2023-08-31-accounts - London Performing Academy of Music c.i.o

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LONDON PERFORMING ACADEMY OF MUSIC C.I.O. (A Charitable Incorporated Organisation)

Charity number: 1173667

LONDON PERFORMING ACADEMY OF MUSIC C.I.O. TRUSTEES REPORT

AND

FINANCIAL STATEMENTS

for the YEAR ENDED 31 AUGUST 2023

13 Cherrywood Hernhill Faversham Kent ME13 9HX

LONDON PERFORMING ACADEMY OF MUSIC C.I.O. (A Charitable Incorporated Organisation)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE INCORPORATED ORGANISATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Trustees	Dr Stefania Passamonte (Chair)
	Dr Maria Chiara Colonnelli
	Dr Luigi D’Argenzio
	Sean Robert Rainey
Charity registered
number	1173667
Registered office	13 Cherrywood
	Hernhill - Faversham
	Kent
	ME13 9HX
Independent examiner	David C Smith
	of David Smith & Co
	Chartered Accountants
	7 Grosvenor Gardens
	Victoria
	London
	SW1W 0AF

London Performing Academy of Music UK Registered Company number: 11531378 UK Registered Charity number: 1173667 UK Register of Learning Providers: 10087207

London, 21st October 2023

Name : London Performing Academy of Music c.i.o. Website: http://www.lpmam.com/support/ UK Registered Charity number: 1173667

UK Register of Learning Providers: 10087207

Funds raised to date : £185,709.40

Other sources of funding:

Alfred und Anneliese Sutter-Stöttner Stiftung
BRITs awards
BPI-British Phonographic Industry
Universal Music Group
Andrea Bocelli Foundation
PPL
London Performing Academy of Music Limited

Financial informations

Donation till August 2022: £78,529.39 Donations till August 2023: £107,180.01

Donation needed for the new academic year: £9000 scholarship for each Ukrainian refugee student

LPMAM c.i.o. TRUST REPORT

LPMAM c.i.o. is the Charitable body providing support towards the students and the educational activities of the London Performing Academy of Music - LPMAM.

On 22nd February 2022, the London Performing Academy of Music was supposed to celebrate its new partnership with the Ukrainian Conservatoires with a series of concerts in Kyiv. Because their partnership preceded the war, LPMAM was the only conservatoire that could provide legal letters to request that music students be exempted from fighting and brought to London to complete their studies.

The LPMAM President, Chair of Trustees of the LPMAM c.i.o, set about helping those young people and preserving the musical future of Ukraine, helping organise military exemption document for the students, and set up the LPMAM Ukrainian Student Refugee Scholarship Fund, providing those gifted students funding to make the journeys to Britain and scholarship to continue their studies and learning as world class musicians.

So far, LPMAM has managed to bring 54 students to safety, 32 of which are have been studying physically in London since May 2022.

www.lpmam.com

We have been providing full time tuition to all the students that have arrived in the UK so far and that have managed to cross the border from Ukraine and are still waiting for the UK Visa. These Ukrainian refugee students require bursaries of £9000 each to continue their studies at the London Performing Academy of Music. These are special Ukrainian Refugee Enrolment Fees, capped at £9000 for any programme offered by LPMAM (including postgraduate, advanced courses and Opera, despite the much higher teaching and academic resources required by those programmes*).

*The standard UK Conservatoire fees are £9000 for the undergraduate courses per year, £13,000 for postgraduate studies. The international fees are £25,000 for the undergraduate, and £29,000 for postgraduate. This is because, in the economy of the conservatoire, the international fees can help providing for what the UK fees cannot cover. As LPMAM does not have a campus yet, we are able to concentrate any bursary given towards the direct costs of the tuition of the students (paying the hours of direct teaching, buying the instrument for the students who left Ukraine without it and helping with travel expenses to the UK and to masterclasses abroad while waiting to be allowed to enter the UK). Please note that all teaching staff of LPMAM are on a zero-hour contract, thus helping in saving as much as possible for offering free tuition to all while waiting to receive a bursary for all.

During the Academic Year 2022/23 LPMAM has received donations and scholarships of a total of £107,180.01 from:

The Childwick Trust
The Andrea Bocelli Foundation
the Brits Awards
Universal Music Group
BPI-British Phonographic Industry
PPL
London Performing Academy of Music Limited
Private individuals

The scholarships funding were used for covering the conservatoire enrolment fees of the Ukrainian refugee students saved from the war. Despite managing to raise only 10 scholarships, we were able to stretch the funding towards the tuitions of all the Ukrainian students saved since February 2022.

We were also able to help funding the travel costs of the refugee students towards the UK or towards their concert/lessons locations if hosted far from London, organising Fundraising Concerts, buy the concert attire for the Ukrainian student, pay for the purchase of a flute, one electric keyboard with travel case, one trumpet mute, 3 bows, 2 double bass stools and one piano stool for our Ukrainian refugee students to use during their studies and performances.

To help raise more funding, we also set up a Just Giving account, which raised £629.90 in our first campaign.

Please find here some of the press coverage that the LPMAM c.i.o has received during the Academic Year 2022/23:

ITV News on 1 year anniversary of the Ukraine war.
BBC1 News and BBC Three on 1 year anniversary of the Ukraine war.
London TV News - Evening standard
Channel 5 News interviewing the very first students who arrived in London in May
BBC1 News about our performance at the PROMs 2022

www.lpmam.com

RAI (both National and Regional news)
London One Radio (here the latest interview one year later), Gazzetta di Modena and Londra.Italiani.it.

Each Scholarship is a life that we can save from the war, as military officials are now allowing young men to leave (or remain abroad) only on the condition of continuing their studies at LPMAM with a proven bursary.

So we will continue campaigning to help support these students throughout their entire course of studies at LPMAM.

Dr Stefania Passamonte, LPMAM Chair of Trustees

The Trustees LPMAM charitable Incorporated organisation

LPMAM c.i.o 13 Cherrywood, Hernhill - Faversham Kent ME13 9HX United Kingdom Head Office: (+44)020 3290 2049

UK Registered charity number: 1173667 Just Giving link: https://checkout.justgiving.com/c/3294906 www.lpmam.com/support/

JustGiving link : You can help raise money for London Performing Academy of Music c.i.o by donating online here.

JustGiving sends your donation straight to London Performing Academy of Music c.i.o and automatically reclaims Gift Aid if you are a UK taxpayer, so your donation is worth even more.

Thank you so much for your very kind support to our Humanitarian cause.

www.lpmam.com

LONDON PERFORMING ACADEMY OF MUSIC C.I.O.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Charities Act requires the Trustees to prepare financial statements for each financial year. The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

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. 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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINERS

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant accounting information of which the charity’s independent examiner is unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant information and to establish that the charity’s independent examiner is aware of that information.

In preparing this report, the Trustees have taken advantage of the small charity exemptions provided by the SORP and FRS102.

LONDON PERFORMING ACADEMY OF MUSIC C.I.O.

ACCOUNTS

31st August 2023

LONDON PERFORMING ACADEMY OF MUSIC C.I.O.

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted Funds £ 90,000 12,580 4,600 -	Unrestricted Funds £ - 64,988 13,541 -	Total 2022 £ - 64,988 13,541 -
107,180	78,529	78,529
90,000 - 2,836 12,578 622 - 3,308	64,350 4,966 988 - 3,795 2,250 -	64,350 4,966 988 - 3,795 2,250 -
109,344 -	76,349 -	76,349 -
109,344	76,349	76,349
(2,164) -	2,180 -	2,180 -
(2,164) 2,180	2,180 -	2,180 -
16	2,180	2,180

The notes on pages 3 - 5 form part of these financial statements.

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LONDON PERFORMING ACADEMY OF MUSIC C.I.O.

BALANCE SHEET AS AT 31 AUGUST 2023

Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one Net current assets Funds Restricted funds Unrestricted funds	£ - 2	£ £ £ 2,180 - 2 2,180 14 - 16 2,180 - - 16 2,180 16 2,180 2023 2022	£ £ £ 2,180 - 2 2,180 14 - 16 2,180 - - 16 2,180 16 2,180 2023 2022

	year
			2,180
			- 2,180
			2,180

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small charity’s regime.

The financial statements were approved and authorised for issue by the Trustees on 21st October 2023 and signed on their behalf by:

…........................................

Dr Stefania Passamonte Chair of Trustees

Page 2

LONDON PERFORMING ACADEMY OF MUSIC C.I.O.

FOR THE YEAR ENDED 31 AUGUST 2023

NOTES TO THE FINANCIAL STATEMENTS

1. Accounting policies

1.1 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 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act.

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

1.2 Going Concern

The charity is mainly reliant upon donations and grant income to raise revenue to meet future expenditure. The Trustees consider that it is appropriate to prepare the financial statements on a going concern basis. This assumes that the charitable incorporated organisation (CIO) will be successful in its fundraising activities. The financial statements do not include any adjustments that would result if insufficient funds are raised. In formulating this assessment the Trustees have taken into consideration the impact of the global cost of living crisis on the charity’s ability to raise funds.

1.3 Organisation Status

The charity is a Charitable Incorporated Organisation (CIO). The members of the CIO are the Trustees. In the event of the CIO being wound up, the liability in respect of the guarantee is limited to £5 per Trustee.

The registered address is 13 Cherrywood, Hernhill – Faversham, Kent, ME13 9HX.

1.4 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.

Donated services and facilities, including gifts in kind, are included at the value to the Charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Donations received with imposed restrictions are classified as restricted funds.

Revenue grants are credited as incoming resources when they are receivable provided conditions for receipt have been complied with. Where grants awarded for specific concerts or events are received in advance of the performance, they are deferred so that concert and event costs align with related income.

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LONDON PERFORMING ACADEMY OF MUSIC C.I.O.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

1.5 Expenditure

Expenditure is recognized 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 activities on a basis consistent with the use of resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements and are included in support costs.

Costs of raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

1.6 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.

1.7 Creditors and provisions

Liabilities are recognized 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 recognized 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.

Trade and other creditors are recognized at the settlement amount after any trade discounts received. Accruals are valued based on the estimated amount to be paid.

1.8 Financial instruments

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

1.9 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.

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

Page 4

LONDON PERFORMING ACADEMY OF MUSIC C.I.O.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2. Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Income and Expenditure

Details of the income and expenditure are shown on the Statement of Financial Activities. The Statement of Financial Activities includes all gains and losses recognized in the year. All Income and Expenditure is derived from continuing activities.

4. Trustees' remuneration and benefits

No payments were made to the Trustess during the year.

Page 5

LONDON PERFORMING ACADEMY OF MUSIC C.I.O.

Independent Examiner’s Report to the Trustees of London Performing Academy of Music C.I.O.

I report to the trustees on my examination of the financial statements of London Performing Academy of Music C.I.O. (‘the charitable incorporated organization’) for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of a charitable incorporated organization, you are responsible for the preparation of the financial statements in accordance with the Charities Act 2011 (‘the 2011 Act’).

Having satisfied myself that the financial statements of the charity are not required to be audited and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

i. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
ii. the financial statements do not accord with those records; or
iii. the financial statements do not comply with the applicable concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair view which is not a matter considered as part of an independent examination

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

David C Smith FCA for David Smith & Co 7 Grosvenor Gardens Victoria London SW1W 0AF

Date: 21[st] October 2023

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