THE NF,W ENGLISH BALLET THEATRE (Registered Charity No: 1137943} (Registered Company No: 7232736) TRUSTEES, REPORT AND FIIYANCIAL STATEMENTS FOR THE YEAR ENDF.D 31 DECFMBER 2024
THE NF.W ENGLISH BALLET THEATRF RF.PORT OF TIIE'fRUSTF,ES FOR THF. YEAR LNDF.D 31 DLCE.MBER 2024 REFERENCE AND ADMINISTRATION DF.TAILS TRUSTEES / DIRECTORS Luke Rittner KBE (Chair) Margaret Andraos (resigned 20 November 2024) Amanda Underwood. known as Amanda Britton Julian Flitter Claudia CJorman (appointed 22 July 2024) Peter Land Kiki McDonough karen Pilkington-miksa MBE Kristina Rogge Akank4ha Tiinwar (appointed 28 May 2024) Diana Lynii Teixeira ()BF,. known as I,ynn Wallis OBE (appointed 20 November 2024) Kerrie Walsh (appoiiited 22 July 2024) Simon Patrick Weil Lila Young (appointed 22 July 2024) ARTISTIC DIRECTOR Mrs Karen Pilkington-miksa B.Ed ARAD MBL REGISTLRED OFb ICE 34 Guntersione Road London W149BL GOVERNING IINSTRIIMEYT Memorandiim and Arti¢le5 of Association incorporatcd on ?2 April 2010 CHARITY RLGlS'fRATIOI% NUMBER 1137943 COMPANY RF.GlS'fRATION NUMBER 7232736 INDEPENDEN'f EXAMINER Olayinka Toniori ACA, DChA Longm¢ade Consult Ltd The Old Rectory Springhead Road Northfleet. DAI 18HN BAYKF.RS Barclays Bank plc Leicester LL87 ?BB SOI,ICITORS Charles Russell Speechlys 5 Fleet Place Londun EC4M 7RD
THE NEW ENGLISH BALLET THEAI'RE RLPORT OF I'IIE TRUSTLF&y {Continued) FOR THF, YEAR ENDF.D 31 DEC.F.MBER 2024 The trustees. who are also the direclors for Companies Act puryoses, prescnt their report and the accounls of the charity for the year ei)ded 31 Dec¢mber ?0?4. The Trusiecs have adopted the provi.8ions of Accounting and Reporting by Charities: Stalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial R¢porting Standard applicable in the UK and Republic of Ireland IFRS 102) (second edition effective l January 2019). The New English Ballet Theatre (N'CB T) is a private charitable company limited by guarantee. The Directors of the charitable company arc its Trustees for the purpose of charity law. STRUCTI',RE, GOVERNAIYCE AND.MAIIAGEMENT Constitution The New Lnglish Ballet Thealrc is a registered charity and registered company incorporaied under a Memorandum and Articles of Association registered on ?? April ?0 l O. Appointment ofTrustees lJnless otherwise determined by Ordinary Resolution, the maximuin number of Trustees shall be twelve and the minimum number shall be two. Any person who is willing to &ct as a Trustee, and is pcm)itted by law to do so. may be appointed a Truslcc.. By Ordinary Resolution By a simple niajority of all Trustces entitled to attend and vote al any meeting of the Trustees. MAna%en)ent The Board of Tru8lees m¢cls a5 reqiiired and delegiile the day-to-day running of the affairs of the charity to the Artistic Director who is supported by tliree other iiiembers of staff. A sub-committee has been established 10 cover development and fundraising. Induction of new trust¢es And trustee tralnlng Truslees have undcrgonc an orienlalion and Iraining 5e5sion given by Simon Weil. & Irustee and A solicitor spccialising in charily law, to aLquainl them with thcir legal obligTations und¢r charity and coiiipany law, Charity Commis4ion guidance on public benefil, the contents of the Melliorandum and Articles of Association and Ihc strateu, decision-making pro¢esses and business plans of the charity. Key ManAgement And man#gement remuneration The trusi¢es consider that the kLy managLmenl of tl)e Charity ¢onsists of Ihemselves, aiid in particular the Artistic Director, to whoin much of the running ot the day-lo-day running operation devolves. 'The Artistic Director. who is also a trustee. is employcd by the charity and is not involved in any discussions to set her remuneration. Her remuneration is set by benchmarking against those of similar charilic8 Wlth due consideration to any other uniquc skills requir¢d to carry out the job, No tnistee receives rcmuneration for acting as trustee although paymei)ts are made for other s¢rviLes provided to the charity- see Note 5 to the financial statemcn15. 'fhc sums charged by the Iruslecs are below the open mark¢t value. OBJECTIVES AND ACTIVII'IES The charity's objects are: To advance the education, appCiatIon and knowledge of the public in ihe art of ballel. in particular but without limitation by.. The fomiation of ll ballct theatrc production company for the presenlation of public perforniances of ballet and exhibitions and by such other ways as the trustees shall determine from time to time; Advancing the education and training of young artists, including but noi exclusively dancers, choreographers, musician%, desigJners, and artists, predominantly through the performance of ballet and dance and the production of professional stage shows. To advance any other eyclusively charitable objects and purposes in any part of the world.
THE NEW ENGLISH BALLET THEATRE RLPORT OF THL TRIJSTELS {Continued) FOR THE YEAR ENDED 31 DEC.EMBER 2024 OBJECTIVES AND ACTIVITIF,S {continued) Our mission and artistic vision is.. To offer paid pcrfomance opportuniti¢s to young professionals across the fields of ballet, music, visual art and choreography, and give them the chance to work alongside established professionals to develop their careers. o To explore Collaboration between dance, music and visual art to fos1er a pioneering, cross-discipline slyle of ballet performance. To nurture the individual development of each dancer and give solo opportunities not often found in larger Companies. To provide opportunities lo our emergying and established choreographers. musicians and visual artists commissioning their works and developing their talents. To further the study of choreography and visual art for the dance sta¥e and the composition and arrangement of music for dance. NEBT was Ix)m from a groundswell ()f support from many leading figures in th¢ ballet and p¢rformance arts worlds, many of whom have pled&Fed Iheir lime and professional cxpertise. PUBLIC BENEFIT The tNsle¢s confinn that they have referred to the guidance conraincd in the c.harity Commission's general giiidance on Public Benefit whcn reviewinLy Ihe charity's aims and objectives and in planning fllture activities. In particular. the trustees consider how plann¢d activities will contribute to the aims and objectives they have set. RLVITr.W Ob THE 2024 Sb;ASOiI' In ?0?4 NEBI. pcrformcd l ? ball¢ts as part ofiwo mixed programmes, of which three were new commissions. We fornicd a new rclationship with tlie Alban Arena St Alban5 and I'he Grand Opera House Belfast and performed a¥aift at the Linbury 'I'hcaire as parl of the Next Generation Fcstival and at thc Royal Acad¢my of l)ance. For the first lime we toured over8eas, havins, been engaged by the French Cultural Minislry to perform a ballei commissioned by NfBT from a French L,hor¢og?rapher C.onstanl Vigier which we perfomied at the "Senlis Mène La Danse" fesiival in Senlis and the Orangierie l-healre in Roissy, both close to Paris We made considerable progress with our plaiis lo tour in Germany, wherL we engaged Munich-based Slagefield Managenient to organise venues for performanccs in ?0?6. We received significant granls for the season from the Kathleen Hannay Memorial Charity (£50,000), the Maria Bjomson Memorial Fund (£?O,000), Cockayne {£15.0001. Ilie Nicholas Rerwin Charitable Trust (£15,1)00) and I'he l.ynne and l.and Foujidation {£6,500}. Privute donorb Iri)I g¢iicri)us support lor new Lonimissions, notably Richard Cunis, Claude Keith and Mo fisher, Bonnie Robinson, Pct¢r Shurthousc and Georgina Robbins, We were particularly gyrateful that 6 ncw Triistecs joined NEB T during the year- Amanda Briiton, Claudia Gorman, Asha Tanwar, Lynn Wallis, Kerrie Walsh and Lita Young. Margaret Andraos stepped down as a Triistee after several years of assiduous engagement for which we remain very grdleful. We were boih sorry and delighted when in June our Company Manager Daniela Cardim joined Ballel.41-i=. ona in Phoenix as its Artistic Director- a great recognition of her talent and of the success ofher career development through NEBT. She remains an Associate Choreographer of ihe company and 2 of her ballets were performed dliring 2024. We are pleased Ihat Emily Bridge has successfully stepped into hcr shoes as c.ompany Manager and Producer. Finally, a splendid accolade for our Founder and Artislic/LxecutivL Director Karen Pilkington-miksa who was awarded an honorary MBE for Scrvices to Dance in the Summer Honours List.
THE NEW ENGLISH BALLET THEATRE REPORT OF TlIE'fRUSTEES (Continued) FOR THE YEAR ENDED 31 DECEMBFR 2024 REVIEW OF I'HE 2024 SF,ASON (continued) Perforniance venues.. The Linbury Theaire The Royal Academy of Dance Tlie Alban Arena St Albans Thc Grand Opera House Belfast Le Manège Ordener, Senlis. France L'orangerie. Roissy, Fi'ance Works performed: 'Bai'oque E17¢011111ei's' by Daniela Cardim - set to J.S.Bach ' Wulcher oj'ihe Skie.f ' by Wayn¢ Eagling set to G¢nesis 'I Can'l Dan£'e by Kristen McN&lly - s¢t to Gene815 'Invisible Toiich, by Kristen M¢Nlally - set to CJenesis 'I,ii'lh oJ'l,i]ih' by Valenlinu Zucchelli - sel to Genesis 'A,lad M ()men by Ikrislen McNally - various ¢ompos¢rs 'l.oneJonie Ciiin by Krist¢n McNally - various composers ..l¢ls Of111110n by Maithew Ball - set to Monteverdi 'lo and I,ro by Matthew Ball - set to Respighi '/iiio Ihe l.ixhi' by Valentino lucchetti - let to Richard Strauss '.¥oeiurne by Daneela Cardim scl lo Cl)opin 'Did loii Sieal Aly Ilul., by Constant Vigier- set to Mendelgsohn 2. FINANCIAL SLIPPORT We were delighied that a number of the Trusts and Foundations renewed or pledgcd their support for us in 2024, notably The Kaihleeii Hannay Meiiii)rial F Lind. The Maria Bjornson Charitable Fund, Cockayne, The Nicholas Berwin Charitable l-rusl, the Worshipful Company of Mercer.8, I'he (icorgc Cadbury Memorial Fund, the Sisi and Savila Memorial Fund, The Sir Ldward Lewis foundation, and The I,ynne and l.and Foundation. In addition. we received many gLnerous individual philantliropic donation% from both angoing and new supporters, most notably from Deborah Loeb Brice. Richard C'iinis, Simon and Glenda Weil, Claude Kcith and Mo Fisher, Sue Butcher. Bonnie Robinson, Peter Shorthousc, Georgina Robbins and Martyn Rose. A number of other donors supported us wilh donations al our October Special event at the Royal Academy of Dance. 3. FINANCIAL REVIEW Our total income for the year was £435.] ?6 (2023.. £391,065), th¢ ye&r benefitting from higher amounts receivable from Trusts and from Theatre Tax Relief claims. F.xpenditure in the year also saw an increase from £357,512 in 2023 to £422,780 in 2024 with Inore ballet perforniances in tl)e year. The Review of the 2U?4 Season on the preceding pages provide more insight of the key drivers for income 2Lnd expenditure in the year. 4. RESERVES The total reserves of the charity as at 31 December 2024 stood at £210,685 (2023: £198.339), consisting of £3.450 of restricted funds and unrestricted general tunds of £207,235. -I'he intention of thc Board rcmains to have unrc8tricted general funds equal to 4-6 monihs of running costs al all times, which now amounts to around £150.000-£?10,000 based on 50 /0 of our normalised average annual spend.
THE NEW ENGLISH BALLET THEATRE REPOKT OF THb "I'RUSTEF.S (Continued) FOR THE YF.AR EIYDED 31 DECEMBER 2024 5. PLANS) FOR TIIE FUTIIRE We are now finalising our schedLile for ?025 and ?026. In February 20?5 we commenced rehearsals for the l.ondon Handel Festival taking place in March ?025 when we will perforni choreography commissioned by NF.Bl' from Valentino 7.ucchetti to the cantata klpollo e Dafne, and to ihe dances in the opera The C'hoic¥ ofllei'LiilLJ. There will be 5 performances of these masterpieces by George Frideric Handel in Ihe theatre in the Shoreditch Town Hall in London, with the music played by live orchestra, choir and soloists. Oiher perfomiances will be as follows.. l) Performances and Pro rammln in20 March 271h 28, and ?9th London Handel Festival 5 perfom)aiices ai ihe Shoredilch Theatre, London April 3, _ Performance at Stag Theatre Sevenoaks, Kent - Programm¢ 2 (currently ilpollo e Dafne, Tes'linionie3 of the linseep7, 13y u I'hi'eucl, ,SIiiNn7ei'.S'ic)rn7 I'as dL, deuxfi'onl I'he I'otii'.Stta.¥()n.s, andALls ¢)f fuulialion) April 5 Perforn)ance Programine ? al the Watersmeet Tlieatre, Rickinansworth, Het1fordshire July 16th -?Oih- Newport Dance Festival, USA SeptLinber througyh December reh¢arsals and pcrforinanccs ofN bBT's "Family friendly" A'ulc'i'acker OLtober 3 IYI 'I'he Stag I'healre, Sevenoaks Kcnt -N'ul¢'i'aL'kei' November 1st- Radlelt Centre, Radleti, Hertfordshire NulLI'ac'kei' TBC NovembL'r 8ih - Campus West, Welwyn CJarden City, Hertfordshire - h'zilc'rac,ker TBC N'ovember ?8th, 29th - 4 perfomances in Nassau, Bahamas, in the Atlaniis Thealre and other venues'fBC- ,I'iilL'I'UC'kei' Deccmber 16 and 20 8 perfomiances al the LAMDA Sainsbury Thcalre, Ilammcrsmiih. London - NulL'i'uL.kei' 2) Works. beln Perfor d in 202$ I)1,1V Pl ()i'ks- .Ipf)Ilo Lp Di!liiL' and fhcj ('hoic'¢ of Ilei'ciiles Clioreo8rapher.' Valentino lu¢Lhciti Music.. George Frideric Fl4iidel ii)h'eii, IFoi'kn- lesliMonie.F of Ihe linseen Choreographer: Valenlino Zlicchetti Music: Mathias Coppens iii)heii, Pl ork- By £1 7li1'eud.. Cal)'p.¥o Choreographer.. Marika Brussel Music.. Rygn Co¢kerham ivJ,fLrfiiimei',Sioi'm Pas de DeiLr Chor¢ographer'. Jenna Lee Music.. Antonio Vivaldi r¢iinv4gined by Max Richter i)Ac'l3 af FJuliatio Choreographer.. Matthew Ball Music.. Claudio MontL'verdi vi)The hiil¢i'uc'k"ei' Choreographers: Marius Petipa and various NEB T choreographers Music.. Pyotr Ilyich Tchaikovsky
THE NEW ENGLISH BALLET THEATRE REPORT OF THE TRUSTLES {C.ontinued) "OR THE YEAR F.IIDED 31 DECE.VIBER 2024 STATEMEiYf OF I'RUSTEES, RESPONSIBILII'IES Company law requires the Trustecs to preparc financial statements for each financial year which give a truc and fair view or the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and resources expended (includiiig income and expenditure) for thal year. In preparing thesc financial statements, Ihe Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principlcs of the Charities SOKP. make jud¥ements and estimates Ihat are reasonable and prudent: and adopt the going Concern basis unless il 15 inappropriate to presume that rhe charitable company will continue on thai The Trustees arc respoiisible for the keeping of prop¢r accountiiig records which dis¢lose with reasonable accuracy at any lime the financial position of th¢ chai'itable Lompany and which enable them lo eiisure that the financial stateinents Comply with the Charilies Act 201 l and Companies Act ?006. They havc general responsibility for taking such slepb a5 are reasonably open lo them lo safeguard the assets ofthe charitablL Company and to prevent and detocl fraud and other irrcgularitlCS. 'I'he financial statements which lollow have therefore been drawn up to comply with the abovc stalutory requirements, with the Meinorandum and Articles of Association and Ihc Financial Reportii)g Standard applicable in ihe UK and Rcpublic of Ireland (FRS 102) {Sccond f.dition effective l January 2019) - Icharilies SORP (F 102). The Irustees. Report was approved by the Board and signed on their behalf on I iih March 2025 by.. Karen Pilkinglon-miksa MBE Trusie¢ Julian F litter 'rrustee
INDEPENDENT EXAMINER'S REPORT TO THE TRLISTEES OF TIIE NEW b iYGLISH BALLET I'IIEATRE TrOR THF, YEAR ENDLD 31 DF,CEMBER 2024 I report to the charity Irusle¢s on my examination of the ac¢ounts of the charitable company for the ycar ended 31 December ?024. Responsibilities and basis of report As the charily's trustees of the charitable company (and also its director5 for the puryoses of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companieg Act ?006 ('the 2006 Act'}. Having satisfied myself that th¢ accounts of the charitable company are not required lo be audiied under Pan 16 of the 2006 A¢t and al'e eligible for independent examiiialion, I rcport in respect of my exaniiiiation of your charity's accounts as carried out under section 145 ofthc C'liarities Act 2011 I'the 201 I ALt'). In carrying out my examination I have followed Ihe Direclions given by the Charity Commi8sion iinder.8¢Clion 145(5) Ib) ot'th¢ ?0 I l A¢t, Independent examiner's stRtement Sin¢e the charitablc compaiiy's ¥ross incuine exceeded £?50,000, your examiner must be a member of a body list¢d in section 145 of the 201 l Act. I confirm that l am qualitied to uiiderrake the examination because l am a member ot. the In8lilute of C.hart¥rcd Account¢ints in EnglÉind and Wales. which is one of the listed bodies. I have completcd Iny examination. I confirm that no mallers have comc 10 my attention in connection with the examinalion giving me cause to believe.. ac¢ounting records were noi kepl in respect of the Company as requircd by se¢lion 386 of the ?006 Act; or the accounis do not accord with those records; or the accolints do not Luttiply with the accounting requirements of section 396 of thc ?006 Act othcr than any requiremeni that the ac¢ouiiis give a 'irue and fair viL'w which is not a matter considered 39 part of an independent cxamination. or the accoui)ts havc not been prepared in accordance with the methods and principles ofthe Staiement of. Recommended Practice for aLcouiiliiig und reporiiiig by charities Idpplicable to charities preparing their accounts in accordance with the F inancial Reportingt Standard PplICable in th¢ and Republic of Ireland (FRS 102)]. I have no concerns and have coine across no other matters in connection with the exaniinalion to which attention should be drnwn in this re ort in order to enable a proper Understnding of the accounts to be reached. Olayinka Tomori A('A, DChA Chartered Accountant l.on8meade Consult Ltd The Old Rectory Springhead Road Northflect DAII 811N I Ith March 2025
THE NEW ENGLISH BALLET THEATRF. STATEMb;N'f OF FINANCIAL ACTIVITIES (Ineluding Income & F.xpenditure Account) bOR THE YEAR ENDED 31 DECLMBF.R 2024 31 Deeember 31 Deeember 2024 2023 Total TotAI Unrestricted Restricted Notes (Note l O) IIYCOMF. from: Donaiioiis, legacies and grants ?26,64? 226.642 252.856 Charitable activities ?08,484 208,484 138 ?09 Total income 435.126 435,126 391,065 EXPb:NDI'fiiRb. on: Raising funds 23,867 23,867 6,046 Charitable activities 394,813 4.100 398,913 351,466 Ti)tal expenditure 418,680 4.100 42?.780 357,512 Net incomel{expenditure) find iyet Movement in Funds 16.446 (4,100) 12,346 33,553 Fund balances brought forward at l January ?024 190.789 7,550 198.339 164,786 Fund balfinces carried forw4rd at 31 Deeember 2024 £207,235 £3,450 £?10.685 £198.339 No separate summary income and expenditure account has been prepared because all the required inforniation is given in the above statment. All recognised gains and losses in the currenl year are included in the income and expenditure acrount. All operations are continuing activities. The accompanying noles form part of these accounts.
THE NEW ENGLISH BALLET THEATRE COMPANY NUMBER: 7232736 BALANCL SHEET AS AT 31 DECEMBER 2024 31 December 2024 31 December 2023 CIIRREN'f ASSETS Debtors Cash at bank aiid in hand 84.000 131,4?1 145,701 61,394 215,421 CURRENT LIABILITIES Creditors: amounts falling due within one y¢ar ?07.095 (4.7361 (8,756) NET CURRLliT ASSE'I'S 210,685 198.339 TO'I'AL ASSF.I"S £210,685 £198.339 Represented by: FIINDS Unrestricted: General Restricted 207,235 3.450 190,789 7,550 £210,685 £198,339 For the year ended 31 fjecembcr ?0?4 Ihe Lompany wa4 entitled to exemption from audit under section 477 of the Companies Aci ?006 relaiing lo .%niall Lompanies. Trustees, responsibilities: The member5 have not required the charitable conipany to obtain an audit of ils accounts for the period in question in accordance with 8ection 476 of the Con)panies Act 2006. The trustCC8 acknowledge their responsibilities for complying with the qUire1entS of thc Compimies Act with resp¢Lt Io accounting records and the prcparation of acc()untq. These accounis have been prepared in accordanee wilh the provisions appli¢abl¢ to small companies subject to the small ¢ompanie8' r¢gime and in a¢¢ordaiice with fRS I O? SORP. Approved by the Trustees on I I Ili March 2025 and signed on their behalf by Karen Pilkington-miksa MBE Trustee Julian Flitter Trustee The aGwmpanyin¥ notcs form part ofihese accounts.
THE NEW ENCLISH BALLET THEATRE CASH FLOW STATEMEIYT FOR THE YEAR EIYDED 31 DLCEMBER 2024 31 Deeember 2024 31 December 2023 Net movement in funds (as per the Statement of Financial Activities) 12.346 33,553 Adjustments for Decrease/(Increa5e) in debtors ([)ecre¢e)/Increas¢ in creditors 61,701 14,0?0) {92.166) 6.414 Net c*¥h provid¢d by operatlng activltle5 & Change in cAsh and cash equivAlent¥ in year 70.027 152,199) Cash And cash equivalents at l January 2024 61,394 113,59.3 Cash And cA$h equivAlents At 31 December 2024 £131,421 £61,394 Analysis of $h And cash equiv4lentS Cash at bank and in hand £131,421 £61 J94 10
THE NEW ENGLISH BALLET THEATRE ryOTES'fo THE FINANCIAL STA'I'EMF,NTS FOR TIIE YEAR ENDED 31 DF,CEIVIBER 2024 ACCOI,'INTING POLICIES The principal accoiinting policies adopted. judgements and key sources of estimation un¢¢rtainty in the preparation of the financial statements are &s follows: Basis of preparation The financial slatcmenls have been prepared in accordance with Accounting and Rcporting by Charilies: Stalemenl of Recoiniiiendcd Practic¢ appliLable to charities preparing their accounts in aeeordance with thc b inancial Reporting Siandard applicable in th¢ L'K and Republic of Ireland 11.'KS 102) {Second Edition etrective l January 2019) - (Charilies SORP {FRS 10?) and the Companies Act 2006. The New English Ballet Theatre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Assessment of use Cvoill2 Concern A¥sumption The Trustees h¢ive asscssed whcther the Ll8C of the going eoncern assumption is appropriate in preparing ihese accounis and Ihey have Inade this assessment for a ot a p¢riod of one year trom the dale of approvAI of these accounts. ThL Trust¢es of the charily have concluded thal thcre are no material unLcrtaii)lies related to ev¢i)Is (?r conditions that may ¢asl siginificani doubt on the ability of the charity to continue as a Lyoing concern. 'fhe I'ru51ce8 are of thc opinioi) that the charily will have sufficient resourLes t() meet ils liabilities as Ihey fall due. Income Income is recogi)ised when the charily has entitlement to the funds. any perfomiance conditions attached to ihe item(s) of income have been met, it is probable that ihe income will be received and the amount can be measured reliably. Incoine from g()vernmenl and other grants is recognised wh¢n the charity has eniiilemeni to ihe funds. any performance conditions alla¢hed lo th¢ bFrants have becn mct, it is probablc that the in¢ome will be receivLd and the amount Lan be measured reliably and is not defcrred. Income receivcd in advance of a Ihealrilal performance or provision of other.specified service it is def¢ed until the criteria for income recognition are met. Donated services and fAeilittes Donated professional services and donated facilities are reeognised as incoine when the Charity hh8 control over the ilcm, any conditions associated with th¢ donated itein hAve been mel, the receipt of economic bcnefit from ihe use by Ihe charity of Ihe ilem 1.4 probable and that ecoiioinic ben¢lit can b¢ mcasurcd rcliably. In a¢¢ordance wilh the C."harilies SORP IF'IiS 102). the general voluntier tiine of Ihl Friends is not recognised and refer to the trusl¢es' annual report for more inforniaiion about their coiitribution. On receipt, donated profc5sional services and donated facilities are recogniscd on the basis of the value of the gift lo the charily which is tlie amounl the charity would have bc¢ii willing lo pay to obtain services or facilities of equivalenl economic benefit on the open market. a corresponding amount is then recognised in expenditure in the period of re¢eipt. Interest receivable Interest on tunds held on deposit is included when receivable and the amount can be measured reliably by the charily; this is normally upon notification of the intLrest paid or payable by the Bank. Fund accounting Unrcstricted funds arc available to spend on activities that further any of the purposes of ¢harity. Designated funds are unrestricled funds of the charity whi¢h the trustees have decided, at their discretion, to set aside to use for a specific purpuse. Restricted funds arc donations which the donor has specified are to bc solely used for particular areas of thc charily's work or for specific artistic projects bcing undcrtaken by the charity.
THE NEW ENGLISH BALLET THEATRE NOTES TO THE FINANCIAL STATEMF.N'I'S (eontinued) FOR THL YEAR ENDED 31 DLCEMBER 2024 ACCOUNTING POLICIES (continued) Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Cosis of raising funds comprise the costs asgociated with attracting income and the costs of trading for fundraising purposes Expenditure on charitable activities includes the costs of perforniances, exhibitions and other educational activities ndertaken to further the purposes of th¢ charity and their associated support costs. Other expenditure reprcsents those items not falling into any other heading. Irrecoverable V AT is charg¥d as a cost against the activity for which the expenditure was incurred. Allocation of support costs Supw)rt Losls relate to those functions that assist the work of the charity but do noi direLtly relate lo particul&ir charitable activilics. Support costs iiiclude back-ullice costs. financ¢, persoiinel, payroll and governance costs which support the charity's artistic programmes and aclivities. These costs are allo¢ated between ¢05t of raising funds and expcnditurc on charilable activitics based on esliniated usage. Pension Cuntrihutions The charily makes contributions into a deliiied contribution pension scheme for slaff. Contributions are shown in the Ststement of Financial Activities as tl)ey beLomc due. Debtors Tradc and other debtors are recognised at the settlement amount due after any trade discount offcred. Prepayments are valued al the amount prepaid ncl of any tr(Ide disiounts due. Cash At bank And in hAnd Cash al bank and Lash in hand includes e¢l8h and short temi liiLyhly liquid investments with a short maturily of three months or l¢ss from Ilie date of acquisition or openinbT C)rthe deposit or Similar account. Creditors and provi$ions Creditors and provisions are recogJnised where the charity has a present obligation resulting from a past event that will probably result in the Iransf¢r of funds lo a third party and the amount due to settle the obligation can be measured or eslimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounls due. Financial instruments The charity only has financial asscls and financial liabilities of a kind that qualify as basic financial instrumenls. Basic financial insirumeiits are initially rLcosJllised at transaction value and subsequently Ineasured at their settlement value with the exception of bank loans which are subsequenily measured al amortised cost using the effective interest method. Legal 8tatus of the charity The Charity is a conipany limited by guarantee and has no share capital. In the evciit of the charity being wound up. the liability in respecl of the guarantcc is liniited to £1 per mcmber of thc charily. 12
THE NEW ENGLISH BALLET THEATRF NOTES TO TIIE FINAP4CIAL S"E'ATEMEN'I'S (euntinued) FOR THE YEAR ENDED 31 DLCF.MBER 2024 DONATIOISS. LEGACIES AND GRAN'I'S 31 December 2024 Total 31 December 2023 Total Unrestricted Restricted Trusts & Foundations Special F.vcnts Oih¢r chai'itable donations {including Gift Aid) 1 ?5,770 125,770 40,138 60.734 200,500 11,216 41.140 60,734 £??6,64? £226,64? £252,856 Period ended .3 l D¢¢einber 2023 £25? 856 £?52,856 INCOME FROM CHARITABLTr: AC.'I'IVI'I'IES 31 December 2024 TotAI 31 December 2(b23 Unrestrieted R¢stricted Tieket sales Performance fees Special b.vents - T'ilket sales Special Events - Auction inconie Theatre Tux Relief 12,?20 39,778 6,14? 500 149,844 1 ?,2?0 39.778 6.14? 500 149,844 2,631 24,578 111,000 £?08,484 £208,484 £138.209 Breakdown.. period ended 31 D¢cembcr 2023.. £138,?09 £138.209 13
THE NEW ENGI.ISH BALLET THEATRE NOTES TO THE FINANCIAL STATEMENTS (eontinued) 'OR TIIE YEAR ENDF,D 31 DECEMBER 2024 ANALYSIS OF EXPTr:NDITURE 31 December 2024 31 Deeember 2023 Unrestricted Restricted Raising funds: Fundraising costs Gala and Special Events Costs 2,632 2,632 2,707 3.339 Total -. Raising funds ?3,867 23,867 6,046 Charitable xctivities: Promotion Production Costs Ai1ists' fees Oulreach & PertonnanLe Administration and support costs Governance costs 10,567 213.743 144,3155 7.05? 17,466 1,600 10,567 ?13,743 144,385 7,052 21,566 I,CiOO 9,792 193.306 1 ?6,?96 6,069 14.453 1,550 4,100 Total -. Charitable activities 394,813 4,100 398,913 351,466 TotAI expenditure for the yegr £418,680 £4,100 £42? 780 £357.512 Total expenditure- 31 Dccember 2023 £351,062 £6.450 £357,512 Included in Artists, fees abuve are slaff costs of £1 ?9,2?6 {?023.. £108,009). see Note 4 below. 31 December 2024 31 December 2023 Included in expenditure are.. ces paid to IndepLndenl Examiner lin Govcmancc costs).. Indcpendciit Examination Accountaney services 1,100 500 1,100 450 £1,600 £1,550 SI'AFF COSTS AND NUMBFRS 31 December 2024 Total 31 December 2023 "rotal Staff costs during the year were as follows.. Wages and salaries Social security costs Other pension costs 50,016 1.413 1.300 43,231 4,711 1,098 52,729 49.040 Consultanis 76,497 58,969 £129,??6 £108.009 14
THE NEW ENGLISH BALLET THEATRE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF C.OSTS AIYD NIJMBERS (CONI'IIYUED) The average number of employees in the year was.. 31 December 31 December 2024 2023 No. Artistic director No12023: Nil) eniployee received emoluments exceeding £60,000 in the year. The key management personnel of the charity, in charge of directing, controlling and operating the charity, on a day- to-day basis, comprise the trustees. in particular, Ihe Artistic Director. Apart froni Ihc salary of ihe Artistic Director {see Note 5 below), the tNstees receive no r¢muneration. TRU&•TEE REMIIiYLRA'fioN & RELATED PARI'Y TRAYSACTIONS In aLLurdaiicc with the Memorandum & Articles of AssoLiatioii, the Trustees are allowed to enter into a contracl with tlie Lharity for the supply ()f pi'uf¢5sional 5crvices on an arms-lengih basis.. 31 December 2024 31 December 2023 Karen Pilkington-miksa Remuneration as Artistic r)ireclor £52,7?9 £49,040 Jan Pilkingiton-miksa (spouse of a trustee) Fees paid for admini8lraliwc work £11,18? £7,017 Julian fiilter is a partner al Goodman Jone5 LLP, Chartered accouniants For payroll services £480 £790 No expenses inciirred on bLhalf of thc charity werc reimbursed lo any Irustee for phone. travel and subsisteiice (31 Deceiiibcr ?0?3: none) All of the above are included in Administration and Support costs. Donations from trustees and their rclated parties in the year was £ I,OQO (2023.. £nil). DF.BTORS 31 December 2024 31 December 2023 VAT recoverable Other debtors 2,124 143,577 84,000 £84,000 £145.701 Other debtors in the current year are Theatre Tax Relicf claims receivablc. The prior year relates to Theatre Tax Relief clain)s, grants rcccivable and events. 15
THE NEW EIYGLISH BALLET THEATRE NOTES'I'O THF. FINANCIAL STA'I'LMENTS (continued) FOR THE YEAR ENDLD 31 DECFMBER 2024 CREDITORS 31 December 2024 31 December 2023 Other taxes and Social Security Other creditors Accruals and deferred income 2.434 702 1,600 1,012 5.059 2,685 £4,736 £8,756 RFSTRICTED FIINDS Year ended 31 Deiember 2024 Balance at start vf year Balince at end of year Income Expendilure Business Development Fund 7.550 (4.100) 3.450 £7,550 £(4,100} £3,450 Thc Business Devclopmenl F und Consists of a grant from the Linbury Trusl. to assist the charily in reviewin&y its opiions for business planning. fundraising aiid governance. Year ended 31 December 2023 {¢ompArative) Balanee at start of year BAlanee at end of year Ineome Expenditure Fundingi foi. performanLe.8 Business DevelopmLnt Fund 4,000 i 0,000 (4,0001 (2,4501 7,550 £14,000 £(6,450) £7,550 The Funding for Performance.8 Funds consists of grants to support ¢xpenses relaled lo the produciion of ballets, in¢ludifig choreog?rapher. musicianj und dc5igiicr5' fees, making aiid maierials of sets. props and cosiumes, and crew costs. The above resti'i¢ted funds in the year ended 31 Deceniber 2024 and in ihe prior period were held entirely in ¢ash at the year-end. 16
THE NEW ENGLISH BALLET THEATRE NOTES TO THE FINAINCIAL STATLVIEryTS (continued) FOR TIIE YEAR LNDED 31 DECEIMJIER 2024 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted "unds Total Current assets cUent liabilities 211,971 (4,736) 3.450 215,421 {4,736) £?07.235 £3,450 £?10,685 31 Deeember 2023 (compArative) Unre5trieted unds Restrleted 'unds Tolal Current assets (.'urrent liubilities 199,545 (8,756) 7.550 207.095 (8.756) £190,789 £7,550 £198.339 10. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITILS- PRIOR PFRIOD 31 Deeomber 2023 Total Unrestricted Re$trieted INC.OMF. from: Donations, legacies and grants ?52.856 252,856 Charitable activities 138,209 138,209 Total ineome 391,065 391.065 EXPEYDI'I'URL on: Raisiiig funds 6,046 6,046 Charitable activities 345,016 6,450 351.466 Total expenditure 351,06? 6,450 357,512 et income/(expenditure) and Movement in Funds 40.003 (6,450) 33,553 Fund balances brought forward ai l January 20?3 150,786 14.000 164,786 Fund balances carried forward At 31 DeceJnber 2023 £190,789 £7,550 £198,)39 17