Company Number. 2932622 R8gistèred Charity Number 1040286 ELMHURST BALLET SCHOOL TRUST IA CHARITABLE COMPANY UMITED BY GUARANTEE} FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE Y&4R ENDED 31 August 2021 The Governors presentth&rannual report and the financial ststernentsofElmhurslBallet SchoolTruslforlhe yearended 31 August 2021 and confim that the latter compty ¥th the requiremgnts of the Companies Act 2006, the Company's Mernorandum and Artides of Assooab"on and the Charities SORP IFRS1021- REFERENCE AND ADMINISTrATEVE DETAILS The School is a charitable company IncoordIed in 1994. wth tho liaiNIty of its membe¥s limiled lo £18ach by guarantee. Charity number. 1040286 Company number 2932622 Principal and Registered Offic6'. 249 Bristol Road. Edgbaston, BirmiThJham. B5 7UH Director The Govemors a appointed by thè Board and are the tHrèctors of the Company and the Trust885 of the Charfty. Tho8e serving in th8 year and 8ince are as follows: J A HaThis IChaimian} T J Abbotts (Resigned 16 November 20211 M P Baldwn IAppointed 4 June 2020) J Bryson S Butler K Cariwrighl (Appointed 21 Febru8ry 20221 P Ch8slerman S Evans J Hardy (Ap)Inted 21 February 20221 D Howard (Resigned 19 Septemb8r 20211 B L8WEence (Appointed 17 November 20201 A L Matthgws Piper (Resigned 15 November 2020) D L Wallis (Resigned 7 August 20211 M Wyon Key Executtve8 and Prof•sslonal Advisers Prinupal.. JAWard Director of Finance and Operations: L J Caddick Bankers.. Lloyds Bank plc. Queens SouaTr, WolvertHmpton. PO Box 1(XKJ, BXI 1LT Auditors-. RSM UKAudit LLP, Rivenmead House, 7 Lewis CcMJ¢ Grove Path. Lwcester, LE19 1S0 Invèstsnent Managew3'. EFG Harris Allday. 33 Great Chartes StreeL 8im)ingham, B3 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The company is govemed by its Memordndum and AJticJ8s of AwK¥ation, last amended on 8 March 2005. Governlng Btxly The Dirfjclors, who are also required underth8 Artides to serve as membws of the Company. are electeij at a full Directors, Meeting on the ba$1$ of nominations recetved from 8Sting Directors conceming trligibility, personal competence, specialist skills and local availability. New Govemors are induthd into theworkirpJsofthe Charity8rKI the School. indud1 Board policy and proced*Jres, at an indijction rneeting which takes pl3ce prior to the first 11 Board Meeting. All Govemors are also encourdged lo attend approprtaltr trainiru and to serve on al least ofthe schI.s sub-¢omm5ttees.
ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 August 2021 Group Structur& and Relationshlps The charity is incorporated as a company limited by guarantee and its operations are govemed by its MemoTandum and Articles ofAssociation. The Memorandum andArticles ofAss(Kiation imptsse testricbons overthe incomeand propertyofthe ompany which are to be applied solely Iow8rds lh8 promotion of the companls objects and not distributed by Vfdy of dividend. bonus or otherwise lo the mgmbèrs. The member's liability on wn(Jing up is lirntted lo £1. Elmhurst Enterprises Llmited. awholly 0¥ed subsidiary. was formed in21)02 and commenced tradryon 1 September2004. Its resttlls, assèts and liabilities a consolidated into these accounts on a lir by line basis. Rlsk Management The Board of Govemors of Elfflhurst is SInSible for the management of the risks fawl by the Sch(x)t in line the School's Risk Management Policy. Detailed considerations of risk delegated to the Finan. Facilthes and General Purposes SulcomMIttee ofthe main Board, are assisteil by th8SeniorLeadership Team. Risks are identified, assessed 8nd controls established for monitorin9 duTir¥J the year. A fomial wew of Ihe charitys risk manag8mgnt processes is undertaken on an annual basis and all su1Comm[lIeeS are required to annualty on the management of the risk assocAated with their particular area of govemance. The kgy controls used by the charity indude.'- Fomial agendas for all Board and sulTrcommTttee Explicit Tems of Reference for all Su1{%)mMitteeS', Comprehensive planning, budgebng and manwJemgnt 8¢wunting: EslatAished organisational slnjctures and lines of repor11.. Formal %witten policies,. Clear authorisation and approval levels". Clgar staff recxuitment poliues. accordiThJ to best pYac, prottttion of our students. Clearly. checks and syslerns can only provide rgasonable but not absolute assurance. ThrOJh the risk management processes initiated by Elmhurst. howevèr. the Govemors a satisfied thatthe majorrisks have besn identified and rneasures taken to appropriately mitrJala the risk as necessary. Thg Govemors considerthemajorrisk lobe the impactof theglobal finarKaal maeland the UnrtaInl88 around BreXItcU1d iesLtrIt in changesto Govemmenl funding p1¢yand coftderaNygwlerdifficutyinacce&wng prTrvatefvtxliThJ. ThtrfOlto&on effect ofthis may be inwffiryenl numbers of sludents attending the S(ool. OPJECTIVES AND AcTIVlEs FOR THE PUBUC BENEFIT The Charitys Objects, as set out in its Mèmornndum and Artides of Asgxiation, 8re tho 8dvan¢wMent of oducalion, particulady bul not exdu5iV91y. vrith èn empha&s on inslnjcb'on in the perfomiru arts, including the promsion of boarfling andlor day8chooling forcthildren of both sexe& Wittiin these objects. the Charityalso hastOaqUbP, fumish. fitupand maifttain the building$ and lo award prizes. bursaries and sCholalpS to students as felevant. The School is supported by the Govemmtrnys Music and Dance Scheme and the Dance arKI Draffl3 Award. both of which enablegifted young dancers from families of limited financjal means lo benefftfrom a 1MId-a$S daneduCat0 through the provision of fundèd places. The onlyvrdy forstudents to enterth8 Sthool 1$ by audition- this engjresthattalenl alone gives acoess to the School. The govemment-fvnded places are SUpeMented by scholarships and bursaries from commer¢¢ and private donations. Additionally, places 8reoffer8(l atfvll fees. provided that theapplicantisjudged tohavethe potenal tr) succeed as a clacal bal1 dancer. The Govemorsconfirn ihaL toth$ bgstoftheir kno• and belief. they have c¢Jmpligdvth S8cbon 17 ofthe Charib8sA¢t 2011 in resp8cI to having dtte rtyard to pU1C Benefft Guidance published by the Charity C(Mmm10. AIMS AND INTENDED IMPACT Elmhurst Balletschool, in Ass(latiOnvnth Birmingham Royal 8alleL is committed to the innovative, world-lgadlng lUcation of talented. passionate and committed young ball&t dancers. regardless of Iheir financial ¢ircumanw. The vision of Elmhurst Ballet Sd)ool is to shape the education and training of yourrfJ dancers. We woth intemally to Smprove practice and wilh otherorganisations nationallyand Internationalty)ss1hdarte sectorlo improvelhe OLrt¢x)rnesforyoung people oNJ89&l In dance trainiro at tt4s level. The school aims to jP[ siudents in pryaring fr>r wOfessl life as a danr arKI secure employment on grJdu8ti0n. It makes this prowson in dosè asswattl vAth Bim)ingham Royal BalleL The links wth the Company develop yearon yeèr and ther8 8re opportunthes for all students to eTrJageyth the c4Jmp8ny in somèway. Govemorsand Staff haveworked hard to achigve rg¢ognition ofthe benefit the SchcK)I brings to BirTningham and Ihe West Mitllands, arbstic profile.
ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 OBJECTIVES FOR THE YEAR These objgctives are set out in the Sc11 DevdopTr1 Plan 2017-2022. Student Outcomes Improvg and sustain high level of student Outco %thich d8morthle rryre5S. Dance 1(X)% of Graduates enter dance related emplOt or dance related trainIeduCation within 6 months of graduation. 80% of Graduates enterdance lated employment wthin 6 months of graduating (Rotling 3 year averago) 100% Trinity Course Pass rate- Level S and Level 6 tjplorn Increase the number of students achieviry g¢yxl or bettw in their balt appraisal outcome. Acad¢mie Academic.. 85% 5 4-9 at GCSE indiJ¢JirvJ Malhs & Engfish IRollirrfJ 3 yeaf average) 35% 7-9 8tGCSE 1000/• A-E at A Level 65% A'_C at A Lev Quality of Tèachlng & Leamlng 100 /0 of lessons delivered at EIMhu arg good or OLrtstandiro. Teaching is innovative, drffefentiated. demands h¢gh expectations of students and is consistgnt in Its dolivery. Students are encouraged to take ownership of their ovm leaming. Quallty of Studgnts. P•rsonal Dévelopment, Boardlng, Health and Wellbeing Ensure the highest standards of heaf(h, iM)arding and wellbeing for students indudiThJ a reduction in injury rates. Further strengthen and develop link$ parents. Continue to develop a coordinated approad) to ensure &udents' personal 8n(I profeOnal development. Quallty of Leadership, Management and G0Man¢8 Develop the Elmhufst brand and raise the School's profile localty, nalionalty arKI intémationalty. Develop the Assoaation with Birmingham Royal Ballet to wrytive lh& offèr to all thdents. Recruit, retsin and develop the hwJhest qualty stsff. Develop Leadership Capacity 8t 811 Levels. Recruit and r&tsin thè highest quality thdls to targel sbjdent numbws of 1 (main sclM)oll and 150 {Elmhurst Young Dancers Programme). Increase the Fwportion of students rstsingd at the end of each key staJe. Ensure the highest qualrty of Gov&mance. To ensure the conb.nued financial seojrity of the Scho. MaMIse and develop the School's outstandirwj faiylths. STRATEGIES TO ACHIEVE THE YEAR'S OBJECnVES Continue lodevelop and emb8d thè LNe. Dance. Leam slrategy engjring ihal indNKIuatyIsnUI•I In 811 ElmhuTrt students. Continue tofocus on th8qualtyof teachirvJ, leamirwJ and asS&entaCrOSSthe curriujlumtoensurethehiqhesiof standards are met U8e evidence bosed practic& and searCh to infomi our review ofthe curriculurn arKI health and wellbtring off8r. Develop the use of assessment data lo hglp studgnts pr(NasS in all aspects of School lrfe. Embed the Pro9sS Leader roles to fetain and gJppKYt the students at each key stage. Develop th8 rnenloring pr(¥Jrams on offer to ensu students are 11 SUPFM)rted at eath transition wint in their School life and to ensure thg Grdduatès have one to one support in their bid lo secure employm&nL Ensu that a good range of dance profesgonals %bYyk stents on a ratYJe of subjects both in and out ofthe studio and classrLM)m to support students understanding of thts professM)n and their place within rt. Continue lo ernbed sslf41eath management strategies to sup the'Live' strakn suprK)thng young 118noors in being as healthy as they be. Further the recruitment stratY to increa88 Stlent nurnrs. Fostsrstud8nt independence and involvementwth th8 strateg1cdl0Th0f thg SdKX)l ¥Aa Ihe studentleaders. and School counciLs. Reflect on and monf(or the high quality tK>arding offerto ensure Ihat the School goes beyond comp15arKe.
ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 STRATEGIES TO ACHIEVE THE YEAR'S OBJECTIVES {c<>ntinu•dl Embed the new Developmentteam to support all [jitment and fvndraising activityto build a gAJStalnable fvnd for sludenl bursaries and to fund the ft7aoin of excellen. Ensure there isa comprehensive sit8 dsvdopmentplan to ensu thatthe site isdeveloped and maintained lo htgh stsndards. Royal Patro The School 18 fortunate to recefve the patronage of HRH The tkJche5sof Cornwall. vkno. %%ilh HRH The Prince ofwales, first visited the School in September 2006. Her Royal Highness h8s subsequènvy tsken a great InteSt in the Schoo1 and is a ketsn supporterofits actiwties, visiting usggain in Deoemb8r2009, November2014 and mosl recenuy in January 2020. The Principal has thoroughlyenjoyed the Royal engagementsthat she has aitended and isdelighted bythe genuine enthusiasm and comm¢tment to Elmhurst students demonstrated by Her Royal HpJhness. Patrons from the Wodd of Clas$ical Ballet Thg School benefits greatly from the support of Maina Gielguij.. AO. Dame Mede Pait DBE, Sir Peter Wright. CBE, Carfos Acosta and Wayne MacGregor CBE who act as Vice-Presidents of Elmhurst. This very public support from such eminent ballet experts has consolidated Eltnhurst's place as one of the foremost vocational ballet schwls in the wunty. STRATEGIC REPORT Impact of the Covith19 Global Pandoml¢ While Elmhurst reopened loall skndents and staff in September2020. ftllowing the sprisuMmer10ckdoWn. th8 Pandemic continued to signth¢ontly affect School lrfe. with I(al stric[lOn$ in force in the Auttsrnn Term, followed by another Notion81 LkdOWn in January 2021. We were able to effiaenuy swtch lo provi(ling onlineteaching and learning wlh very litue ftotico 8nd taught vast majority of Ouf nomial timetabb lo sthdents at home. Fees for the affected period were d[sUnted to support parents and this vas funded by sawngs made our cost base vthile the School vras closed. UnforttJnat8ly, the majority of 2020r21 events to be cancelled due to the OfWyMrvJ impact of the Pandemic. indud4ng fundraising events. outreach acbvities, school trips, lettingsand student perfomiances. We had hoped to put on oureagedy- anticipated Summershows in July 2021 but unfortungtythsse alsofell ¥Actim lo Cov$19vkniLwdS hugelydisa4Jpoinbngto Elmhurst students, parents. stsff and supporters. Despite the ¢hallengeslaced bythe Scho due toCod-19, in theaCademye8r2O2l>2l thèreMs nolable suw&sforth8 School and Its studenls. Emplo5Thont SucSs Despite the Pandemic, 18 out of the Gradualing 20 stud8nts IW%I cceeded ingainiTrJ emploorrth8r&Yn related training. Employment contracts indud6d Bimingham Royal Ballet. Estonian National Ba118t, Ballet Vanemuine- Estonia, Budapest D8nce Th8atsg. Caifo Opera Balletand others. One studenl was offered a full (x)nlradbwth BRB priortrjgraduating, whilst in Ygar 13. One student chose to explore a career in actiro and ono studenl ¢hose to go to Univety. We wwg extr8m$ly proud of all ofour graduating sludents after 2 challenging demiC years. Recruitment and Ratsntion Dueto thedrfficulties relating to the Covid Pandernic, the 2020r21 arademicyearconslsted of a hrid approathtrj auditions. Entryfor UK based Sturtentswe able to tske place in pewson. thile Intemational apntstnduCt8doverZoorn orby video auditson. Our Recwitrnenl and Retgntion Stregy indudes open daysand eyperienlzdaystohe1pprospecb students understand the requirements ataudth.on and these have proved extremety wwlar. These were also hèld ovor Zoom during the year. Intematlonal Engagements During 2020r21, Robert paer conlinued to adjL*Jicate inlemalional ojmpetsbons wrtually. This induded the Youth Am8ric8n Grand Prix finals. thè Global Dance Intemational compebbon in Portugal. tASIan Elite Grand Prix and th& International Grand Prix of Singapore. Virtual Japan auditions and masler-dasses took place from the Elmhurst studio Ih¢atre. resulting in the successfvl recruitment of fve sttJ(lents for thg 6th fom.
ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 Artlstlc Perforniances The year2020-21 was unfortunatety intsrrupted bythe national I(d0 rlting in the nece>y ofremote arning and thg ¢ancellation of manyperfomiance oppOrtunes, including the annual SuMmerSho. However. the students did managè lo ptrrfomi the technical and dress rehearsals. All students Te given the opportunity to creatively with an extemal horwrapher. prowdiro valuable eyperience and prep81311( fr>r the industy. BRB Perforniances Graduate and posl-Graduate students tre selected lo perfomi the enti Snow Scene section of Sir Pgtsr Wright's production of Nutcrackeralongside BRB at Ihe Binnir¥Jham REP Thealre. Th8 perforMan%aSStrearId rkationallyoverthe Christmas period. The perfomiance also indudeil year 7 mal8 Students in the ro18 of Fritz. Year 13 female studentswere also $818Ct8d lo wfomthe Stars section of SirDavid Binuels production ofcinderella atthe Bimiingham Rep Th08tr&. Competitlon Success In the year2020fdi, 1 male and 1 female Uptwsthool slud1 representthE sd)ool atlhefinalsofthe prestigioL¢S Prix de Lausanne International Ballètcompethon. 2 lemale UpperSthcK)I StUdentsaPpea assempfinalists ofthe Youth American Grand Prix virtual competition. A female student vrds awarded the bronze medal in the Maryot Fonteyn lTrternational Comp9tibon and another female student awarded the Judge'8 Ch¢Th Chorp(uraphic Awar(l. Industry Inspira Due to the P8Trdemic, students were unableto attend Itve perfonnances butre abieto View Iivg r818y pgrfonnances in the ElmhurstTheatre. Live relay showings included the LazulÉ SkyTriple Bill and Ntrtcracker by Bimingham Royal Ballet. and the Royal Ballet Back on Stsge Gala and Sir Matthew Boum8's ofRomeoand Juliet GradUatesludentsPreQWen th8 opportunity to attend a Iwe perfomwn¢e ofthe Curated by Cartos tiiple bill. other, virtual guest speakers in conversation Princjpal Jessica wa induded Sir Malthew Boume IDÉrector of New Adventures), Christopher Hampson IDirectorofScottish Ballell. Wayne McGregtsrCBE (Co. Wayne McGregDrl, Etta Murfftt (Associate Directorof NewAdvenlur8sI. CarfosAcosta CBE IDirectorofBRBI, and Theresa Ruth Howard (Diversity strategis¢ and consultanll. Olh9rguestspeakets included Bim)ingham Royal BalleldancersKit Holderand Laurd Daya8 11 asfomier Elmhurst graduates Emma Price. Joshua Bawwck. Ftyan Felix and Rosanna Ely. Transitions Dance Company delWeredv+Drkshottstho 6thfomi siudents aTh1 perfm fOrvOIesChool inthe Elmhursl Theatre. Outstandlng Academlc Results Elmhurst admits students solety on the basis of atMIty and wtenlial in d3Cal ballet- and is thefOre not academlcally selective. Nevertheless. the School continues to ad)ieve excellenl academic results. Elmhurst conlinu8s to offer a full, enriching and relevant academic curriculum in both Lower School and Upper School, being cornrnitted to tho notion that thiriking daneers make better dancers. The School is also avrare that students need to have 8 good academic grounding in proparatton for lrfe beyond dancing, %thatever that invofves them do1. A wide variety of option subjects are availablg al GCSE level and all students take part in Enrichment acbvibes we6kty such as. finanaal awareness. study skills, crafts & sewng. gardening as well as many olher optiws. Exarninations Ere cAncelled in Summer 2020 & 2021 as directed by the UK Govemmgllt and replaced with toacher cal¢ulated grades.
ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THEYEAR ENDED 31 AUGUST 2021 Lower School Academic R85uIts 2021 In 2021, 22 Year 11 studgnlswere awarded sliS in 165 GCSE ex8mÉnations (an average ofover 7.5 per studgntl. 55% of all GCSE entiies were awarded grades 7-9 and 95% olstLMlentsgained fivtr ormore GCSES linduding English and Maths) at grades 4-9. GCSEIIGCSE Data /0 Entries awarded 9- rades /0 Entries awarded 9- rades °A Sludenls obtsining 5+ 9 rades °/0 Students obtsining 5+ rades indudin Maths and E lish Cohort Size Average number of GCSE entries per student 2021 75 100 11KJ 2020 55 95 95 2019 32 95 91 2018 51 2017 35 90 87 11KJ 87 24 21 23 Upper S¢hog1 Audemic Results 2021 Sixth Form students at Elmhursi studyfr>rALgvels ak$Ie theirdemanding dance training schsdule. AtA Level lastyear, th&rg W8s a pass ral8 of 1CKI%, consistent %%ilh the Krovious years. A Level Dats ¢/0 Entries awarded A"-C rades °/0 Entries awarded A'_E des Cohort size year rolliTrJ average Vo Entries awarded A'l rades 2021 89 2020 89 100 20 79 2019 62 100 2018 85 100 19 74 2017 76 97 19 72 17 80 74 EPQ ¢ontinuo$1o growand perform verywell. In 20r21 IhtrreMpreseven enlries. all achievirKJ veryhkJhgradgs indudirKJ on6 A", five grade A and on6 B. Health & Wellbolng Strogy Elmhur8fs Heatth and Wellbeing Team aimto fftate an en0Mentthatp[otes3Th1 enhan8th9 health andtIlb@Ing of 811 ourstudents as perfomiing artists, enabling themto8chievetheirfvll potential and build healthyand wainable lives and ¢aregrs. Elrnhufst has four key strands to tts Health and well1r¥3 slialegy. thes¢ arg.. preventMM', early identrfication,. prompt appropriate intervention and ongoing $upporL W6 aimto ensuWhereVerposSib1e the pvention of irtjuryand illness. When issues do arisee aSmtoldentifylhe issues asearty as possible and th8nwork in a coordinated brdytr> pmwde appropiiate supportand intervenb'on. Interventionswill be monitored and reviewed fora$ long as they are needed. Ourvi&on is to provide Outstsnding physical and emotional careto all students in a timely. sensitive and supporbve manner. We achieve this by providiThJ out studentsaccessloawide rang8of emotional and phys1 supwrt serMceswhi(* indude. phwotherdpists. a rehabilitation expert, a thngth and conditioning Coach. 8 counsellor and menlal hearth nurse. DuriThJ the kKkdoNbn period in 2021. health and wellbeing Services were deliver8d remotety th great SLNxess. Our Young Perfomiers Heamh Trust ¢{tinUeS to ensure that our stud$ (¥n obtsin outstsnding health care suptK)rt in timety Manr[. Outreach and Partn•rshl Enjoyrnent of, and participation in balEeL is in danger of bec0mll the preseTha of th& wealthy, as arts education is increasingly eroded in state sector schools. We are paOnate atrK&ut our art. Every year. work T(h a number of stste sector schools, to inspire an intèrest in ballet amongst young audiences vA)o may never have cOndered ballet as 8 leisure acllvty or as a career. and to briryJ them new and dNerse eyriences. Due to the COVIt>19 pandemic and associated restricbons. most of Ihe sthool's outreach had to be put on hold in 202012021, h¢)wever this has resumed post year-end th vK>rkshops run by Elmhurst students being held in local slate 8chool8.
ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 FUTURE PL4NS It is Important for Elmhurst to malntaSn a hh quality ballettraining 0r outsSde of London as an important partofthe UK'$ dance ecol(KJy. With continued government funding and support from key partner organisations Elmhurst wll conb.nue to thriv8. As on organisation we are ambthous8nd hop8 to secure furtherimprovemenlthwh focu&Th3 on thcrjaI strands". Recrultment Identing talented young peop[M dtverse backgroundsthrough a targeted national and inlemation81 auditions progrdmme to join the sthocd. Retention Prow&on of%ddass trainiThJ, educalion and h8atth &wellbeing. *ilh ourstudents 8lthe centre of all thatwe do. Revenue MaMiS1n9 InMe into Ihg S(101 to ensure Elmhurst can conlinue to inv&sl In Its fac4lities and ts peo. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The statementof fin8nch?l actiwties IssetJ10n page 14 and shtmstolal inc(Mne of£4,855,125{2¢Y20.. £4.893,0241thich isa decrease of 0.8¥0 cornpad with the prior year. School fee income remained broadly oonsistent at £3.693,285 {2020'. £3,635.9921 wth fees being di%ountgd during lockdoym periods in bo(h yeaTr. tk)nations income decreased to £128,590 12020.. £144,187} due lo Ihg reduction in levels of fundraising activity wthich affected the %thole year in 2020121.Incorne from Ihe Govemmenys Coronawrus Job Retention Scheme decrgased fmm £257.404 in 2020 to £137,834 in 2021 due to the school c108ure period Sn 2021 beiThJ shorter than the peritxj in the prior year. The School's nel exptrnditure befo gains on investments of £25.T18 {2020: £101,646) was satisfactory In tho current economic climate. 80th Income and Expenditure decreased over the year. largely linked to the impact of the Pandemic on School opoTrtions. The School continues to strive to increase sbjdent nurnbers whilst maintainir@ control ofcosts. Our trading subsidiary continues to hire out Elmhur5t SrJKM)I fauleS durirKJ vacatsons and weekends. although this was signific8nYy impacted bythe Pandemic in 2020r21. Ajong iiscommercial activtbgs. wilhin the Groupand extemally, ithas made a small loss of £2,80912020.' profft of £3.8641. Subsequentto the year8rKJ. activibes have increased to pre-pandernic levels and is expecte(I to retum lo [bIlty in 2021122. FUNDRAISING STATEMEP InciKne generated through fundraisng is importantto the sJJslainabilty ofElmhurstBalletSchod and empbyonefijlltime Fundraising Officer who m•nag&s our fundraisng strategy and targets. Funding and support comes from trusts and foundations, companies and individuals, %rkIng dosely potsnbal supporters to match interestsand motivation$wtrthe needs of sluilents. as ell as organisiro regulartour5 and ev8nts to keep SUP[rters connected the school. We use a numberofdiffèrent channels to communicate ourdonors. iUdir0 M1. email, fac&f3¢efUnd[a1rrfJ. onlinegiving and social media. We are registefedwththe Fundraising Regulatorand the FurKlraising PreferntKeService. affimiing ourcompliancewth the Fundraising Regulator C(KJe of Fundraisng Practice. We do not Cold11 or cold•mail the publi¢. nor do we put undue pressure on people to donate. Our Fundraising Officer also altends regular meetings wth the Chartered Institute of Fundraisin9 in order to stay up to dale b851 pr3dice vAthin fiJndfaisiThJ. We continuè to comply wth all legislative and regulatory qUIrementS and ensurethatourpoliues, guidelines and PToce55es a reeWed and updated regularty and that we Comply fully with GDPR. We are pleased to reFKrt that have not recwved any complaints regarding ourfundraising practice during the year endèd 31 August 2021.
ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 FUNDRAISING PERFORMANCE Donations Donations decreased in the yearfrwi £144.187to£128,5W. This ¥was mainlydu81oth& impactofCoM&19 restricbons on ndraising events. 500 Club In 2020121 we continued to Promote and develop the Elmhurst Ballet School 500 Club. bUs1r$s&S sign upto support Elmhurstat a cost of £500 perannum and in exchange ar8 inwted to att8nd a numbèrofVIP networknng events atthe schod. This has proved highly successful and although were Unab to hold any events due lo national and local Govemmonl restrictions. we are rkIN forvrdrd to membets bacth into Sc1 as soon as we are able to do so. Trusts and Foundations We are very grateful forthe funding received orpledged tygrant-making trusts and foundations towards bursary supportfor the students who hav8 b88n identtfied as struggling wtth the cosis of theirdance training. During 2020121 were suceessfvl in a numbgr of funding applicationsto grant-making trusts and foundations to supth)rt a rdroe of projects, including." student bursaries, Choography, Elmhurst Young Dancers Prograrnme and outreach acEivib'es and performances. W8 continue to researd7 and appty to grarbt-making oryJanisations to incre&8e our effectivene&9 this area. The Govemor¥. Staff anij Slud$nts would like to Ihank everyone has SUpted the School during 2021N21. LETnNGS Lettings ofthe Sch(xA's dance and conferen¢6faCi185. largèty duriTh3vacations prowded an addition to mainstreamrovanue of £7,20312020: £23,572>. The majority of our regularleth"rwJswere cancelled in 2020121 due lo $triCtIonS and uncertainty relating to Covid-19. We are delighted Ihat subseqsjent to the year end our lettings acb'vity has Telurneil to pre-pandemic levels and this wll be refiected in 2021122 irKJJm8. KEY mANAGEMETr PERSONNEL The Govemors considerthe Board ofGovemors and the SeniorLeadership Team compris6th6 key managementpersonnel of the charity. Ail Govgmors givè of their time freely and no Govemor received remunerabon in the year. The pay of the Senior Leaders 1$ rèwiewed annually and nonnalty increased at the same rate as pay increases given lo other staff. RESERVES At 31 August 2021, the School had £1.098,40212020.. £W2,6371 of Trserves plus £2.6m12020'. £2.6ml IdenlTfied fvr longer term invgthent. Fr¥8 ras&rves are th& group unrestricted net current assets. It remains the Gtsvemors. policy to accumul8to a gèneras reserve equivalentto uptotwo temi's runnirrfJ cosls as an adequate Ve1 of I'rj capital. Based on urrent levels ol expenditure, this would equate to appr0matelY £3.254,00012020.' £3,330,000). The Sthool hastwo desnated reserves. Thedesignated wital reserve [esents the netbookvalue ofthe lehOld Lqnd and buildings. This wll be released over the useful economic life of the land and buildings. The deswJnated repairs reserve represents monies seta&de formajorrepairs tothefabricof the buildirrfJ. Thiswill beexp8nded in a¢Xordanc811hthe repairs and Maintenan programme. GOING CONCERN During 2020121 the school was able to redl its cost base in orderto offsetthe financial impactofthe Cowi&19 pandemic. Our cash position remains strong {£2.035m 3t 1 August 20221. Looking forward tolhe next 12 monlh& are del3hted thatourGovemmentfrJndingfrom the MDS and TrdDAsthemeshas beèn confimied for the academtc year 2022123. In addition. our student recrUthnt process h8s be8n extremely SucssfiJl and we look fowRrd to elcom1n9 healthy student nurnbe to ElMhurStfortt new academic yoar. On this basis the GovemoTr are sati$d that it remwns appiopri to drnw up Ihe aCcnts for the year ended 31 August 2021 on the going concern basis.
ELMHURST BALLET SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 INVESTME POLICY The School has previously placed all donalions to the endowmenl fvnd on dewsii wth M & G Charifund with the aim of fvnding fvture scholarships. The School's current Investment policy has been in place since 2014. The School seeks to producethe best financial retum within an acp(able1SVel of risk. £2.Sm has been passed to a Professional investrnent managerand isfultyinvested and has been treated as longert8rm investments. The mand*8 isfora balance catmtal arhd incornèi)n a mediurn to high risk basis over a ten year time horizon. The sionificAnt gain on ¥alU.0n fleCtS the bounce pack ofthe market follovrfing ils reaction to the Coronawrus global pandemic and is broadly in line the relevant private investor indices provided by tho WMA but signifficantly ahead of the FTSE 11)0. Any avallable cash held by the Schoo[lch is unlikety to be required wthin a ccyjple ofmonths is on short terni deposf(wth Lloyds ban AUDITORS RSM UK Audit LLPhave indKXtedtheirwllirne&%t0reapKXnIforanDthwtern a)rOpriatearraNJeMentsha b8en pul In place for Ihem to be deemed reapwinted as aLtditors in Ihe abs of an Annual General MeetirrfJ. STATEMENT OF GOVERNORS. RESPONSIBILMES The Governorslwho are also directors of Elmhurst Ballet Sch(MJl Trustforthe WI0$$ of ¢omp8ny responsible for preparing the Rep(Mt of the Govemors and thè ffinancial statements in accordance wth appIlble law and Unlted Kingdom Aceounting Standards (United Kingdom Generalty Accepted Accounbng Practi}. Company18w requires the Govemorsto preparefinanual 5tatem$ntsforeach ffinanaal yearvknich give atrne andfairvwof the state of affairs of the charitsble company and the gmup and of the incomitvJ sOurceS and application of resourc8S, Including the income and expendilure. of the charitable group for thal period. In prepariro these finanaal statements, the Govemors are requireil to: Select suilable accounting wliues and then apply them con%stenty: Observe the methods and principles in the Chaiities SORP- Make judgments arbd e$tim8t¢s that are rsasonabl$ and FKudent Preparethe finanual slatementson the golng CO ba%sunless iiis inappropriateto presumethatthpcth8ritaWe company will continue in business. The Governors arg responsbl8for kg8pir¥J prOra¢COUnting records that disdosewith 8$onab1È accuracyatanytimethe fin8rTrGi81 position of the charitable company and enaUe them to ensure Ihat the financial statements comply wth the Companies Act 2006. They a also responble for safeguarding the assets of the charitable company and the group and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularib'es. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS The Govemors who tre in office on the date of approval offhese financial statements have confimied. as far as they arg aware, that there is no Televant audit infonnation ofwhich the audf(ors are unawdre. Each of the Govemors have confimed that they have taken all the steps that they ought to have taken as &>VernO in 0er to make themselves aware of any relevant audit infomiation and to es181A4sh that it has been commun81¢ to th8 8udttor. The Report of the Governors is approved by order of the Board of G0vem0 and the Strategic Report {included thertsinl 15 appro d bythe Board ofGovernors in Iheircapautyasthe directors ata meebng on 24August2022and gned0n ttsboha by.. an of Governors Elmhurst Ballet Sch¢y)l Trust 249 Bristol Road Edgbastr)ft Bimiirngham B5 7UH Date: 24 August 2022 10
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ELMHURST BALLET SCHOOL TRUST Opinion We have audtted the financtal statements of Elmhurst Ballet Sthool Trustlthe'parent charitable company'lond ttssubsidiary Ithe'group'lforthe yearended 31 Avgusl 2021 whith comprisethe Consolidated Stslement of Finanal Activities (including Income and expenditure awountl, the Consolidated and Chartty Balare Sheets,the ¢9)lidated and Charitystatements of Cash Flows and nol8Stolhe financial statements, includiTrJ sKJnificantacoounting policies. Thefinanaal retx)rbng framewo that has been applied in their preparation is applicable18w and Untted KiThJdom Accounting Stsndards. includiNg FRS 102 he Finanaal Rew)rting Standard applicab18 in ts UK arml Republ of Ind. (United Kingdom Gentsrally Accepted Ao¢tsunting Practice). In our opinion the financlal statements.. gwe a trtJ8 and fairviewof the stale ofthegroup's and the parent ¢hatitable companrfs affairs as at31 August2021 and of the group's incomirKJ resources and application of r8s0urces. induding its income and 8XP8ndilure, for the year then ended: have been property prepared in acLor(lance United Kingdom Generally Accepted A(wunting Pra¢tice", and have been prepared in accordance wth the requirements of the Companies Acl 2006. Basls for opinion We conducted our audil in accordance wth Inlemational Standards on Audibng IUKI IISAS IUK}l and applicable law. OLFr responsibilitses under those standards are fijrther described in the Audtttirfs respSIbilieS for the aud(( of the financial 518lem8nts section ol our report. We a independent of the group and pant charitable company in accordance with the ethical rèquIrnents that are relevant to our au¢Jit of the financial statemenis in the UK, induding the FRC'S Ethical Standard and have fvll19d our other ethical responsibilities in accordance these requirements. We believe that the audit evsdence we havè obtained is sufficient and appropriale to provide a basis forour opinion. Conclusions relatlng to going concern In auditing the finanaal statements. we have condudotl that the trustees. use of Ihe goiThJ uJn(¥m b85is of ac¢ounting in Ihe preparation of the financial stslements is appri¥)riate. Based on the work havè perfomd. we have nol hlentrfied any matwial uncertainties relafiThJ to events or CondOn$ that, inilividually or collectsvely, may cast signfficanl doubt on th8 group's or Pant charitable companys abilty to continue as a going concem for a periiKI of al le8St llbtfve months from vknen the finanual ststem$nts are authorised for issue. Our responsibileS 8nd the responsibileS of the trustees 7(h r¥s¢t10 golng concem are describe(J in thg rglevant S8clion$ of this report. Other Informatlon The other information comprises the infonnalion induded in the Annual R8rx)rt otherthan the financAal ststemenls and our aud0¥ roport thereon. The trustees are responsible for the other infomatton contained within the knnual Report. Our opinion on the financial statements does not CQV8r thè other infomiation and, except to the exi8llt otherwsè 8xplicilly 81818d In our report, we do not eypress any fom of assurance condusion Ihelec. Our reSPonbillty is to T8#d the othèr infomiation and. in doir4J so, considerwhether the other infomation is rnaterially inconsistent with thè financial statements or our knoedge obtsineil in the c¢)urse of the audit or otherwise appears lo be rnalerially misstated. If identify such material inconwstenoes or apparent material misststements. we 8re required lo determine whether this gives rise to a material rnisstat8mènt in the finanaal statements themselves. If. based on the work we have performed, condud$ th there is a material misstatem8nt of this other infomiation. we are requirod to rsm that fact We have nothing to roport in this regard. Oplnlons on other matters pr¢serlb8d by the COMpse8 Act 2006 In our opinion. based on the w)rk undertaken in the course of the aud. the inf0mtIOn given in the Trustees. Report, vA)ith indudes the tTectors' Report the Strategic Rgport prepared forthe purpo88s of ¢omp8ny law. financial yearfor%thiL th8 ffinanual stateme¢)ts are pmpared is consistent with th9 finan(ial statements., and the Directors, Report and the Strategic Report inchjded within the Twstee$' Rewt have been pared In accordance with applicable legal requiremenls. Mthr8 on whlch we are requlred to report by •xceptlon In the light of the knovledge and undefstanding of the group and the pant charitsble company 8nd their enwronrnent obtained in the course of the audit, we have not Klontified matertal misstatements in the trtors, Report or thg Strategic R9POrt induded wilhin the Trustees, R8porL 11
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ELMHURST BALLET SCHOOL TRUST (continued) We have nothing to report in respectofthef01liDg Mattw5wh8 the companiesACt2C requires u8to portIO you if, in our opinitsn.. adequale accounting records have not been keptbythe pantChanfable ¢)Jmpany, [retUrnS adequateforwraudit have not been recewed from bTrnches not wsited by us.. or the parent charitable cofflpanyfinancial ststementsare notin agreemenlwilh the ac(x>untiThJ records and retums.. or certain disclosures of trustees. remunerntion specrfied by Law are not made,. or we have not received all the irTrformation and explanations we require for our audiL Responsibilitiès of trustees As explained fflore fully in the Siatemenl of Truslees, responsibilibes set outon page 10. the trustees Iwho ar8 also the direGlors of the charitable company for the pvrposes of CQTnpany law) a responsible for the preparabon of the financial $ts18ments and for being satisfied that they gN8 3 true and fair wew. and for such intemal corkln)l as the truslees detemiine is necessary to enable th8 pr8ParnticM) of financial statements thal are fr89 from material Misstatenl. whelher due lo fraud or error. In preparing the financial statements. the truste8S respongble aSSeng the group's and parent charitabl& cotnpany's ability to continue as 8 going con¢em. disclosing. as applicable. Matte related to going concem and uslng the going concem basis of aowunting unless the truslees either intend to liquidate the gTOUP or parent charitsble company or to ceastr oparations. or have no realistic altematNe Ixrt to do so. Audltor's responsibiltties for thg audlt of the financlal ststements Our objectives are to obtain 8$Oable assurdnce about%vhetherthe fina>81 stslements asa vthole are free from material misstatement, etheru8t0fraud orerror. andto iSSLte an auditorfs reportth in¢ludesouropinion. Reasonableassurance Ss a high level of assurance, but is not a guarantee Ihat an auditcondurted in accordance with ISAs{UKlill 8yS delect a material mis¥tatementwhen itexists. Misstatementscan 8ris8fFDm fraLKI orerrorand are cymgdered m8tori81 rf. individualtyor in the aggregate. theycould reasonably be e¥Fwlgdto InfiUenthe 10mdeCisIOnS of user5tsken on the ba&s oftheso financial stalements. The extent to whlch the audit was considered capable of detectlng Irregularltles. inclvding fraud Irreg(Jl8r5bès are instances of non-complianc8 wth18ws and regulations. The objectives of our audit are to obtain suffici9llt appropriate audit evidence regarding compliancè ith LAWS and wulations that have a dirert effect on the detemiination of material amounts and disdosur¢s in finanual statements, to perform pr(wlures to help identify instances of non- compliance with olh•r laws and regulations thal may have a material Offect on the financtal statements, and to reswnd appropriately lo identified or suspected norkcornpliance and wulations identified during th& audit. In relatlon to fraud. the objectives of our 8udit are to Itify and assess the risk of material misstatement of the finandal statements dueto fraud, lo obtsin sufficientappropriate audilevidenoe regarding theassessed risks of Material rnisstatement due lo fraud through designing and implbrO appropriate F8sponsesarKI to respond appropriatelytofraud orsuspecled fraud idgntifi¢d during the audft. However. It is the primary responsibiltty 0fManmenl ilh th8ovewht ofth088 th8ry8dvrith govemance, to ensu that the entsly's operations 8r8 condu(ed in aCcOrdar Vith the prOon5 of I and regulalions and for the prevention and detection of fraud. In tdentsfySng and assessing risks of material Mis*alaTh in res of wwubrTbes, induding fraud. the group audf( eagement team= obtained an understanding of the nature of the sector. indudiTrJ the legal and regut8tory framework that the group and parent charitsble company twrntès in and howthegroup pargntdwitable company are COmprJ ¥Mththe legal and regulatory framework., inquired ofmanagemtsnl, 8nd those ChargedVthgoYernan1, 81MxJtthgif{y4 identification and &%%e&smentof the risks of irr8gulariti"es, including any knovm actval. suspecteil or alleged inslances of fraud., discussed Jnatters ablxrt nOn-comlanCevth laws arnl regu18tionsand howfratkl mightocr4JrindudirffJasses%nent of how and vA)ere the financ¢al statements may be suwptible tr) fraLMI. As a rgsuf( of Ihese Procedures consKlef the mosl sign[fi(nt laws and rwJulations that havo a dlrect impact on th8 finan¢ial statements afe FRS 102, Chabe8 SORP IFRS 1021. Companies Acl 20(. Chari(i9$Act2011. Ihe parentcharitable companvs goveming (UmeL tsx 18gislalion and Charibes (Protection and So(xal Investment) Act 2016. We perfornied audit procedures lo detect n-¢0Mpli3ftCes which may have a matsrial impacl on the finanaal statements which included reviewng the )Inanci81 statements induding theTrustees' RepMyL remaining 3rtt0 rteworunusual transactionswhich rnay not be in accordance th the goveming documents, corspOndence kncal tax authorib85 8nd evaluating adce receivgd from intemavexiemal athsors. 12
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF
ELMHURST BALLET SCHOOL TRUST (continued)
The most signrficant laws and regulations that have an indired impact on the financial stslements a The Education
{Independent School Standards) Regulations 2014, Keeping Children Safe in Education undgrsection 175 oflhe Education
Act 2002, and the UK General Data Protection Regulatton {UK GDPRI. We performed audit procèdures lo inquire of
nagemenl and Ihose charged wth govematKe whelher the chatable wmpany is in compliance thèse law and
regulations and inspe¢tgd Corresponden wth regulatory authoriti.es.
The group audit engagement team identified the risk of management override of controls 8$ the arg8¥ where the finanoal
51alem8nls were mostsusceplible to material m(&%tatementduetofr8ud. Audit procedures perfomied induded bUtWe not
litni18d to teslirvj manual joumal entries and other adjustrnènts. gvalu8ting the busness rationale in relation to significant.
unusual transacttons and transactions entered into outside the nomal (xxjrsg of busness.
A fvrther description of our responsibilthes for the audit of the financial ststements is provtded on th8 Financial Repong
Council's website al htt .'I1vh.frc.
.uklaudtitirs
ibilities. This
ELMHURST BALLET SCHOOL TRUST CONSOUDATED STATEMENT OF FINANCIALACTMTIES {INCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 August 2021 Unrgstrtcted Restdcted Endowmènt Funds Funds Fund 2021 Total 2020 Totsl INCOME FROM: Donations and legacies: Donabons Charltable activiti•s= School fe85 receN8ble Syllabus classes income Summer School fees Grants receivable CoronawrusJob Reten¢M Scheme Other tradlng actly1&s. School shows income Rents and lettings other income Investments 27,850 11x1.740 128.590 144,187 3.693,285 94,789 93.448 354.480 137,834 3,693,285 94.789 93.448 354,480 137,834 3,635,992 94,005 17.308 367,583 257,404 7,403 23,572 221,523 124,047 7.203 198,384 133.404 7.203 198,384 147.112 13,708 Total Income 4.740,677 100.740 13.708 4,855,125 4.893,024 EXPENDITURE ON: Ralslng funds 28.030 28,030 11,509 Charitable actS¥ltles School opefating costs 4.758.133 94.740 4,852.873 4,983.161 Total expendlture 4.786.163 94.740 4.880,903 4.994.670 NET IEXPENDITUREYINCOME BEFORE NET GAINS ON INVESTMENTS 145.486> 13.708 125.778) 1101,646) Net g8insllkns8851 on investments 65,3 521.456 1187,286} NET INCOMEIIEXPENDITUREI 410.367 79.311 495.678 1288.9321 TRANSFERS BETWEEN FUNDS 14.15 13.(KJO} NET 14qOVEMENT IN FUNDS 413.367 76.311 495,678 1288.9321 R•conciliati¢)n of funds: Funds brought forwmrd at 1 September 2020 16,516.651 122.056 295.471 16.934.178 17,223,110 Funds carrted for¥Yard at 31 August 2021 16.9).018 128.056 371.782 17,429,856 16.934,178 14
ELMHURST BALLET SCHOOL TRUST CONSOLIDATED BALANCE SHEET AS AT 31 August 2021 Company RegistratKon No. 2932622 2021 2020 FIXED ASSETS Tangible assets Investments 12.644.090 3,509,169 12,899.198 2,956,471 16.153.259 15,855,669 CURRENT ASSETS Debtors Short temi deposits Cash at bank and in hand 10 276.133 1.(r27,997 853,810 333.041 627,519 1.030,740 2.157.940 1,991.3CKt CREDITORS: Amounts falling due within on& year 11 {881,3431 {912,7911 NET CURRENT ASSErs 1,276.597 1,078,509 TOTAL ASSETS LESS CURRENT LIABILITIES BEING NET ASSETS 17.429, 16.934,178 FUNDS Endowment fvnds Restricted funds Unrestriclgd fvnds.. Designated reserves General reseNe 13 13 371.782 128.056 295,471 122,056 14 15 15,149.rn 1.780,245 15.369,208 1.147,443 16.930.018 16,516,651 TOTAL FUNDS 17,429,856 16.934,178 The fin8w81 statements on paye$ 14 to 33 %%Ere approved and aulhorised for issue by th8 BO9 of Govemors oft 24 August 2022 and were wgn8d below on its behalf ty. J Harris- Chairof Govemors 16
ELMHURST BALLET SCHOOL TRUST CHARITY BALANCE SHEET AS AT 31 August 2021 2021 2020 FIXED ASSETS Tanglble assets Investmenls 12.644.0 3,509,170 12.899.198 2,956.472 16.153.260 15,855.670 CURRENT ASSETS Debtors Short tem deposits Cash at bank and in hand 10 308.109 1.027.997 817.&57 349.940 627.519 995,372 2,153. 1.972,831 CREDITORS.. Amounts fajling due within one year 11 1874.5561 (898.1861 NET CURRENT ASSETS 1279.407 1,074,645 TOTAL ASSETS LESS CURRENT UABILFTIES BEING NET ASSETS 17.432.867 16.930,315 FUNDS Endowment funds Restricted funds Unrestricted fvnds.. Designated re8erve8 General rg88Ng 13 13 371.782 128,056 295.471 122.056 14 15 15,149.713 1.783.056 15.369.208 1.143.580 16,932,829 16,512.788 TOTAL FUNDS 17,432.667 16,930.315 Incom6 of £4.850,72512020'. £4,907.4391 relates to the parenl undertaknng. Eypenditure of £4.869.830 {2020: £4,981.428) r91atesto the parentundertaking. leaviro a defiut wiorto investmentgainsforthe financial yearin Ihe accounts ofthe parent undertaking of £19.10512020'. deficit of £73,989). The financial statements on pages 14 to 33 %%Ere approv&J and auihorised for issue by the Board of Governors on 24 August 2022 and re soned below on its behatt by.. J Harris- Chair of Goverr3 16
ELMHURST BALLET SCHOOL TRUST CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 August 2021 2021 2020 Cash flows from ¢)perating acttvltles: Net cash provided by operatittg acttvitles 19 106,066 ).123 Cash flows from Inv•5ting actJ¥lti•s- Dividends and interest from investments Purchase of property, plant and equiprngnl Proceeds from sale of investments Purchase of investments 143,830 {19,2041 625,312 (635,7381 120.160 133,6621 616,004 {627,6821 Net Cash provided byllusgd in) Investlng actiTrltles 114,200 74,820 Cash flows from financing actlvities: Cash fiows attribtrtable to endonent 3.282 3,886 Net cash provided byflnancing actlvltles 3.282 3.886 Change In cash and eash equtval•rtts In the yèar 223,548 168.829 Cash and $h equlvalènts at the tInning of the 1,658.259 1,489.430 Cash and cash èquivalents at th• •nd ofthe 1.881.807 1.658.259 17
ELMHURST BALLET SCHOOL TRusr CHARITY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 August 2021 Notes 2021 2020 Cash flows from operating activitles: Net cash providèd by operatlng actlvltles 19 105.481 102,321 Cash flows from Investlng act5vities: Dividends aftd InteSt from investments Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investsllents 143.830 119.2041 625,312 1635,7381 120,161 133.6621 616,004 1627,683 N•t cash provlded byl{used inl I$tIng actlvltles 114200 74.820 Cash flows from Ilnandng acilTrAtles: Cash flows atknbutable to endowment 3.282 3,886 Net cash provlded by financing actlvllles 3.282 Chango In cash and cash equlvalents in thg ar 222,963 181,027 Cash and cash equivalents at thè beglnnlng ofthe 1.622,891 1.441.864 Cash •nd cash equlvalents atthe end ofthg 20 1.845,854 1.622,891 18
ELMHURST BALLET SCHOOL TRUST ACCOUNTING POLICIES GENERAL INFORMATION Elmhurst Bollol School Trust {Ihe charilf) is a charilable company limited by guarante8 and is incorporated in England and Wales (Company registratiorh numb8r2932622 and charity number 10402861. The addre&gofthe Chartty's registered offi and princtpal place of business Is 249 Bristol Road, Edgbaston, B11rJham. B5 7UH. The group consists ofthe charity and its one subsidiary. Ejmhurst Enlewriw Limited. The nature of the group's opeiations are set out in the Report of Ihe Govemors. The principal a0ting policies adopted. juthjements and key urceS of eslimation un¢&rtainty in the preparation of the finandal statements are as follows: BASIS OF ACCOUNTING The financial statements of the Group have been prepared in t[darKe A)Unting and Reporting by Chariti9S'. Statement of Recommended Practice appSicable to charilies pparij their accounts in accordance the Financial Reporting Standard applicable in th8 UK and Republic of IrelaThJ IFRS 1021{effecbve 1 January2015)-Chaiities SORP IFRS 1021. the Financial Reporting Stsndattl applicalAe in the UK and Republic of Ireland IFRS 102}andthe CompaniesAct2(H)6. They have been prepad under the histOriCAI cost convention. rnodthwj to indude investments at fair value. Monetary amounts in Ihese finanaal slatements rounded to Ihè nearest %thole £1. The financi81 ststements are present&J in sterfing %thrch is also the funclional curYen¢y of the charyty. Elmhurst Ballet School Trust meets the definitson of a public benefft entity Un FRS 102 arKI has th8r9fore applied the relevant public benefft reouirem¢nts of FRS 102. BASIS OF CONSOLIDATION These financial statements consolidats the financial stalernents of ElmhLbrst Ballet Schocl Trusl llhe Chartv) and tts subsidiary. Elmhurst Enterprises Limited {e subsidrarfl all finanoal statements are made up to 31 Augusl. The financial statements consolidate Ihe results of the Charity and rfs tholty 0ed subsidiary on a line-by-line basis. A separate Statement of Finar181 Actiwb85 and statement0fcomhens1ye Incomeforthe Charity h8V8 notbeen presented because the Charity has taken advantsge of the 8xernption afforded by Section 408 of the Companies Act 2006. All intraroup trarctiOnS, balances and nlIsed gains on tranSalOn$ b8fybpen Group entibes are elimlnatod on Consolidation. Unrealiseil losses are also eliminated unless thetransaction prowdes edence of an impainnentofthe assèl transferred. Where twssary. adjLiStments a made to the finanual statements of subsidiari85 lo bring the ac£ounting policies used into line th those used by othgr m8mber5 of the Group. GOING CONCERN A8 a result of the Covid-19 pandemic the Tnjst embathe(J on a bu¥n8ss conbnuty plan to respond lo the changing $nwronmenl. Postyearend results are pleasiTrJ in the contextofthe st-p3ndeffl1a[mlsC8Pe IheTwsthawiro retumed to nomal levels of activity. Hamng carried out a detaId wew ofthe Trust's t)tiOn and rtsforecAsts atthg dale ofsigning the accounts and with iegard to the Challenges presented by the current economicclimate. the Trustees are satisfied Ihatthe Trust has suffiaent cash flows to meet its Itabiltti8s as they fall for at least one year from the date of approval of the accounts. The Trustees cA)nsiderthatthe company has adequate r¢¢oursesto enable it lo Contin in operdtional e$tenCe for the foreseeable fvture and the accounts are therefore ppared on a g(xng concem basis. INCOME All income is included in the Statement of Finandal Aclivibes then the Grr>up is legalty enliued to the income. thero is probability ofreceipt and the amount(xn be quantified ilh reasonable accuracy. The followng specific pOltesare appld lo parti¢ular ¢atsgorios of in¢ome: Fees r9C81Vab and charges for seThices are accounted for in the year in 1¢h the semce 1$ prowded. Fees re1vable arè ststéd after (leductlng allowances, xholarships and other remissions allowed by thg Group. Donations re¢eiwable forthe general purposes of the Group are credited to unrestrIctfijTrds. Donations subiectto specifie wsh•s ofth8 donors are carried lo relevanl restricted fijnds. Legacies ar& accounted for as Soon as entiUemenL wobabilty at)d Metary value (¥n bg estsblished. Invtsstrnont income is recognised on an accruals bass. Grants receivable lincludirKJ govemment grants) are recffjnised In the Statement of Financial Actiwties when the conditions for receipt have been complied wth. Rent and lettirrfJs income is recognised on a r1Vable bas. Other income is accounted for in the year in th¢ servir* Is provided. 19
ELMHURST BALLET SCHOOL TRUST ACCOUNTING POLICIES (continued) EXPENDITURE Liabilitiesare recognised aSexpenditU as soon asthere is a legal orwnstwctive OblatiOn totranSferMEebeneffit0 a third party, il is probable thata transferof economic benefrtsill be requi1 in setuemenl and the amount0ftheob1Jati0n can be measured reliably. The followTng speciffic Oicies are applied to p3clar (tegoriès of èxp8ndtiur8'. Costsof raising fundsare those cosls incuired in attraclirwJ voluntary income and thosè in¢urrod in trading actiwtres that raise funds. Charitable 8cb"wtiè$ in¢lude expen(liiure on providing educabon and Include both direct costs and Support costs relating to the actiwty. Supportcosts include central funclions and have been alkjcaledlo actiwtycostfalegoiies ona bass con&stentwith the use of resources e.g. staff costs by the b.me spent and ¢)ther (x)sts by their usage. All expenditure Is Indusive of irre¢overab19 VAT. TAXATION The Charity is considered lo pass the tests sel(wJt in Paragraph 1. Schedule6 of the FinanceAct2010 and therefo it meets th8 definition ofa charitablecompanyfor UK co)ration tsxpurposes. AccordiThJly, the Chaiity is potenti81tygxemplfromtax In respect of income and cap4tal gains r8ceiveil within categories covered by part 11. chapter 3 of the Corporation Tax Act 2010 or section 256 of the Taxation ol Chargeable Gains Act 19W2, to the exient that such income or gains are applied exclusively to charitable purposes. FUND ACCOLINTING General UnStriCted fvnds comprise the accumulated surplusss and defictts on general funds. Theyare available foruse at the discretion of the Governors in rrtheran of the gerteral charitable objecbS. Designated fundscomwise unrfjstricled funds%thith have been set aside bythe GovemorsforparbcLtlar purposes. The aim and use of such fijnds is set out Sn the finanu81 stat8m8nts. Reslricled funds are created when grants and donats'onsare feceNed eFtherfora parbwl3rarea orpurpose, the use of ¥thlch is restriclgd lo th81 area or purpose. Expenditure is charged to the Slatement of Finanual A¢tivib&s when inourred. An endowmentfund has been established to fvrKI stholarships. The capilal is invested in perpetuity and underlhtr18rms of the endowment, investment retums up lo 2011 forn part of th8 erKkwnenl capital. TANGIBLE FIXED ASSETS Tangible fixed assets are inalty measLtr&l at (xjst and subw4uenYy measur1 at cost. net of depreciation and any impairment1055es. Dgpreci8tion 1$ promded on 811 tangiblefixed assetsat rates calcJJlated tovAiteeath a&setdo•mto rfses1im8t dUal value eventy over its expected usefvl lrfe. a$ follw&:_ Long leasehold buildings Short leasehold Property Fixtures, fitts'ngs and equipment (ger1) Fithrgs and fittings Ithgatrel 75 yea Leruth ofloaso 5- 10yeaYs 10 years Assets in the course of eOnstruCti are not deplated unlil brought into use. A reviewforimpaimenl of a fixed asset is carried out rfeventsorchanges in urcum*an¢gs indicalethal Ihg ¢8rrying valueof anyfixed a$$et may not bo recover8ble. Shortfalls bets the carrying value of fixed assets and their recoverable amounts a reco9nlsed as Impaimignt low$. Impatrments are recoJnised in the Statement of Financial Actiwties. INVESTMEMrs Initial inveslments are st8led attheirtrarEsaction Veand subsequenty measured atfairvaluo. Movwm8nts in the valuation of Snitial investments are indudèd wthin g8ins and1058es in investment assets in the Statementof Finanual Activiti83. Fair value is measured by reference to bid prices. Inltsrests in subsKliaries are inibally meagjred at cost and subsequentty measLtr&l at less any impaimienl. An assessment for impaim)ent is madg at eath reIll¥j dale. 20
ELMHURST BALLET SCHOOL TRUST ACCOUNTING POUCIES {c<)ntinu) RETIREMENT BENEFITS Retrrement benefits for ihe teaching staff of the Group are prOdÈd bytheTe8thers' Per¢sion Scheme ITPSI. The TPS is an unfunded scherne. ContributionslotheTPS are calculated so asto spread IhÈcostof nons0verernplQyeeS'DrkEng lives th the Group in such a way that the pension cost is a substsnlialty level percentage of current and future pensionablè payroll. The contribLrtions are detemiined byth8 Gov8mmentActuary on the ba$Ofqu3dnnlal valuations a projected unit method. The TPS is a multiomployersd)eme but suffient information is notavailable tc use defined benefilaccounting and therefore il is accounted for as a defined contrsbulion schewne. vthh the amount charged lo the Statement of Financial Actiwties being the contributions payable in the year. Drfferences between contribulions payable in theye8Tand contiibubons actualty paid are shown a5 etth8r accruals or prePanents. The Group also operates a defined conlribulion scheme forthe benefft ofris non-teaching stsff. Th8 pension cost charged in the Statementof Finanaal Activities isth8 amountof ihe conlributionspayatrAe fortt)e year. DrfferenCeSbelbn (x)ntribubons payable for the year and contr]On$ actualty P8KI are Sho as either acuuals or prepaw71ents in the balare sheet. OPERATING LEASES Alllgases aretrealed as operating leases onthe basisthalthe asing agreemenlsdo noltransferlothe s(0018ubstanti8lly all of the risks and rewatds incidental lo ovmership. The annual rentsls ari&rYJ are Chaed 10 th9 Stslemenl of Financial Activities on a straight Ikne basis ovor tsrm of the lease. ENTRANCE FEES AND DEPOSITS Entrance fees and deposits are charged to studenls upon arrsval thè sthl. Th8$9 are refvndable lo studentsvthgn they leave the School unl85S there are unpaid fees in which case they a us&J tr) supplemgnt these unpald fe8s. They a thefOre held as a creditor until th8 students leave the School. CASH AT BANK AND IN HAND Cash at bank and in hand indwje monies held on short tem de[lts vith owiginaj maturity of three months or less r8wnised bank$ 8nd butlding sW8ties. STOCKS stocks are valued al the I0r of cost and estimated sdliNJ prT¢8 less costs to wnplele and sell. Provision is made for obsol8le and slow moving items. FINANCIAL INSTRUMENTS The Group has ethted to appfy the prowlOn5 of Section 11 'Basic Financial Instrumenls. and Sedk)n 12'0ther FinancAal Instruments Issues, of FRS 102. in full. to all of tts finan¢K41 instwrn&nts. Financral assets and financial liabilstres are recognised vthen the Group becomes a patytolhe corthctual prowsions ofthe instrument, and areoffsetonlywhen the Group currenty has a legally enforceable rightto sèt offlhè renISed3rnOuntsand Intends etttw to setho on a ngt b8w$. or lo realise the asset and setde the Ikabilty simurtaneously. Financial assets Trade deblcys, group debtcfs andotherdebt(YS Trade debtors, group debtorsand otherdebtors linduding incornelwhKth8rp re(wblewiihin one yearand thiGfv do not conslilul8 a financing Irdnsaction are initsalty Measu at Ihe transaclion price and are subsequently rneasured al amortised ¢ost, being the transaction less any amounts selded aThJ any hnpaim)ènt10s$85. A provison for impaiment of trad$ debtors is established vknen there is objective ewdence that the amounts ijue wll not b& collected according to the original temis of the ¢ontrath. lrnpainnenl losses are recognised in profft or loss forthe excess of the carrying value of the trade debtor over the present valu8 of the future cash Ilows discounted using the original effective interest r*e. Subsequent reversals ofan ImpalmntI0&$that(A4•r918I0tO 8n eventc#xuThirvJ afterthe impaimientl was recognised, are recognised immediatety in profft or loss. Finandal Ilabllittos and equ Financlal instruments are dassified as liabilities and equity instruments aOr1 to the substance of the contradual arrangemenis ente into. An equty instrument isany COntrthateV7denS a residual interest in the assets of the Group after deducting all of its liatrA1es. Trade creditors, othercredith and acuuals Trade creditors and other CrtorS linduding aca[sI payab vthin one ye8r that do not consliiute a financing transaction are inrtially measured at the transaction price and subsequentty measureil 81 arniytised cost, being the Iransacti¢)n price bss any amounts setsl•Y. 21
ELMHURST BALLET SCHOOL TRUST ACCOUNTING POLICIES (Continued) FINANCIAL INSTRUMEWS Icontinuedl Derecognition of financial assets and IAabilitses A financial asset is derecognised only when the contractual rights to Ca flo8 expl or are setued. or substsnlially all the risks and rewards of okerShip are transferred to anothef party. or rf some slgnificant risks and rewards of ownership are retain8d but control of thè a5S6t hastransferred loanotherpaftythalis able tosell the asset in its entiretyto an UnlatedthIrd party. A financial liabAity lor partthereofj isderec(¥Jnis6dn IhedAwJakn inthe crntrdct isdischaTged, Canlled or expires. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNcERTAIy Estimat85 and judgernonls are continually evalu8led and are based on historical experience and other factors, in¢luding expectations offirture events that are believffil to b8 re&wnable urKJerthe arcumstances. There are no critical accounting estimates and areas ofjudgement to note.
ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 August 2021 SCHOOL Es RECEIVABLE 2021 2020 School fees L0&5: Totsl grant funding, bursaries and all+arS 4.446.242 1752.9571 4,418,005 1782,0131 3.693.285 3.635,992 ANALYSIS OF TOTAL EXPENDmiRE staff costs Other Oepredatlon 2021 2020 Ralslng funds: Othèr fundraising (x)sts 27.801 230 28.031 11,509 Charitable activities: Dlrèct costs.. Dance costs Academic Boariling Property and domestic Support costs of Schoollng: Printing, postage. stationery and telephone Advertisng and marketing Insurance Bad debt prowson Staff costs other support o)sts Goveman¢2 costs 1.235.181 702.418 424.554 212.704 308,085 87.895 26.381 414.783 1,543,266 790,313 1.050,935 901.799 1.580.861 813,879 994,054 976,422 274.312 26.104 50.019 35.523 15,942) 26,104 50.019 35.523 {5.942} 342.212 41.215 73,036 45,280 17.424 313.023 342212 21.639 46.941 69.119 2.938.708 1.639.852 274,312 4,852,872 4.983.161 Total expendlture 2.W.S19 1.640.082 274,312 4,880,3 4.994,670 Support costs have been allocated to cost Categ on a basis consistent usè of rnsourc8s e.g. staff costs by the time spgnt and other costs by their uswJe. 23
ELMHURST BALLEf SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021 EMPLOYEES The average monthly number of [onS &mployod by the Gn)up duriru the yearvrds: 2021 No. 2020 No. Total staff lathavfull tim¢ equivalontl 104175 104176 Split of full lirne equivalent by category. Teaching Support staff Administration 38 26 11 41 26 75 76 2021 2020 staff costs wnsist ot. W89&s and salarie$ Soual security costs Employer contriblrtions to defined contribution schemes other staff costs 2,421.993 210,284 295.382 38.850 2.319.178 206,500 299,269 20,592 2.986.509 2.845,539 Induded in other staff ojsls above are agency cosls of £1.65312020.. £8.4371. Detsi18 of stsff re¢*ivi remvn8r8tion lexduding employer pensIC c4)sls) in excess of £).000 are shown bg10w. 2021 No. ofstaff 2020 No. ¢fstaff £60,001-£70.000 £70.001-£80.000 £90.000- £100.000 Pension Costs in respect of the above employees totslled £51.33412020.. £49,418). Twv12020.' iwol higher paid employees are accruino benefjis under the defined benefft pension s¢h8mtr. None ofthe Governors recewed anyrernunerdtion in the curTentyearorpriof year. No Govemorswere relmbursed for travel expenses in the current yearl2020: one Governor £174 for travel eynsesl. Key management personnel are those haviro aulhoiity and respon&bilty. del&3at8(I to them ty th8 govemors. for plannir¥J, directing and controlling the acbvibes of the Group. RgmungratK)n ft)rk9y man8gemenl personnol. including ernoYe5 nationa surano)ntribUbCSand cKJntributions to the pension s¢heme. amount to £597.533 (2020.. £517.731). 24
ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021 PENSION COSTS Certain of the Group's employees belong to the Teacthers. Pensi Sd)eme lYPS"I. T•ach•rs' Pènslon Sch•m• The Teachers, Pensions Sch&me ITrS"l is a statutory. contri1)ul(. defined benefit scheme, govemed by thè Teachers, Pensions Scheme Regulations 2014. The TPS is an unfunded scheme and members contribute on a'pay as-yOU-go' basis. and along With employers. ctributions. are credlted tr) the Excheq(. Valuation of the Teachers, Pensions Sch•m• The Govemment Actuary, using normal actuarial principles, a formal actu8ri81 review of the TPS in accordance with the Public Semce Pensions (Valuations and Employer Cost Capl D1CtionS 2014 published by HM Treasury. The aim of the rwew is to specfy the level of fijture conbibutions. Actuarial scheme valuations are dependent on assumptions a1ut the value of fvture costs, design of beneffts and many other factors. The latest actuarial v8luation oftheTPS was carried OaS 8131 March 201fj a1 in wXx)rdanwthth8 Public SWvi Pen*ons (Valuations and Employercost Capl Directions 2014 ¢xcept it has been prepared foUobTring the GOv8mmersdeCASIOn to pause the operation ofthe cost control mechanisms at the time legal challenges were st511 pending. The Wdluat¥)n reFKFrt was published in April 2019. The key resuKs of the valuatson and subsequent consultation are.. Totsl scheme liabilitsesfor8eNce (penSS currenuypayableand the esbmated cost offvture benefits)of £218 billion Vdlue of notion818ssets lestirnated fulure contiibutions t(yJether wih the proceeds from the notional investments held at the valuation datel of £1% billion Notional past service defi(it of £22 billion Discount rate is 2.4% in excess of CPI As a resutt of the valuation. newernployercontribubon rdtesmere setat 23.68% of pensionable pay from Septsmber 2019 onw8rds Icompared to 16.48% during 2018119.) TheTPS is a MuemPloYer plan and there is insjjffiuent informalion to accountforthe scheme as a defined beneft plan so it is acojunted for as a defir contritrHJtion plan. 2021 2020 Teachers, Pension Stheme ntrIbutIon cost 257,285 259.262 There Ere outstandin9 conffibuuons at 31 AUg(t 2021 of £29.798 {2020: £29.gni. The TPS is a muHi-employers1Jn plan and theTe t5 insufficient inf0mtiOn to acojuntforthe scheme as a defined benefft penson plan so it is accounte(l as a deffird wntsibulion plan. Subsequentto the year end. follovAng a consultati(m th staff. the Govermys made a dSlon to leave the TPS and offer an altemative defined contribution pension scheme vthh effeci from 1 April 2022. The Group 818ooperates 2 defined Contributi schemes for non-teaching staff. Forthe period employ8ro)ntribubons were afixed rrnge ofs8laryb8twegn 3% and 16%.The Group has no FK)lential liabilty otherthanthe paymentof all contributlons to an a&suranc6 c(Mmpany. Contribubons durirthJ the year amounM to £38.09612020.. £40,008). NEf INCOkqE 2021 2020 Nel income is statsd 8fter tharying: Operating 188s$ rèntsls.. Plant and machinery Land and buildir Auditors, remuneration 9.474 164.894 21,250 9,535 180,634 18,550 1,800 278,586 . for audit sefvices - for taxation semces Depreciation 274,312 25
ELMHURST BALLET SCHOOL TrUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021 INVESTMENT INCOME 2021 2020 Bank interest receivable Investment income 491 146.621 4,997 119,050 147,112 124.047 TAXATION Asthe Charity hasattained chaiitable status. thètrustS constdgrth8tthereis no irKxJme subjecttocorporabon tsxfor th$ year end9d 31 August 2021. The subsidiary undertaking has a lax liabilty of £nil {2020'. £nill for the year. TANGIBLE ASSETS Long leasehold l)uilding9 Short Fixtu$. leasehold fittings and property equipmont Elmhurst EnterprSses Ltd Total Charlty Total Group COST At I September2020 Additions Disposals 15.743.888 53,367 1.889,173 17,686.428 19,204 19.204 5.124 17,691.552 19,204 At 31 August 2021 15,743.888 53.367 1.8,377 17.705.632 5.124 17,710.756 DEPRECtATION At 1 September 2020 Charge for the year Dispos818 3.(6,699 215.877 21.348 1.759.1&3 54.877 4.787.230 274.312 5.124 4,792,354 274,312 At 31 August 2021 3,222,576 24.9)6 1.814.oe4) 5.061.542 5.124 5,066.666 NET BOOKVALUE At 31 August 2021 12.521.312 28.461 94.317 12,644,09) 12.644,090 At 31 August 2020 12.737.189 32,019 129.) 12.899.198 12,899.198 INVESTMENTS Group Chartty 2021 2020 2021 2020 Fair valtro at 1 September 2020 Additions al cost Disposals prCeedS Unrealised gainl{lossl Reali8ed gainl{lossl on disposal 2..471 635.738 1625,3121 521,456 20.816 3.132.078 627.683 {616.0041 {185.3611 11,925) 2,956.472 635.738 {625,3121 521,456 20,816 3.132,079 627.683 1616,0041 1185,3611 11,9251 Fair value at 31 August 2W21 3.509.169 2,956,471 3.509.170 2.956,472 Hi$lori¢ Cost at 31 AjuSt 2021 2.803.842 2.822.404 2,803,841 2,822.403 The Charity holds an invesbnent of £112020: £1) resenting the ordinary Sha capital of its subsidiary Elmhurst Enterprises Limited which iseliminated in the Group. The remaining investments relate to £321,64312020.. £245,615) held in the M&G Charifund Eq*Jity Investment Fund for chareS and investments managed by Harris Alklay of £3,187,52612020". £2,710,856).
ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021 10. DEBTORS Gr(up Charity 2021 2020 2021 2020 Outstsnding f8e$ Amount due from trading subsidiary Other deblors Prepayments and acLrued income 15,737 1.196 15,737 37,821 107,088 147.463 1,196 22,440 101,608 224,696 112.933 147.463 107,149 224.fj96 276,133 333,041 308.109 349,940 11. CREDETORS: Amounts falling due within one year Grep harÈty 2021 2020 2021 2020 Trade cr8ditors Entrance fees refundabl8 and deposits Other taxation and Sla1 security Other creditors Accruals and deferred Ire 143.106 328.124 58.824 53.970 297.319 188.6 220.199 54,695 43.519 405.688 137.262 328,124 59,681 53.970 295.519 188,674 220,199 54,906 43,519 390,888 881.343 912.791 874,556 898.186 Defèrrèd incom8 ¢omprisès incom& rwived in advan for aided placas under the DADA scheme of £260,010 12020: £261.761} and fees and bursaries in advan( of £nÉl {2020: £nil}. Chartty and Group 2021 Movement on deferred income: Oeferred incorne al 1 September 2020 Released in year Def8rre(J in year 261,761 1261.7611 260,010 Deferred income at 31 Augusl 2021 260,010 27
ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021 12 FINANCIAL INSTRUMENTS Group Charity 2021 2020 2021 2020 The carying valtte of the Group's and Charity's financial instruments at 31 August were.. Financial ass9ts= Financial assets at fair walue Fixed asset investmants 3.509.169 2.Y56.471 3.509,170 2,956,472 Total 3,509,169 2.956,471 3,509,170 2,956,472 13. ENDOWMENT AND RESTRICTED FUNDS Charity and Group Brought forward Galnsl {lossesl on Transfers investments Income Expenditure Carrled forward Endowrnent Funds Scholarship endowment 295,471 13.708 65,603 13,000) 371,782 Prlor Year Charltyand Grnp Brought forward Gainsl Incom Expendlture Ilossesl on Transfers Investments Carri•d forward Endowment Funds Scholarship gndowm8nt 340.438 15.565 157,532} 13,0001 295,471 Under the te8 of p8rt of the endowTngnL inv85bnent reknm up until 2011 %bill form part of thg gfKlowment capital. Investsnent in¢om¢ ro¢eived thereafter is lo be usedto fund scfM)larshEps. Thetran$lerpresentsthelncOMtr used to fvnd a sd)olarship during the year. 28
ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021 13. ENDOWMENTAND RESTRICTED FUNDS {continuedl Brought fOard Carried forward Incom8 Expendlture Transfèrs Restri¢tgd Funds DfE Grdnls tknnations 29.263 92,793 29.263 98.793 100.740 194,7401 122.056 100,740 194.7401 128.056 Prtor Year Brought foThYard arrled forward Income Expenditurn Transfers Restrlcted Funds DfE Grants Donations 29263 69.183 29,263 92,793 111,710 {88.100} 98.446 111,710 (88.1001 122,056 DE Grants These grants prowde towards thè costs of our outreach programme and refurbiShmenUplacÈMent of equipment. Transfers r8prgsenl capilalised spendirKJ Gompleted in line with the tems of the restriction. Donatlons This consists of several Slrball (k)nations vknich have be8n given lo the Chartty to b& usèd in a¢cor(18nce wth the wishes of the (Sonors. Transfers represgnt caprialised spendiNJ COM18d in line with the tem)s of the restriction. 14. DESIGNATED FUNDS Charltyand Group Brought forward Carrled Ineomg Expendlture Transfèrs Capit81 reserve Repairs rgstrrvtr 12.769,208 2.600.(K)o 1219,4351 12,549.773 2,600,000 15.369.208 1219,435) 15,149,773 Prlor Yr Charity and Group Brought fornard Income Exp•nditur¢ Transfers Carrled forward Capital reserve Repairs ieseNe 12.988.643 2.em.IXKI {219,435} 12,769,208 2.600,000 15.588.643 {219,4351 15,369,208 The capital reserve repr&s&nts th8 investment in leaSed land and buildings on the School gte. The transfer represents the movement in the n¢1 iwk value of leasehold land and buildiros durirrfJ the year. The repairs reseNe rgprosents monies SetdefOrmaloI1Ist0the fabric of the building. Transfersrepresenlthe monies set aside by the Governow5 duriTrJ the year.
ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021 15. GENERAL RESERVE Gr¢P Chadty 2021 2020 2021 2020 At 1 Sept9mber2020 Net lexpenditurey income lor Ihe year Transfer from capital reserve Trdnsfef from endowment SerV& 1.147.443 410.367 219.435 1.195.583 1270.5751 219,435 3.000 1,143.580 417,041 219.435 3.000 1,164,063 {242.918} 219.435 3,000 At 31 August 2021 1.780.245 1.147,443 1,783.056 1,143,580 COMMITMENTS UNDER OPERATING LEASES 2021 2020 At 31 August 2021, the Group and Charity had lotal future minimuffl 18ase payments under norpcancellable op6rnting leases as fdhJws'. Plant and machinery: Amounts payable vthin 1 year Amounts payable in 1 - 2 ytr¥ Amounts payable in 2- 5 yea Amounts payable in rn0 than S years Land and buildings.. Arnounts payable wAthin 1 year Arnounts payable in 1- 2 years Amounts payable in 2- 5 years Ajmounts payablg in more than 5 years 9,504 2.376 2,376 179,885 179,885 518,313 )6,2XI 179,885 179,885 529,448 675.000 1,396,213 1.585.602 1Y. ANALYSIS OF GROUP NET ASSEfs BETWEEN FUNDS Unrnstrtrcl8d Restricted funds fvnds Endowmènt funds Total Fund balances at 31 August 221 are represented by.. Tangiblg fixed a&%ets Fixed as$&t inStrnets Net current assets 12.644,0 3.187,526 1.098.402 12,644.090 3,509,1fj9 1,278.597 321,643 50.139 128.056 Total net assets 16.930.018 128.056 371.782 17,429,856 Prlor Year Unrestrlcted Restriclod Endowment funds fund$ fvnds Totsl Fund balances at 31 August 2020 afe reprasenled by- Tangible fixed assets Fixed asset Investrn8nts Nel Current assets 12.899.198 2.714.816 2.637 12,899,198 2,956,471 1,078,509 241.655 53.816 122.056 Totsl net assets 16.516.651 122,056 295,471 16,934,178
ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021 17. ANALYSIS OF CHARITY NET ASSETS BEfwEEN FUNDS Unrttstricted Restricted funds fund$ Endowment fvnds Total Fund bal8nc8s at 31 August 2021 are represented by.. Tangible fixed assets Fixed asset investments Ngt current ass9ts 12,644,090 3.187.527 1.101.212 12,644,090 3,509,170 1,279,407 321.643 50,139 128.056 Total net assets 16.932.829 128.056 371.782 17.432,667 PriorYe8r UnrgStricted funds Restrtcted funds Endowmènt nds T<)tal Fund balances at 31 August 2020 are represented by.. Tangible ffixed Fixed asset investments Net current assets 12.899.198 2.714.817 898.773 12,899.198 2.956,472 1.074,645 241.655 53.816 122,056 Totsl net awts 16.512.788 122.056 295.471 16,930.315 18. CAPITAL COMMITMENTS A$ al 31 August 2021. tho Group and Charity had o)nlractgJ capilal commitments of£nil12020.. £nill. RECONCIUATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Group Charity 2021 2020 2021 2020 Net Incomellexpendlture} for the reporting period 495,678 (288.9321 502.352 1261,275) Adjv8trnents for. DepreGralion ch8Tges Lossesl19ainsl on invostrn8nts Diwdends, InteSt and rents from investmenis Decreasel1incaseI in debtors IDecreaseyincrease in creditor5 274.312 15422721 1147.112} 278.586 187.286 (124.0471 274,312 1542.2721 1147.1121 278,586 187,286 1124,047) .908 {31.4481 95,045 157.8151 41.831 {23,6301 73,259 (51.486} Net cash proded byoperatlng acllvltles 1,066 90.123 105.481 102,321 20. ANALYSIS OF CHANGES IN NET FUNDS At start of Cash ftows At •nd of year GROUP Cash at bank and in hand Notice Ileposits Iless than 3 months) 1,030,740 627,519 {176,9301 4tKJ.478 853,810 1.027,997 Total cash and cash equlvalents 1.658.259 223,548 1,881,807 31
ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEME FOR THE YEAR ENDED 31 August 2021 20. ANALYSIS OF CHANGES IN NET FUNDS Icontinuedl At start of Jear Cash flows At end of yaar Chartty Cash at bank and in hand Notice deposits Il¢ss than 3 months) 995.372 627.519 (177,5151 400.478 817,857 1,027,997 Total cash and eash equivatents 1.622.891 222.963 1,845,854 21. SUBSIDIARY COMPANY The charilable company ovms the entire i&sued share raimlal OfEImhStEterpriseS Limited, a )MpanY incorporated in England and Wales Iregislered number044424391. The prinrApal activityof Elrnhursl Enterprises Limited is that of pmwdiw facilities. The results of Elrnhu Enterprises Limited are consolidated into the58 acGounts. Forthe yearended 31 August2021. ElmhursiEnt$wpris88 LimiteLI reIded m0Ver0f £11,63912020:£26.626}, cost of sales and expenses of£14.44812020'. £22.7621 less corporation tsx of £nil{2020= £nill gimng rise toa trIned loss tsf£2.80912020.' £3,864 profft). Ouring the yearlhe Sdiary£0mp3fiy has distributed £3,86412020'. £31.520ltothe parent company in respect of 2020 proffts. Net liabilities at 31 August 2021 were £2.80812020'. nel assets £3,865). 22. RELATED PARTY TRANSACTK>NS During the year. the Chartty Chad Elmhurst EnteIlSe$ Limiied £3.37512020.. £11.ts341 in respB(A of staff costs. catering costs and faulrties costs. At the year end, the Charity vras owed £37.821 {2020'. £22.4401 by Elrnhurst Enterprises Limited. J Harris, a govemorof Elmhurst 8811etSchod Trust, is also a direciorof Healthcare Claims Bur88u. During the year, Healthcare Claims Bureau provided management and advice Servi to Elmhtsrst Ballet Sch(KJl Trustamounling to £15,12012020.' £15.120). B LawT9nce, 8 governor of Elrnhurst Ballel School Tnjst. provided chorw4raphi¢ $8NCeS to Elmhurst Balletschool Trust amounting to £1.202 durirvJ the year12020.' £nill. M Baldwin, a govemorof ElmhurstBallet Sthc¥A Tm$( provid1 clu)rraphicseWViceS amounting10£1,600 during the year12020'. £nill DurfThJ Ihe prioryearH¢)ward Consutt8nts Limited pThided fijndralsJC0hancYSeSlo Etsnhur*Ballet Sch1 Trust. D Howa¥d. a director of HovArd Consultsnts Limited, becarne a governor of Elmhurst Ballet Sch(xJl Trust on 7 June 2018. Hovrdrd Consuttants Limiied prowded servir8s to Elmhurst Ballet School Trust amounling to £nil during 202112020." £22.338}. At the year eThJ. the Chaiity ovftd £nil12020.. £2.2651 lo Howard Consultants Limited.
ELMHURST BALLET SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021 23. G0mPARATfE CONSOUDATED STATEMENT OF FINANCtALACTIVITES Unrestslcted Funds Restricted Endowmènt Funds Fund 2020 Total INCOME FROM: DonaOnS and legades: Donations Charltable a¢tiviti8s= School fees receivable Syllabus classes incomè Suwrner School fees Grants receNable Coronavirus Job Retention Scherne Other trading activrtias.. School shows income Rents ond lettings other income Investments 32.477 111.710 144,187 3.635,932 94,005 17.308 367.583 257.404 3.635,992 94,005 17,308 367,583 257.404 7.403 23.572 221.523 108.483 7.403 23.572 221,523 124.047 15.564 Totsl Incorn¥ 4.765.750 111,710 15.564 4.893.024 EXPENDITURE ON: Ralslng fund$ 11.509 11,509 Charitable actlvltles Schwl opgratiThJ costs 4.895.061 88.100 4,983,161 Total exwndlturn 4.9)6.570 88,1(KJ 4,994.670 NET IEXPENDITUREVINCOME BEFORE NET GAINS ON INVESTMENTS {140,8201 23.610 15,584 (101,6461 Not I10ss8$ygalns on investments 1129.755} {57,5311 (187,2861 NET {EXPENDITUREyINCOME 1270.575) 23,610 141.9671 {288,9321 TRANSFERS BETWEEN FUNDS {3.000} MOVEMENT IN FUNDS {267.5751 23,610 {44,7) 1288.9321 Reconciliation of funds: Funds brought forward al 1 September 2019 16.784,226 340.438 17.223,110 Funds carrled forward at 31 August 2020 16,516.651 122,056 295,471 16,934,178