Registered number.. 01848136 Charity number- 290261 THE ITALIA CONTI ACADEMY TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 A16 2wsr2021 COMPANIES HOUSE #356 . THE ITALIA CONTI ACADEMY TRUST {A Company Llmited by Guarantee) CONTENTS Page Reference and Admlnlstrative Detslls of the Company. its Trustees and Advisers Trustees. Report Independent Auditor's Report on the Financial Statements Statement of FlnancSal Actlvlties 10 Balance Sheet Statement of Cash Flows 13 Notes to the Financial Statements 14-25 THE ITAUA CONTI ACADEMY TRUST IA Company Llmited by Guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020 Trustees K Fensom (resigned 4 January 2020) L Toon (resigned 12 April 2021) J Eaton S Hanness B Thcrfnas (appointed 8 January 20201 Company registered number 01848136 Charlty reglstered number 290261 R•glstered offlce Ground Fbor 45 Pall Mall London SW1Y 5JG Independent audltor Hillief Hopkins LLP Charte￿d Accountants Stslutory Audrtor 45 Pall Mall London SW1Y SJG Page 1 THE ITAUA CONTI ACADEMY TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2020 The Trustees present their annyal report together %Mth the audited financial slalements of the Company for the I September 2019 10 31 August 2020. The Annual Report serves the purposes of br>th a Trustees. report and a direelor5' report under company law. The Trustees ¢onfirm that the Annual Report and financial siatements of the charitable company comply with the current statutory requ1￿mentS. the requirements of the charitable company's governing d¢xument and the provisions of the Slalemenl of Recommended Praeliee ISORP applicable lo charities preparing their account5 in accordance wth the Financial Reportin9 Standard applicab in the UK and Republic of Ireland {FRS102) (effective 1 January 20191. Since the C¢Jmpany qualifies as small under sedron 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 20c6 Istralegic Report and Oireclors. Report) Regulations 2013 has been (￿itted. ObJKtives and actlvltles Pollcles and oblectives In accordance wf(h the objects staled above. the Charity had developed a strategy lo provide hwh quality perfoming arts courses working alongside The Ilalk4 Conti Academy of Theatre Arts Limited I'the Academy"). Up until the date of wrrting and expected lo continue Unt￿ 31 August 2021, the strategy has been largety unehanged, as follows". The Ac￿leMY offers perfoming arts courses for students aged 11 and upward. From ages 11 10 16, these our5e5 Include National Curriculum schooling lo GCSE as well as performing arts courses beyond 16 include NVQ and 8achelor of Art5 Degree. The Academy operates from tsvo premises. the main schwl in Londgn's Barbican, and Avondale Hall in Clapham. where rts drama courses are cenlred. Under an agreement with the Academy. the Charity operates the schcK)I dasses from ages 11 10 16, and provides grants for children to attend ils own courses as well as Coufses operated by the Academy and considers othei performing art5 courses where appropriate on application. The costs of running the school which relate to rt5 courses are reimbursed by the Charty to the Academy each year. With effed from 31 August 2021. the Tnjstees and the Di￿lor5 of Ihe Academy have agreed that the financial feasibility of the Junior School operated by the Charity is no longer viable. Reduced demand for places and in¢reosed operating costs threaten the ability of the Charity lo generate the funds needed to maintain ils operations. as the requirement for discounted fees Idiscounled by grants from the Charity) increases. decision lo elose the Junioi School was taken and notified lo parents at the beginning of the 2020121 acaderni year, with effect from the en¢J of the summer tem. The Trustees express their gralrtude lo the Academy and ils stsff and directors for all their woth in helping the Charty for many years. The Truslees are developing new plans for the Chartty going forward. These may i￿lUde making new arrangement$ with the Academy for the running .of a different part of it5 facility, or allemative methods for generating funds so that the Charrty can continue rt5 work of providing bursaries for deserving students. No decisions have yel been finalised. Al the dale of writing, the Trustees are confident that it will be possible to continue the xlivities of the Charity in some manner, and the slrategies are under development. In setting objectives and planning for acliviiies. the Trustees have given due consider*￿n to general guidance published by the Chanty Commission relating lo publ￿ benefit. Including the guidance 'Public benefit.. running a charity IPB2)'. Page 2 THE ITAUA CONTI ACADEMY TRUST IA Company Llmlted by Guarantge) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Objectives and activities leontsnuedl The objeclwes of Ihe Charity are.. Promoting education in Ihe perfomiing arts through both texhing and the provision of scholarships,. and, b. Providing leaching through the facilities of the The Italia Conti Academy of Theatre Arts Limited QT otheNse. b. Strateg18$ for achieving objectives While hitherto the strategy for achiewng the charitable objecltves have l)een clear, as explained above, it is now necessary lo rewew these strategies and develop new ones. The global pandemic of Covid-19 has made il extremely challenging for the Charity lo establish its new acts'vrties. and the TNslees have delemiined that they do not wish to enter into arrangements until they have greater clarity. A number of allernative stralegie$ are being reviewed at the date of vKiling. These include the operation of segments of the Academy's bvsiness on arrangements similar lo those currently in existence, or the provi5i0n of suitable 5ub-serviees to students in which the Charity has expertise. Achi•vements and perfofflianc• a. Review of actlvlties The year under review wa$ challenging for the Charity in many ways. Falling sludenl numbers alongs¢de increased costs led to a reduced operaling surplus. before grantqnaking. of £213.782 {2019.' surplu5 £379,388). After grant-making, this resulted in a deficrt of £124,551 12019.. surplus £161.8741. This trend is expected to continue and explains the decIs￿n above lo close the Junior School. The Charity has retained a small Surplus at 31 August 2020. and has made arrangements with the Academy lo ensure that it does not suffer any overall deficit of charitable funds up to 31 August 2021 as a consequence of its arrangements with the Academy. The overall incoming resources for the year were £921.362 12019.. £982,390). This is consislenl with expectations and the strategy outlined under"Reserves Polw" below such th81 the nel reserves at the balance sheet dale were £42,971 12019.. £167.522). Pupil successes continue, with numerous pupils gaining practical experience in professional work, and the Charity works closely wrth the Ilalia Conti Agency Limrted to maximise the possibilty of rts pupils obtaining this highly sought after opportunity, whether in theat￿. film or teleMs￿n. Page 3 THE ITAUA CONTI ACADEMY TRUST (A Company Llmited by Guarante•) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2020 Financial rnview . Going concem The decision lo close the Junior School clearly places some concem over the future of the Charity. The Trustees are presentty ol the view that the chartlable a¢tivities will continue. albeit in a different fomi. as explained above. As such, they consider that the going concern basis is appropriate. and any allernalive basis for preparing the financial statements would not resuft in any material adjustments. b. Re$er*es policy The Charity Commission defines reserves as "income which becomes available lo the charty and is lo be expended at the Trustees. discretion in furtherance ol the charity's objects, but 15 not yel spent, Committed or designated-. At the balance sheet date the Charity's reserves are primarily ulilised in the occupation of the Barbican premises and to provide working capital for rts operations. These funds are ulilised by providing grants and teaching courses. 11 is the Trustees, policy lo ulilise resources lor ((s obje¢lives and nol to relain unnecessary funds. Consequenlty, the Trustees have aded to utilise all surplus funds in furtherance ol the Charity's objeclives. espe¢ialty ha￿Tr9 regard to the difficult times faced by many parents. The close relationship with The Italia Conti Academy of Theatre Arts Linited acts to provide financial backup ensuring that reserves are in p*e at all limes lo meet the needs of the Charty in providing education. c. Asset cover for funds An analysis of the assets attributable lo the va￿uS funds is shthvn in the financial statements. These assets are sufficient to meet the Charty's oblryalions on a fund*y-fund basis. d. Financial activiti￿ aTrd results In aceordan¢e with f(s ￿n$t￿￿tiOn, the company is not pemiitled lo pay dividends. The Trustees are permitted to distribute surpluses arising from actTvities lo students in Order that they may. attend performing arts courses. The Trustees are also determined to assist students ol perfomiing arts courses not operated by it. where those students meet certain enteria for effort and attainment in Cases of genuine hardship. The amount dislributed 10 students Is sel out in note 4. Details ol grant making activities are set out under the review of actNilies above. Structure, governance and management a. Constitution The Ilalia Conti kodemy Trust is registered as a charitable company INnited by guaranlee and was sel up by a Trust deed. Page 4 THE ITAUA CONTI ACADEMY TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2020 Structure. 9overnance and management Icontlnuedl b. Methods of appolntment or election of Trustees The management of the Company is the responsibilty of the Trustees who are elected and ccpopled under the lem7s of the Trust deed. Statemgnt of Tru5tees' respon$ibllltlgs The Trustees Iwho are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generalty Accepted Accounting Practice). Company law requires the Trustees to prepare financial slatemenls for each financial . Under company law, the TrLtslees must not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the Company and of ils incoming resource5 and application of cesources, including its income and expenditure, for that period. In preparing these financial statements. the Trustees are required to.. select sui(able accounting policie5 and then appty Ihern consistently- observe the methods and principles of the Charities SORP IFRS 102}- make judgments and a¢¢ounting estimates that are reasonable and prudent.. slate whether applicable UK Accountin9 Standards IFRS 1021 have l)een followed. Subjed lo any material departures disc105ed and explained in the financial slalemenls: p￿pare the financial slalemenls on the going coneem basis unless it is inapprowiate lo presume that the Company will continue in business. The Trustees are resFr issue by the Trustees and signed on Ihelr behalt by.. Thomas Oate- The notes on pages 14 10 25 form part ofthese finanoal statemerts. Page 12 THE ITAUA CONTI ACADEMY TRUST IA Company Umlted by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 AUGUST 2020 2020 2019 Note Cash flows from operatlng actfvltles Nel cash used in operating activities 15 134.701 251,657 Change In cash and cash equlvalents In thg ygar Cash and cash equivalents at the beginning of the year 134.701 261.6S7 257.62S 5.968 Cash and cash equivalents at the end of the year 16 392,326 257,625 The notes on pages 14 to 25 form part of these financial ststemenls Page 13 THE ITALIA CONTI ACADEMY TRUST {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 General informat6on The Ilalia Conti Academy Trust is a company limrted by guarantee incorporated in the Unrted Kingdom. Ils principal place of business is 23 Goswell Road. London. EC1 M 7AJ. Accounting policies 2.1 Basis of preparation of financial statements The financi81 slalemenls have been prepared in aeeordanee wrth the Charities SORP IFRS 1021- Accounting and Reporting by Charities. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffedive 1 January 20151, the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 102) and the Compan￿$ Act 2006. The Italia Conti Academy Trust meet5 the definition of a public benefit entily under FRS 102. As5els and liabilities are inrtialty recogni5ed at historical cost or transaction value unless otherwise slated in the reFevant aceounling policy. 2.2 Golng concern As set out in the Trustees. Report. the Tru$tee$ have made a decision to close the Junior School with effect from 31 August 2021. This decision places some concem over the future ol the Charity. However, al the date of writing. Ihe Trustees are confident that il will be possible to continue the activities of the Charity in some manner. and the strategies are under development. As such, they consider that the going ¢oncem basis is appropriate. and any attemalive basis foi p￿p•r1rrf￿ the financial slalemenls woukl not result in any material adiustmenls. 2.3 Incorne All income 1$ recognised once the Company has entitlement to the ineome, rt is probable that the income will be received an¢J the amounl of ineome receivable can be measured reliably. The recognition of income from legacies is dependent on eslabh'shing entrtlement. the probability of receipt and the abilrty to estimate with sufficient accuracy the amount ￿ceivable. Evidence of entillemenl lo a leg¥y exists when the Company has sufficient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required lo satisfy Claims in the eslale. Receipt of a legacy musl be recognised when it is probable that il will be received and the fair value of the amount receivable. which will generally be the expected eash amounl lo be distributed to the Company, can be reliably measured. School fee and other inwme is recognised in the period lo which the fees relate on a term by term basis. Where fees are mitigaled by grants or other subsidies, these are dedu¢led against the income . and analysed in the notes lo the financial statements. The Charity also lakes a prudent view towards the recoverability of doubtful debls and Whe￿ it appears that recovery of debts lor school fees may be prolracled or unlikely. provision is made in full. Page 14 THE ITAUA CONTI ACADEMY TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Accounting polieiès {eontinuedl 2.4 Expenditure Expendr¢ure is recognised once there is a kgal or constructive obl*galion to transfer ewnomic benefit lo a third paty, il is probable thal a transfef of economic benefits will be required in settlement and the amount of the obligation can be measured relobly. Expenditure is classified by activity. The costs of each activty are made up of the lolal of direct cos15 and shared ¢05t5, including support costs invofved in undertaking each activty. Direct costs attributable to a single aclivty are allocated direclty lo that aclwty. Shared costs which conlrTbule lo more than one activity and support costs which are not attributable to a single aclivty are apportioned betsveen those activities on a basis consistent with the use of resources. Ceniral stsff costs are allocated on the basis of lime spent, and depreciation charges alkxated on the portion of the asset's use. Expenditure on charitable actwities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated Supp￿ costs. All expenditure 15 inclusive of I￿eCoVerable VAT. 15 Debtor5 Tiade and olher debtors are recognised * the settlemenl amounl after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.6 Cash at bank and In hand Cash al bank and in hand includes cash and short4emi highly liquid inve$tmenls with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar aC￿unt. 2.7 Liabilities and provisions Liabilities ale reeognised when there is an obligation at the Balance Sheet date as a result of a past event, Il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement ¢an be estimated reliabty. Liabilities are recognised al the amount that the Company anlicipales it will pay lo settle the debl or the amount it has received a5 adVan￿d payments Igr the go¢xls or services il musl prowde. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts. di￿aUnted al the pre-tax discount rate that refl￿1$ the risks specific lo the liability. The unwinding of the diseounl is recognised in the Ststement of Financial Activities as a finance cost. 2.8 Financial in$trumgnts The Company only has linancial assets and financial liabilities of a kind that qualify as basic financial inslrurnen15. Basic financial inslrvmenls are Inrtval￿ recognised al transaction value and subsequently measured al their settlement value with the exeeplion of bank loans which are subsequenlty measured at amortised cost using the effective interest method. Page 15 THE ITAUA CONTI ACADEMY TrUST IA Company Llmlted by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Accounting policles (continued) 2.9 Penslons The Corrpany operates a define(I contrib(rtion pension scheme ar￿ the pension charge represents the amounts payable by the Company to the fund in respecl of Ihe year. 2.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and whFch have not been designated for other purposes. 2.11 Distributlons Dislribulion5 by way of grants and bursaries to pupils of the school are shown as deductions from fees in note 4 01 the financial slalements. Di51ribulion5 by way of payment of fees for pupit5 and 51udenls from other educational eslablishmenls are show as dislribulions under Resources Expended in the Statement of Financial Position. Income from donations and legacles Unrestrieted fund$ 2020 Total fund$ 2020 Donations Joo 100 Unreslricled lunds 2019 Total funds 2019 Donations 80, 132 80, Y32 Page 16 THE ITAUA CONTI ACADEMY TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Incorne from Charitable *¢tlvltles Unrestrieted funds 2020 Total fund5 2020 Teaching Grants made lo students 1,254.596 1338.3331 1,254,596 1338.333} Total 916,263 916,263 Un￿S1￿Cled funds 2019 To181 funds 2019 Teaching Giants made lo students 1,111.710 1,111,710 (217.512) t217,512) Total 2019 894, 198 894, 198 Income from fundralslng events Unreslricted fund$ 2020 Total funds 2020 Sundry income 4.999 4.999 Unrestricted ftsnds 2019 Tolal funds 2019 Sundry ineome 8,060 8.060 Page 17 THE ITAUA CONTI ACADEMY TRUST (A Company Llmlted by Guarantee) NOTES TO TrIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Analysls of expendlture by activltles Actlvltles undertaken dlrectly 2020 Total fund$ 2020 Teaching Welfare Support Management & admin 831.520 26.463 115.193 72,737 831,520 26,463 115,193 72,737 1,045.913 1.045,913 Activities undertaken directly 2019 Total funds 2019 Teaching Welfare Support Management & admin 687, 121 9,314 102,940 21,141 68r, 721 9,314 102,940 21,141 820,516 820,516 Page 18 THE ITAUA CONTI ACADEMY TRUST (A Cornpany Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Analysls of expendlture by actlvlties Iconlinuedl Analysls Qf direct costs Managemen t & admin 2020 Total funds 2020 Teaching 2020 W•llare 2020 Support 2020 Slaff costs Fee for use of fixed assets Rates & water Insurance Light & heal Telephone Postage, 51ationery & subscriptions Advertising Sundries Training & recruitment Travel Canteen Computer Hire of equipment Repairs Shows Education costs Bank ¢harges Legal Bad debts Cleaning 575.876 9.645 23.265 575,876 9,645 23,265 9,980 15.642 5,729 9,980 15.642 5.729 6,812 ,730 21,138 15,542 21,138 6,945 22.129 4.531 40A69 18,292 10.744 56,773 11.171 17,667 811 60,146 93,121 26,297 4.334 22.129 2.611 4.531 40.469 18,292 10.744 56.773 11.171 17.667 811 60,146 93.121 26.297 831,520 26,463 115,193 72.737 1,045,913 Page 19 THE ITAUA CONTI ACADEMY TRUST IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Analysi$ of expenditure by actlvfties leontSnuedl Analysi$ of dlre¢t costs (continued) Managemenl & admin 2079 Tolal lunds 2019 Teaching 2079 Weff8 2019 Support 2019 Stsff costs Fee for use of fixed assets Rates & water Insurance Light & heat Telephone Postage, stationery & subscriptions Advertising Sundries Training & reeruilment Travel Canteen Computer Hire of equipment Repairs Shows Education costs Bank eharges Legal Bad debts Cleaning 576.726 12.479 58.402 576, 726 72.479 58,402 11.803 15,245 6,460 11,803 15,245 6.460 9. 163 11.205 7.561 20,368 7,561 4,044 5,270 8,502 19, 759 8.897 9,380 60,315 4,503 20,964 1.874 9,338 (75. 730) 34,356 4.044 5.270 8.502 19.759 8.897 9.380 60,315 4.503 20,964 1,874 9.338 (75, 730) 34.356 687. 121 9.314 102.940 21,141 820,516 Auditorfs remuneration 2020 2019 Fees payable to the Company's auditor for the audrt of the Company's annual accounts 3.800 3, 780 Fee5 payable to the Companys auditor in respect of.. All non-audil sermces not included above 1.200 1,050 Page 20 THE ITAUA CONTI ACADEMY TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Staff costs 2020 2019 Wages and salaries Social securily costs Contribution lo defined contribution pension schemes 533,835 33,797 8,244 552,045 21,356 3,325 575,876 576, 726 The average number of persons employed by the Company during the year was as follows.. 2020 No. 2019 No. Average number of employees No erryloyee weNed remuneration amounting lo more than £60.0￿ in either year. Trustees. remunèration and exp•ns•s During the year, no Trustees received any remuneration or other benefits (2019 - £NIL). During the year ended 31 August 2020. no Tnjslee expenses have been incurred {2079- £NIL). Investhient property Freehold Investment property Valuation At 1 September 2019 349,500 At 31 August 2020 349,500 The carrying value of the investment property. representsng a right lo occupy the Charity premises, represenls the amount that the Charity is entitled to receive if. for any reason. il beeomes unabte lo continue that occupation (for example. if the freeholder sells the propety with vaeanl possessionl. This is considered lo be the effective market value of the righls held by the Charity. Page 21 THE ITAUA comn ACAOEMY TRUST (A Company Limiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 10. Debtors 2020 2019 Due within one year Trade debtors 152.214 19,682 2.427 805 1,297 other debtors Prepayments and acwed income 174.323 2, 102 11. Creditors: Arnounts falling due within one year 2020 2019 Trade creditors Amounts owed lo Italia Conti Academy of Theatre Arts Limtted Other credi(or5 Ac¢ru81s and deferred incorne 2,892 698,437 80 171.769 2.618 423,445 15,642 873,178 441, 705 Page 22 THE ITAUA CONTI ACADEMY TRUST IA Company Llmited by Gvarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2020 12. Statement of funds Statement of funds. current year Balance at 1 S•pteM￿r 2019 Balance at 31 Au9USt 2020 Income Expenditure Unrestrl¢ted lunds Reserves 167,522 921.362 (1.045,9131 42.971 Statement of funds- prior year Balance at I Seplember 2018 Balance 81 31 Augusl 2019 Inc¢)me Expendilur Unreslricled funds Reserves 5,648 973,227 (811.353) 167.522 13. Summary of funds Summary offunds. currenl year Balance at 1 Septemb 2019 Balance at 31 August 2020 Income Expenditure General funds 167,S22 921.362 {1.045.9131 42,971 Summary offunds- prloryear Balance al I September 2018 8818nce al 31 August 2019 Income Expenditure General (unds 5.648 973.227 (811,353) 767,522 Page 23 THE ITAUA CONTI ACADEMY TRUST IA C¢>mpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 14. Analysis of ngt assets between funds Analysis of net assets between fvnds - currnnt period Unr￿trIcte d funds 2020 Total funds 2020 Investment propety Current assets Creditors due wilhin one year 349.500 566.649 1873.1781 349.500 566.649 1873.1781 Total 42.971 42,971 Anaty$l$ of net assets between funds - prior period un￿$1￿CEed lunds 2019 Total funds 2019 Investment propety Current assets Credilcrs due within one year 349.500 259,727 1441.7051 349,500 259, 727 (441, 705) Total 167,522 167,522 15. Reconciliation of net movement in fund5 to net cash Ilow from owrating a¢tivitig$ 2020 2019 Nel incomelexpenditure for the period (as per Ststement of Financial Activities) {124,5511 161.874 Adjustments for: Decreasel{increasel in debtors Increaselldecreasel in creditors {172,2211 431,473 148, 158 (58,375) Net cash provided by operatlng acllvltles 134,701 251,657 Page 24 THE ITAUA CONTI ACAOEMY TRUST {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2020 16. Anatysls ofcash and cash equlvalents 2020 2019 Cash in hand 392.326 257,625 Total cash and cash equlvalents 392,326 257, 625 17. Analysls of Changes In net debt At1 September 2019 Cash flows At31 August 2020 Cash al bank and in hand 257.625 134,701 392,326 18. Pgnslon commltments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost Charge represents contributKJns payable by the group to the fund and amounted to £5,10012019 - £3.325}. 19. Related party transactions As set out in the Report of the Trustees. the Charity has a close working relationship wth The Ilalia Conti Aeademy of Theatre Arts Limited I'lhe Academn. which has provided the endowments allowing the Charity to exist and to operate. Amhough the Trustees are independenl and the Charity has ils own lee income and staff. they are contracted annually by the Academy and there is no obligation for the contrad lo be renewed. The Academy has confirmed that il has no expectation or intention to withdraw from this arrangement. and has prowded financiabty backed rights lo occupy as sel out in note 10. All overhead allocations and treasury management is shared with the Academy. subject at all limes lo the Trustee oversight. The Academy is considered to be a related paty because. and only because of 115 close relationship with the Chanty, in the intent of giving a tnje and fail view. 20. Post balance shegt events The Trustees have taken the decision to Close the school with effect from August 2021. The effects of this are sel out in the Trustees, Report. Page 25