**Charity registration number 1110550** **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 AUGUST 2023** ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** D Gajadharsingh R Pearce S Pearce E Ward S Chironi K Grace J Tait-Harris M Hannaford C Nataf-Pesonen S Phoenix A Withers B Hatley J Carayol Z Kristalli B Lambart (Appointed 2 October 2022) C Chisholm (Appointed 11 October 2022) K Harrold (Appointed 2 October 2022) L Lambart (Appointed 2 October 2022) L Hamilton (Appointed 2 October 2022) M Ede (Appointed 2 October 2022) Ai Dee Chan (Appointed 1 October 2023) Shona English (Appointed 1 October 2023) Dr Rachael Hogan (Appointed 1 October 2023) **Charity number** 1110550 **Principal address** White Lodge Richmond Park Richmond Surrey TW10 5HR **Independent examiner** Clarke & Co Acorn House 33 Churchfield Road London W3 6AY **Bankers** Barclays Bank Plc 8 George Street Richmond TW9 1JU ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees report|1 - 3| |Statement of Trustees responsibilities|4| |Independent examiner's report|5| |Statement of financial activities|6| |Balance sheet|7| |Statement of cash flows|8| |Notes to the financial statements|9 - 13| ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **TRUSTEES REPORT** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ The Trustees present their annual report and financial statements for the year ended 31 August 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charities governing instrument, the Charities Act 2011 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). The Trustees are satisfied with the performance of the charity during the year and the position at the year end and consider that the charity is in a strong position to continue its activities during the coming year and that the charity's assets are adequate to fulfil its obligations. The previous Royal Ballet School Parent Teacher Association gained charitable status on 22nd July 2005 and the charity is now governed by a trust deed. ## **Objectives and activities** The objective of the association is to advance the education of pupils in the school in particular developing effective relationships between the staff, parents and others associated with the school and engaging in activities or providing facilities or equipment which support the school and advance the education of the pupils. The association aims to support the activities of The Royal Ballet School in the education of its students by providing facilities for the benefit of students. These facilities include equipment for use by the students in the course of their general education and ballet training and also for their general wellbeing in the boarding environment. The association also supports events organised to develop relationships between staff, parents and students which are essential due to the specialist nature of the education and training given and the boarding environment in which it takes place. In order to fulfil its objectives, the association has engaged in fundraising activities to provide adequate funds which can be disbursed. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake. ## **Achievements and performance** The activities of the charity were again restricted to the second year due to the Covid-19 pandemic. However fund raising activities did recommence towards the later part of the year and a small surplus was recorded for the year which the trustees consider to be satisfactory. ## **Financial review** The Trustees have resolved to establish reserves to provide for future activities. The policy on reserves is that the existing assets are retained to enable grants to be made to The Royal Ballet School for the benefit of pupils of the school in accordance with the aims of the association. - 1 - ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ ## **General Policies** The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011 and the provisions of the trust deed requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity - will continue in business. ## **Structure, governance and management** The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. |The Trustees who served during the year and up to the date of signature of the financial statements were:|The Trustees who served during the year and up to the date of signature of the financial statements were:| |---|---| |D Gajadharsingh|| |R Pearce|| |S Pearce|| |M Divnina|(Retired 1 September 2022)| |R Petty-Fitzmaurice|(Retired 1 August 2023)| |N Bartlett|(Retired 1 September 2022)| |E Ward|| |S Chironi|| |K Grace|| |J Tait-Harris|| |A Valentine-Marsh|(Retired 1 September 2022)| |M Hannaford|| |L Giles|(Retired 1 September 2022)| |C Nataf-Pesonen|| |S Phoenix|| |A Withers|| |B Hatley|| |J Carayol|| |Z Kristalli|| |Dr L Ris|(Retired 1 September 2022)| |B Lambart|(Appointed 2 October 2022)| |C Chisholm|(Appointed 11 October 2022)| |S Marsh|(Appointed 2 October 2022 and retired 1 September 2022)| |K Harrold|(Appointed 2 October 2022)| |L Lambart|(Appointed 2 October 2022)| |L Hamilton|(Appointed 2 October 2022)| |M Ede|(Appointed 2 October 2022)| |C Chisholm|(Appointed 11 October 2022 and retired 1 September 2022)| |Ai Dee Chan|(Appointed 1 October 2023)| |Shona English|(Appointed 1 October 2023)| |Dr Rachael Hogan|(Appointed 1 October 2023)| - 2 - ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ 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. ## **Reporting accountant** In accordance with the company's articles, a resolution proposing that Clarke & Co be reappointed as independent examiner of the company will be put at a General Meeting. ## **Disclosure of information to reporting accountant** Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The Trustees report was approved by the Board of Trustees. S Chironi **Trustees** 18 June 2024 - 3 - ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **STATEMENT OF TRUSTEES RESPONSIBILITIES** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the and of the incoming resources and application of resources of the for that year. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 4 - ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** I report to the Trustees on my examination of the financial statements of The Royal Ballet School Parent Teacher Association (the ) for the year ended 31 August 2023. ## **Responsibilities and basis of report** As the Trustees of the you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the ’ s financial statements carried out under section 145 of 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. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 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: - 1 accounting records were not kept in respect of the as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concerns and have come across no other matters 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. ## **Clarke & Co** M. T. Stower FCA Acorn House 33 Churchfield Road London W3 6AY Clarke & Co Chartered Accountant Dated: 18 June 2024 - 5 - ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 AUGUST 2023**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2023**|**2022**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and legacies|**3**|143|145| |Other trading activities|**4**|25,259|17,898| |**Total income**||25,402|18,043| |**Expenditure on:**|||| |Raising funds|**5**|2,352|2,952| |Charitable activities|**6**|17,770|6,684| |**Total expenditure**||20,122|9,636| |**Net income and movement in funds**||5,280|8,407| |**Reconciliation of funds:**|||| |Fund balances at 1 September 2022||56,052|47,645| |**Fund balances at 31 August 2023**||61,332|56,052| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 6 - ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **BALANCE SHEET** ## _**AS AT 31 AUGUST 2023**_ |**Notes**
**Current assets**
Stocks
**10**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**11**
**Net current assets**
**Net assets excluding pension liability**
**The funds of the**
Unrestricted funds|**2023**
**£**
4,359
64,566
68,925
(7,593)|**£**
61,332
61,332
61,332
61,332|**2022**
**£**
4,700
56,566
61,266
(5,214)|**£**
56,052| |---|---|---|---|---| |||||56,052| |||||56,052| |||||56,052| The financial statements were approved by the Trustees on 18 June 2024 S Chironi **Trustees** M Hannaford **Trustees** - 7 - ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ |**2023**
**Notes**
**£**
**Cash flows from operating activities**
Cash generated from operations
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2022**
**£**
**£**
8,000
-
-
8,000
56,566
64,566|**£**
12,459
-
-| |---|---|---| |||12,459
44,107| |||56,566| - 8 - **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ ## **1 Accounting policies** ## **Charity information** The Royal Ballet School Parent Teacher Association is a unincorporated charity established by a trust deed on 23 October 2004 . ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the 's [governing document], the Charities Act 2011, FRS 102 “ The Financial Reporting Standard applicable in the UK and Republic of Ireland ” ( “ FRS 102 ” ) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the . Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the Trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **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 or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the . ## **1.4 Income** Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 9 - **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset ’ s use. ## **1.6 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **1.7 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## _**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 and bank loans 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 ’ s contractual obligations expire or are discharged or cancelled. - 10 - ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.8 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee ’ s services are received. Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **2 Critical accounting estimates and judgements** In the application of the ’ s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Income from donations and legacies** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Donations and gifts|143|145| |**Income from other trading activities**||| ||**Unrestricted**|**Unrestricted**| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Summer fair income|24,918|17,077| |Sales of memorabilia|341|821| |||| |||| |Fundraising|25,259|17,898| ## **4 Income from other trading activities** - 11 - ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ ## **5 Expenditure on raising funds** |**Unrestricted**
**Unrestricted**
**funds**
**funds**
**2023**
**2022**
**£**
**£**
**Fundraising and publicity**
Governance cost
960
900
Support costs
762
1,053
1,722
1,953
**Other trading cost**
Cost of stock
630
999
Total costs
2,352
2,952|**Unrestricted**
**Unrestricted**
**funds**
**funds**
**2023**
**2022**
**£**
**£**
**Fundraising and publicity**
Governance cost
960
900
Support costs
762
1,053
1,722
1,953
**Other trading cost**
Cost of stock
630
999
Total costs
2,352
2,952| |---|---| ||1,953| ||999| |**Other trading cost**|| |Cost of stock
Total costs|| ||2,952| ## **6 Expenditure on charitable activities** ||**Unrestricted**|**unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |**Direct costs**||| |Events and material cost|17,770|6,684| |**Analysis by fund**||| |Unrestricted funds|17,770|6,684| ## **7 Trustees** None of the Trustees (or any persons connected with them) received any remuneration or benefits from the during the year. ## **8 Employees** The average monthly number of employees during the year was: ||**2023**|**2022**| |---|---|---| ||**Number**|**Number**| |Total|-|-| There were no employees whose annual remuneration was more than £60,000. ## **Remuneration of key management personnel** The remuneration of key management personnel was as follows: - 12 - ## **THE ROYAL BALLET SCHOOL PARENT TEACHER ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ ## **9 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **10 Stocks** |**Stocks**||| |---|---|---| |Finished goods and goods for resale
**Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income|**2023**
**£**
4,359
**2023**
**£**
6,633
960
7,593|**2022**
**£**
4,700| |||**2022**
**£**
2,407
2,807| |||5,214| ## **11 Creditors: amounts falling due within one year** ## **12 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||**At 1**|**Incoming**|**Resources**|**At 31 August**| |---|---|---|---|---| ||**September**|**resources**|**expended**|**2023**| ||**2022**|||| ||**£**|**£**|**£**|**£**| |General funds|56,052|25,402|(20,122)|61,332| |**Previous year:**|**At 1**|**Incoming**|**Resources**|**At 31 August**| ||**September**|**resources**|**expended**|**2022**| ||**2021**|||| ||**£**|**£**|**£**|**£**| |General funds|47,645|18,043|(9,636)|56,052| ## **13 Related party transactions** There were no disclosable related party transactions during the year (2022 - none). ## **14 Analysis of changes in net funds** The charity had no debt during the year. - 13 -