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2022-03-31-accounts

Company number: 03167185 Charity Number: 1053735

East London Dance

Report and financial statements For the year ended 31 March 2022

East London Dance

Reference and administrative information

For the year ended 31 March 2022

Company number 3167185
Charity number 1053735
Registered office and 3 Sugar House Lane
operational address London
E15 2QS
Country of registration England & Wales
Country of incorporation United Kingdom
Trustees Trustees, who are also directors under company law, who served
during the year and up to the date of this report were as follows:
G N Ambrose
J Amin
J Hackett
F Hogan
L Jones
M Sinclair (Chair)
N Shah (resigned 30 November 2021)
Y Turner-Blake (appointed 19 January 2021)
P Woodmansey
Key management personnel A Hassan Co-Creative Director/CEO (appointed 4 October 2021)
K Scanlan Co-Creative Director/CEO (appointed 4 October 2021)
Company Secretary P M Risbridger (resigned 21 October 2021)
Bankers HSBC Bank PLC CAF Bank Ltd
15 The Mall 25 Kings Hill Avenue
Stratford Kings Hill
London West Malling
E15 1XL Kent ME19 4JQ
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditors
Invicta House
108-114 Golden Lane
London
EC1Y 0TL

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

The trustees present their report and the audited financial statements for the year ended 31 March 2022. Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice -Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Aims and Objectives

Objectives and aims for the public benefit

The objects of the charitable company are to

Our vision is a world where creative talent is always met with opportunity (no matter where you come from).

Our mission is to grow east London’s dance scene

We believe that creative leaders are essential to stronger local dance communities.

For the year ending 31 March 2022, we held 5 core aims for the organisation:

1 Talent House Complete the fit-out of 3 Sugar House Lane and move to a new home to establish a Talent House alongside music partner, UD (previously known as Urban Development), becoming a vibrant new creative hub as part of Sugar House Island.

2 Participation

Provide excellent dance experiences for our local communities to provide enjoyment, increase learning, improve health and well-being, and provide clear pathways for progression into employment and/or training.

3 Artist and Producer Support

Identify, nurture, launch and sustain the careers of entrepreneurial dance artists and producers whose work embraces the eclecticism, diversity and aesthetic of east London, creating a diverse talent pipeline.

4 Performance and Events

Commission, produce and present outstanding dance performance that showcases new and under-represented artists and ideas; inspires and attracts new audiences; challenges traditional conventions about how dance is staged by working across a range of spaces and environments; and embraces collaborations across art-forms.

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

5 Organisation Resilience

Establish a robust entrepreneurial business model that utilises our new asset of a building to diversify our income streams in order to achieve our charitable objectives; capacity build the organisation to ensure we are able to manage the operations of a building alongside our core work; and ensure we remain agile and able to adapt and respond to the fast-changing environment.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Review of Activities

Significant Activities

Enriched by 35 years’ experience, East London Dance is here to champion and grow east London’s dance scene. We invest in the next generation of creative dance leaders, supporting their artistic and business development, to impact their own life chances and inspire positive social change in their communities. We deliver wide-reaching participation and training programmes for the diverse communities of east London; and produce outstanding performances and events showcasing the next generation of creative talent. East London is our inspiration ²ensuring our work reflects the people, culture and places of this dynamic and diverse part of the country. Young people and artists contribute to decision-making at all levels of the organisation through codesign and co-creation.

Significant highlights in 2021-22 include:

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

Participation

For most of 21/22 our delivery and engagement with participants was online. We moved into the Talent House in February 22 and once we navigated our way through Covid Protocols to start live in person delivery in March much of the Covid protocols and restrictions were lifted. Where possible, we made a concerted efforts for all classes and programmes to be live and in person, to

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

build confidence and trust within the community/educational environments and where we could we opted for a hybrid model of delivery in order to be accessible for as many participants as possible.

Young People – On the MOVE online classes and battle events for young people moved from online to in person in February 2022. Our Youth Panel and our young people part of the City Leaders Programme designed a Youth weekend which was the first activity in the building. Over 60 young people and their families took over the Talent House which locked in its ambition immediately.

Older People – Leap of Faith successfully delivered online classes to our +65yr participants Leap of Faith, which moved to a partial return to in-person delivery from September 2021, as part of a pilot year for a new ELD/ENB partnership. The in-person classes were due to start at the Talent House but due to building delay, the partial return started at English National Ballet’s new studios in Canning Town where the company happily remain. Leap of Faith receive weekly classes from guest artists, behind-the-scenes talks, access to shows, subsidised tickets. Hybrid delivery.

VR dance – VR Dance engages young people aged 12-16 who have been excluded or are at risk of exclusion. Working with renowned Hip Hop dance theatre company BirdGang, technology partner and visual collective Maskomi, partnering with University of Bristol who are measuring the impact of the activity. These are interventions at secondary schools and PRUs in Newham and Redbridge. Three terms of activity planned for 20/21, which got pushed back due to Covid. The first, and successful, research and development period took place from September to December 2021, with first delivery in January to March 2022. This project is financed by Young Londoners Fund.

Artist and Producer Support

Creative Lab – A project partnership with London College of Fashion now in its fourth year, is an initiative aimed at bringing fashion and costume design, technology and dance closer together. Aimed at early career choreographer, LCF students, in person delivery was allowed in September 2021 as small education bubbles were compliant according to Covid regulations. 10 artists completed the week intensive

We Move – Following a thorough co-designed evaluation of Year 1, there were some significant changes to Year 2, also informed by the Black Lives Matter social movement for anti-racism. ELD contracted artist, producer and coach Gaylene Gould of Write Talk Listen, to facilitate and lead the final year of delivery. Gaylene is a Black female with extensive experience in the design and delivery of leadership programmes, including the National Theatre’s Step Change and Clore Leadership Programmes’ Brilliant Routes.

Ideas Fund – The fourth iteration of this fund which is designed to enable dance creatives to research, test and/or launch new artistic and entrepreneurial ideas. Due to Covid, the pitching event was held online and was really pivoted to supporting projects that could be delivered as Covid secure ideas. Six artists or groups were awarded £1.5 - £4k each, a total of £15,000 of cocommissioning funds in partnership Sadlers Wells, English National Ballet, Redbridge Drama

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

Centre, Stratford Arts Trust, Studio 3 Arts and Dancers Career Development. One Dance UK and Studio Wayne McGregor have provided further in-kind support for artists. Six artists awarded artists are: Tyrone Stuart Issac, Iain Bleakley and Alex Aina, Chisato Minamimura, A LOOK INTO – Shashamani Jackson, Ophelia O’sullivian, Kwame Collective – Esme Benjamin.

East London Dance offered the Talent House in-kind space to Chisato Minamimura’s Deafscape, and Iain Bleakley and Alex Aina’s, Mandem on Tandem once the building was opened.

The Fi.ELD - Planning for the tenth and final year of the Fi.ELD. After years of delivery this was shaped into a more intensive format with masterclasses, intensive 2-month course, the delivery of an Our House building takeover event and also a Careers Convention. This was delivered as a hybrid model delivered between February and October 2022.

OUR HOUSE: Takeover Events – We launched the callout for OUR HOUSE, our Artist led building takeover event series, in October 2021. The call-out received 41 applications from a wide variety of artists. Due to funding we were only able to offer three artists/artist collectives this opportunity.

Performances and Events

Online Delivery/Events included:

In Person Delivery:

Live Events included:

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

The Year In Numbers

In 2021-22 we reached:

Financial Review

Total incoming resources for the year were £1,492,400 (2021: £1,502,157), of which £723,021 was for the capital project (2021: £674,802). The result for the year was an overall surplus of £700,615 (2021: £884,263) of which included a deficit of £107,455 within unrestricted funds (2021: £147,739 surplus).

At the end of the period 21/22 the accounts show large reserves to be carried forward, which has enabled the organisation to meet its financial obligations concerning the completion of the Talent House as well as continue its full programme of activity into 22/23. The financial statements split ELD’s charitable activities between participation (children and young people; adults and older people) and artist and producer support and performances and live events.

The company took out a NESTA loan – see note 18. This was fully repaid in April 2022 without penalty.

Fundraising

We were successful in fundraising for both the programme as well as the Capital Project. This gave the organisation a significant funding boost to overcome the deficit as a result of COVID, move into new building and launch some new programmes such as Our House.

In addition to the ACE NPO funding, the following trusts and foundations generously funded the organisation in its charitable work:

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

Approach to Fundraising

East London Dance has an ethical approach to its fundraising with all funds raised supporting our charitable objectives enabling us to deliver high quality dance activities and development opportunities to those with least access to the arts.

Fundraising is the responsibility of the joint Creative Directors/CEO’s with additional support and advice provided by the Board of Trustees. Throughout this financial year, ELD worked with a freelance professional Fundraising Consultant to develop a fundraising pipeline for the organisation’s work, to write and submit bids and to advise on potential partners.

We have had no complaints about our fundraising activities or practices. We are clear in our communication with funders and where possible provide opportunities for them to see the work in progress and to meet beneficiaries.

Future Developments

East London Dance moved into its new home the Talent House in January 2022 with building partner UD. This marked a new era for the Company and the building provides a renewed opportunity for the organisation to advance its charitable mission.

Arts Council England National Portfolio organisations were given an extension year and the new application process to maintain NPO status for the period 2023 – 2026 opened in the autumn 2021. The deadline was pushed into the new financial year and East London Dance were notified in October 2022 that they had maintained standstill funding.

Alongside the NPO application process the Co- CEO's shared their four priorities for the business over the coming three-year period;

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

As an organisation we are committed to developing our sustainability, and growing as an organisation that is good for its people and fit for the future. Using the asset of our new building, we will diversify our income streams. Working with our Board of Trustees we are looking at different models to ensure we are a thoughtfully structured organisation, representative of the communities that we serve. Partnerships are key to this model.

2 The Talent House is a home for young people, artists, producers and local communities

The Talent House is a pioneering dance and music hub that we are running with our building partner and music organisation, UD. It is a home for artists, producers and young people; a resource for the local community, a talent incubator and a safe space for creativity and experimentation. The building is a major asset in reconnecting with artists and in re-imagining our future.

3 East London Dance is an activating presence across Newham and east London

This goal underpins the majority of our programme and enables the crossover of ideas, people and feedback to impact on how people discover ELD and the Talent House. It aims to increase engagement with the local community in Newham.

‘Inside out, Outside in’ is the concept that informs our approach to cultural place-making, ensuring we create multiple opportunities for people to engage with us out in the community with a proactive invitation to come “in” to the Talent House.

4 Take the lead in a national conversation

This goal is about revealing hidden expertise and prompting a wider conversation in the dance sector to share knowledge, build new partnerships and improve practice. This includes the investment into new ideas and sharing of their learnings, telling of our stories through digital programming and data sharing, podcasts, live streaming and developing new and creative ‘conference’ models.

Traded Income

Traded income will become increasingly important to the business revenue model of the organisation. With two studios in the Talent House, we can now offer these studios for hire to the creative sector, as well as hosting our associate artists and supporting them develop their creative practice by giving them access to free or low-cost studio space. The studio hire was launched in the financial year 22/23 and has exceeded its financial targets in the first nine months of operation.

The organisation has recruited a Venue and Business Manager to maximize the new commercial opportunities the Talent House presents.

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

Principal Risks and Uncertainties

The company has identified three key risks which are identified below. The company has a risk register in place to identify and establish control procedures to mitigate those risks. The risk register is reviewed by the finance committee and the board of Trustees at regular meetings.

The management has taken mitigating measures to manage this challenge – recruiting a part time fundraiser; working with a freelance fundraising consultant to develop the pipeline; and developing a programme of activity which can be flexible and matched to the funding available.

To mitigate these risks, the organisation has recruited a Venue and Business Manager with the remit to exploit the commercial potential of the Talent House, through studio rentals, creating commercial partnerships and seeking corporate partnerships.

Producing monthly management accounts, reconciling project budgets monthly will ensure that the organisation can control its finances and manage its cash flow. Ensuring that the programme can be flexed to fit budgetary constraints will ensure the organisation can accommodate price increases whilst also meeting its programme obligations.

Reserves Policy and Going Concern

Reserves Policy

At the yearend, East London Dance held £2,257,315 in reserves (2021: 1,556,700), of which £215,299 was unrestricted (2021: £322,754). Our reserves policy identifies a minimum of three months core operating costs – approximately £72,000. Free reserves available to cover operating costs at the yearend were £170,913 and so the charity is within its policy for reserves. As we move beyond the Capital project and have opened the Talent House, we are starting to better understand the building costs and will focus on increasing reserves in the future so that it can

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

cover a six-month period. We transfer these funds into a designated operating reserve fund as a management tool to ensure the safeguarding of this fund.

The calculation of the required level of reserves is an integral part of the charity’s planning and budgeting and is reviewed annually by the Trustees.

Going Concern

The financial statements have been prepared on a going concern basis. The Trustees have given due consideration to the working capital and cash flow requirements of East London Dance. The going concern basis used in the preparation of these financial statements is based upon the expectation that East London Dance will continue to receive National Portfolio Funding support from the Arts Council England which, together with the total revenue it raises, will match its expenditure.

Senior Management and Trustees review the organisation’s financial health regularly: cash flow forecasts for a 15-month period are carried out quarterly; budget reviews are carried out quarterly by senior management and a contingency is in place to cover any unknown variations; forecasts and budgets are reviewed with the Board on a regularly basis; the annual budget has been prepared to deliver a small surplus each year.

The organisation’s business model looks to mitigate risks by raising income from a variety of sources: Arts Council England; Other public funders; Private Trusts and Foundations, corporate sector partnerships as well as growing a strong trading activity.

Trustees prioritise the delivery of a programme that fulfils expectations for them and for service users. East London Dance relies on funding by grants from Arts Council England for its current and future commitments, and operates on the basis that, taking one year with another, revenue will match expenditure.

The charity has once again been awarded the status as a National Portfolio Organisation by Arts Council England, which guarantees core unrestricted funding until April 2026. The relationships with other key funders are well developed and strong and there is every expectation these will be renewed when current funding commitments come to an end. The funding pipeline is strong with regard to approaches to new funders. As such senior management and Trustees feel confident that the funding target will be reached. The senior management will liaise with the Trustees to manage the timing of the programme, only committing to new programmes when the funding is confirmed.

The Talent House affords the charity the opportunity to exploit the asset for commercial activity and it is assumed that this will continue to grow as East London Dance becomes established in its new building.

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

The Talent House capital project is coming to a close, and the charity will be able to meet its financial obligations to complete this project and also leave reserves which can go back to the operational budget. The charity has maintained healthy reserves to ensure it can meet its obligations for its programme delivery.

Having paid particular regard to these matters and those outlined in the above sections of this report, particularly concerning the management of future fundraising requirements, the Board of Trustees has a reasonable expectation that there are no material uncertainties affecting the charity’s ability to continue as a going concern for a period of at least 12 months from the date of approval of this report and financial statements.

Structure, Governance and Management

Governing Documents

East London Dance is a charitable company limited by guarantee, incorporated on 4 March 1996 (amended 13 December 2002) and registered as a charity on 12 March 1996. The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

Trustees

East London Dance is governed by a Board of Trustees. The Board has overall responsibility for the management of the organisation’s resources and ensuring its financial wellbeing. All major policy decisions are ratified by the Board of Trustees.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 12 to the accounts. Board members take an active role in the governance of East London Dance, attending performances, events and activities on a regular basis and an annual away day in addition to quarterly meetings. Board members generously share their skills and expertise with the organisation and this includes equality and diversity, financial management, fundraising, partnerships and strategic development, communications and personnel.

Recruitment of Trustees, Induction and training

A regular Board skills audit ensures that the recruitment of new Trustees is on the basis of relevant and needed skills and they are appointed by the existing Board members. In 2021-22 no new Board members were recruited, but Trustees started succession planning for Chair Moira Sinclair who announced she would be stepping down in September 2022. This will coincide with a Board and skills audit identified as a priority as some Trustees are coming to the end of their term.

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

Trustees are provided with a comprehensive induction pack prior to joining and regular training is offered via the following:

In addition, all trustees are provided with a written role specification.

Remuneration Policy for Key Management Personnel

The board of trustees sign off remuneration for all job descriptions, including key management personnel, that are regularly benchmarked with the arts sector, considering level of skill and experience needed, complexity of the role, salary bands, fair and competitive salaries and the sustainability of the charity.

Organisational structure and management

Through 2021-22 the core staff team at East London Dance consisted of 7 full and 5 part-time staff roles and 4 paid interns, and we employed 113 specialist freelancers and sessional staff to deliver the programme, including artists, companies, teachers, and trainers. (Note that all fulltime, part-time and sessional PAYE staff are disclosed together in note 11 to the accounts.) All aspects of our employment and programme delivery are governed by a detailed Equalities Policy that protects our employees and ensures that employees and users (participants/audiences) are closely involved in the processes of planning, delivery and evaluation.

Polly Risbridger, Chief Executive & Artistic Director left the organisation in October 2021 and was replaced by Tia Hassan and Kate Scanlan in the shared role Creative Director/CEO. In February 2022, Executive Director Ben Cooper Melchiors stepped down and Executive Consultant Moya Maxwell joined as Interim Executive Director.

Statement of responsibilities of Trustees

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

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East London Dance

Trustees’ annual report

For the year ended 31 March 2022

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions

Auditor

The auditor, Sayer Vincent, will be proposed for re-appointment at the forthcoming Annual General Meeting.

The trustees’ annual report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

On behalf of the Board:

J Amin Trustee

Date: 20 March 2023

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Independent auditor’s report

To the members of

East London Dance

Opinion

We have audited the financial statements of East London Dance (the ‘charitable company’) for the year ended 31 March 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on East London Dance's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Independent auditor’s report

To the members of

East London Dance

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of

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Independent auditor’s report

To the members of

East London Dance

company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Independent auditor’s report

To the members of

East London Dance

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor)

22 March 2023

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

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(A Company Limited by Guarantee)

EAST LONDON DANCE

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Note
INCOME FROM:
Donations and legacies:
3
Donations and organisational grants
Capital projects
Charitable activities:
4
Artist Development
Performances and Events
Children & Young People
Adults & Older People
Other trading activities
5
Investments
6
Other income
7
TOTAL INCOME
EXPENDITURE ON:
Raising funds
9
Charitable activities:
9
Artist Development
Performances and Events
Children & Young People
Adults & Older People
Capital Project (non-capitalised)
TOTAL EXPENDITURE
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2022
£
270,953
-
7,675
4,586
108,112
-
280
3,670
-
395,276
65,972
75,109
71,765
250,242
39,643
-
502,731
(107,455)
322,754
(107,455)
215,299		 Restricted
funds
2022
£
191,006
723,021
133,600
-
49,497
-
-
-
-
1,097,124
-
112,414
36,630
131,483
8,307
220
289,054
808,070
1,233,946
808,070
2,042,016		 Total
funds
2022
£
461,959
723,021
141,275
4,586
157,609
-
280
3,670
-
1,492,400
65,972
187,523
108,395
381,725
47,950
220
791,785
700,615
1,556,700
700,615
2,257,315		 Total
funds
2021
£
421,677
674,802
107,665
6,151
290,692
293
-
43
834
1,502,157
52,864
131,354
101,379
274,748
51,965
5,584
617,894
884,263
672,437
884,263
1,556,700

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 51 form part of these financial statements.

Page 19

EAST LONDON DANCE (A Company Limited by Guarantee) REGISTERED NUMBER: 03167185

BALANCE SHEET AS AT 31 MARCH 2022

Note
FIXED ASSETS
Tangible assets
14
Investments
15
CURRENT ASSETS
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds:
Restricted revenue funds
19
Restricted capital funds
19
Total restricted funds
19
Unrestricted funds
19
TOTAL FUNDS		 156,715
748,127
904,842
(427,261)
306,668
1,735,348		 2022
£
542,543
1,237,191
1,779,734
477,581
2,257,315
2,042,016
215,299
2,257,315		 248,522
862,983
1,111,505
(173,343)
211,286
1,022,660		 2021
£
497,934
120,604
618,538
938,162
1,556,700
1,233,946
322,754
1,556,700

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 20

EAST LONDON DANCE (A Company Limited by Guarantee) REGISTERED NUMBER: 03167185

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

J Amin

Trustee

Date: 20 March 2023

The notes on pages 23 to 51 form part of these financial statements.

Page 21

EAST LONDON DANCE

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Note
20
21
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Payments to joint venture in 3 Sugar House Lane Limited
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Cash inflows from new borrowing
Interest on borrowings
NET CASH PROVIDED BY FINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR		 2022
£
819,044
3,670
(59,525)
(1,116,587)
(1,172,442)
250,000
(11,458)
238,542
(114,856)
862,983
748,127		 2021
£
1,055,885
-
(280,256)
(120,604)
(400,860)
-
-
-
655,025
207,958
862,983

The notes on pages 23 to 51 form part of these financial statements

Page 22

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. GENERAL INFORMATION

East London Dance is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office is 3 Sugar House Lane, London, E15 2QS.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

East London Dance meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

As no party has overall control of the joint venture, the results of the joint venture are not consolidated into the Statement of Financial Activities.

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Page 23

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.2 GOING CONCERN

The financial statements have been prepared on a going concern basis. The Trustees have given due consideration to the working capital and cash flow requirements of East London Dance. The going concern basis used in the preparation of these financial statements is based upon the expectation that East London Dance will continue to receive National Portfolio Funding support from the Arts Council England which, together with the total revenue it raises, will match its expenditure.

Senior Management and Trustees review the organisation’s financial health regularly: cash flow forecasts for a 15-month period are carried out quarterly; budget reviews are carried out quarterly by senior management and a contingency is in place to cover any unknown variations; forecasts and budgets are reviewed with the Board on a regular basis; the annual budget has been prepared to deliver a small surplus each year.

The organisation’s business model looks to mitigate risks by raising income from a variety of sources: Arts Council England; Other public funders; Private Trusts and Foundations, corporate sector partnerships as well as growing a strong trading activity.

Trustees prioritise the delivery of a programme that fulfils expectations for them and for service users. East London Dance relies on funding by grants from Arts Council England for its current and future commitments, and operates on the basis that, taking one year with another, revenue will match expenditure.

The charity has once again been awarded the status as a National Portfolio Organisation by Arts Council England, which guarantees core unrestricted funding until April 2026. The relationships with other key funders are well developed and strong and there is every expectation these will be renewed when current funding commitments come to an end. The funding pipeline is strong with regard to approaches to new funders. As such senior management and Trustees feel confident that the funding target will be reached. The senior management will liaise with the Trustees to manage the timing of the programme, only committing to new programmes when the funding is confirmed.

The Talent House affords the charity the opportunity to exploit the asset for commercial activity and it is assumed that this will continue to grow as East London Dance becomes established in its new building.

The Talent House capital project is coming to a close, and the charity will be able to meet its financial obligations to complete this project and also leave reserves which can go back to the operational budget. The charity has maintained healthy reserves to ensure it can meet its obligations for its programme delivery.

Having paid particular regard to these matters and those outlined in the above sections of this report, particularly concerning the management of future fundraising requirements, the Board of Trustees has a reasonable expectation that there are no material uncertainties affecting the charity’s ability to continue as a going concern for a period of at least 12 months from the date of approval of this report and financial statements.

Page 24

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.3 INCOME

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the Charity has entitlement fo the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Donated professional services and donated facilities are recognised as income when the Charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.

2.4 FUND ACCOUNTING

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

2.5 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the Charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose

Expenditure on charitable activities includes the costs of delivering performances, participation programmes, artist mentorship, classes, industry events and other educational activity undertaken to further the purposes of the Charity and their associated support costs

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Page 25

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.6 ALLOCATION OF SUPPORT AND GOVERNANCE COSTS

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the Charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the Charity is also provided to potential donors, activity costs are apportioned to cost of generating funds.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on the above, of the amount of staff time attributable to each activity.

Governance costs are the costs associated with the governance arrangements of the Charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the Charity's activities.

2.7 OPERATING LEASES

Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the statement of financial activities on a straight line basis over the minimum lease term. The lease term of the leasehold building is 20 years.

2.8 TANGIBLE FIXED ASSETS AND DEPRECIATION

Items of equipment are capitalised where the purchase price exceeds £300. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Page 26

EAST LONDON DANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.8 TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED)

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

Depreciation is provided on the following bases:

Short-term leasehold property - Life of lease - Plant and machinery 8 years Furniture - 8 years - Computer equipment 5 years

2.9 DEBTORS

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 LIABILITIES AND PROVISIONS

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2.12 FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 JOINT VENTURE

The joint venture is recognised at the cost to the Charity and is reviewed annually for indications of impairment. As above the results are not consolidated into the Statement of Financial Activities as no party holds overall control. The joint venture is also not expected to generate any income or make any distribution to East London Dance.

2.14 PENSIONS

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

Page 27

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

3. INCOME FROM DONATIONS AND ORGANISATIONAL GRANTS

Unrestricted
funds
2022
£
Arts Council England NPO Funding
245,833
Arts Council England Culture Recovery Fund
Grant
-
Arts Council England: Our House Artists
Takeovers
-
A New Direction: STEP
-
HMRC Coronavirus Job Retention Scheme
(CJRS)
753
Esmee Fairbairn Foundation
-
London Legacy Development Corporation:
STEP
-
Donations
24,367
Donated services
-
London Youth
-
Prudence Trust
-
Subtotal for general organisational
donations and grants
270,953
Arts Council England
-
London Legacy Development Corporation &
LB Newham
-
London Marathon Charitable Trust
-
Greater London Authority Good Growth Fund
Capital Grant
-
Goldman Sachs
-
Foundation for Future London
-
The Linbury Trust
-
Foyle Foundation
-
Partnership Contributions
-
Donations
-
Donated Services
-
Subtotal for capital project donations and
grants
-
Total income from donations and
organisational grants
270,953		 Restricted
funds
2022
£
-
68,326
43,200
2,780
-
-
-
-
-
1,700
75,000
191,006
434,630
-
45,000
170,703
10,000
62,500
-
-
-
188
-
723,021
914,027		 Total
funds
2022
£
245,833
68,326
43,200
2,780
753
-
-
24,367
-
1,700
75,000
461,959
434,630
-
45,000
170,703
10,000
62,500
-
-
-
188
-
723,021
1,184,980		 Total
funds
2021
£
245,833
80,657
-
-
66,631
25,000
1,071
485
2,000
-
-
421,677
-
350,000
-
165,753
-
25,000
60,000
50,000
1,049
8,000
15,000
674,802
1,096,479

Page 28

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

INCOME FROM DONATIONS AND ORGANISATIONAL GRANTS - PRIOR YEAR

Unrestricted
funds
2021
£
Arts Council England NPO Funding
245,833
Arts Council England Culture Recovery Fund Grant
-
HMRC Coronavirus Job Retention Scheme (CJRS)
66,631
Esmee Fairbairn Foundation
25,000
London Legacy Development Corporation: STEP
-
Donations
485
Donated services
2,000
Subtotal for general organisational donations and grants
339,949
London Legacy Development Corporation & LB Newham
-
Greater London Authority Good Growth Fund Capital Grant
-
Foundation for Future London
-
The Linbury Trust
-
Foyle Foundation
-
Partnership Contributions
1,049
Donations
-
Donated Services
15,000
Subtotal for capital project donations and grants
16,049
Total income from donations and organisational grants
355,998
4.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds
2022
Restricted
funds
2022
£
£
Arts Council England Transforming
Leadership Grant
-
93,600
Baring Foundation
-
40,000
Sadler's Wells
-
-
Partnership contributions
500
-
Creative Schools
300
-		 Restricted
funds
2021
£
-
80,657
-
-
1,071
-
-
81,728
350,000
165,753
25,000
60,000
50,000
-
8,000
-
658,753
740,481
Total
funds
2022
£
93,600
40,000
-
500
300		 Total
funds
2021
£
245,833
80,657
66,631
25,000
1,071
485
2,000
421,677
350,000
165,753
25,000
60,000
50,000
1,049
8,000
15,000
674,802
1,096,479
Total
funds
2021
£
93,600
-
5,000
6,000
-

Page 29

EAST LONDON DANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Anna Millhouse
Sale of services and earned income
LB Tower Hamlets
London College of Fashion
Stratford Arts Trust
Studio 3 Arts
Goldsmiths, University of London
Subtotal for Artist Development
Sale of services and earned income
Box office
LB Newham - Cultural Strategy Launch
Subtotal for Performances and Events
Greater London Authority Young Londoners
Grant
Education links
LB Newham - Headstart
LB Newham - Newham Enrichment
LB Tower Hamlets
Esmee Fairbairn Foundation
Sadler's Wells
Eventbrite
George Green's Schools
Sale of Services and earned income
Redbridge Culture and Leisure
Subtotal for Children and Young People
Sale of services and earned income
Subtotal for Adults and Older People
Total income from charitable activities		 200
-
-
3,025
2,000
1,500
150
7,675
-
-
4,586
4,586
-
1,285
72,600
-
-
-
30,000
1,827
2,400
-
-
108,112
-
-
120,373		 -
-
-
-
-
-
-
133,600
-
-
-
-
48,000
-
-
-
-
-
-
-
-
-
1,497
49,497
-
-
183,097		 200
-
-
3,025
2,000
1,500
150
141,275
-
-
4,586
4,586
48,000
1,285
72,600
-
-
-
30,000
1,827
2,400
-
1,497
157,609
-
-
303,470		 -
565
2,500
-
-
-
-
107,665
5,850
301
-
6,151
48,000
-
105,000
52,650
2,250
50,000
25,000
-
-
7,792
-
290,692
293
293
404,801

Page 30

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

INCOME FROM CHARITABLE ACTIVITIES - PRIOR YEAR

Unrestricted
funds
2021
£
Arts Council England Transforming Leadership Grant
-
Sadler's Wells
5,000
Partnership contributions
6,000
Sale of services and earned income
565
LB Tower Hamlets
-
Subtotal for Artist Development
11,565
Sale of services and earned income
5,850
Box office
301
Subtotal for Performances and Events
6,151
Greater London Authority Young Londoners Grant
-
LB Newham - HeadStart
105,000
LB Newham - Newham Enrichment
-
LB Tower Hamlets
2,250
Esmee Fairbairn Foundation
-
Sadler's Wells
25,000
Sale of services and earned income
7,792
Subtotal for Children and Young People
140,042
Sale of services and earned income
293
Subtotal for Adults and Older People
293
Total income from charitable activities
158,051		 Restricted
funds
2021
£
93,600
-
-
-
2,500
96,100
-
-
-
48,000
-
52,650
-
50,000
-
-
150,650
-
-
246,750		 Total
funds
2021
£
93,600
5,000
6,000
565
2,500
107,665
5,850
301
6,151
48,000
105,000
52,650
2,250
50,000
25,000
7,792
290,692
293
293
404,801

Page 31

EAST LONDON DANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

5. INCOME FROM OTHER TRADING ACTIVITIES

Income from non charitable trading activities

Unrestricted Total Total
funds funds funds
2022 2022 2021
£ £ £
Studio hire 280 280 -
6.
INVESTMENT INCOME

Rental income
Bank interest
TOTAL 2021
7.
OTHER INCOMING RESOURCES

Recharges
TOTAL 2021		 Unrestricted
funds
2022
£
3,660
10
3,670
43
Unrestricted
funds
2022
£
-
834		 Total
funds
2022
£
3,660
10
3,670
43
Total
funds
2022
£
-
834		 Total
funds
2021
£
-
43
43
Total
funds
2021
£
834

Page 32

EAST LONDON DANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. ANALYSIS OF EXPENDITURE - CURRENT YEAR

Charitable activities

Cost of
Raising
Funds		 Artist
Development		 Charitable
Performances
& Events		 activities
Children &
Young
People		 Adults &
Older
People		 Capital
Project (Not
Capitalised)		 Governance
Costs		 Support
Costs		 2022 Total 2021 Total
£ £ £ £ £ £ £ £ £ £
Core Staff Costs 48,224 37,845 41,625 128,995 21,595 - 12,146 100,209 390,639 385,976
Direct: Teaching
Wages		 - - - - - - - - - 23,773
Total: staff
costs		 48,224 37,845 41,625 128,995 21,595 - 12,146 100,209 390,639 409,749
Direct: Personnel
Fees		 - 87,835 11,172 42,618 1,386 - - - 143,011 108,188
Direct: Project
Costs		 - 12,312 1,028 8,786 199 - - - 22,325 19,612
Direct: Travel - - 24 110 5 - - - 139 444
Direct: Marketing - - 62 8,045 - - - - 8,107 3,858
Support: Direct
Fees and Wages		 3,600 - - - - - - 30,600 34,200 19,361
Support:
Marketing		 180 - - - - - - 5,922 6,102 8,683
Support: Travel - - - - - - - 209 209 102
Support: Training - - - - - - - 11,351 11,351 1,082
Support: Tenancy - - - - - - - 43,175 43,175 10,530

Page 33

EAST LONDON DANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
8.
ANALYSIS		 OF EXPENDITURE - CURRENT YEAR (CONTINUED)
Support:
Overheads		 2,321 - - - - - 10,059 108,280 120,660 30,701
Support: interest 11,647 - - - - - - - 11,647 -
Capital Project
(Not Capitalised)		 - - - - - 220 - - 220 5,584
65,972 137,992 53,911 188,554 23,185 220 22,205 299,746 791,785 617,894
Support costs - 46,115 50,726 179,848 23,057 - - (299,746) - -
Governance
costs		 - 3,416 3,758 13,323 1,708 - (22,205) - - -
Total
expenditure
2022		 65,972 187,523 108,395 381,725 47,950 220 - - 791,785 617,894
Total expenditure
2021		 52,864 131,354 101,379 274,748 51,965 5,584 - - 617,894 -

Page 34

EAST LONDON DANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9. ANALYSIS OF EXPENDITURE - PRIOR YEAR

Charitable activities

Cost of
Raising
Funds		 Artist
Development		 Charitable
Performances
& Events		 activities
Children &
Young
People		 Adults &
Older
People		 Capital
Project (Not
Capitalised)		 Governance
Costs		 Support
Costs		 2021 Total
£ £ £ £ £ £ £ £ £
Core Staff Costs 51,000 46,862 51,179 118,475 23,790 - 10,575 84,095 385,976
Direct: Teaching Wages - - - 20,223 3,550 - - - 23,773
Total: staff costs 51,000 46,862 51,179 138,698 27,340 - 10,575 84,095 409,749
Direct: Personnel Fees - 39,015 11,479 57,559 135 - - - 108,188
Direct: Project Costs - 10,977 197 8,438 - - - - 19,612
Direct: Travel - 214 6 224 - - - - 444
Direct: Marketing - - 967 2,891 - - - - 3,858
Support: Direct Fees and
Wages		 1,375 - - - - - - 17,986 19,361
Support: Marketing 332 - - - - - - 8,351 8,683
Support: Travel - - - - - - - 102 102
Support: Training - - - - - - - 1,082 1,082
Support: Tenancy - - - - - - - 10,530 10,530
Support: Overheads 157 - - - - - 7,600 22,944 30,701
Capital Project (Not Capitalised) - - - - - 5,584 - - 5,584
52,864 97,068 63,828 207,810 27,475 5,584 18,175 145,090 617,894

Page 35

EAST LONDON DANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8.
ANALYSIS OF EXPENDITURE - PRIOR		 8.
ANALYSIS OF EXPENDITURE - PRIOR		 YEAR (CONTINUED) YEAR (CONTINUED)
Support costs - 30,468 33,371 59,487 21,764 - - (145,090) -
Governance costs - 3,818 4,180 7,451 2,726 - (18,175) - -
Total expenditure 2021 52,864 131,354 101,379 274,748 51,965 5,584 - - 617,894

Page 36

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

10. AUDITORS' REMUNERATION

2022 2021
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts (exclusive of VAT) 7,000 5,950
Fees payable to the Charity's auditor in respect of:
Preparation of the statutory financial statements (exclusive of VAT) - 1,650

11. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2022
£
351,119
27,099
12,421
390,639		 2021
£
369,408
28,442
11,899
409,749

The average number of persons employed (headcount based on number of staff employed) by the Charity during the year was as follows:

Core staff
Sessional teaching staff		 2022
No.
12
4
16		 2021
No.
12
5
17

No employee received remuneration amounting to more than £60,000 in either year.

The total employee benefits including salaries, national insurance and pension contributions of the key management personnel were £133,059 for 5 people (2021: £136,980 for 3 people).

12. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2021: £NIL).

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021: £NIL).

Page 37

EAST LONDON DANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. TAXATION

The Charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Page 38

EAST LONDON DANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

14. TANGIBLE FIXED ASSETS

COST
At 1 April 2021
Additions
Transfers between classes
At 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for the year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Short-term
leasehold
property
£
-
5,375
507,707
513,082
-
8,882
8,882
504,200
-		 Plant and
machinery
£
-
757
-
757
-
31
31
726
-		 Office
equipment
£
-
1,374
15,707
17,081
-
698
698
16,383
-		 Computer
equipment
Assets
under
construction
£
£
52,647
480,079
1,136
50,883
7,548
(530,962)
61,331
-
34,792
-
5,305
-
40,097
-
21,234
-
17,855
480,079		 Total
£
532,726
59,525
-
592,251
34,792
14,916
49,708
542,543
497,934

Page 39

EAST LONDON DANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

14. TANGIBLE FIXED ASSETS (CONTINUED)

Assets under construction relate to the capital project at 3 Sugar House Lane. The assets were brought into use on 1 December 2021 and started being depreciated from that date.

Page 40

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15. INVESTMENT IN JOINT VENTURE

The Charity has entered into a joint venture with Urban Development involving the establishment of a new company, 3 Sugar House Lane Ltd, with the purpose of managing the construction works in respect of the building at 3 Sugar House Lane. Both East London Dance and Urban Development have a 50% share in the new company. The joint venture is recognised at the cost to East London Dance (i.e. 50%) and is reviewed annually for impairment. There was no indication of impairment at 31 March 2022.

Cost at the start of the year
Additions at cost
Impairment		 2022
£
120,604
1,116,587
-
1,237,191		 2021
£
-
120,604
-
120,604

PRINCIPAL JOINT VENTURES

The following was a joint venture of the Charity:

16. DEBTORS

DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
63,396
45,383
47,936
156,715		 2021
£
211,194
34,086
3,242
248,522

Page 41

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Nesta loan
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2022
£
250,000
128,847
-
8,254
40,160
427,261		 2021
£
-
129,220
9,087
8,436
26,600
173,343

During the financial year, the Charity took out an unsecured £250,000 loan with Nesta Arts & Cultural Impact LLP. The interest is 5.5% per annum and is repayable in instalments, with the final instalment being due in June 2030. The loan can be prepaid in full at any time without penalty.

As the loan was settled within 12 months of the year-end, it has been disclosed as due within one year.

Deferred income at 1 April 2021
Resources deferred during the year		 2022
£
19,000
775
19,775		 2021
£
-
19,000
19,000

Deferred income relates to service contracts to be performed in the 2022/23 financial year.

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
2022
£
Tangible fixed assets
18,021
Investment in joint venture
26,365
Net current assets
170,913
TOTAL 2022
215,299		 Restricted
funds
2022
£
524,522
1,210,826
306,668
2,042,016		 Total
funds
2022
£
542,543
1,237,191
477,581
2,257,315

Page 42

EAST LONDON DANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

ANALYSIS OF NET ASSETS BETWEEN FUNDS (PRIOR YEAR)

Unrestricted
funds
2021
£
Tangible fixed assets
44,855
Investment in joint venture
-
Net current assets
277,899
TOTAL 2021
322,754		 Restricted
funds
2021
£
453,079
120,604
660,263
1,233,946		 Total
funds
2021
£
497,934
120,604
938,162
1,556,700

Page 43

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. STATEMENT OF FUNDS

STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
April 2021
£
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Organisation Reserves
72,316
Programme Development Fund
3,800
Organisation Development
Fund
21,395
Designated Project Funds for
2021-22
176,157
273,668
GENERAL FUNDS
General Funds
49,086
TOTAL UNRESTRICTED
FUNDS
322,754
RESTRICTED REVENUE
FUNDS
Esmee Fairbairn Foundation
71,040
Greater London Authority:
Young Londoners for VR
Dance
32,350
Arts Council England:
Transforming Leadership for
We Move
70,264
Arts Council England: Culture
Recovery Fund
11,007
Arts Council England: Our
House Artists Takeovers
-
London Youth: VR dance
-
Arts Council England: Catalyst
Evolve
11,625
Fundraising Reserves (Catalyst
Evolve)
15,000		 Income
£
-
-
-
-
-
395,276
395,276
-
48,000
93,600
68,326
43,200
1,700
-
-		 Expenditure
£
-
-
-
-
-
(502,731)
(502,731)
(2,534)
(31,775)
(77,544)
(79,333)
(16,441)
(1,700)
(11,625)
-		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31 March
2022
£
72,316
3,800
21,395
176,157
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Organisation Reserves
Programme Development Fund
Organisation Development
Fund
Designated Project Funds for
2021-22
GENERAL FUNDS
General Funds
TOTAL UNRESTRICTED
FUNDS
RESTRICTED REVENUE
FUNDS
Esmee Fairbairn Foundation
Greater London Authority:
Young Londoners for VR
Dance
Arts Council England:
Transforming Leadership for
We Move
Arts Council England: Culture
Recovery Fund
Arts Council England: Our
House Artists Takeovers
London Youth: VR dance
Arts Council England: Catalyst
Evolve
Fundraising Reserves (Catalyst
Evolve)
273,668
(58,369)
215,299
68,506
48,575
86,320
-
26,759
-
-
15,000

Page 44

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - CURRENT YEAR (continued)

Baring Foundation
Redbridge Culture and Leisure
A New Direction: STEP
Prudence Trust
RESTRICTED CAPITAL
FUNDS
Capital grants for the Talent
House at 3 Sugar House Lane -
capitalised
Capital grants for the Talent
House at 3 Sugar House Lane -
unspent
TOTAL RESTRICTED FUNDS
TOTAL OF FUNDS		 Balance at 1
April 2021
£
-
-
-
-
211,286
573,683
448,977
1,022,660
1,233,946
1,556,700		 Income
£
40,000
1,497
2,780
75,000
374,103
723,021
-
723,021
1,097,124
1,492,400		 Expenditure
£
(19,292)
(1,497)
(2,780)
(34,200)
(278,721)
(10,333)
-
(10,333)
(289,054)
(791,785)		 Transfers
in/out
£
-
-
-
-
-
448,977
(448,977)
-
-
-		 Balance at
31 March
2022
£
20,708
-
-
40,800
306,668
1,735,348
-
1,735,348
2,042,016
2,257,315

Page 45

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED FUNDS
DESIGNATED FUNDS
Organisation Reserves
Programme Development Fund
Organisation Development
Fund
Designated Project Funds for
2021-22
GENERAL FUNDS
General Funds
TOTAL UNRESTRICTED
FUNDS
RESTRICTED REVENUE
FUNDS
Esmee Fairbairn Foundation
Greater London Authority:
Young Londoners for VR
Dance
LB Newham: Newham
Enrichment
Arts Council England:
Transforming Leadership for
We Move
Arts Council England: Culture
Recovery Fund
London Legacy Development
Corporation: STEP Placement
LB Tower Hamlets: East
London Arts Fundraisers
Network		 Balance at
1 April 2020
£
72,273
3,800
21,395
43,460
140,928
20,802
161,730
50,000
20,800
9,550
32,754
-
1,011
-		 Income
£
-
-
-
-
-
514,926
514,926
50,000
48,000
52,650
93,600
80,657
1,071
2,500		 Expenditure
£
-
-
-
(43,460)
(43,460)
(323,727)
(367,187)
(28,960)
(36,450)
(62,200)
(56,090)
(56,365)
(2,082)
(2,500)		 Transfers
in/out
£
43
-
-
176,157
176,200
(162,915)
13,285
-
-
-
-
(13,285)
-
-		 Balance at
31 March
2021
£
72,316
3,800
21,395
176,157
273,668
49,086
322,754
71,040
32,350
-
70,264
11,007
-
-

Page 46

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR (CONTINUED)

Arts Council England: Catalyst
Evolve
Fundraising Reserves (Catalyst
Evolve)
RESTRICTED CAPITAL
FUNDS
Capital grants for the Talent
House at 3 Sugar House Lane -
capitalised
Capital grants for the Talent
House at 3 Sugar House Lane -
unspent
TOTAL RESTRICTED FUNDS
TOTAL OF FUNDS		 Balance at
1 April 2020
£
13,150
15,000
142,265
201,108
167,334
368,442
510,707
672,437		 Income
£
-
-
328,478
372,575
286,178
658,753
987,231
1,502,157		 Expenditure
£
(1,525)
-
(246,172)
-
(4,535)
(4,535)
(250,707)
(617,894)		 Transfers
in/out
£
-
-
(13,285)
-
-
-
(13,285)
-		 Balance at
31 March
2021
£
11,625
15,000
211,286
573,683
448,977
1,022,660
1,233,946
1,556,700

Page 47

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF FUNDS (CONTINUED)

Esmee Fairbairn Foundation

Funding towards the delivery of a young dance entrepreneurs scheme, The Fi.ELD, in both east London and nationally after successfully delivering the programme locally in 2013-2015.

Greater London Authority: Young Londoners for VR Dance

Payments four and five of a three-year £150k grant supporting a preventative programme utilising dance and technology to engage young people aged 10-14 in Newham and Redbridge who are on the fringes of education and at risk of criminal exploitation.

Arts Council England: Transforming Leadership for We Move

£260k grant to deliver a leadership development programme to inspire, support and promote change makers from the Hip Hop community, led by a consortium of 9 leading Hip Hop organisations.

Arts Council England: Our House Artist Takeovers

£48k grant towards the cost of the Our House - Artist Takeovers. Our House is a new dance programme which hands over creative control of our programming to independent artists and collectives for a week at a time.

London Youth VR Dance

£1.7k grant towards VR Dance, a free programme for schools or specialist education providers in Newham and Redbridge working with young people aged 12-16 who have been excluded or are at risk of exclusion.

Arts Council England: Catalyst Evolve

A grant and match-funding from new donations to support the development of the charity's fundraising function.

Fundraising Reserves (Catalyst Evolve)

Match funds from Arts Council England Catalyst Evolve set aside to support future fundraising activity.

Baring Foundation

£40k grant towards the development of dance artists.

Redbridge Culture and Leisure

£3k partnership contribution towards the Ideas Fund, an intiative that brings together a eclectic mix of both creative and commercial organisations to co-invest in the newest creative talent in East London.

A New Direction: STEP

A one-year grant to support a Shared Training and Employment Programme employee to participate in consortium inductions and shared workshops.

Prudence Trust

£150k grant over the next two years towards the youth programmes: after school programme, holiday projects, performances and events and youth support worker.

Capital: Arts Council England Small Capital Grant

A £499,999 grant towards capital costs for the Talent House at 3 Sugar House Lane.

Capital: Greater London Authority: Good Growth Fund

A £1m shared grant plus a second £350k shared uplift grant towards capital costs for the Talent House at 3 Sugar House Lane, with UD as lead grant manager.

Page 48

EAST LONDON DANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF FUNDS (CONTINUED)

Capital: Foundation for Future London

A £250k shared grant towards capital costs for the Talent House at 3 Sugar House Lane. ELD and UD jointly manage the grant through the shared joint venture company.

Capital: The Linbury Trust

A £60k grant towards capital costs for the Talent House at 3 Sugar House Lane.

Capital: Foyle Foundation

A £50k grant towards capital costs for the Talent House at 3 Sugar House Lane.

Capital: Cockayne Foundation: Grants for the Arts

A £50k grant towards capital costs for the Talent House at 3 Sugar House Lane.

Goldman Sachs

A £10k grant towards capital costs for the Talent House at 3 Sugar House Lane.

London Marathon Trust

£99k grant towards capital costs for the Talent House at 3 Sugar House Lane.

Organisation reserves

Funds set aside for the organisation as per reserves policy.

Pension Reserves

Funds set aside in 2015 to meet future increases in statutory employer contributions. See Note 1(p). The trustees agreed to release this full fund in March 2020 due to the financial impact of Covid-19 shortly after statutory minimums reached their highest level.

Programme Development Fund

Funds set aside for researching and developing new programe areas and commissions.

Organisation Development Fund

Funds set aside to support the organisation's future strategic development and capital build.

Designated Project Funds for 2021-22

Funds allocated for specific project delivery in 2021-22.

Transfers

The transfers reflect the use of restricted capital funds on the new premises at 3 Sugar House Lane.

Page 49

(A Company Limited by Guarantee)

EAST LONDON DANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

20. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year (as per Statement of Financial Activities)
Depreciation charges
Dividends, interests and rents from investments
Interest on borrowings
Decrease in debtors
Increase in creditors
NET CASH PROVIDED BY OPERATING ACTIVITIES
21.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
TOTAL CASH AND CASH EQUIVALENTS
22.
ANALYSIS OF CHANGES IN NET DEBT
At 1 April
2021
£
Cash at bank and in hand
862,983
Debt due within 1 year
-
862,983		 2022
£
700,615
14,916
(3,670)
11,458
91,807
3,918
819,044
2022
£
748,127
748,127
Cash flows
£
(114,856)
(250,000)
(364,856)		 2021
£
884,263
3,410
-
-
39,820
128,392
1,055,885
2021
£
862,983
862,983
At 31 March
2022
£
748,127
(250,000)
498,127

23. PENSION COMMITMENTS

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £12,421 (2021 - £11,899) were payable to the fund at the balance sheet date and are included in creditors. The balance due to the

Page 50

EAST LONDON DANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

23. PENSION COMMITMENTS (CONTINUED)

pension scheme at the year-end was £nil (2021: £5,066).

24. OPERATING LEASE COMMITMENTS

At 31 March 2022 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2022
£
85,388
341,553
1,181,203
1,608,144		 2021
£
85,388
341,553
1,278,997
1,705,938

25. RELATED PARTY TRANSACTIONS

There were no related party transactions during the financial year.

Page 51