Company Number. 2932622 Registered Charity NL¢mber 1040286 ELMHURST BALLET SCHOOL TRUST (A CHARITABLE COMPAMY UMITED BY GUARANTEE) FINANCIAL STATEME1￿5 FOR THE YEAR ENDED 31 AUGUST 2020 ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 August 2020 The Govemors present Iheirannual ￿[x)rtand thefinat￿lal ststements of Elmhufst Ba51etSchooiTwstforthe year$nded 31 August 2020 and confim that the latter comply wlh the Tequirements of the Cornpanies Act 2006. the Company's Memorandum and Articles of Association and the Charibes SORP IFRS1021. REFERENCE AND ADMINISTrATIVE DETAILS The School Is 8 charftatde company ino)rporated in 1994, wth Ihe liabilty of its 11￿)berS limSted to £1 each by guaranta&. Chatlty numbgr 1040286 Company numbw.. 2932622 Princlpal and Registered Office.. 249 Bristol Road. E(kJb3slon. BimiiNJham. B5 7UH Dlreetors The Govemors are appointed by the Board and are the Dire¢lors of the Company and the Trustees of the Charity. Those serving in the year and Since are 88 follows- D Hovrard (Chaimian until 10th June 2021} T J Abbotts R L Ash Iresigned 4 December 2019) M P Baldwin lapwinled 4 Jung 20201 J Bryson S Buuer P Chesterman S Evans J A Harris (Acting Chaimian from 10th June 2021) S Harrison (resigned 27 February 2020} 8 LaW￿nce (appointed 17 Novernber 2020) A L Matthews M Piper Iresigngd 15 November 2020) R Shields IresvJned 19 September 20191 D L Wallis M Wyon Key Executlves and Profe6$1<)n￿ Advis•rs Principal: J A Wheeler Director of Finan¢e and Operations: L J C8ddi¢k Bankers: Lloyd8 Bank plc. Qtws Square. WoWhampEon. PO Box 1000, BX1 1LT Allied Irish Banl 63 Temple Row. Bimiingham. B2 5LS Auditors.. RSM UKAudit LLP, Flvermead House. 7 Lews Court, Gmve pa￿ Leicester. LE19 ISD Investment Managers.. EFG Harris Allday. 33 Great ChaAès StreeL BinnirrfJham, B3 SJN STRUCTURE, GOVERNANCE AND MANAGEMEI Go￿rnIng Document The company is govem&J by its Mernorandum and Afiths ofAssotsakn. lasl amended on 8 March 21KJ5. Governlng Body The Directors, who are also r8quired undèrthekntirjes to seNe as membersoflhe Company, arp electeil ata lull Directors, Meeting on the bass of nominab.ons received from e￿sting Directo￿ con¢xrning eligibility. peisonal COM￿tence, speci8list skills and local availabilty. New Governors are inducted into ihevL)rknngsofth8Charityand theSch(KA, induding Board FK)Iicy and procedures, at an induction meeting vthich takes place prior to the first fijll Board Meeting. All Govemors are alpA) encouraged to attend appropriate trainiryJ and to serve on at19ast one of the School's yJM)mmittees. ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 August 2020 Group Structure and Relationships The charity is incofporated as a comp8ny limit8d by guarantee and its operdtions are govemed by its Mernorandum and Articles olAssociation. The Memorandum and Articles ofAssoci8tion itnpose resbictions overthe inoome and prO￿rtyofthe Company which are to b8 applied solely lovrards the promob'on ol the company's objects and not distribLrted by way of divtdend, bonijs or olhemse to the membws. The Mem1￿r,S lia￿lty on wnding up is limf(ed to £1. ElrnhurstEnt&rprises Limited, a tholty 0￿￿8d subsidiary. vrds formed in 2(K)28nd c0mmen￿dtradIry¢j￿ 1 September2004. Its resulis, assets and liatmltbes are consolmlated into these w>>)unts on a line by line ba￿s. Risk Management The BoaTd of GovemoTS of Elmhurst is ￿$[KIn￿b￿ for the manageffwbt of th$ iisks faced by the School in lin8 with the School's Risk Management Policy. Detailed considerations of risk are delegated to the Finance, F8¢ilities and General Purposes sub-committee ofthe main Board. are 8SSiSt8(I bythe Senior LeadershipTeam. Risksare identified, asse&sed and controls established for monitoring during the year. A fomal revsew of the charity's risk management prctesses is undertaken on an annual basis and 811 sUl￿MitteeS are requThl lo report 8nnu8lly on the management of the risk a&sooi81od with their part)'cular 8rea of govomance. The key contro18 used by the charity indude:_ Fornial agendas for all Board and sutrrcommitte8 actmty. Explicit Terms ol Refe￿nce for all sulTrcommiLtees". Cornprehensive planniThJ, budgeting and management accounting" Estsblisheil organisattonal structLwes and ￿ne5 of rew)rflThJ.' Forrnal writtèn polides.. Clear authorisation and approval levels- Clear stsff recruttment pcAicies, according lo best prnctice. forthe Protection of our students. Clearly, oh8cks and systems Can only prowde reasonable bul not absolute 8ssurance. Through the risk managernent processes initiated by Elmhur5t, however, Ihe Govemors a￿ sabsfjed th41t￿ majorrisks have been idgntifiad and measures tsken to approwiatety mibgatè the as necessary. The Govemors considerthe majorriskto bethe itnpaciofthe global finanaal mark8tand the un￿rtaIntieS around Bre￿ICOuld resultin changes to GovemmentfundiThJ rxjlicy and considerabtygreaterdrffi¢ulty in accessing privatsfundin9. ThoftAIowrfd-doss vorational dan￿ed1jCation through the provision of fvnded places. Th8 ontyway for studentsto enlerthe Schwl is by audition- this ensures that ialent alone giv8s access to the School. The govarnment4unded pl￿S a￿ supplemented by scholarships and bursaries from commerce and private donations. Addtb"onaI￿. pL4ces are offered atfullf$8s. provkled thatthe appli12ntis judgedto have th8 potential to su(x￿ as a dassi¢al ballet dancer. The Govern￿5¢0nflrn that. tothe bestofth8ir kr￿￿&(kae and bel￿f. they have complth th Section 17ofthe Charil>esAct 2011 in r8spect to haviro due regard to PutAÈc Benefit Guidan￿ published by the Charity Commission. AIMS AND INTENDED IMPACT ElmhuTSt Balletschool. in Association vthh Birmingham Royal Ballel. iscommitted lothe inrK>valive, worfsNeadiTrgeducation of talented, passionate and committed young ballet dancers. regardless of their finarKial drcumstances. The vision of ElmhuTrt Ballet Schtxjl is to shape the education aThY tr3inirvJ ofyouThJ dancer& Wework intemaltyto improve pracbce and with otherorganith"onsnationallyand Interri￿￿￿{￿$thed￿ce ￿tOrIO improv8th8oLrtcomo$tsyoung people engaged in danca training at this level. The 8chotsl alms to support S￿dents in for rKofeSs￿￿1 lrfe as a ¢Jancer and secure employrnent on graduation. It m8kes this pro*ision in dosts assoaation wth Bimiingham Roy81 Bal￿t Thè Itnks wlh the Cornpany devestsp year on year and there are opportunibtssfor all stsjdenls to eTrJagevth thecompany in s(xme vrny. Govemors and Slaff have worked hard to achieve rwnilon of the benefft the SchLW)I bringsto BlmilrwJham aThJ the West Midl8rKls' artislic profile. ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020 OBJEGTIVES FOR THE YEAR These objectives are set 0￿ In the Schwl Devekynent Plan 2017- 2022. Student Outcom Improve and sustaSn h￿3h level of ￿￿ent outcomes whiL* dorTh)nstrate progress. Dance 100VD of Graduates enter dance relateil erDployr¥Lont or futher da￿e related trainIn￿eduCation within 6 months of graduation. 80Vlo of Graduates enter dartce reLated eM￿0Y￿entvlthirt 6 rnonths of graluating IRollityJ 3 year average) 1tK)% Trinity Course Pass rale- Level 5 and L8vel 6 t*pEoma In￿ase the nurnber of stu(J9nts 8rthievtrKJ goc¥l or in their bal￿t appraisal outcome. Aca(l•mlc Academi¢.' 85% 5 4-9 at GCSE It￿UdIng Maths & E￿ish {Rdling 3 ygar avoragèl 350h 7-9 at GCSE 100% A-E at A Levd 65°/o A'_C al A Level Quallty of Teaching & Learning IOOQA of18ssons delivered at Elmhurst are goc*J orcthn(lirg. TaachlThJ is innovative, drfferentiated, demands high ext*tstions of ￿dents and is consistent in its delivery. Studenls are encouraged to lake ownership of their leamirrfJ. Quality of Students, Personal Development, Boarding. Health and WellbeSng Ensure the high8St standards of heatth. boardiro and wellbeing foT Students induding È reduetion in injury T8188. Further $lrength&n and develop links parents. Continue to develop a coordinated appro8th 10 8nsurv students. personal and professional devekTrpment. Quality of L•adership, Management and Governance Devek)p the Elmhurst brand and rdise the Sthool's localty. nationally and intern*ron81ty. Develop the Asso¢i*KH) Blmlngham Royal Balkl to improve thg offw to all students. Recruit, retaln and develop the hiqhest qualty stsff. Develop Leadership Capacity al all Levels. Recruit and retain the hvJh8St quality students to larg8t student numbers of 1W (main school) and 150 {Elfflhurst Young Dancers Programmel. Increase the proportion of students retain8118t the of eath key *. Ensufe the highest quality of Govgmance. To en8ure the continu8d fin8ndal security ofthe Schcd. Mayimise and devetop the School's cwjlstanding facili￿s. STRATEGIES TO ACHIEVE THE YEAR'S OBJEC￿vE5 Continue to developand emw the Llve. Dance. Leam strategyensuriThJ that1ndNK￿a]fy is nthtured knall ElmhuTrt students. Continue to focuson the qualtty of teathiru, leaMi￿ and &ss8Sgnantacross Ihe curriculwntoensurelhe hbJhestof standards are met. Use evidence based praclk8 and research to infonn our review of th$ ￿rriculuM and health and wellb&ing offer. Develop the use of asse58ment to hdp students rKogr8ss in all aspects of Sthool Itre. Embed Ihe Progress Leader roles to retsin and support Ihe audènls at each key stage. Develop the mentoring programs on offer to ensure students are well supportèd at each tsndtion point in their School lrfe and to ensur8 the Graduates have one to on8 SUPPOrt in their bid to sècur& employm&nL Ensuie that a go(wJ rdr¥Je of profssgonals wortt *ilh &udents on a rdnge of subjects both in and out of the studio and classroom to supw)rt stttdgnts understanding of the profession and their place Vrfithin rL Continue tr) embed selfthealth management strategies to suppyl th&'LNè' strategy supporting yourrfJ dan¢ers In being 8$ ￿althY as they can bB. Further the recnjilrnent strategy to inu8asè student numbers. Fosterstudentindependence and invol¥wnant7Mththe Strats9￿dI[eCtiOn ofthe School via the studenlleaders, and School councils. Refknt on and moniiorthe high quality t*)ardirwJ offerto ensure that tho SctrKx)t goes compliance. ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020 STRATEGIES TO ACHIEVE THE YEAR'S OBJECTIVES (continued) Embe15 the new Developmentteam to support811 recrufftnt and fundrai&ng activityto tr¥Jild a sustainable fund for student bursaries and to fijnd the margin of excellence. Ensure there isa comprehen&ve sile development pkn to ensure thatthtr ste is devdoped and maintained to hlgh standards. Royal Patron The School isfortunaEe to receive the patronage of HRH Thtr tXKhess ofcomwall. vtho. with HRH The Princg ofwales, first visited the scho￿ in September 2006. H8r Royal H¥Jhness has subsequenlty taken 8 great interest in the School and is a keen supporterof ils actiwties. ￿$￿n9 us agaln In December2009, November2014 and mtsst recenuy in January 2020. Th8 Principal has thoroughly ènjoyed the Royal engagements thatshe has attended atMI isdelighted bythe genuine enthusiasm and commitrnent to Elmhurst siudents demonstrated by Her Royal Highness. Patrons from the World of Classlcal Ballet The School benefit5 greally from the suprx)rt of Maina Gielgud.. AO, Dame Merfe Park: DBE. Slr Peter Wright, CBE, Carfos Acosta and Wayne MacGregor CBE who act as Vic&Presid8nts of ElmhursL This very puNic support from such eminent ballet experts has consolidated ElmhuTsI's place 85 one of the foremost vocational balset schools in the county. STRATEGIC REPORT Impact of thè Co¥id-19 Global Pandemlc In March 2020, along all other UK schools. ElmhuTrl c1058d in lin6 th Ihe UK Govemrnent's decision lo enler inlo a National Lockdown due to the Coronaviws pandemic. Thanks to the tremendous efforts of Elmhur* Staff, we were very quickly able lo launch our'Elmhurst@home' remote (eamirKJ prOVi￿On vknich continued for thè remainder ofthe acadamic year. Feeilbad( from students and parenls bfds very p)stttve. Fees forthe affected peri(M1 were discounted to help parents and this Wds funded by sawngs made on our cosl base whi18 thtr SC1K￿ was closed. While Elmhurst@Hom8 proveil 8xtremetysucce&8ful. many ofthe School's rKJrmal 8ctivibesw¢re affected bythe Pandem as we were unabl&to hdd fundralsing evenis, student perf0M￿n￿5, lellings or¢)ur restdential summer and Easter schools du8 to Gov8mment lockdown njles. We did ddiver a suc¢essfvl online Summer Sthool Progrdmme. D6spit8the challeroes faced bythe sthotsl duèto Covid-19. Inthe acadeMKyear2O1￿20 th9r8wAs notable gJcca&gforthe School and its students. Rgcrnltsnent and Retsntlon We aim lo increase student numbers over the (￿n1￿j years knthilst enwriThJ qualty of stsndards. During the 201￿20 academi¢ year prio¥ to the lockdown. lh8 Artisbo Director ts8velled overseas lo Japan and we also h8d an intemational presence atvarious events and compebbons in Malajsia, USA and Italy. We launched OUT nation81 audrfions programme for 2020 entry, travelling to London. Scotland and I￿LandwhICh ￿sUlted in offers being rnadeto studentsvtho maynotothtrrw5e have auditsoned forth8 schod. aswell as a greaternational prese￿. Our RecruitmentarKI Retenbon Straw indudes open days and experience days to help prospeclive students urNJerstsrKI the r￿UIrementS at audition and these have proved extremgty wpular. EMplo￿nI Su¢¢ Intemational employment offers forstudents graduating in 2020 ￿gnIfican0Y affecte(Ibyth8P8ndgmic, reSu￿r￿j in mary auditions being cancelled and contracts pOst[￿ed orwthdrawn. 5 out ofthe 11 grJdu8ting students recelved employment offers in the St819 Opera Rousse Ballet in Bubaria. the Teatrul de Balet tn Rornania. the Theatre Olomouc in the Czech Republic, Ballet CYMDJ and the Arts Ballet Theatre in Florida, the18st of was unable to be awjted due lo delays in procossing olthe US Visa. 1 siudent successfultygraduatgd into Oxford 8rnoks Universty and the remaining students were 8¢¢8Pt6d onto the EImhu￿I Ballet S¢*ool Graduate Hwmant Prr8ramme. Elmhurst Ballot Company In September 2018 the School launched Elmhursl Ballet Company for the Yèar 14 cufficulum. The programme includes worknng ￿th professional choTeogTapheFsto stsge works, touring 8 rwramme ofdance to London, leading on outrexh into lo¢al slate schools, mentoring by a strnior rTr8mbtrr of staff. taknng company class ￿1th SludK) Wayne McGregor and Bimiingham Royal Bal￿t arKI a rn￿k audibon5 pr[￿ramMe. This initiativewas instuated IosuFWQrt students in preparing for professional Itfe 88 dancer¥. The feefjback from Year l and 2 was excellent, students TgPOrt8d that they felt better pwared forworking with dire¢trJfS and chorecgtapheTsthTwJh thesreyr1￿Ces of the wofessional arbsts engaged by the scho￿. ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020 Artlstl¢ Perfomiances The year 2019120 was unfortunately inlerrupted by the nalional I(￿k￿(W resulting in the ￿nce1&110n of many perfom)ance opportunities, includirKJ theannual Surnrnershows. Ho￿tve[, the Winniry oftheac*mlcyearproMd￿ manypthmian¢e opportunities acrossthe sch(KJl induding the annual sharing ofwork. solos ￿)mpe￿tiOn, (kneLgraphic cixnp8tsbon asw611 as both inlemal and exigmal profile-raising events such as a 5(Ml club event in conjunction Loki Wines ent￿ed'Ar0Und the Worfd in 5 dances,, a TASBE {l¢)¢al Arts Soctetyl evenL the fhiistmas Crackerf and a speual perfwnance for Her Royal Highness the Duchess of Comwall. ElmhuTSt Ballet Company were 8eWeLI to perfomi at thè BartXC8n Theatre in Lonthn u) the Roal¢J Dahl ve￿On of Snow White alongside Ihe London Schools. SyTnphony Orchestra. Th8 ¢kneography ￿ds Crea￿ espeixally for the sbjdenls by Marf( BaldW￿n with costumos designed by Tom Rand. A number of students also enjoyed the opportunty to tOLtr nalhjnalty Bim)Ingh8m Roy81 Ballet on three separate productions. In February2020thè second ¢ohort of ElmhurstBall8t Company celebrdted ils perfomwn¢98 of 'Synergl in 8inniThJham and London which showcased their diverse talents and offered them an insighl into lil8 as a professional touriw company. bridging the gap between stuilent life and the danc8 industy. The programme induded a combination of innovative contemporaryand Jazz works such as Multivoxby Studiowayne McGwor, student(*K)rwgraphyand excerptsfromlgading classical repertoir8 including Dam8 Ninette de Val(HS' Checkmate, sIrFre￿iCkA$h1on,8Tv￿IleduM and Tweedladee, Sii Oavid BinUey's Takè 5. and Sir Peter Wright's sle6p1r￿ B88vty. Outstandlng Academlc Rèsults Elrnhurst admits sluden(s solely on th8 basis of abiltty and polen￿31 in dasscal ballet- a￿1 is therefore not acadernically selective. Nevertheless, the School conts.nues to achieve excellent academic results. Elmhurst continues to offer a full, enriching and relevaTrt acadernic curriujlum in ￿th L(r￿8T School and Upper Scho￿, being committed to the nob.on that thinking dancers make better dancers. The School is also awawe that students need to have a gtxxl academic groundlng in preparation for life b8yond danciThJ. vthat$vtrr that irwolves them doing. A W￿de Wdriety of option subjects are 8vailable at GCSE level and all students take part in Enrichment sud) as. financ￿1 avdreness. study skllls, ¢rdfts & sewng, gardenlng as wèll as many other options. Examlnalionshwr8 ￿ncelle￿I in Summer2020 as dire(#￿1 bythe UK G0Vemmentar￿ *pre replacedwthteachercakulated grades. Lowor School Acadernlc Results 2020 In 2020, 22 Year 11 students 8warded re5uts in 165 GCSE examinalions (an avuage of 0￿r 7.5 perstudentl. 55% of all GCSE enlrieswere avrdrded grades7-9 and 95% ofstudentS9an￿ ormore GCSEslincludlng English and Malhslat grados 4-9. GCSEfiGCSE Data .￿ Entries awarded 9- 7 Vo Entries awarded 9- 4 Vo StLtdents obtainiru 5+ 9 rades Vo Students obtaining 5+ 9 rades Incj￿￿1n Malhs and En Cohort Size Average number of GCSE entries per student 2020 2019 32 95 91 2018 51 2017 201 rades 91 11JO 87 87 95 li$h 24 82 21 23 19 9.05 ELMHURST BALL￿ SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020 Upper School Acad•mic Results 2020 Sixth ForTll students at ElmhurststudyforALevels aloTrJsidetheir(1gmarKlry d8nr8 trwniryJ schedu￿. AtA Level lasty63r, there was a pass rdte of 100%. consistsnt the prevwus I￿￿ years. A Lèvèl Data % Entries awarded A'£ rades % Entries awarded A"_E rades Cohort size ear rollin 2020 89 100 2019 2018 85 100 19 74 2017 76 97 19 72 2016 62 100 22 74 100 ave 79 74 EPQ continues to growaryj perfomi verywell. In 19120th￿e wtree￿hlentr1es. all achieviro very high grddesbwthfNe atA'. three at A and a B was awarded tr> an intemational st￿ent ￿presenting a S￿anificant achievement. In thalrfjnal year oftraining. graduate students attain 8 level srK orlevel 5 Diploma in Professional Dance validated byTrinity College. All students ￿Ere ent8red ft>rthese qualtficAtions in 2019120 passed and were award&J their diplomas. Health & Wgllbolng Stratsgy Our bespoke Health and Wellbeing Strategy for (JarK8rs continu&s to develop year on year. SbJdents a￿ well served wth ourcomprehensrv8 range ofseTrices indudirKJ: a wistered children's nurse. a mental heatth nurse. specialist diet and nutrition 8dvKe, Neuro Ling4tistic Programming INLPI. speualist physiotherdpy provision, sport8 massage. dance psychokngy and rehabilitati￿ swvices. Over the past Nvo years we have been developing a [￿W sp8oalist health and *£lIb￿Tra curriculum in partnership wilh On6 Dan￿ UK, this programme was launcw in SePtemi￿r 2020. Ourlnnovative Young Perforniers Heallh Trust ¢ontinuesto prosper. albwng usto brfThJ furtherhealth and wellbeing servk&s online. such as rnore in-depth dance psychology an(J enhanced ph￿OtherapY prr)vision. Oihervocational schools are now follovAng in our footsteps by adopting cwrTnJst m(Klel. The Sch(￿ beneffits from a frtness Suite indudes an eEite training Iw3' dasses are regulatlyllmetabled into th1$ space. Having workedwith us snce Septernber2015, and rewrtty iwi awarded his PhD. ourSt¢ength and Conditioning Coad) Dr Nico Kolokythas has conducted s￿JnifiCantlesearch on oursludents190kn.ng al injury pr8vention, loading, and danco str8ngth. This rèsearch has been used to infomi the trainlry we pThide in changing the warrn-up roub.nes and length ofballet class of our students. Further developments in recent years include the intr(Klu(*on of rtewpr01￿lsto prepa￿ studentst(>jump.This Work 1$ increasingly seen as Sgnificant across the sector and forms a central part of danc8 tr8ining prowdon., Elmhur31 has nowchosen to extend the prr¥Jramme into holiday3 sothat students retsin fitness levels arKI thernforg reduc4tha riskofinjury al the start of a ngwtem. Early &gns are that this is wefdirKJ very pleasiro resutts. Outreach and Partngrshlp$ Enjoyment of. and partkipation in balleL is in daTrJer of beoJrywThJ the preserve of thg MP8tthy. as arts aduc3tion is increasingly èroded in slate sector schools. We are passionate atrjwl our 8rL Every year, we work three stsle sector 8chools, lo inspire an Inte￿$1 in balletamotYJst young audiencesvtho mayr￿verhave ¢x¥wdered bajlelasa leisuTeactMtyor as a career, and to brirYJ them new and diverse experien￿. Due to the COVID-19 pandgmic most of the Sch￿I,S oulreach ¥￿rk had to be on hold for the majority of 2019120. However prior to the lockdown we ￿Pre ddight8d to ￿￿)rk wth a total of 381 young people from I(￿1 state sector primary aThJ secondary schools, vthere member5 of our Student Baljet Company d￿1ve￿ a demonstration of neo-dassical repertoire, fdlowed by a prdctic81 Mt)rkshop. ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020 FUTURE PLANS It is important for Elmhurst to maintain 8 high qualty ballet training offeroutsKle of London as an Important part ofthe UK'8 dan¢e $cology. With continued govemmenl funding and support from key pather organisations Elmhurst wll oonlinue to thrive. As an organisation we are amb￿oU$3nd ho￿t0 securefvrtherHnprovementthroughfwusng on three crucial strands.. Talent Identific*ion & Dlverslty Identifying talented young p80ple from diverse backgrnunijsthrough a targeted nafjonal and 4ntsTnational audition8 progrdmme tojoin the school. High Stsndards of Provlsion Focu&ng ￿ best Wdctice in Ihe siudio in ￿ler to further raise standanls throtNJh(Krt the training phasè. EMPlo￿￿￿t Outcomes for Students Improving the employabiltty of sttjdents aThJ the jobs that are 5￿Jre￿ on graduation as a r&w FINANCIAL REWEWAND RESULTS FOR THE YEAR The statamgntof financial acti￿￿8$ isselouton page 13 arvj showstotal income of £4,893.025{2019". £5.03(1.501lvthich ss a decrease of 2.70A compared wth the prior year. Sd)otsl fee irKome decreased by £219.239 to £3,635,9W2 due to fe&s bei discounted during the summertèm Cowd lock(*M period. Donalionsirwme incwsed tr)£144,18712019: £71,918) d￿t0 incr8ased 8pplicat.ons to Trusts and Foundations. Granis receivabl8 inttpa8ed to £624.987 {2019.' £354.7141 due to Government Support provided through the GFRS. Thè School's nel expenditure befo￿ gains on inveslments of £101.64512019.' £15.8201 was satisfactory In the current economic eJimat¢. Both Income and ExpendrtU￿ derx8aseil over the year. krgety linked lo the impact of the Pandemic on School operations. The School continues lo strivè to inttèase sludent numbers vthilst maintsining control of costs. Our trading subsidiary continues to hire cNJt Elmhur5t Schod facslitses duriTh3 Va￿tionS and ￿eekends, althowJh this was significanuy impacted bythè Pandefflic in 2019120. AoThJ vrith tts Lx>mmeraal adwitre& wthinlhtrGn)up8nd extemalty, tt h8s contribute(1 £3,864 {2019.' £31,520) to the Sch¢xA. Fundralslng statem•nt Income generated through fundr3t￿ng is important tr) the PAJstsinabilty of Elmhurst Ballet Sch(K)l. We generate voluntary incorne from individual donors, compani8s. trusts and foundations arHY from ststulory bLhJies and we a￿ extre￿￿gratefUl to all fortheir support. We use a nLtmber of dtffer8nl thannels to communicate1￿1h ourdonors, i￿lUdIr￿ mail, email, face-tO- face fundraising. online giwng and social media. Durin9 the yearwe engaged on8 profgs&onalfvndraiseron a p3rt4iMe￿￿tr8rt￿ bas￿￿ additlonal administrative wpwrt w8s prowded by an assistsntemployed wthin ourOevelopmentTeam. We rety on the generosityofvolunteèrslo supportour fundraisng efforts. Ovrfvndraising strategy3ndtsr9etswere managed day40-daybywrDevelopment thrector. Subsequent to year end this contract has entsj and have now ern￿oyed a fvll lime Fundraisirw officerto take on this rob. We adhere lo Ihe InstitLtte of FurMlr4isng 1reating donors fairv guidance during ournext finanual year, vRwill register with the Fundraising Regulator. induding the Fundrdising Preferen￿ Sthice. affirning ourcompliancevthh the Fundraising Regulatorcode of Fundraising Practrce. We do not cold4311 orcol&mail the public. 1K)rdo￿t put undue pressure on people to donate. We continue to comply wth all legislative and reguLatorywuirern9nts and ensurethatOurO#igS,￿M￿1￿Sand prrw8es are revie￿*d and updated r8gulady arKI that ￿ L￿pty fulty GDPR. As a school. we tske safeguafdiro and the proteclion of vulnerable people very seriousty and all ofour standard training for new stsrters and for r8fresher trdining indudes infonnation on safeguarding and protecting vulnerable people. Volunteers fvndrdiSiThJ on OLtr behaw m￿ltored at regdar meetiThJs. We ar8 pleased to repDrtth3t￿ have notrpceived any complainls warding ourfvndraising prth during th8 yearended 31 August 2020. ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020 FUNDRAISING PERFORMANCE Donatl<)ns Donations increased in the year from £71.918 to £144.187. ThL8 was mainty due to increased applications lo Tru8ts and Foundations for txjrsary support for our students. SOO Club In 2019120 we continued lo promots 8fKI d8velop tha Elmhur5t Ballet Sclx)01 Club. vknere businesses sign upto support Elmhursl ata costof£500 perannum and in exchange a￿ invited to attend a numberofVIP neiworking events atlhe schod. This has provsd highly successful and although we were unable to hold any events durir¥J th8 lockdown ar8 looking fO￿ard to Inv￿.ng members bad( inlo schcrfjl as soon as we are alAe to do 80. TN8ts and Foundations We are very grateful fort￿￿nding receNed or pledged bYgrant-Maki￿J trusts and foundationstowdrijs bufS8ry8UPPOrtfor the studtrnts who have been identified as striiggling wth the wslsoftheirdanc8training. During 2019120 ￿ewere successful in a number of funding applications to gr8nl-maknng twsts and four￿8t￿n$ to support a tsngÈ of projects, including., student bursaries, choreography, Elmhursl Young Dancèrs Pr(¥Jramm$ and outreach activitses and perfoThances. We continue to research and apply lo grant-ma￿Thj orgaThisations to irwse Ouf effectiveness in this area. Thg Govemors, Staff and StL#lenls v•)uld like to thank everycffie has suptK)rt8d th• Schod during 2019120. LETTINGS Lottings ofthe school'Sdan￿ and conferenc¥ facilities. laryelyduring vacations provided an addtbon to mainstream rèvènu0 of £23,57212019'. £98,114). Most leltin9stske place in Eastsrand SurrunBrholidays so incomewassignificanllyimp￿ted by the pandemic and asso¢t8led k￿kdo￿1. KEY MANAGEMENT PERSONNEL The Governors considerthe Board of Govemorsand the sen￿Lea[sershIpTeaM comprise the key man￿jement peT80nnel f tho ¢harfty. All Govemors give of their time freely and no GOVerrH￿ re¢xwJ remun8ratitsn in tha year. The pay of the Senior Leaders is revie￿ed annually and norrnally irwea8ed * the samè rate as pay in¢￿aseS gsven to other staff. RESERVES At31 August2020, the School had £898,773{2019.. £767,972loffrg9 r95gNes pIu5£2.6m {2019: £2.6ml h*ntified forlongar tem investment. It remainsthe Governors. FX)licyto a¢¢umulate a general reserve equwalentto up to ￿)tern1'S njnning costs as an adequate level of workiThJ ¢aiMtal. Basad on cunBnt Iwds of eXF￿nd1[￿re. this would equate lo appr0￿matelY £3,330,00012019= £3.364.0(M)i. The School hastwo desun*8d r￿r¥8$. The de*gnated 12tNtal ￿Tve ￿presents the net book walue ofthe leasehold land and bu1￿1[￿￿. This will ￿ released over the useful econcrtmic lrfe of the land and buildings. The design*gd rep8irs reserve represents monies setaside for major repairsto thefabricof the buikjing. This￿711 I￿e￿9nd￿ in 8¢¢orrlancevAtt) th8 repairs 8nd malntanance programme. GOING CONCERN SiJbsequ8nt lo the year end in January 2021. along all other UK xhcK)5s. Elmhurst dosed due to the &)vemrnenl'8 response lo the second wave of Ihe Coronawrus panilemic and return￿1 to our 'Elmhurst@home" remot6 188ming provision until March 2021. Feedbackfrom students and pa￿ntswas ￿¢¢ again Very￿tsve. Feesfortheaffecied periThY have been discounted to help parents and this has patty funded by savings madè on our cost base vknile school was dosed. From 8 financial perspective. Lwjrcash position remainsstroThJ {12,245.782 induding shortlenn deposits asat 14Juty2021). Whilethe school will lose income onc% again in th82020f21 acadernic yearfrom ¢an¢ell8d events and ￿tbrIJs.￿h8va boen able to redu￿ our cost base in or(ler to minimise the ov8rall impact On (Mjf budget. Lookingforw8rdto thè next 12 months. we are delighted thatourGovemmentfiJndingfrorn the MDS and DaDAgKhemes has been confimed forthe academic year 2021122. In addib'on. our student recruitment process has been extremewsuccesstjl 8nd w9 look forward to wekomirrfJ healthy siudent numters to Elmhulst for Ihe new a¢adgmi¢ ygar. On this basis the Governors are Satisfi￿1 thal it rgmains aptwri819 lo draw up the accounls forthe year ended 31 August 2021 on the golng basis. ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020 INVESTMENT POLICY The School has pre￿o￿$1Y pla￿d all donations to the ￿d0*￿ent fund on deposit vthh M & G Charitund the aim of lunding future scholarships. The School's current Investment policy has been in place since 2014. The Sthool seeksto pmduce the bestfinancial retum thin an acceptable level of risk. £2.5m has been passedto a professional investment managerand isfvlly invested and has been treated as lorrfJerterm investrnenls. The Mandate is fora b818nce bet￿pen capitsl and income on 8 rngdiurn lo high risk basis over 8 len yearlime horizon. The k>ss on revaluation of £187.286 is linked lo the corona￿ruS pandemic and 18 broadly in line with th8 relpvant private investor indices provided by the WMA but ￿nIfiCan￿Y ahead of the FTSE 100. Any available cash held bythe sch￿ which is unliketyto required wthin a couple of rnonth5 is{￿ shorttemi dgposf(wth Lloyd8 bank. AUDITORS RSM UK Audit LLP hav8irxliixt8d th￿r￿1111r@ne￿to rEapw￿l￿1￿2rthlermand 8[¥)rI)￿le arrangementshav8 b8en put in place fr*thom to ￿ de￿erf marvclnted as auditrxs in the atmnrA ofan Annual General MeetiTrJ. STATEMENT OF GOVERNORS. RESPONSIBILfflES The Governors Iwho are also directors of Elrnhursl Ballgl S(*(K)l Trust forthg purposes of cornpany lawl a￿ responsible for preparing the Roport of the Governors and the finan(ial statements in accordance appjieable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Practice}. Company law r8quiresthe Govemorsto prepare financial statemenlsfrjreach finanual yearvthich give a true and fair￿7@Wof the stale of affalrs of the charitable company and the group and of the incomirKJ ￿sOurceS and application of resources. Induding the income and expenditure, of the charItab￿ gioup for that period. In weparing Ihese financial statements, the Govemors are required to.. Select suitable accounting pdicies and then appty them o)nsistenty'. Observe the m8lh(Kls and prin(iples in the Charities SORP. Makejudgments and estimates that are rea￿able and pnJdenL' Prep3retheffinan￿aI statements on the g￿ng Conc￿ ￿s￿nIeSS itis inappropriate to presumelhalthecharitable company will continue in busin8SS. Th8 Govemorsaro rèspMsitA8 forkeeplng rKoperaccounlTrJ T￿OrdStha1 disdosevAth reasonable accuracyatanyilmgtt financial position of the charitable company and enab￿ them to ensure Ihat the financial statements comply ¥Mth th6 Companies Act 2006. They are also responsble for safwJuardirrfJ Ihe assets of the charitsble company and Ihe group and hence for laking reason8tAe steps for the prevention an(J de￿tiOn of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATK)N TO AUDrroRS The Govemors who were in office on the dale of approv81 ofthese financial stslements have confirmed, as far as they are aware, that there is no relevant audtt informatitin ofwhith the audttors are unawart. Ea¢h of tho Govemors havfj confimied that they have tskèn all the steps that they ought to have laken as Govemors In order to make thèmselves awa￿ of any relevant 8udti infomation and to establish that it has been communicated to the auditor. The Report ofthe Govemors is approve(I by order ofthe Board of Govemof5 and the Strdlegic Report linduded Ihereinl is approved bythg Board OfG0verr￿rs ift th8ir¢ap8(ity as ths directors al a meeling on 14th Juty20218nd $ign8(l on its b8ha by.. D Howard Gh84mian of Govemors {for a￿deMIC year 2019r20) Elmhurst Ballet School Tnjst 249 Bristol Road Edgba8lon Birmingham B5 7UH 14 July 2021 10 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ELMHURST BALLET SCHOOL TRUST Oplnion We have audited thefin8nci81 stslements OfElmhurstBal￿tS￿ool Trustlthe'parentchaiilabk companll and Its sub&di8ry {th8 'group'l for the year endéd 31 August 2020, ¥thioh comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated and Chartty Staternents ofcash FIowEand rK)testothefinancial statements, including a summary ofs¥Jn¢ficant accounting policies. The finarrial re[K)rb.r￿trameththathaS ￿en applied in their preparation is applicable law8nd United Kingdom AccountirKJ Stsndards. incltyJ¢rKJ FRS 102"The Financial Reporbng Standard applicablè in the UK 8nd Rtrpublic of Ireland" {Unit8(l Kingdom Generally Accepted Acuunting Practice). In our opin*)n the ffinancAal statemenls.. give a true and fair view of the state of the group's and the parent charitable companrfs affairs as al 31 August 2020 and oflhe group's inwming resources and applution ol reSoUr￿s, induding its income and expenditure, for thg y98r then ended; hove been properfy prepared in accordarKe ￿￿th United Kingdom Generally Accepted Accjjunting Practice.. and havo b88n pr8par8(l in accordance th8 requirements ofthe Companies Act 2006. Basis for opinion We conducted our audf( in accordan￿ wth Intemational Standards on AuditirKJ IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Audiiorfs responsibilities for the audil of the finan￿al 5t8lemonts sèction of our report. Wè are indgp8ndenl of the group and parerst charitable company in accordan￿ wth the ethical requirements that a￿ relevantto ouraudtiof the finan(aal stat8rn8nts in the UK, includin9 the FRC'S Eth&ral Standard and we have fij￿lled our other ethical ￿SponSibl11t1eS in accordance these requ1￿mentS. We belleve that the audit evidence we have obtsined is sufficient and appropriate to provth a basis tortyjr o￿nth. Concluslons reladng to golng concem We have nothing to report in respect of the followng matt8rs in rdation to 7Athith ￿ ISAS IUKI require us to report to you where: the Iru81888' LK88 of the going corKem basis of accryjnting in the preparat*)n of the financial ststements 18 not appropriat8- or the trustees have not disclosed in the finan(xal ststements any identifieil rn8lerial uncertainties that may cast significant doubt atrMYJt the group's or parenl charrtablè companrfs ability to ￿ntinue to adopt thg going concem basis ofaccounting fora period ofat leaSiM￿Ye monthsfrom the date then the finanual ststements arewthorised for issue. other information The tTUStees are responsiblefortheotherinf0m￿tioTr. ThèotherSnfrMation cfflyls6sth8 InfrKnth Indudad lftth8Ann￿1 Report otherthanthe fin8nci81 statements and ourauditorfs report thereon. Our opinion on the financial statements does not cover tha other infomiation and. tsx¢wl to the exlent otherwise expli¢Jty stated in our report. we do not express any forrn of assurance conclusion thereon. In connection wth our audit ofthe finanaal statements. our ￿spon￿bilIty is to read the other inf0m￿tiOn and. in doing so, consdeTwhelherthe other information is m818rially incy)rwstentV+ith thefina￿I8JstateMentsoroUrkn￿￿edgeObtalned in the audit or oth8Th*ise app8ars to ￿ materially mtsstsle(l. If TrAp identify svch rnalerial inconsistencies OT apparent materi81 misstatements, weare required to detemInewhelherthe￿ isa material rni5&atw￿￿nlhe finan￿81 statementsora material misststement of Ihe other infom)ation. If. based on the have perf0M￿d. we conclud& that thero is a material misstatement ofthis other infomwtion. ￿ are rewired to rewt that facL We have nothiThJ to wrt in this regar(l. Oplnlons on other matters prescrtbed byth• Con¥)ani•s Ad 2006 In our oplnlon. based on the work undertaken in Ihe ofthe audL" the infomation given in th& Report ofth$ Govomtys, wh￿h indu(Jesthe Direct￿5, Report and the Strategic Rewrt prepa￿d for the purposes ofcompany LAW, lorlhe finarri81 yearformthith th9 finanixal stat9m8nts arB prepa￿d is consistent with the financial statements", and the Directors, Report and the Strategic Report induded wthin thB ReFxxI ofth& Govemots hav& baen prepa￿d in accordance wtth applicable legal requirements. 11 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ELMHURST BALLET SCHOOL TRUST (continued) Mattors on whlch we are requlred to r¢port by èxc•ptlon In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit. we have not idenlifie(J material misstatements in the Directors, Rèport or thg Strategic Report included within the Rtrport of the Govemors. We havo nolhlng to in respect of the follown9 matterswhere tt19 CompaniesAct2006 requires usto report lo you if, in our opinion.. adequale accounting records havtr not bofjn k8pt byth6 parent charitable company, OT retums adequate lor our audit have not been received from branches not visited by us,. or the parent charitable company financial statements are not in ag￿ement￿1th the accounting records and relums.. or certain disclosures of Iru5tees' remuneration specified by law are not Made., or we have not Teceived all the Infomation and explanatsons we require for our audit. Responslbllltles of tru$tso$ As explained MO￿ fully in th8 Slaletnent of Trustees. responsibilities set out on page 10, the trustees Iwho are also th8 d1￿ctOrS of the charitable company for the purptsses of company lawl are re8ponsiblg for the prepardlion of the financial statements and for being satisfied Ihatthey give a true and fairview, and forsuch intemal control as the Irusteesdeternine is necessary to enable the prepardtion of financi81 stsl8m¢nts Ihatare freefrom material misstatement, whelhordue lofraud or error. In preparing thtrfinancial statements, the trustees are responsibleforass8ssing th8 group's and parentchariiable companys ability lo eontinue as a going concem, dis¢105ing, as applicable, matters related to going concem and U￿rvjthe g(Nng concem basis of accounting unless the trustees either intend to Ilquldate Ihe group or parent charil8b18 company or to ce889 operations. or have no realistic altemative but to do so. Audltor's responslbllltlgs for the audit of thè financial stattsments Our objectives are lo obtain reasonable ossurance about whetherthe financial statements a8 a wholo are free from m8tsrial misstalement. wheth8rdug lo fraud orerror, and to issue an auditorfs report th8t includes ouropirlion. Reasonable assuranc8 is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAslUKlwll a￿ayS detecta m819ri81 misstatement when ilexists. Misstslements can ari58 from fraud orerrorand are considered rraterial if, ind￿lduallY or in thè aggregate, they could reasonably be 8xpected to inlluence the economic decisions of u8er8tsken ()nthe basisofth&8e financial ststements. A fijrther description of our responsibilits'es ft>r the audit of the finandal statements is provsded on the Fin8n¢ial Reporting Coundl's website al htt ..11￿.frc.O .ukl uditorsra onsibilities. This description fomis part of our audiitirfs report. U¥tr of our rèport This report is rll8d8 soldy to the charitsble company's members, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undgrtakgn so that we might state to the charitable company's members those matters we are required to stale lo Ih8m in an auditorfs reportand for no other purpose. Tothefullestextenl pemiitted by law, we do not accept oras8ume ￿spOnSibl11fy to anyone otherthan the charitable ¢ompany8nd the charitable company's members a8 8 b(Kly, for our audll work, for this report, or for the opinions we h8ve fomiad. LSM UK I,1,6 LLF GARETH JONES (Senior Statutory Auditor) For and on behalf ol RSM UK AUDIT LLP, Stslulory Auditor Chartered Accountants Rivermead Hous8 7 Lewis Court Grove P8rk Leicest8r Leieestershlre LE19 1SD Date 3010712021 12 ELMHURST BALLET ￿HooL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTivrrEES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 August 2020 Unrestrlcted Restriciod Endowment Funds Funds Fund 2020 Total 2019 Total INCOME FROM: Donations •nd fog8Ci¢ts: tbnalions Charltable acllvltles: School fees recelvable Syllabus dasses income Summer School fees Grants reoeivable Coronavirus Job Relention Sth8m8 Other tradlng activi￿88. School shows income Rents and lettings Other income Investments 32.477 111.710 144,187 71,918 3,635,992 94.005 17.308 367.583 257.404 3.635.992 94,DOS 17,308 367.583 257.404 3,85S,231 124,953 129,003 354.714 7.403 23.572 221,523 108,483 7,403 23,572 221.523 124.047 31,039 98,114 243,155 122,374 15,564 Total income 4.765.750 111,710 15.564 4.893.024 5,030,501 EXPENDITURE OM: Ralslng funds 11.S)9 11.509 40.063 Charltable act[￿tIeS School oparating costs 4,895,061 88.11KJ 4.983.161 5,006.258 Total •xpgndliur8 4.￿6.570 88.1(K> 4,994,670 5.04fj,321 NET IEXPENDITUREIIINCOME BEFORE NET GAINS ON INVESTMENTS {140,V20) 23.610 15.564 1101.6461 115,820) Net Ilossesygains on investments (129.755) {57.5311 1187.286} 187,9431 NET I&XPENDITUREIIINCOME (270,575) 23.610 {41,￿7) 1288.932} 1103.7631 TRANSFERS BETWEEN FUNDS 14.15 13,IMJI NET MOVEMENT IN FUNDS (267.575) 23.610 (44.￿7) 1288.932} 1103.7631 Reconciliation of fund$: Funds brought forward at 1 September 2019 16.784226 98.446 340,438 17,223.110 17,326,873 Funds carrled forward at 31 August 2020 16,516.651 122.056 295.471 16.934.178 17,223.110 13 ELMHURST BALLET SCHOOL TRUST CONSOLIDATED BALANCE SHEET AS AT 31 August 2020 Company Reglstratlon No. 2932622 2020 2019 FIXED ASSETS Tangible assets Investments 12.899,198 2.956,471 13,144,122 3,132,078 15.855.669 16.276,200 CURRENT ASSETS Debtors Short temi deposTts Cash al bank and in h8NI 10 313,041 627.519 1.030,740 428.086 822.807 666,623 1.991.31XJ 1.917,516 CREDITORS.. Arnounts falling due wlthln one year 11 1912.791) {970.606) NET CURRENT ASSETS 1,078.509 946,910 TOTALASSETS LESS CURRENT LIABILITIES BEING NET ASSETS 16,934.178 17,223,110 FUNDS End(>wment ftjnds Restricted funds Unrestricted funds.. Designated reserves General reseNe 13 13 295.471 122,056 340,438 14 15 15.369208 1.147.443 15.588.643 1,195.583 16.516,651 16,784.226 TOTAL FUNDS 16.934.178 17,223,110 The financial staternents on 13 to 32 aprmvad and for issu8 by th8 Board of GovemoTr on 14 July 2021 aTrl were %gned Wow on Its behairty: oward. Chaim)an of G0vem￿S {for aC￿MiC year2019f201 J Harrfs. Goverrrty 14 ELMHURST BALLET SCHOOL TRUST CHARrrf BALANCE SHEET AS AT 31 August 2020 2020 2019 FIXED ASSETS Tan9ibJe assets Investments 12.899.198 2,956,472 13,144.122 3,132,079 15.855,670 16,276,201 CURRENT ASSETS Debtors Short terrn deposits Cash at bank ond in h8nd 10 349.940 627.519 995.372 423,199 822.807 619.057 1,972.831 1.865.063 CREDITORS.. ArTh)unts falling due within one year 11 {898.1861 {949,6741 NET CURRENT ASSETS 1.074,645 915.389 TOTAL ASSETS LESS CURREI LIABILITIES BEING NET ASSETS 16,W30.315 17,191,590 FUNDS EndovKngnt fvnds Restricted funds Unrestricted ￿nds= Designated reserves General reserve 13 13 295,471 122,056 340,438 98,446 14 15 15.369.208 1.143.580 15,586,643 1.164.063 16,512,788 16.752,706 TOTAL FUNDS 16,93),315 17,191,590 Income 0f£4,￿j7,43g(2o19- £4,932,801) rslales to the parerrt undertakirrfJ. Expenditu￿ of£4,981,428 {2019= £4.966,9221 Telates tothe parenl undertaking, leawrKJ a deficrt priorto Énv8Stmentgains forthefinancjal yearin the accounts ofth8 parent undertaking of£73,989 (2019.. defiat of£64.121). The financial slaternents on pages 13 lo 32 approvgd and autho￿ for issue by the Board of Govemors on 14 July 2021 and re signed below on its behalf by.. Howard- ChaiM￿n of Go¥err￿ (tr￿deM￿ year 2019120) J Harris- Goverrvjr 15 ELMHURST BALLET SCHOOL TRUST CONSOLIDATED STATEME￿ OF CASHFLObVS FOR THE YEAR ENDED 31 August 2020 2020 2019 Cash flows from operatlng actlvlues: N¢t eash provlded by o￿TatIng activities 19 9),123 273,931 Cash flows from Inv•s￿n9 actlvlues: Dividends and interest from invèstrnenL8 Proceeds Irom the sale of propety. plant and w4U1pTh￿fiI Purchase of property, plant and equipment Proceed5 from sale of investments Purchase of investments 120.160 118.373 133,6621 616.(X)4 1627.6821 1100,2851 619.458 {632,8611 Net ¢a$h provlded byl{used Inl In¥￿tIng aetlvlllès 74,820 4,685 Cash flows from flnanclng actlvlt5es: Cash ftows attn'butable to endowment 3,886 3.934 Nèt cash prO￿ded byfin•neing actlvttl•s 3.934 Chany In cash and cash equlvalents In th• ￿ar 168,829 282.550 Cash and cash equivalents at the beglnnlng of the 1,489.430 1.206.880 Cash and Cash equlvalents at thg ond ofth• ￿ar 1,658,259 1,489,430 18 ELMHURST BALLET SCHOOL TRUST CHARITY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 August 2020 2020 2019 Cash flows from operating •elt¥itles: Net cash provldèd by operatlng actlvlues 19 102,322 350,708 Cash flows from Investlng actlvltlgs: Dividènds and interest from investments Proceeds from the s81e of property, plant and equlpment Purchase of property. plant and equlpment Proceeds from Sale of investments Purchasè of Investments 120.161 118.373 {33.6621 616.004 1627,6821 1100,2851 619.458 1632.861) Net cash provlded byl{used In) InveS￿ng activltles 74,819 4,685 Cash flows from finandng aetlvltl•s: Cash flows attributsble to endowTn8nt 3,934 Not ¢a$h provlded byfinancSng actlvltl¢s 3.934 chan￿ In ¢a$h and cash 8qulvaonts In the ￿ar 181,027 359,327 Cash and cash equlvalents at the beginning of th• 1.441.864 1,082.537 Cash and eash oqulvalents at the end ofthe 20 1,622.891 1.441,864 17 ELMHURST BALLET SCHOOL TRUST ACCOUNTING POLICIES GENERAL INFORMATION Elmhurst Ballet School Trust llhe is a charitsNe o)mpany limited byguardnlee and is in(x)rpor8led in England and Wales {Company registr8tion numb9r 2932622 arld charity number 10402861. Th8 address ofthe Charity's registered office and principal place of bu5ine&% is 249 Bristol Road. Edgbaston. Bimiingham. 85 7UH. Thè gioup consists of the charity and its one subshfjiary. Elmhurst Enterprises Limited. The nature of the groLtp'S OP8rdtions are set out ith Ihe R8tK)rt of the Govemors. The principal accounting wficie8 adopted, ju(Wnents and key sources of eslimation Vr￿￿lnty In the preparation ofthe rinancial ststernents are as (ollows= BASIS OF ACCOUNTING The financial statements of the Group have been prepared in ac¢x)rdance wth Accounting and Rtrporting by Charities". Statement of Recommended Practi￿ applicabte lo charrbes preparing thwr accottnts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of IrdandlFRS 102}leffecb"ve 1 January2015)-CharibesSORP IFRS 1021. the Financial RaportiThJ Standard appliCa￿e in the UK and Republic of IreL4nd IFRS 1021 and the CompaniesAct2006. They have been prepared under the historical cost o)nvention. M￿lIfied to include investments at fair value. Monetary amounts in these financial statements are rounded lo the nearest whde £1. The financial statsTnenls are presgntgd in st9rtir￿ is a150 the fur￿0￿81 currèncy of tho tharfty. Elmhurst Ballet S¢hool Tnjst meets the defintbon of a pub￿ benefrt ￿tity undw FRS 102 and has therefore applled th& rglgvant public benefit reqU1￿mentS of FRS 102. BASIS OF CONSOLIDATION Th8S8 financsal statements consolidate the finanual siatements of Elmhursi Ballet School Trustllhe Charity'l and its subsidiary, Elmhurst Ente￿riSes Limtted {Yhe 8ubsdiarf) all financial statements are made up to 31 August. Th8 fin8nci81 statements consolidatè the results of the Charity and ils ¥¥holfy owned sub%diary on a line-by-line basis. A separate Statement of Financial Activitses and Stalement ofComprehensNe Incomeforthe Charity have not been presented because the Charity has taken advantage of the exemplion afforded by secti￿ 408 of Ihe Comp8nitisAcl 2006. l intrd4Jroup trdnsacborL8. b8l¥nGes 8nd unrgalised gains ￿ tsansactK￿s Group ènlÉbes are elimina19d on consolidation. Unre81ised losses are also eliminated unlessthe transaction prowdes evidence of an impairment of the asset transferred. Where necessary, adjuslments are made to the financial statements of subsidiaries to bring the accounting poliaes used into line with those used by other member5 of the Gr￿jp. GOING CONCERN As 8 resur( of the Covi(k19 pandemic the Trust has emba￿ed on a bLEsine&s conttnuty plan to respond to the changing enmronment. The Tnjst has prepa￿ a numberofTtrforecastscenarios based on kr￿ infomiation thalyrfill continue tri be monitored and modifjed on an ongoiTrJ basis. Having carried out a detailed ￿VIeW ofthe Tnjst's P05ibon 8nd its ft>recasts at the date of svJning the accounts and￿￿th r8g8rd lothe challengespTrsented bythe currenteconomic and healthdirn8le,the Trustees are satisfi8d th8ltheTnJsl has sufficiènt(ash fi￿t0 meetits liabilibasa$ theyfall dueforat thstone yearfrw dale of approval ofthe accounts. TheTrust*sconsiderthatthe company has adequate recoursesto enable lito conlinue in op8ration31 8￿StenCe for the foreseeable )lJture and thg accryjnts are therefore prepared on a going ¢x)nc8m ba￿s. INCOME All in¢ome is Included in the Statement of Fina￿la1 P£iMbes ¥then the Group is legally enttded to the inL¥Jme, there 68 probabilily ofreceiptand the amountcan be quantified vAlh reasonabte awJTacy. The follcth7ng spwfic policies are applied to p3￿CUlar categories of ino)me: Fees receivable and charges for seryices 8re accounted for in the year in which lh8 service is pro￿￿￿1. Fees receivable are stsled after deducting alk)wances. %*olaf5hips and othtrr remissions all0￿*d by the Group. Donations rewvable forthe gener81 purposesofthe Group are (￿lit￿l to unrestrict8dfunds. DonalithssUbj￿ttO specific %*i8h85 of Ihg donors a￿ Carried lo ￿l￿vant rBstri¢ted ￿fid$. LegaLMes are accountsd for 85 soon as entiUtrm8nL probability and monetary v81ue ¢>n be 8Stabllshed. Investment income is recognised on an accruals basis. Grants receivable li￿lUdIng government grants) are rec£*Jnised in the Statement of Fin8n¢ial Activitss vknen the conditions for r￿p1 have been complied wth. Rent and letlings incom8 18 rec(xJnise(5 on a re¢*waile ba8iS. ot￿r Income is a￿O￿nted for in the year in *thich the seThice is provided. 18 ELMHURST BALLET SCHOOL TRUST ACCOUNTING POLICIES {cOntlnLÈ￿) EXPENDITURE Liabilities are recognised as expendifvre as soon as the￿ is a legal oro)nstmctiveobl(gatron lotransfereconomic benefrttoa third paty, ttis probablethata transferof eCOr￿1¢ benefftwll be required in setUemenl8nd the arnountof Iheobhgation can bg moasured rellabty. Th& follovAng speofic polSdes af& appli811 to part#>jIar￿8QO￿S of 8X￿nditure.' Costsofraising funds arethose costs invjrred In altrathng volunlary incom&andthose Incurred In tradSngacbwtses that raise funds. Charitable athibes indvde eypenditLFre on providiThJ education and indude both direct costs and support C08ts relatsng lo Ihe 8ctsMty. Supportcosls ￿clude central ftjnc1l￿Sand have been all(tated to acEMtycoSlcat8J￿s0na bass COn￿$tent￿lIh the use ol rwurc8s 8.g. Stsff costs by the time spent and otherry)sts by their uwe. All expenditure is inclusive of Irr￿0¥8rdt4e VAT. TAXATION The Charfty Is consldered to pass the lests setoul in Paragraph 1. Sthedulèfj ofthe Flnance Act2010 and therefore ilmeets the definition ofa charitablecompanyfor UK corporation tax purposes. Accordingly, the Chartty is potenu'al￿exemptfr0rn tax in respect of incom8 and capital gains received wthin Categ￿leS covered by part 11, chapter 3 of the Corporation Tax A¢t 2010 OT section 256 of th8 Taxation of Chargeable Gains Act 1992, to the extent that Such income or gains are applied exclusivety to Charftable purrx)se$. FUND ACCOU￿rING Genef81 unrestricted funds comprise accumulate(J surpluses and defi(xtson genefdl fvnds. They are avallable foruse at the discretion of the Govemors in fvrtheTance of the gen8ral tharrtable obAecUves. Designated ftJnds(x)mprise unreslricledfvndswhich have been selaside bythe GoveMorsforpartir￿la¥ purposes. The am and use of su¢h ftjnds is set (xrt in th¢ finan¢t81 *alenwits. Restricted funds are created when grantsand donations are r8c6ived ertherfora p8th￿lararea orpurpose, the usg of whKh is restsicled to that area or purFwe. Expenditure is tharged to the Stalement of Finanaal Acbvities when incurred. An 8ft(lornnlfvnd has been estsblished to fijnd sth(A8rships. The caprt81 is investeLI in perp8tuty and underthe lenns of the endowment. investsnent retums up to 2011 fr)m part of the 8nd0￿y￿ent Catxtal. TANGIBLE FIXED ASSETS TangiblB fixed assets are initialty measured at CAlSt and subsequenty measured at cost. net of depTeaati(m and any impaimient losses. Depreciation is prO￿ded on all tsngiblefixeil assets atTrtesc8i¢xJlatedtovKite&**asset¢knM to Tbestimaled resijual valu& evenly ovgr its &xp￿tsd useful life. as follows'.- Long leasehold buildings Short leasehold property Fmtures, ffttings and equipment Igenerdl) Fixtur88 fftbngs Itheatrel 75 years Length of tease 5-10years 10 year5 Ass&ts In the course of construdon are not de￿ated until brwght Into use. A r8viewfor impairmentof a fix8d assetis carrigd otrt rfevents orch8rrtJes in circumstsnces indicats th8lthecarryiTrJvalue of any fixed asset may not be recoverable. Shortfalls bet¥%ten the ¢arying value of fixed assets and theirremerable amounts are recognised as impaim)ent losses. ImpainYLenls ar6 rwnised tn th& Stat8ment of Financial Acttvltiès. INVESTMENTS 1nlb.al investsnents ar? stated atthelrtransadlon value and subsequ&nUy m8asUr8(18tf8irv8l￿. Movgmènts In thtrvaluabon of In￿81 inveslments are induded wihin gains and h)sses in inveslment assets in the Slatement of Financial Acbwties. Fair value is measured by Teference lo bid prices. Interests in subsidlaries a￿ intbalty measured at cost and Subsgquènty m&asured 81 ¢ost kss any Impaimenl. An assessment for impairn￿nt is made at each reportirKJ date. 19 ELMHURST BALLET SCHOOL TRUST ACCOUNTING POLICIES {continuedl RETIREMENT BENEFITS Retirement benefilsforlhe leachiru stsff of the Groupare prowded by IheTeachers' Pension Scheme rrpsi. TheTPS is an nfvnded scherne. Contrribution$1gthe TPS 8rec8lculateil so asto spreadthe ￿}st0f￿nS1Ons0v8TeMplOyees'K)rkin9 lives ith th8 Group in gjch a way that the pension c05t 15 a substsntialty 18v81 p8rcentag8 of curtent and fiJtur8 pensionable payroll. The conitibutions are delerniined by the Govemment Aciuaryon the ba&s0fqUad￿nnlal valuations usirKJ a projected unit method. The TPS is a multi*mployerscheme butsufficienl infomiation is nolavailable to use defined benefff£accounting and therefore il is acoounted for os a defined contribution scheme, wth the amount charged to the Statement ol Financial Actiwligs being thè contributions payable in the year. Drff8ren¢xs bel￿ (x)ntribulions pay8ble intheyear8nd ¢oThtributions actually paid are shown as either accruals or p￿payThents. The Group also operates a defined tonlributton schemtrforthe benefftof its rth-tgathirry staff. The pension o)stcharged In the Statement of Financial Activities ss Ihe amount of the contritmjtions payatAe frjrtheyear. Differencesbelween contribulK)ns payable for Lhe year and ci)ntributions ￿tUallY paid are sho4￿ as either accruals or prepayments in the balance sheeL OPERATING LEASES I lea￿5 are treated asopeiating leases￿ th& basisthatth8 le8srvJ wJreementsdonottransf8rtothe sch(x)I substantially 811 of the rlsks and rewards incidenlal to ownetship. Th& annua] rentals arisr@ 8re d)ar9od lo th& Ststament of Financial Activities on a straight line basis over the temi of the lease. ENTRANCE FEES AND DEPOSITS Entrance fees and doposits aro chargod to studants upon arriwJl atth8 Sth(M)l. These are refundaiAg to St[￿0￿￿ when Ihey leave the School unless there are unpaid fees in ￿lCh case tt*y a￿ used to supplement these unpaid fe&8. They are therefore held as a c￿dItOr untsl the studenls leave the SC￿01. CASH AT BANK AND IN HAND Cash at bank Ènd in hand indude monles held on short tsrm dep￿ original Mat￿￿ty of three months or less with rec(xJnised banks and building sOc￿￿es. STOCKS stocks are v81u8d at the lomfr of cost and estimaled selling Wil￿ less u)sts to (x)mplele arKI 8ell. Provision is made for obsolete and slow moving items. FINANCIAL INSTRUMENTS The Group has eleoled to apply the provisions of Section 11 'Basic FinanThal Inslwfflents. and Section 12 '0ther Finan￿31 Inslrurnents Issues. of FRS 102. in full. to all of Fis financial instnjments. FIna￿la1 assets and finarrial liabilittBs are recognised %then the Group bec(*nes a patyto thecontractual pro￿s1On30f the instrument, and areoffsel onlywhen the Group currently hasa legally en[orcea￿e righlto seloff the recognised arn￿1ntsa￿d intend8 either to 8etUe on a nel b88i8. or to realk8e the asset and setlle the simulianeousty. Fina￿181 assats Trade deb￿￿$, group deb1￿$ and other deblLV3 Trade debtors, gToupdebtors and olherdebtors linduding accxued lnccmnel￿Ith are recefvable¥Mlhin oneyeararKtsthich do not constTtute a financing transaclion are initialty measured al Ihe transaction ￿lCe and are subsequendy measured al amorti8ed cos( being the trdnwbon price less any awK)unts setued and any impaimient losses. A provision for imp8imi¢nt oftrade debtors is estsblishgd when therg is objective emdence thatthe amounts due will not be collected ècctsfding to the original tems of the contracL Impairm8nt losses are reuunised in profit or k)ss forthe excess of Ihe carying value ofthe trade debtor owthe present value ofthe future cash flows discounted usiw the original effective interest rate. Subsequent reversals ofan impairnienl loss thalot¥ec*¥ety relateto an e¥entocoJrrtsYJ thth&impamientloss was recognised, are recogni8e(l immedi*ety in profft or loss. Finanaal li8biliti8s and eoutty Finandal instruments a￿ dassffled as Ilabillbes and equty instmmgnts 8(tording to the subst8w of Ihg contractual arrangements entered into. An equity instrument is anycontractthat ewdencesa re&dual interest in the assets oflhe Group after deducting all of bts liabil￿es. rrade creditcws, dher (x8ditors and ac(xuals Trade Credito￿ and other cred[tO￿ (indudiryJ accruals) payable wihin one yearthat do not constibjie a fjnanciNJ transaction aTe in￿allY measured al thg transacbon price and subsequentty measvfed al amortised cost, being the tr8nsttcts.on price ￿$$ Èny amounts sell￿. 20 ELMHURST BALLET SCHOOL TRUST ACCOUNTING POLICIES Iconunuedl FINANCIAL INSTRUMENTS Iwntinue(l) DgrecognltAon of financial assets and lia￿lIt￿S A financial asset is de￿Cognised only when the contradual rights lo cash flcws eypife orare settled, or substantially all ihe rlsks and rewards of ownership are transferred to another party. or if sorne signtficant risks and TOW8rds of ownership are retained bul oonlrol of the asset ha5transferred to another partythatis ableto sell the asset in its en￿"￿tyttran unrelated third party. Afin8nual liabiltylor part￿re001S derecognlsedwhentr*rtJWttonS￿fjed inthecmtrarxisdixharged. ranc&llèil or 8xpires. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judg8m8nts arg continually èvaluated and arg based on histtyi¢al eyriencè and other factors. Induding expe¢l8tions offuiure events that are believed to be Msona￿e urmler Ihe orvjmstances. The￿ a￿ Th) critical accounting eslimales and areas ofjudgement to note. 21 ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020 SCHOOL FEES RECEIVABLE 2020 2019 School fees Less: Total grant fundi¥vJ. bursaries and amowances 4,418,005 1782,013) 4.462,361 {607,1301 3,635.992 3.855,231 ANALYSIS OF TOTAL EXPENDITURE Othèr D•preclatlon 2020 2019 Ralslng funds: 0th6rfvndraising costs 10.433 1.076 40.063 Charltsblo •¢tlvlUg3: Dlrect costs.. Dance costs Academic Boarding Property and domestf¢ Support costs of Schoollng: Printing, postage, stabonery and tglephone A(fverbsing and marketi Insurance Bad debt provision Stsff costs Other support costs Govemance costs 1.177,821 791,768 419,742 212.436 403.040 22.111 574.312 485.4(K) 1.58A).8fj1 813.879 994,054 976,422 1,512,702 798,518 1.100,644 998,369 278.566 41.215 73.036 45.280 17,424 41,215 T3,036 45.280 17.424 313,023 74,825 45,759 6,709 301,811 80,488 50,571 313.023 20,433 69,119 2,935.223 1.769.352 278,586 4,983.161 5.006,258 Total expondlture 2.945.656 1.770.428 278.586 4.994.670 5.046,321 Support costs have been all￿ated to Cost catwies on a ba￿S cOn￿Stent￿th use 0f￿r¢e$ e.g. staff costs by the tirne spent and other cosis by their usagè. ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDEO 31 August 2020 EMPLOYEES The average monthly number ofper50ns empw by the Group th8 y8arvAs'. 2020 No. 2019 Total slaff lactuavfull time equrvalent) 104176 1tK)172 Split of full tlme equvalent by categtxy.. Administration Teaching Support stsff 41 26 40 23 76 72 2020 2019 Staff costs consist of.. Wages and salaries s￿la1 securyty ￿18 Employer corrtributions to defin￿ contribulion schemes Other staff costs 2,319,178 206,5 299,269 20.592 2.354,412 203,761 212,574 4,433 2,845.539 2.775,1WJ Induded in other slaff costs above are &Jency staff costs of £8.437 {2019: £4.030). Details of stsff recemrg remuner*ion1gxd4KIiry 8mpW o)sL%) in excess of £60.000 are shown b8lovr. 2020 No. of stsff 2019 No. ofstaff £60,001-£70.000 £70,001-£80.000 £￿,000- £11K).O Pension costs In respect of the above employees tolalled £49,41812019: £26.5911. T¥￿12019. tssK)I higher pald employees ale accruing benefits under the defined benefft pensKJn xheme. None of the Govemors re¢w￿l any rgmun9Falion in tho (JJrtsnty8arOrpri￿Yaar. One Govemorwas reimbur8gd for travel eypen8e$ totalling £17412019.. (me Govemor £57 fortravel eXP￿ses1. Key management personnel are those ha￿￿j 8uthority and fvswmsbilty. de18g8ted to them by th8 govgmofs, for planning, directirrfJ and controllFrvJ th8 ￿hV[be$ of lh9 Group. Rgmunoration forkey management per￿ne1. includirKJ empkI￿S￿atiDnd In9Jan￿o)ntr1butionSand o)ntsibutions lo the pension xheme, amount to £517.73112019= £479,196). 23 ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 August 2020 PENSION COSTS Certain ofthe Group's employees belorwJ to thg Tea(thers' Pen&on Scheme lTrS'I. Tèachers, Penslon Sch•m• The Teathers, Pensions Sch8rne IYPS'I is a siatuiory, contrrbutory. defined benefit scheme, govemed by the Teachers, Pensions Scheme Regulations 2014. The TPS is an unfunded scheme and members contiibute on a'pay aS-yoU￿0. basis, and along vthh em￿0YerS, ¢x)ntribulions. are credited lo the Exchequer. Valuatlon of the Teachors. Ponsions Sch?rne The Govemment Actuary, usir¥J nornial acknarial prinaples, conducts a fomial acluarial rewew of the TPS in accordan￿ wth the Public Service Pens¢ons (Valuations 8nd Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to speufy th@ 18v81 of ftrture contribulions. Actuarial scheme valuations 8r8 dependent Qn 8ssumplions about the value of ftrture costs. design of benefits and many other factors. The latest actuarial valuation of th8 TPSwas carried out as at31 March 2016 and in accordartewth the pUtA￿S&r¥￿ Pensions (Valuations and Employercost Capl Directions 2014 ex¢*pt it has been preparedfr)Ilowngthe Govemment'sdecisbon to pause the operal*)n of the cosl conlrol mèd)anisms 8t th9 time vknen IwJal chaI￿r￿JeS were still pending. The valuation rèport was published in April 2019. The resJJHs ofthe valuation and subsequent consultation a￿.. Total 5chem8 liabilibesforserwce {penSionscur￿ntfy paYa￿e and the estimat8d co*offuturg berbefitsl of £218 billlon Value of notional assets {8stimate(l frjture o)nthbut*)ns together the prcteeds from thg notional investrnents held at the valuation dal¢l of £196 billion Notional pasl service defiat of £22 billion DI￿O￿nt rate is 2.4% in excess of CPI As a resurt of the valuation. newgmployercontribution ratesMEre seta123.68% of w)*onable payfrom Septembèr 2019 onwdfds (compared to 16.48% during 2018119.1 The TPS is 8 Mu￿-employer tAan al￿ there is in$Arflk?￿I Inf￿lIon to 8txxJunl forth8 scheme as a defined benefit plan so it is a(£ounted for as a d￿fin￿l contritrojlion pkn. 2020 2019 Teachers. Penslon Schamo (x)ntritNJbon cost 259.262 174.489 There wertr out8tsnding contributions at 31 Augusl 2020 off29.977 {2019: £21,081 I. TheTPS is a m￿￿mployerpenSr0n plan aFKlthere is insuffKientinfom7ation io accountforthe *heme asa defined benefit pension ￿an so it rs accoun￿1 for as 8 defin&l ￿￿tribUt￿ ￿an. Subsoquentlothtr year end, following a u)nsultation staff. the Govemors made 8 derysion to leavethe TPS and offer an ￿terna￿"v6 d8fin8d contribubon pension scheme effect from 1 April 2022. The Group also operates 2 defined contritmjtion sthgmesfornon-teaching staff. Forihe period employercontributions were a fixed percentage ofSalarybetr￿en 3% and 1￿.The GrDUP has potential liability otherthan the payrnentof all contributions to an assura￿￿ u)mFony. Contsibutiorts durfng the year amounted to £40.00612019'. £38,085). NEf INCOME 2020 2019 Net income is sta18d after chargiThJ'. 0￿rating 194$0 r8ntsls'. Plant and machinery Land and buildiThJs Auditors, reMvr￿Ii0n - for audit se￿ice5 - for taxation sem 9,900 162.063 17.460 1.800 275.534 180,634 18,550 Depwation 278,586 24 ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020 INVESTMENT INCOME 2020 2019 Bank interest receivabla Investment income 4.997 119.050 6.990 115,384 124,047 122.374 TAXATION A8 the Charity has attained charilable slatus. thetrustetrsconsiderth8tthere isTh) incomesltbiecttocorporntiontaxfr the year ended 31 Augttst 2020. The subsidiary undertaknng has a tsx liability of £nil12019: £nill forthe year. TANGIBLE ASSETS Long leasehold bulldlngs Short leasehold proporty Fixtures. ftttings and ulpmant Elmhurst Enterprises Ltd Total harlty Total Group COST At 1 September 2019 Additions Disposals 15.743,888 S3,367 1.855.511 17.652.766 33.862 5,124 17.657.890 33,862 At 31 August 2020 15.743.888 53,367 1.889.173 17.686.428 5.124 17,691,552 DEPRECIAnoN At 1 September 2019 Charge for t￿ ygar Disposals 2,7￿,822 215.877 17.7 3.558 1.71X).032 59.151 4,508,644 278.586 5.124 4,513,768 278,586 At 31 August 2020 3.006.6 21,348 1.759.183 4.787.230 5.124 4,792.354 NET BOOK VALUE At 31 August 2020 12,737,189 32.019 I29.￿) 12,899.198 12.899,198 At 31 AtVJU8t 2019 12.953.C &5.577 155.479 13.144.122 13,144,122 INVESTMENTS Group Charlty 2020 2019 2020 2019 Fair value at 1 September 2019 A(Jdilions at cost Disposals proceeds Unrealised loss Realised loss on disposal 3.132.078 627.683 1616.0041 1185,3611 {1,9251 3,206.618 632,861 {619,4581 165.4001 {22,S431 3.132,079 627,683 {616,0041 {185.3611 11.9251 3,206,619 632,861 1619,4581 165,4001 122.5431 Fairvalue at 31 August 2020 2,956.471 3.132.078 2.956.472 3.132.079 Histofic IX181 at 31 August 2020 2.822,404 2,810,991 2,822,403 2,810,990 The Charity holds an inveslmenl of £112019: £1) re￿sentirKj Ihe ordinary shafv capital of its subsidiary Elmhursl Enterprises Limited whth is eliminat8d in Ihe Group. The remaining investmenls r6latsto £245.61512019."£291,4671 held in the M&G Charihnd Equty Inveslment FurKJ for Charities and investsnents managed by Harris Allday Of £2,710,85612019.' £2,840,6111 ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 August 2020 io. DEBTORS Group Ch•rlty 2020 2019 2020 2019 Outstanding fees Arnoulll due from trading subskliary Other debtors Prepayments and a¢¢ru¢d irKx 1.196 70.958 1,196 22,440 101,608 224,69fj 70,958 63.123 142.748 146.370 107.149 224. 210.758 146.370 333,041 428.086 349,940 423.199 11. CREDITORS: Amouftts falling due vthin one year Group Charlty 2020 2019 2020 2019 Trade creditors Entranc6 fèes refundable and depodts Other iaxation and social $8curity Other creditors Awru8ls and deferred income 188,6 220,199 54.695 43.519 405,688 189.638 194.523 67.601 30.027 488.817 188,674 220,199 54,906 43,519 390,888 184,797 194,523 61,015 30,027 479,312 912.791 970.fiJ6 898.186 949,674 Deferred income ¢omprises income received in advan(* for 8ided places under the DADA stheme of £261.761 12019.. £243,195} and fee5 and bursaries in advance of £nil (2019.. £132.6821. Charlty and Group 2020 Movernent on deferr&J income.. Deferred income at I September 2019 Released in year Deferred in year 375,877 1375.8771 261,761 Deferred income at 31 August 2020 261,761 ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020 12 HNANCIAL INSTRUMEprrs Group Charfty 2020 2019 2020 2019 The carrying valu8 of the Group's and Charity's financial instruments 8t 31 August were: Firtanctal assets= Finan¢ial assets 81 fair value Fixèd assgt investments 2.956.472 3.132,078 2.956.4T2 3.132,078 Total 2.956.472 3.132.078 2.956,472 3,132,078 13. ENDOWMENT AND RESTRICTED FUNOS Charlty and Group Brought foTh¥ard Galnsl Income Expendlture (losses) on Transfvrs Investmttnts Carrlod forward Endowmènt Fund$ Scholarship endowment 15.5fj5 (57.5321 13,0001 295,471 Prlor Y•ar Charfty and Group Brought fotward Galn81 Income Expendltur• Ilos5e$l on Transfers Investmonts Carried fonward Endowmant Funds Scholarship andovmhent 338,693 15.128 110.3831 13,CNJOI 340,438 Under the terms of part of the endovMgn( investment retum up until 2011 ￿?11 form part ofthe endowment capital. InVes￿entIn¢0rne received thereafter Isto t* uwj tofijnd scholarships. Th8 tr8nSferrnF¥es￿tsthe irKk)me tswlto fund a sch(Aarship duriry the year. 27 ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCEAL STATEMENTS FOR THE YEAR ENDED 31 August 2020 13. ENDOWMENT AND RESTRICTED FUNDS Icontlnued) Brought foTh¥ard Garrled fonyard Incom? EXpendI￿re fransfgrs Rostrfcted Funds DfE Grants Donations 29263 69,183 29,263 92.793 111.710 {88,1001 98.446 111.710 {88.1ThJl 122,056 Prfor Year Brought forward Carrled forward Income Ex¥*nditure Transfers R06trtcted Funds DIE Grants Donatior 29.263 29,263 69,183 48,025 145.675} 48.025 145.6751 98,446 DE Grants Thes8 grants pro*ide towards the costs of our outreach proJramme arml reftJrbishMenU￿pIaCeMÈnt ol gquipmant. Transfers ￿present capitslised spending complgted in line wth Ihe terns ofthe restricbon. Donatlons This ¢onsists of several small th￿0b0n8 w*r(* have been given to Ihe Chaiity to be used in Èccorilance ¥￿th thg shes of the don0￿. Transfers rewesènt ¢8pitalised spending Compl&￿ in lin8 *ith the tern￿ of the restriction. 14. DESIGNATED FUNDS Ch8rlty•nd Group Brought forward Income Expenditure Transfers Carrl•d forward Capital Teserve Repairs reserve 12.988,643 2.6(X),IKKI 1219,4351 12,769,208 2.6(XJ,000 15.588.643 {219.435) 15.369,208 Prlor Year Charity ond Group Brought fon¥ard Carried forward Incom• EX￿nd[tUr• Transfèrs Capital reserve Repairs res&rve 13,208,078 2.￿.[4)0 (219.4351 12.988,643 2,600,(X)o 15,808.078 1219.4351 15,588,643 The c8pitsI reserve represents the investment in ￿3$ehOld larKI and buildings on th8 Sth(MJl srte. The tran8fer represents the movement in V)e net book value of leasehold laTKI artd buildiryJs during the yèar. The repairs ￿SerVe rer*8sents MOn￿S setasideform8iorrepairstothefabrk ofthe building. Thetrar￿rPpTe￿ts the moll￿ set asde bythe Govemm during ￿ Jear. ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 •lugU6t 2020 15. GENERAL RESERVE Group Chartty 2020 2019 2020 2019 At I September 2019 Net {expenditu￿Y income forthe year Transfer from capital reserve Transfer frorn 8ndowmenl reserve 1.195,583 1270.575} 219.435 3.1NJO 1.(184,006 1110.8581 219.435 3.OC4) 1.164,063 1242,9181 219,435 3.000 1.084,006 1142.3781 219,435 3.000 At 31 August 2020 1.147.443 1.195.583 1,143.580 1.164,063 16. COMMITMENTS UNDER OPERATING LEASES 2020 2019 At 31 August 2020, the Group and Charity had total fuknre minirnum lease payThents under non-¢an¢ellaiAe operdling leases as follows.. Plant and rnachinery: Arnounls payable ￿1n 1 year Amounts payable in 1 - 2 years Amo¢Jnts payabl6 in 2- 5 years Amounts payable in MO￿ than 5 y9ar L8nd and buildiryJs'. Amounts payable vthin 1 year Amounts payable in 1 - 2 yea Amounts payable in 2- 5 y•ars Amounts payable in than 5 years 9,504 9,504 21,384 2,376 179.885 179,885 529.448 843.750 179.885 179,885 539,654 843.750 1.754.352 1.783,566 17. ANALYSIS OF GROUP NET ASSEfs 8EtWEEN FUNDS Uttr•strl¢ted Restrlcted funds funds Endowmènt funds Total Fund balanc9$ at 31 A￿juSt 2020 are represenled by.. T8ryible ffixed assets Fixed asset investsnents Net ojrrent assets 12.899,198 2.714.816 902.637 12,899.198 2,956,471 1,078,509 241.655 53.816 122.056 Total nel assets 16.516,651 122.056 295,471 16,934,178 Prloryear fund$ nds funds Total Fund bal8n¢e8 at 31 August 2019 are represented by: Tangible fixed assets Fixed asset investsnents Nel current assets 13.144,122 2.840.611 793,493 13.144,122 3.132,078 946.910 291,467 48.971 Tolxl nèt assets 16.784.226 98.446 340,438 17,223,110 29 ELMHURST BALLET SCHOOL TRLIST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020 17. ANALYSIS OF CHARrrY NET Assgfs BETWEEN FUNDS Unrestricted funds Restr4Ct•d funds Endowment funds To131 Fund balances at 31 August 2020 are represented by: Tangible ffx¢d assets Fixed asset investrnerts Net current assets 12,899.198 2.714.817 898.773 12,899,198 2,956.472 1,074,645 241,655 53.816 122.lJ56 Total ngt asstrts 16.512,788 122,056 295,471 16.930,315 Prioryear Unrestricted Restrict funds funds Endowment lunds Total Fund balances at 31 August 2019 are repr&8enled by: Tangible fixgd assets Fixed asset investsngnts Net current assets 13.144.122 2.840.612 767.972 13.144,122 3.132,079 915,389 291.467 48.971 Total n8t 888&ts 16.752.706 340.438 17.191.590 18. CAPITAL COMMITMENTS As at 31 August 2020. the Group and Charity h3d contracted capital comrnilrnents of £nil12019'. £6.432}. RECONCIUATION OF NET INCOME TO CASH FLOW FROM OPERATING ACTp4mES Group Chartty 19. 2020 2019 2020 2019 Not {¢xpenditure) Income for th* rnportlng Porlod 1288.9321 {103.763) 1261274) 1135,2831 Adjustrntrnts for Depreciation charyes Lossesllgainsl on invesbnents Diwdends, interest and rents from inve8tments Decfyass1linc￿3s8I in debtors {DecreaseYincreÈse in creditOTS 278,586 187.28fj (124.047) 275.533 87,944 (122,307) 278.586 187.286 124.0471 275.533 87.944 1122,3071 117.599 18.925 73.259 {51,4881 233.358 11,465 157.815) Net ca$h providod byoperatlng actlvltl•* 9),123 273,931 102.322 350.708 ANALYSIS OF CHANGES IN NET FUNDS At slart of star Cash flows At ¢nd of GROUP Cash at bank and in h8nd Notice dewjsits I1￿ th8n 3 Th¥)nthsl 666,623 822.807 364,117 (195,2881 1,030,740 627,519 Total cash and cash gquivalents 1.489,430 168.829 1.658,259 ELMHURST BALLET SCHIX)L TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020 20. ANALYSIS OF CHANGES IN FUNDS (ConUnu￿I At start of )par Cash flows At end Of￿ar Charlty Cash at bank and in hand Notice daposits (less than 3 mnths} 619,057 822.807 376.315 1195,288) 995.372 627,519 Total cash and ¢#$h equIval￿ts 1.441.864 181.027 1.622,891 21. SUBSIDIARY COMPANY The charitable Company0¥￿stheefil1re issued share capital of Elmhur5tEnterprw Limited, a C￿Mpanyir￿rpQrated in England and Wales Iregisteied numbar 044424391. The prin(apal actiwtyofElrnhursl EnleTprises Limw isthatof providing facilities. Th8 resutts of Elmhurst Enterprises Limited are consolidated tnto these accounts. Forthe yearended 31 August2020. ElmhurtEnterprtses Lln*ed bJrrM)Yerof£26,62612019.' £108,065), c of $81os and expenses of £22,76212019.. £76.5451 less corrK)ration tax of £nil12019.' £nill giwng rise to 8 retained profitof£3,86412019.' £31,520 profit}. During the yearthe subsidiary companyh8sd48tributed £31.52012019.. £nillto the parent company in respect of 2019 proffts. Additsonalty, profits in respect ofthe 2020 yearwere distribuied to the parent chaity during May 2021. Net assets a131 August 2020 ￿Te £3.865 {201g: not assets £31.5211. RELATED PARTY TRANSACTIONS During the year, the Charity charged Elmhurst Enterprises Limtted £11.034(2019: £60,292) in respect ofstaff costs, catering costs and la¢iltbes (xists. At the year end. the Charity vrds £22,44012019'. £63,123) by ElmhuT5t Enterprises Limited. J Harris, a govgrnor of Elmhurst Balkt Sd)ool Tru8L is also a difectorof Healthoare Claims Bureau. During the year, Health(*￿ Claims Bureau provided management arKI adwce services to amhurst Ba119t School Trust amountirBJ lo £15,12012019.' £15.1201. During the year Howard Consullants LSmi¢811 have provid&J fjJTh1rai%rKJ(x)nsJ[lanLyservi￿to Elmhurst Ballet School Trust. D Howard. 8 director of Hovrdrd Consutlants Limrted, became a govemorof Elmhurst Ballet School Trust on 7 June 2018. Howard Con$utsnts Limited have provided 58WV7oes amountiTrJ to £22.338 during 202012019.. £43,592). Al the year end. Ihe Chaiity Ov￿1 £2265 {2019: £72121 tr) Fk)%Yard Consuhants Limit￿. 31 ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020 23. COMPARATIVE CONSOUDATED STATEMENT OF FINANCIAL ACTivrrES Unrestricted Restricted Endowment Funds Fund$ Fund 2019 Total INCOME FROM: Donatlons and legacles: t)onations Charitable activiknes: School fees rectrivablg Syllabus classes incomè Summer Schi)ol fees Grdnts receivable Other tradlng act1￿11*8. School shows incom8 Rents and lettings Other income Inwstments 23.893 48,025 71.918 3,855,231 124,953 129,003 354.714 3.855,231 124,953 129,003 354.714 31.039 98,114 243.155 107.246 31.039 98,114 243,155 122.374 15,128 Total Income 4.967.348 48.025 15,128 5,030.501 EXPENDITURE ON.. Ralslng funds 40.063 Charitable activities School op8r8ling costs 4.geA).5B3 45,675 5,IX16.258 Totsl ¢xp•ndlturn 5.000.646 45,675 5.046.321 IEXPENDITUREy7NCOME BEFORE NET G￿Ns ON INVESTMENTS 133.298} 15.128 115.8201 Net {lossesygalns on inve8tm8nts 177.560} 110.363) 187,9431 NET {EXPENDITUREVINCOME {110.8581 2,3￿* 4.745 1103.7631 TRANSFERS BETWEEN FUNDS 13,000} NET MOVEMENT IN FUNDS 1107.8581 1.745 (103,7631 Rocondllatlon of fund$: Funds brought forvrdrd at 1 September 2018 16.892.084 .0 338,693 17,326,873 Funds cafrfed forward at 31 August 2019 16,784,226 340.438 17.223.110