CHARITY COMMISSION Ballet Lorent Limited {A cornpany limited by guarant••l Annual Report and Financial Statemerrts 31 March 2025 Company registration numbw. 05093450 Charity registration numbor. 1162921 dOdd&co
Ballet Lorent Limited Contents Raferèncè and Adminislratwe Details Trustees. r8p(wi Truste8s' responsibilities in lat)n to the fin8ntsal statements Indep818Xamin?Is Stal8ment <rf financaal Balance sheet Cash fl(yw statement 10 Notes to the finan(4al staternents
Ballet Lorent Limlt•d Raferonce and Admlnlstratlve Detalls Charlty name Ballèt Lorènt Limited Charlty reglstratlon number 1162921 Company r•gl•tratlon numb•r 05093450 Prlnclpal offlc? John Madey Cgntre Muscoli Grove NEWCASTLE UPON TYNE NE156 R•gl8t•r•d offic• John Mad8y Centr8 Muscoll Grov8 NEWCASTLE UPON TYNE NE156 Trust¢•• J P McKenn8 (Reslgned 12 Jun• 20241 IR&$lgnèd 2 F¢bru8ry 20251 P RW J8thson P A F Johnston ARCroft J Archar N S C8mpbèll S Dunphy Dr C El Zerbl (Appolnled 12 February 20251 CMHarte (Appolnled 31 March 20251 Secretary K A Lloyd Accountant Dodd & Co Limlled FIFTEEN Rosehill Montgomery Way Rosehill Est8te CARLISLE CA1 2RW Paga 1
8allet Lorent Limitéd Trustees. Report for the Year Endèd 31 Mar¢h 2025 Tho financial staterneTils h8V8 been prepar6d in accordance with the accounting policiès sel out In tha notès to the ac¢ounts and comply wth the charity'5 govaming document, the Charitie5 Act 2011. 85 arnended by the Charities A¢1 2022. and Accouniing and Reporting by Charities.. Sla18rn8nt of R8eomrn8nd8d Practice applicable to chariiies preparing thèir accounts in accordance with the Finanal Reporting Standard applicable in the UK 8nd Republic of Ir818nd. Organlsatlon structure and gov•rnlng document The company w88 incorporated on 5 April 2004 8nd is govemed by its Memorandum and Articles of Association. The MpanY is limited by guarante8 and has no share capital. The wmpanyw8s registered a¥ a charity with the Charity Commlsslon on 30 July 2015 and the registered charity nurnber is 1162921. The Board of Trust888 8dministers the charity 81 quarterly meetings wth a quonjm ol at least three trustees and may be held in person or by 5uilable 8leclroni¢ means. Recrultment, Inductlon and Trolnlng of tw8to85 The Board ol Trustee5 15 rev18W8d on 8 three year tycl& or whgn 8 trust88 re$lgn5. Th8 Board requlr8$ 8 de range of skllls. and this will be maintained wllh the inlroduction of new Irust88s. New Irusle88 8re 8i¢her found by 8 public c811 out or are head-hunted and pul forward by the Artistic Dire¢lor, EKeculiv8 Director or the Chair. Propo$8d n8w Iru81888 are approved by a118xlsting Iruslees following an Initial meeting wth the Chair. New truslees are provided wllh the MeFnor8ndum and Artides of Association. m051 recent 3 year business p18n, rninules and board papers Irom the previous 3 Tneelings 8nd the rnosl r8Cgnl manag8fll8nl accounts. Each trus188 8sk8d lo read Charity Cornmission guidance on acting as Injslee at". In 2024125 Joanno MeKenn8 and Paul Jackson left the board after serving rn8ximum tarrns. T¥) new truste88 loln8d,. Dr Calhedne El-Z8rbl and Mldam Hartè. Major rlsk statement The Irustaa5 regulady rèvlèw th8 major rfsks lo which th8 charlty 18 exposed. Systems and procedures are In place lo mitigate any risks induding Insurances. risk assessments re9ulaily carned out and health and safely policies in place. Risk rnanagemtsnl 15 Identified in the charity's busine55 plan, which is reviewed annually. Oblectlv•a and Actlvltle The objectives of the charlly arè to promote, malntain, Improvt and 8dv8nc8 public sducalion, p8rticu18rfy by prtsmtsting and eneouraging the art of contemporary and cl83sic41 b811el, dance and other perfomiino 8rts. To create hlgh qu81ily and particlpalory cont8mporary dance theatre productlons for chlldren. lamlll8s and adults, wilh a fo¢u8 on developing new audiences in are8s ol least engagemtrnl. To deliver educ8tion and participation proor8mmes for children, young people 8nd adults. Including tha 8kJerfy. sIrIng lo be indusive and accessib18 for all, vllh a locus on Supporting neurodiv8rslly. To cultlvale a posillve environrn8nl for dance In the North E851 of England by rgtaining d8ric8 8XPQrti8e and sklll by 8rnploying d8ncers with a wde age range from 20s up to 60s. In seltlng the objecllv8s of the charity. the Iruste8s have paid due regard to the Charity Commission guidance on public benefit. Creatlon of Work and Tourlng Produ¢tlon$ We created a version of our 2015 show Snow Whilo for Family audiences and cr8ated a new adult v8rsion of the show,. Snow Whll& The Sacrifice. Working with artistic collaborators.. Carol Ann Duffy, Murray Gold, Nasir Mazhar, Libby El-Alfy and M81co1m Rippeth. We prerniered both versions 81 Northem Slag8 N8wc88118 in October 2024. We had a cast of 11 danc8rs, including one appreFilice and two train88 dancers. We did 5 p8rformanc8s, 3 of thè family version and 2 of the 8dult version. Wè had audienc88 of 1,502 over the five p8rforrnanc88. Page 2
Ballet Lor•nt Limited Trustees. Report for thè Year Ended 31 March 2025 The Velveteen Rabbit. our small scale show for thildren 0 - 3yTS toUd to Sadlers Wells in London. Theatre Hullaballw, Darling1( and Washington Arts Centre. Sunderland in April. It then went barJ( out for a Christmas run at Gosforth Civic Theatre, vAth 8 performances and lo Z Arts. Manchester, The Studio. Edinburgh and Bishop Aud(land Town Hall, Durham. We perfomied a new versKn of The BeC1r. a siWrofic dance perfOar at John Marfey Centre in July 2024. DSgltal We created hvo film versions of our production5 this year. The Vthleen Rabbit was filmed in January 25 and Snow White The Sarrfi¢e was filmed in Marth 25. We a tjdighted to c4)ntinue our partnership wlh Marquge TV. They have Cornm10n8d The Vefveteen Rabbit and Snow Whrte The sacrifi for SVOD & Pay TV IKense nghts for tsvo ye8rs. They have also r8-licen58d Rumpelstillsknn and The Lost Happy Endings Film5. W8 continued creating cA)ntent for our digital F4alforrn balletLORENT al l)me. sfv)wcaslng our broad range of filmed work. We cx)ntinued to update our inter8rte g¢kJcation Fthal for Leaming and Partipatth programmes CREATE. Studlo Development We d8veloped Creative SpacB studios wih equipment and hav8 sucLessfulty fundraised for improvements to our spac8s induding 8 S8nsory room and an IMJtd s. Thks wil all be delive frn 2025. L•amSng and Partl¢lpation OUT leaming and partiripation prD3rarnme gNes ITnIngfUl ujttural oprK)rtunities to children. young peorA8, and older people vtho are living in rx)vety. margin81ised, or liwThJ sooole¢onornic underpriwlege. FTOM our home in the west of Newcasde engage wlth peorde kxally ofving tM)Ih o)rnmunity dass85. and specific projectsthroughoul the year. Hawng 8 Studio has enabled the ¢x)rnP8ny to gr¢ oJr eng8gerrenl programmes and now wn five regu18r groups a week. This indydes yoga. dasses for babies and young children with parents & carS. an older persons dance dass. adutt ballet and our knth"rKJ group. The Mover5, Knitters and Sh8kers project continues to be very popular. attracting over 15 regular older people (aged betsveen 60 and 85yrsl lo attend weekly sesSiL5 wher8 th8y knit props, help wth costumes [ve lor weuness. Youth Academy Junlors and Senlors W8 continue to recognis8 nexOr8d ial•nt IhroLvJh ¢JJr 18am1 and parbcipalk)n programm8s and invite chiklren 17-14yrsl lo join our Youth Academy where we deliver consislent and high quality training in movemenl and creativity. 30 thildrell take part in these sessio)s. take place weekly at our studio. We also run Creative StudK) for teenagers bets%en ages of 13- lrs. This group are introduced to a rarigè of art forn and parbrypants have made films, costumes, MUSK and perf0m)an$ over the past year. wth regular sharing's at the end of eath term for family and friends. Snow White Community Casts Our unique appr03th to perforrThanc in¢hths invoknng ¢asts of kx*l thldren WIK) gel to perfomi alongside balletLORENT professv)nal dancers. In 2024 worked Wlh 12 members of our Yiyjth Academy as cast members for Snow Whrte an¢J Snow Whrte The Saoffic£ at Norlhem Slage. During the year also began rayuitment for <x)mmunity casts in knal sc4Kols to the area wll tour to in Spring 25. N8urodbvergence As a company wth IWJ experience of neUr{1ver$ity we are committe£l to prow¢Jing safe and indu51ve spaces and supporting peop wilh neUr1verSe C(x[bo9. We cA)nverted of our r<M)ms into a s8n50ry space and have received funding to irnprove this space aThJ create an i)utdwr sensory area. We also ensure that staff stay updated supw)rting neUr(j1¥8rSe behaWtyJrSvth wulartraining. Page 3
Ball•t Lorent Limited Truste¢s' Report for the Year Ended 31 Mar¢h 2025 Crea¢lve resldentiès We are proud to deliver an extensive programme of acti sdKK)Is across the region, introduang children to dance th8atre through participation and as aUdre members. This y8arfs programrne has built on partnerships th sthods directy TheighbcJrirrfJ our ScotSWC#)J base aThl 8e8n us engage vmh acmss Newcastte and Dadington. 205 ehildren aged &9 frorn our fr kKAI primary stho(ds IExcd$KJr. St B8d8's, Broa(k4%M)d, Bridgewalerl attended open rehearsals of Snow White in September. giwng feedback to help the creative team develop the work. Children partiupated in IWJ f<Alow up creative danc£ I)rkShopS in ther schoDIs. 240 RewtvJn-Yr2 ChIJren trorn the same sthLK)Is attended free rrfImnS of Velveteen Rabbit at John Marfey Centre in D8C8mb8r. As part of our programme of offering cxeab.ve P0jnIes in Arts Counul England priority area, Darfington. delNered workshop$ th 150 year 6 child from three primary scalS INorthwcM)d. Corpor8tion Road, Firthmoor primanesl as part ol Darfingion Hippoxjrotne's In2 Trdnsition Proje¢l. Al the children ailended perfom)ance of Snow White at Darfington HipFKMJrome in hAay 2025_ We wotked Oarfington College Film and Media Stu¢Jents. rnentoring and supporting five students in dcKumentary stye film makirMJ. Professional Development One student frotn Northem scho of Contemporary Dance cx)mrdeled a 33 Meek w)rt based FA?ment ¥Alh us as part ol their MA Conternporary Danc¢ Perforrnance Prramrne. W8 hosted five studenls aged 15-18yYs (ffi 1)rk a¢ernents from locAI sth¢xJls and cx)Ileges. as **ll as members our Creative Studio group, advanong their skills in arts management. techntsl. and creatiw. Summary of main achievements during the ar . We premwed Snow White and Sn(M While The Sacrifice at Northem Stage. . We tOU(j The Vefveteen Rabbtt to 7 venues. . We pertorrned The 88coming tr 3 p8rf0rnn at Jthn Marfey Centre, op8ning up 0r studio as a venue in the West End ol Newcastle. . 5,528 tidcets sold. 1.571 peo8 have tsken part in our regular dar and rythement dasses 81 John M8rley Cent. . 6.579 people from across New3sUe and the UK partsop8t8d in danc£ a¢tiwty wth balle¢LORENT In 24125. . 52 chiklren and young people paitiopated in weeWy Y(wJlh Aixd8Wry Sessi. . We retained highly skilled dance expewtise in th8 North East thro(tsJh regular employment for up to 16 Dancers and Dance teachers. Page 4
B¥ll•t Lorent Limited Trustees. R•port for the Year Ended 31 Mar¢h 2025 Futur¢ Plan$ * We 11 eroatè 8 brarKI nthv shchv ol'Hansel & Gretef for mhJ48rga scale Iring. lo pr8mièra in October 2026. . We wll o)ntinue to run regular OPFXYt(Inities for 0aarnan1 and 18aming in dancé for children and young People. . Wewll open our venue to the Ictal cxynmuntyts rlarda$s6$. and shadng's ofwryk. . W&wll eonibnue to offer èmKAoyThnt (K1n61[6s IC d8ncw8. and dance teadws. Fundralslng The vision that 8haw our annual 8¢tsvib¥s r•mèlns the (¥eat)n and lxorrrt)t)Tr of dance Ihe8trg for educatltsnal and cultural purposes. Th6 charity wnFAoys a freelance fundrdiser io help support these ambitns, to raise additlonal funds to tyjr tort grant funding through 8ppIic81Kffts to indidual trusts 8nd foundations. Th8 fundr8iser wcrfks dosely %Mth Dur Executwe Dirodor and Educatw & Prr¥ects Manager to res88rth suitable funds, and to Yjrk together appty. monltc and manage our fundralslng. No person asSead with th¢ company, the charity itseN has subject to fundraIn9 regulabtsn. Thoro have be8n no complèinls rec8iv8d by the chailty or the per80n acting on its b8haif for the purposès of fundraising. Flnanclal R•vl•w ballelLORENT has s8gJred fvndlrg up to 31¥l Morth 2026 as a Nabonal PorttolKJ OTg8nwtion through Art8 Counc51 of England. ballelLORENT has conth'nuèd to rÈe4lvè grants Twsts & Fcwndatkn5 8 focu8 on applica.on$ lor thè Comrnunity Cast Participalion Bnd Pérforman,. Y¢yJth Ac8tJemy and incre88ed eThJBg8ment ¢n araas ol soclo-economic deprivalion in Newcasue and siudio imw0Ments. Grants were received through the Community Foundation. John Ellèm8n Foundats"on. G8thekl Weston. TnJsi, Hays Trav•l, GUling Trust. Thre8 Monkiès, Garrid( charilab Twst, Backsiage Twst. Newcaslle City Council Youth Fund, Sir Jam8S Reckitt. Hull & E8sI Riding Tw$t. H8drian Twst, Didymus. Grn8th8m Hospilal Trusl. Charibes Foundation, Catherine Cook Trust, Sport England. Monisons FoundatK¥). RovTh•'8 polley At the end ol Ihe year the charity had reseryes of £410,551, 01 £76,356 are restricted. Free selVeS lunre5tridèd less ffixed assèts arKI dèsign8ted lundsl total £266.174. tl has been 89reed that 8 rninimum 16val of reserves qUired is £150.0. which is equivalenl to 3 monlh5 ¢)perating Sts. If funding levels dropped signifiantly, this amount would alW Ihe tanty to opar8tè lL$l lurther fundthg was obt8lneJ or 8 plan was made lor the orderty closure ol proieets. Small Company provlslons This has prspared in aeecd8ncA the smam Ixjmpanies regime undor thè CL*nni&S Act 2006. Approved by the Board on 13 November 2025 and swned on its behaff by.. K A Lloyd se¢tary Page 5
Ballet Lornnt Lirnit•d Tru8tees' R•$ponslbllltles In relatlon to the Flnanclal Statements The Iruslees Iwho are also directors cl Ballei Lorent Limrted for Iha wrrx)8es of ¢ornpany lawl are responsible for prèparing the Tru5te8s' Annual Repc¥l and the finawal siatem8nts in )rdance wth applicable law and the Finanrial R8POrting Standard 102 - Tr Financial R•Fthting Standard applicablè in thè UK and Rèpublie ol Ireland.. Company 18W rtouir88 the tw$tee6 to wepam fmarhxl statements for eath financial year which give a true an lair i8w of the stale of affairs ol the tharitabl8 Company and ol tho incoming rèsourcès and application of resour¢8s, induding income arml exp8nditure. ol tho charitstde cLnpany for that p8d. In preparing th888 financA& statemènts, thè tnJst8es 8r8 requi to.. se11 surtabl¢ 8¢unting pc4iue6 and Ihen apF4y them consistenty.. thè methods and prinriF4es in the ChaFib¢s SORP, rnAke Judgements 8nd estimates that 8rn rèaweble and prudent: st818 whether applicable LIK aCCUtIJ standards have been f1, sublect to any matarfal departures dlsclos8d and oxplained in the fin8nrial staloments., and prèpare the financi slaiemenls cffj th8 corKem basis unlo$8 il is inapproat6 to pres¢Jrne that the tharitable c¥)mp8ny lll conbnue In busiM$8. The trustees are responslble lor keeping proper accounting rowds that disdose wth reasonaL40 accuracy al any lime the finandal posilitin of thè Challtsb c&7)pany and 8n8ble Ihem to ansurè th8t Iha financi81 statemènts CLJmply wlth the Companie5 Act 2006. They are a150 r8sponsitde lor saleguarding the assets of the ¢h8ri18ble cL)mpany and h8n¢g for taking reasonabb sltsps for the prevents.on and d81Ktson of fraud and olher IrregulaAtio5. Page 6
Independent Examinerfs Report to the Trustees af Ballet Lorent Llmlt I report on the acwunts ofthe rxJmp8nyfor the year end1 31 March 2025. 1¢ are setout orb pages 8 to 20. Respactiv• r•sponslbllttles of trustees and examlner Th8 trusie8s (who are also the diredtys of the cL¥npanYI the purposes of cornpany lawl are resp)ngble for the preparation of th8 acLounts. The trustees th81 an audit is rKJt required for this year under section 144121 of the Charities Act 2011 lthe 2011 Act) and that an inderndent examinati(#) is needed. The chari¢Ws gross income exceeded 50.0[) and l am qualffjed to utHJertake the examination by being qualified member of the IrkSttute of Chartered Aco)untanls in England aThJ Wales. Hawng satisfied myself that the tharity is not subje¢l to audit under Part 16 of Ihe C(npanies Act 20[ and is eligible for independent examina1. ft is my reSp¢sIbIlitytO'. examine the accounts under Secti 145 ofthe 2011 Act follow the pr¢xedures L8KI ¢)wn in the Gera1 Direcons gwen by the Charity Ccmmissbon under Section 145151 Ibl of the 2011 Act." and state wh8ther partits matters have ctwne to my attention. Basi5 of indepÈrtdent examine¢s port examinats'on was Ggrried out in accA)rdance with Ihe General (Jire(kns 9tven by the Charity Cornmissi(. An examination it)dudes a rewew of Ihe accAwnting re(ths kept by the charity and a comparison of the ar£ounts presented wth those records. It also indudes consi¢Jeotion of any unusual items or di5dosures in the accounts. and seeking explanation5 fro¥n you as Iwu5tee5 conceming any such matters. The procedures undertakefj do not provide all the evid8nce that VAk1 be required in an audii aThJ nsequentlY no opinion is given as lo whether the accounts present a Irve aThJ fair aThJ Ihe port 15 limited to those [llatte set out in Ihe statement b810w. Ind•pond8nt examlnèrfs statement In connection with my ex8rnin8tion. no maiter has CA)me to my attention.. 111 whith giv8s me reasonable cause to bdve Ihal in any materi81 resped th8 r8quirement5.' to keep acujunting rerA)rds in acu)rdan with seclion 386 of the Cornpan Act 20(K", and to prepare acLounts whth arujrd ith the aCUn"j recx)rds. comply with the dCCA)unting requirements of section 396 of the Companies Aci 2(V and with the rr*th(NJs and prin¢iples of the Statement of Recommended Practice." ACCnting and RepOng by Charities have not b8en met., or 121 to which, in my opinion, attention 51KNJld drawn in order to enabl8 8 proper understanding of the actounts to be reathed. FIFTEEN Rosehill Montgunery Way Rosehill Estate CARLISLE CA1 2RW ne Thornlinson FCA d & Co Limited hart8red Acr£Juntants 13 November 2025 Page 7
Ballet Lorent Limltsd ststement of Flnanclal Actlvltles (including Income and Expendlturè A¢¢ountl for the Year Ended 31 March 2025 Unrestrlcted Re6trl¢ted Total Fund$ Total Funds Funds Funds 2025 2024 Not• Incom• and $ndowm8nt8 from.. Donations and legacies Other Ir8ding 8ctiwtie8 Inv8$lm8nt Income Charitsble 8cliviti88 Olhor Incomè Tot81 income and endowments 537.327 1,298 139.730 677,057 1.298 668,549 1.745 136,504 2.418 677.552 136,504 2,418 817,282 112.248 825 783.367 139.730 Expendlturo on.. Ralslng funds Charilable aclivltl6s Tot81 oxp8nditur8 14.510 696.7g2 711.302 14,510 811,767 828,277 12.258 748.949 761,207 114.975 114.975 Net18xpendltureylncome bèforè tr8nsl6rs 133,7501 24.755 18,9951 22.160 Tran8tars Tr8n8fer8 beh¥een funds Net tTr)vem•nls in lund8 133,7501 24,755 18,9951 22.160 R•¢onclllatlon ol fundo Total funds brought forward Total funds c4rri8d forward 367,945 334,195 51,601 76,3 419.546 410,551 397.386 419.546 All of the Ch8rlWs 8clivilie3 derive from conllnulng operallon5 during the abovo p8ri0ds. The notes on pages 11 to 20 fom an integral part of these financial 5t3tern8ntS. Page 8
Ballet Lorent Limited Company reglstration number: 05093450 Balance Sheet as at 31 Mar¢h 2025 2025 2024 Nots Fixed ass•ts Tangible assets 12 68,021 72,754 Current assets Stocks and work in progress Debtors Cash at bank and in hand 144 162,004 215,364 377,512 13 73,766 293,737 367,503 Creditors.. Amounts falling due within one year 14 134,9821 120,7111 Net currènt assets 342,530 348,792 N•1 ass•ts 410,551 419,546 The funds of the charhy. Restricted funds 78,356 51,601 Unrestricted funds Unrestricted incorn8 funds 334,195 367,945 Total charttylunds 410,551 419,546 For the financial year 8nd8d 31 March 2025, the charity was entiued to exemption from audit und8r s8clion 477 of the Cornpanies A¢t 2006. The membèrs have rlot r8quir8d the eharity to obtain an audit of ts accounts for Ihe year in quests.on in accordan with Section 476 of the A¢t. The di¢torS ackno%edge their responsibilities for complying with the requirements of the Act wth respect to accounting records and the pr8paralion of accounts. These accounts have been prepared in accordance th the provisions applicable to companies subject to the 5tnall cornp8nies r8gime. Approved by t oard on 13 November 2025 and signed its beh8K by.. PAFJO Trustee nston The nole5 on page5 11 to 20 fom) an intra1 part of these financial statements. Page g
Ballèt Lorent Llmlt8d Cash Flow Statement for the Year Ended 31 March 2025 2025 2024 Net cash provlded by IuBed by) operatlng activltles Net18XP8nditur8llincom8 lor the rI0 Dapraciation chargès Ilncrease)Idecrea88 in stocks Ilnrx88selldecreas8 in d8btors Increaselldecreas81 in creditors 18,9951 11.363 11441 188.2381 14.271 171,7431 22,160 9,391 1,053 80,471 16.0811 106,994 Not cash provldad by lusad Inl Inv08tlng aetlvltlgs Purchas8 of proparty, plant and equipmènt 16,6301 16.6301 135,7171 135,7171 178,3731 71,277 The notes on pages 11 to 20 form 8n integral part of these financlal stalernents. Page10
Ballet Lorent Limited Notes to the Financlal Statements for the Y•ar Ended 31 March 2025 Accountlng pollel85 Summary of sl9nlflcant aeeounting polici85 and kèy accounting •$tlmates Th8 priNpaI ac(x)unling policies applied in the praparalion of these finan¢ial stat8rn8nts ar8 set out b810w. These policies have been ¢onsislenlly applied to all the yaats presented, unless othetwise slated. Statement of compliance The financi81 ststements have been prepared in accordance with A¢¢ounling and Reporting by Charities.. Statement of Recommended Pra¢li¢e applicable to charities preparing their accounts in a¢¢ordan¢e with the Flnanclal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeGlive 1 January 20191- Ichanlies SORP IFRS 10211, the Finanual Reporting Standard applicable in the UK and Republic of Ir818nd IFRS 1021 and th8 Companies Act 2006. Basi5 of preparation The charitable company rneels the definition of a public benefit entity under FRS 102. Assets and liabilities ar8 initially recognised al historical cost or transaction value unless Otherwise stated in the r818vant a¢¢ounting policy notes. Going concern The charity has consi(Jered whether the use of the going conc8rn basis for accounting 15 appropriate. To do thi5, they have considered whether there are any rnalerial uncertainties 8S to the Charitys ability lo continue as 8 going concern. Th8 trust88s prepare detailed cash flow projections and budgets and as a result of these reviews, Ihe trustees are satisfied there are no rnalerial uncertainties about the charity's ability to ¢onlinue as a going cOnM. Fund accounting polScy Unrestricted inctsme funds are general funds that are available for use at the trust8es' dis(xetion in furthefdnce of the objectives of the charity. Restri¢ted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Further details of each fund are disclosed in note 19. Pag811
Ballet Lorant Limited Notes to the Flnancial Statements for the Year Ended 31 Mar¢h 2025 continued In¢ome and endowments Donations are re¢ognised when the Charity has been notified in writing of both ihe amounl and seit18rnent date. In the event that a donation is subject to conditions that require a level of p8rfomi8nc8 by the Charity before the Charity 15 entitled lo the funds, the income is deferred and not recognised until either those Conditions are fully rnet, or th8 fuifilment of those ¢ondition5 is wholly Mrithin the CA)ntrol ol the Charity and il is probable that these conditions will be fulfilled in the rewrting period. Legacy gifts are r8cognis8d on a case by case basis following the granl ol probate when the administorlexecutor for the estate has communicated in writing tK)th the amount and settlement date. In the event that Ihe gift is in the form of an ass8t other than cash or a financial as58t trdded on a recognised stock exchange. recognition is subject to the valve of the gift being reliably measured wth a degree of asOnable accuracy and the tiue to the asset having been transferred to the Charrty. Incorne from Gov8mment and other grants. whether 'c3pilal' grants or'revenue. grants, is recognlsed when the charity has entitlement to the funds, any performanc8 conditions attached to the grant5 have been met, it is probable that the income will be received and the amount Can be measured reli8bly and is not deferred. Income from tax reclairns 8r8 inrjuded in the statement ol financial adiviti8s at the same time as the gift to whith they relat8. Investment income is recognised on a r6c6ivable basis. In¢ome from charitable actsvities includ8s income r8cognised as eamed las the r8lat8d goods or s8rvices are provided) under contract. Expendi¢ur¢ Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accnjals b8sis and has been dassified under headings that aggregate all costs related to the category. Expenditure on raising fun¢Js 15 th8 cost of trading for funéolslng purposes. Charitsble expenditure compri585 thos8 Costs incurred by the charity in th8 delivery of ts a¢tiwties and services for its beneficiaries. 11 includes both costs that can be 8llocat8d direcfjy to such activities and thos8 rA)sis of 8n indirect rnatu ne$sary10 support them. Support costs Support costs includè caniral furictions and hav8 been allocated to activity cost >8gori85 on a basis nsistent wth the use of resources, for example, allocating property costs by fl(x)r areas. or p8r c8pIIa, staff costs by the lime spent and other costs by their usage. Irrecoverable VAT Irre¢overable VAT Is charged against the rategory of resources expended for which it w85 incurred. Taxatlon The Charity is considered lo pass the tests set out In Paragraph 1 Sehadule 6 of th8 Finan¢8 Act 2010 and therefore it meets the definition of a charitable company for UK ¢orporation tax purp05e5. Accordingly. the Charity is poleniially exempt from taxalion in respect of incom8 or capital galns ceiVed wilhin categories cover8d by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such Income or gains 8re applied exclusively to charitable purposes. Flxed assèts Individual fixed assets costing £100 or more are initialty r8cord8d at cost. Page12
Ballat Lorent Limit•d Notes to the Flnanclal Statements for the Year Ended 31 March 2025 . continued Dèpr•¢latlon Depre¢iation is provided on tangible fixed assets Scb as to wri18 off the cost or valuation, less any estimated residual value, over their expected useful economie lif8 as follows.. FSxlures. fittSngs and equipment 15% reducing balan¢e basis Stock Sl(Kk is valued at the bwer of cost and net realisable valu8. after due regard for obso18te and slow moving stocks. Net realisable value Ss ba$8d on s811ing price less anticipated costs lo completion and selling costs. Items ¢Jonated lor sale or distribution are not included in the financial statements until they are sold or distributed. Trade Debtors Trade deblors are arnounls due from customers for merchandise sold or services perforrned in the ordinary cours8 of business. Trad8 debtors a recognised initially at the transaction price. Th8y 8fe subsequently measured at amortised cost using the effective interest method, less provision for Impairment. A provision for the Impairment of trade debtors is 8stablished when there is objective eVIden that the Charity will nol be ètAe to collect all amounts due according lo the original terms of the receivables. cash at)d ¢a$h Equlvalenl8 C88h and c8sh equiva18nts comprise cash on hand aThJ call deposits, and 0th8r short-term highly liquld investments that are readily ¢onvertible to a known amounl of c¥$h and are subject lo an in$ignific8nt llsk of change in value. Llabllltle$ Trade ueditors are obligations to pay for good5 or services th8t have been a¢quired in the ordinary course of business from suppliers. AcLounts payable are classifd as current liabilities if the Charity d08s not have unconditional right, at the eno of the reporting period. to defei settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least ¥elve months after the reporting date, they a psented a5 non-current li8bilities. Trade creditors are recognised inibally at the transaction price and subsequenuy measured at arnortiS8d cost using the effective Interest method. Operatln9 leases L8a888 in which substantially all the risks and rewards of ownership 8r8 retained by th818ssor are classified as operating leases. Rentsls payable under operating leases are ¢harged in the Statement of Finanaal Activities on a slraighl Ilne basis over the leas8 t8mi. P¢n$lon$ The charity operates a defined contribution pension scherne. Contributions are charged in the statement of financial activities as they becom8 payable in accordanc8 Wth the rules of the scheme. Pag813
Ballat Lor8nt Llmltad Notes to the Flnan¢lal Statemènts for the Year Ended 31 March 2025 . ntInUed Financial instruments Financial assets and finanaal liabilities are reGognSsed when the charity becornes a p8rty to the contractual provisions of the instruffl8nt. Finanoal liabilities arEd equity instwments 8r8 ¢lassified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets ol the Charity after deéucting all of its liabilities. All financial assets and liabilities are initially measur8d at transaciion pric8 lincluding Iransactlon costs), except for those financial assets classified as at fair value through profit or loss. whi¢h are initially rnea5ured at lair value (which is normally the Iran58etion price excluding transaction costs), unless the arr8ng8rn8nt conslitules 8 financing transaction. If an arrangernent constitute5 a financing transaction, the financial asset or financial li8bility is measured at the present value of th8 futur8 payrnent5 discounted a¢ a mart(&t rat6 of interest for a similar debt instrument. Financial ass8ts and liabilities are only offset in the statement ol financial poslllon when, And only when there exists a legally enforceable right to set OH the recognised atnounts and the Charity intends either to settle on a net basis, or to realise the asset and s8tt1e the liability simultaneously. Financial assets are derecogni5ed when and only when al the contractual right5 to the tlows from the rinancial asset expire or ar8 setued. bl the Ch8rity transfers to another party substantially all of the risks and reward5 of ownership of the financial a5sel, or cl the Charity. despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilits"e5 are d8recognised only when th8 oblon sp8cif18d in th8 contra¢t is discharged, canc£lle(J or expires. Donations and lega¢les Unrestricted Restricted Total Fund8 Totsl Funds Funds Funds 2025 2024 Grants Trusts and foundaiions Arts Council of England public grdnts Other grants 104,355 104,355 537.327 35,375 677.057 117,002 545.328 6.219 668.549 537,327 35,375 139,730 537,327 01 the donations and legacies in¢ome in 2024, £546,077 relat8d to unrestrict8d funds and £122.472 r&lated to $triCted funds. Other tradlng a¢Uvltlos Unrestricted R¢striGt¢d Total Funds Total Funds Funds Funds 2025 2024 Fundraising Gift aid incom8 1,158 140 1,298 1,158 140 1,298 1.660 85 1.745 All of the other trading actswties income in 2024 relalod lo unrestricted funds. Pag8 14
Ballet Lorent Limited Notes to the Financial Statemènts for the Year Ended 31 March 2025 . w?tinued Investment income Unrestricted Re$trl¢ted Total Funds Totsl Funds Funds Funds 2025 2024 Interest receivable Charltsble a¢tlvl¢les Unrestrfcted Restricted Total Funds Total Funds Funds Funds 2025 2024 Artistic programme Digital production income Other eamed income Theatre tax relief receivable 43.209 8.938 16,820 67.537 136,504 43,209 8,938 16,820 67,537 136,504 45.811 1,252 16.980 48,205 112,248 All of the Ineome from eharitabla activities in 2024 related to unrestricted funds. Other Income Unrestrfcted RestrCted Total Funds Total Funds Fund$ Funds 2025 2024 Rental income 2.418 2,418 825 All of the other incorne in 2024 related to unrestricted fund5. Page 15
Ballet Lorent Limltad Not•s to the Flnancial Statfrments for the Year Ended 31 March 2025 . continued Exp•ndltur• Fundraising Perfomianc e5 Total 2025 Total 2024 Dlr8Ct costs Opening stock Perforrnance costs Artist fees Activity costs Merchandise costs Closing stock Sub¢ontractor costs Office rent Venue hire and linceS Trdvel and accommodation Roy81ti8s payable 1,053 131,938 46,724 103,606 96,910 440 478 11441 103.606 96,910 440 478 11441 14.510 48,100 1.268 49,767 1,205 316,140 14,510 13,404 40,476 12.928 44,494 1.867 292.884 48,100 1,268 49,767 1,205 301,630 14,510 Support cost5 Employment costs Business r818s Insuran Repairs and maintenanr Telephone Printing. postsge and stationery Sub5CriPtions Sundry expenses Mark@ting Accounlanty and professional Independent examinels lee Legal and professional fees Bank Charges other interest payable Oepreciation of fixture5, fith'ngs and equipment Tralning and consultancy 437,511 1,697 4,017 15,242 2.265 2,141 5.351 6,726 11,008 5,739 450 5,671 464 437,511 1,697 4,017 15,242 2,265 2,141 5,351 6,726 11,008 5.739 450 5,671 464 373,336 1,664 3.713 2fj.724 2.610 1.949 4,897 12.937 12,156 7.457 450 13.907 485 21 9.391 1,626 468.323 11.363 492 510.137 11.363 492 510.137 14,510 811,767 826,277 761,207 Of the expenditure in 2024, £666,078 related to unr8Strfcl8d funds and £95.129 related to re5triGled funds. Page 16
Ballet Lorent Limitad Noto5 to tho Flnanclal Statements for the Year Ended 31 March 2025 .. conlinuod Govornanc• costs 2025 2024 Accounlancy fees Ind8pgnd8nt exarnSnèr's faa Legal and professional f885 5,739 450 5,671 11,860 7.457 450 13.907 21,814 Tru8t•¢8' remungratlon and oxpon5•8 No Iruslee8 rec8lV8d any remunèration or èxpènses ¢Jurlng th8 ye8r. 10 Net l•xp•ndlturelllncoma N$1 lèxpanditurelllncome Is stsled after ch8rglng'. 2025 2024 O$praclatlon ol tanglble flxed assels 11.363 9,391 11 Emplo0&, r•mun•ratlon Th8 monthly avar8ge numberol persons (including s8nlor management) employed by the charity durin9 tha year was as follows.. 202S No. 2024 Charitable 8clsvitie8 15 14 Th8 aggregate payroll costs ol these persons were as followg.. 2025 2024 W8ges and sal8riaS Social s8curity Other pension costs 391,723 32,884 8,840 433,447 338,403 27.187 7.746 373,336 No employee re¢8ived emoluments ofmore than £60,000 dudn9 the year. The key managgrn8nt personnel compris8 th8 Truste8s and the Company Secretary. Tha total employee benefits of the kgy management P8rsonnel ofthe Charity were £51,72012024- £47,048). Page 17
Ballet Lorent Limltad Notes to the Flnanclal Ststsments for the Year End¢d 31 March 2025 Continuod 12 Tonglble flx•d assets Flxtur8S, ttlng$ and equlpment Cost As 611 April 2024 Addits'on$ As at 31 March 2025 120,81 6.630 127,520 0opr•¢latlon As at 1 April 2024 Ch8roé lor thè ytsar As 8t 31 Marth 2025 48.136 11,383 59.499 N•t book v*lu• As 8t 31 March 202S AS at 31 MBr¢h 2024 68,021 72.754 13 D•btor• 2025 2024 Trad• dèblcn Olher debtors Propoym•nts and accru•J inc(N 20,670 115,742 25,592 162,004 3,521 53.637 16.608 73,786 14 Cr•dltor8: Amoublts l•lllng du• wlthln on• s•ar 2025 2024 Trade uedrtors Taxation and 81 w¥rity Olher eroditor5 Accwals and %Jelerred inc 7,283 4,024 70 23,605 34,982 11.105 Yo 9,536 20,711 Pagt 18
Ballet Lorent Limited Notes to the Flnanclal Statements for the Yèar Ended 31 March 2025 . continued 15 Members, Ilablllty The Charity is a privat8 eA>mpany lirnited by guarantee and eonsequenly does not have sh8r8 capital. Each ol the mernbers Is liable to c£)ntribut8 an amount not exedIng £1 towards the assets of the tharity in the 8venl of liquidation. 16 Operatlng l&a$• commltm•nts A5 at 31 March 2025 the charity had total future mlnimum lease payments under nOn-¢anlIable operating 188ses as follows.. Land and Bulldlngs 2025 2024 Within one year 36,075 36.075 17 Penslon scheme Dèflnod contrfbutlon nSIon scheme Th8 charity op8rates a defined contribution pension scheme. The pension cost charge for th8 period represents ctsntribulions payable by the charity to the scheme and amounted to £8,84012024- £7,746). The were no outstanding prepaid wntributions at either the beginning or end of the financial year. 18 Related partles Controlling entty The eharity is controlled by the trustees who are all directors of the cornpally. 19 Analysls of fund$ At 1 April 2024 Incomlng rèsourcès Resource$ oxp8ndod At 31 March 2025 General Funds Unrestricted incotne fund 387.945 677,552 1711.3021 334.195 Restricted Funds Core restricted S1.601 139,730 1114.9751 76.356 419,546 817,282 1826,2771 410.551 Cor8 re5tricted- Grants reIved for speriC projects wthin the tharity. Page 19
Ballet Lorent Limited Notes to the Financial Ststements for the Yèar Ended 31 March 2025 .. t7)ntinu8d Prlor perlod Al 1 Aprll 2023 In¢oming r•$our Resources expended Transfers At 31 Mar¢h 2024 Gon8ral Funds Unrestsicted income fvnd 367.598 660.895 1666.078) 367,945 Restrlcted Fund$ Core restricted 29,788 397.386 122.472 783.367 195.1291 1761.2071 15.5301 51.601 419.546 20 Net assets by fund Unrestricted Furbds Restricted Funds Total Funds 2025 Total Funds 2024 Tangible assets Current assets Creditors.. Amounts falling due within one year Nel assets 68.021 301,156 68.021 377,512 72.754 367.503 76.356 134.9821 334,195 134.9821 410,551 120,7111 419.546 76.356 Prior p8rtod UnstrICted Funds R¢strlct¢d Funds Totsl Funds 2024 Total Funds 2023 Tangible a&%8ts Current assets Creditor5". Amounts f811iThJ due within on8 year Net as5els 72.754 315,902 120.7111 367.945 72,754 367.503 46.428 377.750 51.601 120.7111 419,546 126.7921 51.601 397.386 Page 20