Charity Registration No. 1087260
Company Registration No. 04038031 (England and Wales)
THE DANCERS' DEVELOPMENT FUND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
THE DANCERS' DEVELOPMENT FUND
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
D McLennan G Cohen-Alloro M Gregory
Charity number 1087260 Company number 04038031 (England and Wales) Registered office 29 Thomas Street Woolwich London SE18 6HU Independent examiner Beavis Morgan LLP 82 St John Street London EC1M 4JN
THE DANCERS' DEVELOPMENT FUND
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 10 |
THE DANCERS' DEVELOPMENT FUND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2022
The Trustees present their report and financial statements for the year ended 31 July 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Memorandum, Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", for charities applying FRS102, and the charities Act 2011.
Objectives and activities
The objective is to advance and promote the education of dancers and performance artists in the art and science of dance and movement and to promote the art and science of dance and movement to the general public. There has been no change in the policies adopted in furtherance of these objects during the year.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Fund should undertake.
The Fund continues to pursue its aim of preparing and supporting young dancers seeking to follow a career in the theatre by sponsoring young dance and performance companies to allow them to make use of available space at the fund's headquarters and by further bridging the gap between vocational training and professional practise and encouraging dialogue between teachers, students and exercise specialists, to combat the additional strains on an ordinary body when intense dance tuition is undertaken. A series of exercises (called Body Management) have been further developed to enhance and strengthen physicality through specific targeted work of muscle groups and these are promulgated mainly via workshops. Preparation work has taken place to allow the Fund to support writing up a syllabus curriculum for Body Management - this will specifically need office and larger rehearsal space for its development.
The Fund's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
Disabled Persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Fund continues and that the appropriate training is arranged. It is the policy of the Fund that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Achievements and performance
Library facilities have been made available, chronicling the history of musical theatre, allowing students to appreciate the background behind the profession they hope to enter, via books and associated materials.
Having the use of a building gives the Fund a physical and tangible presence and scope. With its own site, the Fund has ample opportunity to fully encompass its objectives within a greater creative umbrella. Specific interest for space sharing has further developed with various local creative companies; further work to allow eventually the DDF to be a satellite hub for many other creative groups. has progressed and will be given priority in the coming years.
This would give the flexibility for the Fund to immerse itself into its work for the continued progression of training for the young professional performer and, at the same time, would allow for its work to have potentially wider audiences.
Financial review
In the year to 31 July 2022, there was incoming resources of £92,943 (2021: £82,497) and a net increase in total funds of £7,010 (2021: £1,542 decrease).
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THE DANCERS' DEVELOPMENT FUND
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2022
It is the policy of the Fund that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Fund’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year due to the guarantee of funds by Millennium Performing Arts Limited.
The Trustees have assessed the major risks to which the Fund is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Fund is governed by a Memorandum and Articles of Association incorporated on 20 July 2000 and amended by special resolution on 14 June 2001.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
D McLennan G Cohen-Alloro M Gregory
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Trustees who meet regularly throughout the year oversee the Fund. Trustees are appointed for an unspecified period, any vacancies being filled by the selection and appointment of suitable person by the Trustees.
D McLennan is also a Director of the following companies:
-Millennium Dance 2000 Limited -Millennium Performing Arts Limited and
-Millennium Directorate Limited.
These companies are therefore related parties due to the mutual control.
The trustees' report has been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The Trustees' report was approved by the Board of Trustees.
D McLennan
Trustee Dated: 22 June 2023
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THE DANCERS' DEVELOPMENT FUND
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE DANCERS' DEVELOPMENT FUND
I report to the Trustees on my examination of the financial statements of The Dancers' Development Fund (the Fund) for the year ended 31 July 2022.
Responsibilities and basis of report
As the Trustees of the Fund (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Fund are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Fund’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
The report is made solely to the Fund's Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Fund's Trustees those matters that I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Fund and the Fund's Trustees as a body, for my work, for this report, or for the opinions I have formed.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Fund as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters, other than disclosed above, in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Matthew Burge
Beavis Morgan LLP 82 St John Street London EC1M 4JN
Dated: 23 June 2023
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THE DANCERS' DEVELOPMENT FUND
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2022
| Notes Income and endowments from: Provision of facilities 2 Other income 3 Total income and endowments Expenditure on: Charitable activities Provision of facilities 4 Total charitable expenditure Net income/(expenditure) for the year/ Net movement in funds Fund balances at 1 August 2021 Fund balances at 31 July 2022 |
2022 £ 92,653 290 92,943 85,933 85,933 7,010 866 7,876 |
2021 £ 82,204 293 82,497 84,039 84,039 (1,542) 2,408 866 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE DANCERS' DEVELOPMENT FUND
BALANCE SHEET
AS AT 31 JULY 2022
| 2022 Notes £ Current assets Debtors 8 137,517 Cash at bank and in hand 1 137,518 Creditors: amounts falling due within one year 9 (129,642) Net current assets Income funds Unrestricted funds |
£ 7,876 7,876 7,876 |
2021 £ 82,563 115 82,678 (81,812) |
£ 866 |
|---|---|---|---|
| 866 | |||
| 866 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2022.
The Trustees acknowledge their responsibilities for ensuring that the Fund keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 22 June 2023
D McLennan
Trustee
Company Registration No. 04038031
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THE DANCERS' DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
1 Accounting policies
Charity information
The Dancers' Development Fund is a Charitable Company, limited by guarantee, Registration No. 04038031 (England and Wales). The registered office is 29 Thomas Street, Woolwich, London, SE18 6HU.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Fund's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" and Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic and Ireland." The Fund is a Public Benefit Entity as defined by FRS 102.
The Fund has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Fund. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
These financial statements are prepared on the going concern basis. The Trustees have a reasonable expectation that the Fund will continue in operational existence for the foreseeable future, however, the Trustees are aware of certain material uncertainties which may cast doubt on the Fund's ability to continue as a going concern.
The Fund has net assets of £7,876 (2021: £866) at the balance sheet date, however the majority of the assets held are due from the Millennium Group, a group of companies under common control with the Fund. It is the intention of the Millennium Group to continue to provide support, and this likely to be more certain since a release of pressure from Covid 19 is positively effecting company performance.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The Fund does not currently have any restricted funds.
1.4 Incoming resources
Income generated by the provision of facilities represents rental income accounted for on an accruals basis.
Voluntary income is recognised when the Fund is legally entitled to it, the amounts can be measured reliably, and it is probable that income will be received.
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THE DANCERS' DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
1 Accounting policies
(Continued)
1.5 Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Fund to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation cab be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The Fund has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.
Financial instruments are recognised in the Fund's balance sheet when the Fund becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Fund’s contractual obligations expire or are discharged or cancelled.
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THE DANCERS' DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
2 Provision of facilities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Rental income | 92,653 | 82,204 | |
| 3 | Other income | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Voluntary income - donations | 290 | 293 | |
| 4 | Charitable activities | ||
| Provision of | Provision of |
||
| facilities | facilities | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Premises | 63,336 | 78,229 | |
| Sponsored classes and workshop | 15,214 | 1,687 | |
| Management and administration | 1,983 | 1,123 | |
| 80,533 | 81,039 | ||
| Share of support costs (see note 5) | 5,400 | 3,000 | |
| 85,933 | 84,039 |
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THE DANCERS' DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
5 Support costs
| Accountancy Analysed between Charitable activities |
Support costs Governance costs £ £ 5,400 - 5,400 - 5,400 - |
2022 £ 5,400 5,400 5,400 |
2021 Basis of allocation £ 3,000 Based on proportion of time spent on each charitable activity. 3,000 3,000 |
|---|---|---|---|
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration nor were reimbursed for any expenditure during the year.
7 Employees
There were no employees during the year.
8 Debtors
| Amounts falling due within one year: Trade debtors Other debtors 9 Creditors: amounts falling due within one year Bank overdrafts Trade creditors Accruals and deferred income |
2022 £ - 137,517 137,517 2022 £ 14,945 111,697 3,000 129,642 |
2021 £ 108 82,455 |
|---|---|---|
| 82,563 | ||
| 2021 £ 12,117 66,695 3,000 |
||
| 81,812 |
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THE DANCERS' DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
10 Operating lease commitments
At the reporting end date the Fund had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| Within one year Between two and five years |
2022 £ 12 12 24 |
2021 £ 30,000 - |
|---|---|---|
| 30,000 |
11 Related party transactions
At the balance sheet date, the Fund was due £26,715 (2021: £26,715) from Millennium Directorate Limited and £110,783 (2021: £55,721) from Millennium Performing Arts Limited, companies in which D McLennan is a director.
Rent amounting to £73,000 (2021: £80,000) was charged to Millennium Performing Arts Limited in the year.
12 Control
During the current and prior year the Dancers' Development Fund was controlled by the Trustees.
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