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2023-08-31-accounts

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

(Company limited by guarantee no. 08130526 registered charity no. 1148129)

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2023

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED (Company limited by guarantee no. 08130526, registered charity no. 1148129)

REPORT AND FINANCIAL STATEMENTS for the year ended 31 August 2023

CONTENTS

Page
Legal and administrative information 1
Trustees' report 2
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS for the year ended 31 August 2023

*** The Charity changed its name on 2 August 2023**

Trustees Kelly Williams
Victoria Conran (retired 25 July 2023)
Joanna Barrett
Gavin McCaig (retired 24 July 2023)
Margaret Martin-Ward (appointed 25 March 2023)
Hannah Tindall (appointed 28 April 2023)
Emily Glynn-Farrell (appointed 25 July 2023)
Susan Smith (appointed 25 July 2023)
Andrew Peasgood (appointed 25 July 2023)
Susan Smith (appointed 25 July 2023)
Julie Bowers (appointed 25 July 2023)
Isabelle Brouwers (appointed 25 July 2023)
Secretary Vikki Langford (retired 5 September 2023)
Gavin McCaig (appointed 5 September 2023)
Senior Management Team (SMT)
Executive Director Kerry Williams
Academic Director Kate Blakeburn
Head of Dance Rachel Hunt
Designated
Safeguarding Lead Katrina Watson
Company reg. no. 08130526
Charity reg. no. 1148129
Registered office 25 Bulwer Street
London
W12 8AR
Independent examiner Simon Erskine FCA FCIE DChA
61 Mortimer Road
London
NW10 5QR
Bankers Barclays Bank plc
Leicester
LE87 2BB

1

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

TRUSTEES' REPORT for the year ended 31 August 2023

Company Number 08130526

The Trustees, who are also directors of the Company for the purposes of company law, submit their annual report and the financial statements of London Vocational Ballet School Limited for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s governing document, 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 published in October 2019.

OBJECTS OF THE CHARITY, PRINCIPAL ACTIVITIES AND ORGANISATION

Organisation

The charity is governed by its Trustees who are responsible for formulating the strategies and policies of the charity including the approval of budgets and the annual accounts. The Trustees delegate the day to day running of the charity to its staff.

Recruitment and appointment of Trustees

Trustees are appointed on the basis of their expertise in a particular field. Recruitment to the Board is aimed at being accessible, ensuring those from a host of backgrounds are able to apply and be appointed as Trustees.

Governing document

London Vocational Ballet School Limited is a company limited by guarantee and a registered charity, governed by its memorandum and articles of association and the policies formulated from time to time by the Trustees. The charity is registered with the Charity Commission under number 1148129 and is incorporated under number 8130526.

Objects

The charity's objects are specifically restricted to the following:

To advance, for charitable purposes, education and to promote the arts (in particular ballet and related performing arts) both for the public benefit in particular but not exclusively by:

(a) operating a school within the meaning of the Education Acts, open to all pupils showing a talent and commitment to ballet and related performing arts;

2

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

TRUSTEES' REPORT for the year ended 31 August 2023

(b) advancing and coordinating academic and vocational excellence by providing specialist facilities for ballet training within the school premises;

(c) promoting with the community as a whole opportunities to participate in dance for people of school going age who would otherwise normally be excluded by virtue of economic, social or cultural reasons; (d) providing bursaries and other forms of subsidy for pupils not able to afford to pay the full running costs of the school and of its dancing facilities;

(e) fostering interest in and promoting knowledge of the subject of ballet and related arts for the better appreciation by and general benefit of the public as a whole (the school aims never to turn away a talented child); and

(f) forming links with other organisations actively involved in ballet, in order to enhance the contribution made by ballet for the benefit of society as a whole.

DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS

Achievements and Performance

INTRODUCTION

Continued success underscored the period 2022 to 2023 at the school and charity. Although finances remained challenging throughout the third sector and the wider UK economy, regular delivery of the school’s broad and enriching curriculum gave many young people opportunities to grow and develop as both scholars and artists. Graduate students achieved exceptional GCSE results: 58% 9-7, (A- A) 93% 9-4 (A- C) BTEC First Certificate in Performing Arts 100% Distinction, 70% Doubled Starred Distinction. GCSE History had its best results on record, a credit to Kate Blakeburn, Academic Director and History subject-leader.

The school’s charitable work continued, with over 40% of its students receiving in-kind or third-party funding to study academically and vocationally. The Trustees and staff of the school worked diligently to secure extra funding to support the bursaries and running of the school whilst making economies of scale throughout the academic year to create a more stable financial outlook.

RISK POLICY AND MANAGEMENT

The Trustees are responsible for the management of the risks faced by the charity. Risks are identified and assessed and controls are established throughout the year. A formal review of the charity's risk management process is undertaken on an annual basis.

The Trustees consider the principal risks to the charity to be:

The key controls used by the charity include formal agendas, minutes and actions for all Trustee meetings alongside comprehensive planning. Budgets and micro-budgets are drawn up, which the Director of Business Operations oversees implementation of. Clear authorisation and approval for all levels of expenditure were in place as well as the deployment of a Value for Money (VFM) Policy and updated financial control regulation. Updated trackers for payroll and expenses were deployed and for the first time a payroll supplier took over paying PAYE staff.

3

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

TRUSTEES' REPORT for the year ended 31 August 2023

The cleaner level of reporting and detail within risk management, financial management and policy continued to reap positive results and greater visibility for the Trustees.

Controls over operation of the charity's bank account and periodic reviews of the adequacy of insurance of the charity's fixed assets are considered to be adequately managed. Procedures are in place to ensure compliance with health and safety and robust safeguarding regulations in order to protect both students and staff.

Such procedures are reviewed regularly to ensure compliance with the latest requirements. Through the risk management processes established, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary and possible.

It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The major risks to which the charity is exposed as identified by the Trustees have been reviewed and systems have been established to mitigate those risks.

FINANCIAL REVIEW

The charity incurred a surplus of £80,755 for the year ended 31 August 2023 (2022 - deficit of £37,065). This is after awarding £203,422 in bursaries to underprivileged and talented students (2022 - £239,956). Families are struggling with costs of tuition and as a charity we are pursuing ageing balances with sensitivity.

Public benefit

Numerous bursaries are awarded to students according to their talent and financial means. The school operates out-reach programmes including an associates scheme which help identify talent in the community and bring it in to the full time school.

Our Associates programme continues to grow which allows pupils to participate in training outside of the full time school. The charity would like to send sincere thanks to all our staff for their commitment to the school's ethos and achievements, as well as our generous donors for their invaluable sponsorships which allow students the opportunity to pursue their ambitions.

RESERVES POLICY

Total reserves, all of which were unrestricted funds, were in surplus by £46,197 (2022 - in deficit by £34,558). The charity has free reserves at the year end of £45,176 (2022 - £nil).

This reserves figure is above the minimum target stated in last year’s financial statements of £30,000. The target continues to be reviewed, based on a risk assessment addressing possible income shortfalls and losses arising from depletion of student numbers or related income, extreme events such as escalation of a global pandemic and other external factors to which the charity has little or no control. At the time of this report, the target has been increased to £50,000 and projections and current financials for the financial year ending 31 August 2024 indicate that this is achievable.

INVESTMENT POLICY AND RETURNS

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the Trustees see fit although no investments were made in the period 2022-23.

4

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

TRUSTEES' REPORT for the year ended 31 August 2023

PLANS FOR THE FUTURE

The school intends to continue its successful policy of attracting and nurturing its young and talented dancers whilst expanding its outreach efforts through a new programme called STREAM. Plans for the rebranding and expansion of the school in the Summer of 2023 took place, including the redevelopment of new facilities which saw new educational technology like SMARTboards brought into classrooms and a new state-of-the-art dance studio opened in October 2023. Alongside this, the planned restructuring of the school’s leadership team came into force and new facilities opened up opportunities for partnerships across the education sector, continuing to expand the school’s reach as a leading vocational education provider.

Addressing wider concerns about malpractice in the UK ballet education sector, the board, in partnership with the school’s faculty, worked together to develop and deploy new wellbeing initiatives including a programme of lectures and workshops on fueling the dancer, strength and conditioning and a more regular stream of industry professionals coming onsite. The board continues to listen and respond to concerns raised, along with improving pathways for any issues to be raised independently of the school where necessary.

Alongside these developments, and following a renewed long-term development plan, the school continues to embrace a challenging climate for charities and arts education schools. The charity and school are constantly exploring ways to attract financial support to ensure the maintenance and growth of its bursary scheme and its ability to support more talented students to study on the school’s training programmes.

PREPARATION OF THE REPORT

This report has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.

INDEPENDENT EXAMINER

The independent examiner, Simon Erskine FCA FCIE DChA, has indicated his willingness to accept reappointment.

This report was approved and authorised for issue by the Trustee on 20 February 2024 and signed on its behalf by:

Kelly Williams-Richardson Chair

5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

I report to the charity trustees on my examination of the accounts of London Vocational Ballet School Limited for the year ended 31 August 2023 which are set out on pages 7 to 16.

This report is made solely to the Trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the Trustees matters I am required to state to them in an Independent Examiner’s 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 Trustees for my independent examination work, for this report, or for the statement I have given below.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company 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 your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies.

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:

Simon Erskine FCA FCIE DChA

61 Mortimer Road London NW10 5QR

20 February 2024

6

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2023

Unrestricted
Funds
Note
2023
£
INCOME FROM:
Donations
2
104,560
3
561,958
TOTAL
666,518
EXPENDITURE ON:
Charitable activities
4
585,763
TOTAL
585,763
80,755
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD
(34,558)
TOTAL FUNDS CARRIED FORWARD
46,197
£
Charitable activities
Net income/(expenditure)		 Restricted
Funds
2023
£
109,924
(109,924)
-
-
-
-
-
Nil
£		 Total
Funds
2023
£
214,484
452,034		 Total
Funds
2022
£
142,090
425,620
666,518 567,710
585,763 604,775
585,763 604,775
80,755
(34,558)		 (37,065)
2,507
46,197
**£ **		 (34,558)
£

NOTE

In 2022 the only restricted income and expenditure was Donations income of £137,110 fully expended respectively by the cost of bursaries (£137,110, reflected as a corresponding negative item in Income from Charitable activities) and £1,000 in Expenditure on charitable activities. See also Note 12.

The annexed notes form part of these financial statements

7

LONDON VOCATIONAL BALLET SCHOOL LIMITED (co. limited by guarantee reg. no. 08130526) formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

BALANCE SHEET As at 31 August 2023

Notes
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
11
NET CURRENT ASSETS/(LIABILITIES)
NET ASSETS/(LIABILITIES)
FUNDS
Unrestricted funds:
General fund
12		 2023
£
£
1,021
10,188
219,032
229,220
(184,044)
45,176
46,197
£
46,197
46,197
46,197
**£ **		 £
8,430
57,426		 2022
£
645
(35,203)
65,856
(101,059)
46,197 (34,558)
(34,558)
£
(34,558)
(34,558)
£

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

For the year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

(i) The members have not required the Charity to obtain an audit of its accounts for the year in question in accordance with section 476;

(ii) The Trustees, who are the Directors, acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The financial statements were approved, and authorised for issue, by the Trustees on 20 February 2024 and signed on their behalf by:-

KELLY WILLIAMS-RICHARDSON, Chair

SUSAN SMITH, Treasurer

The annexed notes form part of these financial statements

8

LONDON VOCATIONAL BALLET SCHOOL LIMITED

STATEMENT OF CASH FLOWS for the year ended 31 August 2023

CASH FLOWS FROM OPERATING ACTIVITIES
Cash flows from operating activities
Purchase of tangible fixed assets
Disposals
Cash and cash equivalents are entirely cash at bank and in hand
Depreciation
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Net income for the reporting period
(as per the statement of financial activities)
Cash and cash equivalents at the end of the reporting period
Net cash provided by/(used in) operating activities (see below)
RECONCILIATION OF NET INCOME TO NET CASH
FLOW FROM OPERATING ACTIVITIES
Cash and cash equivalents at the beginning of the reporting period*		 2023
£
162,506
(900)
-
57,426
219,032
£
80,755
524
(1,758)
82,985
162,506
**£ **		 2022
£
(12,777)
-
47
70,156
57,426
_£ _
(37,065)
1,172
20,884
2,232
(12,777)
£

9

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

1. ACCOUNTING POLICIES

(a) General information and basis of preparation of financial statements

London Vocational Ballet School Limited is a charitable company limited by guarantee registered in England; its registered office is as shown on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

The charity constitutes a public benefit entity as defined by the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The financial statements have been prepared in accordance with 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) issued in October 2019 (SORP 2019), FRS 102, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements are prepared on a going concern basis under the historical cost convention. The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. Accordingly, the Trustees continue to adopt the going concern basis for the preparation of the financial statements.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP 2019.

10

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Until then it is deferred.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under the heading charitable activities because the trustees believe that all activities relate to the running of the ballet school. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(e) Support costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the charity.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

11

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

(i) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(j) Judgements and key sources of estimation uncertainty

No judgements have been made in the process of applying the above accounting policies and there are no key sources of estimation uncertainty.

2.
DONATIONS
The Du Boisson Dance Foundation
Other donations		 Unrestricted
Funds
2023
£
-
104,560
104,560
**£ **		 Restricted
Fund
2023
£
109,924
-
109,924
**£ **		 Total
Funds
2023
£
109,924
104,560
214,484
**£ **		 Total
Funds
2022
£
137,110
4,980
142,090
_£ _

As explained in Note 12, this year (and the year before that) the only restricted fund was the Bursary fund and the only restricted income was the grant from the Du Boisson Dance Foundation. Other donations this year included two donations of £50,000 each from a generous donor.

3. INCOME FROM CHARITABLE ACTIVITIES

School fees
Less: Bursaries
Net school fees
Exam fee income
Auditions
Holiday courses
Associate fees
Other		 Unrestricted
Funds
2023
£
597,185
(93,498)
503,687
-
2,810
5,290
34,980
15,191
561,958
**£ **		 Restricted
Funds
2023
£
-
(109,924)
(109,924)
-
-
-
-
-
(109,924)
£		 Total
Funds
2023
£
597,185
(203,422)
393,763
-
2,810
5,290
34,980
15,191
452,034
**£ **		 Total
Funds
2022
£
606,493
(239,956)
366,537
3,397
2,340
9,794
31,890
11,662
425,620
_£ _

The only restricted transactions in the 2023 and 2022 financial years were the bursaries, treated as an offset against the corresponding school fee income, charged against the Bursaries fund (see Note 12).

12

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

4.
EXPENDITURE ON CHARITABLE ACTIVITIES
Unrestricted
Funds
2023
£
Direct costs:
Staff costs (see Note 6)
330,599
Tuition fees
107,915
Books for tuition
4,481
Exam fees
2,430
Production fees
667
Staff training
1,789
Marketing and IT
5,975
Insurance
4,641
Clothing and uniforms
64
School trips expenditure
9,910
Bad debts
15,160
Other direct costs
2,513
Support costs (see Note 5)
99,619
585,763
£
5.
SUPPORT COSTS
Unrestricted
Funds
2023
£
Property expenses
63,912
Accountancy fees
11,990
Other professional fees
12,727
Telephone
398
Dues and subscriptions
1,168
Travel and subsistence
10
Bank charges
389
Miscellaneous expenses
1,738
Office expenses
3,803
Depreciation
524
Governance costs:
2,960
99,619
£
There was no restricted expenditure in 2022 .
Independent examination
of the accounts		 Restricted
Funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
Nil
£
Restricted
Funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
Nil
£		 Total
Funds
2023
£
330,599
107,915
4,481
2,430
667
1,789
5,975
4,641
64
9,910
15,160
2,513
99,619
585,763
£
Total
Funds
2023
£
63,912
11,990
12,727
398
1,168
10
389
1,738
3,803
524
2,960
99,619
**£ **		 Total
Funds
2022
£
283,099
162,683
2,000
3,706
1,254
2,251
5,545
6,816
1,173
8,648
99
4,523
122,978
604,775
_£ _
Total
Funds
2022
£
89,319
8,277
12,516
1,453
1,411
610
284
1,583
4,153
1,172
2,200
122,978
_£ _

There was no restricted expenditure in 2022 .

13

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

6.
STAFF COSTS AND NUMBERS
Staff costs:
Salaries
Social security costs
Pension costs		 2023
£
303,467
22,466
4,666
330,599
**£ **		 2022
£
258,099
21,246
3,754
283,099
_£ _

No employee received remuneration of more than £60,000. The average headcount of staff employed during the year was 12 (2022 - 9.8).

The charity considers that the key management personnel comprise the Trustees and the Senior Management Team. The total employee benefits including pension costs of the key management personnel of the school during the year was £178,358 (2022 - £162,410).

7. TRUSTEES

There were no other payments to Trustees during the 2023 or 2022 financial years including the reimbursement of expenses.

8. RELATED PARTY TRANSACTIONS

The husband of a member of the Senior Management Team was paid £858 as a piano accompanist during the year (2022 - £1,500).

9. TANGIBLE FIXED ASSETS

Cost
At 1 September 2022
Additions
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book value
At 31 August 2022
At 31 August 2023		 Computer
equipment
£
4,118
900
5,018
3,473
524
3,997
645
_£ _
1,021
**£ **

14

LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

10.
11.
**12. **		 DEBTORS
Due within one year
Accounts receivable
Prepayments
CREDITORS: AMOUNTS FALLING DUE
Accounts payable
Refundable deposits
Taxation and social security
Sundry creditors
Accruals
Deferred income (see below)
Deferred income
Balance at 1 September 2022
Amount released to incoming resources
Amount deferred in the year
School fees
Donations
Balance at 31 August 2023
STATEMENT OF FUNDS
Brought
2023
Forward
£
SUMMARY OF FUNDS
General fund
(34,558)
Restricted fund
-
(34,558)
£		 WITHIN ONE YEAR
Incoming
Resources
Resources
Expended
£
£
666,518
(585,763)
-
-
666,518
£
(585,763)
£		 2023
£
3,473
6,715
10,188
£
2023
£
5,889
76,408
5,557
1,445
9,497
85,248
184,044
£
2023
£
44,683
(44,683)
40,248
45,000
85,248
£
Transfers
£
-
-
Nil
£		 2022
£
4,983
3,447
8,430
_£ _
2022
£
40
50,609
-
1,579
4,148
44,683
101,059
_£ _
2022
£
62,177
(62,177)
44,683
-
44,683
**£ **
Carried
Forward
£
46,197
-
46,197
**£ **

The only restricted fund during the year was the Bursary fund which represents donations from charities to meet the cost of bursaries granted by the charity to some of its students. The income was £109,924 (2022 - £137,110) and the cost of bursaries was the same; however since bursary costs are treated as a reduction in school fees income the net income is Nil.

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LONDON VOCATIONAL BALLET SCHOOL LIMITED formerly YOUNG DANCERS CHARITABLE ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

2022
RESTRICTED FUNDS
Bursary fund (see above)
Film production
SUMMARY OF FUNDS
General fund
Restricted funds		 Brought
Forward
£
-
-
Nil
£
2,507
-
Nil
£		 Incoming
Resources
£
-
1,000
1,000
£
566,710
1,000
567,710
_£ _		 Resources
Expended
£
-
(1,000)
(1,000)
£
(603,775)
(1,000)
(604,775)
£		 Transfers
£
-
-
Nil
£
-
Nil
£		 Carried
Forward
£
-
-
Nil
£
(34,558)
-
Nil
£

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

There were no restricted or designated funds at the year-end and hence all assets and liabilities at the year-end belong to the General Fund (2022 - the same).

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