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 Musi￿1 education, CDS and materials,
concerts and festivals and the sale of b¢)ok$.
d. Maln activltlos und•rtak•n to furthor th• Charity's purw•s f¢r the public I￿n•fIt
During the period the Charity concentrated on developing its operalions and Iocu55ed on several key areas..
rebuilding prowsion and resources after the pandemic." a necessary increase in pastoral eare lo cope wlh
vanous anxieties ol students and parents alike". conb"nuing lo expand provision al the Middlesex University
venue." continuing lo improve provision for piano sludenls wth new ath'vities to promote enjoying the arts in
groups through the piano and through pIanc￿OnlY concerts and masterclas$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 perfo￿an¢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 ￿rfO￿lIne• 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 ￿Se￿e5 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$hlps
The Charity regularly monitors and reviews the related party relat￿nshIpS to ¥thich rt is exposed, and Trustees
discuss and approve these as and when they arise.
g. Flnanclal rlsk management
The Trustee$ 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 A￿O￿ntIng
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 ￿SponsIbl1￿11es 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$ rela￿ng 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 fv￿1ve 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 explic*tly 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 $0. consider ￿ether the
other information is materially inconsistent wth Ihe financial statements or our kn￿￿edge obtained in the course
of the audrt, or otherwise appears to be materially misstated. If we Identify such material inconsistencies or
apparent material misstalemenls, we are required to determine %thether this gives rise lo a material
misslalemenl in the financial statements themselves. If. based on the work we have performed, we condude
that there is a material misststemenl of this other infomialion. we are required lo report that fact.
We have nothing to report in this regard.
Mattgrs on whS¢h wg •rg rgquired to report by gX¢ePtion
We have nothing lo report in respect of the followng matters vA)efe the Charities (Accounlg and Reportsl
Regulations 2008 requires us lo report to you if, in our opinion..
the information given in the Trustees, report is incon*slent in any material respect wlh the financial
statements,. or
suffieienl accounting records have not been kept". or
the financial statements are not in ag￿ement wlh the accounting records and retums.. or
we have not received all the information and explanations we require for our audit.
Ro$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 p￿paratiOn 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 ext￿lse 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 p￿Senta￿on. 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 p￿Sen￿li0￿.
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 uninc0￿r8Ied charity registered in England and Wales wlh the
registrabon number 1161732. The add￿$$ of the regIste￿d 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 p￿pared 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 Othe￿1$e
stated in the relevant accounting policy.
2.2 Incom
All income 1$ 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 ￿$ts involved in undertaking each activty. Direct costs attributable to a single
activity are allocated directly to that activity. Shared costs which contribute to more than one activity
and support costs which are not attributable to a single activity are apportioned be￿een those
aclivrties on a basis consistent with the use of resources. Central staff costs are allocated on the
basis of lime spent. and deP￿￿atIon charges allocated on tr)e N)rtion of the asset's use.
Expenditure on charitable a¢tivitie$ 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 un￿striCted 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 musi￿1 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 cOntribUt￿n 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•MU￿ratIon 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•ptsM￿r
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
c￿ditOrS 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•m￿r
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