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2025-08-31-accounts

THE NORTH LONDON CONSERVATOIRE

The North London Conservatoire

Trustees’ Report and Financial Statements for the year ended 31[st] August 2025

THE NORTH LONDON CONSERVATOIRE

Contents
Page
Reference and administrative details of the charity, its trustees and advisers 3
Trustees’ report 4-8
Independent auditors’ report on the fnancial statements 9-11
Statement of fnancial activities 12
Balance sheet 13
Statement of cash fows 14
Notes to the fnancial statements 15-23

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THE NORTH LONDON CONSERVATOIRE

Reference and administrative details of the charity, its trustees and advisers

Trustees Mr P West (Chair) Mr A G M Brindley Ms S Chamberlain (Resigned 23[rd] September 2025) Charity registered number 1161732 Principal office 76 St James’s Lane London N10 3RD Independent auditors Johnsons Chartered Accountants 1-2 Craven Road London W5 2UA

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THE NORTH LONDON CONSERVATOIRE

Trustees’ report for the year ended 31[st] August 2025

The trustees present their annual report together with the audited financial statements of The North London Conservatoire for the year ended 31[st] August 2025.

The trustees confirm that the annual report and financial statements comply with the current statutory requirements and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in January 2015.

Objectives and activities

a. Policies and objectives

The objective of the charity as defined in the governing document is the promotion and advancement of musical education in accordance with the principles and practices as taught by Zoltan Kodály.

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.

b. Strategies and activities for achieving objectives

During the year, September 2024 to August 2025, progress was made in teaching practice with the introduction of “pairing’: in order to improve their attainment and future self-determination, we introduced the strategy of goal-setting. In 2024-25, the children were invited to set their own goals for instrumental tuition with their teacher as the endpoint of the concert reviews; the goals then reappeared on the annual reports; this will be expanded in 2025-26 into goal-setting by the children for m/s and ensembles, starting with children in Year 3 and requiring more as they progress.

The charity provided outstanding weekly music education for children and teenagers. It ran the usual number of concerts (about 240 hour-long concerts in total and eight or nine public concerts, including concerts for siblings at the very successful May Festival and 12 public Showcase concerts, including a number of Piano Showcase concerts aimed specifically at pianists. Free concerts and workshops were again offered to children and adults, and some adult classes were opened up to external applicants. Thoughts about the efficacy of the Sinfonia were discussed that resulted in getting rid of one orchestra for the following year so that the original purpose and trajectory of the senior orchestras was restored. Members of the current Sinfonia would move automatically into the Senior Strings in September, and numbers and ages would be more manageable in the moment, with a concomitant increase in motivation expected. A tour would be planned for the following academic year, too, since this new group would deserve to go somewhere abroad.

There was a very beneficial residential course for two senior orchestras (separately), one using a new site nearer to London with better food. There was a choral workshop for children singing with tuition from internal and external tutors, that ended with a concert showing off the choir with the most senior string group In the school and much of the music specially written by the NLC’s Composer-in-Residence, Dr Owen Leech.

Higher-grade external practical examinations were taken by many students and distinctions gained in 91% of cases. Six children obtained secondary school music scholarships and places, bringing the ten-year total of places offered to 154. The NLC has done a lot to promote Kodály teaching with its outstanding examples of teaching across the board. As usual, students

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aged 8-12 years gained places in the National Children’s Orchestras (NCO), The Adult Choir and Learn-To-Read-Music-Through-Solfa did sessions weekly sessions as part of wider provision.

c.

Main activities undertaken to further the charity’s purposes for public benefit

Music Kindergarten numbers increased over the year from 414 in September to 508 in June, with those attending weekly (over 100 pupils aged 5 and 6 moving from there to instrumental tuition in September), bringing the total roll to about 1250. The Middlesex Saturday School continued to develop strongly, and space is still a future issue for consideration. Instrumental numbers remained stable throughout the year (the desired outcome, with no plan to increase the number other than annually from the kindergarten and keeping the roll at roughly 1200-1300). The charity worked with the local council to provide a free week of music tuition to a local primary school, which was a huge success. The rising costs of food and rent coupled with job losses in some sectors would probably bring a small decline in numbers during the following year: the decision was taken, for only the second time in thirty years, not to put up the fees for the following year, which, the Principal hoped, would help stem any potential losses, with absorption of the NLC’s rising costs. Since the last increase had been 6%, which was above inflation, it was felt that the NLC could probably just about afford to do this, this time.

During the period the charity concentrated on developing its operations and focussed on several key areas: providing bursaries and discounts of around £110,000, working with a local school to provide a free Music Week; continued expansion of provision at the Middlesex University venue; looking at local buildings that might give a permanent home; and in the coming year to introduce Houses to make the School feel smaller and more manageable for some; recital opportunities would be expanded with the introduction of an expandable chamber group that could potentially include piano, guitar and wind/brass; formation of a Madrigal Group or Choir, continued promotion of the school and knowledge and understanding of Colourstrings/Kodály in the local community; leafleting of local areas to promote the kindergarten; receiving visitors from other parts of the UK and abroad to observe the style of teaching and best practice.

Plans for the next 24 months also include a fairly big expansion, if possible, to the adult music provision, including possibly a community choir, a community orchestra; and possibly to dedicate some daytime time to home-educated children and/or adults. This is partly to increase the use of rooms during daytime hours but also for other reasons.

Achievements and performance

a. Key performance indicators

The results are reported within the financial statements and the charity’s assets are sufficient to meet its obligations.

The principal funding sources are by way of instrumental teaching and specific income received from the running of the kindergarten. Key performance indicators utilised are gross margin and EBITDA.

b. Review of activities

The results are reported within the financial statements and the charity’s assets are sufficient to meet its obligations, which is the principal financial management policy of the charity.

The principal funding sources are by way of instrumental teaching and specific income received from the running of the kindergarten.

Total incoming resources in the period were £1,754,247 (2023: £1,649,337). The surplus for the year is £59,699 (2023: £40,401).

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THE NORTH LONDON CONSERVATOIRE

c. Factors relevant to achieve objectives

There are various factors relevant to the charity achieving its objectives. Factors within and outside the charity’s control are reviewed regularly as part of the risk management procedures. As noted above, the major risk to the charity is the volatility of income. Other key factors within the charity’s control include relationships with its trustees, teachers and employees.

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Material investments policy

Where applicable, funds have been invested in instant access bank or building society deposit accounts and interest is earned on the balance.

c. Principal funding

All funding is received in respect of the various services provided.

Structure, governance, and management

a. Constitution

The charity was registered on 19[th] May 2015 and commenced trading on that date.

The principal object of the charity is to provide musical education in accordance with the principles and practices as taught by Zoltan Kodály.

b. Methods of appointment or election of trustees

The management of the charity is the responsibility of the trustees who are elected and coopted under the terms of the constitution.

c. Organisational structure and decision-making policies

The charity is governed by a board which is responsible for setting the strategic direction of the organisation and for establishing policy.

The board meets as a body on a termly basis as part of the termly committee meeting or in addition to, depending on the nature of business to be discussed. Otherwise, matters are addressed face to face or by phone as necessary.

At the committee meetings, the trustees’ report is tabled, as well as the latest financial information.

d. Policies adopted for the induction and training of trustees

The trustees are already familiar with the charity’s aims and objectives as this is considered a prerequisite to their election as trustees.

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THE NORTH LONDON CONSERVATOIRE

e. Pay policy for key management personnel

The charity pays its staff in accordance with the accepted prevailing market rates in the sector.

Financial risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The trustees regularly review 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 identified the trustees have put in place appropriate measures to manage those risks. The major risk to the charity is the volatility of voluntary income.

The trustees continue to keep the charity activities under review, particularly with regard to any major risks that may arise from time to time and to monitor the effectiveness of the system of internal controls.

Plans for future periods

The trustees continue to ensure risk is minimised with regard to its assets and income, and to ensure that where risks are identified, procedures are in places to alleviate them as far as possible. For the major risks identified, the trustees have put in place appropriate measures to manage those risks.

Running costs are continually reviewed and savings are made appropriately in line with maintaining full operational delivery. Projected figures for sustaining viability are reviewed and adjusted in line with maintaining the services and meeting needs.

Statement of trustees’ responsibilities

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 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate 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 provisions of the 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.

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Disclosure of information to auditors

Each of the persons who are trustees at the time when this trustees’ report is approved has confirmed that:

Approved by order of the members of the board of trustees and signed on their behalf by:

…………………………………………

Mr P West

Chair

Aiden Brindley

Aiden Brindley (Feb 27, 2026 14:19:39 GMT)

…………………………………………

Mr A Brindley

Trustee

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Independent auditors’ report to the members of The North London Conservatoire

Opinion

We have audited the financial statements of The North London Conservatoire (‘the charity’) for the year ended 31[st] August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. 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) and SORP FRS 102 (2nd Edition, October 2019).

In our opinion, the financial statements:

Basis for opinion

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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 a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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 conclusion thereon. 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

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our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement (set out on page 8) the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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. 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that were applicable to the charity. We determined that the most significant laws and regulations which are directly relevant to specific assertions in the financial statements are those related to the reporting in the United Kingdom.

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We understood how the charity is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborate our enquiries through discussion with the trustees. There were no legal matters detected through our audit procedure.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it is considered there was a susceptibility of fraud. We also considered potential fraud drivers: including financial and other pressures, opportunity, and personal or corporate motivations. We considered the programmes and controls that the charity has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered higher, we performed audit procedures to address each identified fraud risk. These procedures included reviewing large and unusual bank transactions; corroborating information provided by management; and testing large samples of transactions.

Our audit procedures were designed to respond to risk of material misstatement in the financial statements recognising that 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, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

J Stuart Thomson MA CA FCT MSCI (Senior Statutory Auditor) For and on behalf of Johnsons Chartered Accountants Statutory Auditor 1-2 Craven Road London W5 2UA

Date: …………………………………………

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THE NORTH LONDON CONSERVATOIRE

Statement of financial activities for the year ended 31[st] August 2025

Note
Income from:
Charitable activities
3
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
1,754,247
1,754,247
1,694,548
1,694,548
59,699
233,463
59,699

293,162		 Total
funds
Total
funds
2025
2024
£
£
1,754,247
1,649,337
1,754,247
1,649,337
1,694,548
1,608,936
1,694,548
1,608,936
59,699
40,401
233,463

193,062
59,699
40,401
293,162
233,463

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 15 to 23 form part of these financial statements.

There are no restricted funds.

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Balance sheet for the year ended 31[st] August 2025

----- Start of picture text -----
2025 2024
Note £ £
Fixed assets
Tangible assets 9 6,403 2,121
6,403 2,121
Current assets
Debtors 10 2,569 3,856
Cash at bank and in hand 16 398,077 318,293
400,646 322,149
Creditors: amounts falling due within one year 11 (113,887) (90,807)
Net current assets 286,759 231,342
Total net assets 293,162 233,463
Charity funds
Unrestricted funds 12 293,162 233,463
Total funds 293,162 233,463
----- End of picture text -----

The notes on pages 15 to 23 form part of these financial statements.

There are no restricted funds.

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:

Aiden Brindley …………………………………………. …………………………………………. Aiden Brindley (Feb 27, 2026 14:19:39 GMT) Mr P West Mr A Brindley Chair Trustee

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Statement of cash fows Statement of cash fows
for theyear ended 31st August 2025
2025 2024
Note £ £
Cash flows from operating activities
Net cash provided by operating activities 15 85,726 50,214
Cash flows from investing activities
Purchases of tangible fixed assets 9 (5,942) (2,679)
Change in cash and cash equivalents in the year 79,784 47,535
Cash and cash equivalents at the beginning of the year 318,293 270,759
Cash and cash equivalents at the end of the year 16 398,077 318,293
There are no restricted funds.

The notes on pages 15 to 23 form part of these financial statements.

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THE NORTH LONDON CONSERVATOIRE

Notes to the financial statements for the year ended 31[st] August 2025

1. General information

The North London Conservatoire is a Charitable Incorporated Organisation registered in England and Wales with the registration number 1161732. The address of the registered office is 76 St James’s Lane, London, N10 3RD.

2. Accounting policies

2.1. Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) – 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) (effective 1[st] January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The North London Conservatoire meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2. Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

2.3. Expenditure

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

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity’s objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4. Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.

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Notes to the financial statements for the year ended 31[st] August 2025

Depreciation is charged as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation of computer equipment is provided on a straight-line basis over an expected useful life of four years.

2.5. Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.6. Cash at bank and 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.

2.7. Liabilities and 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.

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 in the Statement of financial activities as a finance cost.

2.8. Financial instruments

The charity only has financial assets and 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.

2.9. Pensions

The charity operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2.10. 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.

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Notes to the financial statements for the year ended 31[st] August 2025

3. Income from charitable activities

4. Analysis of expenditure on charitable activities by fund type

Supporting musical education
nalysis of expenditure by activities
Supporting musical education
Supporting musical education		 funds
2025
£
1,694,548
1,694,548
Activities
undertaken
directly
2025
£
1,197,751
1,197,751
2024
£
1,144,751
1,144,751		 funds
Total
2025
2024
£
£
1,694,548
1,608,936
1,694,548
1,608,936
Support
costs
Total
funds
2025
2025
£
£
496,797
1,694,548
496,797
1,694,548
2024
2024
£
£
464,185
1,608,936
464,185
1,608,936

5. Analysis of expenditure by activities

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THE NORTH LONDON CONSERVATOIRE

Notes to the financial statements for the year ended 31[st] August 2025

Analysis of expenditure by activities (continued)

Analysis of direct costs

Analysis of support costs

Staff costs
Bank charges and interest
Accountancy
Post & Stationary
Repairs & maintenance
Insurance
Travel & Subsistence
Bad debt
Depreciation
Advertising
Miscellaneous expenses		 Musical
education
2025
£
428,605
13,085
13,074
8,082
7,658
6,757
1,991
1,919
1,660
760
13,208
496,797		 Total
funds
Total
funds
2025
2024
£
£
428,605
396,106
13,085
10,929
13,074
8,240
8,082
12,078
7,658
9,297
6,757
6,357
1,991
4,722
1,919
905
1,660
558
760
3,515
13,208
14,993
496,797
464,185

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THE NORTH LONDON CONSERVATOIRE

Notes to the financial statements for the year ended 31[st] August 2025

6. Auditors’ remuneration

6.
Auditors’ remuneration
Auditors' remuneration
7.
Staf costs		 2025
£
8,400
8,400
 2024
£
4,200
4,200

8. Trustees’ remuneration and expenses

During the year, no trustees received any remuneration or other benefits for services as trustee 2024: £nil).

During the year ended 31[st] August 2025, no expenses (2024: £nil) were reimbursed or paid directly to any trustees (2024: no trustees).

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THE NORTH LONDON CONSERVATOIRE

Notes to the financial statements for the year ended 31[st] August 2025

9.
Tangible fxed assets
10.
Debtors
11.
Creditors: amounts falling due within one year
Accruals and deferred income
Payments received on account
Other taxation and social security
Other creditors		 2025
£
70,380
33,648
7,611
2,248
113,887		 2024
£
44,220
33,298
11,142
2,147
90,807

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THE NORTH LONDON CONSERVATOIRE

Notes to the financial statements for the year ended 31[st] August 2025

12. Statement of funds

Unrestricted funds
General funds
Unrestricted funds
General funds
13.
Summary of funds
Unrestricted funds
General funds
Unrestricted funds
General funds		 Balance at 1
September
2024
£
233,463
Balance at 1
September
2023
£
193,062
Balance at 1
September
2024
£
233,463
Balance at 1
September
2023
£
193,062		 Income
£
1,754,247
Income
£
1,649,337
Income
£
1,754,247
Income
£
1,649,337		 Expenditure
Balance 31
August 2025
£
£
(1,694,548)
293,162
Expenditure
Balance 31
August 2024
£
£
(1,608,936)
233,463
Expenditure
Balance 31
August 2025
£
£
(1,694,548)
293,162
Expenditure
Balance 31
August 2024
£
£
(1,608,936)
233,463

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THE NORTH LONDON CONSERVATOIRE

Notes to the financial statements for the year ended 31[st] August 2025

14. Analysis of net assets between funds
Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Tangible fixed assets 6,403
 6,403 2,121
Current assets 400,646 400,646 322,149
Creditors due within one year (113,888) (113,888) (90,807)
293,161 293,161 233,464
15. Reconciliation of net movement in funds to net cash fow from operating activities
2025 2024
£ £
Net income for the year (as per SoFA) 59,699 40,401
Adjustments for:
Depreciation 1,660 558
Decrease / (increase) in debtors 1,287 (445)
Increase / (decrease) in creditors 23,081 9,700
Net cash provided by operating activities 85,726
 50,214
16. Analysis of cash and cash equivalents
2025 2024
£ £
Cash at bank and in hand 398,077 318,293
Total cash and cash equivalents 398,077 318,293

17. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £57,752 (2023: £34,582).

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THE NORTH LONDON CONSERVATOIRE

Notes to the financial statements for the year ended 31[st] August 2025

18. Reserves Policy

The trustees have agreed a reserves policy to hold reserves equivalent to approximately 3 months normal operating expenditure. The trustees believe that this will:

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