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 2022 111111 'A(4P611JE' 31105r2023 COWANIES HC4JSE *110 THE ITAUA CONTI ACAOEMY TRUST {A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Company. its Trustees and Advisers Trustees, Report Independent AUdit0￿S Report on the Financial Statemènts Statement of Financial Activities 10 Balance Sheet Notes to the Financial Statements 13-23 THE ITAUA CONTI ACADEMY TRUST IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Trustees J Eaton S Hanness B Thomas (resigned 30 June 2022) Company registered number 01848136 Charity registered number 290261 Registered office Ground Floor 45 Pall Mall London SWIY 5JG Principal operating office 23 Goswell Road London EC1M 7AJ Independent auditor Hillier Hopkins LLP Chartered Accountants Slalulory Auditor 45 Pall Mall London SW1Y 5JG Page 1 THE ITAUA CONTI ACADEMY TRUST {A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees present their annual report together wth the audited financial slalemenls of the Company for the 1 September 2021 to 31 August 2022. The Annual Report serves the purposes of both a Trustees, report and a directors. report under company law. The TnJstees ¢onfimi that the Annual Report and financial statements of the charrtable company comply with the current statutory requirements. the requirements of the charitable company's governing d¢xument and the provisions of the Statement of Recommended Practice ISORPI applicable to charities p1epa￿ng their acwunts in accordance wrth the Financial Reporting Stsndard appI￿able in the UK and Republi¢ of Ireland IFRS1021 {effective 1 January 20191_ Since the Company qualifies as small under se¢lion 382 of the Companies Act 2006. the Strategic Report required of medium and large compan*s under the Companies Act 2006 {Strategi¢ Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities . Polic￿5 and objectives In accordance with the objects slated above. the Charrty had developed a strategy to provide high quality performing arts courses working alongside The Italia Conti Academy of Theatre Arts Limited {'Ihe Academl'l. Up unlil 31 Augusl 2022. the strategy has been changed 51ighlly, as folbws.. The Academy offers performing arts ccMJr5es for students aged 16 and upward. These courses include Diplomas and Bachelor of Arts Degrees. The A¢ademy oper*es from premtses, the main s¢hool in London's Barbican, and Avondale Hall in Clapham. where its ¢Jrama CoU￿eS are centred. Under an agreement with the Academy. the Charity operates part of the Diploma ￿urse$, and provides grants for students to aitend its own ￿￿r$e$ and considers other perfomiing arts courses where appropriate on application. The costs of running the school which relate to rts courses are reimbursed by the Charity to the Academy each year. Followng a change in premises, in which the Academy merged rts course5 Wrth those of Ilalia Conti Arts Centre Limited and moved lo new premises in Woking, effective from 1 September 2022. the Charity has been permilled to continue rts activities as for the acadernic year 2021r22 into 2022r23, while the Trustees consider the most appropr￿te course of action in pursuance of rts charrtable objectrves. The disposal by the Aeademy of the property al Avondale Hall. London resulted In a crystallisation of f(s asset. At the dale of wnting, the Trustees are confident that rt wll be possible to continue the activities of the Charity alongside Italia Conti Arts Centre Limited, and the strategies are under developmenL In setting objectives and planning for activitw. the Trustees have grven due consideration to general guidance published by the Charty Commission relating to pU￿1C benefft, including the guidance 'Publi¢ benefit.. running a charty IPB2)'. Page 2 THE ITALIA Coltn ACADEMY TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Objectives and activities Iconlinuedl The cknjeclives of the Charity are". a. Promoting edUcat￿n in the perfomlirtg arts through both leaching and the prowsion of scholarships". and. b. ProvKling leaching through the faalilies of the The Italia Conti Academy of Theatre Arts Limited or otherwse. b. Strategies for achieving objectives While hitherto the slrategy for achieiring the Charrtab￿ objectives have been clear, as explained above. rt is now ne¢ess8ry to review these strategies and develop new ones. The global pandemi¢ of Covid-19 has made il extremely challenging for the Charity to estsblish its new acliwlies. ar￿ the Tiustees have determined that they do not wish to enter into arTangements until they have greater clanty. A number of altemative strategies a￿ being rwewed 81 the dale of writing. These include the operation of seginenls of the Italia Cohti business on arrangements sirnilar to those currentty in existence, or the provision of suitable sub-seNices lo stijdents in which the Chanty has expertise. Achievements and perfomiance . Review ol activitie5 Th& year under review was challenging for the Charity in many ways. Falling student numbers due to the closure of the junior school led to a reduced operating surplus. before gfant-making, of £145.853 12021 surplus £104,378). After grant-making, this resuhed in a surplus of £8.39812021- deficit £32,6951. The Charity has retained a small surplus at 31 August 2022. and has made arrangements with Ilalia Conti lo ensure that it does not suffer any overall def￿1t of charitable funds up to 31 August 2022 as a consequence of its arrangements wth the Academy. The overall Incoming resources for the year were £154.700 12021 £452,777). This is consistent with expeclations and the strategy outlined under"Reserves Policy" bel¢)w such that the net reserves at the balance sheet date were £84,17412021- £10,276). Page 3 THE ITAUA CONM ACADEMY TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Financial review . Going concern The Trustees are presently of the view that the charilable actrvilies will continue. albeit in a diffe￿nI form, as explained above. As such, Ihey consider that the going concern basis is appropriate, and any allernalive basis for pieparing the financial statements woubd not result in any malerial adjustments. b. Reserves policy The Challly Commission defines reseNes as "income which becomes available to the charity and is to be expended at the Tmslees. diSc￿li0n in furtheiance of the charity's objects. but is not yet spent, committed or designated" Al the balance sheet dale the Charity's reserves ale primarity utilised in the cmjpation of the Barbican premises and lo provide working capital for ils operations. These funds are ulilised by providing grants and teaching courses. It is the Twstee$' policy to ulilise resources for its objectives and not to relain unnecessary funds. Consequently, the Trustees have acted to ulilise all surplus funds in furtherance of the Charity's objectives. especially having regard to the difficult times faced by many parents. The dose ￿latIOnShIp with Italia Conti acts to prowde financial backup ensuring that reserves are in place at all times lo meel the needs of the Charity in prO￿dIng education. Structure, governance and management a. Constitution The Italia Conti Academy Trust is registered a5 a charitable company limited by guarantee and was sel up by a Trust deed. b. Methods of appointment or election of TNstees The management of the C(ynpany is the responsibilty of the Trustees who are elected and cw*led under the terms of the Trust deed. Page 4 THE ITALIA CONn ACADEMY TRUST {A Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Statement of Trustees. responsibilities The Trustees (who are also the diTectots of the Company for the purpwjses of company lawl are responsible for preparin9 the Trustees. Report and the financial stalemenls in accordance wlh appliGabie law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires the Trustees to prepare financial statement5 for each financial . 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 Company and of ils incoming resources and application of resources. including ils income and expenditure, for that period. In preparing these financial statements, the Trustees ale required lo.. select surtable accounting policies and then app￿ them consistenlly-, observe the methods and principles ol the Charities SORP {FRS 1021- make judgments and accounting estimates th* are reasonable and prudent.. state whether applicable UK Accounting Standards {FRS 1021 have been followed. subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concem basis unles5 it is inappropriate to p￿sume that the Cofflpany will continue in business. The Trustees are responsible for keeping adequate accounting ￿CordS that are sufficient lo show and explain the Company's transactions and disdose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the ffin8n¢ial ststements comply with the Companies A¢t 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other ir￿ularitIes. Disclosure of infomiation to audilor Each of the persons who are Tru5tee5 at the lime when this Trustees. Report is aN)rovetl has confirmed that". so far as that Trustee is aware, Ihere is no relevant audit Info￿natIon of which the charity's auditor is unaware, and that Trustee has taken all the steps that ought lo have been tsken as a Trustee in order to be aware of any relevant au¢Jit infonnalion and to eslaWish th* the charity's auditor is aware of that infoni)alion. Auditor The aud((or, Hillier Hopkins LLP. has indicated his ￿llingneSS to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. J Eaton Trustee Dale.. 25105n023 Page 5 THE ITAUA CONTI ACADEMY TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ITALIA CONTI ACADEMY TRUST Opinion We have audited the financial statements of The ItalB Conti Academy TnJsl {the 'charitable company) for the year ended 31 August 2022 which comprise the Statemenl of Financial Activities, the Balance Sheet. the Statement of Cash Flows and the ielated notes. including a summary of significant accounting policies. The financial reporting framewofk that has been applied in their preparation is applicable law and United Kingdom Accounting Stanijards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of IreLAnd' {Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemenls.. give a true and fair view of the state of the charitable ￿MpanY'S affairs as al 31 August 2022 and of 115 incoming resources and application of ￿sOUrCeS. induding its income and expenditure for the year then ended., have been properly prepare11 in acCorda￿e with Uni(ed Kingdom Generally A￿pted Accounting Practice", and have been prepared in accordance wrth the requirements of the Companies Act 2006. Basis tor opinion We conduded our audit in acwrdance wtth Intem*ional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further descnbe(l in the Auditorfs responsibilities for the audit of the financial st*ements sedion of oui ￿POrt. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the Unrted Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fufilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provÈde a basis for our optnion. Conclusions relating to going concern In auditing the financial statements, we have Conduded that the Trustees. use of the going concern basis of accounting in the preparation of the financial ststemenls is appropriate. Based on the worf( we have perfomed, we have not Èdentffied any material uncertainties relating lo events or condrtions that, Individual￿ or coll￿11Vety, may ￿$t signrficant doubl on the chaiitsble company's ability lo continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of Ihe Trustees wth respecl lo going concern are described in the relevant sections of this report Page 6 THE ITAUA CONTI ACADEMY TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ITALIA CONTI ACADEMY TRUST {CONTINUEDI Other infom)ation The other infomiation comprises the informalion induded in the Annual Report other than the financial slatemenls and our Auditorfs Report Ihereon. The Trustees are responsible for Ihe other infomialion contained within the Annual ReporL Our opinion on the financk41 slatements does not cover the other information and, except to the extent otherwise expliatty slated in otFr report. we do not express any fom of assurance conclusion Ihereon. Our ￿SpOnsIbl11ty is to read the other infomiation and. in doing so. consider whether the other information is mateiially inconsistent wth the financial statements or our knowledge obtained in the course of the audit, OT Otherwise appears to be materially misstated. If we ￿entity such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misslatemenl in the financial statements themsefves. If. based on the work we have perfomied. we conclude that there Is a material missiatement of this other information. we are required lo report that fact. We have nothing to report in this regard. Opinion on othor matter5 pre5Gribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the inlomiation given in Ihe Trustees. Report for Ihe financial year for which the fJnan¢ial slatements are prepared Is consistenl wrth the financial statements. the Trustees. Report has been prepared in 3ecordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the chantable company and its enwronmenl obtair*d in the course of the audit. we have not 1dentrf￿d Material misstatements in the Trustees, Report. We have nothing to report in respect of the frAlowing matters in relation to which Cc*npanies A¢t 2006 requires us to report to you rf, in our opinion.. adeou8le a￿Ounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us". or the financial statements are not in agreement with the accounting records and retums", or certain disclosures of Trustees. remuneration specified by law are not made.. or we have not ￿ceiVed all the informalK)n and expLinations we require for our audrt,. or the Trustees were not entrtled lo prepa￿ the financial statements in accordance wi(h the small companies regime and lake advantsge of the sm811 c(Knpanies' exemptions in preparing the Trustees, Report and from the requiwment to prepare a Strategic Report. Responsibilities of trusttss As explained more fulty in the Trustees, Responsibilities Ststement. the Trustees {who are also th8 directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fail wew. and for such intemal conlrol as the Trustees determine Is necessary to enable the preparation of ffinancial stalements th* a￿ free frc*n material misstatement, whether due to fraud or error. Page 7 THE ITAUA CONTI ACADEMY TRUST {A Company Limited by Guaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ITALIA CONTI ACADEMY TRUST {CONTINUEDI In preparing the financial statements. the Trustees are responsible for assessing the eharit8ble companys ability lo continue as a going concern. disclosing. as applicable, matters related to going contem and using the going concern basis of accounting unless the Trustees either intend to liquidate the charrtable company or to cease operatsons. or have no realistic altemative but to do so. Auditorfs re$pon$ibilitie$ for th• audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an Audilots Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wrth ISAS IUKI will a￿ayS detect a material misstatement when rt exists. Misslatemenls can arise from fraud or error and are considered material if, indNidualty or in the aggregate. they could reasonably be expected to influence the economic decIs￿S of users laken on Ihe basis of these financial slalements. lrnegularilies. induding fraud. are instances of non