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2024-03-31-accounts

Company Registered Number 03320538 Charity Registered Number 1061012

Birmingham Royal Ballet

(A Company Limited by Guarantee)

Report and Consolidated Financial Statements

For the year ended 31 March 2024

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BIRMINGHAM ROYAL BALLET

CONTENTS

Officers and professional advisers 3
Foreword by Sir David Normington GCB 5
Directors’ report (including Strategic report) 7
Trustees’ responsibilities statement 27
Independent auditor's report 28
Consolidated Statement of financial activities 30
Chairty Statement of financial activities 31
Balance sheets 32
Consolidated Cash flow statement 33
Notes to the financial statements 34

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BIRMINGHAM ROYAL BALLET

OFFICERS AND PROFESSIONAL ADVISERS

DIRECTORS

Sir David Normington (Chair) Mr Ian Squires Mr Michael Elliott Ms Deborah Spence Ms Hemma Patel Mr Anthony Coombs Mr Barry Allen Ms Jeanetta Laurence OBE - Resigned 19 February 2024 Ms Jane Hackett - Resigned 1 August 2023 Ms Sandra Crossley Mrs Marverine Duffy Ms Shireenah Ingram Mrs Christine Ondimu Councillor J Tennant Sir Luke Rittner - Appointed 19 March 2024

SECRETARY

Ms Anna Williams FCA, DChA - Resigned 1 September 2023 Mr Christopher Rogriguez FCCA - Appointed 1 September 2023

REGISTERED IN ENGLAND & WALES

Company Number: 3320538

Registered Charity Number: 1061012

REGISTERED OFFICE

Thorp Street Birmingham B5 4AU

BANKERS

HSBC Bank plc 130 New Street Birmingham B2 4JU

SOLICITORS

Veale Wasborough Vizards LLP Second Floor, 3 Brindley Place Birmingham B1 2JB

Level Law 20-22 Sheldon Street London WC2H 9JJ

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BIRMINGHAM ROYAL BALLET

OFFICERS AND PROFESSIONAL ADVISERS

INVESTMENT MANAGERS

Evelyn Partners (formerly Smith and Williamson) 9 Colmore Row Birmingham B3 2BJ

AUDITOR

Azets 1[st] Floor Capital House 8 Pittman Court Pittman Way Fulwood Preston PR2 9ZG

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BIRMINGHAM ROYAL BALLET

Foreword by Sir David Normington GCB, Chair of Birmingham Royal Ballet

There were many highlights in the year 2023/24, but one stands out above all others: the opening night of Black Sabbath – the Ballet on 26 September 2023.

No one who was there that night will ever forget the excitement, the noise, the sheer exuberance of the music and dancing, the whole audience on its feet through much of the final act, the presence of rock royalty, including members of the original band. When Tony Iommi, Black Sabbath’s great bass guitarist, made a special appearance on stage to play in the final moments of the ballet, the audience went totally wild.

It was, of course, our Director, Carlos Acosta’s, idea to build a ballet around the music and life story of Birmingham’s greatest heavy metal band. When he first floated the idea with me, my eyebrows shot to the ceiling and I wondered aloud whether anyone would come. However, within 24 hours of the tickets going on sale in Birmingham, they were sold out – eight months before the opening night. There was similar excitement when sales opened for the Plymouth Theatre Royal and Sadlers Wells Theatre in London.

Wherever we have taken it so far, the ballet has had standing ovations from both ballet lovers and Black Sabbath fans alike. It has brought people into the theatre who have never seen ballet before. It has won new admirers for the music of Black Sabbath, including yours truly. It reminded us also, if we needed it, that Carlos brings to the company not only great artistry and high standards, but fresh ideas and thinking, pushing at the boundaries of ballet and reaching audiences we have never reached before.

There were also of course traditional and classical moments in the year. It has always been part of Carlos’s vision for the company that new works with new choreographers should be balanced with works from the classical canon and from the company’s extensive back catalogue. As an example, in the early summer of 2023 he created another wonderfully varied triple bill: Balanchine’s exquisite Apollo, an early return for the touching Interlinked and David Bintley’s much loved Still Life at the Penguin Café. It was our most successful summer triple bill for many years, helped of course by the popularity of Penguin Café, which still looks ahead of its time 35 years after it was created.

After a highly successful run of the Nutcracker, the company embarked in the winter/spring of 2024 on a country- wide tour of Sir Peter Wright’s Sleeping Beauty. If you are thinking that this 40 year old production may be showing its age, think again. Helped by some refurbishment it looked absolutely magnificent and from Manchester to Bristol, Sunderland to Southampton, it was enthusiastically received.

There were two other unforgettable highlights. April and May saw the first tour by our junior company, BRB2. The gives opportunities to train, develop and perform to young dancers straight out of ballet school and in the first years of their professional careers. There were only five dancers in the first cohort so they were helped out on tour by some dancers from the main company. But what a talented five they are, so talented that before long they were gracing our main productions. Needless to say, towards the end of the 2023/24 year, all were offered permanent contracts with the main company.

This was also the year of the 21st anniversary of Freefall, our company for dancers with learning disabilities. In November they gave two stunning performances in the Hippodrome’s Patrick Centre of a double bill, comprising a new 'Still Life' at the Freefall Café, and the return of a Freefall favourite, the ever-popular Chairs. Many of the dancers in Freefall have been with the company from the start and their performances were as fresh and joyful as if they were just starting out. Our ambition for the future is to take what we have learned from Freefall about the possibilities for changing lives through dance to a much wider audience. With that in mind the Freefallers worked with students from Fox Hollies School, Hazel Oak Sixth Form, Uffculme School and All Saints Youth Group and Reddi Support to create and choreograph the new piece; and some of the students joined our dancers at the performance.

Freefall is, as the Dancing Times once described it “a Birmingham treasure… to be cherished and supported”. I pay tribute to the dancers, their families, the supporters and our own remarkable LEAP team, led by Pearl Chesterman, without whom none of the last 21 years would have been possible. Most of all our thanks must go to Artistic Director, Lee Fisher, whose commitment and passion for this company has made it the undoubted treasure that it is today.

Freefall is but one example of how we continue to fulfill our mission to reach out and move people with great ballet and music. Despite financial pressures we continue to tour extensively around the UK; and BRB2 enables us to reach even more towns and cities, some of which would otherwise see no live ballet at all. At a time when many companies are using more recorded music, we cherish our orchestra, the Royal Ballet Sinfonia and know how much our audiences appreciate live music. We remain committed to expanding our community and outreach activities, where we can, and to providing more opportunities for young people to learn from the many skills the company has to offer. Of course, all this comes at a price and it is only possible because audiences come to see us in large numbers and because of the continuing generous support from donors, large and small, public and private. We are immensely grateful to all of them.

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BIRMINGHAM ROYAL BALLET

Foreword by Sir David Normington GCB, Chair of Birmingham Royal Ballet

My final thanks go to Carlos Acosta and to our Chief Executive, Caroline Miller for their vision, ambition and leadership and to everyone who works with and for Birmingham Royal Ballet, whatever their role. I am constantly in awe of their skill, their professionalism and their hard work. It is a joy to be the Chair of a company with such a brilliant team of people.

Sir David Normington Chair of the Board

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BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT)

The Trustees are pleased to present their annual directors’ report together with the consolidated financial statements of the charity and its subsidiaries for the year ending 31 March 2024, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the 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) issued in October 2019.

The Directors of the charitable company who are also trustees for the purpose of charity law, are referred to in this report as "Directors” or “the Board of Directors".

OUR PURPOSES, STRATEGY AND ACTIVITIES

Birmingham Royal Ballet (BRB), a registered charity, is incorporated as a company limited by guarantee, not having a share capital.

BRB Production Services Limited is a wholly owned subsidiary of Birmingham Royal Ballet. The principal activity of the company is theatrical production. BRB Trading is a wholly owned subsidiary of BRB, the principal activity of the company is responsible for commercial services including commercial sponsorships. There was no activity for the financial year

Our purposes are the objects of Birmingham Royal Ballet in accordance with the Articles of Association are to advance the education of the public in the arts and sciences of ballet, dance, music and drama.

We are driven by our vision to reach out and move people with great ballet and music everywhere. We will tour worldclass classical ballet to the widest possible audience in the UK and internationally; create new works that reflect the world we live in; and release the creative potential in people of all ages and backgrounds.

To meet our aims and objectives we will:

To put these strategies into action we have the following major areas of activity:

Touring of classical and new ballets to large and medium-sized venues

The Birmingham Royal Ballet group of companies (Birmingham Royal Ballet and its subsidiaries BRB Production Services and BRB Trading) produce and perform ballet dance and music of the highest quality ensuring access to world class performances to audiences throughout the United Kingdom as well as internationally.

Creating new ballet is an essential part of ensuring that the art form remains vibrant and relevant. Birmingham Royal Ballet creates new one act and full-length narrative ballets and regularly commissions new music for these works, adding richness to the national cultural ecology. Birmingham Royal Ballet plays an important role in preserving the classical and heritage repertoire, in particular those works associated with the English tradition of classical ballet, ensuring their continued existence for future generations to enjoy.

With the support of its major funder, Arts Council England, Birmingham Royal Ballet presents world-class performances of the widest possible range of repertory throughout the United Kingdom in both large scale and middle scale venues. The company also tours internationally.

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BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

Participation, education and development

Birmingham Royal Ballet offers free talks, open classes and activity days to support performances and membership schemes such as Birmingham Royal Ballet Friends and The Dancers’ Circle give opportunities to attend talks, rehearsals and other special events that help to give a greater insight into and understanding of the work of the company.

Birmingham Royal Ballet extends its reach and accessibility through learning, engagement, access and participation (LEAP) work. Through LEAP, BRB plays a pivotal role, particularly in Birmingham, in introducing children and young people from diverse backgrounds to ballet and developing their talent.

Programmes include Dance Track - a free ballet training programme for talented individuals age 6 upwards, Repertory based programmes for dance students, schools and community groups, disability led work and continuing professional development for professional dancers and teachers. Many projects include free access to a Birmingham Royal Ballet performance. Birmingham Royal Ballet continues to expand and develop how it takes work into the community, presenting it in new and unusual settings and co-creating works and performances with community groups.

Digital

Access to performance, engagement and participation activity is amplified through Birmingham Royal Ballet’s growing digital offer which includes both free and paid for content which can range from a brilliant still images to made for digital films like Empty Stage. Whatever the format, BRB’s digital content shares the same production values and striving for excellence that drives all of BRB’s artistic work. Digital production is no longer limited to ‘show marketing’ but is part of the artistic and cultural aims of the Company and based on fundamental principles to ‘Entertain, Educate or Inspire’

Our volunteers

We are grateful to our volunteers who support the delivery of our major activities. In return, we offer career development opportunities and experience with a large arts organisation to over 35 volunteers including LEAP ambassadors.

Our values

Above all, Birmingham Royal Ballet believes in the importance of taking the arts to everyone and will work hard, through ballet, dance and music, to break down barriers perceived or real that prevent people from the pleasure of experiencing or engaging with the arts in its many and varied forms.

PUBLIC BENEFIT

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2) and the guidance on feecharging’. We rely on Arts Council England and other significant grants, major and membership donations, and income from performances and hires to cover our operating costs.

Birmingham Royal Ballet is one of the UK’s most creative and exciting ballet companies and aims to inspire audiences with work that is entertaining, relevant, exciting and technically excellent. It is committed to inclusion and access as ballet, dance and music are art forms for everyone to experience, participate in and enjoy.

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BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

Economic Impact

Arts Council England’s research suggests that “For every £1 of GVA generated by the arts and culture industry, an additional £1.30 of GVA is generated in the wider economy through wider indirect and induced multiplier impacts of the industry.”

Using this multiplier on BRB’s spend, the charity can be seen to generate significant economic impact in the UK and outside London.

----- Start of picture text -----
Place GVA 2023/24
Birmingham £33,219,489
London £860,131
Northampton £25,036
Peterborough £25,036
Plymouth £808,908
Southampton £502,838
City of Salford £376,510
Sunderland £329,050
South West England £190,900
----- End of picture text -----

Our research by external consultants found that in communities where BRB tour their main productions, they account for 41% of all ballet. In communities where BRB2 perform in smaller venues, they account for 65% of all ballet.

Birmingham Royal Ballet is committed to the principle that cost should not prohibit access to performances. Tickets for performances in the UK are priced across affordable ranges (between £10 and £85) which reflect the regional economies where the company performs. A wide range of concessions and special offers are available on tickets including discounts for school groups. Access to live performances is supported through a programme of children’s performances, touch tours, audio description and relaxed performances.

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BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

ACHIEVEMENTS AND PERFORMANCE

Performance and Productions

Overview

BRB’s artistic and performance related objectives for the 2023/24 period were to:

In 2023/24, BRB continued to build post pandemic resilience and Carlos Acosta’s vision for Birmingham Royal Ballet, engaging live audiences with a dynamic programme of classical canon and new work i.e. a successful Black Sabbath - The Ballet tour. We increased our UK presence and audiences through our inaugural BRB2 tour to medium scale venues.

New works were major investments in BRB productions, with the productions showing strong success and potential investment cost recovery in the medium term as they join the future cycle of programming.

We were disappointed that Royal Albert Hall’s scheduling could not include BRB’s The Nutcracker in December 2023. This negatively affected our projected plans, reduced budgeted net income, along with reduced audience reach. However, we are delighted that The Nutcracker will return to Royal Albert Hall in December 2024.

In 2023-24 the company gave 93 performances; 54 in Birmingham and 39 on tour across the UK (2022/23: 100 performances: 54 in Birmingham and 46 on tour). Live audiences are approximately 120,000 (2022/23: 139,000). The number of touring performances and live audiences were affected by The Nutcracker not appearing at Royal Albert Hall.

BRB2 Inaugural tour

We opened the year with BRB2’s inaugural tour of Carlos Acosta’s Classical Selection with a total of 11 performances and audiences of 5,200 persons in medium-scale venues across Northampton, Nottingham, Peterborough, Wolverhampton and the Linbury at the Royal Ballet and Opera (formerly Royal Opera House). The performances were very well received although technical changes were made during the tour to meet varying requirements of the venues. BRB2 is a company of some of the very best young ballet graduates from around the world. The company offers a two-year performance programme, providing vital employment for the next generation of exceptional ballet dancers (aged 18-22) to transition from training into jobs at BRB or other leading ballet companies, impacting the dance sector worldwide.

Triple Bill – Still Life at the Penguin Cafe

We delivered the summer triple bill at Birmingham Hippodrome from 8 – 10 June 2023. The programme included Balanchine’s Apollo, David Bintley’s Still Life at the Penguin Café, and Juliano Nunes’ Interlinked, which we commissioned for the 2022 Commonwealth Games. It was the most successful summer triple bill for ten years, exceeding budget targets for income and tickets by 20% and 47% respectively.

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BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

International tour to Orlando and New York

Twenty-one BRB dancers travelled to Orlando, Florida to perform an Evening of Music and Dance at the Steinmetz Hall. Repertoire included extracts from Interlinked, Carmen, Swan Lake, Rhapsody and Le Corsaire. Conducted by Paul Murphy, this performance was well danced and warmly received. The dancers then travelled to New York City heralding BRB’s first return there in 20 years. There were two performances of Interlinked at the Fall for Dance Festival at New York’s City Centre Theatre. Both performances received enthusiastic responses from the audience. Four dancers from the BRB touring group were invited to the Vice British Consule to be part of the British Government’s 10th anniversary of being involved in New York Pride. The US tour was an investment in raising the company’s visibility towards our US touring plans in 2025. The tour was generously supported by a gift from a individual donor.

Black Sabbath – The Ballet

Black Sabbath - The Ballet premiered in September 2023 to sold out audiences in Birmingham, London and Plymouth. The ballet has been recognised as one of the most ambitious and exciting new works in the company’s history – a ballet inspired by the origins of the heavy metal genre in Birmingham. An audacious new work, the ballet was artistically ambitious, with Black Sabbath’s music reworked for the Royal Ballet Sinfonia and with the full approval and support from the original band members of Black Sabbath.

Survey Responses

The ambitious size and international nature of the creative team that involved three choreographers, three composers, a dramaturg, designer and lighting designer helped to deliver BRB’s ambition for diversity in terms of race and formative backgrounds. Black Sabbath demonstrated BRB’s delivering on its goal to be a “laboratory for creativity”.

Naritional Dance Awards 2024: Outstanding Creative Contribution: WINNER – Carlos Acosta for the concept of Black Sabbath: The Ballet.

Reviews: The Telegraph ★★★★ “a headbanging triumph” “a triumphant world premiere that celebrates Birmingham’s local heroes”. The Times ★★★★ “a generous-spirited crowd pleaser” Evening Standard ★★★★

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DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

The Nutcracker

BRB’s production of The Nutcracker at the Birmingham Hippodrome in early November to early December 2023 was one of our most successful. Income and ticket sales exceeded budget targets. The magnificent new rebuilt and reimagined sets done in the last financial year, designed by John McFarlane, continued to sparkle and dazzle with an intensity of colour that had faded after 30 years use of the original sets.

Sleeping Beauty tour

The Sleeping Beauty tour achieved BRB’s mission to distribute high quality ballet and live music at the largest scale nationally, performing to 7 large scale venues (north east, north west, midlands, south-west, London). BRB played the full Tchaikovsky score, 62 players at all venues making BRB the only ballet company still touring England extensively with a large scale orchestra. The production continued to raise the technical and artistic standards of BRB’s dancers. The Sleeping Beauty is one of the most technically challenging classical ballets giving opportunities for rising stars in the company to take on principal and solo roles, developing the talent pipeline in BRB. BRB2 dancers had multiple opportunities to gain experience with the main company, including Alyssa Garkavenko, performing featured fairies and Mason King performing the lead consort. We continued to bring famous artists to coach BRB’s dancers, Darcey Bussell and guest, Matthew Ball. Darcey’s masterclass was filmed and streamed in Plymouth. We also live streamed a rehearsal with Carlos and Darcey Bussell.

Headlines for the Sleeping Beauty tour include April 2024 performances at Bristol Hippodrome and London Sadler’s Wells (2024/25 financial year).

4 and 5 star reviews were received, including the Financial Times: “Soloists shine in classic production. A revival in London of Birmingham Royal Ballet’s classic production is always welcome”.

Music & Orchestra

BRB’s orchestra, the Royal Ballet Sinfonia (RBS), had an extraordinary year of external projects in addition to its BRB performance schedule. It worked with the Royal Ballet And Opera (formerly Royal Opera House) on Sleeping Beauty May-June 2023 conducted by Jonathan Lo.

Australian Ballet engaged our orchestra for their production of Jewels , a full-length ballet with original choreography by George Balanchine at the Royal Ballet and Opera in August 2023. The programme also included a Triple bill.

RBS was the chosen orchestra for Nureyev Legend and Legacy performance at Dubai Opera – UAE, on 10 November 2023; a dazzling array of highlights from Nureyev’s transformative career with each piece selected to represent different aspects of Nureyev’s incredible life and work.

An Evening of Music and Dance featured Tchaikovsky classics at the beautiful Symphony Hall in Birmingham’s Centenary Square. We fell short of our budget targets achieving 90% of our target tickets. However, we were delighted with the positive audience response.

Yi Wei was our Constant Lambert Conducting Fellow working on Tchaikovsky Classics at Symphony Hall and will make his debut with the company in the 2024-2025 season.

Previous Constant Lambert Conducting Fellows, Thomas Jung and Charlotte Politi continued to work with BRB during 2023-2024, Thomas on Nutcracker, Charlotte Sleeping Beauty and Nutcracker.

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BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

Key leadership staff changes

Anna Williams – outgoing Chief Operating Officer left BRB after a 30 year career with the company. Anna has been integral to shaping the charity’s delivery over three decades.

John Beadle – outgoing Orchestra Director, November 2023. We cannot pay enough tributes to John Beadle who is a cornerstone to the growth, evolution and leadership of BRB and Royal Ballet Sinfonia for over 50 years, first playing with the Orchestra at Sadler’s Wells in 1972.

Michael O’Hare left the company after 40 years in December 2023. Michael joined Sadlers Wells Ballet in 1980, rising from Principal dancer to senior repetiteur with the company.

Rachael Magson - Director of Development joined in November 2023. Rachael joins us from extensive work with arts organisations and the Birmingham 2022 Commonwealth Games in fundraising and development.

Digital

Selected to participate in Bloomberg Philanthropies Digital Accelerator programme, BRB explored the use of immersive technology with the first project of a Swan Lake VR experience.

Engagement and Participation

Offering opportunities to connect with Birmingham Royal Ballet through learning, engagement, access, and participation (LEAP) programmes is one of the ways in which the company can take ballet and associated activities out beyond the traditional theatre presentations making ballet, dance, drama and music accessible art forms for everyone.

In 2023/24 BRB has delivered 831 LEAP sessions to around 14,930 participants (2022/23 758 LEAP sessions, 13,072 participants).

Our LEAP objectives for the year were to:

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BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

Dance Track - The Dance Track programme is a specialised initiative designed to identify and nurture young dance talent from diverse backgrounds. It typically targets children from local schools, offering them the opportunity to receive high-quality dance training regardless of their financial or social circumstances. The programme aims to develop their technical skills, artistic expression, and overall appreciation for dance. 2022 was the 25th anniversary of this programme and over the years Dance Track has touched the lives of some 42,000 primary school children in Birmingham. From relatively modest beginnings, Dance Track has now grown to operate in more than 40 Birmingham primary schools. The programme has nurtured raw dance talent in primary schools across Birmingham and had a positive, life-enriching impact on thousands of young people aged six to eight. The programme has also provided topquality dance training to talented young people in Birmingham who might otherwise not have the opportunity to benefit from dance training.

The Dance Track programme exemplifies the transformative power of arts education, providing significant benefits to individuals and communities by fostering talent, promoting inclusivity, and enriching cultural life.

Freefall Dance Company (talented adults with severe learning difficulties) – Freefall Dance Company is an ensemble of exceptionally talented dancers with severe learning disabilities. Throughout 2022 and 2023, Freefall celebrated its 21st anniversary by actively engaging with the community and schools to promote arts inclusivity and attract newer members to the company. The highlight of the celebrations was a special event at Birmingham Hippodrome, hosted by Freefall’s Artistic Director, Lee Fisher. Esteemed guests included Caroline Miller, Carlos Acosta, Sir David Normington, and other key funders. A memorable moment was Carlos Acosta joining a warm-up class during the rehearsal week, creating an inspiring experience for the dancers. There was an exhibition in residence at Birmingham Hippodrome, depicting the 21 years of the programme from November 2023 to March 2024. During the year Freefall reached: 10 core company members, 48 participants from 5 SEN schools & community groups (over 36 workshops = 1,728 engagements) trained 15 teachers, live audiences of 600+ and over 350,000 You Tube views

LEAP Ambassadors – The LEAP Ambassadors Programme is a free professional development initiative for individuals aged 16-25, designed to provide skills and experience for those with limited access to ballet, the arts, culture, and education. The programme aims to equip young people considering a career in the arts with essential workplace skills. Over a nine-month period, participants engage in both individual and group training sessions across various disciplines, including stage management, costume design, and digital marketing. Each ambassador is placed in a BRB department with a mentor to maximize their learning and productivity.

The 2023/24 cohort consisted of 10 ambassadors. They received group training sessions delivered by BRB staff, providing insights into various industry roles, with a particular focus on backstage and non-performing careers. Additionally, ambassadors participated in individual training, shadowing BRB staff to gain hands-on experience with BRB projects and productions. At the end of the year, ambassadors collaboratively curated a celebration event at the Patrick Studio, Birmingham Hippodrome, showcasing their learning and achievements throughout the programme.

Ballet Repertoire – Ballet Repertoire classes have taken place in Birmingham, Plymouth, Salford, Bristol, Sunderland, and Southampton during the 2023/24 season. The repertoire is delivered by a BRB professional, who teach dance students the adapted choreography of the current repertoire being performed by the company. The classes are graded from pre Primary up to Advanced plus and have been very well received in Birmingham and on tour. They are designed to strengthen students’ passion for and enjoyment of dance.

Unwrapped Schools Programme : We have continued to develop our Nutcracker Unwrapped schools’ workshop and now also have resources and have delivered Still Life at The Penguin Café schools workshops through the summer term (May/June 2023). These have been well received and alongside delivery in schools we have facilitated Teachers CPD workshops, to empower, inspire and give knowledge to primary school teachers to allow confidence for them to deliver dance competently as part of their curriculum. Music workshops have also been developed to support this programme and delivered by members of the Royal Ballet Sinfonia.

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DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

Other LEAP Projects:

Audience & Digital Growth

The primary Audience Development objective for 2023-24 was to build sustainable audience growth.

Box office returns showed that ballet was back in 2023/24. BRB2’s (BRB’s new junior company) first-ever tour sold 5,189 tickets (£78k) £7k ahead of target and an amazing 40% more tickets per show (on average) than the equivalent full Company ‘midscale’ tour in 2019. At 76% capacity, the Summer Triple Bill at Birmingham Hippodrome was the most successful mixed programme in over a decade. Black Sabbath – The Ballet rewrote every record book – over 26k tickets sold, revenues of almost £920k, the fastest selling shows in BRB history, the highest capacity of any tour. To follow this with the highest revenue producing The Nutcracker run yet (£1.59m) and a strong The Sleeping Beauty Spring tour (£50k over budget) delivered a hugely successful year - £4m in net box office revenue was £284k (7.6%) ahead of target. Total tickets sold were 119,662 (6,079 tickets /5.4% ahead of goal) which is 6,802 (6%) ahead of the last pre-pandemic year (19/20).

Black Sabbath – The Ballet also transformed BRB’s web presence. March 23 – March 24, BRB’s website received 270k visitors up 66.5% on the previous period. Typically, BRB’s website has 2k visits per month. In May 23 (when Black Sabbath was announced at Sadlers Wells) that shot up to 8k and again to 4k in October (the tour itself). Over the whole year, BRB’s website received over 1million views – 11% of these were to the Black Sabbath show page, making it the most visited page on the entire site (2k more than the home page)!

We have increased Facebook subscribers to 153,000 (2021/22: 147,000. 2022/23: 152,000) and Instagram subscribers to 74,000 (2021/22: 60,500. 2022/23: 65,000) because of Instagram-specific content (like dancer takeovers) to attract the younger demographic of Instagram followers. Overall BRB’s social media channels achieved 18.7m Impressions and a Reach of 12m.

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DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

RAISING FUNDS

As in previous years our principal funding sources are:

Core revenue funding from our major revenue funders, Arts Council England and Birmingham City Council, accounted for 50% of total income (2022/23: 50%).

Birmingham City Council announced they would halve their grant in the next financial year (24/25) and this will reduce to £0 in 25/26. Whilst this did not affect our 23/24 funding from the City Council, it will impact in the future on our work with Birmingham Arts institutions to make a collective impact for the cultural life of the city and for its residents Arts Council England funding is committed as standstill until 31 March 2026. However, Arts Council England has extended the National Portfolio Investment Programme for a further year, from 1 April 2026 to 31 March 2027, that will be a simple, non-competitive application process, requiring similar information to what is already provided for monitoring and reporting.

Total income from donations, membership schemes and other fundraising activity during the year was £2,175,494 (2022/23: £2,046,053) of which donations (excluding legacies) from private individuals were £1,213,898 (2022/23 £878,298).

Income from trusts and foundations for the year was £855,635 (2022/23: £849,061).

We thank all the trusts and foundations that have supported Birmingham Royal Ballet during 2023/24.

Our Approach to Fundraising

We have primarily focused our fundraising activity on:

We do not undertake door to door, street fundraising or community fundraising.

Our fundraising is undertaken by fundraising staff in our development team and freelance fundraisers where required.

We have not engaged any third party, professional fundraising, commercial participators or volunteers in fundraising during this financial year.

Fundraising Standards

BRB is registered with the Fundraising Regulator (and pay the associated levy fee). We comply with the Code of Fundraising Practice and use this in the training of our staff and have a Fundraising Promise which is published on our website.

During the year we engaged two freelance fundraisers as Interim Deputy Directors of Development. They were contracted with obligation and monitored the companies with the Charities Act of 2022.

There were no complaints received by the company or our freelance fundraisers for our fundraising activities during the year.

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DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

Protecting Vulnerable People

We required and monitored protection around vulnerable people and members of the public from:

These fit with our safeguarding policy on all activities and we operate in line with the best practice guidance in relation to vulnerable donors as per the Code of Fundraising Practice.

FINANCIAL REVIEW

The group results for the period are set out in the financial statements on page 31 onwards.

Income from charitable activities in 2023/24 was £5,609,566 (2022/23: £5,866,668).

Birmingham Royal Ballet received Theatre Tax Credit income of £1,673,200 in respect of 2023/24 (£1,818,252 in respect of 2022/23). The high Theatre Tax Credit income is due to significant investment in Black Sabbath – The Ballet and the new work for Autumn 2024 during the year. The Theatre Tax Credit regime remains a vital contribution to BRB’s income mix and a positive recognition of the contribution that both commercial and subsidised theatre makes to the economy. Theatre Tax Credit enables BRB to continue its commitment to investment in both new works and major revivals.

Expenditure on charitable activities in the year was £15,872,488 equivalent to 96% of total expenditure (2022/23: £16,140,888 equivalent to 96% of total expenditure). 2023-24 was the third year of investment in Carlos Acosta’s new artistic vision including Black Sabbath – The Ballet and Luna a dynamic new work inspired by the pioneering women of Birmingham and exploring contemporary universal themes.

We have commenced a comprehensive review of processes, systems and controls to support management accountability and control through dynamic budgeting to match resource to strategic priorities and active cost control which responds to a changing economic environment.

We implemented a new accounting system that went ‘live’ in September 2023, that improves efficiency in financial processing and give budget holders access to real time information.

Financial Stability will be supported through:

The deficit analysed across funds was as follows:

Unrestricted revenue reserves excluding designated funds presently stand at £1,240,189 (2022-23 £1,738,699). Our strategy for the period from 2024 – 2027 will be to rebuild these reserves back towards £2.3m in line with our stated reserve policy.

17

BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

RESERVES POLICY

The reserves policy was reviewed and approved by the Board in March 2021.

The covid pandemic has brought renewed consideration to the level of reserves held by arts organisations such that the Culture Recovery Funding programme included a criteria that funding could be used for reflating reserves up to the equivalent of up to eight weeks’.

It was agreed that BRB’s reserves policy be revised to increase our target for general, undesignated reserves to the equivalent of eight weeks turnover which is approximately £2.3m.

Other designated funds include:

Restricted funds - Restricted funds include donations, gifts, grants and legacies received whose use is restricted to purposes specified by the donor.

Endowment funds - Endowment funds are amounts that have been donated with the intention that they be invested to produce income, whose use is restricted to purposes specified by the donor. There is presently one endowment fund.

The Catalyst/Cadbury Family Expendable Endowment Fund for the purpose of funding dance fellowships (The Robin Cadbury Dance Fellowships) to support young dancers with teaching, training and mentoring in perpetuity. The donations received are matched by funding from Arts Council Catalyst Endowment Scheme. This endowment period is 25 years until 1 November 2037 after which the fund is expendable.

Investments:

General objectives - The cash and other investments of Birmingham Royal Ballet must be managed in such a way as to safeguard the capital value of those assets to enable Birmingham Royal Ballet to carry out its charitable purposes effectively in both the short term and over the longer term. Where possible, the value of invested assets should be enhanced so as to at least keep pace with inflation.

Short-term cash and cash contingency funds - To retain flexibility and availability of these funds, current account monies in excess of monthly operating requirements are transferred to higher rate call accounts or short-term fixed interest money market deposit accounts to maximise interest rates received. Cash investments mature on a rolling basis to ensure availability of funds and no cash investment is invested for notice periods exceeding 12 months.

Medium-term investments - Where there are surplus cash funds available for investment in excess of one year but likely to be required for expenditure within a three to five year time frame fixed interest vehicles such as gilts, bonds including index linked bonds can be considered. Investment in such vehicles should be assessed for:

18

BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

There are no medium term investments held by Birmingham Royal Ballet at present.

Long-term investments and endowment funds - Funds held for the long term (a minimum of three years but more likely to be in excess of five years) or as expendable endowment funds are held for the purpose of securing a financial return which can be applied in the furtherance of Birmingham Royal Ballet’s charitable objects and cannot be used in a way which would erode the capital of the fund, subject to any special provisions which would allow the expenditure of capital in certain circumstances.

Acceptable risk - Funds invested for the short to medium term will be held in low risk deposit accounts or fixed interest investments in order to avoid significant reductions in capital value and will be available to liquidate over a maximum of 12 months. Long term investments and endowments will be held across a mixed portfolio of investments to achieve both capital growth and return over the long term (minimum of five to seven years). It is accepted that some investments within the portfolio may be higher risk but overall the portfolio should not be exposed to more than a medium risk profile to balance the opportunity for increased investment returns against the risk of capital loss. It is accepted that the investments held for the long term are likely to see volatility over the short to medium term and may even have periods of negative return for certain asset classes.

Funds are managed in accordance with the investment strategy agreed with Smith and Williamson and the performance of the fund to date is in line with our policy of achieving a balance between income and capital growth in accordance with the investment policy for endowment funds.

RISK MANAGEMENT

Birmingham Royal Ballet has a comprehensive strategic business plan setting out the major opportunities available to the charity and the risks to which it is exposed. The Directors review the plans regularly. As part of this process, the Directors have implemented a risk management strategy, which comprises:

The primary risks during 2023/24 were identified as

During 2023/24 BRB has successfully managed risk through a combination of:

19

BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

FUTURE PLANS

Spring – Summer 2024

BRB2 – Carlos Acosta’s Classical Vision tour

We completed the second mid-scale tour of BRB2 with the final outing of Carlos Acosta’s Classical Selection . It has proved successful with both audiences and venues who have used it to provide quality ballet for audiences in a market where there isn’t a lot of high quality ballet product available to mid-scale theatres.

Interlinked at Glastonbury

BRB performed Interlinked at Glastonbury Festival 2024, including BBC broadcasting part of BRB’s performance with interview with Carlos Acosta – Sunday 30 June, 11am.

BRB at Birmingham Museum & Art Gallery

To ensure that BRB is present and visible in Birmingham in July 2024, we collaborated with BMAG for an interactive display and public sharing of the making of costumes and set pieces to demystify ballet and show the intense, unseen effort behind our work.

International touring

We are delighted to continue rebuilding our post-pandemic international touring around our new productions:

Black Sabbath – The Ballet:

Carlos Acosta’s Classical Selection show:

Autumn tour 2024

We are fulfilling our mission to provide classical works and hold the heritage of these, along with new work that brings contemporary issues to the fore to build ballet’s relevance to all generations through our tours of:

Luna , a new work inspired by the women of Birmingham in Birmingham Hippodrome and Sadler’s Wells, London, with an all-female, international creative team, including choreographers Iratxe Ansa (Spain), Wubkje Kuindersma (Netherlands), Seeta Patel (UK), Arielle Smith (UK), Thaís Suárez (Cuba) and music composed by Kate Whitley (UK), Luna is the final part of Carlos Acosta’s Birmingham trilogy ( City of a Thousand Trades, Black Sabbath ). Luna has been generously supported by the Oak Foundation through a 5 year commitment to developing new ballet works.

Sir Frederick Ashton’s La Fille Mal Gardee will be in Birmingham, London and Plymouth.

The Nutcracker in its new splendour will be at Birmingham Hippodrome and returning to Royal Albert Hall.

Winter tour 2025

Cinderella ballet – a timeless classic

Spring – Summer 2025

BRB 2 touring to mid-scale venues

20

BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

International touring 2025

USA:

Black Sabbath – The Ballet Kennedy Center, Washington DC, 4 – 8 June 2025

Japan:

The Sleeping Beauty and Cinderella

LEAP

LUNA : Open auditions have been held to cast 30 children for Carlos’ next world premier ‘Luna’ in Birmingham and London. These children have been chosen to depict the future of both Birmingham and London and will be performing with the main company at the Birmingham Hippodrome and Sadler’s Wells respectively. We are working in partnership with Ex Cathedra with the music for this ballet having been composed by leading British composer Kate Whitley. The children’s chorus will act much like a Greek Chorus, tying together the different sections of the ballet, and working particularly closely with Dutch choreographer Wubkje Kuindersma and British choreographer Arielle Smith. Part of their role is to sing UK composer Kate Whitley's I am I Say and There is Silence , which will be taught by members of the Education and Participation team from Birmingham-based vocal ensemble Ex Cathedra.

Working in partnership with the Hippodrome, we will also be co-producing a curtain raiser for LUNA.

College of Creativity

2024/25 will be the first delivery year of the Birmingham based College of Creativity (CoC), a skills development partnership to nurture a strong pipeline of creative talent with specialist skills, diversifying the creative industries’ workforce in the West Midlands. Initiated by BRB in partnership with The Rep, Birmingham Hippodrome and CBSO, CoC will create resources and map pathways that detail the variety of exciting job roles and required skills in the creative industries’ and are aimed at engaging young people aged 14+. This follows an extensive period of research and development, generously supported by the Calouste Gulbenkian Foundation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Birmingham Royal Ballet, as a company limited by guarantee, is governed by a board of non-executive directors (charitable trustees). In accordance with the Articles of Association the Directors are also the members of the company.

The Governors of the Royal Ballet have the right to nominate one of their members to be a member of the Board of Directors; Birmingham City Council nominate one representative (usually a Councillor) to be a member of the Board of Directors. All such nominations are approved and appointed by the Board of Directors. The Board of Directors is responsible for the appointment of a Chair.

Appointment, induction and training

The Board of Directors’ membership includes those with appropriate professional experience of dance, education, arts and culture, fundraising, marketing and communications, general management and financial management.

Directors at the time the Articles were revised and approved 3[rd] December 2020 may serve a first term of 5 years and second term of 3 years. Directors after that date may serve up to two concurrent 4 year periods. After a board member has served two consecutive terms in office, they are eligible for re-appointment only after a year has elapsed since they retired as a board member, unless the board considers it would be in the best interests of the company for a board member to be eligible for re-appointment on his or her retirement for such number of further terms as the board shall resolve.

All new Directors receive a comprehensive information pack, a tour of the company and opportunities to meet with The Director, Chief Executive, Director of Finance and Resources and other senior members of staff. All Directors have regular access to performances, other events and activities so that they are familiar with the work of the company.

Organisation and Governance

The Board of Directors are responsible for decisions covering the significant areas of Birmingham Royal Ballet’s affairs including:

strategic decision making including setting strategy and plans to respond to Arts Council England’s National Portfolio Organisation funding programme.

21

BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

To enable the Directors to perform their duties all directors have full access to relevant information and to services of the Company Secretary and the Officers of the Company. If necessary, the Directors may take independent professional advice at the Company’s expense.

The primary governance and organisational objectives for the period were to:

In 2023/24, the Board of Directors met 5 times, including an extended Board meeting on 1 March 2024 to discuss the strategic outlook and future artistic plans to 2026/27.

In 2024/25, the company will undertake a UK Charity Governance Code Audit and Board Effectiveness Review.

Sub-committees

In order to carry out their duties as effectively as possible the Board of Directors is assisted by a number of sub committees including:

In 2023/24, the F&GP and Audit & Risk Committee held three quorate meetings and the Audit & Risk Committee:

22

BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

Directors' Interests in Related Bodies

Body Director Governors of the Royal Ballet Sir David Normington Sir Luke Rittner

Birmingham City Councillors

Councillor Jamie Tennant

KEY POLICIES

Equality, Diversity and Inclusion

The BRB Equality, Diversity and Inclusion Staff Group started in early 2023. The group is supported at a senior level by Board member Christine Ondimu an expert on diversity and inclusion in the workplace through her role at HSBC, Director of Finance Christopher Rodriguez and HR Director Claire Owen. The group thanks former Digital Apprentice Henry Mc Nab for leading and administering its early stages.

The group has set its own mandate to look at:

Environmental Responsibility

BRB monitors its environmental performance through Julie’s Bicycle creative green tools. BRB has reduced its carbon footprint by reducing the office space it occupies and through adapting performances to reduce their scale for transport. The refurbished Nutcracker sets are made of lighter more durable materials which means they will outlast the 30 year life of the original sets and are easier to transport.

Financial Management:

23

BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

Management remuneration

BRB is committed to paying staff fairly and in a way to attract and retain the right skills to deliver its charitable objectives.

The Board is responsible for agreeing the annual pay award for the staff as a whole and a sub-committee of the Board will be convened as necessary to consider the remuneration of the Chief Executive and The Director.

The main responsibilities of the Board in respect of remuneration are to:

In determining BRB’s remuneration, the Board takes into account all factors which are deemed necessary and remuneration policy, benefits and rewards strategy is reviewed as part of the strategic planning process. Investing in skills and employment is a priority as delivery of BRB’s charitable objectives is dependent on our highly skilled performers and staff.

EXECUTIVE TEAM

Carlos Acosta Director Caroline Mliller CEO Christopher Rodriguez Director of Finance and Resources Paul James Chief Commercial Officer Rachael Magson Director of Development Dominic Antonucci Assistant Director Paul Grace Technical Director Paul Murphy Music Director Claire Owen Director of HR Judith Patrickson Deputy Finance Director Claire Dersley Head of Orchestra Operations

24

BIRMINGHAM ROYAL BALLET

DIRECTORS’ REPORT (INCLUDING THE STRATEGIC REPORT) (continued)

GOING CONCERN

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

BRB has successfully applied for NPO funding for 2023-2026 period for funding of £8,036,194 per annum which means that BRB has confirmed funding through to 31 March 2026, and will meet the extended application for 2026/27. BRB is well placed to respond to the expectations of Arts Council England’s new 10 year strategy, ‘Let’s Create’. Carlos Acosta’s programming is gaining UK and international recognition.

Budgets for the period through to 31 March 2025 have been approved and outline financial modelling to 2026 has been included in our Business Plan.

The financial strategy for the new NPO funding period 2023-26 comprises three elements to ensure cost effective, flexible and efficient delivery of BRB’s complex and ambitious artistic and creative skills programme. These plans are set in a financial context of real terms funding erosion, soaring inflation and uncertain box office making 2023-26 the most financially challenging period the company has faced

BRB’s Box Ofiice sales for 2024/25 exceeded targets and advance sales for 2024/25 are strong, along with additional income with the return of The Nutcracker to Royal Albert Hall and Cinderella tour tracking at expected levels. Successful grants in 2023/24, 2024/25 and other funding will significantly contribute to BRB’s 2024/25 new work and international touring costs and meet BRB2 costs in 2024/25.

The Directors continue to take all available steps to maintain sufficient resources in order that Birmingham Royal Ballet can continue. Based on projections and available information, the Directors have a reasonable expectation that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of signing these financial statements and therefore have prepared the financial statements on a going concern basis.

Further details regarding the adoption of the going concern basis can be found in note 1 of the financial statements.

TAXATION

The Company is a charity for tax purposes and is entitled to claim charitable tax exemptions. The Company has no liability to tax on its charitable activities.

This Directors Report (including the Strategic Report) was approved and authorised for issue by the Directors on:

Sir David Normington

Date: 3 December 2024

Chair of the Board

25

BIRMINGHAM ROYAL BALLET

TRUSTEES’ RESPONSIBILITIES STATEMENT

The directors (who are also trustees of Birmingham Royal Ballet for the purposes of charity law) are responsible for preparing the Directors' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the directors 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 these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that 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.

Auditor

We have been appointed under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Disclosure of information to auditor

In so far as the directors are aware:

The directors 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.

26

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND DIRECTORS OF BIRMINGHAM ROYAL BALLET

Opinion

We have audited the financial statements of Birmingham Royal Ballet (the “parent charitable company”) and its subsidiaries (the “group”) for the year ended 31 March 2024 which comprise of the Group and Charity Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Statement of Cash Flows and the related Notes to the Financial Statements including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Charity 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 the group’s or parent charitable company’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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

27

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND DIRECTORS OF BIRMINGHAM ROYAL BALLET

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent 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 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 they 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 and Group’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.

Our 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.

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

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

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management, and from inspection of the charitable group’s regulatory and legal correspondence. We discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance during the audit.

The charitable group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies and charities legislation), pensions legislation, taxation legislation and further laws and regulations that could indirectly affect the financial statements, comprising environmental, health and safety and employment legislation, and, in the current climate, Covid regulations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These procedures did not identify any potentially material actual or suspected non-compliance.

28

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND DIRECTORS OF BIRMINGHAM ROYAL BALLET

To identify risks of material misstatement due to fraud we considered the opportunities and incentives and pressures that may exist within the charitable group to commit fraud. Our risk assessment procedures included: enquiry of trustees and other management to understand the high level policies and procedures in place to prevent and detect fraud and reading Board minutes. We communicated identified fraud risks throughout our team and remained alert to any indications of fraud during the audit.

As a result of these procedures we identified the greatest potential for fraud in the following areas:

As required by auditing standards we also identified and addressed the risk of management override of controls.

We performed the following procedures to address the risks of fraud identified:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the Charity’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 Charity’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 Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Julie Flintoff (Senior Statutory Auditor) For and on behalf of Azets Audit Services Limited

Date: 9 December 2024

Chartered Accountants Statutory Auditor

8 Pittman Court Pittman Way Preston United Kingdom PR2 9ZG

29

BIRMINGHAM ROYAL BALLET

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Including consolidated income and expenditure account) Year ended 31 March 2024


Notes
Income from:
Grants, Donations and Legacies
3
Charitable activities:
Performance and related activities
4
Other trading activities
5
Investments
6

Total income
Expenditure on:
Raising funds
7
Charitable activities
Production and Performance
8
Orchestra Projects
8
Education Projects
8
Other expenditure
Total expenditure
Net income/(expenditure) before
investment gains and losses
10
Net gain/(loss) on investments
Net income/(loss) for the year
Transfers between funds
18
NET MOVEMENT IN FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought forward
Net movement in funds for the year
Total funds carried forward
18		 Unrestricted
2024
£
8,926,308
5,609,566
45,351
2,915
14,584,140
588,040
13,731,638
391,565
630,237
-
15,341,480

(757,340)
-
(757,340)
-
(757,340)
4,307,243
(757,340)
3,549,903		 Restricted
2024
£
1,423,514
-
-
-
1,423,514
-
1,042,833
-
76,215
-
1,119,048
304,466
-
304,466
-
304,466
994,265
304,466
1,298,731		 Endowment
2024
£
-
-
-
81,318
81,318
-
-
-
-
16,328
16,328
64,990
282,760
347,750
-
347,750
2,766,119
347,750
3,113,869		 Total
2024
£
10,349,822
5,609,566
45,351
84,233
16,088,972
588,040
14,774,471
391,565
706,452
16,328
16,476,856
(387,884)
282,760
(105,124)
-
(105,124)
8,067,627
(105,124)
7,962,503		 Total
2023
£
10,147,226
5,866,668
485,334
76,802
16,576,030
616,345
15,442,583
149,936
531,113
17,256
16,757,233
(181,203)
(263,576)
(444,779)
-
(444,779)
8,512,406
(444,779)
8,067,627

There were no other recognised gains or losses other than those listed above and the net income for the year. All income and expenditure derives from continuing activities.

See note 12 for comparative Statement of Financial Activities for the period ended 31 March 2024

30

BIRMINGHAM ROYAL BALLET

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Including charity income and expenditure account) Year ended 31 March 2024


Notes
Income from:
Grants, Donations and Legacies
3
Charitable activities:
Performance and related activities
4
Other trading activities
5
Investments
6

Total income
Expenditure on:
Raising funds
7
Charitable activities
Production and Performance
8
Orchestra Projects
8
Education Projects
8
Other expenditure
Total expenditure
Net income/(expenditure) before
investment gains and losses
10
Net gain/(loss) on investments
Net income/(loss) for the year
Transfers between funds
18
NET MOVEMENT IN FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought forward
Net movement in funds for the year
Total funds carried forward
18		 Unrestricted
2024
£
8,952,031
5,609,566
45,351
2,915
14,609,863
588,040
13,731,638
391,565
630,237
-
15,341,480

(731,617)
-
(731,617)
-
(731,617)
4,281,520
(731,617)
3,549,903		 Restricted
2024
£
1,423,514
-
-
-
1,423,514
-
1,042,833
-
76,215
-
1,119,048
304,466
-
304,466
-
304,466
994,265
304,466
1,298,731		 Endowment
2024
£
-
-
-
81,318
81,318
-
-
-
-
16,328
16,328
64,990
282,760
347,750
-
347,750
2,766,121
347,750
3,113,871		 Total
2024
£
10,375,545
5,609,566
45,351
84,233
16,114,695
588,040
14,774,471
391,565
706,452
16,328
16,476,856
(362,161)
282,760
(79,401)
-
(79,401)
8,041,906
(79,401)
7,962,505		 Total
2023
£
10,147,226
6,210,620
92,873
76,802
16,527,521
616,345
15,419,797
149,936
531,113
17,256
16,734,447
(206,926)
(263,576)
(470,502)
-
(470,502)
8,512,408
(470,502)
8,041,906

There were no other recognised gains or losses other than those listed above and the net income for the year. All income and expenditure derives from continuing activities.

31

BIRMINGHAM ROYAL BALLET

BALANCE SHEET As at 31 March 2024

Note
FIXED ASSETS
Tangible assets
13
Investment assets
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one year
17
Net Current Assets
Total Assets Less Current Liabilities
Creditors: amounts falling after one year
NET ASSETS
FUNDS
Unrestricted funds:
General Funds
18
Designated funds
18
Restricted funds
18
Endowment funds
18		 2024
Group
£
2,617,796
3,113,869
5,731,665
106,757
2,562,016
1,426,912
4,095,685
(1,864,847)
2,230,838
7,962,503
-
7,962,503
1,240,189
2,309,714
1,298,731
3,113,869
7,962,503		 2023
Group
£
2,713,077
2,766,119
5,479,196
79,202
4,483,382
281,971
4,844,555
(2,256,124)
2,588,431
8,067,627
-
8,067,627
1,738,699
2,568,544
994,265
2,766,119
8,067,627		 2024
Charity
£
2,617,796
3,113,871
5,731,667
106,757
2,562,016
1,426,912
4,095,685
(1,864,847)
2,230,838
7,962,505
-
7,962,505
1,240,189
2,309,714
1,298,731
3,113,871
7,962,505		 2023
Charity
£
2,713,077
2,766,121
5,479,198
79,202
4,052,428
256,165
4,387,795
(1,825,087)
2,562,708
8,041,906
-
8,041,906
1,712,976
2,568,544
994,265
2,766,121
8,041,906

These financial statements of Birmingham Royal Ballet registered number 3320538 were approved by the Board of Directors and authorised for issue on 3 December 2024. They were signed on its behalf by:

Sir David Normington

Chair of the Board

Company Registration Number: 03320538

32

BIRMINGHAM ROYAL BALLET

CONSOLIDATED CASH FLOW STATEMENT Year ended 31 March 2024

Notes
Cash flows from operating activities:
Net cash (used in)/provided by operating activities
22
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of fixed assets
Purchase of fixed assets
Proceeds from the sale of investments
Purchase of investments
Net cash flows (used in) by investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at the end of the year
Reconciliation to cash at bank and in hand:
Cash at bank and in hand
Cash equivalents
Cash and cash equivalents		 Total
2024
£
1,361,031
84,233
-
(235,333)
134,259
(199,249)
(216,090)
1,144,941
281,971
1,426,912
1,426,912
-
1,426,912		 Total
2023
£
(929,760)
76,802
-
(211,390)
371,167
(247,746)
(11,167)
(940,927)
1,222,898
281,971
281,971
-
281,971

33

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

1. ACCOUNTING POLICIES

The principal accounting policies are set out below.

Company and charitable status

Birmingham Royal Ballet, a public benefit entity, is incorporated in the UK and registered in England and Wales as a company limited by guarantee not having a share capital. Each member has undertaken to contribute to the assets in the event of winding up a sum not exceeding £1. The charity is a registered charity. The registered office is given on page 3.

BRB Production Services Limited and BRB Trading Limited are a wholly owned subsidiaries of Birmingham Royal Ballet.

Basis of accounting

The financial statements are prepared under the historical cost convention, with the exception of investments which have been included at market value, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102), effective 1 January 2019 and the Companies Act 2006.

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemption available to it in respect of its separate financial statements in relation to presentation of a cash flow statement.

Basis of Consolidation

Group financial statements have been prepared in respect of the company and its wholly owned subsidiaries BRB Production Services Limited and BRB Trading Limited. These financial statements have been consolidated on a line by line basis and the results of the subsidiary undertaking are disclosed in note 14.

Preparation of financial statements - going concern basis

These accounts have been prepared on the going concern basis.

The group and company’s activities and future plans are set out in the directors’ report.

The company’s forecasts and projections are cautious with the option to withdraw funding from the Endowment Fund if required. The continued rate of Theatre Tax Relief shows that the company should be able to continue to operate on this basis.

Revenue grant funding represents the company’s largest income stream and Birmingham Royal Ballet is dependent on the continuing financial support of Arts Council England which has confirmed its commitment to fund Birmingham Royal Ballet to 31 March 2026; committing revenue funding of £8,036,000 per annum for the period.

The directors review and manage short-term fluctuations in our other income streams: box office, commercial and development income.

The company also relies on support from other funders including individuals, trusts, foundations and corporate bodies for maintaining the high standards and diversity of its output.

Based on the above, the directors believe that the company is well placed to manage its business risks successfully.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

34

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

1. ACCOUNTING POLICIES (continued)

Income

Box office income, performance related fees and programmes

Box office income, performance related fees and income generated from the sale of programmes are recognised in the period of the related performances which is the point at which the charity is considered to meet the income recognition criteria (probable, entitlement and measurement) as per the accounting standards.

Donations and legacies

Donations and legacies are credited to the statement of financial activities when entitlement has passed and the income is probable to be received unless donated for a specific future period by the donor in which case income will be deferred to the relevant period.

Deferred income

Amounts invoiced in advance and other income, which is subject to conditions imposed by the donor relating to the charity’s entitlement to the funds, are carried forward as deferred income in the balance sheet. Amounts are recognised as income when the services are performed or the conditions imposed by the donor are satisfied.

Grants receivable

Capital grants receivable are recognised in the year of receipt. Revenue grants receivable are recognised in the year to which the grants relate. Revenue grants received in advance of the year to which they relate are carried forward as a creditor in the balance sheet.

Capital funds comprise grants/donations towards the cost of fixed assets to be used by the company for its charitable purposes. Such income may not be treated as a deduction from the capital cost.

Investment income

Investment income is recognised on an accruals basis.

Expenditure

All expenditure is accounted for on an accruals basis. Expenditure categories include salaries, depreciation and other costs as analysed in note 9.

Expenditure on raising funds is the costs associated with generating core funding grants, legacies and donations. These include any direct costs associated with these activities as well as an appropriate proportion of relevant staff costs, support costs, premises costs and depreciation.

Costs of activities for generating funds are the direct costs of our membership schemes, sponsorship and merchandising activities including direct staff costs and an appropriate proportion of support costs, premises costs and depreciation.

Costs of charitable activities include all costs relating to delivering the charitable objectives of the company as stated in the Directors’ report plus an appropriate proportion of support costs, premises costs and depreciation.

Support costs include general administration, management and governance costs including allocations of Chief Executive and Chief Operating Officer salaries, HR functions, finance, IT, audit fees, certain legal fees meetings and appropriate proportion of premises costs and depreciation. These costs are necessary for delivering activities but do not directly produce or constitute the activity.

Costs (including support and governance costs) have been allocated on a direct basis whenever possible and on an appropriate alternative basis primarily based on staff numbers or relevant head count. Chief Executive and Chief Operating officer salaries have been allocated based on an estimate of time spent in relation to governance of the organisation.

35

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

1. ACCOUNTING POLICIES (continued)

New production and revivals

The costs to the company of sets and wardrobe for new productions are charged in full to the relevant production’s initial performance season. Where the performance season spans more than one financial year the costs are amortised evenly over the total number of performances of the tour.

Revival costs are written off on the first night of the relevant production’s performance.

Costs incurred in the transport and set up of a production are assigned to the appropriate tour, in the year in which the tour occurred.

Prepayments for the next season are made in respect of productions to be presented in the next financial year.

Fund accounting

Unrestricted funds

Unrestricted funds are those which are expendable at the discretion of the Directors in furtherance of the objects of the charity.

Restricted funds

Restricted funds include donations, gifts, grants and legacies received whose use is restricted to purposes specified by the donor. Such purposes must be within the overall aims of the charity.

Designated funds

Designated funds are amounts which have been put aside at the discretion of the Directors and comprise funds for specific projects.

Expendable endowment fund

Endowment funds are amounts that have been donated with the intention that they be invested to produce income, whose use is restricted to purposes specified by the donor. Such purposes must be within the overall aims of the charity.

Taxation

The parent company is a registered charity and has no liability to corporation tax on its charitable activities under the Corporation Tax Act 2010 (chapters 2 and 3 of part ii, section 466 onwards) or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes.

Current tax for the subsidiary company, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company’s taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing difference. Deferred tax is measured on a non-discounted basis.

36

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

1. ACCOUNTING POLICIES (continued)

Tangible fixed assets and depreciation

Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the assets. The rates of depreciation are as follows:

Fixtures, fittings and equipment 10 – 50% Straight Line Computer equipment 10 – 25% Straight Line Leasehold property 4% Straight Line/Life of the lease

Investments

Investments are included in the financial statements at market value. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals on a quarterly basis.

Investments in subsidiary undertakings are measured at cost less impairment.

Stocks

Stock consists of ballet shoes and merchandise for sale and are stated at the lower of cost and net realisable value.

Operating leases

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Employee benefits

All permanent employees of the group and company are eligible to be members of one of the following defined contribution pension schemes:

The pension costs charged to the statement of financial activities represents the amount of contributions payable by the company to the pension schemes in respect of the accounting year.

Financial instruments

Financial assets and financial liabilities are recognised when the group and company becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs).

The group and company 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.

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. Cash at bank and cash 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. 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.

37

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group and company’s accounting policies, which are described in note 1, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure.

3. INCOME FROM GRANTS, DONATIONS & LEGACIES

Charity
Arts Council England
Revenue funding
Digital Transformation Project
Culture Recovery Fund
Birmingham City Council
Revenue funding
Donations
Grants – Trusts and Foundations
Donations
Legacies
Group
Arts Council England
Revenue funding
Digital Transformation Project
Culture Recovery Fund
Birmingham City Council
Revenue funding
Donations
Grants – Trusts and Foundations
Donations
Legacies
BRB Trading Limited
Charity
Group		 2024
Unrestricted
Funds
£
8,036,194
-
-
157,850
2,895
668,729
60,640
8,036,194
-
-
157,850
2,895
668,729
60,640
25,723
8,952,031
8,926,308		 2024
Restricted
Funds
£
-
-
-
-
878,075
545,439
-
-
-
-
-
878,075
545,439
-
-
1,423,514
1,423,514		 2024
Total
Funds
£
8,036,194
-
-
157,850
880,970
1,214,168
60,640
8,036,194
-
-
157,850
880,970
1,214,168
60,640
25,723
10,375,545
10,349,822		 2023
Unrestricted
Funds
£
8,036,194
-
-
157,850
498,061
878,298
12,769
8,036,194
-
-
157,850
498,061
878,298
12,769
-
9,583,172
9,583,172		 2023
Restricted
Funds
£
-
-
-
-
351,000
-
213,054
-
-
-
-
351,000
-
213,054
-
564,054
564,054		 2023
Total
Funds
£
8,036,194
-
-
157,850
849,061
878,298
225,823
8,036,194
-
-
157,850
849,061
878,298
225,823
-
10,147,226
10,147,226

38

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

4.
INCOME FROM PERFORMANCE
2024
Unrestricted
Funds
£
Charity
Box office income
3,145,416
Production sales and hires
103,292
Programmes
172,368
Livestream and video on demand
-
Orchestra projects
259,727
Education
192,692
Other fees and services
62,871
Theatre tax credit
1,673,200
Group
Box office income
3,145,416
Production sales and hires
103,292
Programmes
172,368
Livestream and video on demand
-
Orchestra projects
259,727
Education
192,692
Other fees and services
62,871
Theatre tax credit
1,673,200
Charity
5,609,566
Group
5,609,566
5.
OTHER TRADING ACTIVITIES
2024
Unrestricted
Funds
£
Charity
Memberships
44,756
Sponsorship
595
Royal Albert Hall
-
Group
Memberships
44,756
Sponsorship
595
Royal Albert Hall
-
Charity
45,351
Group
45,351		 AND RELATED ACTIVITIES
2024
2024
2023
Restricted
Total Unrestricted
Funds
Funds
Funds
£
£
£
-
3,145,416
3,393,011
-
103,292
118,442
-
172,368
87,578
-
-
70,000
-
259,727
92,041
-
192,692
51,943
-
62,871
747,412
-
1,673,200
1,650,193
-
3,145,416
3,393,011
-
103,292
118,442
-
172,368
87,578
-
-
70,000
-
259,727
92,041
-
192,692
51,943
-
62,871
235,401
-
1,673,200
1,818,252
-
5,609,566
6,210,620
-
5,609,566
5,866,668
2024
2024
2023
Restricted
Total Unrestricted
Funds
Funds
Funds
£
£
£
-
44,756
86,442
-
595
6,431
-
-
-
-
44,756
86,442
-
595
39,763
-
-
359,129
-
45,351
92,873
-
45,351
485,334		 2023
Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2023
Restricted
Funds
£
-
-
-
-
-
-
-
-		 2023
Total
Funds
£
3,393,011
118,442
87,578
70,000
92,041
51,943
747,412
1,650,193
3,393,011
118,442
87,578
70,000
92,041
51,943
235,401
1,818,252
6,210,620
5,866,668
2023
Total
Funds
£
86,442
6,431
-
86,442
39,763
359,129
92,873
485,334

39

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

6.
ANALYSIS OF INCOME FROM INVESTMENTS
2024
2024
Unrestricted
Endowment
Funds
Funds
£
£
Charity and group
Bank interest
2,915
-
Dividends
-
81,318
Total
2,915
81,318
7.
ANALYSIS OF EXPENDIRE ON RAISING FUNDS
2024
2024
Activities
Undertaken
Support
Directly
Costs
£
£
Charity and group
Raising donations, grants and legacies
295,591
268,513
Memberships and subscription schemes
23,936
-
Total
319,527
268,513		 2024
2023
2023
Total Unrestricted
Endowment
Funds
Funds
Funds
£
£
£
2,915
2,422
-
81,318
-
74,380
84,233
2,422
74,380

2024
2023
2023
Activities
Undertaken
Support
Total
Directly
Costs
£
£
£
564,104
328,400
232,473
23,936
55,472
-
588,040
383,872
232,473		 2023
Total
Funds
£
2,422
74,380
76,802
2023
Total
£
560,873
55,472
616,345

All expenditure relates to unrestricted funds.

40

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Unrestricted

Unrestricted
Charity
Performance and production
Orchestra projects
Education projects
Group
Performance and production
Orchestra projects
Education projects
Charity
Group
Restricted
Charity and group
Performance and production
Orchestra projects
Education projects
Total		 2024
Activities
Undertaken
Directly
£
11,183,602
378,690
548,847
11,183,602
378,690
548,847
12,111,139
12,111,139
2024
Activities
Undertaken
Directly
£
981,118
-
76,215
1,057,333		 2024
Support
Costs
£
2,548,036
12,875
81,390
2,548,036
12,875
81,390
2,642,301
2,642,301
2024
Support
Costs
£
61,715
-
-
61,715		 2024
Total
£
13,731,638
391,565
630,237
13,731,638
391,565
630,237
14,753,440
14,753,440
2024
Total
£
1,042,833
-
76,215
1,119,048		 2023
Activities
Undertaken
Directly
£
12,782,198
138,789
458,648
12,804,984
138,789
458,648
13,379,635
13,402,421
2023
Activities
Undertaken
Directly
£
418,761
-
2,000
420,761		 2023
Support
Costs
£
2,157,123
11,147
70,465
2,157,123
11,147
70,465
2,238,735
2,238,735
2023
Support
Costs
£
61,715
-
-
61,715		 2023
Total
£
14,939,321
149,936
529,113
14,962,107
149,936
529,113
15,618,370
15,641,156
2023
Total
£
480,476
-
2,000
482,476

41

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

9. ANALYSIS OF SUPPORT COSTS

Staff costs
Recruitment, training and development
Office infrastructure
Insurance
Premises costs
Depreciation		 2024
Raising
Funds
£
92,421
7,389
46,473
15,545
91,535
15,151
268,514		 2024
Production
And
Performance
£
838,848
67,064
421,804
141,089
830,804
310,143
2,609,752		 2024
Orchestra
Projects
£
4,432
354
2,228
745
4,389
726
12,874		 2024
Education
Projects
£
28,014
2,240
14,086
4,712
27,745
4,592
81,389		 2024
Total
£
963,715
77,047
484,591
162,091
954,473
330,612
2,972,529

Governance costs included in the above amount to £280,009.

Staff costs
Recruitment, training and development
Office infrastructure
Insurance
Premises costs
Depreciation		 2023
Raising
Funds
£
84,081
9,288
49,097
13,522
63,678
12,807
232,473		 2023
Production
And
Performance
£
763,146
84,303
445,619
122,729
516,253
286,788
2,218,838		 2023
Orchestra
Projects
£
4,032
446
2,354
648
3,053
614
11,147		 2023
Education
Projects
£
25,485
2,815
14,882
4,099
19,302
3,882
70,465		 2023
Total
£
876,744
96,852
511,952
140,998
602,286
304,091
2,532,923

Governance costs included in the above amount to £6,543.

10. NET INCOME/(EXPENDITURE) FOR THE YEAR

NET INCOME/(EXPENDITURE) FOR THE YEAR
2024 2023
£ £
Income (Expenditure) is stated after charging:
Depreciation of owned assets 330,612 304,091
Rentals under operating leases 224,293 225,007
Auditor’s remuneration:
-
Fees payable to the company’s auditor for the audit of the company’s annual
financial statements 26,850 24,000
-
Fees payable for the audit of the charity’s subsidiaries		 5,000 8,000

42

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

11. ANALYSIS OF GROUP AND CHARITY STAFF COSTS, DIRECTOR REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL

The average monthly number of employees for the Group and Charity was:

The average monthly number of employees for the Group and Charity was:
Raising funds
Charitable activities
Support		 2024
No.
7
171
14
192		 2023
No.
7
184
17
208

Their aggregate remuneration comprised:

Wages and salaries
Social security costs
Pension costs (including Dancers Career Development fund)		 2024
£
8,291,050
739,060
776,079
9,806,189		 2023
£
7,823,747
763,833
358,467
8,946,047

The aggregate remuneration above includes termination payments of £nil (2022-23: Nil) including £nil additional pension contributions (2022-23 £nil). All amounts were fully paid in cash during the year.

The number of employees whose emoluments, excluding pension contributions but including benefits in kind, were in excess of £60,000 was:

were in excess of £60,000 was:
2024 2023
No. No.
£60,001 - £70,000 6 7
£70,001 - £80,000 5 6
£80,001 - £90,000 7 4
£90,001 – £100,000 1 -
£100,001 - £110,000 - -
£110,001 - £120,000 - -
£120,001 - £130,000 - -
£130,001 - £140,000 1 -
£250,001 - £260,000 - -
£290,001 - £300,000 1 1

The total remuneration (including pension contributions and social security costs) of the key management personnel of the Group and Charity for the year totalled £488,899 (2022-23: £490,773).

Directors’ Remuneration

No Directors received remuneration during the current or prior year. Total travel and subsistence expenses of £715 (2023: £420) were paid to 4 directors (2023: One director).

43

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

12. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2023


Notes
Income from:
Grants, Donations and Legacies
3
Charitable activities:
Performance and related activities
4
Other trading activities
5
Investments
6

Total income
Expenditure on:
Raising funds
7
Charitable activities
Production and Performance
8
Orchestra Projects
8
Education Projects
8
Other expenditure
Total expenditure
Net income/(expenditure) before
investment gains and losses
10
Net gain/(loss) on investments
Net income/(loss) for the year
Transfers between funds
18
NET MOVEMENT IN FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought forward
Net movement in funds for the year
Total funds carried forward
18		 Unrestricted
2023
£
9,583,172
5,866,668
485,334
2,422
15,937,596
616,345
14,962,107
149,936
529,113
-
16,257,501

(319,905)
-
(319,905)
180,544
(139,361)
4,446,604
(139,361)
4,307,243		 Restricted
2023
£
564,054
-
-
-
564,054
-
480,476
2,000
-
482,476
81,578
-
81,578
-
81,578
912,687
81,578
994,265		 Endowment
2023
£
-
-
-
74,380
74,380
-
-
-
-
17,256
17,256
57,124
(263,576)
(206,452)
(180,544)
(386,996)
3,153,115
(386,996)
2,766,119		 Total
2023
£
10,147,226
5,866,668
485,334
76,802
16,576,030
616,345
15,442,583
149,936
531,113
17,256
16,757,233
(181,203)
(263,576)
(444,779)
-
(444,779)
8,512,406
(444,779)
8,067,627

There were no other recognised gains or losses other than those listed above and the net income for the year. All income and expenditure derives from continuing activities.

44

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

13. TANGIBLE FIXED ASSETS – GROUP AND CHARITY

Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Leasehold
property
£
3,011,066
-
-
3,011,066
1,181,263
120,497
-
1,301,760
1,709,306
1,829,803		 Computers
£
520,400
211,205
-
731,605
456,967
67,638
-
524,605
207,000
63,433		 Fixtures,
fittings and
equipment
£
2,295,611
24,126
(209,055)
2,110,682
1,475,770
142,477
(209,055)
1,409,192
701,490
819,841		 Total
£
5,827,077
235,331
(209,055)
5,853,353
3,114,000
330,612
(209,055)
3,235,557
2,617,796
2,713,077

45

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

14. FIXED ASSET INVESTMENTS – GROUP AND
CHARITY
2024
Group
£
2023
Group
£
Investments listed or traded on a recognised
stock exchange
3,113,869
2,766,119
Subsidiary undertakings
-
-
3,113,869
2,766,119
Investments listed or traded on a recognised stock exchange
Market value at 1 April 2023
Additions
Disposal proceeds
Unrealised/realised investment gains/(losses)
Movement in cash
Closing value at 31 March 2024
2024
Market
value
% of
portfolio
£
UK equities
701,410
23%
Overseas equities
1,401,198
44%
UK fixed income
422,485
14%
Alternative assets
281,954
9%
UK property
216,079
7%
Cash
90,743
3%
3,113,869
100%		 2024
Charity
£
3,113,869
2
3,113,871
2024
£
2,766,119
199,246
(159,557)
282,761
25,300
3,113,869

Market
value
£
707,070
944,243
243,340
579,388
226,634
65,444
2,766,119		 2023
Charity
£
2,766,119
2
2,766,121
2023
£
3,153,115
247,746
(247,013)
(263,576)
(124,153)
2,766,119
2023
% of
portfolio
26%
34%
9%
21%
8%
2%
100%

The historical cost of the investments is £2,589,194 (2023: £2,308,137).

Subsidiary undertakings
Cost
At 1 April 2023 and 31 March 2024		 2024
Group
£
-
-		 2023
Group
£
-
-		 2024
Charity
£
2
2		 2023
Charity
£
2
2

46

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

14. FIXED ASSET INVESTMENTS (continued)

The company owns the entire issued ordinary share capital of BRB Production Services Limited (Company number: 09170372), incorporated and registered in England and Wales (registered office Birmingham Royal Ballet, Thorp Street, B5 4AU), whose principal activity is theatrical production.

The company owns the entire issued ordinary share capital of BRB Trading Limited (Company number: 13641651), incorporated and registered in England and Wales (registered office Birmingham Royal Ballet, Thorp Street, B5 4AU), whose principal activity is raising for BRB through trading services including commercial sponsorship, retail sales and other trading activity which are associated with ballet, arts and culture would not be classed as primary purpose for the charity.

The results of the Company’s trading activities through its subsidiary undertakings are detailed below:

BRB Production Services Limited 2024 2023
£ £
Turnover - 703,080
Expenditure - (871,140)
Profit/(loss) before tax - (168,060)
Profit/(loss) after tax - -
Assets 168,061 599,015
Liabilities (168,060) (599,014)
Equity 1 1
BRB Trading Limited 2024 2023
£ £
Turnover - 33,333
Expenditure - (83)
Profit/(loss) before tax - 33,250
Profit/(loss) after tax - 25,723
Assets 1 25,807
Liabilities - (83)
Equity 1 25,724

47

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

15. STOCKS - GROUP AND CHARITY

Shoes
Merchandise
16.
DEBTORS
Trade debtors
Other debtors
Amount owed by subsidiary undertakings
VAT
Prepayments and accrued income		 2024
£
106,757
-
106,757
2024
Group
£
375,435
1,919,154
-
16,672
250,755
2,562,016		 2023
£
79,202
-
79,202
2023
Group
£
711,387
3,178,257
-
-
593,738
4,483,382		 2024
Charity
£
375,435
1,751,094
168,060
16,672
250,755
2,562,016		 2023
Charity
£
280,434
3,010,196
168,060
-
593,738
4,052,428

Other debtors include £63,375 (2023: £63,375) in respect of a rent deposit which is due in more than one year.

48

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

17. CREDITORS: Amounts falling due within one year

Trade creditors
Other creditors
Amount due to subsidiary undertakings
Taxation and social security
Accruals and deferred income
Movements in deferred income:
Balance at 1 April 2023
Amounts released during the period
Deferred in the current period
Balance at 31 March 2024		 2024
Group
£
286,850
512,452
-
182,450
883,095
1,864,847
Group
2024
£
23,817
(23,817)
156,989
156,989		 2023
Group
£
1,158,277
407,564
-
295,482
394,801
2,256,124
Group
2023
£
69,534
(70,394)
24,677		 2024
Charity
£
286,850
512,452
-
182,450
883,095
1,864,847
Charity
2024
£
23,817
(23,817)
156,989		 2023
Charity
£
727,323
407,481
-
295,482
394,801
1,825,087
Charity
2023
£
36,201
(37,061)
24,677
23,817 156,989 23,817

Deferred income at 1 April 2023 comprised grants, membership scheme income and donations and legacy income relating to activity in the periods to 31 March 2024.

Deferred income at 31 March 2024 comprised grants, membership scheme income, sponsorship and donations relating to activity in the periods to 31 March 2025.

49

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

18. MOVEMENTS ON FUNDS

Garfield Weston Foundation
Skills Development Projects
Jerwood Centre Equipment
Carol Barrie Legacy
Bloomberg Philanthropies
David Laing Foundation
Kirby Laing Foundation
Linbury Trust
Calouste Gulbenkian Foundation
Oak Foundation 23-24
Oak Foundation 24-25
Oak Foundation – Black Sabbath
Big Give - Sleeping Beauty
Pointe Shoe Appeal
Investec Wealth
BRB2
Prism Howard Fund
Restricted funds < £10,000 each		 At
1 April
2023
£
476,569
18,000
17,323
188,373
100,000
89,000
-
75,000
30,000
994,265		 Income in
the period
£
-
-
-
-
25,000
-
50,000
30,000
30,000
240,000
400,000
220,000
57,469
47,130
150,000
3,200
60,000
110,715
1,423,514		 Expenditure
in the period
£
(61,715)
-
-
(25,635)
(90,058)
(89,000)
(50,000)
(105,000)
(49,126)
-
-
(220,000)
(57,469)
(47,130)
(150,000)
(3,200)
(60,000)
(110,715)
(1,119,048)		 Transfer in
the period
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At
31 March
2024
£
414,854
18,000
17,323
162,738
34,942
-
-
-
10,874
240,000
400,000
-
-
-
-
-
-
-
1,298,731

18. MOVEMENTS ON FUNDS (continued)

a) Restricted Funds (Group and Charity)

Garfield Weston Foundation
Skills Development Projects
Nutcracker (Big Give 2021)
Nutcracker (Big Give 2018 - 20)
Jerwood Centre Equipment
Carol Barrie Legacy
Bloomberg Philanthropies
David Laing Foundation
Linbury Trust
Calouste Gulbenkian Foundation
Peggy Dannenbaum		 At
1 April
2022
£
538,284
18,000
112,700
226,380
17,323
-
-
-
-
-
-
912,687		 Income in
the period
£
-
-
-
-
-
213,054
125,000
91,000
75,000
50,000
10,000
564,054		 Expenditure
in the period
£
(61,715)
-
(112,700)
(226,380)
-
(24,681)
(25,000)
(2,000)
-
(20,000)
(10,000)
(482,476)		 Transfer in
the period
£
-
-
-
-
-
-
-
-
-
-
-
-		 At
31 March
2023
£
476,569
18,000
-
-
17,323
188,373
100,000
89,000
75,000
30,000
-
994,265

50

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

There were a number of production and performance, engagement and education projects funded by restricted grants and donations:

Garfield Weston Foundation – Restricted funds are for the purchase and implementation of a new CRM system.

Skills Development Projects – Funds received for continuing skills development within the company.

Jerwood Centre Equipment – Restricted funds are for the purchase of equipment and an ultrasound machine.

Carol Barrie Legacy – Funds received to support BRB Apprentice Dancer

Bloomberg Philanthropies – Restricted funds were received for the Digital Transformation project which supports BRB’s evolving and growing digital content development programme.

David Laing Trust – Restricted funds were received to assist in establishing a new Junior Company, BRB2.

Kirby Laing Trust - Restricted funds to assist in establishing a new Junior Company, BRB2

Linbury Trust – Restricted Funds to assist in establishing a new Junior Company, BRB2

Calouste Gulbenkian Foundation – Funds given to research and develop the ‘College of Creativity’

Oak Foundation – The funds have been received for various purposes

Big Give – Sleeping Beauty - The Big Give campaign raised funds for the refurbishment of our Sleeping Beauty costumes.

Pointe Shoe Appeal - The Pointe Shoe appeal represents a fundraising scheme which helps keep ballerinas on their toes.

Investec Wealth – These funds were specified to assist with the development and performances of BRB2.

Prism Howard Fund – Funds were received to assist with the New York BRB tour

51

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

b) Designated funds (Group and Charity) comprise amounts set aside by the Directors in respect of:

Community Engagement Fund
New Productions Fund
Thorp Street Refurbishment
Community Engagement Fund
New Productions Fund
Thorp Street Refurbishment		 At
1 April
2023
£
177,276
650,000
1,741,268
2,568,544
At
1 April
2022
£
177,276
650,000
1,850,098
2,677,374		 Income in
the period
£
-
-
-
Income in
the period
£
-
-
-		 Expenditure
in the period
£
-
(150,000)
(108,830)
(258,830)
Expenditure
in the period
£
-
-
(108,830)
(108,830)		 Transfer in
the period
£
-
-
-
-
Transfer in
the period
£
-
-
-
-		 At
31 March
2024
£
177,276
500,000
1,632,438
2,309,714
At
31 March
2023
£
177,276
650,000
1,741,268
2,568,544

Community Engagement Fund – This designated fund represents amounts received following the decision to wind up Birmingham Royal Ballet Trust.

New Productions Fund – This designated fund represents income designated to support major new productions that will extend the repertory available for Birmingham Royal Ballet performances.

Thorp Street Refurbishment – This designated fund represents amounts spent on capital assets.

52

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

18. MOVEMENTS ON FUNDS (continued)

General funds
General funds
c) Unrestricted, undesignated funds (Charity):
General funds
General funds		 At
1 April
2023
£
1,738,699
1,738,699
At
1 April
2022
£
1,769,230
1,769,230
At
1 April
2023
£
1,712,976
1,712,976
At
1 April
2022
£
1,769,230
1,769,230		 Net
outflows in
the period
£
(498,510)
(498,510)
Net
outflows in
the period
£
(211,075)
(211,075)
Net inflows
in the
period
£
(472,787)
(472,787)
Net inflows
in the
period
£
(236,798)
(236,798)		 Transfer in
the period
£
-
-
Transfer in
the period
£
180,544
180,544
Transfer in
the period
£
-
-
Transfer in
the period
£
180,544
180,544		 At
31 March
2024
£
1,240,189
1,240,189
At
31 March
2023
£
1,738,699
1,738,699
At
31 March
2024
£
1,240,189
1,240,189
At
31 March
2023
£
1,712,976
1,712,976

53

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

18. MOVEMENTS ON FUNDS (continued)

Catalyst/Cadbury Family Endowment Fund
Catalyst/Cadbury Family Endowment Fund		 At
1 April
2023
£
2,766,119
2,766,119
At
1 April
2022
£
3,153,115
3,153,115		 Inflows in
the period
£
347,750
347,750
Inflows in
the period
£
(206,452)
(206,452)		 Transfer in
the period
£
-
-
Transfer in
the period
£
(180,544)
(180,544)		 At
31 March
2024
£
3,113,869
3,113,869
At
31 March
2023
£
2,766,119
2,766,119

The Catalyst/Cadbury Family Endowment Fund represents donations received specifically for the purpose of funding dance fellowships to support young dancers with teaching, training and mentoring. The endowment period is 25 years until 1 November 2037 after which the fund is expendable.

Included within charity endowment funds are investments in subsidiaries totalling £2 (2023: £2)

54

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

18. MOVEMENTS ON FUNDS (continued)

2024
Unrestricted
funds
£
Investments
-
Cash at Bank and in Hand
560,358
Debtors
2,562,016
Stocks
106,757
Fixed Assets
2,185,619
Creditors
(1,864,847)
3,549,903		 2024
Restricted
funds
£
-
866,554
-
-
432,177
-
1,298,731		 2024
Endowment
funds
£
3,113,869
-
-
-
-
-
3,113,869		 2024
Total
funds
£
3,113,869
1,426,912
2,562,016
106,757
2,617,796
(1,864,847)
7,962,503

2023 Comparatives

2023
Unrestricted
funds
£
Investments
-
Cash at Bank and in Hand
69,971
Debtors
4,195,009
Stocks
79,202
Fixed Assets
2,219,185
Creditors
(2,256,124)
4,307,243		 2023
Restricted
funds
£
-
212,000
288,373
-
493,892
-
994,265		 2023
Endowment
funds
£
2,766,119
-
-
-
-
-
2,766,119		 2023
Total
funds
£
2,766,119
281,971
4,483,382
79,202
2,713,077
(2,256,124)
8,067,627

55

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

18. MOVEMENTS ON FUNDS (continued)

2024
Unrestricted
funds
£
Investments
-
Cash at Bank and in Hand
560,358
Debtors
2,562,016
Stocks
106,757
Fixed Assets
2,185,619
Creditors
(1,864,847)
3,549,903		 2024
Restricted
funds
£
-
866,554
-
-
432,177
-
1,298,731		 2024
Endowment
funds
£
3,113,871
-
-
-
-
-
3,113,871		 2024
Total
funds
£
3,113,871
1,426,912
2,562,016
106,757
2,617,796
(1,864,847)
7,962,505

2023 Comparatives

2023
Unrestricted
funds
£
Investments
-
Cash at Bank and in Hand
44,165
Debtors
3,764,055
Stocks
79,202
Fixed Assets
2,219,185
Creditors
(1,825,087)
4,281,520		 2023
Restricted
funds
£
-
212,000
288,373
-
493,892
-
994,265		 2023
Endowment
funds
£
2,766,121
-
-
-
-
-
2,766,121		 2023
Total
funds
£
2,766,121
256,165
4,052,428
79,202
2,713,077
(1,825,087)
8,041,906

19. EMPLOYEE RETIREMENT BENEFITS

The company contributes to two group personal pension schemes. The cost to the company for the period ended 31 March 2024 is equal to the amount of employer contributions paid in the period to each scheme, and is detailed below:

Birmingham Royal Ballet Pension Scheme
Musicians’ Union Pension Scheme		 2024
£
292,837
8,550
301,387		 2023
£
301,626
6,144
307,770

The company also contributes a fixed percentage of dancers’ basic salaries to the Dancers’ Career Development Fund. In 2023-24 the company contributed a total of £51,521 (2022-23: £49,644).

As of 31 March 2024, there were £61,523 outstanding contributions due in respect of the current reporting period (2023: £56,154).

56

BIRMINGHAM ROYAL BALLET

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024

20. FINANCIAL COMMITMENTS – GROUP AND CHARITY

Operating lease commitments

The total future minimum lease payments under non-cancellable operating leases:

Charity
- expiring within one year
- expiring between one and five years
- expiring after five years		 2024
Land and
buildings
£
Other
£
218,000
10,751
872,000
29,437
513,250
-
1,603,250
40,188		 2023
Land and
buildings
£
Other
£
218,000
7,087
872,000
855
731,250
-
1,821,250
7,942

21. RELATED PARTY TRANSACTIONS

No Director received payment for professional or other services supplied to the charity during the year (2023: £nil).

Total donations received from the directors without conditions during the year was £12,198 (2023: £16,615).

All transactions between charity and the subsidiary, BRB Production Services Limited and BRB Trading Limited, are eliminated on consolidation.

22. CASHFLOW STATEMENT

Reconciliation of net income / (expenditure) to net cash flow from operating activities:

Net (expenditure) for the year
Adjustments for:
Depreciation charges
(Gains)/losses on investments
Dividends, interest and rents from investments
(Loss) on the sale of fixed assets
Operating cash flow before movement in working capital
(Increase)/Decrease in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided / (used) by operating activities		 2024
£
(105,124)
330,613
(282,760)
(84,233)
-
(141,504)
(27,554)
1,921,366
(391,277)
1,361,031		 2023
£
(444,779)
304,091
263,576
(76,802)
(1,529)
44,557
16,272
(1,716,662)
726,073
(929,760)

All cash and cash equivalents in the current and prior year relate to cash in hand. There are no loans, overdrafts or finance leases.

57