OpenCharities

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

2022-07-31-accounts

TRINITY LABAN CONSERVATtIlRE OF MUSIC & DANCE Inanci ststeme A R$gl$t¥rsdCharity and CompanyLimited by Guarantee CompanyRegistr8tion No. 51090 CharityNo. 309998

CONTENTS

1. Chair of the Board of Governors and Principal’s Introduction 2
2. Strategic Report 3
2.1. Financial review
2.2. Education and research
2.3. Access and participation
2.4. Knowledge exchange and public engagement
2.5. Artistic and performance highlights
2.6. Achievements by students, alumni and staff
2.7. People
2.8. Equality, diversity and inclusion
2.9. Section 172(1) Statement
2.10. Energy and carbon reporting
2.11. Fundraising
2.12. Future Developments
2.13. Acknowledgements
3. Public benefit statement 22
3.1. Charitable status
3.2. Charitable purpose and activities
3.3. Beneficiaries
4. Corporate Governance and Internal Control 24
4.1. Legal and administrative details
4.2. Constitution
4.3. Corporate governance
4.4. Statement of responsibilities of the Board of Governors
4.4.1. Recruitment and appointment to the Board of Governors
4.4.2. Governor/Trustee induction and training
4.4.3. Responsibilities and delegated authority
4.5. Governance during the year
4.6. Internal Control
4.6.1. Risk management
4.6.2. Key performance indicators
4.6.3. Data quality
4.6.4. Financial control
4.6.5. OfS registration
4.7. Public sector union facility time report
4.8. Disclosure of information to auditors
5. Independent Auditor’s Report 29
6. Statement of Principal Accounting Policies 35
7. Consolidated and Conservatoire Statement of Comprehensive Income and Expenditure 40
8. Consolidated and Conservatoire Statement of Changes in Reserves 41
9. Consolidated and Conservatoire Balance Sheets 42
10. Consolidated Statement of Cash Flows 43
11. Notes to the Financial Statements 44

1

TRINITY LABAN CDNSERVATDIRE IiF IIUSIC AND OANCE CHAIR OF 80ARD OF GOVERNORS AND PRINCIPAL'S INTRODUCTION We are delighted to introduce Trinity Laban Consèrvatoire of Music and Dance's annual report for 2021-2022, 8 y88rwhen, aft8r the sacrifi￿$ brought by Ihe global pandemlc, wè wèra at last able lo enjoy a full year of in-person teaehing and p8rfornanr£ on our magnificent sites in Greenwich and Deptfoid. Con58rvatoir8 education is grounded in intense, personal interaction be￿ern artists. whether students, staff or the internationally renowned siting professionals who corne to work with us. Wa know that our community has rel￿Shed being back together. and h85 58ized the opportunity to push artistic boundarps and expltsrè ciaative possibilitl8S that ollly arise from th8t face to fa(￿ collaboration. That is not to say Trinity Laban is unchanged from thè Institution it was in 2019. As this report highlights, valuable innovations bom of nec858ity o)nlinue to enhance what we do for our communities. we now reach many thousands ol new audience membèrs aeros5 the worfd who access our perfomiances through online 5tr8arning,' Ioc81 people engage virtually wth our health and patticipatory progr3tnrnos," and our students benefit fr(Th digitally enhanced learning modes and tools. The past year has seen important validations of Trinity Laban's outstanding artistic and academic quality. Firstty. the resutts ol the Re5&arch Excellen￿ Framework (REFI 2021 published in May 2022 showed 68Qk of Trinity Laban's ￿SearCh to bè world-lèading and intemalionally excellent. This was a significant improvement frorn the lasl REF in 2014, fvrthering Trinity Laban's ptssition 08 one of the UK'5 Seading o)nservatoires and its standing among its peer group of UK conservatoires. At sector level, w& alè in the top three UK conservatoir8s offering musical training. 100% of our research impacts were ranked at the fft top grades 4" Iworfd-leading in originality, significance and rigourl, and 3. linièmationally excellentl, showing the real world benefits Trinity Laban's res&arth has delivered. Then in July 2022. we ￿ceIVed no￿fiCal0n of a Suc￿3fvI outcome to the latest offi￿ for Students revw of specialist provider funding. This exercise assessèd the entitlement of S￿l81L￿t institutions to enhan￿d publlc funding based on their worfd-￿adin9 teaching and educats.on acts"wtiès. A pand of intbinational p88r5 found that Trinity Laban had convincing5y evidenced a world-leading reputation in its specialisms, and graduate and staff impacts on lis artfoms that are glob￿lY recognised. Th8 finding5 noted particularfy the Conservatoire's innovation and experimentation across its disciplinas, its support for diversity, and exiremely high-level graduate outcomes. Specialist provider funding been secured for a further five years which Is ciiticxl to sustaining the excellen￿ of our training for leading professional practice in music and dan￿. We are immensely proud that the artistic ambition and accomplishrnenl of our students, graduates and tè8thir¥J staff have again been acknO￿ed9ed', they are the lifeblocAI of Trinity Laban and exemplify our belief in thè transfoimatlV8 power of cr8ativity for individuals and soaety. At the start of the 2022-23 acad8mic y8ar, we face as always new challenges and un￿rtaintieS.' policy direction in highereducation is in a state of flux". new règulatory requirements flow unabated,. the cost ol living crisis is affecting both th8 Cons8rvatoire and its students., and ol course the impacts of the pandemie and of Brèxit remain with us. Trinity Laban is alert to tha néed to adapt its plans to ¢ircurnstances while holding fast to its mission and ￿$10￿. A3 the many achievements descrbi ed in this report domon5trate, w8 Ggn b& cOnf￿ent that our students, alumni and st8ff will continu8 to excel and to embodythe values of excellence. indusNty and originalrtythatcharacterise Trinity Laban Consarvatoirtr Of Musi¢ and Dance. Alon D0￿Y CBE Prof•s#or Anthony Bowne Chair of Governors Principal

Strategic Report

Financial Review

The financial statements, approved by the Board of Governors, comprise the results of Trinity Laban and its subsidiary undertakings, The Blackheath Halls and BCH Enterprises Limited.

The table summarises the financial results of Trinity Laban and shows an overall deficit in the year (comprehensive income) of £0.1m. The figures, once again, reflect significant movements in non-operating items; firstly, a loss on our investments of £0.4m as a result of adverse market conditions during the year and, secondly, pensions adjustments comprising a charge to staff costs of just under £3m compared to a credit of £0.3m last year and actuarial gains of £3.1m, compared to gains of £2.2m in the prior year. Excluding these items, we generated an operating surplus of £0.2m, compared to an operating surplus of £0.6m in the previous year.

Student numbers grew marginally across all levels and by 2.6% overall to a total population of 1,292. Income from tuition fees rose by 6% to £14.9m, whilst income from government grants was unchanged.

The performance of our non-core activities continues to struggle to achieve its pre-pandemic level, particularly in relation to residences and catering. Blackheath Halls recorded a successful year with a full programme of events and activities and a strong financial operating performance that exceeded budget.

Summary of Income and Expenditure

Summary of Income and Expenditure
2021-22 2020-21 Change
£000s £000s £000s %
Income excl endowments/donations 24,919 24,086 833 3.5%
Endowments and donations 2,830 3,483 (653) (18.7%)
Total income 27,749 27,569 180 0.7%
Expenditure excl pension adjustments 27,467 26,922 545 2.0%
Pension adjustments 2,965 (279) 3,244
Total expenditure 30,432 26,643 3,789 14.2%
(Deficit)/Surplus before gains and losses (2,683) 926 (3,609)
Gain/(loss) on disposal of fixed assets 4 (9) 13
(Loss)/gainon investments (449) 1,910 (2,359)
(Deficit)/Surplus for the year (3,128) 2,827 (5,955)
Actuarial gain on pension schemes 3,054 2,233 821
Unrealised surplus on revaluation of tangible assets
0		 0 0
Comprehensive (loss)/income (74) 5,060 (5,134)

Income

Total income for the year increased marginally by 0.7%, to £27.7m, (2020-21, £27.6m). The movement includes an increase of 5.8% in tuition fee income, predominantly from overseas students, and a fall in income from donations and endowments, which was lower by 18.7%, though it should be noted that 2020-21 was characterised by a substantial legacy gift of £1.3m. Funding body grants were flat year-on-year in cash terms at £5.9m, with a small reduction in the teaching grant compensated by an increase in the grant for research. Other income includes a variety of activities, and most significantly residences and catering. The performance was mixed across these activities and income was broadly maintained at £3.8m.

3

Strategic Report (continued)

----- Start of picture text -----
Income by source (£k )
16,000 14,919
14,102
14,000
2021-22
12,000
2020-21
10,000
8,000
5,863 5,833
6,000
3,483
3,814 3,898
4,000
2,830
8
2,000 245
- 323
-
Tuition fees Funding body Research grants Other income Investment Donations and
grants and contracts income endowments
----- End of picture text -----

Tuition fee income from overseas students recovered well last year, with income rising by 22.7% to £3.3m, whilst income from home and EU students, both undergraduate and postgraduate declined. This reflects, in part, the further reclassification of EU students as overseas following the UK’s withdrawal from the EU. The total for other fees and support grants includes short courses, which had been particularly adversely affected by the pandemic and which increased by 21.8% last year. Further details of the change in tuition fee income are shown in the chart below.

----- Start of picture text -----
Tuition fee income (£k)
8,000 7,523
7,192
7,000
2021-22
6,000 2020-21
5,000
4,000
3,311
3,000 2,698 2,566
2,106
2,000 1,268
1,195
1,000 480 377
175 130
-
Full time Full time Part time Overseas fees Research fees Other fees and
undergraduate postgraduate home/EU fees support grants
home/EU fees home/EU fees
----- End of picture text -----

The total student population grew by 2.6% to 1,292, close to the pre-pandemic level. The chart below shows marginal growth at all levels.

4

Strategic Report (continued)

----- Start of picture text -----
Student FTE by level
1,000.0 911.5 907.5
900.0
800.0
700.0
600.0
500.0
2021/22
400.0
300.0 247.3 236.9 2020/21
200.0
100.0 60.2 42.3
0.0
Undergraduate Postgraduate Other
----- End of picture text -----

The chart below shows total student numbers, headcount and full-time equivalent (FTE), for the last 5 years. It illustrates the return toward trend growth in 2021-22 and we are forecasting modest growth in the years to come. The market is difficult for a number of reasons, including the diminishing provision of music and dance in secondary education, the impact of the UK’s withdrawal from the EU on students from elsewhere in Europe and heightened uncertainty in some international markets. There are some positive trends however, including the demographic growth in the UK that will continue for the rest of the decade and the opportunities available through developing international partnerships. We remain confident in the underlying popularity of the programmes offered by the Conservatoire.

Trinity Laban Student Numbers: 2017/18 - 2021/22

----- Start of picture text -----
1,350
1,200
1,050
900
750
600
2017-18 2018-19 2019-20 2020-21 2021-22
Headcount 1,150 1,252 1,315 1,259 1,292
FTE 1,088 1,182 1,256 1,187 1,219
Student Numbers
----- End of picture text -----

Expenditure

The Conservatoire provides excellent facilities for training and performance, such as dedicated theatres and performance venues, as well as scheduling intensive teaching, training and supervision by highly accomplished staff on its programmes of study. It is unsurprising, therefore, that staff costs continue to constitute most of our expenditure.

In 2021-22 total expenditure increased by 14.2% from £26.6m to £30.4m, following an increase of 9.6% in the previous year. Staff costs account for the largest share of the overall increase, rising from £15.8m to £18.7m. Almost all of the staff cost increase was caused by an increase of almost £3m in the movement on the USS pension scheme provision. We hold a provision in our balance sheet that represents our share of the liability in respect of the scheme’s deficit and each year this liability is re-assessed. In a normal year, the liability would be expected to reduce slightly as the past service deficit is paid off over the duration of the recovery plan. This is what happened in 2020-21, when we included a credit of £279k in staff costs. In 2021-22 however, we have reflected the outcome of the 2020 valuation of the USS scheme, at which point the deficit had risen from £3.6bn at the previous valuation

5

Strategic Report (continued)

to £14.1bn, causing in an increase in our share of the liability of almost £3m to £5.5m. Since the valuation date (31 March 2020), the scale of the USS scheme deficit has reduced significantly as long-term gilt rates have increased.

Staff costs excluding these adjustments gives a view of staff costs under our control and would result in a figure of £15.8m in 2021-22, a decrease of 2.1% year on year and reflecting the measures taken during 2021 to reduce the institution’s cost base.

----- Start of picture text -----
Expenditure (£k )
20,000 18,732
18,000
15,849
16,000
2021-22
14,000
2020-21
12,000
10,040
10,000 9,072
8,000
6,000
4,000
1,631 1,553 169
2,000 194
-
Staff costs Other operating Depreciation Interest payable
expenses
----- End of picture text -----

Other operating expenditure increased by 10.7% following a modest increase of 0.7% in the previous year. Much of this related to essential repairs and maintenance work on our buildings, as well as enhancements to student services.

Capital expenditure

Capital expenditure in 2021-22 was £1.3m (previous year £0.6m) as a number of refurbishment projects were undertaken that had been delayed during the pandemic. The majority of the expenditure was on fixtures, fittings, equipment and musical instruments. Additional refurbishments of teaching spaces are being undertaken and will complete in 2022-23. The support of donors, including Trinity College London, who are helping to fund these projects is hugely appreciated.

Investment performance

Trinity Laban invests funds received for its permanent endowments and from the transfer of assets from the, previously separately constituted, Laban endowment. The Conservatoire also continues to invest the funds previously held by the Trinity College of Music Trust which were transferred in 2019-20 after the trust was wound up. Funds transferred from the Laban Endowment form part of the Conservatoire’s restricted reserves and the funds from the Trinity College of Music Trust are within our unrestricted reserves. Trinity Laban’s Finance and General Purposes committee monitors the performance of its investment portfolio. The overall objectives are:

The committee continued to maintain the risk appetite at ‘medium/high’, with a growth objective on a defined multiasset mandate and without fixed interest. This reflects the outcome of the review of the investment policy in July

6

Strategic Report (continued)

  1. The committee has continued during 2021-22 to take account of advice from Investec who act as investment advisors to the Conservatoire.

The endowment fund aims to distribute scholarships, bursaries and prizes of between 3% and 4% of endowment funds per academic year. This can be funded from both income and capital after making allowance for preservation of capital values for future beneficiaries.

The overall non-current asset investment portfolio increased marginally from £12.5m in 2020-21 to £12.6m in 202122. The increase is net of a marginal decline in the market value of our investments for the financial year. The 2022 calendar year to 31[st] July has generated a total negative return (net of all charges and costs) of 6.1%, reversing the gains made in the latter part of 2021. Performance since the start of 2017 (see chart below) shows a cumulative gain of 40% in the period.

The Conservatoire received new endowments totalling only £0.1m during the year and, after taking account of expenditure and the small gain on investments, the balance of endowments was £9.0m as at July 2022, compared to £9.2m the previous year.

Liquidity

Trinity Laban held a cash balance of £3.2m at the end of the 2021-22 financial year, down from £4.3m in 2020-21 and had net current liabilities at 31 July 2022 of £1.2m. The Conservatoire’s financial strategy includes a target to migrate to a position of positive net current assets, however our balance sheet position remains sustainable because of the Conservatoire’s low borrowing (£0.4m at the balance sheet date and nil by the end of August 2022) and the availability of the funds, transferred from the Laban Endowment and Trinity College of Music Trust, which are held as investments.

Major financial risks

The operating environment for the Conservatoire remains challenging. The executive team have a mature process for identifying, evaluating and managing all risks, including those judged to have the potential for a material adverse financial impact. This process is regularly reviewed by internal audit and with positive assurance.

The Conservatoire operates in a competitive environment for student recruitment. Enhanced investment in marketing and recruitment, as well as the regular refresh of our programmes will improve our appeal to potential students. The impact of the UK’s withdrawal from the EU is most keenly felt in a reduction in 2022 of the number of new EU students now faced with the prospect of paying full international fees. The Conservatoire is countering this by scaling up recruitment efforts across Europe, further exploration of potential markets globally and profileraising activities to convey to the largest possible audience, Trinity Laban’s reputation for world class teaching.

7

Strategic Report (continued)

Trinity Laban receives a significant proportion of its income from the Office for Students (OfS) in the form of ‘Specialist Provider Funding’. This funding is crucial for the Conservatoire sector as a whole due to the high cost of providing specialist training and the absence of scale economies. Additional support for the heightened cost of Conservatoire teaching is also provided by generous benefactors in providing valuable donations for our capital programme, as well as scholarships and prizes. None of this income is guaranteed for the future and a loss of either the OfS funding or the support of donors would be highly damaging.

Improving longevity and projected investment returns at historically low levels continue to exert upward pressure on pension costs. Higher employer pension contributions have been included in the Conservatoire’s financial forecasts to reflect the increase in costs arising from the conclusion of the 2020 revaluation of the USS scheme. As high inflation emerges in the economy, we can anticipate this feeding through in all areas of expenditure, including pay and other operating expenditure. Elevated energy prices caused by supply shortages will also feed through the supply chain into rising inflation in our costs. The impact of this will be carefully monitored and appropriate measures taken to reduce costs where possible in response in order to protect the quality of teaching and the student experience.

Finally, government policy toward higher education and in respect of specialist arts provision remains unclear, especially with the recent appointment of a new Prime Minister and assembly of a new cabinet. The regulated fee for domestic undergraduate students has remained fixed in cash terms for nine of the last 10 years and will remain so until 2025 at the earliest, by which time it will be worth £6,600 in 2012-13 prices. Our core strategy of income growth, including a greater focus on the growth of international tuition fee income coupled with cost containment, offers the best means to mitigate any possible adverse outcomes.

Going concern

The board of governors have assessed that the group and parent charitable company have adequate resources to continue in operational existence for a minimum of 12 months from the date of signing the financial statements. For this reason, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business. In arriving at this conclusion, the board considered a number of key factors, including the Conservatoire’s business model, strategy, risk appetite and our principal risks and uncertainties.

The board have also had regard to updated financial forecasts from 2022-23 to the year ending 31 July 2027, the period also reviewed by the Conservatoire’s regulator, the Office for Students. The board approved the forecasts and the underlying assumptions and these have been submitted to the Office for Students. Additionally, the board considered sensitivity analysis which identified the effect of changes to key assumptions. Our sensitivity analysis encompassed assessment of scenarios ranging from events with moderate probabilities, to our worst case, which was assessed to have a remote but plausible likelihood. As a practice-based education and training organisation, we recognise that we may face more risk than HEIs that focus on theory-based subjects. However, our staff have innovated and adapted quickly to offer an excellent technology-enriched learning model which maximises in-person tuition. Student recruitment for 2022-23 means that we are not anticipating the need to operate outside the range of contingencies provided within our financial plans.

Trinity Laban also holds reserves in the form of unrestricted long-term investments which it will liquidate if circumstances dictate. The Board considered this provided sufficient headroom to confirm the Conservatoire’s going concern status in the face of the potential downside risks which may be encountered.

EDUCATION AND RESEARCH

In 2021-22, the Conservatoire took forward a wide-ranging programme of activity in support of the four key strategic measures in our Learning and Teaching Plan 2020-2025 which are that:

8

Strategic Report (continued)

Developing and maintaining teaching excellence

The Learning and Teaching Board has convened a standing learning and teaching working group to deliver initiatives to enhance the Conservatoire’s proven teaching excellence. The group, which includes principal study teachers and lecturers, has facilitated significant cross-faculty dialogue on the consistency of feedback, assessment and associated grade descriptors. While concerned with all aspects of learning and teaching, work in 2021-22 was focused on feedback as an area of significant importance. A programme-level survey based on the National Student Survey has been introduced for all programmes and years so that programme teams can get early indication of issues that might later be reflected in the NSS, and address student concerns. Further work is ongoing to ensure that feedback loops are closed in relation to both module and programme evaluation. The group also planned for an event in September 2022 to celebrate learning and teaching practices at Trinity Laban, and share innovative and creative approaches.

Recruitment, development, recognition and reward of an outstanding teaching staff remains central to the achievement of teaching excellence for our students. A further five candidates successfully completed the requirements for award by AdvanceHE of the title ‘Fellow of the Higher Education Academy’ via our newly revalidated, in-house professional development programme, TL:Augment . The Conservatoire’s own reward and recognition schemes include the Teaching and Supporting Learning Awards for individuals or teams making a significant contribution to TL’s learning and teaching culture, and the Teaching Fellowship Scheme which recognises a growing cohort of staff champions who are advancing innovation in learning and teaching across the Institution.

In July 2022, the enduring excellence of the education that Trinity Laban provides was again confirmed by the finding of the latest Office for Students’ review of specialist providers that its teaching is world-leading.

Student success and progression

The student success aspirations and aims included within our Access and Participation Plan continue to be folded into Learning and Teaching activities and priorities. The Conservatoire is engaged in intensive reflection and renewal with a view to diversifying and decolonising its curricula and pedagogic practices. In 2021-22, access and inclusion was a significant theme of the BMus revalidation. The revalidation submission reflected a desire to decolonise the curriculum, particularly in relation to music history and also, importantly, to include underrepresented composers in the final year repertoire lists. Within the Faculty of Dance, the undergraduate technique curriculum has also been updated with an aim to diversify content. Hip Hop is now taught across all years in the BACD and BSc programmes and this will be introduced at Foundation level in 2023. BA2 Repertory Project and BA3 Commissioned Works include works created by makers from the global majority and other underrepresented groups. Lecture-based components and Independent Research Projects are focusing on previously hidden voices and examining why their narratives have not been heard before. Technique classes include Hip Hop, Cunningham, Contact Improvisation, Release, Ballet, an additional technique, and a Gaga intensive. A blended delivery model is firmly established for MSc/MFA Dance Science which has had a positive impact on accessibility.

9

Strategic Report (continued)

BA3 Commissioned Works, Feb 2022

The Learning Support Team has responded to consistently high demand in Music and Dance: staff have updated their skills to provide up to date dyslexia support; tutorials have been offered either in person or online, an approach that has been welcomed by students who like the flexibility and choice; and a programme of learning support sessions has been provided (often tailored to specific requests from programme leaders) to address areas such as academic writing, time management and presentations.

Student engagement and wellbeing

Staff across academic and professional services departments have collaborated to develop effective, holistic support for student wellbeing at a time when many students are experiencing challenges to their mental health. There are regular meetings between academic staff, Student Services and Registry to discuss individual students’ needs with increased use of Fitness to Study assessments and Personal Study Plans to enhance student achievement and wellbeing. Both Faculties have used the Fitness to Study procedures to support students encountering barriers to study and progress, especially in relation to mental health issues.

In 2021-22, findings from a qualitative research project were used to build well-being support into programme design. The project examined how students perceived the potential impact of specially designed wellbeing interventions, and gained knowledge and understanding of the key themes and considerations related to students transitioning from study into workplace settings. A cohort of year two musical theatre students participated in a wellbeing intervention day that used one-to-one interviews to explore personal viewpoints resulting in three identified themes: Creating Safe Spaces, Developing Identity and Communicating and Listening. Wellbeing activities have been found to have a positive impact on students moving into their final year of study, with plans to develop suitable and rigorous interventions, processes, and policies that support wellbeing in musical theatre settings.

Capturing the student voice remains an ongoing priority. Over the past academic year, the Student Experience Committee has undertaken a full review of the Conservatoire’s Student Engagement Plan and has identified three overarching themes for the refreshed Plan: student voices, learning community, and student-staff partnerships. Objectives encompass widening student representation in learning and teaching matters, ensuring transparent and accessible student communications, improving the effectiveness of the Student Experience Committee and embedding student-staff partnerships into day-to-day institutional practices. In order to meet these objectives an annual action plan will be developed and monitored under the auspices of the Student Experience Committee to identify priorities, based on enhancement activities undertaken at Faculty and department level. The action plans will be published each year alongside the Student Engagement Plan.

10

Strategic Report (continued)

Digital enhancement

The Digitally Enhanced Learning (DEL) Working Group has led on digital pedagogy and learning design, and educational technology integration, reporting to the Learning and Teaching Board which has responsibility for developing and delivering an over-arching institutional digital learning strategy. While teaching delivery returned primarily to in-person settings for 2021/22, post-pandemic enhancements to digital learning and teaching have continued to progress with the roll out of ePortfolio platforms such as PebblePad. The DEL team has worked with teaching staff to develop their digital literacy, promote good practice and train teachers on various digital platforms. Workshops and training sessions were made available to colleagues at the start of the year, as well as induction sessions to familiarise students with Trinity Laban’s digital learning platforms: Moodle, Microsoft Teams and Adobe Connect. Training was also provided to key Faculty of Music stakeholders to raise awareness of Auralia’s and Musition’s capabilities and to promote use of these applications in teaching delivery.

Good progress has been made to encourage wider use of current and emerging educational technologies in all programmes. Moodle has been deployed successfully for online teaching and assessment purposes and a Virtual Campus has been set up on Teams with the integration of Moodle and other digital tools. Each module is continuously reviewed to ensure a good balance between online and in-person contact. Students are sharing their feedback on this point on a regular basis. Lessons learned from the shift to online learning during the pandemic continue to be widely disseminated within the Institution to ensure elements of digital learning based on pedagogical value are retained.

Research

The Research department was geared up in 2021/22 for the release of the REF (Research Excellence Framework) result for 2021. As in the last exercise in 2014, the department outperformed expectations, given the small size of the operation and resourcing, and achieved a result better than many comparable rivals, including: The Royal Academy of Music, Royal Northern College of Music, Royal Scottish Conservatoire (all outright) and the Royal College of Music (on impact measure). In addition, the consolidation of our REF result, coupled with the introduction by Research England of some new funding initiatives, and including a scheme targeted at small specialist institutions, meant that our research income has doubled in 2021/22, and is now over £0.5M p.a. This new income has enabled some exciting new research initiatives in the Institution, particularly: the funding of a new pilot scheme in Arts and Health, focusing on arts interventions in chronic pain; the funding a new jazz research cluster which focuses on under-representation of musicians and researchers of colour; and support for researchers with disabilities.

On the creative practice side, there were several notable achievements: Nic Pendlebury (Head of Strings) released a long-awaited commercial album of works for electronic viola; Dominic Murcott (Head of Composition) had his Harmonic Canon project re-mixed on the important nonclassical label, and Wayne McGregor (Professor of Choreography) was Director of the dance strand at the Venice Bienalle, and premiered his new Stravinsky programme at La Scala, Milan.

Within the research degree programme, the were also several highlights: Uchenna Ngwe passed her doctoral examination, and becomes the first black PhD graduand in the history of the merged institution- she is now also a member of the Music Faculty; Zhu Sun was a recipient of a Global Talent award from Arts Council England, and is now an accompanist at the Royal Opera House; rising star of the free improvisation scene in the UK, Tom Challenger, and recent recipient of the Elgar Medal for conducting, Alex Walker, also received PhD awards.

ACCESS AND PARTICIPATION

Trinity Laban has established a long-term, strategic approach to increasing the diversity of our UK entrant population based on:

11

Strategic Report (continued)

We have set and met demanding targets for Black, Asian and Minority Ethnic participation in our outreach activities. Importantly, we have also increased to 30% the global majority percentage studying on our flagship progression programmes, Junior Trinity and the Trinity Laban Dance Centre for Advanced Training. Since virtually all students on these programmes go on to higher education at Trinity Laban or elsewhere, they are among the most successful routes we have to increase diversity at the Conservatoire and in specialist higher education in the arts more widely.

Junior Trinity at Woolwich Works, 2022

Examples of projects in 2021/22 include:

We are working with diversity-led partners including Tomorrow’s Warriors, Black Lives in Music and Black Artists in Dance to increase engagement with schools and community groups with the aim of encouraging students from under-represented backgrounds to explore the possibility of a career in our art forms. We have established three diversity focused awards for students of African and Caribbean heritages, two in partnership with the National Youth Jazz Orchestra NYJO and one substantial scholarship supported by the Fela Kuti estate.

Responding to analyses highlighted within the Access and Participation Plan, the Understanding and Addressing Variations in BAME Student Success project has explored variations between White and Black, Asian and Minority Ethnic students’ academic success. The project uses a range of qualitative methods to explore student experiences across different ethnic and social groups, with a focus on variations in students’ sense of belonging within the institutional and disciplinary learning community. On the basis of project findings, practical changes to institutional practice and policy are already being made and developed. For example, the research has highlighted the

12

Strategic Report (continued)

importance of student induction and transition in shaping variations in student belonging and success, leading to the creation of a new cross-institutional working group tasked with improving student induction. This activity will harness plans for a new transition experience, co-designed with student representatives and key staff, in order to socialise all students into critical pedagogy and inclusive learning and build links within and between different student groups. We understand that this project is the first in the conservatoire sector to address differential success between students. It is directly engaging students and recent alumni as co-researchers and via smaller and complementary student projects.

KNOWLEDGE EXCHANGE AND PUBLIC ENGAGEMENT

Hope 4 Justice, 2022

Trinity Laban’s Strategic Plan sets out a commitment to place music and dance at the centre of civic life as a force for cultural, social and economic improvement. In 2021-22, that promise was reinforced by the signing of a Civic University Agreement through which a dozen key anchor institutions in the London Borough of Lewisham including Goldsmiths, Trinity Laban The Albany, Horniman Museum and Gardens, and Lewisham College will work together to boost employment, education, health and the environment across the borough. The Conservatoire’s contributions to its local communities are wide-ranging: from our extensive programme of performances, many of them free of charge, to participatory projects and arts and health activities.

In January 2022, Trinity Laban was central to the launch of Lewisham’s year as the Mayor of London’s London Borough of Culture 2022. We presented a series of outdoor music and dance events which spanned the whole borough, including pop-up performances and premieres of four new works by TL composers at Lewisham transport hubs, and a series of voice and movement installations from our Inspired Not Tired groups Boundless and Voices in Motion . The Conservatoire’s major contribution to the year of events followed in June with Hope 4 Justice, the centrepiece of the Borough of Culture 2022 programme. Over a year in the making, this cross-artform piece involved over 26 Lewisham schools and featured dance, music and spoken word performed by hundreds of local young people at Catford’s Mountsfield Park. Co-created by composer Eska Mtungwazi, poet Cecilia Knapp, choreographer Sarah Golding and the young people themselves, Hope 4 Justice highlighted global and local climate concerns.

Our research-led Arts and Health provision continues to expand. In 2021, Trinity Laban received funding from the Greenwich Charitable Trust and began offering Greenwich residents suffering from either Parkinson’s, chronic lung or chronic pain conditions the opportunity to join a free virtual singing group. Singing leaders working in the Borough were also able to attend the Singing For Good Health training programme. This work built on successful approaches developed through our established Singing for Lung Health programme offered in partnership with Lewisham and Greenwich NHS Trust.

The Blackheath Halls Community Opera was once again the centre piece of an annual programme of musical opportunities at the Trinity Laban-run Halls which reaches over 1000 local people of all ages each year. The programme covers a wide range of genres including opera, gospel, musical theatre and classical and is designed

13

Strategic Report (continued)

to encourage as many people as possible to get involved with their community through collaborative music-making. This year’s opera production of John Blow’s Venus and Adonis in October 2021 brought together a cast of worldclass professional singers, talented vocal students from Trinity Laban and committed local amateur performers of all ages, backgrounds and abilities.

As the performing arts begin to recover from the impact of the pandemic, Trinity Laban’s continuing professional development programmes have offered vital support to the industry, particularly the freelance workforce that underpins the capacity and resilience of the UK’s arts sector. In April 2022, THRIVE was added to Trinity Laban’s suite of CPD provision, geared to emerging professional freelance dance artists and those wishing to replenish their skills. Funded by the London Borough of Lewisham as part of the Creative Enterprise Zone initiative, the flexible programme enables practitioners to sustain their practice and gain a peer network. The training covers dance techniques alongside social media, career management and business skills. Online workshops are free to Lewisham locals, while the in-person classes have a three-tier pricing system to help overcome potential financial barriers. The offer has been positively received with activities fully subscribed.

ARTISTIC AND PERFORMANCE HIGHLIGHTS

Dance

Curated by Reader in Choreography Charles Linehan, the biennial London International Screen Dance Festival opened Trinity Laban's year of performance events in September 2021. Celebrating the experimental integration of movement, choreography and the moving image on screen, the festival showcased 26 films from across five continents, including four world premieres from the USA, South Korea and the UK, and 11 UK premieres, plus Q&A events and talks.

Associate Artist Theo TJ Lowe worked with students and alumni on Let me move: continued Part 2 . Originating in autumn 2020, the Let me Move project was an opportunity for recent graduates to physically engage with how they felt returning to a studio after periods of lockdown. In 2021 Lowe returned to offer dance graduates an opportunity to continue creating but also to share their work with a live audience. The film of the 2021 project was selected to be shown at SWEAT Hong Kong International Dance Festival .

Our final-year dancers presented a programme of new dance works at Laban Theatre in New Choreography Now: BA3 Choreography Mixed Bill creating new works with Fubunation, Lizzi Kew-Ross, Amanda Gough and Sonia Rafferty, Matthew Harding and Joel Brown in February 2022, and later in the year with Divya Kasturi, Charles Linehan, Heidi Rustgaard, Stephanie Schober and Kennedy Muntanga.

Let Me Move

Second year students performed in Dance Legends in June 2022, a selection of works by choreographers who have made significant contributions to the development of contemporary dance including Protima

14

Strategic Report (continued)

Chatterjee’s Unfettered Mind , Candoco’s Still by Nigel Charnock and excerpts from Studio Wayne McGregor’s Autobiography .

In July 2022, the annual Graduate Showcase spotlighted new work from dance artists studying on our masters and research degree programmes. Experimental and investigative pieces drew on collaborative and interdisciplinary practices that incorporated live performance, film and video, installation, and documentary processes.

Music

Opera performances took centre stage this academic year. Syllable – A Particle Tale , written by Edward Jessen and commissioned by Trinity Laban, premiered at Laban Theatre in January. With a sinfonietta-scale ensemble, auxiliary audio, and visual projection, this artistically ambitious and inventive sonic theatre work was inspired by a range of works including Primo Levi’s The Periodic Table , and featured collaboration with musicians, dance artists and composer-performer collective Bastard Assignments. In July, the intriguing world of seventeenth-century Venetian composer Barbara Strozzi was vividly portrayed in the opera Strozzi! Devised and directed by Head of Voice Jennifer Hamilton, the drama used a collage of Strozzi’s own music and words in a performance at Blackheath Halls.

In Musical Theatre, final year students performed in Sondheim’s Merrily We Roll Along in December, before releasing their digital Showcase in Spring. This was followed by two sold-out graduating shows at The Albany: Carrie the Musical and Footloose the Musical , performances that were well-received by the industry with the large majority of graduates securing agent representation.

Orchestral highlights included a Side by Side with Aurora Orchestra, and an autumn concert programme conducted by Martin Andre featuring 2019 Soloists’ Competition winner, cellist Talia Erdal. In addition to the live performances, we released five performance films and interviews reaching a combined 2,500 views on YouTube. The Trinity Laban Symphony Orchestra performed its summer finale concert at Cadogan Hall, taking audiences on a tour of early twentieth century London through the eyes and ears of Vaughan Williams with A London Symphony under the direction of Gerry Cornelius, before being joined by Soloists’ Competition 2022 winner Kyle Nash-Baker for Beethoven’s Piano Concerto No.3 . Responding to the climate emergency, the Trinity Laban String Ensemble presented A Change of Season at the National Maritime Museum before touring to Stoller Hall, Manchester, Shipley Festival and Latitude Festival. Devised and directed by Head of Strings Nic Pendlebury, the project presented a reimagined, choreographed performance of Vivaldi’s The Four Seasons alongside Hollie Harding’s immersive Melting, Shifting, Liquid World , for electric viola and string ensemble.

The Conservatoire seeks original and engaging ways to present performances. In October 2021, a three day celebration of new work from the Department of Composition took over spaces in King Charles Court with a wide range of experimental sonic work during the Rude Health Composition Festival . Later in the year, the New Lights Contemporary Festival of Piano and Contemporary Music , curated by Douglas Finch, returned to our King Charles Court campus as a live event for a riot of creative music making featuring a series of performances from students, alumni, composers and guest artists, and culminating in interactive improvisational ‘happenings’ across multiple spaces.

Trinity Laban’s first cohort of popular music students performed new songs at Life is a Song Worth Singing and the Changemaker Festival, presented regular gigs at venues in South East London and released a series of performance videos, the Changemakers Sessions, on our YouTube channel reaching a combined audience of 1,400 views online.

Jazz students performed at the Southbank Centre as part of the EFG London Jazz Festival as well as performing in the Trinity Laban Jazz Orchestra and Jazz Choir at Blackheath Halls over the year. Student bands combined their regular gig schedule with tours to local schools, connecting with grass-roots musicians and the next generation of music makers. The interactive performances introduce pupils to instruments and music of jazz from 1930s jazz ‘Big Band’ to the present day.

Finally, two major competitions featured as highlights of our music calendar this year:

In January 2022, seven students across all departments performed in the Gold Medal Showcase 2022 at Kings Place London. 2021 graduate Olivia Bell won both the Gold Medal and the Audience Prize with a commanding interpretation of Judith Weir’s King Harald’s Saga . The films of the 2021 showcase, which was held digitally due to Covid restrictions, have reached 4,616 viewers in 29 countries on TL’s You Tube channel and were Highly Commended in the Best Digital Content category at the HEIST Higher Education awards 2022.

The second Carne Trust Chamber Music Competition (and the first with a public audience, post-pandemic) took place at St John Smith Square in June. The adjudicating panel of Trinity Laban experts, the Chief Executive of the Orchestra of the Age of Enlightenment, Crispin Woodhead and prize-winning soprano, Ailish Tynan named The Meridian Guitar Quartet as the winner and the Waldstein Quartet as runners-up.

15

Strategic Report (continued)

Opera Syllable – A Particle Tale

ACHIEVEMENTS BY STUDENTS, ALUMNI AND STAFF

In the last year, in a challenging and changing environment, there have been many outstanding achievements among Trinity Laban alumni. As always, alumni were shortlisted, nominated and won prestigious awards throughout the year:

Alumni also celebrated prestigious new appointments, including Kerry Nicholls who became Associate Director, Artistic Development at English National Ballet and Emma Redding who was appointed Director of the Victorian

16

Strategic Report (continued)

College of the Arts at the University of Melbourne. Others were recognised with honours such as an OBE for Rosemary Lee for services to dance, and Harriet Stubbs who was awarded a British Empire Medal for services for the community in West London during Covid-19, after the success of her online concert series. Also recognised this year was Trinity Laban Honorary Fellow Mark Pemberton, Director of the Association of British Orchestras.

Graduates graced the stages of festivals around the globe, from the premiere of Cassandra, or, the Truth from Massimo Monticelli at Italy’s celebrated annual Gender Bender International Festival in Bologna, which was developed with the help of fellow dance alumni Tommy Cattin and Giordana Patumi, to Daniel Casimir, Cherise Adams-Burnett and Cassie Kinoshi who all performed at the SXSW Music Festival in Austin as it returned as an in person event.

Closer to home, Pianist Phillip Leslie appeared at the Perth Festival as one of the Cross Trust Artists of the Year. Many of our alumni performed across the programme at the EFG London Jazz Festival 2021, including Nérija, a jazz septet featuring alumni Lizy Exell, Nubya Garcia, Cassie Kinoshi, Sheila Maurice-Grey, and Rosie Turton, which opened for Charles Lloyd at the Barbican and Femi Koleoso who performed in a retrospective on Tony Allen’s music at the Royal Festival Hall. Love Supreme Jazz Festival also saw Nubya Garcia headline, and Ezra Collective and Emma-Jean Thackray feature in the line-up.

In dance, James Pett performed in and assistant directed dance film A Space Left Blank , which was shown at three international festivals this autumn – Florence Dance on Screen Festival, Frame x Frame Film Festival in Houston, Texas, and Inspired Dance Festival in Sydney and Perth, Australia. Catherine Sleeman debuted at the Brighton Fringe with Unfold the Shutters , a hopeful response to the climate crisis created in collaboration with dancers including fellow alum Joeley Gibson.

In Opera, alums Jonathan Savournin and Nardus Williams appeared in English National Opera’s HMS Pinafore (also broadcast on Sky Arts) and Cosi fan tutte , respectively, whilst Konrad Jaromin appeared in Opera Holland Park’s rendition of Eugene Onegin. Katarina Karneus took on the role of Kundry in Parsifal for Opera North, Bethany Horak-Hallet debuted at Garsington Opera as Dorabella in Cosi fan tutte, and James Layton’s opera Saudade premiered in Ostrava, Czechia.

May saw cellist Ayanna Witter-Johnson perform at Wigmore Hall with guest performers including fellow alums Heloise Werner and Stephen Upshaw. Ayanna has also joined the board of trustees for Awards for Young Musicians, and has been named an ambassador and trustee of London Music Fund.

Alum Peter Edwards conducted Tomorrow’s Warriors ensemble Nu Civilisation Orchestra on their UK tour touring celebrating 50 years since the release of Marvin Gaye’s iconic album What’s Going On . 2018 composition graduate Caitlin Harrison has been commissioned to work with Aldworth Philharmonic Orchestra and Reading Youth Orchestra as part of Sound and Music’s Adopt a Music Creator 2022 scheme which pairs promising composers and creators with vocal and instrumental ensembles from around the UK. Cassie Kinoshi has composed the music for a reimagining of The Tempest at Shakespeare’s Globe and award winning composer Cecilia McDowall was commissioned by King’s College, Cambridge to write their carol for the annual Christmas Eve Festival of Nine Lessons and Carols. She set her piece to the traditional song “There is no rose” and it was broadcast on BBC Radio 4 and BBC World Service on Christmas Eve.

After nearly two years of theatres being dark, the West End returned and our Musical Theatre alumni once again graced the stage. Hannah Qureshi joined Olivier Award-winning Dear Evan Hansen while Tom Brandon, Luke Walsh and Rebecca Wickes performed at West End Live. Further afield, alum Jesse Kovarsky was the movement director for the off-Broadway play On That Day in Amsterdam.

On the screen, Cherise Adams-Burnett appeared in the new Downton Abbey film as well as featuring on the soundtrack. Serafina Steer appeared in the band for the soundtrack of the BBC series This is Going To Hurt and Anna Stereopoulou wrote the music for Into the Land of Ice and Fire , a documentary film about the Sámi people of the European arctic, which was premiered at the 24th Thessaloniki Documentary Festival.

Danish dance artist and emerging choreographer Laura Engholm used a TL Innovation Award in 2020 to create dance company Engholm Danseteater, which places diversity and inclusion at the heart of its work. In December 2021, it premiered its first piece, Stories of Belonging , at London’s October Gallery, in partnership with Arts and Homelessness International and St Mungo’s Recovery College. Other winners of TL Innovation Awards, Tough Boys Dance Collective (Roseann Dendy, Sula Castle and Daze Hingorani-Short) presented their work as part of The Place’s Resolution 2022 alongside many other graduates and students. Whilst at the Tate Modern, Iris Athanasiadi and Olivia Thynne have been performing in Our Labyrinth , a piece centred on the performers sweeping grains of rice into patterns. Choreographed by Lei Mingwei, it is inspired by the sweeping of temple paths in Myanmar. Outside London, Candoco Dance Company, featuring alumni Megan Armishaw and Olivia Edgington, had several of their works featured in Sydney Opera House’s Digital Season and Limon Dance Company, led by Dante Puleio, performed in the Joyce Theater, in New York.

17

Strategic Report (continued)

Alumni also appeared across the media, profiled and interviewed in publications from Kerrang! to the New York Times as well as in books and podcasts of their own. Leading musical director and TL alum Mike Dixon published Turn Around and Take a Bow , where he reflects on his life and career featuring fond memories of his conservatoire days. Alum and Director of the New Zealand School of Dance Garry Trinder, spoke to Dance Europe about the school’s 55th anniversary celebrations and Cassie Kinoshi featured as cover star for Jazzwise’s April 2022 edition which celebrated the magazine’s 25th anniversary.

And of course, graduates released a host of new albums, many new and exciting debuts among them, featured on albums released by others and toured with celebrated bands. Some said high profile farewells such as the contemporary cello duo 2Cellos, of which alum Stjepan Hauser is one half, who performed at Wembley Arena as part of their farewell tour.

In research news, Luca Silvestrini’s dance company Protein has been involved in the Rural Touring Dance Initiative, bringing dance to spaces outside of large cultural centres. The RTDI’s findings show how rural touring could be a new reliable path for the sector. Chiya Amos has been named Research Fellow in Sustainability Science at Hiroshima University, Conductor and Music Advisor of Hirodai Symphony Orchestra, and Representative for Music and Culture of the International Council of Environmental Law, the first classical musician to gain this post.

EQUALITY, DIVERSITY AND INCLUSION

Trinity Laban believes in principles of social justice, acknowledges that discrimination affects people adversely, and is committed to challenge all forms of inequality. It has set the following four equality objectives for the period April 2021-March 2025 as a particular focus for its equality and diversity activities:

1) to promote an inclusive culture in which equality & diversity is supported, showcased, celebrated & championed throughout the institution;

2) to increase the institution's understanding of the differences in challenges and barriers to BAME and Disabled student attainment and progression and work to eliminate those gaps;

We have identified both qualitative and quantitative measures and targets for how we assess progress against the Equality Objectives. In addition, each Equality Objective falls within an action plan designed to ensure that the Institution meets its targets. Progress is reported in our annual equality information reports which can be read here:

https://www.trinitylaban.ac.uk/about-us/equality-and-diversity/ .

Work highlighted in the latest report covering 2021-22 includes:

In order to assess the effectiveness of its approaches and inform next steps, the Conservatoire commissioned an internal audit of Diversity and Inclusion which reported back in February 2022. It found that the control framework over the management of Diversity and Inclusion provides satisfactory assurance that associated risks material to the achievement of the Conservatoire’s objectives are adequately managed and controlled.

SECTION 172(1) STATEMENT

The notes which follow, together with those pages incorporated by reference, acts as Trinity Laban’s Section 172(1) statement.

Our Governors have a responsibility to act to promote the success of Trinity Laban with regard to (amongst other matters) the following:

18

Strategic Report (continued)

The Governors recognise that, in addition to Trinity Laban’s members, they have a responsibility to engage with other stakeholders. The Governors consider other main stakeholders to be students, young people taking part in our junior programmes and their parents, alumni, our staff, donors, contractors, members of our local community and our wider audience. Our Governors engage with these stakeholders via the Executive in a variety of ways with examples throughout our strategic report such as those included in the sections on ‘Access and Participation’ and ‘knowledge exchange and public engagement’ (on pages 11, 12 and 13).

ENERGY AND CARBON REPORTING

Trinity Laban has a comprehensive energy policy that guides our plans and activities. The Sustainability Group comprises members with executive responsibility for sustainability, together with staff and student representatives with a keen interest in green issues. The Group is developing a refreshed sustainability strategy and carbon reduction plan to ensure that Trinity Laban continues to make an effective response to the climate emergency and a critical contribution to the institution’s sustainability.

We have continued to make progress in reducing our energy consumption and carbon emissions. This has been achieved through a combination of replacing components with more energy efficient alternatives, e.g. lighting and heating appliances and through an awareness campaign to encourage good practice in reducing consumption. We work with the London Universities’ Purchasing Consortium, to ensure our procurement process takes account of responsible sourcing, including the environmental impact.

Energy and Carbon Reporting

Energy and Carbon Reporting Energy and Carbon Reporting Energy and Carbon Reporting
CO2
Emissions
CO2
Emissions
MWh
Litres
Tonnes
MWh
Litres
Tonnes
2022
2022
2022
2021
2021
2021
Energy Consumed
Trinity Laban
4,131
775
4,173
814
Blackheath Halls
404
75
486
92
Consumption
Consumption
Diesel/Petrol 716
2
939
2
Total
4,535
716
852
4,659
939
908
CO2emissions are calculated using BEIS conversion factors
Measurement of performance per student and staff member:
Number of students
1,292
1,187
4,535
716
852
4,659
939
908
Number of staff 322
340
Total
1,614
1,527
Emissions per staff and student (CO2 Tonnes)
0.50
0.60

Our energy consumption reduced by 2.7% in 2021-22 and fuel usage was down 24%, reducing our overall carbon emissions which were 6.2% lower than the previous year. Emissions per person (staff and students) fell from 0.6 to 0.5 CO2 tonnes.

19

Strategic Report (continued)

FUNDRAISING

As the UK emerged from lockdown it was wonderful to welcome our supporters back to our buildings and concerts. Trinity Laban is so grateful for the generosity extended to us by everyone in our community. Their commitment to supporting the performing arts has been tremendously important to us.

We remain especially indebted to Trinity College London for its ongoing, outstanding generosity. Trinity College London has continued to support a significant number of scholarships, which are so vital for our student body. It has also supported key capital priorities within our campus buildings, not least the refurbishment of our Jazz Rooms at King Charles Court.

Trinity Laban is extremely thankful to all its supporters whose gifts have continued to make a crucial difference. All are deeply appreciated. However, we wish to make particular mention of:

We were also excited to launch the Sir Charles Mackerras Circle this year, for those individuals who are kind enough to remember Trinity Laban in their will. Heartfelt thanks to everyone who has already joined the Circle and to Cathy Mackerras who so kindly gave us permission to use her father’s name. We are incredibly proud and grateful for our connection to the Mackerras family. With that in mind, we were absolutely delighted to be gifted a magnificent bust of Sir Charles, sculpted by Antonia Young, by our wonderful long-term supporters Mark and Liza Loveday, Hon FTLs.

Trinity Laban is registered with the Fundraising Regulator and is fully committed to compliance with the Fundraising Code of Practice. Our aim is that every donor, new or existing, should have a positive experience when supporting Trinity Laban and as a member of our community.

FUTURE DEVELOPMENTS

We are now approaching half way in the term of our 2018-2028 Strategic Plan. The Plan has steered us through a time of unprecedented volatility for higher education and the wider world, with its first four years spanning Brexit, the global coronavirus pandemic and latterly frequent changes to the political leadership and policy direction of the sector. We are confident in our vision for the future and in the high-level objectives that underpin the realisation of that vision. We shall undertake a mid-point strategy review over the 2022-23 academic year to reflect on any refinements to delivery plans and schedules required in response to changing external and internal drivers. Priorities for the next period include:

20

Strategic Report (continued)

ACKNOWLEDGEMENTS

The Board wishes to record its appreciation to co-opted governors Councillor Patrick Codd and Councillor Ian Hawking who came to the end of their terms as representatives of the London Boroughs of Lewisham and Greenwich respectively in May 2022. Thanks are also due to student governor, Stephen Stanley, and staff governor, Professor Gabriella Dall’Olio, who completed their service at the end of 2021-22.

In closing this report, we remember Trinity Laban’s former Director of Dance, Mirella Bartrip OBE, who died in November 2021 after a period of ill health. Mirella’s 36-year contribution to Trinity Laban – as well as to dance training globally – is unmatched. She leaves a magnificent legacy behind her as a champion of excellence and creativity working together in dance training. Her vision and ethos remain an enduring touchstone for the Conservatoire.

21

PUBLIC BENEFIT STATEMENT

Charitable status

Trinity Laban Conservatoire of Music and Dance is a registered charity and, as such, its charitable obligations are regulated by the Charity Commission. The Governors are Directors of the Company and Trustees of the Registered Charity as provided under the Charities Act 2011. The Board confirms that, in formulating this annual report and audited financial statements for the year ended 31 July 2022, it has complied with the duty in the Charities Act 2011 to have due regard to the general guidance on public benefit.

Charitable purposes and activities

Trinity Laban Conservatoire of Music and Dance’s charitable purposes as set out in its Memorandum of Association are:

The Conservatoire delivers its charitable purposes and associated public benefit through the following principal activities:

The Strategic Report of the Board above includes further information on Trinity Laban’s activities and their impact, highlighting examples from the 2021-2022 reporting year.

Beneficiaries

The main beneficiaries of the Conservatoire’s charitable activities are:

We respect the voice and agency of those we engage with, and we prioritise the active involvement of students and participants in the planning, delivery and evaluation of our activities. We have established a variety of forums and communication channels for beneficiaries to share their views and work with us to shape programmes to their needs and interests. This includes student representation on all institutional committees up to and including the Board of Governors.

22

TRINITY LABAN CQNSERVATDIRE DF MUSIC AND DANCE PUBLIC BENEFIT STATEMENT Approvad on behalf ofthè Board on 30 Novemb•r 2022 and 3ign8d on its tseh8￿ by.. Alan Dav•y CBE Chair of Govemors 23

CORPORATE GOVERNANCE AND INTERNAL CONTROL

Legal and Administrative Details

Patron His Royal Highness The Duke of Kent KG GCMG GCVO ADC His Royal Highness The Duke of Kent KG GCMG GCVO ADC
Board of Governors
Independent Governors Alan Davey CBE (Chair)
Dr Geoffrey Copland CBE (Vice-Chair)
John Crompton
Michael Elliott
Deborah Harris-Ugbomah
Sam Jackson
Martin Kettle
Jocelyn Prudence
Professor Nirmala Rao OBE
Bill Robinson
Narind Singh
Co-opted Governors Councillor Ian Hawking (retired 5 May 2022)
Councillor Patrick Codd (retired 5 May 2022)
Councillor Majella Anning (appointed 7 July 2022)
Councillor Laura Cunningham (appointed 7 July 2022)
Ex Officio Governors Professor Anthony Bowne (Principal)
Staff Governors Professor Gabriella Dall’Olio (retired 7 July 2022)
Lucy Nicholson (retired 31 December 2021)
Peter Nagle (appointed 7 July 2022)
Student Governors Adriana Garcia Pinilla (appointed 1 August 2021)
Stephen Stanley (appointed 1 August 2021 retired 31 July 2022)
Secretary & Clerk to the Board Dean Surtees
Registered Name and Office Trinity Laban Conservatoire of Music and Dance
King Charles Court
Old Royal Naval College
Greenwich, London, SE10 9JF
(Limited by guarantee)
Company Registration Number 00051090
Charity Registration Number 309998
Company Secretary Dean Surtees
Auditors External Auditor Internal Auditor
BDO LLP KCG
2 City Place 7 Bell Yard Street
Beehive Ring Road London, WC2A 2JR
Gatwick, West Sussex, RH6 0PA
**Bankers ** Lloyds Bank
PO Box 1000
Andover
BX1 1LT

24

Corporate Governance and Internal Control (continued)

Constitution

Trinity Laban Conservatoire of Music and Dance was incorporated on 1 February 1897. Trinity Laban is a company limited by guarantee, and a registered charity. Trinity Laban owns The Blackheath Halls and BCH Enterprises Ltd, as wholly owned subsidiaries.

Trinity Laban is governed as described in the Memorandum and Articles of Association as approved by Privy Council and Charity Commission.

Corporate governance

In accordance with the Companies Act 2011 and the Institution’s Articles, the Board of Governors is responsible for the oversight of the Institution and ensuring effective systems of internal control and accountability. The Board is required to present audited financial statements for each financial year.

Trinity Laban aligns its practices to the guidance of the UK Committee of University Chairs code (CUC). The Board keeps its governance arrangements under regular review and evaluated its alignment to the 2020 version of the CUC Code in 2021, building on earlier reviews.

The Board is responsible for the institutional system of internal control. There is an on-going process for identifying, evaluating and managing the Institution’s significant risks which is overseen by the Principal’s Management Group reporting regularly via the Audit Committee to the Board. This process accords with the guidance in the CUC Code and the requirements of the Office for Students.

The Institution maintains public information on governance arrangements through its website.

The corporate governance procedures, structures and risk management processes described in this section have been in place throughout the year 31 July 2022, and up to the date of approval of these financial statements.

Statement of responsibilities of the board of governors

In accordance with the Conservatoire’s Memorandum and Articles of Association, the Board of Governors is responsible for the administration and management of the affairs of the Conservatoire and is required to present audited financial statements for each financial year.

The Board of Governors (the Governors of which are also the directors of the Conservatoire for the purposes of company law) is responsible for preparing the Report of the Governors (including the Strategic Report) and the financial statements in accordance with applicable law and regulations.

Company law requires the Board of Governors to prepare financial statements for each financial year. Under that law, the Board of Governors is required 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'. In addition, the Board of Governors is required to prepare the financial statements in accordance with the OfS’s Regulatory Advice 9: Accounts Direction, (October 2019) and the terms and conditions of funding for HEIs through its accountable officer. Under company law, the Board of Governors 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 Conservatoire and the Group and of the surplus or deficit, gains and losses, changes in reserves and cash flows of the Conservatoire and the Group for that year.

In preparing the financial statements, the Board of Governors is required to:

The Board of Governors is responsible for keeping adequate accounting records that are sufficient to show and explain the Conservatoire's transactions and disclose with reasonable accuracy at any time the financial position of the Conservatoire and enable it to ensure that the financial statements comply with the Memorandum and Articles of Association, the Statement of Recommended Practice – Accounting for Further and Higher Education 2019 edition and any subsequent amendments, the OfS terms and conditions of funding and OfS Accounts Direction and the Companies Act 2006. They are also responsible for safeguarding the assets of the Conservatoire and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

25

Corporate Governance and Internal Control (continued)

The Board of Governors has taken reasonable steps to ensure the Conservatoire:

The Board of Governors is responsible for the maintenance and integrity of the corporate and financial information included on the Conservatoire's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Board of Governors confirm that:

Recruitment and appointment to the Board of Governors

The members of the Board of Governors who served during the year and up to the date of this report are listed on page 24. The Governors are directors for the purpose of company law and trustees for the purpose of charity law.

The Board has a majority of independent members: neither employees nor students of the Conservatoire. The Board also includes student representatives and members elected by staff.

Under the company’s Articles, Independent members are elected to serve on the Board for a period of four years after which they may be re-elected for a further four-year period with any further extension approved only exceptionally. The Board, through the Nominations Committee, seeks to recruit a diverse membership. The Nominations Committee periodically considers the skills mix of the Board as a means of succession planning.

Independent members do not receive fees or other remuneration for serving as Governors, Directors and Trustees but are entitled to recover expenses as outlined in the notes to the Accounts. Provision is made for remuneration for governors for business services to the Institution beyond their duties as members of the Board subject to the Board’s approval.

Governor/Trustee induction and training

All members receive induction, addressing their particular needs and interests, including a series of meetings and briefings with staff, receipt of information packs and regular invitations to internal and external events/seminars and conferences as a means of continuous development.

Responsibilities and delegated authority

The Board maintains the following Statement of Primary Responsibilities, in accordance with the Memorandum and Articles. The Board will:

26

Corporate Governance and Internal Control (continued)

The Board retains ultimate control over the Conservatoire’s affairs and meets at least four times a year to monitor the operations of the Conservatoire. Under the terms and conditions of the OfS, the Board holds to itself the responsibilities for the ongoing strategic direction of the Conservatoire, approval of major developments and receipt from the Conservatoire’s executive officers of regular reports on the Conservatoire’s day to day operations.

The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Institution and to ensure that the financial statements are prepared in accordance with the Companies Act 2006, the Statement of Recommended Practice “Accounting for Further and Higher Education” and other relevant accounting standards.

The Board delegates specific authority to committees as determined in the approved Schedule of Delegation. Each committee is chaired by an independent board member. The committees include the Finance and General Purposes, Audit, Nominations and Remuneration committees. There is no separate investment committee but there is an investment review group, which is overseen by the Finance and General Purposes Committee.

The Academic Board is established as required under the Memorandum and Articles of Association. Academic Board is chaired by the Principal and includes staff and student members, with one observer each from the Board of Governors and Trinity College London. The Board is responsible for overseeing the academic health of the Institution.

The Registrar, who acts as Company Secretary and Secretary & Clerk to the Board, provides procedural and regulatory guidance to the Board and access to independent financial and legal advice. A register of Board Members’ interests is maintained.

There were no related party transactions involving members of the Board with Trinity Laban during the year ended 31[st] July 2022.

27

Corporate Governance and Internal Control (continued)

Governance during the year

The Board met three times during the year to 31 July 2022. Attendance at these meetings was as follows.

Name Number of meetings attended
Alan Davey CBE 3 (out of 3)
Dr Geoffrey Copland CBE 3 (out of 3)
John Crompton 1 (out of 3)
Michael Elliott 3 (out of 3)
Deborah Harris-Ugbomah 3 (out of 3)
Sam Jackson 3 (out of 3)
Martin Kettle 2 (out of 3)
Jocelyn Prudence 3 (out of 3)
Professor Nirmala Rao OBE 1 (out of 3)
Bill Robinson 3 (out of 3)
Narind Singh 2 (out of 3)
Councillor Ian Hawking 0 (out of 2)
Councillor Patrick Codd 1 (out of 2)
Councillor Majella Anning 1 (out of 1)
Councillor Laura Cunningham 1 (out of 1)
Professor Anthony Bowne 3 (out of 3)
Professor Gabriella Dall’Olio 2 (out of 3)
Lucy Nicholson 1 (out of 1)
Peter Nagle 1 (out of 1)
Adriana Garcia Pinilla 2 (out of 3)
Stephen Stanley 3 (out of 3)

The Audit Committee met three times during the year to 31 July 2022. Attendance at these meetings was as follows.

Name Number of meetings attended
Deborah Harris-Ugbomah 3 (out of 3)
Councillor Patrick Codd 1 (out of 3)
Allan MacCarthy 2 (out of 3)
Narind Singh 1 (out of 3)
Neil Thomas 2 (out of 3)
Letty Gibbs 3 (out of 3)
Michael Elliott 2 (out of 3)
Nirmala Rao 2 (out of 3)

Internal control

The Board of Trinity Laban is responsible for maintaining a sound system of internal control that supports the achievement of policies, aims and objectives, while safeguarding the public and other funds and assets of the Institution. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives. It can only provide reasonable and not absolute assurance of effectiveness.

The system of internal control is based on an ongoing process designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently and economically in accordance with sector guidance and best practice.

Risk management

The following processes have been established as regards risk management:

28

Corporate Governance and Internal Control (continued)

The schedule of business provides for risk management and internal control to be considered on a regular basis during the year. Risk management has been incorporated fully into the corporate planning and decision making processes of the Institution.

The Board receives periodic reports from the Audit Committee concerning internal control, and regular reports are received from managers on the steps they are taking to manage risks in their areas of responsibility, including progress reports on key projects.

Key performance indicators

The Board has identified and regularly reviews a set of Key Performance Indicators (KPIs) as recommended by the Committee of University Chairs. The Board KPIs are selected to reflect the most critical factors to the Institution’s success, as well as the primary developmental initiatives within the Strategic Plan. KPIs have been mapped to strategic objectives and organisational enablers, and reporting includes performance comparison with an identified benchmark group of conservatoires, where appropriate.

Monitoring and reporting of Key Performance Indicators aims to:

Data quality

The Conservatoire operates with regard to the guidance of OfS on the management of data. There is an approved Data Strategy and Data Quality Framework, setting the arrangements for the Conservatoire to maintain accurate, valid, timely and reliable data in order to manage activities effectively and meet internal and external reporting and accountability requirements. The Principal’s Management Group is responsible for the implementation of policies and measures to deliver data quality, supported by the Data Governance Group which reports to PMG and the Audit Committee. The Audit Committee oversees the adequacy and effectiveness of the Conservatoire’s arrangements for the management and assurance of data submitted to OfS, the Student Loan Company, the Higher Education Statistics Agency and other bodies. The Board of Governors has overall responsibility for the fulfilment of the legal and regulatory obligations of the Institution for data.

Financial control

The Board has taken reasonable steps to:

The key elements of the Conservatoire’s system of internal control, which is designed to discharge the responsibilities set out above, include the following:

29

TRINITY LABAN COIISERVATOIRE OF MUSIC AND DANCE Corporate Governance and Intemal Control (continued} comprehensivè Financial Regulations, detailing financial Controls and procedures. approved by the Audrt Cornmitiee and Financa and G8n8ral Pu￿0$e$ Comrnittee., and profe55ional Intemal Audit seNica whosè annual prryramme is approved by the Audit Commrttaa. The Audit Cornmittee. on behalf ol the Board, has rew&wed the effectiveness of the Conservatoire's systern of internal control. Any systèm of internal control can, however, only prowde ieasonable. but not absolute, assurance against rnaterial misstatement or Ios5. Ofs Reglstratlon The Offiea for Stud8nts has assessed that Tnnity Laban maèts the governan￿ condition lor indusion on the Register ol Higher Educatson Providers IEnglandl from July 2018. This judgètn8nt was based on the self- assessment ol governan￿ and management subrnitted by the Conservatoire as part of its application for re9iStr8tion and associated evidenie of sound govemant* structures and practi￿$. Public sector Union faclllty tlme report 7 employees were relevant union offi¢i81s for the year erKled 31st July 2022, all of whorn spent be￿een O.SYo and 6.6% of their working hours on facilities timè. Thè total pay bill of these union officials was £279,258 and thg Cost of their facility time was £7,e04, giving a pènEntage of total pay bill spent on faulity time ol 0.05%. The Conservattsira's trad8 union officials spent 2.7% of their b.me on trad8 union activthes. Disclosure of information to auditors The directors have taken all the steps that th8y ought to have taken as directors in order to infomi thems8lv8s of any relevant audit infornialion and to establish that the cornpanl¥ auditors are aware ol that infomation. In aC0)rdan￿ section 485 of the Companies Act 20(b, BDO LLP We￿ 8ppoint8d a$ auditors during the year and have expressed their wllingness to continkJ8 in that capaoty. Approved by order of the Board ol Govemors on 30 N0vemt￿r 202 and signed on its behalf by.. Alan Davèy CBE Profes$or Anthony Bowne Chair of Govemors Principal

Independent Auditor’s Report to the Board of Trinity Laban Conservatoire of Music and Dance

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of Trinity Laban Conservatoire of Music and Dance (“the Conservatoire”) and its subsidiaries (the ”Group”) for the year ended 31 July 2022 which comprise Consolidated and Conservatoire Statement of Comprehensive Income and Expenditure, the Consolidated and Conservatoire Statement of Changes in Reserves, the Consolidated and Conservatoire Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) “ISAs (UK)” and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group and Conservatoire 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the board members’ 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 and the Conservatoire’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 board members with respect to going concern are described in the relevant sections of this report.

Other information

The Board of Governors is responsible for the other information. The other information comprises the information included in the Report of the Board and financial statements, other than the financial statements and our auditor’s report thereon. 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 or a material misstatement of the other information. 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.

31

Independent Auditor’s Report (continued)

Other Companies Act 2006 reporting

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

In the light of the knowledge and understanding of the Group and the Conservatoire and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Board.

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

Opinion on other matters required by the Office for Students (“OfS”) and UK Research and Innovation (including Research England)

In our opinion, in all material respects:

We have nothing to report in respect of the following matters in relation to which the OfS requires us to report to you if, in our opinion:

Responsibilities of the Board of Governors

As explained more fully in the Statement of Responsibilities of the Board of Governors, the Board of Governors is 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 Board of Governors 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 Board of Governors are responsible for assessing the Group and the Conservatoire’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 Board of Governors either intend to liquidate the Group or the Conservatoire 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.

32

Independent Auditor’s Report (continued)

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Group and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations are related to their registration with the Office for Students ("OfS”) and their ongoing conditions of registration, and we considered the extent to which non-compliance might have a material effect on the Group Financial Statements or their continued operation. We also considered those laws and regulations that have a direct impact on the financial statements such as compliance with the OfS Accounts Direction and tax legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Board and other management and inspection of regulatory and legal correspondence if any.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates.

The audit procedures to address the risks identified included:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities 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.

In addition, we also report to you whether income from funding bodies, grants and income for specific purposes and from other restricted funds administered by the Conservatoire have been properly applied only for the purposes for which they were received and whether income has been applied in accordance with the Statutes and, where appropriate, with the Terms and Conditions of Funding with the OfS and UK Research and Innovation (including Research England).

33

Independent Auditor’s Report (continued)

Use of our report

This report is made solely to the Board of Governors, 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 Conservatoire’s Board 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 Conservatoire and the board members as a body, for our audit work, for this report, or for the opinions we have formed.

James Aston MBE (Senior Statutory Auditor) For and on behalf of BDO LLP, Statutory Auditor Gatwick, UK Date: 16 December 2022

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

34

Statement of Principal Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education 2019 and in accordance with Financial Reporting Standards (FRS 102). The Conservatoire is a public benefit entity and therefore has applied the relevant public benefit requirement of FRS 102. The financial statements are prepared in accordance with the historical cost convention (modified by the revaluation of fixed assets). Under the Accounts Direction with the OfS and the terms and conditions of funding with the Office of Students and Research England, the Board holds to itself the responsibilities for the ongoing strategic direction of the Conservatoire, approval of major developments and receipt from the Conservatoire's executive officers of regular reports on the Conservatoire's day to day operations.

The financial statements are presented in Sterling (£).

Significant estimates and judgements

The following significant estimates and judgements have been made in preparing the financial statements:

Discount rate for the Universities Superannuation Scheme (USS) and Trinity College of Music Pension and Assurance (TCMPA) Scheme and London Pensions Fund Authority (LPFA) defined benefit pension schemes. The USS discount rate was calculated using the Mercer Yield Curve UK - Extended Dataset model and the discount rates for the TCMPA and LPFA schemes were calculated by actuaries on behalf of the Conservatoire. Therefore, management made a judgement in applying these rates.

Company information

Trinity Laban Conservatoire of Music and Dance is a company limited by guarantee and a registered charity. Its country of incorporation is England and Wales. Please refer to the Corporate Governance and Internal Control statement for the address of its registered office.

Going Concern

The Governors have assessed that the group and parent charitable company has adequate resources to continue in operational existence for a minimum of 12 months from the date of signing the financial statements. For this reason, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business. In arriving at this conclusion, the Board considered a number of key factors, including the Conservatoire’s business model, strategy, risk appetite and our principal risks and uncertainties.

Updated financial forecasts from 2022-23 to the year ending 31 July 2027, were submitted to both the Board and the Conservatoire’s regulator, the Office for Students, for review.

Trinity Laban also holds reserves in the form of long term investments which it will liquidate if circumstances dictate. The Board considered this provided sufficient headroom to confirm the Conservatoire’s going concern status in the face of the potential downside risks which may be encountered.

Basis of consolidation

The consolidated financial statements include the Conservatoire and all its subsidiaries for the financial year to 31 July 2022. Further details of the subsidiary undertakings are disclosed in the Notes to the Accounts.

Subsidiary undertakings

The Conservatoire has a 100% holding in both The Blackheath Halls and BCH Enterprises Limited, companies limited by guarantee.

The Blackheath Halls is a non-profit organisation raising funds to advance education particularly by the encouragement of the arts and BCH Enterprises Limited is a company providing hall hire and associated catering services.

Income recognition

Income from the provision of goods or services is credited to the Consolidated and Conservatoire Statement of Comprehensive Income and Expenditure when the goods or services are supplied to the student or external customers or the terms of the contract have been satisfied.

35

Statement of Principal Accounting Policies (continued)

Fee income is stated gross of any expenditure and credited to the Consolidated and Conservatoire Statement of Income and Expenditure over the period in which students are studying. Bursaries and scholarships are accounted for gross as expenditure and not deducted from income.

Investment income is credited to the statement of income and expenditure on a receivable basis.

Funds the Conservatoire receives and disburses as paying agent on behalf of a funding body are excluded from the Consolidated and Conservatoire Statement of Income and Expenditure where the Conservatoire is exposed to minimal risk or enjoys minimal economic benefit related to the transaction.

Grant funding

Government revenue grants, including funding council block grant and research grants, are recognised as income over the periods in which the Conservatoire recognises the related costs for which the grant is intended to compensate. Where part of a government grant is deferred it is recognised as deferred income within creditors and allocated between creditors due within one year and due after more than one year as appropriate.

Grants (including research grants) from non-government sources are recognised as income when the Conservatoire is entitled to the income and performance related conditions have been met. Income received in advance of performance related conditions being met is recognised as deferred income within creditors on the balance sheet and released to income as the conditions are met.

Donations and endowments

Non cash exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor imposed restrictions are recognised as income when the Conservatoire is entitled to the funds. Income is retained within the restricted reserves until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through a reserves transfer.

Investment income and appreciation of endowments is recorded as income within the year in which it arises and as either restricted or unrestricted income according to the terms applied to the individual endowment fund.

There are four main types of donations and endowments identified within reserves:

  1. Restricted donations – the donor has specified that the donation must be used for a particular objective. 2. Unrestricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the Conservatoire.

  2. Restricted expendable endowments – the donor has specified a particular objective other than the purchase or construction of tangible fixed assets, and the Conservatoire has the power to use the capital.

  3. Restricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.

Capital grants

Government capital grants are recognised as income over the expected useful life of the asset. Other capital grants are recognised as income when the Conservatoire is entitled to the funds subject to any performance related conditions being met.

Accounting for retirement benefits

The Institution participates in four defined benefit schemes: the Teachers’ Pension Scheme (TPS), the Universities Superannuation Scheme (USS), the London Pension Fund Authority (LPFA) – which was closed to new membership from 1 August 2005 – and its own scheme for non-academic staff, which is the Trinity College of Music Pension and Assurance Scheme (TCMPA), which became a closed scheme with effect from 31 December 2001. These schemes are externally funded and contracted out of the state earnings related pension scheme and cover most employees. A small number of employees are members of individual defined contribution pension schemes. The assets of the schemes are invested and managed independently of the finances of the Institution. The contributions are determined by qualified actuaries on the basis of quinquennial (TPS) and triennial valuations (USS, LPFA and TCMPA) using, respectively, the prospective benefits method and the projected unit method.

The USS and TPS are multi-employer schemes for which it is not possible to identify the assets and liabilities relating to Conservatoire members due to the mutual nature of the scheme and therefore these schemes are accounted for as a defined contribution retirement benefit schemes. A liability is recorded within provisions for any contractual commitment to fund past deficits within the USS scheme.

36

Statement of Principal Accounting Policies (continued)

Defined Contribution Plan

A defined contribution plan is a post-employment benefit plan under which the Conservatoire pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Income and Expenditure over a member of staff’s contract of employment.

Defined Benefit Plan

Defined benefit plans are post-employment benefit plans other than defined contribution plans. Under defined benefit plans, the Conservatoire’s obligation is to provide the agreed benefits to current and former employees, and actuarial risks (that benefits will cost more or less than expected) and investment risks (that returns on assets set aside to fund the benefits will differ from expectations) are borne, in substance, by the Conservatoire. The Group should recognise a liability for its obligations under defined benefit plans net of plan assets. This net defined benefit liability is measured as the estimated amount of benefit that employees have earned in return for their service in the current and prior periods, discounted to determine its present value, less the fair value (at bid price) of plan assets. The calculation is performed by a qualified actuary using the projected unit credit method. Where the calculation results in a net asset, recognition of the asset is limited to the extent to which the Conservatoire is able to recover the surplus either through reduced contributions in the future or through refunds from the plan.

A feature of defined benefit pension plans is that the employer has offered a guarantee as to the amount or level of pension or benefit ultimately payable and is therefore liable to make additional contributions to provide that guaranteed level of benefit. Under defined benefit plans, a charity’s (and/or its subsidiary’s) obligation is to provide the agreed benefits to current and former employees. Actuarial risk and investment risk are effectively borne by the employer.

Employment 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 Conservatoire. Any unused benefits are accrued and measured as the additional amount the Conservatoire expects to pay as a result of the unused entitlement.

Finance leases

Leases in which the Conservatoire assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance lease and the corresponding lease liabilities are initially recognised at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Operating leases

Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.

Fixed assets

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. The straight line method is used to depreciate fixed assets. Land, that had been revalued to fair value on or prior to the date of transition to the 2014 FE&HE SORP, is measured on the basis of deemed cost, being the revalued amount at the date of that revaluation. Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets.

Land and buildings

Land and buildings are stated at cost less accumulated depreciation. Depreciation is provided at rates estimated to write off the costs by equal annual instalments over their anticipated useful economic lives, as follows:

Freehold buildings 50 years
Freehold land Not depreciated
Alterations and building improvements (up to 10 years) 10 years
Alterations and building improvements (up to 20 years) 20 years

37

Statement of Principal Accounting Policies (continued)

Leasehold land and buildings Amortised over the remaining term of the lease by equal instalments Long term leasehold improvements Amortised over the lesser of the remaining term of the lease or 50 years

Where land and buildings are acquired with the aid of specific grants they are capitalised and depreciated as above. The related grants are credited to a deferred capital grants account and are released to the income and expenditure account over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.

Buildings under construction are accounted for at cost, based on the value of architects’ certificates and other direct costs incurred to 31 July in any year. They are not depreciated until they are brought into use.

Equipment and other fixed assets

Equipment and other fixed assets costing less than £2,000 are written off to the income and expenditure account in the year of acquisition. All other equipment is capitalised at cost. Capitalised equipment is depreciated over its useful economic life as follows:

Equipment and other fixed assets 5 years

Computer software

Items of computer software costing less than £2,000 are written off to the income and expenditure account in the year of acquisition. All other computer software is capitalised at cost. Capitalised computer software is depreciated over its useful economic life as follows:

Computer software 5 years

Musical equipment

Musical instruments costing less than £2,000 are written off to the income and expenditure account in the year of acquisition. All other musical instruments are capitalised at cost.

Donated musical instruments with a value of £2,000 and above have been incorporated at valuation following an assessment by Webb Valuations, an external professional valuation expert, in conjunction with Malcolm Tyson, an expert valuer of stringed instruments, in April 2014. There has been no diminution in the value of these instruments since the valuation.

Capitalised musical instruments are depreciated over their useful economic life as follows:

Antique stringed instruments Not depreciated Other stringed instruments 20 years Pianos 10–20 years Other musical instruments 5–15 years

Depreciation is not provided on antique stringed instruments since the estimated remaining useful economic life of the tangible fixed assets exceeds 50 years and any depreciation charge would be deemed immaterial. The carrying value of these assets is subject to an annual impairment review.

Depreciation methods, useful lives and residual values are reviewed at the date of preparation of each Balance Sheet.

Borrowing costs

Borrowing costs which are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised.

Investments

Non-current asset investments are held on the Balance Sheet at market value at year end. Current asset investments are held at fair value with movements recognised in the Consolidated and Conservatoire Statement of Comprehensive Income and Expenditure.

Stock

Stock is held at the lower of cost and net realisable value, and is measured using an average cost formula.

38

Statement of Principal Accounting Policies (continued)

Cash and cash equivalents

Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposits are repayable on demand if they are in practice available within 3 months without penalty. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

Provisions, contingent liabilities and contingent assets

Provisions are recognised in the financial statements when:

The amount recognised as a provision is determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

A contingent liability arises from a past event that gives the Conservatoire a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the Conservatoire. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured reliably.

A contingent asset arises where an event has taken place that gives the Conservatoire a possible asset whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the Conservatoire. Contingent assets and liabilities are not recognised in the Balance Sheet but are disclosed in the notes.

Taxation

The Conservatoire is a registered charity within the meaning of Schedule 2 of the Charities Act 2011 and as such is a charity within the meaning of the corporation tax act 2010 (Part 11, Chapter 3 section 478). Accordingly, the Conservatoire is potentially exempt from taxation in respect of income or capital gains received within section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes. No provision for corporation tax or income tax (deferred or otherwise) is therefore considered necessary. The Conservatoire receives no similar exemption in respect of Value Added Tax (“VAT”). As a result, the major part of VAT paid by the Conservatoire is irrecoverable, since the provision of education is an ‘exempt’ activity for VAT purposes. The subsidiaries of the Conservatoire are potentially liable to both corporation tax and VAT.

Reserves

Reserves are classified as restricted or unrestricted. Restricted endowment reserves include balances which, through endowment to the Conservatoire, are held as a permanently restricted fund which the Conservatoire must hold in perpetuity. Other restricted reserves include balances where the donor has designated a specific purpose and therefore the Conservatoire is restricted in the use of these funds.

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.

39

CONSOLIDATED AND CONSERVATOIRE STATEMENT OF COMPREHENSIVE INCOME AND EXPENDITURE For the year ended 31 July 2022

----- Start of picture text -----
Group Trinity Laban Group Trinity Laban
Notes 2022 2022 2021 2021
Income £000 £000 £000 £000
Tuition fees and education
contracts 1 14,919 14,919 14,102 14,102
Funding body grants 2 5,863 5,863 5,833 5,833
Research grants and contracts 3 - - 8 8
Other income 4 3,814 3,180 3,898 3,461
Investment income 5 323 332 245 258
Donations and endowments 6 2,830 2,714 3,483 3,406
Total Income 27,749 27,008 27,569 27,068
Expenditure
Staff costs 7 18,732 18,334 15,849 15,459
Other operating expenses 9 9,875 9,571 9,072 9,279
Depreciation 11 1,631 1,453 1,553 1,372
Interest and other finance costs 8 194 186 169 165
Total Expenditure 30,432 29,544 26,643 26,275
(Deficit)/Surplus before other gains and losses (2,683) (2,536) 926 793
Gain/(Loss) on disposal of fixed assets 4 4 (9) (9)
(Loss)/Gain on investments (449) (449) 1,910 1,910
(Deficit)/Surplus before tax (3,128) (2,981) 2,827 2,694
Taxation - - - -
(Deficit)/Surplus for the year (3,128) (2,981) 2,827 2,694
Unrealised surplus on revaluation of tangible
assets - - - -
Actuarial gain in respect of pension schemes 3,054 3,054 2,233 2,233
Total comprehensive (expenditure)/income for
the year (74) 73 5,060 4,927
Represented by:
Endowment Comprehensive
(Expenditure)/Income for the Year (257) (257) 2,417 2,417
Restricted Comprehensive Income for the Year 9 (19) 656 650
Unrestricted Comprehensive Income for the Year 182 349 1,995 1,860
Revaluation Reserve Comprehensive
Expenditure for the Year (8) - (8) -
20, 21 (74) 73 5,060 4,927
----- End of picture text -----

All items of income and expenditure relate to continuing activities.

The notes on pages 44 to 66 form part of the financial statements.

40

CONSOLIDATED AND CONSERVATOIRE STATEMENT OF CHANGES IN RESERVES For the year ended 31 July 2022

Group
Balance at 1 August 2020
Opening balance adjustments
Balance at 1 August 2021
Balance at 31 July 2021
Trinity Laban
Balance at 1 August 2020
Opening balance adjustments
Balance at 1 August 2021
Balance at 31 July 2022
Total Comprehensive Income/
(expenditure) for the Year
Surplus/(deficit) from the Income
and Expenditure Statement
Release of Restricted Funds
Spent in Year
Total comprehensive Income/
(Expenditure) for the Year
Surplus/(deficit) from the Income
and Expenditure Statement
Release of Restricted Funds
Spent in Year
Other Comprehensive Income
Other Comprehensive Income
Surplus/(deficit) from the Income
and Expenditure Statement
Release of Restricted Funds
Spent in Year
Total Comprehensive Income/
(Expenditure) for the Year
Surplus/(deficit) from the Income
and Expenditure Statement
Release of Restricted Funds
Spent in Year
Total Comprehensive Income/
(expenditure) for the Year
Other Comprehensive Income
Other Comprehensive Income		 Income and Expenditure Account
Endowment
Restricted Unrestricted
Revaluation
reserve
Total
£'000
£'000
£'000
£'000
£'000
6,782
3,334
8,918
6,701
25,735
2,704
2,597
(2,474)
-
2,827
-
-
2,233
-
2,233
(287)
(1,941)
2,236
(8)
-
2,417
656
1,995
(8)
5,060
8
86
(94)
-
-
9,207
4,076
10,819
6,693
30,795
44
2,584
(5,756)
-
(3,128)
-
-
3,054
-
3,054
(301)
(2,575)
2,884
(8)
-
(257)
9
182
(8)
(74)
8,950
4,085
11,001
6,685
30,721
Endowment
Restricted Unrestricted
Revaluation
reserve
Total
£'000
£'000
£'000
£'000
£'000
6,782
3,334
6,919
5,348
22,383
2,704
2,509
(2,519)
-
2,694
-
-

2,233
-
2,233
(287)
(1,859)
2,146
-
-
2,417
650
1,860
-
4,927
8
92
(100)
-

-
9,207
4,076
8,679
5,348
27,310
44
2,519
(5,544)
-
(2,981)
-
-
3,054
-
3,054
(301)
(2,538)
2,839
-
-
(257)
(19)
349
-
73
8,950
4,057
9,028
5,348
27,383

The notes on pages 44 to 66 form part of the financial statements.

41

TRINITY LABAN CDNSERVATDIRE DF MUSIC ANO DANCE CONSOLIDATED AND CONSERVATOIRE BALANCE SHEETS For the year ended 31 July 2022 oup Trlnlty Laban 2022 2022 £000 £000 (¥oup Trinty Laban 2021 2021 £000 £000 Company Rg9kntra￿on no: 00051090 Notes Non current a88ets Fi)2tJ assets In￿$tr￿ants 38,683 12.616 51.299 33,419 12,618 48.035 38.976 12,525 51,501 33,578 12,525 46,101 12 Current a$sets Stod( Trade and other re￿1vabl￿$ Cash and cash èquivalents 13 14 22 472 3.211 3.691 1.068 2,892 3,962 367 4,270 4,643 976 3.866 4,844 Less". Creditors.. amounts falling du& within one sear 16 15,4231 15,243} {5,5061 15.3201 t current Ilabl1￿10s 11.7321 11,2811 18631 {4761 Long tsrm Intsrcompany debtor 1,067 1,092 Total A889ts les8 current Ilabllrtles 49,567 45.821 50,638 46,717 Creditors.. amounts frdlling dug after more than onè 58ar 17 113,3781 112,9701 114,3431 113.9071 Provl8lon8 Pansion PrO￿$10n8 19 15,4681 15,4681 15,5001 Is,sooi Total not assèts 30,721 27.383 30.795 27A10 Rèstrlctgd r¢8gr¥F8 Endowments Incorne and expenditure rèsarne- endowmenl reseTre InTh)rne and e4)enditure rèsèThe- restricted reseThe Unrg8trlcted Reserws InTr)me and e4)enditura rasè￿￿- unrestricted Revaluation resèThe 20 8.950 8.950 9.207 9,207 21 4.085 4.057 4,078 4,076 11,001 6,685 9.028 5.348 10,819 6,693 8,679 5,348 Totsl P*servas 30,721 30,795 27.310 The finanaal statemtrnts were approved by the Board on 30 November 2022 nd signed and authoris8d for issue on its behalf by.. Alan Davey CBE Chair ol Govèrnors Prof8s$or Anthony Bown• Principal The notes on pages 44 to 66 forni part of the financial statarnents. 42

CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 July 2022

----- Start of picture text -----
2022 2021
Notes £000 £000
Cash flow from operating activities
(Deficit)/Surplus for the year (3,128) 2,827
Adjustment for non-cash items
Depreciation 11 1,631 1,553
Loss/(Gain) on investments 12 449 (1,910)
Increase in year end stock (2) (1)
(Increase)/Decrease in debtors 14 (105) 240
(Decrease)/Increase in creditors 16 (348) 408
Increase/(Decrease) in pension provision 19 3,022 (336)
Adjustment for investing or financing activities
Investment income 5 (323) (245)
Interest payable 8 194 169
Endowment income 20 (135) (1,394)
(Gain)/Loss on the sale of fixed assets (4) 9
- -
Impairment of fixed assets
Capital Grant Income 2,4 (605) (628)
Net cash from operating activities 646 692
Cash flows used in investing activities
Proceeds from sale of fixed assets 25 -
Capital grants receipts 30 204
Disposal of non-current asset investments 12 1,269 1,030
Investment income 5 323 245
Payments made to acquire fixed assets 11 (1,359) (600)
New Non-Current Asset Investments 12 (1,809) (2,221)
(1,521) (1,342)
Cash flows from/(used in) financing activities
Interest and other finance costs paid 8 (194) (169)
Endowment cash received 20 135 1,394
Repayments of amounts borrowed 17 (125) (125)
(184) 1,100
Increase in cash and cash equivalents in the year (1,059) 450
Cash and Cash Equivalents at Beginning of the Year 22 4,270 3,820
Cash and Cash Equivalents at End of the Year 22 3,211 4,270
----- End of picture text -----

The notes on pages 44 to 66 form part of the financial statements.

43

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1
Tuition Fees and Education Contracts
Higher education
Full time undergraduate home/EU fees
Full time postgraduate home/EU fees
Part time home/EU fees
Overseas fees
Research fees
Other fees and support grants
Total tuition fees and education contracts
2
Recurrent grants
Teaching grant
Specific grants
HEIF grant
Research grant
Disability grant
Other revenue grants
Capital grant
Funding Body Grants
Total funding body contracts		 Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
7,192
7,192

7,523

7,523
1,195

1,195

1,268
1,268
480

480

377
377
3,311

3,311
2,698
2,698

175
175
130

130
2,566
2,566
2,106
2,106
14,919
14,919
14,102
14,102
Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
4,726
4,726
4,748
4,748
463
463
460
460
412
412
270
270
54
54
55
55

-
-
69
69

208
208

231
231
5,863
5,863
5,833
5,833
3
Research Grants and Contracts
Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
UK based charities
-
-
8
8
Total research grants and contracts
-
-
8
8
Note The source of grant and fee income, included in notes 1 to 3 is as follows:
Group Trinity Laban
Group Trinity Laban
Grant and Fee income
2022
2022
2021
2021
£000
£000
£000
£000
Grant income from the OfS
4,988
4,988
5,103
5,103
Grant income from other bodies
875
875
730
730
12,178
12,178
11,866
11,866
175
175
138
138
2,566
2,566
2,106
2,106
Total grant and fee income
20,782
20,782
19,943
19,943
Fee income for taught awards (exclusive of
VAT)
Fee income for research awards (exclusive
of VAT)
Fee income from non-qualifying courses
(exclusive of VAT)		 Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
-
-
8
8
-
-
8
8
20,782
20,782
19,943
19,943

44

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

4
Other Income
Other services rendered
Residence and catering operations
Other revenue grants
Other capital grants
Other income
Total other income

 Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
330
198
145
99
1,947
1,860
2,170
2,166
469
432
946
621
397
369
397
369
671
321
240
206
3,814
3,180
3,898
3,461

5
Investment Income
Note
Investment income on
endowments
20
Other Investment Income
Royalties Income
Total investment income
6
Donations and Endowments
New Endowments
Donations with Restrictions
Unrestricted Donations
Total donations and endowments		 Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
303
303
238
238
1
10
7
20
19

19
-
-
323
332
245
258
Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
135
135
1,394
1,394
2,615
2,566
2,074

2,012
80
13
15
-
2,830
2,714
3,483
3,406
7
Staff Costs
Wages, salaries and fees
Social security costs
Movement on USS provision
Other pension costs		 Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
12,405
12,032
12,749
12,386
1,002
987
1,026
1,010
2,965
2,965
(279)
(279)
2,360
2,350
2,353
2,342
18,732
18,334
15,849
15,459

Of the staff costs £396,471 (2021: £390,285) related to The Blackheath Halls.

Remuneration of higher paid staff

The emoluments of the highest paid director (the Principal) was:

Basic salary
Payment in lieu of pensions		 Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
190
190
190
190
45
45
45
45
235
235
235
235

45

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

The remuneration package of the Principal (CEO) is considered and then determined on an annual basis by the Remuneration Committee (a committee of the Board of Governors of Trinity Laban Conservatoire of Music and Dance). In determining remuneration, the Committee takes into account the performance of the Principal in meeting the objectives set by the Board for the previous academic year; success against strategic objectives; and the financial performance of the institution. Due regard is also given to median salary levels within the Conservatoire. The appropriateness of the remuneration package is tested via benchmarking remuneration package levels against similar institutions within Central London and the sector. Trinity Laban Conservatoire of Music and Dance recognises that the skills of its Principal (CEO) not only influence artistic and educational success but are also intrinsically linked to successful business development and the financial success and sustainability of the institution.

There was no accommodation provided for the Principal.

Basic salary ratio: Head of provider basic salary/Median basic salary of whole workforce.

Group Group 2022 2021 £190,000 / £36,186 = 5.25 £190,000 / £40,699 = 4.67

Total remuneration ratio: Head of provider total remuneration/Median total remuneration of whole workforce.

----- Start of picture text -----
Group Group
2022 2021
£234,992 / £40,995 = 5.74 £234,992 / £44,107 = 5.33
----- End of picture text -----

Remuneration of senior paid staff excluding employer's pension contributions

Remuneration of senior paid staff excludin g employer's pension contributions
£190,000 - £195,000 2022
2021
Number
Number
1
1
Staffing number (FTEs)
Academic
Academic support
Administrative
Blackheath Halls
Casual Staff		 Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
67
67
73
73
70
70
78
78
63
63
67
67

16
-
16
-
106
106
106
106
322
306
340
324

Key Management Personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Conservatoire and Group. Staff costs includes compensation paid to key management personnel. Key management personnel for the Conservatoire are the members of the Principal's Management Group and for the Group this includes the General Manager of Blackheath Halls. Compensation consists of salary and benefits excluding any employer's pension contribution.

consists of salary and benefits excluding any employer's pension contribution.
Remuneration
Pension Costs		 Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
869
809
886
828
171
159
120
108
1,040
968
1,006
936

46

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

The amount for the key management personnel quoted above relates to the following key personnel:

Principal Registrar Director of Finance and Estates Director of Strategy and Business Operations Director of Dance Director of Blackheath Halls Director of Music Director of Corporate Affairs

Board Members

No board members received payments to cover expenses during the year ended 31 July 2022 and other than under a contract of employment no other board member received any payments. (2021: Nil; £nil).

8
Interest and other finance costs
Interest payable
Bank and credit card charges
Net charge on pension scheme
9
Other operating expenses
Academic and related expenditure
Academic support services
Other support services
Administration and central services
Auditor's remuneration:
External audit
Tax compliance services
Other non-audit services
Internal audit
General education
Scholarships, bursaries and prizes
Student accommodation costs
Other expenses
Premises (including service concession
cost)		 Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
8

8
8
8
114
106
67
63
72

72
94
94
194
186
169

165
Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
1,301
1,363
720
1,066
886
895
363
362
289
288
232
232
636
629
1,134
1,140
69
57
58
48
-
-
4
4
97
96
32
31
34
34
41
41
342
188
157
110
1,857
1,857
1,951
1,951
2,215
2,053
2,016

1,927
1,589
1,589
2,128
2,127
560
522
236
240
9,875
9,571

9,072
9,279
Operating lease payments
Land and buildings
Other		 Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
226
226
226
226
63
63
41
41

47

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

----- Start of picture text -----
10 Access and Participation Group Group
2022 2021
£ £
Access Investment 369,891 282,166
Financial Support 279,660 313,825
Disability Support (excluding expenditure included in the two categories
above) 110,887 87,558
Research and Evaluation 40,047 40,603
800,485 724,152
----- End of picture text -----

The total of the approved expenditure in our Access and Participation Plan for the year ended 31 July 2022 was £848,684. Our published Access and Participation plans can be found here.

48

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

11 Fixed Assets
Group
Cost
At 1 August 2021
Additions
Transfers
Disposals
At 31 July 2022
Depreciation
At 1 August 2021
Charge for year
Transfers
Disposals
At 31 July 2022
Net book value
At 31 July 2022
At 1 August
2021		 Freehold
land and
buildings
Leasehold
land and
buildings
Assets in
the course of
construction
Fixtures,
fittings and
equipment
Musical
instruments
Total
£000
£000
£000
£000
£000
£000
41,589
13,128
244
10,771
7,136
72,868
4
296
422
544
93
1,359
-
-

-
-

-
-
-
-

-
-

(29)
(29)
41,593
13,424
666
11,315
7,200
74,198
15,712
5,788
-
9,659

2,733

33,892
650
243
-
413

325
1,631
-
-

-
-
-

-
-
-
-
-
(8)
(8)

16,362
6,031

-
10,072
3,050

35,515
25,231

7,393
666
1,243
4,150
38,683
25,877
7,340
244
1,112
4,403

38,976
Trinity Laban
Cost
At 1 August 2021
Additions
Transfers
Disposals
At 31 July 2022
Depreciation
At 1 August 2021
Charge for year
Disposals
At 31 July 2022
Net book value
At 31 July 2022
At 1 August
2021		 Freehold
land and
buildings
Leasehold
land and
buildings
Assets in
the course of
construction
Fixtures,
fittings and
equipment
Musical
instruments
Total
£000
£000
£000
£000
£000
£000
35,656
13,127
214
10,626
7,121
66,744
-
296
404
530
87
1,317
-
-
-
-
-
-
-
-
-
-
(29)
(29)
35,656
13,423
618
11,156
7,179
68,032
15,134
5,788
-
9,529
2,717
33,168
480
242
-
407
324
1,453
-
-
-
-
(8)
(8)
15,614
6,030
-
9,936
3,033
34,613
20,042
7,393
618
1,220
4,146
33,419
20,522
7,339
214
1,097
4,404
33,576

At 31 July 2022, freehold land and buildings included £5,540,000 (2021: £5,540,000) in respect of freehold land and is not depreciated.

Endowment assets

Included within freehold land and buildings is £37,333 of endowment properties valued at fair value.

Revaluation of Laban land and Blackheath Halls land and buildings

The Conservatoire took advantage of the option available to first-time adopters of FRS 102 in respect of its building and land assets, which were previously held at cost. The option allows first-time adopters of FRS102

49

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

to revalue certain assets to fair value at the date of transition (in this case 1 August 2014) and use this figure as their deemed cost.

Valuation of Laban land

The freehold property comprising Laban Building (land only) was valued as at 31 July 2015 by an external valuer, Gerald Eve LLP, a regulated firm of Chartered Surveyors. The valuations were prepared in accordance with the requirements of the RICS Valuation – Professional Standards: January 2014 (updated December 2014), the International Valuation Standards and International Financial Reporting Standards. The valuation of this property was on the basis of Fair Value, equated to Market Value, on the assumption of vacant possession. It was principally derived using the Comparative Method of Valuation. Based on the facts, assumptions and qualifications set out in their report, Gerald Eve LLP are of the opinion that the Fair Value of the freehold interest in the "Property" (Laban land) as at 31 July 2015, was the sum of £5,540,000.

Valuation of Blackheath Halls land and buildings

The freehold property comprising Blackheath Halls was valued as at 31 July 2015 by an external valuer, Gerald Eve LLP, a regulated firm of Chartered Surveyors. The valuations were prepared in accordance with the requirements of the RICS Valuation – Professional Standards: January 2014 (updated December 2014), the International Valuation Standards and International Financial Reporting Standards. The valuation of this property was on the basis of Fair Value, equated to Market Value, on the assumption of vacant possession. It was principally derived using the Comparative Method of Valuation. Based on the facts, assumptions and qualifications set out in their report, Gerald Eve LLP are of the opinion that the Fair Value of the freehold interest in the "Property" (Blackheath Halls land and buildings) as at 31 July 2015, was the sum of £2,650,000.

The value of the Blackheath Halls land and buildings at the transition date was estimated to be £2,631,606 based on the valuation at 31 July 2015 and the capital additions and depreciation during the year ended 31 July 2015. The historic cost of the land and buildings as at 31 July 2014 was £1,230,294 and so the revaluation gain was £1,401,312.

Assets in the course of construction

Assets in the course of construction within Trinity Laban, consist of the purchase and ongoing development of a new student record system. Within the Group, there is also ongoing landscaping work at Blackheath Halls.

----- Start of picture text -----
12 Non-Current Investments Group Trinity Laban Group Trinity Laban
2022 2022 2021 2021
Fixed asset investments £000 £000 £000 £000
At 1 August 12,525 12,525 9,424 9,424
Additions 1,809 1,809 2,221 2,221
Disposals (1,269) (1,269) (1,030) (1,030)
(Decrease)/Increase in market value of
investments (449) (449) 1,910 1,910
At 31 July 12,616 12,616 12,525 12,525
----- End of picture text -----

The non-current investments have been valued at market value and are all listed investments.

13
Stock
General consumables		 Group Trinity Laban
Group Trinity Laban
2022
2022
2021
2021
£000
£000
£000
£000
8
2
6
2
8
2
6
2

50

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |14|Trade and Other Receivables|Group|Trinity Laban|Group|Trinity Laban| |2022|2022|2021|2021| |£000|£000|£000|£000| |Trade receivables|161|135|129|120| |Other receivables|-|-|10|3| |Prepayments and accrued income|311|294|228|217| |Amounts due from subsidiary companies|-|639|-|636| |472|1,068|367|976|

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

15 Trade and other receivables: falling due in more than one year

----- Start of picture text -----
|||||| |---|---|---|---|---| |Long term intercompany loan|Group|Trinity Laban|Group|Trinity Laban| |2022|2022|2021|2021| |£000|£000|£000|£000| |Long term interest free intercompany loan|-|560|-|560| |Long term intercompany loan|-|507|-|532| |-|1,067|-|1,092|

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

This is a long term interest free intercompany loan extended to Blackheath Halls. 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.

----- Start of picture text -----
|||||| |---|---|---|---|---| |16|Creditors: amounts falling due within one| |year|Group|Trinity Laban|Group|Trinity Laban| |2022|2022|2021|2021| |£000|£000|£000|£000| |Unsecured loans|406|406|125|125| |Trade Payables|947|896|295|275| |Taxation and social security|533|532|513|507| |Other creditors|126|122|168|159| |Accruals|1,524|1,464|1,659|1,616| |Deferred income|1,887|1,823|2,746|2,638| |5,423|5,243|5,506|5,320|

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

Deferred Income

The breakdown for deferred income is as follows with the income deferred until specific performance related conditions have been met.

----- Start of picture text -----
|||||| |---|---|---|---|---| |Group|Trinity Laban|Group|Trinity Laban| |2022|2022|2021|2021| |£000|£000|£000|£000| |Donations|1,014|1,014|2,025|2,025| |Grant Income|583|555|599|571| |Other Income|290|254|122|42| |1,887|1,823|2,746|2,638|

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

51

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

----- Start of picture text -----
17 Creditors: amounts falling due after more
than one year Group Trinity Laban Group Trinity Laban
2022 2022 2021 2021
£000 £000 £000 £000
Deferred income 13,378 12,970 13,937 13,501
Unsecured loans - - 406 406
13,378 12,970 14,343 13,907
----- End of picture text -----

All of the deferred income relates to long term deferred capital grants.

----- Start of picture text -----
18 Creditors: amounts falling due after more
than one year Group Trinity Laban Group Trinity Laban
Analysis of secured and unsecured loans 2022 2022 2021 2021
£000 £000 £000 £000
Due within one year or on demand (Note 16) 406 406 125 125
Due between one and two years - - 406 406
- - - -
Due between two and five years
- - - -
Due in five years or more
Due after more than one year - - 406 406
Total unsecured loans 406 406 531 531
Analysis of secured and unsecured loans Group Trinity Laban Group Trinity Laban
2022 2022 2021 2021
£000 £000 £000 £000
Unsecured loans repayable by Aug 2022 - - 406 406
Included in loans are the following:
Amount
Lender £'000 Term Interest rate Borrower
Lloyds 406 Aug 2022 1.45% Trinity Laban
----- End of picture text -----

52

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

19 Provisions for Liabilities

Group
At 1 August 2021
Increase/(Utilised)
At 31 July 2022
Trinity Laban
At 1 August 2021
Increase/(Utilised)
At 31 July 2022		 Obligation to
Fund Deficit
on USS
Pension
Defined
Benefit
Obligations
Total
Pension
Provisions
£000
£000
£000
2,481
3,019
5,500
2,987
(3,019)
(32)
5,468
-
5,468
Obligation to
Fund Deficit
on USS
Pension
Defined
Benefit
Obligations
Total
Pension
Provisions
£000
£000
£000
2,481
3,019
5,500
2,987
(3,019)
(32)
5,468

-
5,468

Unwinding of discount is included in additional provisions in line with FRS 102. Please refer to note 27 for more details and the actuarial assumptions for all of the pension schemes.

USS deficit

The obligation to fund the past deficit on the Universities Superannuation Scheme (USS) arises from the contractual obligation with the pension scheme for total payments relating to benefits arising from past performance. Management have assessed future employees within the USS scheme and salary payment over the period of the contracted obligation in assessing the value of this provision. Please refer to note 27 for more details.

53

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

20 Endowments

Group
At 1 August
Original cost
Indexation of capital
Unapplied total return
Total
Movements in the reporting period:
New endowments
Investment income
Other Income
Expenditure
Transfer from Restricted Reserves
At 31 July
Represented by:
Original cost
Indexation of capital
Unapplied total return
Total
Increase/(Decrease) in market value of
investments
Total endowment comprehensive
(expenditure)/income for the year		 Restricted
Expendable
Restricted
Permanent
Total
Total
2022
2022
2022
2021
£000
£000
£000
£000
631
4,957
5,588
4,174
-

1,347
1,347
1,164
-

2,272
2,272
1,444
631
8,576
9,207
6,782
2
133
135
1,394
-
188
188
149
-
-
-

1
(69)
(232)
(301)
(287)
-
(279)
(279)
1,160
(67)
(190)
(257)
2,417
-
-
-
8
564
8,386
8,950
9,207
564
5,090

5,654
5,588
-
2,060

2,060
1,347
-
1,236
1,236
2,272
564
8,386
8,950
9,207

The Conservatoire has adopted a total returns policy for the investment of its permanent endowments and has decided that it is in the best interests of the Conservatoire to account for its expendable endowment capital in the same way, though there is no legal restriction on the power to spend such capital. The opening balances have been restated to this effect.

Due to the poor investment performance, the value of one of our funds, the Graham Hutton Scholarship, is now slightly less than the sum of the funds originally donated.

54

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

----- Start of picture text -----
Restricted Restricted
Expendable Permanent Total Total
2022 2022 2022 2021
Analysis by type of purpose: £000 £000 £000 £000
Scholarships and bursaries 478 7,611 8,089 8,307
Prize funds 80 631 711 748
General 6 144 150 152
564 8,386 8,950 9,207
Analysis by asset: 2022 2021
£000 £000
Global equities 12,582 12,143
UK government bonds - 349
Other permanent and expendable investments 704 698
Property 37 37
Cash & cash equivalents 587 1,019
Assets apportioned to restricted reserves (3,013) (3,061)
Assets apportioned to unrestricted reserves (1,947) (1,978)
8,950 9,207
----- End of picture text -----

55

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

21 Restricted reserves

Reserves with restrictions are as follows:

Group
Restricted
donations
Total
Total
2022
2022
2022
2021
£000
£000
£000
£000
At 1 August
362
3,714
4,076
3,334
New donations
155
2,476
2,631
2,100
Investment income
2
54
56
44
Capital grants utilised
(157)
-
(157)
(19)
Expenditure
1
(2,407)
(2,406)
(1,922)
(4)
(99)
(103)
453
(3)
24
21
656
Transfers (to)/from unrestricted reserves
-
(12)
(12)
94
Transfers to endowment resrves
-
-
-
(8)
At 31 July
359
3,726
4,085
4,076
Trinity Laban
Restricted
donations
Total
Total
2022
2022
2022
2021
£000
£000
£000
£000
At 1 August
362
3,714
4,076
3,334
New donations
122
2,444
2,566
2,012
Investment income
2
54
56
44
Capital grants utilised
(151)
-
(151)
(7)
Expenditure
-
(2,387)
(2,387)
(1,852)
(4)
(99)
(103)
453
(31)
12
(19)
650
Transfers from unrestricted reserves
-
-
100
Transfers to endowment resrves
-
-
(8)
At 31 July
331
3,726
4,057
4,076
Total
Total
2022
2021
Analysis of other restricted funds/donations by type of purpose:
£000
£000
Scholarships and bursaries
552
487
Prize funds
27
22
General
3,147
3,205
3,726
3,714
Total restricted comprehensive
(expenditure)/income for the year
Total restricted comprehensive
(expenditure)/income for the year
Unspent
capital grants
(Decrease)/Increase in market value of
investments
Unspent
capital grants
(Decrease)/Increase in market value of
investments		 Restricted
donations
Total
Total
2022
2022
2022
2021
£000
£000
£000
£000
362
3,714
4,076
3,334
155
2,476
2,631
2,100
2
54
56
44
(157)
-
(157)
(19)
1
(2,407)
(2,406)
(1,922)
(4)
(99)
(103)
453
Unspent
capital grants		 Restricted
donations
Total
Total
2022
2022
2022
2021
£000
£000
£000
£000
362
3,714
4,076
3,334
155
2,476
2,631
2,100
2
54
56
44
(157)
-
(157)
(19)
1
(2,407)
(2,406)
(1,922)
(4)
(99)
(103)
453
Unspent
capital grants
(3)
24
21
656
-
(12)
(12)
94
-
-
-
(8)
359
3,726
4,085
4,076
Restricted
donations
Total
Total
2022
2022
2022
2021
£000
£000
£000
£000
362
3,714
4,076
3,334
122
2,444
2,566
2,012
2
54
56
44
(151)
-
(151)
(7)
-
(2,387)
(2,387)
(1,852)
(4)
(99)
(103)
453
Unspent
capital grants
(31)
12		 (19)
650
-
-
331
3,726		 -
100
-
(8)
4,057
4,076
Total
Total
2022
2021
£000
£000
552
487
27
22
3,147
3,205
3,726
3,714

56

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

22 Cash and cash equivalents
Cash at bank		 At 1 August
At 31 July
2021
Cashflows
2022
£000
£000
£000
4,270
(1,059)
3,211
4,270
(1,059)
3,211

23 Lease Commitments

At 31 July 2022, the Conservatoire and the Group had future minimum lease payments as follows

Payable during the year
Future minimum lease payments due:
Less than 1 year
Between 2-5 years
More than 5 years		 Land and
buildings
Other
Land and
buildings
Other
2022
2022
2021
2021
£000
£000
£000
£000
226
63
226
41
226
20
226

20
903
36
903
56
25,293
-
25,519
-
26,422

56
26,648
76

57

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

24 Subsidiary Undertakings

The Conservatoire has a 100% holding in The Blackheath Halls and BCH Enterprises Limited, companies limited by guarantee, both with the registered Office as King Charles Court, Old Naval College, Greenwich, London, SE10 9JF. The Blackheath Halls is a registered charity with the objective to raise funds to advance education by the encouragement of the arts. BCH Enterprises Limited main activity is the provision of hall hire and associated catering services.

The country of incorporation of both subsidiaries is the UK.

----- Start of picture text -----
2022 2021
a) The Blackheath Halls £000 £000
Income 1,016 884
Expenditure (1,161) (750)
Net Income/(Expenditure) (145) 134
Total funds brought forward 3,484 3,350
Net Assets 3,339 3,484
2022 2021
b) BCH Enterprises Limited £000 £000
Turnover 267 84
Cost of sales (102) (51)
Gross profit 165 33
Administration expenses (79) (26)
Interest payable (3) (1)
Profit on ordinary activities before taxation 83 6
- -
Tax on profit on ordinary activities
Profit for the financial year 83 6
Total funds brought forward 10 4
-
Qualifying charitable distribution to parent (84)
Net assets 9 10
----- End of picture text -----

58

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

25 Related Party Transactions

Trinity Laban had transactions with the following related parties during the year. All these related party transactions were held at "arm's length".

----- Start of picture text -----
Income/ Debtor/(Creditor)
Trustee/ Nature of (Expenditure) Balance
Related Party Director Relationship 2022 2021 2022 2021
£000 £000 £000 £000
Trinity Laban Students Union Stephen Stanley President (41) (43) - -
Trinity College London Geoffrey Copland Non Executive (19) (9) (1) -
Chairman
London Borough of Patrick Codd Councillor 20 - - -
Lewisham
One Dance UK Anthony Bowne Director (5) (2) (3) -
London Higher Anthony Bowne Trustee (5) (5) - -
Conservatoires UK Anthony Bowne Trustee (6) (4) - -
Advance HE Phil Harding Member of Audit (13) (14) - -
Committee
SAUL Pension Scheme Phil Harding Trustee 43 - - -
Trinity College of Music Jonathan Peel Trustee (11) - - -
Pension and Assurance
----- End of picture text -----

26 Ultimate Controlling Party

The Group and Company had no ultimate controlling party as at 31 July 2022.

27 Pension Costs

TOTAL PENSION COSTS

The total pension cost, including administration charges, for each scheme of the Conservatoire was as follows:

Contributions to TPS
Contributions to USS
Contributions to LPFA / LGPS
Contributions to TCMPA
Contributions to other schemes
FRS102 adjustment on L&G and LPFA schemes
Total pension costs		 2022
2021
£000
£000
1,058
1,059
1,124
1,121
20
35
111
202
70
95
(23)
(159)
2,360
2,353

59

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

PENSION SCHEMES

The two principal pension schemes for the Conservatoire's staff are the Teachers' Pension Scheme (TPS) and the Universities Superannuation Scheme (USS) for administrative staff. In addition, administrative staff were eligible for membership of the London Pension Fund Authority (LPFA) up to 31 July 2005 and of the Trinity College of Music Pension and Assurance (TCMPA) Scheme up to 31 December 2001.

Teachers' Pension Scheme (TPS)

Trinity Laban participates in TPS, a defined benefit pension scheme. TPS is an unfunded scheme and contributions are credited on a “pay-as-you-go” basis to the Exchequer under arrangements governed by the Superannuation Act 1972. Actuarial valuations are carried out on a notional set of investments. Under the definitions set out in FRS 102 “Retirement and post employment benefits”, the TPS is a multi-employer pension scheme and Trinity Laban is unable to identify its share of the underlying (notional) assets and liabilities of the scheme. Accordingly, the Conservatoire has taken advantage of the exemption in Section 28 of FRS 102 “Employee benefits” and has accounted for its contributions to the scheme as if it were a defined contribution scheme.

As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme in respect of the accounting period. The total cost charged to the comprehensive income and expenditure account is £1,058,412 (2021: £1,059,002) as shown above.

As regards the scheme, the pensions cost is assessed every five years in accordance with advice from the government actuary. The last actuarial valuation carried out was in March 2012 using the projected unit method. The 2012 actuarial review showed (1) investment return assumed at 5% per annum; (2) pension increases assumed at 2% per annum; (3) salary increases assumed at 5% per annum; (4) value of total scheme liabilities as £191.5bn; (5) value of notional assets as £176.6bn; and (6) shortfall of £14.9bn. The assets therefore were sufficient to cover 92% of the benefits which had accrued to members after allowing for expected future increases in earnings.

Following the implementation of Teachers’ Pensions (Employers’ Superannuation Contributions) Regulations 2000 the government actuary carried out a further review on the level of employers’ contributions. For the period from 1 April 2002 to 31 March 2003 the employer contribution was 8.35%. This rate increased to 13.5% from 1 April 2003. From January 2007 the employer contribution rate was revised to 14.1%. From 1 September 2015 the employer contribution rate was increased to 16.4%. From 1 September 2019 the employer contribution rate was increased to 23.7%.

Universities Superannuation Scheme (USS)

Significant accounting policies

The institution participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the institution therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the institution has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

Critical accounting judgements

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with the resulting expense in profit or loss in accordance with section 28 of FRS 102. The directors are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

60

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

The total cost charged to the profit and loss account is £1,123,923 (2021: £1,120,732), as shown in this note above.

Deficit recovery contributions due within one year for the institution are £339,418 (2021: £299,123)

The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2020 (the valuation date), and was carried out using the projected unit method.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2020 valuation was the sixth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £66.5 billion and the value of the scheme’s technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%.

The key financial assumptions used in the 2020 valuation are described below. More detail is set out in the Statement of Funding Principles (http://www.uss.co.uk/about-us/valuation-and-funding/statement-of-fundingprinciples).

2022

CPI assumption

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less:

1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long-term difference of 0.1% p.a. from 2040

Pension increases (subject CPI assumption plus 0.05% to a floor of 0%)

Discount rate (forward Fixed interest gilt yield curve plus: rates) Pre-retirement: 2.75% p.a. Post retirement: 1.00% p.a.

2021

% pa Discount rate 1 Pensionable salary growth n/a Pension increases (CPI) 3

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows:

2022 2021

Mortality base table 101% of S2PMA “light” for males Pre Retirement and 95% of S3PFA for females.

71% of AMC00 (duration 0) for males and 112% of AFC00 (duration 0) for females.

Post Retirement

97.6% of SAPS S1NMA “light” for males and 102.7% of RFV00 for females.

Future improvements to mortality

CMI 2019 with a smoothing parameter of 7.5, an initial addition of 0.5% p.a. and a longterm improvement rate of 1.8% pa for males and 1.6% pa for females

CMI_2017 with a smoothing parameter of 8.5 and a long term improvement rate of 1.8% pa for males and 1.6% pa for females

61

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

----- Start of picture text -----
2022 2021
Males currently aged 65 (years) 24 25
Females currently aged 65 (years) 26 26
Males currently aged 45 (years) 26 27
Females currently aged 45 (years) 27 28
The scheme assets and liabilities at the accounting year end are as follows
Scheme assets £66.5bn £63.7bn
Total scheme liabilities £80.6bn £67.3bn
FRS102 total scheme deficit £14.1bn £3.6bn
FRS102 total funding level 0.83 1
Movement in deficit during the year in USS scheme:
2022 2021
£'000 £'000
Scheme deficit as at 1 August (2,481) (2,739)
Service (cost)/credit (2,965) 278
Net interest on the defined liability (22) (20)
Scheme deficit as at 31 July (5,468) (2,481)
----- End of picture text -----

Disclosures in respect of the London Pension Fund Authority Scheme (LPFA)

This scheme, for administrative staff, is a defined benefit scheme and has been closed to new members since the merger of Trinity and Laban on 1 August 2005. The pension benefits for existing members continued to be provided under the LPFA scheme.

The latest formal triennial valuation was carried out by the scheme's actuary Barnet Waddingham as at 31 March 2019 using the projected unit method, with the valuation results taking into account changes to the scheme from 1 April 2017. The valuation showed (1) discount rate assumed at 1.35%; (2) pension increases assumed at 2.25% per annum; (3) salary increases assumed at 3.25% per annum; (4) value of total scheme liabilities as £6.7m; (5) value of notional assets as £5.2m; and (6) shortfall of £1.52m. The assets therefore were sufficient to cover 78% of the benefits which had accrued to members after allowing for expected future increases in earnings.

The major assumptions by the actuary in valuing liabilities as at 2022 and 2021 were:

2022 2021
% pa % pa
Discount rate 3 2
Expected pension increases (limited price indexation) 3 3
Inflation rate 3 3
Salary increases 4 4

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

assumed life expectations on retirement age 65 are:
2022 2021
Retiring today
Males 23 23
Females 24 24
Retiring in 20 years
Males 23 23
Females 26 26

62

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

The expected rate of return on the assets and the fair values of the assets of the LPFA scheme were as follows:

----- Start of picture text -----
2022 2021 2020 2019
Fair Value Fair Value Fair Value Fair Value
£'000 £'000 £'000 £'000
Equities 3,574 3,400 3,015 2,837
Alternative assets 1,281 1,055 888 774
Target return portfolio 1,367 1,326 1,249 1,323
Cash 76 239 337 275
Total market value of assets 6,298 6,020 5,489 5,209
Present value of scheme liabilities (5,936) (8,466) (8,218) (6,695)
- - -
Impact of asset ceiling (167)
Surplus/(Deficit) in the scheme 195 (2,446) (2,729) (1,486)
----- End of picture text -----

For accounting years after 1 January 2015, the expected rate of return and the interest cost was replaced by a single net interest cost, which will effectively set the expected return equal to the discount rate. Therefore, for 2022 this was 3.4% and 2021 this was 1.6%.

Amounts recognised in the consolidated statement of comprehensive income and expenditure (LPFA Scheme)

----- Start of picture text -----
2022 2021
£'000 £'000
Service cost (110) (78)
Employer contributions 22 35
Administration expenses (8) (7)
Net interest on the defined liability (39) (37)
Total actuarial gain 2,776 370
Total comprehensive income for the year 2,641 283
----- End of picture text -----

Movement in deficit during the year (LPFA scheme):

Scheme deficit as at 1 August
Service cost
Employer contributions
Administration expenses
Net interest on the defined liability
Total actuarial gain
Scheme surplus/(deficit) as at 31 July		 2022
2021
£'000
£'000
(2,446)
(2,729)
(110)
(78)
22
35
(8)
(7)
(39)
(37)
2,776
370
195
(2,446)

Trinity Laban is unable to recover the surplus on the LPFA Scheme either via a refund or reduced contributions. The surplus on the scheme has therefore not been recognised in the balance sheet.

63

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Disclosures in respect of the Trinity College of Music Pension and Assurance Scheme (TCMPA)

This scheme, for administrative staff, is a defined benefit scheme and with effect from 31 December 2001, has become a closed scheme. The pension benefits for administrative staff in respect of service from that date will be earned within the Universities Superannuation Scheme.

The latest actuarial valuation was carried out as at 31 July 2019 using the projected unit method. The actuarial valuation revealed a deficit of £512,000 in the value of the assets of the scheme of £10,388,000 compared to the actuarial liability of £10,900,000 for pension benefits. This represents a funding shortfall of 5%.

The major assumptions by the actuary in valuing liabilities at 2022 and 2021 were:

----- Start of picture text -----
2022 2021
% pa % pa
Discount rate 4 2
Expected pension increases (limited price indexation) 3 3
Inflation rate 3 3
----- End of picture text -----

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

----- Start of picture text -----
2022 2021
Retiring today
Males 23 23
Females 25 24
Retiring in 20 years
Males 25 24
Females 26 26
----- End of picture text -----

The expected rate of return on the assets and the fair values of the assets of the TCMPA scheme were as follows:

Bonds
Equities
Annuities
Cash
Total market value of assets
Present value of scheme liabilities
Surplus/(Deficit) in the scheme		 2022
2021
2020
2019
Fair Value
Fair Value
Fair Value
Fair Value
£'000
£'000
£'000
£'000
1,905
2,212
1,989
2,128
5,519
6,415
5,467
6,165
1,746
1,971
2,136
2,067
1,042
95
92
28
10,212
10,693
9,684
10,388
(8,990)
(11,266)
(12,285)
(10,900)
1,222
(573)
(2,601)
(512)

For accounting years after 1 January 2015, the expected rate of return and the interest cost was replaced by a single net interest cost, which effectively set the expected return equal to the discount rate. Therefore, for 2021 this was 3.55% and 2021 this was 1.70%.

64

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Analysis of the movement in the present value of the scheme liabilities (TCMPA scheme)

----- Start of picture text -----
2022 2021
£'000 £'000
Value of liabilities as at 1 August 11,266 12,285
Interest cost 189 174
Past service cost - 9
Actuarial losses/(gains) from experience 454 (39)
Actuarial gains from change in financial assumptions (2,523) (355)
Actuarial losses/(gains) from change in demographic assumptions 127 (129)
Change in value of secured pensioners (196) (68)
Benefits paid (327) (611)
Value of liabilities as at 31 July 8,990 11,266
----- End of picture text -----

Analysis of the movement in the present value of the scheme assets (TCMPA scheme)

Bid value of assets at 1 August
Expected return on assets
Actuarial (losses)/gains
Employer contributions (gross)
Change in value of secured pensioners
Benefits paid
Bid value of assets as at 31 July		 2022
2021
£'000
£'000
10,693
9,684
178
137
(247)
1,340
111
211
(196)
(68)
(327)
(611)
10,212
10,693

Amounts recognised in the consolidated statement of comprehensive income and expenditure (TCMPA scheme)

----- Start of picture text -----
2022 2021
£'000 £'000
Employer contributions 111 202
Net interest cost on the defined liability (11) (37)
Total actuarial gain 1,695 1,863
Total comprehensive income for the year 1,795 2,028
----- End of picture text -----

Movement in deficit during the year (TCMPA scheme):

----- Start of picture text -----
2022 2021
£'000 £'000
Scheme deficit as at 1 August (573) (2,601)
Employer contributions 111 202
- -
Administration expenses
Net interest cost on the defined liability (11) (37)
Total actuarial gain 1,695 1,863
Scheme surplus/(deficit) as at 31 July 1,222 (573)
----- End of picture text -----

Trinity Laban is unable to recover the surplus on the TCMPA Scheme either via a refund or reduced contributions. The surplus on the scheme has therefore not been recognised in the balance sheet.

65

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Consolidated Pension Schemes

Movement in deficit during the year:

----- Start of picture text -----
2022 2021
£'000 £'000
Scheme deficit as at 1 August (5,500) (8,069)
Service (expense)/credit (3,075) 200
Employer contributions 133 237
Administration expenses (8) (7)
Net interest on the defined liability (72) (94)
LPFA actuarial gain 2,776 370
-
Reduction in actuarial gain as surplus has not been recognised (195)
TCMPA actuarial gain 1,695 1,863
-
Reduction in actuarial gain as surplus has not been recognised (1,222)
Scheme deficit as at 31 July (5,468) (5,500)
----- End of picture text -----

66

US SUPPLEMENTARY SCHEDULE YEAR ENDED 31 JULY 2022

Supplementary schedule - Sterling £

This schedule has been compiled from the Section 2 Example Financial Statements included in the Federal Register/Vol. 84, No. 184 / Monday, September 23, 2019 / Rules and Regulations

Lines
Expendable Net Assets		 Lines
Expendable Net Assets		 Lines
Expendable Net Assets		 Lines
Expendable Net Assets		 Lines
Expendable Net Assets
24 Statement of Financial Position - Net assets without donor restrictions Net assets without donor restrictions 14,376
30 Statement of Financial Position - Net assets with donor restrictions Net assets with donor restrictions 13,007
4 Statement of Financial Position - Related party receivable and Related party note
disclosure		 Secured and Unsecured related party receivable 1,706
4 Statement of Financial Position - Related party receivable and Related party note
disclosure		 Unsecured related party receivable 1,706
8 Statement of Financial Position - Property, Plant and equipment, net Property, plant and equipment, net (includes Construction in
progress)		 33,419
FS Note line 8A Note of the Financial Statements - Statement of Financial Position - Property, plant
and equipment - pre-implementation		 Property, plant and equipment - pre-implementation 31,393
FS Note line 8B Note of the Financial Statements - Statement of Financial Position - Property, plant
and equipment - post-implementation with outstanding debt for original purchase		 Property, plant and equipment - post-implementation with
outstanding debt for original purchase		 -
FS Note line 8D Note of the Financial Statements - Statement of Financial Position - Property, plant
and equipment - post-implementation without outstanding debt for original purchase		 Property, plant and equipment - post-implementation without
outstanding debt for original purchase		 1,556
FS Note line 8C Note of the Financial Statements - Statement of Financial Position - Construction in
progress		 Construction in progress 470
9 Statement of Financial Position - Lease right-of-use assets, net Lease right-of-use asset, net -
Excluded Line 9 Note Leases Note of the Financial Statements - Statement of Financial Position - Lease right-of-
use asset pre-implementation		 Lease right-of-use asset pre-implementation -

67

US SUPPLEMENTARY SCHEDULE YEAR ENDED 31 JULY 2022 (CONTINUED)

M9 Note Leases Note of the Financial Statements - Statement of Financial Position - Lease right-of-
use asset post-implementation		 Lease right-of-use asset post-implementation -
10 Statement of Financial Position - Goodwill (and other intangibles) Intangible assets -
17 Statement of Financial Position - Post-employment and pension liabilities Post-employment and pension liabilities 5,468
14,20,22 Statement of Financial Position - Note Payable and Line of Credit for long-term
purposes (both current and long term) and Line of Credit for Construction in process		 Long-term debt - for long term purposes 406
M24,20,22, Note Debt A Statement of Financial Position - Note Payable and Line of Credit for long-term
purposes (both current and long term) and Line of Credit for Construction in process		 Long-term debt - for long term purposes pre-implementation 406
M24,20,22, Note Debt B Statement of Financial Position - Note Payable and Line of Credit for long-term
purposes (both current and long term) and Line of Credit for Construction in process		 Long-term debt - for long term purposes post-implementation -
M24,20,22, Note Debt C Statement of Financial Position - Note Payable and Line of Credit for long-term
purposes (both current and long term) and Line of Credit for Construction in process		 Line of Credit for Construction in process -
21 Statement of Financial Position - Lease right-of-use asset liability Lease right-of-use asset liability -
Excluded Line 21 Note
Leases		 Statement of Financial Position - Lease right-of-use asset liability pre-
implementation		 Pre-implementation right-of-use leases -
Line 21 Note Leases Statement of Financial Position - Lease right-of-use asset liability post-
implementation		 Post-implementation right-of-use leases -
25 Statement of Financial Position - Annuities Annuities with donor restrictions -
26 Statement of Financial Position - Term endowments Term endowments with donor restrictions -
27 Statement of Financial Position - Life Income Funds Life income funds with donor restrictions -

68

US SUPPLEMENTARY SCHEDULE YEAR ENDED 31 JULY 2022 (CONTINUED)

29 Statement of Financial Position - Perpetual Funds Net assets with donor restrictions: restricted in perpetuity 13,007
Total Expenses and Losses
43 Statement of Activites - Total Operating Expenses (Total from Statement of
Activities prior to adjustments)		 Total expenses without donor restrictions - taken directly from
Statement of Activities		 29,544
(35),45,46,47,48,49 Statement of Activites - Non-Operating (Investment return appropriated for
spending), Investments, net of annual spending gain (loss), Other components of net
periodic pension costs, Pension-related changes other than net periodic pension,
changes other than net periodic pension, Change in value of split-interest
agreements and Other gains (loss) - (Total from Statement of Activities prior to
adjustments)		 Non-Operating and Net Investment (loss) 2,937
-
(35),45 Statement of Activites - (Investment return appropriated for spending) and
Investments, net of annual spending, gain (loss)		 Net investment losses 117
47 Statement of Activities - Pension related changes other than periodic pension Pension-related changes other than net periodic costs -
Modified Net Assets
24 Statement of Financial Position - Net assets without donor restrictions Net assets without donor restrictions 14,376
30 Statement of Financial Position - total Net assets with donor restrictions Net assets with donor restrictions 13,007
10 Statement of Financial Position - Goodwill (and other intangibles) Intangible assets -
4 Statement of Financial Position - Related party receivable and Related party note
disclosure		 Secured and Unsecured related party receivable 1,706
4 Statement of Financial Position - Related party receivable and Related party note
disclosure		 Unsecured related party receivable 1,706

69

US SUPPLEMENTARY SCHEDULE YEAR ENDED 31 JULY 2022 (CONTINUED)

----- Start of picture text -----
Modified Assets
12 Statement of Financial Position - Total Assets Total Assets 51,064
Excluded Line 9 Note Leases Note of the Financial Statements - Statement of Financial Position - Lease right-of- Lease right-of-use asset pre-implementation -
use asset pre-implementation
Excluded Line 21 Note Statement of Financial Position - Lease right-of-use asset liability pre- Pre-implementation right-of-use leases -
Leases implementation
10 Statement of Financial Position - Goodwill (and other intangibles) Intangible assets -
4 Statement of Financial Position - Related party receivable and Related party note Secured and Unsecured related party receivable 1,706
disclosure
4 Statement of Financial Position - Related party receivable and Related party note Unsecured related party receivable 1,706
disclosure
Net Income Ratio
51 Statement of Activities - Change in Net Assets Without Donor Restrictions Change in Net Assets Without Donor Restrictions 349
38, (35), 50 Statement of Activities - (Net assets released from restriction), Total Operating Total Revenue and Gains 26,680
Revenue and Other Additions and Sale of Fixed Assets, gains (losses)
----- End of picture text -----

70

US SUPPLEMENTARY SCHEDULE YEAR ENDED 31 JULY 2021

Supplementary schedule - Sterling £

This schedule has been compiled from the Section 2 Example Financial Statements included in the Federal Register/Vol. 84, No. 184 / Monday, September 23, 2019 / Rules and Regulations

Lines
Expendable Net Assets		 Lines
Expendable Net Assets		 Lines
Expendable Net Assets		 Lines
Expendable Net Assets		 Lines
Expendable Net Assets
24 Statement of Financial Position - Net assets without donor restrictions Net assets without donor restrictions 14,027
30 Statement of Financial Position - Net assets with donor restrictions Net assets with donor restrictions 13,283
4 Statement of Financial Position - Related party receivable and Related party note
disclosure		 Secured and Unsecured related party receivable 1,728
4 Statement of Financial Position - Related party receivable and Related party note
disclosure		 Unsecured related party receivable 1,728
8 Statement of Financial Position - Property, Plant and equipment, net Property, plant and equipment, net (includes Construction in
progress)		 33,576
FS Note line 8A Note of the Financial Statements - Statement of Financial Position - Property, plant
and equipment - pre-implementation		 Property, plant and equipment - pre-implementation 32,367
FS Note line 8B Note of the Financial Statements - Statement of Financial Position - Property, plant
and equipment - post-implementation with outstanding debt for original purchase		 Property, plant and equipment - post-implementation with
outstanding debt for original purchase		 -
FS Note line 8D Note of the Financial Statements - Statement of Financial Position - Property, plant
and equipment - post-implementation without outstanding debt for original purchase		 Property, plant and equipment - post-implementation without
outstanding debt for original purchase		 1,143
FS Note line 8C Note of the Financial Statements - Statement of Financial Position - Construction in
progress		 Construction in progress 66
9 Statement of Financial Position - Lease right-of-use assets, net Lease right-of-use asset, net -
Excluded Line 9 Note Leases Note of the Financial Statements - Statement of Financial Position - Lease right-of-
use asset pre-implementation		 Lease right-of-use asset pre-implementation -

71

US SUPPLEMENTARY SCHEDULE YEAR ENDED 31 JULY 2021 (CONTINUED)

M9 Note Leases Note of the Financial Statements - Statement of Financial Position - Lease right-of-
use asset post-implementation		 Lease right-of-use asset post-implementation -
10 Statement of Financial Position - Goodwill Intangible assets -
17 Statement of Financial Position - Post-employment and pension liabilities Post-employment and pension liabilities 5,500
14,20,22 Statement of Financial Position - Note Payable and Line of Credit for long-term
purposes (both current and long term) and Line of Credit for Construction in process		 Long-term debt - for long term purposes 531
M24,20,22, Note Debt A Statement of Financial Position - Note Payable and Line of Credit for long-term
purposes (both current and long term) and Line of Credit for Construction in process		 Long-term debt - for long term purposes pre-implementation 531
M24,20,22, Note Debt B Statement of Financial Position - Note Payable and Line of Credit for long-term
purposes (both current and long term) and Line of Credit for Construction in process		 Long-term debt - for long term purposes post-implementation -
M24,20,22, Note Debt C Statement of Financial Position - Note Payable and Line of Credit for long-term
purposes (both current and long term) and Line of Credit for Construction in process		 Line of Credit for Construction in process -
21 Statement of Financial Position - Lease right-of-use asset liability Lease right-of-use asset liability -
Excluded Line 21 Note
Leases		 Statement of Financial Position - Lease right-of-use asset liability pre-
implementation		 Pre-implementation right-of-use leases -
Line 21 Note Leases Statement of Financial Position - Lease right-of-use asset liability post-
implementation		 Post-implementation right-of-use leases -
25 Statement of Financial Position - Annuities Annuities with donor restrictions -
26 Statement of Financial Position - Term endowments Term endowments with donor restrictions -
27 Statement of Financial Position - Life Income Funds Life income funds with donor restrictions -

72

US SUPPLEMENTARY SCHEDULE YEAR ENDED 31 JULY 2021 (CONTINUED)

29 Statement of Financial Position - Perpetual Funds Net assets with donor restrictions: restricted in perpetuity 13,283
Total Expenses and Losses
43 Statement of Activites - Total Operating Expenses (Total from Statement of
Activities prior to adjustments)		 Total expenses without donor restrictions - taken directly from
Statement of Activities		 26,275
(35),45,46,47,48,49 Statement of Activites - Non-Operating (Investment return appropriated for
spending), Investments, net of annual spending gain (loss), Other components of net
periodic pension costs, Pension-related changes other than net periodic pension,
changes other than net periodic pension, Change in value of split-interest
agreements and Other gains (loss) - (Total from Statement of Activities prior to
adjustments)		 Non-Operating and Net Investment (loss) 4,401
-
(35),45 Statement of Activites - (Investment return appropriated for spending) and
Investments, net of annual spending, gain (loss)		 Net investment losses 2,168
-
47 Statement of Activities - Pension related changes other than periodic pension Pension-related changes other than net periodic costs -
Modified Net Assets
24 Statement of Financial Position - Net assets without donor restrictions Net assets without donor restrictions 14,027
30 Statement of Financial Position - total Net assets with donor restrictions Net assets with donor restrictions 13,283
10 Statement of Financial Position - Goodwill Intangible assets -
4 Statement of Financial Position - Related party receivable and Related party note
disclosure		 Secured and Unsecured related party receivable 1,728
4 Statement of Financial Position - Related party receivable and Related party note
disclosure		 Unsecured related party receivable 1,728

73

US SUPPLEMENTARY SCHEDULE YEAR ENDED 31 JULY 2021 (CONTINUED)

----- Start of picture text -----
Modified Assets
12 Statement of Financial Position - Total Assets Total Assets 52,037
Excluded Line 9 Note Leases Note of the Financial Statements - Statement of Financial Position - Lease right-of- Lease right-of-use asset pre-implementation -
use asset pre-implementation
Excluded Line 21 Note Statement of Financial Position - Lease right-of-use asset liability pre- Pre-implementation right-of-use leases -
Leases implementation
10 Statement of Financial Position - Goodwill Intangible assets -
4 Statement of Financial Position - Related party receivable and Related party note Secured and Unsecured related party receivable 1,728
disclosure
4 Statement of Financial Position - Related party receivable and Related party note Unsecured related party receivable 1,728
disclosure
Net Income Ratio
51 Statement of Activities - Change in Net Assets Without Donor Restrictions Change in Net Assets Without Donor Restrictions 1,860
38, (35), 50 Statement of Activities - (Net assets released from restriction), Total Operating Total Revenue and Gains 26,801
Revenue and Other Additions and Sale of Fixed Assets, gains (losses)
----- End of picture text -----

74