OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-07-31-accounts

Docusign En¥ÈlopÈ ID". DOFEE9AD-DD3940DE-86FB-B4B9B4779ADD cial tements . 2022-23 CUMPANYRE51STRATlllNNU.1747753

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

COMPANY INFORMATION FOR THE YEAR ENDED 31 JULY 2023 ……………………….…………………………….2 TRUSTEES’ REPORT………………………………………………………………………………………………………………………3–13 INDEPENDENT AUDITOR’S REPORT TO MEMBERS AND TRUSTEES OF THE BLACKHEATH HALLS….14–18 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES……………………………………………………………….…..19 CONSOLIDATED AND CHARITY BALANCE SHEETS…………………………………………….……………………………….20 NOTES TO THE FINANCIAL STATEMENTS……………………………………………………………………………….……21–36

1

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

COMPANY INFORMATION FOR THE YEAR ENDED 31 JULY 2023

Trustees Professor Anthony Bowne (Chair)
Havilland Willshire (until 28 July 2023)
Dr Aleksander Szram (appointed 28 July 2023)
Philip Harding
Peter Hearn
Jonathan Peel MBE
Francesca Robinson
The Rt Hon Dame Joan Ruddock DBE
Director of Blackheath Halls Gemma Okell
Secretary Dean Surtees
Company Number 01747753
Charity Number 287589
Registered Office King Charles Court
Old Royal Naval College
Greenwich
London
SE10 9JF
Independent Auditor Grant Thornton UK LLP
30 Finsbury Square
London
EC2A 1AG
Bankers Lloyds Bank
PO Box 1000
Andover
BX1 1LT
Barclays Bank PLC
16 Tranquil Vale
Blackheath
London
SE3 0AX

2

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

BLACKHEATH HALLS

For the year ended 31 July 2023

TRUSTEES’ REPORT

The directors, who are also trustees of The Blackheath Halls, present their report and the audited financial statements of the Charity for the year ended 31 July 2023.

The trustees report has been prepared taking advantage of the exemptions available to small companies under the Companies Act 2006 and FRS102.

The Directors of the Charitable Company are also Trustees of the Registered Charity as provided under the Charities Act 2011 and, in submitting their annual report and audited financial statements for the year ended 31 July 2023, confirm that they have complied with the duty of the Charity Commission Guidance to have due regard to the general guidance on public benefit.

Objectives and Activities

The Blackheath Halls is a registered Charity raising funds to advance education particularly by the encouragement of the arts of music and other related areas of the arts.

In pursuance of these objectives, the Charity operates Blackheath Halls as a venue for the performing arts, offering public benefit through its programme of activities providing:

The Trustees also takes responsibility to maintain and enhance the venue as a Grade 2 listed building, ensuring it remains relevant and equipped as a centre for the delivery of the arts.

The current Strategic Plan articulates our ambition to continue building our reputation as a distinctive multi art-form organisation; a successful venue with high artistic standards, inspired by – and serving – our local communities.

Strategic priorities over the period of the plan are to continue developing:

Achievements and Performance

The period covered by this report has been a busy and successful one. The first year unaffected by the implications of Covid-19, we have maintained high levels of audiences and participant engagement beyond the immediate post-lockdown spike of enthusiasm for live events (particularly for community and family activities).

3

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

TRUSTEES’ REPORT (CONTINUED)

To measure our success in delivering our strategy we monitor a number of key performance indicators (KPIs) shown in the next section.

Projects that have been in the planning stages for several years are coming to fruition, including landscaping work at the front of the building, intended to make the venue welcoming to new people, and improving the experience for all visitors to Blackheath Halls.

Blackheath Goes Gospel 2022 (Photo: Lidia Crisafulli)

Events and Attendance Figures

Events and Attendance Figures
Live Performances, rehearsals and other activities 1,003 Equivalent to three a day
Attendance at live events 49,225 A record for Blackheath Halls
Active community engagementparticipants 1,012 Of all ages and backgrounds
Online engagement 16,785 Worldwide

Blackheath Halls’ programme in 2022/23 consisted of 1,003 live performances, rehearsals and other activities, attended by 49,225 people.

These figures include 153 performances (the majority of which were programmed directly by Blackheath Halls or Trinity Laban) with ticketed audiences of 24,990, and 205 participatory sessions run at Blackheath Halls, schools and other local venues as part of our Community Engagement programme, engaging 1,012 active participants of all ages and backgrounds.

Our focus has been on the return to live events, however an additional 16,785 people viewed online content previously created by Blackheath Halls, with the gospel choir warm-up film led by Lena Wright proving particularly popular around the world, making a total of 66,337 people who engaged with the arts through the organisation.

4

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

TRUSTEES’ REPORT (CONTINUED)

Artistic and Community Engagement Programme Highlights

The Twirlywoos 2023

Highlights of the professional performance programme included:

‘ First time seeing Kate and first time at Blackheath Halls. Greatly enjoyed the evening. Well done to all concerned.’ Audience member for Kate Rusby

Highlights of the Community Engagement Programme included :

5

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

TRUSTEES’ REPORT (CONTINUED)

‘The best of all possible community projects’ Blackheath Halls Opera participant

‘Truly a special opportunity and unexpectedly delightful experience to get to know an incredible piece of music under the tutelage of such talented, capable, and conscientious people. I'm really impressed by the great work going on at Blackheath halls, and will sign up as a friend. Meanwhile, I think you've given me a new hobby’. Verdi Requiem participant

Highlights of Trinity Laban’s programme included:

‘Frankenstein’ Trinity Laban Opera 2023 (Photo: Briony Campbell)

6

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

TRUSTEES’ REPORT (CONTINUED)

External hirers included:

Development, capital work and future plans

After bringing the Friends of Blackheath Halls in house last year, all income from the Friends and Patrons scheme now contributes directly to our community engagement programme. This is a vital source of funding to be able to be able to continue our programme, let alone achieve our future ambitions, with no regular local authority or Arts Council England funding.

A newly formed Development Committee chaired by Board member Francesca Robinson has been established to increase charitable donations, and build audiences and support for Blackheath Halls. In the period, members of the Committee supported events, recommended changes to the structure of the Friends and Patrons Scheme, worked in partnership with the Blackheath Conservatoire, and generated ideas for attracting new members.

Our annual opera gala fundraising night was deemed to be ‘the best ever’. We are honoured that Ailish Tynan has taken over the Opera Patron role from Nicky Spence, and both performed wonderfully alongside Angel Blue, Sean Boylan, Trinity Laban student Hannah Leggett and others who generously gave their time in support of the event. Sean Rafferty hosted, and the event raised £30k for the opera, making up about a third of the income needed to run the community opera.

We are also grateful for the support of various trusts and foundations this year, including The Hearn Foundation, The Samuel Gardner Memorial Trust, D’Oyly Carte Charitable Trust, the Peter Harris Trust, the Smillie Family Trust and the Tesco Community Grant Fund.

Building improvements

Thanks to a transformational grant by the Hearn Foundation and donations from the local community, we are coming to the end of a 10 year period of extensive works to the interior and exterior of the building, which has seen the levelling of the stage, installation of raked theatre seating, refurbishment of the bar and box office areas and now landscaping works at the front of the building.

Landscaping will improve the outside of the building for existing users of the building, and attract new users and audiences. Brickwork on the façade and front wall has been cleaned and repaired, surfacing and ramp to the building replaced, new granite paving has been laid and benches, bollards and new planting installed. Signage and lighting will be finished shortly.

7

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

TRUSTEES’ REPORT (CONTINUED)

Holi recital and dinner 2023

As one of our strategic priorities is the upkeep and improvement of our Grade II listed building, in addition to ongoing maintenance and repair, we have replaced the old house lighting system in the Hearn Recital Room with new LED lighting. Thanks to Greenwich Neighbourhood Growth Fund, the Backstage Trust, and our Friends and Patrons a tailor-made lift has been built in the Great Hall, making the stage accessible to wheelchair users, and enabling pianos to be moved on stage. With the assistance of the Blackheath Society and their archivist, an exhibition of photographs of performers past and present at Blackheath Halls has been installed.

Our thanks

The Board is enormously grateful to all who have given their time and energy in support of the Halls and its programme this year, including staff, volunteers, artists, students, hirers, donors, audiences and partners.

8

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

TRUSTEES’ REPORT (CONTINUED)

We are very appreciative of the substantial donations made to Blackheath Halls for capital development by the Hearn Foundation, which have improved the building and the experience for all who come here.

Thanks are due to Nicky Spence, who has been an invaluable and generous Blackheath Halls Opera Patron over many years, and to Ailish Tynan who is moving into this role. We also thank Gill Butler who stepped down this year for her time and expertise running our literary programme, and to Tom Butler who continues to programme music events. We appreciate the skills and external perspective bought by the newly formed Development Committee.

We also thank the Friends and Patrons of Blackheath Halls for their vital contributions towards the community engagement programme, and to other Trusts and Foundations and individuals who have invested in our venue and its programme this year.

Financial Review

At the end of the 2022/23 financial year, the Halls generated a surplus of £208,698 compared to an overall deficit of £145,413 in the previous year. This was slightly better than budgeted for the year, as we saw ticket sales and hiring income return to pre-Covid levels, with the addition of extra usage by Trinity Laban students resulting in additional income.

This was all achieved with a very tight hold on expenditure this year, with most areas remaining at or below budget, apart from higher than expected costs related to the maintenance of the building, and increased staff costs. The latter related to increased cost of living advance payment and additional events staff to support the agreed busy programme of events.

Blackheath Halls Youth Choir Christmas Concert 2022 (Photo: Lidia Crisafulli)

Reserves policy

Reserves are classified as restricted or unrestricted. Restricted reserves include balances where the donor has designated a specific purpose and therefore The Blackheath Halls is restricted in the use of these funds. A transfer of funds from restricted to unrestricted reserves is carried out once restriction has been discharged. Excluding the revaluation reserve there are currently unrestricted reserves of £2,597,950 (2021/22: £2,406,008).

9

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

TRUSTEES’ REPORT (CONTINUED)

Note 1a ii and iii shows the Charity has adequate resources to enable operations in the foreseeable future.

Reserves are maintained at a level that enables Blackheath Halls to manage financial risk and short term income volatility. They allow the Charity to ensure that financial commitments can be met as they fall due. In practice, this means the board considers that the Blackheath Halls should maintain cash reserves equivalent to 3 months’ expenditure, less depreciation. In 2022/23 the equivalent of three months’ expenditure equated to £293,434 whereas cash stood at £217,903 at 31 July 2023.

Risk management

The major risk exposures are as follows:

Going Concern

With the letter of support provided by the parent entity, the Board do not consider there to be any material uncertainty over the ability of the charity to continue as a going concern for the foreseeable future, being for a period of at least twelve months after the date on which the report and financial statements are signed. The accounts have therefore been prepared on a going concern basis. The Directors have reviewed the short to medium-term financial outlook for Blackheath Halls, including income, expenditure and cashflow forecasts. This has been done in the knowledge of historic performance and trends, as well as the pipeline of bookings and events for the remainder of 2023-24 and for 2024-25. These project operating deficits in each year and a net cash outflow in 2023-24, followed by a cash inflow in 2024-25. The forecast net cash position is negative for July 2024 and will be covered, if necessary, by an advance from the parent entity. Excluding the revaluation reserve, currently there are £2,597,950 unrestricted reserves.

10

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

TRUSTEES’ REPORT (CONTINUED)

Future Strategy

The Board approved its Strategic Plan in May 2019, articulating our ambition to continue building a reputation as a distinctive multi art-form organisation; a successful venue with cutting edge artistic standards, inspired by – and serving – our local communities.

Strategic priorities over the period of the plan are to further develop:

  1. A balanced, ambitious and artistically excellent programme

  2. A broader range of audiences, participants, artists, supporters and partners

  3. A strong identity and profile

  4. The building, infrastructure and staff resources required to achieve the above priorities

  5. Financial stability, to enable the scale of ambition to grow over the next five years

The plan outlines key actions to achieve these priorities and continues to steer the organisation’s direction and plans.

The Board are in the process of reviewing its high level ambitions for the organisation including looking at the balance of events to maximise the way space is utilised, in order to set the parameters for our next Strategic and Artistic Plan which will be completed in 2023.

Priorities for the next period include:

Structure, Governance and Management

Governing Document

The Blackheath Halls is a company limited by guarantee governed by its Memorandum and Articles of Association, and registered as a charity with the Charity Commission. Blackheath Halls is a wholly owned subsidiary of Trinity Laban Conservatoire of Music and Dance.

Related parties

The Charity owns and operates a wholly owned trading subsidiary, BCH Enterprises Limited, which is registered in England, Registered No. 02642177.

Organisation

The Board of Trustees oversee the business of the Charity, delegating day to day management to the Director, to implement the adopted policy and strategy, within a budget approved by the Trustees and the parent company. The Director's role description outlines the extent of her authority. The Director reports regularly to the Trustees on the activities undertaken and the financial position of the Charity.

11

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

TRUSTEES’ REPORT (CONTINUED)

Effective resolutions

Elective resolutions have been passed for the purposes of:

Appointment of Trustees/Directors

As set out in Articles of Association, there are seven trustees of the Blackheath Halls, four trustees are nominated by Trinity Laban Conservatoire of Music and Dance and three are nominated by the Hearn Foundation. Where a vacancy arises Trinity Laban or the Hearn Foundation will nominate a replacement to serve as a trustee.

Directors are also Trustees of the Charity. In 2016–17, following an agreement with Hearn Foundation to provide a grant of £1.85m, a new governance arrangement was put in place whereby The Blackheath Halls Board changed to four Trustees from Trinity Laban Conservatoire of Music and Dance and three Trustees who are either trustees of:

As of 31 July 2023, the Board consisted of Dr Aleksander Szram, Professor Anthony Bowne (chair), Philip Harding, Jonathan Peel (Trinity Laban representatives) and Peter Hearn, Francesca Robinson and Dame Joan Ruddock (Hearn Foundation representatives).

Director induction and training

New Directors meet the Chair of Blackheath Halls and key employees who brief them on:

Tours of the Halls and other Conservatoire facilities are arranged, and Trustees are invited to attend appropriate events and workshops where these may better facilitate the undertaking of their role.

Trustees' responsibilities statement

The Trustees (who are also directors of The Blackheath Halls for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law, 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 charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

12

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS For the year ended 31 July 2023

TRUSTEES’ REPORT (CONTINUED)

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to the auditor

The Trustees confirm that:

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

The report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS102 Section 1A - Small Entities.

By Order of the Board

Professor A. Bowne

Chair of Trustees

Date: 15[th] December 2023

13

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

BLACKHEATH HALLS

For the year ended 31 July 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BLACKHEATH HALLS

Opinion

We have audited the financial statements of The Blackheath Halls (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 July 2023, which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets 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).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. 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 group and parent charitable company 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

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s and the parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the group’s and parent charitable company’s business model including effects arising from increasing interest rates, increasing inflation and other macro-economic uncertainties, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the group’s and parent charitable company’s financial resources or ability to continue operations over the going concern period.

14

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BLACKHEATH HALLS (CONTINUED)

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 group’s and parent 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 directors 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 Trustees’ Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ 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 our knowledge obtained in 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 there is 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included in the Trustees’ Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

15

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS For the year ended 31 July 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BLACKHEATH HALLS (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 12 the trustees (who are also the directors of the charitable company for the purposes of company law) 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 group and the parent charitable company’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 group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

16

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BLACKHEATH HALLS (CONTINUED)

fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

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

17

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BLACKHEATH HALLS (CONTINUED)

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Bird Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants London 15 December 2023

18

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

----- Start of picture text -----
Unrestricted Restricted Total Funds
Funds Funds Total Funds Restated
Notes 2023 2023 2023 2022
Income From: £ £ £ £
Donations and Legacies 2 48,876 420,199 469,075 164,817
Charitable Activities:
Operation of Blackheath Halls 3 636,689 - 636,689 554,269
Other Trading Activities 5 247,622 - 247,622 266,952
Total Income 933,187 420,199 1,353,386 986,038
Expenditure on:
Raising Funds 7 92,764 - 92,764 73,162
Charitable Activities:
Operation of Blackheath Halls 8 826,686 120,047 946,733 981,705
Other Trading Activities 9 131,601 - 131,601 119,342
Total Expenditure 1,051,051 120,047 1,171,098 1,174,209
Net (Expenditure)/Income (117,864) 300,152 182,288 (188,171)
Transfer Between Reserves 301,514 (301,514) - -
Reconciliation of Funds
Total Funds Brought Forward 15 3,740,985 20,970 3,761,955 3,950,126
Total Funds Carried Forward 3,924,635 19,608 3,944,243 3,761,955
----- End of picture text -----

The notes on pages 21 to 36 form part of the financial statements.

19

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

CONSOLIDATED AND CHARITY BALANCE SHEETS

----- Start of picture text -----
Company Registration no: 01747753 Group Charity
Note Group Restated Charity Restated
2023 2022 2023 2022
Fixed Assets £ £ £ £
Tangible Assets 11 5,548,648 5,249,575 5,539,464 5,237,554
Investments - - 2 2
5,548,648 5,249,575 5,539,466 5,237,556
Current Assets
Stock 4,975 5,477 - -
Debtors 12 109,359 43,738 199,793 108,068
Cash at Bank and in Hand 247,387 319,436 36,172 138,537
361,721 368,651 235,965 246,605
Creditors: Amounts Falling Due
Within One Year 13 (917,371) (788,766) (790,332) (664,067)
Net Current Liabilities (555,650) (420,115) (554,367) (417,462)
Total Assets less Current Liabilities 4,992,998 4,829,460 4,985,099 4,820,094
Creditors: Amounts Falling Due
After More Than One Year 14 (1,048,755) (1,067,505) (1,048,755) (1,067,505)
Total Net Assets 3,944,243 3,761,955 3,936,344 3,752,589
Total Unrestricted Funds 15 3,924,635 3,740,985 3,916,736 3,731,619
Total Restricted Funds 15 19,608 20,970 19,608 20,970
Total Charity Funds 3,944,243 3,761,955 3,936,344 3,752,589
----- End of picture text -----

These financial statements have been prepared in accordance with the special provisions for small companies under section 419(2) of the Companies Act 2006 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

The financial statements were authorised and approved by the board on 15[th] December 2023 and signed on its behalf by:

A. Bowne

Trustee Date: 15/12/2023

The notes on pages 21 to 36 form part of the financial statements.

20

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS

1. Accounting policies

The principal accounting policies, judgements and key sources of estimation uncertainty in the preparation of the financial statements are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year in dealing with items which are considered material in relation to the financial statements.

a) Basis of accounting

b) Going concern

With the letter of support provided by the parent entity, the Board do not consider there to be any material uncertainty over the ability of the charity to continue as a going concern for the foreseeable future, being for a period of at least twelve months after the date on which the report and financial statements are signed. The accounts have therefore been prepared on a going concern basis. The Directors have reviewed the short to medium-term financial outlook for Blackheath Halls, including income, expenditure and cashflow forecasts. This has been done in the knowledge of historic performance and trends, as well as the pipeline of bookings and events for the remainder of 2023-24 and for 2024-25. These project operating deficits in each year and a net cash outflow in 2023-24, followed by a cash inflow in 2024-25. The forecast net cash position is negative for July 2024 and will be covered, if necessary, by an advance from the parent entity. Excluding the revaluation reserve, currently there are £2,597,950 unrestricted reserves.

c) Basis of preparation

The consolidated accounts include the results of the Charity and its subsidiary, BCH Enterprises Limited. In the Charity's accounts the investment in the subsidiary is stated at cost. A separate Statement of financial activities and Income and Expenditure account for the Charity can be found in note 4. The Blackheath Halls is a charity and the financial statements are presented in Sterling (£).

d) Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

21

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Income from government and other grants, is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Grants, donations and other income are allocated to individual restricted funds if a restricted use is specified on receipt. If not specified, they are allocated to the unrestricted funds. Income received in advance of a performance or provision of other specified service it is deferred until the criteria for income recognition is met.

e) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity’s work or for specific projects being undertaken by the Charity.

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Fixed assets

Tangible fixed assets are stated at cost. Depreciation is provided at rates estimated to write off the costs of tangible fixed assets by equal instalments over their anticipated useful lives. The leasehold buildings and land were reapportioned in the year ended 31 July 2018 between freehold and leasehold land and buildings.

Depreciation rates are as follows:

22

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

h) Stock

Stock is stated at the lower of cost and net realisable value. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the consolidated statement of financial activities.

i) Debtors

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

j) Cash at bank and in hand

Cash at bank and cash 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.

k) Creditors

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Employee benefits

Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service to the Charity. Any unused benefits are accrued and measured as the additional amount the Charity expects to pay as a result of the unused entitlement.

m) Accounting for retirement benefits

The Blackheath Halls participates in one pension scheme, the National Employment Savings Trust (NEST). The NEST is a defined contribution workplace pension scheme, run by a Trustee (NEST Corporation) on a not-for-profit basis. The Blackheath Halls pays fixed contributions to the scheme and will have no legal or constructive obligation to pay further amounts. The amount charged to the income and expenditure account represents the contributions payable to the scheme in respect of the accounting period. These amounts have been allocated between activities and funds on the same basis as the salary costs for the relevant employees.

n) Taxation

The Blackheath Halls is potentially exempt from taxation in respect of income or capital gains and is covered within the meaning of Part 3 of the Charities Act 2011. It is therefore a charity within the meaning of Paragraph 1 of schedule 6 to the Finance Act 2010 and accordingly, the Blackheath Halls is potentially exempt from taxation in respect of income or capital gains received within categories covered by section 478–488 of the Corporation Tax Act 2010 (CTA 2010) or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes.

23

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

The Blackheath Halls receives no similar exemption in respect of Value Added Tax. Irrecoverable VAT on inputs is included in the costs of such inputs. Any irrecoverable VAT allocated to fixed assets is included in their cost. The Blackheath Halls' subsidiary is liable to Corporation Tax in the same way as any other commercial organisation.

o) Critical accounting judgements and estimates

In preparing the financial statements, the trustees are required to make estimates and judgements. The items in the financial statements where these judgements and estimates have been made include:

p) Concessionary Loans

The entity considers the long term intercompany loans to be concessionary loans. The entity measures concessionary loans in the balance sheet based on the amounts paid. The carrying amount of concessionary loans in the financial statements are adjusted to reflect any accrued interest receivable. Interest is accrued at a rate of 2.2%. The terms of repayment are 25 years.

q) Financial Instruments Policy

Financial Instruments are initially measured at transaction price and subsequently held at cost, less impairment. Financial liabilities are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instruments legal form. Financial Liabilities are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

24

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2 Income From Donations and Legacies

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Restated|Restated| |2023|2023|2023|2022|2022|2022| |£|£|£|£|£|£| |Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |Grants From Public| |Authorities|-|-|-|17,340|-|17,340| |Arts Council Grant|-|-|-|-|31,638|31,638| |Charitable Donations|48,876|420,199|469,075|82,269|33,570|115,839| |48,876|420,199|469,075|99,609|65,208|164,817|

----- End of picture text -----

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |Box Office Income|289,278|323,363| |Hall Hire by Trinity Laban|319,554|189,085| |Management Fees|27,000|27,000| |Other Income|857|14,821| |636,689|554,269|

----- End of picture text -----

25

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

4 Charity Statement of Financial Activities

Income From
Donations and Legacies
2
Charitable Activities
Operation of Blackheath Halls
Total Income
Expenditure on:
Raising Funds
7
Charitable Activities
Operation of Blackheath Halls
8
Total Expenditure
Net (Expenditure)/Income
Transfer Between Reserves
Reconciliation of Funds
Total Funds Brought Forward
Total Funds Carried Forward
Donation From Subsidiary Made Under
Deed of Covenant		 Total Funds
Unrestricted
Restricted
Total Funds
Restated
2023
2023
2023
2022
£
£
£
£
48,876
420,199
469,075
164,817
707,376
-
707,376
618,509
46,801
-
46,801
84,534
803,053
420,199
1,223,252
867,860
92,764
-
92,764
73,162

826,686
120,047
946,733
981,705
919,450
120,047
1,039,497
1,054,867
(116,397)
300,152
183,755
(187,007)
301,514
(301,514)
-
-
3,731,619
20,970
3,752,589
3,939,596
3,916,736
19,608
3,936,344
3,752,589

5. Income from Other trading activities

The wholly owned trading subsidiary, BCH Enterprises Limited ("BCH") is incorporated in the United Kingdom. The BCH company number is 02642177 and the registered office address is King Charles Court, Old Royal Naval College, Greenwich, London, SE10 9JF. BCH operates the bar and catering and organises all the commercial trading operations carried on at The Blackheath Halls. The charity owns the entire share capital comprising 2 ordinary shares of £1 each. BCH has adopted a policy of paying all taxable profits to its parent company Blackheath Halls by qualifying distribution under a deed of covenant.

26

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

6 Summary Profit and Loss Account

----- Start of picture text -----
2023 2022
£ £
Turnover 247,622 266,952
Cost of Sales and Administrative Expenses (202,287) (183,582)
Profit Before Taxation 45,335 83,370
Taxation - -
Qualifying Distribution (46,801) (84,534)
(Loss) After Taxation (1,466) (1,164)
2023 2022
£ £
Fixed Assets 9,179 12,016
Current Assets 232,771 208,503
Creditors: Amounts Falling Due Within One Year (234,063) (211,166)
Total Net Assets 7,887 9,353
Aggregate Share Capital and Reserves 7,887 9,353
7 Expenditure on Raising Funds
2023 2022
£ £
Staff Costs 59,942 51,989
Advertising 22,165 11,596
Printing, Postage and Stationery 10,657 9,577
92,764 73,162
----- End of picture text -----

8 Expenditure on Charitable Activities - Operation of Blackheath Halls

Support Costs Restated
Restated
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Unrestricted
Restricted
Total Unrestricted
Restricted
Total
295,515
-
295,515
241,898
-
241,898
Other Activities 345,546
120,047
465,593
539,504
28,664
568,168
Education &
Community -
Projects		 185,625
-
185,625
171,639
-
171,639
826,686
120,047
946,733
953,041
28,664
981,705

27

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

----- Start of picture text -----
Support Costs 2023 2022
£ £
House managers 13,866 6,013
Administration 128,187 110,281
Ushers 24,613 9,394
Management 74,009 71,407
Crew 10,817 3,993
Box Office 36,233 32,950
Audit Fees 7,790 7,860
295,515 241,898
----- End of picture text -----

Support costs are apportioned based on the number of staff employed in each activity and have been included as part of expenditure on charitable activities.

9 Expenditure on Charitable Activities - Other Trading Activities

This relates to BCH Enterprises Limited, the trading subsidiary
Staff Costs
Legal and Professional
Audit Fees
Repairs and Maintenance
Sundry Expenses
Depreciation
Bar and Catering Purchases
Accountancy Fees		 2023
2022
£
£
72,686
65,341
29,977
29,414
338
465
4,718
4,984
-
75
3,236
1,960
17,809
14,266
2,837
2,837
131,601
119,342

These costs have been classified as charitable as they support the charitable activities of the organisation.

10 Staff Costs

Wages and Salaries
Social Security
Other Pension Costs		 2023
2022
£
£
425,001
371,062
19,925
15,371
13,356
10,038
458,282
396,471

28

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

The average monthly number of employees during the year:

----- Start of picture text -----
Number Number
Administration 4 4
Box Office 5 4
Marketing and Fundraising 2 2
Crew & Ushers 3 3
House Management 1 1
Bar & Catering 1 1
Support 1 1
17 16
----- End of picture text -----

None of the trustees received any emoluments from the Charity during the year (2022 - £Nil).

There have been no expenses paid to or on behalf of the trustees in 2022 (2022 - £Nil).

Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of Blackheath Halls. Staff costs includes remuneration paid to key management personnel. The key management personnel is the Director of Blackheath Halls.

Remuneration
Pension Costs		 2023
2022
£
£
61,852
59,813
12,156
11,595
74,008
71,408

29

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

11 Tangible Fixed Assets

Group
At 1 August 2022
Additions
Transfers
At 31 July 2023
Depreciation
At 1 August 2022
Charge for year
At 31 July 2023
Net Book Value
At 31 July 2023
At 31 July 2022		 Freehold
Land and
Buildings
Long
Leasehold
Buildings
Leasehold
Improvements
Fixtures,
Fittings &
Kitchen
Equipment
Assets in
Course of
Construction
Musical
Instruments
Total
£
£
£
£
£
£
£
1,270,245
1,413,005
3,254,641
336,533
46,868
20,828
6,342,120
-
-
-
536
474,934
-
475,470
-
-
26,400
-
(26,400)
-
-
1,270,245
1,413,005
3,281,041
337,069
495,402
20,828
6,817,590
44,095
66,887
637,051
328,690
-
15,822
1,092,545
5,905
8,361
156,684
4,195
-
1,252
176,397
50,000
75,248
793,735
332,885
-
17,074
1,268,942
1,220,245
1,337,757
2,487,306
4,184
495,402
3,754
5,548,648
1,226,150
1,346,118
2,617,590
7,843
46,868
5,006
5,249,575

The long leasehold buildings comprise the fabric of the halls with the freehold land and buildings comprising of the substation and the surrounding land.

Charity
At 1 August 2022
Additions
Transfers
At 31 July 2023
Depreciation
At 1 August 2022
Charge for year
At 31 July 2023
Net Book Value
At 31 July 2023
At 31 July 2022		 Freehold
Land and
Buildings
Long
Leasehold
Buildings
Leasehold
Improvements
Fixtures,
Fittings &
Kitchen
Equipment
Assets in
Course of
Construction
Musical
Instruments
Total
£
£
£
£
£
£
£
1,270,245
1,413,005
3,243,369
315,364

46,868
20,828
6,309,679
-
-
-
536
474,934
-
475,470
-
-
26,400
-

(26,400)
-
-
1,270,245
1,413,005
3,269,769
315,900

495,402
20,828
6,785,149
44,095
66,887
635,266
310,055
-
15,822
1,072,125
5,905
8,361
155,557
2,485
-
1,252
173,560
50,000
75,248
790,823
312,540
-
17,074
1,245,685
1,220,245
1,337,757
2,478,946
3,360
495,402
3,754
5,539,464
1,226,150
1,346,118
2,608,103
5,309
46,868
5,006
5,237,554

30

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

12 Debtors

----- Start of picture text -----
|||||| |---|---|---|---|---| |Group|Group|Charity|Charity| |2023|2022|2023|2022| |£|£|£|£| |Trade Debtors|21,701|25,729|7,616|4,386| |Other Debtors|-|14|-|4,761| |Prepayments and Accrued Income|87,658|17,995|85,164|17,214| |Due from Subsidiary Company|-|-|107,013|81,707| |109,359|43,738|199,793|108,068|

----- End of picture text -----

13 Creditors: Amounts Falling Due Within One Year

----- Start of picture text -----
|||||| |---|---|---|---|---| |Group|Charity| |Group|Restated|Charity|Restated| |2023|2022|2023|2022| |£|£|£|£| |Due to Parent and Subsidiary Companies|585,436|638,614|494,450|551,198| |Trade Creditors|72,672|50,633|67,132|50,320| |Other Creditors|473|4,068|485|4,080| |Taxation and Social Security|6,783|598|6,783|-| |Accruals and Deferred Income|252,007|94,853|221,482|58,469| |917,371|788,766|790,332|664,067| |Deferred Income| |Included within accruals and deferred income are the following items of income which have been| |deferred until specfic performance related conditions have been met.| |Group|Charity| |Group|Restated|Charity|Restated| |2023|2022|2023|2022| |£|£|£|£| |Balance Brought Forward|35,901|108,428|18,415|97,535| |Income Released in Year|(35,901)|(108,428)|(18,415)|(97,535)| |Ticket Sales for Future Events|58,281|35,901|40,704|18,415| |Balance Carried Forward|58,281|35,901|40,704|18,415|

----- End of picture text -----

14 Creditors: Amounts Falling Due After More Than One Year

----- Start of picture text -----
|||||| |---|---|---|---|---| |Group|Charity| |Group|Restated|Charity|Restated| |2023|2022|2023|2022| |£|£|£|£| |Long Term Interest Free Intercompany Loan|560,000|560,000|560,000|560,000| |Long Term Intercompany Loan|488,505|507,255|488,505|507,255| |Debenture|250|250|250|250| |1,048,755|1,067,505|1,048,755|1,067,505|

----- End of picture text -----

This is a long term interest free intercompany loan extended from Trinity Laban Conservatoire of Music and Dance. The long term intercompany loan was for the refurbishment of the Great hall in Blackheath Halls. Interest on the long term intercompany loan is accrued at the rate of 2.2% per annum. The loan is for a period of 25 years commencing on 31 July 2019.

31

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

15 Reserves

At 1 August 2021
(as Restated)
Incoming Resources for Year
Outgoing Resources for Year
Transfer Between Reserves
At 1 August 2022
(as Restated)
Incoming Resources for Year
Outgoing Resources for Year
Transfer Between Reserves
At 31 July 2023		 Unrestricted
Funds
Revaluation
Reserve
Restricted
Funds
Total
£
£
£
£
£
2,604,147
1,343,269
3,947,416
2,710
3,950,126
920,830
-
920,830
65,208
986,038
(1,145,545)
-
(1,145,545)
(28,664)
(1,174,209)
26,576
(8,292)
18,284
(18,284)
-
Total
Unrestricted
Funds
2,406,008
1,334,977
3,740,985
20,970
3,761,955
933,187
-
933,187
420,199
1,353,386
(1,051,051)
-
(1,051,051)
(120,047)
(1,171,098)
309,806
(8,292)
301,514
(301,514)
-
2,597,950
1,326,685
3,924,635
19,608
3,944,243

b) Charity

At 1 August 2021
(as Restated)
Incoming Resources for Year
Outgoing Resources for Year
Transfer Between Reserves
At 1 August 2022
(as Restated)
Incoming Resources for Year
Outgoing Resources for Year
Transfer Between Reserves
At 31 July 2023		 Unrestricted
Funds
Revaluation
Reserve
Restricted
Funds
Total
£
£
£
£
£
2,593,617
1,343,269
3,936,886
2,710
3,939,596
802,652
-
802,652
65,208
867,860
(1,026,203)
-
(1,026,203)
(28,664)
(1,054,867)
26,576
(8,292)
18,284
(18,284)
-
Total
Unrestricted
Funds
2,396,642
1,334,977
3,731,619
20,970
3,752,589
803,053
-
803,053
420,199
1,223,252
(919,450)
-
(919,450)
(120,047)
(1,039,497)
309,806
(8,292)
301,514
(301,514)
-
2,590,051
1,326,685
3,916,736
19,608
3,936,344
**16 ** Group and Charity Restricted Funds Transfer
from
At 1 August Unrestricted At 31 July
2022 Income Expenditure Reserves 2023
£ £ £ £ £
Restricted Donations 20,970 420,199 (120,047) (301,514) 19,608
Total Restricted Funds 20,970 420,199 (120,047) (301,514) 19,608

32

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

17 Analysis of Total Group Funds

Tangible Fixed Assets
Current Assets
Current Liabilities
Long Term Liabilities
Total Funds 2022
Tangible Fixed Assets
Current Assets
Current Liabilities
Long Term Liabilities
Total Funds 2023		 Unrestricted
Funds
Restated
Revaluation
Reserve
Restricted
Funds
2022
2022
2022
£
£
£
3,914,598
1,334,977
-
347,681
-
20,970
(788,766)
-
-
(1,067,505)
-
-
2,406,008
1,334,977
20,970
Unrestricted
Funds
Revaluation
Reserve
Restricted
Funds
2023
2023
2023
£
£
£
4,221,963
1,326,685
-
342,113
-
19,608
(917,371)
-
-
(1,048,755)
-
-
2,597,950
1,326,685
19,608

Restricted donations are made by the Arts Council for the provision of education and community projects. Restricted donations have also been received to fund various capital projects e.g. landscaping works, stage lift.

18 Capital Commitments

Contracted For But Not Provided Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
219,093
-
219,093
-

19. Company limited by Guarantee

The limit of the total guarantees of the member of the Charity amounted to £1 at 31 July 2023 (2022– £1).

33

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

20. Related party transactions

Blackheath Halls had transactions with the following related parties during the year. The charity trustees had an interest in, or influence over these entities.

----- Start of picture text -----
(Expenditure)/ Debtor/(Creditor)
Trustee/ Nature of Income Balance
Related Party Director Relationship 2023 2022 2023 2022
£ £ £ £
Friends of Blackheath Halls Joan Ruddock Trustee - 9,013 - -
Hearn Foundation Peter Hearn Trustee 225,078 - - -
----- End of picture text -----

21. Prior Period Adjustments

The following adjustments have been made for the prior year.

A grant from the local council received in 2020/21 as well as a grant from the Arts Council received in 2017/18 had been recognised in prior periods following the ‘accrual model’ for the recognition of income. The use of this model for the recognition of income from government grants is not permitted by the Charities SORP. The Charities SORP outlines that income from grants are recognised when there is evidence of entitlement to the receipt and its amount can be measured reliably. As a result, this grant income received in previous years should have been recognised in income upon receipt of the grant. A prior period adjustment has been made in the accounts to reflect the required government grant accounting treatment.

The amount of the correction for each line item of the Consolidated Statement of Financial Activities affected was:

----- Start of picture text -----
As reported Restated
Group Adjustment Group
2022 2022
£ £ £
Income from Donations and Legacies 194,595 (29,778) 164,817
----- End of picture text -----

The amount of the correction for each line item of the Consolidated and Charity Balance Sheets affected was:

affected was:
As reported Restated
Charity Adjustment Charity
2022 2022
£ £ £
Creditors: Amounts Falling Due Within One
Year (691,845) 27,778 (664,067)

34

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

----- Start of picture text -----
As reported Restated
Group Adjustment Group
2022 2022
£ £ £
Creditors: Amounts Falling Due Within One
Year (816,544) 27,778 (788,766)
As reported Restated
Group and Group and
Charity Adjustment Charity
2022 2022
£ £ £
Creditors: Amounts Falling Due After More
Than One Year (1,475,560) 408,055 (1,067,505)
----- End of picture text -----

It has been determined that Items of computer software, which were capitalised in prior years, did not meet the capitalisation criteria. Thus, a prior period adjustment was made in the financial statements to expense items of computer software that had been capitalised in the prior year, and to reverse the depreciation on such items.

The amount of the correction for each line item of the Consolidated Statement of Financial Activities affected was:

----- Start of picture text -----
As reported Restated
Group Adjustment Group
2022 2022
Charitable Activities: £ £ £
Operation of Blackheath Halls - expenditure recognised for
item of software previously capitalised 13,200
Reverse depreciation recognised on capitalised software (220)
968,725 12,980 981,705
----- End of picture text -----

The amount of the correction for each line item of the Consolidated and Charity Balance Sheets affected was:

affected was:
As reported Restated
Charity Adjustment Charity
2022 2022
£ £ £
Tangible Assets
Reverse capitalisation of item of software (13,200)
Reverse depreciation recognised on capitalised software 220
5,250,534 (12,980) 5,237,554
As reported Restated
Group Adjustment Group
2022 2022
£ £ £
Tangible Assets
Reverse capitalisation of item of software (13,200)
Reverse depreciation recognised on capitalised software 220
5,262,555 (12,980) 5,249,575

35

DocuSign Envelope ID: D0FEE9AD-DD39-40DE-86FB-B4B9B4779ADD

THE BLACKHEATH HALLS

For the year ended 31 July 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

22. Ultimate controlling party

The Charity is a wholly owned subsidiary of Trinity Laban Conservatoire of Music and Dance, a company registered in England and Wales and a registered charity. Trinity Laban’s charitable purposes as set out in its Memorandum of Association are to advance the art and science of music, dance and associated art forms generally for the public benefit and to improve the professional and technical education of music, dance and other students. The Board of Trinity Laban Conservatoire of Music and Dance has the power to appoint and remove the majority of Trustees from the board of the Blackheath Halls. Trinity Laban Conservatoire of Music and Dance registered office and company and charity number are as detailed below. Consolidated accounts for the group of which Blackheath Halls is a subsidiary can also be obtained here:

Trinity Laban King Charles Court Old Royal Naval College King William Walk London SE10 9JF Company No: 51090, Charity No: 309998

36