ihe audil in order to design audrt procedu$ that are appropriate in the circumstances, bLrt not for the purpose of expressing an opinion of the effectiveness of the chantys intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosure5 made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going ¢on¢ern basis of a¢¢ounling and, based on the audit evidence obtained, whether a matenal uncertainty exists related to events or conditions that may cast significant doubl on the chantys abilrty lo conb.nue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Audrtors. report to the related di5c105ures in the financial statemen15 or, if such di5c105ures are inadequate, lo modify our opinion. Our conclusions are based on the audrt evidence obtained up to the date of our Auditors. report. However, future events or conditions may cause the charity to cease to conb'nue as a going concem. Evaluate the overall pSentaon. Structu and ¢ontenl of the financial slalemenls, including the disclosures, and whether the financial statements represent the underfying transactions and events in a manner that achieves fair pSenli0. We communicate wth those charged wth governan regarding. among other matters, the planned scope and timing of the audit and significant audit findings, induding any signthcant deficiencies in intemal control that we identify during our audit. Page 10
THE NORTH LONDON CONSERVATOIRE INDEPENDENT AUDITORS, REPORT TOTHE MEMBERS OF THE NORTH LONDON CONSERVATOIRE ICONTINUEDI Uso of our report Thig report Is made solely lo the charity's Iruslees. as a body, In accordance wlh Part 4 of the Charities IA¢counls and Reportsl Regulations 2008. Our audit work has been undertaken so that we might stsle lo the charity's Iruslees those matters we are required lo stsle to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body. for our audrt work. for this report. or for the opinions ¥%t have formed. SEL A£iAIt LLP BKL Audlt LLP 35 Ballards Lane London N3 1XW Dale. 2810612024 BKL Audit LLP are eligible lo act as audilor¥ in tem)$ of section 1212 of the Companies Act 2006. Page 11
THE NORTH LONDON CONSERVATOIRE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Unre$trl¢tsd fund$ 2023 Total funds 2023 Total funds 2022 Income from: Charitable acliwtses 1,S62.562 1.562,562 1,455.506 Total incomo 1,562.562 1.562,562 1,455,506 Exp8nditure on: Charitable acliwtses 1,514.396 1.514,396 1,407,859 Total 8xp8nditure 1.S14.396 1,S14,396 1,407,859 Ng1 movement In fund¥ 48,166 48,186 47,647 Ro¢oncllSatSon of funds: Total funds brought forward Nel movement in funds 144,896 48.166 144,896 48,166 97,249 47,647 Totsl funds carrl•d forward 193,062 193,062 144,896 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 15 to 24 lom part of these financial Statements. Page 12
THE NORTH LONDON CONSERVATOIRE BALAMCE SHEET AS AT 31 AUGUST 2023 2023 2022 Mol• Current assets Debtors Cash al bank and in hand 3,411 270,T58 5.834 217. 183 274,169 223,017 Creditors". amounts tslling due 4Mlhin one year 10 181,1071 (78. 121) Not current a88ets 193,062 144,896 Total not a880ts 193,062 144.896 Charlty funds Unrestricted funds 193,062 144,896 Total fund• 193,062 144,896 The financial slalemenls were approved and authorise<l for issue by the Trustees and signed on their behalf by,, Mr P W•$t Chair Date. 2810612024 The notes on pages 15 to 24 form part of these financial statements. Page 13
THE NORTH LONDON CONSERVATOIRE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Cash flow&% Irom op•ratlng a¢tlvltl•s Net cash used in operating activities S3,575 45, 793 Chang• In cash and cash ¢qulvaknts In th• year Cash and cash equivalents at the beginning of the year 53.575 45.793 217,183 171,390 Cash and cash equlvalonts at t ond of the yèar 270.758 217.783 The notes on pages 15 10 24 form part of these financial slalements Page 14
THE NORTH LONDON CONSERVATOIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 General inforn)ation The North London Conservatoire is an uninc0r8Ied charity registered in England and Wales wlh the registrabon number 1161732. The add$$ of the regIsted office is 76 Sl James Lane, London. N10 3RD Ac¢ountlng pollcl•$ 2.1 8asis of preparation of financial statements The financial statements have been ppared in accordance wth the Charities SORP IFRS 1021- Accounting and Reporting by Chanties." Slalement of Recommended Practice applicable to charities preparing their accounts in accordance th the Financial Repo.ng Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffectsve 1 January 20191, the Financial Reporting Stsndard applicable in the UK and Republbc of Ireland IFRS 1021 and the Charits'es Act 2011. The North London Conservatoire meets the definib.on of a public benefit entity under FRS 102. Assets and liabilrties are initially re¢ognised at historical cost or Iransadion value unless Othe1$e stated in the relevant accounting policy. 2.2 Incom All income 1$ reeognised ortt the Charity has enb"tlement to the income, il is probable that the income wll be received and the amount of income receivable can be measured lIablY. 2.3 Expendllur• Expenditure is recognised once there is a legal or cLJnstructive obligation to transfer economic benefit to a third party, rt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendrture is classified by activity. The costs of each actiwty are made up of the lotsl of direct costs and shared costs. in¢luding support $ts involved in undertaking each activty. 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 beeen those aclivrties on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent. and dePatIon charges allocated on tr)e N)rtion of the asset's use. Expenditure on charitable a¢tivitie$ is in¢urred on directly undertaking the a¢tivrtie$ which further the Charity's objectives, as well as any asswated support costs. All expenditure 15 inclusive of irrecoverable VAT. 2.4 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.5 Cash at bank and in hand Cash at bank and in hand indudes cash and short4emi highly liquid investments wth a short maturity of three months or less from Ihe date of acquisition or opening of the deposf( or similar account. Page 15
THE NORTH LONDON CONSERVATOIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies (continued) 2.6 Liabilities and provisions Liabilities are recognised vthen there is an obligation at the Balance sheet dale as a result of a past event. rt is probable that a transfer of economic benefit wll be require(l in settlement, and the amount of the setuemenl Can be estsmated lIablY. Liabilities are recognised at the amounl that Ihe Charity anticipates it wll pay to settte the debt or the amount it has received as advanced payments for the goods or service5 11 mu51 provide. Provisions a measured al the best estimate of the amounts qUired to settle the obligation. Where the effect of the time value of money is material. the provision 1$ based on the present value of those amounts, dis¢ounted at the pre-tax dis¢ounl rate that reflect$ the risk$ $pe¢ific to the liabilty. The urwlinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.7 Fund accountlng General funds are unstriCted funfjs 1¢h a available for use at the discretion of the Trustees in furtherance ol the general obiechves of the Charity and Ithich have not been designated for other purposes. Income from ¢harftsl)l• a¢tlvltl•s Unrostrlctsd funds 2023 Total funds 2023 Supporting musical education 1,562,562 1,562,S62 Unreslncled funds 2022 Total funds 2022 Supporting musical education 1,455,506 1,455,506 Page 16
THE NORTH LONDON CONSERVATOIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysis of expenditure on charitable activities Summary by fund type Unrnstrictod funds 2023 Total 2023 Supporting musi1 educ*J'on 1,514,396 1,514,396 Unrtrslncled funds 2022 Total 2022 Supporting musical education 1,407,859 7,407,859 Analysls ol •xp•ndltur• by act5vltlo8 Activltlos undertaken dlrèctly 2023 Support costs 2023 Total funds 2023 Supporting musical education 1,103,619 410,777 1,514,396 Actrrfrties undertaken dirnclly 2022 Support costs 2022 Total funds 2022 Supporting musical eilucation 1,041,246 366,613 7,407,859 Page 17
THE NORTH LONDON CONSERVATOIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysis of expenditure by activities Icontinuedl Analysls ol dlrect costs Musical education 2023 Total funds 2023 Teaching fees Rent of halls 854.626 248,993 854,626 248,993 1,103,619 1,103,619 Musical education 2022 Tol81 funds 2022 Teaching fees Rent of halls Materials for resale 825.903 204,517 10.826 825,903 204,517 10,826 1.041.246 1,041,246 Page 18
THE NORTH LONDON CONSERVATOIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysis of expenditure by activities Icontinuedl Analysls of support costs Musical education 2023 Total funds 2023 Staff costs Advertisin9 Insurance Materials for resale Travel & Subsistence Post & Stationary Bank char9es and interest Repair$ & maintenance Bad debt Miscellaneous expenses Accountancy and audit fees 339,243 3,433 5,890 10,406 1.272 10.019 9.481 4.333 328 20.060 6,312 339,243 3,433 5,890 10,406 1,272 10,019 9,481 4,333 328 20,060 6,312 410,777 410,777 Page 19
THE NORTH LONDON CONSERVATOIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysis of expenditure by activities Icontinuedl Analysls of support costs Icontlnued) Musical education 2022 Total funds 2022 Staff Costs IT consumables 292,642 6,999 3,069 16,901 5,427 7,085 893 1,800 3,516 8, 794 3. 132 8,117 2.892 5,346 292,642 6,999 3,069 76,901 5,427 7,085 893 Advertising Concertlfestival costs Insurance Materials for resale Travel & Subsistence Telephone Post & Stationary Bank char9es and interest Repairs & maintenance Bad debt Miscellaneous expenses Accountancy and audit lees 1,800 3,51fj 8, 794 3, 132 8,117 2,892 5,346 366.613 366,613 Audltor8' rgmun8ratlon 2023 2022 Fees payable lo the Charivs audilor for the audit and preparation of the Charity's annual accounts 3,900 3,400 Page 20
THE NORTH LONDON CONSERVATOIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Staff costs 2023 2022 Wages and salaries Social 5ecunty cos15 Contribution to defined cOntribUtn pension schemes 223,913 67,502 47,828 221,944 44, 777 25,927 339.243 292,642 The average number of peTson$ employed by the Charity during the year was as follows.. 2023 No. 2022 No. Support staff The number of employees vknose employee beneffits {exclLKfing employer pension costs) exceeded £80,000 was.. 2023 No. 2022 No. In the band £80,001- £90,000 Tru$t••$' r•MUratIon and •xp•ns•8 During the year, no Trustees received any remuneration or other benefits f2022- £NIL). During the year ended 31 August 2023, expenses tolalling £1.093 were reimbursed or paid directly lo 1 Trustee (2022- £NIL lo O Trustee5. These expenses were in relation to adminislralion costs. Dgblors 2023 2022 Due wlthln on8 yaar Trade debtors 3,411 5,834 3,411 5.834 Page 21
THE NORTH LONDON CONSERVATOIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. Creditors: Amounts falling due within one year 2023 2022 Payments Teceived on account Other taxation and social security Other Creditors Accruals and deferred income 32.433 32,230 6,863 2,873 36,155 8.874 39,800 81.107 78.727 11. Ststsmont offunds Stat8ment of funds - currnnt Balanc8 at 1 S•ptsMr 2022 Balanct at 31 August 2023 Income Expondlturo Unrestrlcted funds General Funds- all lunds 144,896 1,$62.562 11,$14,396 193,062 ststgment of funds - prlor year Ba18nce at I September 2021 B81ance al 31 August 2022 Income Expendilu Unrestrlcted funds General Funds- all funds 97,249 1,455,506 (7,407,859? 144,896 Page 22
THE NORTH LONDON CONSERVATOIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 12. Summary offunds Summary of funds - current yèar Balance al 1 Sgptembor 2022 Balancg at 31 August 2023 Income Expenditure General funds 144,896 1,562.562 11,514.396 193,062 Summary of fund¥ - prior year Balance at I September 2021 8818nce at 31 August 2022 Income Expendilu General funds 97,249 1,455,506 (1,407,859) 144,896 13. Analy$l$ of not a$s•ts b•tw••n fund• Analy$ls of net a$$ets bgt¥wen funds- current year Unr•strlct•d funds 2023 Total funds 2023 Current assets 274,169 181,107} 274,169 181,1071 Creditors due wthin one year Total 193,062 193,062 Analysis of not assets funds- prior year Unrestncted funds 2022 Tol81 funds 2022 Current asset5 cditOrS due within one year 223,01T f78, 121) 223,017 (78, 121) Total 144,896 144,896 Page 23
THE NORTH LONDON CONSERVATOIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 14. Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Net income for the year {as per Statement of Financial Activrtiesl 48.166 47,647 Adjustm8nts for: Decreasellincreasel in debtors Increase in cred((ors 2,423 2.986 (3,679) 1,825 Not cash provlded by operatlng a¢ll¥ltl88 $3,575 45, 793 15. Analys18 of cash and cash oquival•nts 2023 2022 Cash in hand 270,758 217,783 Total cash and cash •quivalonts 270,758 217.783 16. Analy$ls of chang•8 In net debt At1 Sept•mr At31 2022 Cash flowJ August 2023 Cash al bank and in hand 217.183 53.575 270.7S8 217,183 53,S75 270,7S8 Page 24