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2023-03-31-accounts

Changing Dancers Lives

Dancers’ Career Development Registered charity Company Limited by Guarantee

Trustee Annual Report & Financial Statements Year Ended 31 March 2023

Charity number: 1168958 Company number: 10137622

“We can see the world outside of dance and connect our struggles to those faced in other sectors. What could be possible if every dancer got the chance to experience this.”

James Streeter, First Soloist, English National Ballet and DCD Beyond Dance Mentee, 2023.

Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

Contents
Contents		 Page
Page
Reference and Administrative Information
Reference and Administrative Information		 3
Message from the Chair
Messagefromthe Chair		 4
Report of the Trustees
ReportoftheTrustees		 5
Independent Examiner’s Report
Independent Examiner's Report		 15
15
Statement of Financial Activities
Statementof FinancialActivities		 16
16
Balance Sheet
Balance Sheet		 17
17
Statement of Cash Flows
Statementof Cash Flows		 18
18
Notes Forming Part of the Financial Statements
Notes Forming Partofthe Financial Statements		 19
19

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

REFERENCE AND ADMINISTRATIVE INFORMATION

Governing document: Memorandum and Articles of Association Charity number: 1168958

1168958 10137622 Nancy Glynn – Chair (Appointed 1 January 2023) Zoë van Zwanenberg – Chair (Resigned 31 December 2022) Robert Alexander (Resigned 1 January 2023) Viviana Durante (Resigned 15 June 2023) Fred Emden Joce Giles (Appointed – Vice Chair 24 May 2023) Charles Glanville – Vice Chair Hilary Hadley Ida Levine Ingrid Mackinnon Jean-Marc Puissant Sue Sloan Dr Sara Wookey N.B DCD has two Vice Chairs in the interest of succession planning.

Company number:

Trustees (Non-Executive Directors)

The trustees who are also directors under company law who served during the year and up to the date of this report were as follows:

Executive Director (Senior Jennifer Curry – Resigned 7 July 2023 Management Personnel): Vanessa Lefrancois – Appointed 10 July 2023 Registered office and operational Plouviez House, 19-20 Hatton Place address: London, EC1N 8RU Independent Examiner: Simon Erskine 61 Mortimer Road London, NW10 6QR Financial advisers: CCLA Senator House 85 Queen Victoria Street London, EC4V 4ET Bankers: Unity Trust Bank PO BOX 7193 Planetary Road Willenhall, WV1 9DG Solicitors: Russell Cooke LLP 2 Putney Hill London, SW15 6AB

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

MESSAGE FROM THE CHAIR

I am honoured to be addressing you as the new Chair of Dancers’ Career Development’s (DCD) as we begin our landmark 50th Year Anniversary. For 50 years the charity has pioneered the development of career development and retraining support for dancers in the United Kingdom. DCD was the first transition programme for professional dancers in the world when it was founded in 1973 and was born out of the wisdom and innovation of individuals, dance companies, Arts Council England and Equity.

DCD would not be where we are today without the foresight, courage and ongoing investment of our six partner companies, whom we work very closely with to ensure responsive and relevant support for their dancers. We greatly value these partnerships and thank everyone connected with the companies wholeheartedly for their unwavering support.

Collaboration and partnerships are at the heart of DCD and allow us to open up possibilities of creativity and innovation in delivering our charitable objectives. We continue our pioneering partnership with ZooNation: the Kate Prince Company, working together to offer Hip Hop artists the opportunity to invest in their personal development through our programme SHIFT. We also continue our work with Dance Professionals Fund – ensuring more funding is available for retraining bursaries for independent dancers.

Thanks to the support of our partners, our newly formed Development Council and the work of Abigail Walton, Director of Development, we have this year developed relationships with new funders including the Foyle Foundation, Garfield Weston, Abderrahim Crickmay Charitable Settlement and the Victoria Wood Foundation. We are deeply honoured that these funders, alongside longstanding partners including The Linbury Trust and the Royal Opera House Benevolent Fund, choose to support our work.

Equality, Diversity and Inclusion continues to be at the forefront of everything we do. We were pleased this year to recruit 5 outstanding individual freelance artists to be part of our first EDI working group, alongside staff members and Ingrid Mackinnon, EDI Board Champion. The past year has seen some significant changes in Governance and Senior Leadership, with the departure of Chair Zoe Van Zwanenberg, whose dedicated service for 10 years ensured that DCD was able to continue to build upon its foundations and not only survive the COVID-19 pandemic, but come out stronger, having responded fearlessly to the needs of dancers.

DCD is indebted to Zoe for her service.

Rob Alexander also sadly stepped away from the Board of Trustees this year. We are incredibly grateful to Rob for all of his hard work and contributions to DCD; he is sorely missed.

The charity has also in July 2023 said goodbye to it’s Executive Director, Jennifer Curry. Jennifer has led DCD with great foresight and dedication over the past 13 years, making a lasting contribution to our organisation’s growth and impact in delivering high-quality support for professional dancers across the UK. She has built deep connections with beneficiaries, funders, and partners that will be cherished and nurtured for many years to come. We are grateful for all she has achieved and wish her continued success in her future endeavours.

We are delighted to welcome Vanessa Lefrançois as DCD’s next Executive Director. With her background as a contemporary dancer and choreographer, combined with her leadership experience in both the dance and theatre sector, Vanessa brings a unique perspective to DCD. Her understanding of the dance world and ability to navigate change will build upon our 50-year legacy. She also embodies the heart and spirit that is at the core of the charity. We look forward to working closely with Vanessa, our team, and partners to continue making a meaningful difference in the lives of dancers.

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

We also this year welcomed Emily Labhart (part-time, fixed term contract) to DCD in the newly created role of 50[th] Anniversary Producer. Welcome Emily! Our programme of work is overseen by a dedicated Board of Trustees, who I would like to thank personally for all of their support. We are also grateful to members of our Grants Committee who continue to give their time and effort to assess the hundreds of applications for financial support we have received from dancers this year.

As DCD begins our anniversary programme in September 2023, let us unite in celebration, honouring 50 years of learning, collaboration, and partnerships across the dance sector to transform lives through lifechanging retraining bursaries and unwavering support for dancers as they navigate their post-performance careers across the arts and beyond.

We look forward to honouring our past accomplishments and to mark a new chapter in the history of DCD, supporting the brilliant and multi-faceted dance sector.

A heartfelt thank you from all at Dancers’ Career Development for all of your support.

Nancy Glynn

Chair of the Board of Trustees 13 September 2023

REPORT OF THE TRUSTEES

The Trustees of Dancers’ Career Development are pleased to present their annual report together with the financial statements of the charitable company for the year ending 31 March 2023 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

This report highlights DCD’s achievements and impact during financial year 2022-23 in core areas such as Equality, Diversity and Inclusion, Dancer Support Programmes, Advocacy, Strategic Partnerships and Fundraising, as well as outline the charity’s strategic priorities for the following year.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Our purposes and activities

The charitable objectives of Dancers’ Career Development (DCD) are:

  1. The advancement in life of dance students which is achieved through, in particular but not exclusively, the provision of support, advice and assistance;

  2. The relief of unemployment of professional dancers in such ways as the Trustees think fit including by the provision directly or indirectly of advice, coaching, vocational training and re-training;

  3. To carry out such other legally charitable purposes for the benefit of such persons as aforesaid as the Trustees shall from time to time determine.

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

The principal activity of DCD is to support all professional dancers in the UK to navigate a successful career transition, at the end of their performance careers. To realise our core purpose, DCD offers guidance to professional dancers from all dance genres, through a range of relevant support programme, which includes:

We refer to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, we consider how planned activities will contribute to the aims and objectives that we have set. DCDTrustees are satisfied that Dancers’ Career Development meets the Charity Commission’s guidelines with regard to delivering public benefit.

ACHIEVEMENTS AND IMPACT

1. Equality, Diversity & Inclusion

In 2022/23 we have continued our EDI journey working with 5 independent artists from diverse dance genres as part of our EDI working group. Through the year the group, which includes DCD’s EDI Board Champion, Executive Director and two members of staff, has developed the organisations EDI Principles, 3- year ambition for our 23-26 Business Plan and EDI Action Plan. Independent dancer members, Chair the group on rotation and report directly to the Board of Trustees, as part of our commitment to leadership development of EDI members.

Actions implemented as a direct result of feedback from the EDI working group include:

We look forward to continuing our work with our current members and recruiting a new working group in autumn 2023.

Plans for 2023/24 include:

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

2. Dancer Support Programmes

The Programmes team have worked tirelessly to deliver responsive and dynamic programmes of the highest quality. Last year, DCD supported over 2,000 professional dancers and dance students across the breadth of the UK. Dancer participation across all charitable programmes continues to be higher than ever before

Delivery and impact highlights include:

Coaching: DCD’s freelance coaches, led by Director of Coaching Isabel Mortimer, provided over 440 Personal and Career Coaching sessions, to enable dancers to move forwards with their career plans.

Mentoring: 32 dancers were matched with senior executives outside of the dance sector, in our revolutionary Beyond Dance Mentoring programme in partnership with Moving Ahead: of which 25% of mentees were from a South Asian Dance and 10% from a Hip Hop performing background. ‘It has been challenging and has encouraged a leap out of my comfort zones. Meetings with my mentor were always inspiring and energising. ’ 2022 Participant.

Upskilling & Professional Development Workshops : 59% of participants attending EVOLVE and EVOLVE Digital workshops were based outside of London. 28% of attendees identified as being from the Contemporary genre, 10% Ballet and 14% from Community dance. Psychological & Resilience & Wellbeing Workshops: DCD has continued its partnership with ACT3 Psychology for a series of online training events “Skills for Living” reaching over 130 dancers.

One to One Guidance & Support : DCD staff held over 200 one to one advice surgeries with dancers.

Retraining & Career Exploration Grants: DCD has awarded over £284,000 in career exploration and retraining grants to 94 professional dancers across the UK.

Conservatories & Schools Programme: over 400 students attended one of 16 sessions delivered at English National Ballet School, The Royal Ballet School, Elmhurst and Trinity Laban, Performance Preparation Academy and Northern Contemporary Dance School. DCD’s continued to support students on English National Ballet School’s graduate Trainee Programme and we delivered a pilot mentoring programme with The Royal Ballet School third year students, matching 26 students with DCD alumni.

“I found this such a useful and inspiring workshop that made me excited for the future of dance rather than scared” Participating Student 2022

Over the course of the coming year will continue to focus on improving equity and accessibility across all DCD programmes with a focus on dancers from a South Asian, Hip Hop and Musical Theatre background.

Plans for 2023/24 include:

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

3. Advocacy

We are aware not everyone within the dance sector is aware of DCD and the work we do. We continually try to address this, through our eclectic career support programme, strategic partnerships and advocacy work.

Advocacy work during 2022/23 included:

REACH Ambassadors: DCD recruited new dancer REACH Ambassadors to ensure strong representation in all Partner Companies and added three independent Hip Hop artists from the SHIFT programme (in partnership with Zoo Nation: The Kate Prince Company) to its cohort.

Momentum Assembly: An annual event for HR, Company Management and Medical staff from DCD’s Partner Companies to connect, collaborate and activate. One of the key themes that came up was the ways in which DCD and the Partner Companies can work together to better support dancers who are transitioning to management roles within the companies, and also how DCD can work more closely with the medical staff to equip them with the tools to talk about transition with dancers.

Plans for 2023/24 include:

4. Building strategic partnerships

We continue to collaborate with partners in order to broaden our reach, enhance our creativity and ultimately to enable us to better support professional dancers across the UK.

DCD is an essential part of the UK Dance ecology and we have continued our work with a diverse and vibrant group of organisations across the UK and globally.

SHIFT: We were delighted to continue our partnership with ZooNation: The Kate Prince Company to provide a paid opportunity for freelance Hip Hop dancers who wish to explore different career options beyond the stage. The three successful dancers in 2022 were, Ffion Campbell-Davis, Saskia Horton and Francesca Miles, who will all gain financial assistance, mentoring and coaching towards exploring options to support their professional development.

East London Dance: We have continued our partnership with East London Dance, offering financial and pro bono support for the artists who form part of Ideas Fund.

Clore Leadership: We continue to support dancers to explore their leadership abilities and become the next generation of leaders working in the Creative Industries through bursary support for a Clore Fellowship (in partnership with Linbury Trust) and Emerging Leaders Programmes.

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

Plans for 2023/24 include:

5. Fundraising DCD has made significant strides in fundraising this year. Increasing support from National Trusts and Foundations over consecutive years is critical to help fund our aspirations for dancers.

Key highlights include:

New funders: secured funding from two new national funders, The Foyle Foundation and Garfield Weston as well as Abderrahim Crickmay Charitable Settlement and the Victoria Wood Foundation.

Secured multi-year agreements : successfully applied for multi-year agreements from long-standing Trusts and Foundations to enable longer term planning.

Big Give: Delivered DCD’s very first Big Give Campaign, raising over £20,000 for independent artists.

Development Council: established a working group comprising of Trustees and Development specialists to support the Director of Development in raising funds, particularly through the 50[th] anniversary.

Plans for 2023/24 include:

FINANCIAL REVIEW

Total income for the year was £672,082 (2021/22 £437,827) of which £463,432 was unrestricted (2021/22 £377,127) and £208,650 was restricted income (2021/22 £60,700).

Total expenditure for the year was £704,315 (2021/22 £599,636) of which £484,598 was unrestricted (2021/22 £506,743) and £219,717 was restricted expenditure (2021/22 £92,893).

Total funds carried forward at 31 March 2023 was £817,659 (2021/22 £857,803), which was made up of unrestricted reserves of £706,300 (2021/22 £734,659) and restricted funds of £111,359 (2021/22 £123,144).

Income from Partner companies amounted to £301,992. Other notable income streams included continued funding from Acting for Others of £62,000, support from The Royal Opera House Benevolent Fund equating to £49,650.

The market value of the investments amounted to £880,558 as at 31 March 2023 (2021/22 £888,469) and the net investment loss was £7,911 (2021/22 gain of £92,559).

Total expenditure on charitable activities during the year amounted to £560,802. This was expended on the charity’s dancer support programmes and included £319,417 expended on Retraining Grant Making and £164,853 expended on Coaching, EVOLVE workshops and guidance. Retraining grants payable amounted to £225,891.

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

Staff costs for the year were £301,597. This figure includes all DCD personnel deployed to raise funds, deliver the organisation’s charitable activities and administrate the charity; in addition to external freelance marketing and accountancy support costs. The average head count of employees was 6.6, which equates to 5.1 full-time equivalent staff. Please refer to notes 4 and 5 in the Notes to the Financial Statements for a detailed breakdown of how staff costs were allocated.

The movement in funds on the unrestricted independent dancers funds, the Partner companies fund and the restricted independent dancers funds may be seen in note 15 to the financial statements.

INVESTMENT POWERS, POLICY AND PERFORMANCE

Investment performance during the year was as follows:

Net loss on investments: £7,911.

The Market value at 31 March 2023 was £880,558.

The Investment Objectives as outlined in the investment policy are:

RESERVES POLICY

DCD’s reserves are in the form of listed investments and bank deposits, the fluctuating income from which, when added to the contributions DCD receives from the companies and other sources of income, enables DCD to deliver the programmes it provides for dancers and to make discretionary awards to applicants.

Throughout their career, professional dancers accrue the number of performance years as required by DCD’s eligibility criteria and therefore the option to apply to DCD for financial assistance. The number of dancers who could apply for DCD financial assistance on an annual basis is very difficult to quantify as the dancers are not obliged to apply for the assistance immediately upon becoming eligible to do so, and their decision to embark on a new career is generally influenced by a number of unpredictable factors. As a result, it is necessary for DCD to hold an appropriate amount of reserves, so as to help ensure that the charity can maintain its programme of support to all eligible professional dancers.

The DCD policy on free reserves is to hold no less than 3 months total expenditure (£180,000 on current levels of expenditure) but optimally 6 months (£360,000 on current levels of expenditure). Free reserve levels stood at £186,924 at 31 March 2023.

The reserves as at 31 March 2023 were as follows:

Unrestricted funds(includingdesignated funds)
Unrestricted funds (including designated funds)		 £706,300 – includes free reserve of £186,924
£706,300- includes free reserve of £186,924
Restricted funds
Restricted funds		 £111,359
£111,359
Total funds
Total funds		 £817,659
£817,659

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

GRANT MAKING POLICY

Key areas include:

In 2020/21 DCD reviewed and refreshed key documentation for dancers including guidelines for making an application to DCD and guidelines for Grants Committee members when assessing applications. No major changes to Grant Giving policy were implemented, other than the continuation of a cap of £1,000 to Independent dancers who are not in receipt of a Bursary.

VISION FOR THE FUTURE OF DANCERS’ CAREER DEVELOPMENT

From September 2023, DCD will be celebrating its landmark 50[th] Anniversary Year with a 12-month, national programme of events and workshops bringing together supporters, alumni, Partner Companies and dancers from every dance genre. This programme will help DCD elevate its profile and deliver its strategic priorities as outlined in our 2023/26 Business Plan.

Strategic Aspirations for DCD in 2023/24 are:

We stand on the shoulders of those who came before us, and this is an opportunity to celebrate our legacy and the depth of DCD’s impact for our sector, whilst looking forward to the next 50 years – ensuring we continue to offer relevant, life-changing support for dancers. Dancers are the heart of everything we do our

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

50[th] Anniversary is no exception: the programme will be co-created with dancers, and all dancer voices will be celebrated and elevated.

Key 50[th] Anniversary Objectives are:

  1. To raise DCD’s profile within the dance sector (reaching more diverse dancers, creating new partnerships across the UK, and making our offer relevant for all dance genres – with a particular focus on South Asian Dance and Hip Hop)

  2. To raise significant additional funds to support retraining bursaries for independent dancers and our core work; to strengthen our relationships with current supporters and funders; to raise our profile beyond dance and to innovate new sustainable fundraising approaches

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

DCD’s Trustees are responsible for administering the charity and meet on average 4 times per year to agree strategic and policy matters and to review the operational performance of the charity. There are four subgroups who report into the Board via their respective Chairs: Audit and Risk (review audit and risk and make recommendations to the Board); the Grants Committee (autonomous grant making decisions within agreed eligibility criteria, terms and conditions); Equality, Diversity and Inclusion Working Group and Development Council.

The day to day management of the charity, strategically and operationally, is the responsibility of the Executive Director, who manages all members of permanent staff other than the Programmes Administrator who is managed by the Programmes Manager: Inclusion and Impact Lead and 50[th] Anniversary Producer who is managed by the Development Director.

The Board of Trustees:

The Board is made up of 10 Trustees . The Board met six times during the year.

Director induction and training:

Each Trustee receives an appropriate induction and training following the appointment, led by the Chair and Executive Director. New Trustees are given relevant induction material such as the charity’s governing document, accounts and minutes from meetings. This includes key guidance produced by regulators and other organisations.

Grants Committee:

The Grants Committee was chaired by Trustee, Sue Sloan, and met three times during the year, reporting to each subsequent Board meeting. The remit of the Committee is to consider dancer applications and award Financial Retraining Grants and Bursaries, with the authority to award funds within a budget set by the Board. New Terms of Reference for the Committee were agreed by the Board in May 2021.

Audit and Risk Committee:

The Audit and Risk Committee is chaired by Trustee, Fred Emden, and met four times during the year, reporting to each subsequent Board meeting on its business. The objectives of the Committee are as follows: to provide the Board of Trustees with an assessment of DCD’s external audit and statutory annual accounts, with the objective of providing assurance of the quality and reliability of the published statements; and to review/oversee the establishment and maintenance of effective systems of governance, risk management, internal controls, and an appropriately robust financial and legal framework, across the whole of DCD’s activities, that support the achievement of the organisation’s objectives and strategic goals.

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

Equality, Diversity and Inclusion Working Group: The Working Group met three times in the year, reporting to each subsequent Board meeting on its progress. The objective of the Working Group is: to contribute to and co-create DCD’s EDI policies and Action Plans to improve equity, diversity and inclusion across DCD’s workforce and the dancers it engages with. The group bring a unique perspective and varied lived experiences, that help DCD develop relevant, far-reaching and inclusive programmes. The Working Group has a rotating Chair comprising of independent dancers.

Development Council The Development Council is chaired by the Development Director and meets up to four time per year. It comprises of Trustees and fundraising specialists, its purpose is to support the Director of Development in increasing fundraised income for the charity.

RELATED PARTIES

All related party connections and transactions between Trustees or senior management and the charity are disclosed to the Board in the same way as any other contractual relationship with a related party. Details of Trustees ’expenses and related party transactions are disclosed in notes 6 and 8 to the financial statements. Aggregate unrestricted donations from related parties were £28,000 for the year ended 31 March 2023.

Two Trustees are eligible to apply for DCD grants and access free DCD support programmes. Financial awards are bound by the Grant Committee’s eligibility criteria, terms and conditions, subject to decisions made by DCD’s independent Grant Panel, and disclosed for transparency and the public record.

For the record, trustee Dr. Sara Wookey participated as a mentee on the Beyond Dance Mentoring programme received nine coaching sessions and attended four online workshops. No financial awards were granted to Trustees in 2023.

PAY POLICY FOR SENIOR STAFF

All Trustees give of their time freely and no Trustee received remuneration in the year. The Board are responsible for setting the Executive Director’s salary. Staff pay differentials are related to skill levels required, workload, responsibilities, qualifications and external labour market forces. Pay reviews are undertaken regularly and take account of the following factors:

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Dancers’ Career Development Annual Report and Financial Statements For the Year Ended 31 March 2023

RISK MANAGEMENT

As part of their ongoing monitoring of the charity’s activities, the Trustees regularly review any risks to which they think the charity may be subject. The Trustees have a risk management strategy which comprises:

The risk register is considered at each Audit and Risk Committee meeting and key outcomes presented to the Board of Directors.

Major risks identified include:

Risk: Partner Companies reduce funding. Action taken to mitigate the risk: DCD have continued to foster close working relationships with all Partner Companies. The Executive Director meets with Senior Management regularly and continues to demonstrate the value that DCD’s work brings to both the dancers and the companies. We continue to develop our offer for dancers working with our Partner Companies and seek ways in which we can continue to work together for the benefit of the dancers.

Risk: Lack of retention of key staff due to change in leadership, staff progression or absenteeism. Action taken to mitigate the risk: In 2023 a new Chair and Executive Director were appointed, resulting in a period of transition and change for Trustees, employees, freelance staff and volunteers. This transition is being supported by external coaches and specialist consultants.

Risk: Poor investment income yield or capital loss due to market volatility. Action taken to mitigate the risk: DCD sought independent expert advice to undertake a robust review of its investment strategy: as a result DCD recruited new Investment Managers, CCLA in October 2016. DCD has an execution only agreement with CCLA, meaning DCD have discretion over the overall investment and CCLA have discretion of the management of the fund. DCD receives regular updates and reporting from CCLA. Given global market volatility, DCD has reviewed and feels the investments remain in a suitable vehicle.

The Trustees confirm that all other major risks to which the charity is exposed have been reviewed and that systems or procedures have been established to mitigate those risks, as far is as reasonably possible.

INDEPENDENT EXAMINER

Simon Erskine FCA FCIE DChA was re-appointed as independent examiner of the charitable company during the year and has expressed his willingness to continue in that capacity.

By order of the Trustees of the charitable company

Nancy Glynn Chair of the Board of Trustees 13 September 2023

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INDEPENDENT EXAMINER'S REPORT TO THE DIRECTOR/TRUSTEES OF DANCERS' CAREER DEVELOPMENT

I report to the Director/Trustees on my examination of the accounts of Dancers' Career Development for the year 1 ended 31 March 2023 which are set out on pages 15 to 33.

This report is made solely to the Director/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 Director/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 Director/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

13 September 2023

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DANCERS' CAREER DEVELOPMENT

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2023

Unrestricted
Funds
Notes
2023
£
INCOME FROM:
Donations and voluntary grants
2
57,208
Charitable activities - transition support programmes:
Retraining grant-making
3
367,492
Coaching, EVOLVE workshops
and guidance
3
38,732
TOTAL
463,432
EXPENDITURE ON:
4
90,146
Charitable activities - transition support programmes:
Retraining grant-making
4
241,320
Coaching, EVOLVE workshops
and guidance
4
117,600
Other support programmes
4
35,532
TOTAL
484,598
(21,166)
Net gains/(losses) on investments
(7,193)
(28,359)
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD
734,659
TOTAL FUNDS CARRIED FORWARD
706,300
£
Net income/(expenditure)
Net income/(expenditure) before
investment gains/losses
Raising funds
Unrestricted
Funds
2023
Notes
INCOME FROM:
Donations and voluntary grants
Charitable activities -transition support programmes:
Retraininggrant-making
Coaching, EVOLVE workshops
and guidance
TOTAL
57,208
367,492
38,732
463,432
EXPENDITURE ON:
Raisingfunds
Charitable activities -transition support programmes:
Retraininggrant-making
Coaching, EVOLVE workshops
and guidance
Othersupport programmes
TOTAL
90,146
241,320
35,532
484,598
Net income/(expenditure) before
investment gains/losses
Net gains/{losses) on investments
Netincome/(expenditure)
(21,166)
(7,193)
(28,359)
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD
734,659
TOTAL FUNDS CARRIED FORWARD
117,600
706,300		 Restricted
Funds
2023
£
56,000
62,000
90,650
208,650
53,367
78,097
47,253
41,000
219,717
(11,067)
(718)
(11,785)
123,144
111,359
£
Restricted
Funds
2023
53,367
78,097
47,253
219,717
(718)
123,144
56,000
62,000
90,650
208,650
41,000
(11,067)
(11,785)
£
111,359		 Total
Funds
2023
£
113,208
429,492
129,382
Total
Funds
2023
429,492
129,382
113,208		 Total
Funds
2022
£
20,122
347,115
70,590
Total
Funds
2022
20,122
347,115
70,590
672,082
672,082		 437,827
437,827
143,513
319,417
164,853
76,532
319,417
164,853
76,532
143,513		 93,535
303,036
185,589
17,476
93,535
303,036
185,589
17,476
704,315
704,315		 599,636
599,636
(32,233)
(7,911)
(32,233)
(7,911)		 (161,809)
92,559
92,559
(161,809)
(40,144)
857,803
(40,144)
857,803		 (69,250)
927,053
(69,250)
927,053
817,659
£
£
817,659		 857,803
£
857,803
£

NOTES

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

Comparative figures are given in Note 19.

The annexed notes form part of these financial statements

16

DANCERS' CAREER DEVELOPMENT (company limited by guarantee no. 10137622)

BALANCE SHEET As at 31 March 2023

Notes
Notes		 Notes
Notes		 2023
2023		 2022
2022
£ £ £ £
FIXED ASSETS
FIXED ASSETS
Tangible assets
Tangible assets		 10
10		 2,989
2,989		 816
816
Investments
Investments		 11
11		 880,558
880,558		 888,469
888,469
883,547
883,547		 889,285
889,285
CURRENT ASSETS
CURRENTASSETS
Debtors
Debtors		 12
12		 56,975
56,975		 26,565
26,565
Cash at bank and in hand
Cash at bank and in hand		 199,376
199,376		 426,088
426,088
256,351
256,351		 452,653
452,653
CREDITORS: amounts falling due within one
CREDITORS: amountsfallingduewithin one
year
year		 13
13		 (322,239)
(322,239)		 (484,135)
(484,135)
NET CURRENT LIABILITIES
NETCURRENT LIABILITIES		 (65,888)
(65,888)		 (31,482)
(31,482)
NET ASSETS
NET ASSETS		 **£ ** 817,659
817,659		 _£ _ 857,803
857,803
FUNDS
FUNDS
Restricted funds
Restricted funds		 14
14		 111,359
111,359		 123,144
123,144
Unrestricted funds:
Unrestricted funds:
Designated funds
Designated funds		 14
14		 519,376
519,376		 455,540
455,540
General fund
General fund		 14
14		 186,924
186,924		 279,119
279,119
706,300
706,300		 734,659
734,659
**£ ** 817,659
817,659		 _£ _ 857,803
857,803

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 March 2023 the Charity 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 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 Director/Trustees on 13 September 2023 and signed on their behalf by:-

NANCY GLYNN, Chair

CHARLES GLANVILLE, Vice Chair

The annexed notes form part of these financial statements

17

DANCERS' CAREER DEVELOPMENT

CASH FLOW STATEMENT for the year ended 31 March 2023

2023
Note
£
Net cash flow from operating activities:
Net cash used in operating activities
17
(223,834)
Interest paid
-
Net cash used in operating activities (see below)
(223,834)
Cash flows from investing activities:
Purchase of tangible fixed assets
(2,878)
Net cash provided by investing activities
(2,878)
Change in cash and cash equivalents in the reporting year
(226,712)
Cash and cash equivalents at 1 April
426,088
Cash and cash equivalents at 31 March
199,376
£
Cash and cash equivalents consists of:
Cash at bank and in hand
199,376
Total cash and cash equivalents
199,376
£
2023
Note
Net cashfowfromoperatingactivities:
Net cash used in operating activities
Interest paid
Net cash used in operating activities (see below)
17
(223,834)
(223,834)
Cashfowsfrom investingactivities:
Purchaseoftangiblefxed assets
Net cash provided by investing activities
(2,878)
(2,878)
Change in cash and cash equivalents inthereportingyear
Cash and cash equivalentsatl April
Cash and cash equivalentsat 31 March
(226,712)
426,088
199,376
Cash and cash equivalentsconsistsof:
Cash at bank and in hand
199,376
Total cash and cash equivalents
199,376		 2022
£
(99,631)
-
2022
(99,631)
(99,631)
(99,631)
(910)
(910)
(910)
(910)
(100,541)
526,629
526,629
(100,541)
426,088
£
426,088
426,088
426,088
426,088
£
426,088

18

DANCERS' CAREER DEVELOPMENT

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

1. ACCOUNTING POLICIES

Basis of preparation

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) (effective 1 January 2019) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

Going concern

Going concern

The trustees consider that there are no material uncertainties about the charitable company’s ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Critical accounting judgements and estimates

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the charitable company’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events and are believed to be reasonable under the circumstances.

Income

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

19

DANCERS' CAREER DEVELOPMENT

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

Expenditure

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 recognised on an accruals basis as a liability is incurred, inclusive of VAT which cannot be recovered.

Fund accounting

Unrestricted funds are received or generated for the charitable purposes.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

It is the intention of the Trustees that the fixed asset investments belong respectively to the General Fund and any designated fund including the Partner Companies Fund (i.e. the unrestricted funds), the Leslie Edwards Bursary Fund and the Matthew Winsten Bursary Fund pro rata to the book value of these funds. Because of movements in the funds the proportion of the investments attributable to each fund is recalculated at the start of each financial year, based on the book values of the funds at the end of the previous financial year. Investment gains/losses are then allocated to the Partner Companies Fund and the two legacy bursary funds according to these proportions, with the remainder allocated to the General fund.

Allocation of support costs

Expenditure is allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead (Support) costs of the central function, is apportioned in proportion to the staff costs allocated to that activity.

20

DANCERS' CAREER DEVELOPMENT

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

Employee benefits – Pension scheme

The charity contributes to stakeholder pension schemes for its full time employees. The assets of the schemes are held separately from those of the charity in independently administered funds. The aggregate costs being 7% (2022 - the same) of pensionable salaries are charged to the statement of financial activities for the period to which they relate. The charitable company has no liability under the schemes other than payments of these contributions.

Operating leases

Rentals are charged on a straight line basis over the term of the lease.

Tangible fixed assets

Tangible fixed assets are accounted for at historic cost less a provision for depreciation. Expenditure on equipment in excess of £100, with a useful life of at least 3 years, is capitalised as tangible fixed assets.

Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Office and computer equipment: 25% straight line

Fixed asset investments

Investments are a form of basic financial instruments and are initially shown in the financial statements at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.

Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the end of the year and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

21

DANCERS' CAREER DEVELOPMENT

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

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2.
INCOME FROM DONATIONS AND VOLUNTARY GRANTS
Unrestricted
Funds
2023
£
Individual giving
32,208
Garfield Weston Foundation
10,000
The Foyle Foundation
15,000
Anonymous donation
-
57,208
INCOME FROM DONATIONS AND VOLUNTARY GRANTS
Unrestricted
Funds
2023
Individual giving
Garfeld Weston Foundation
The Foyle Foundation
Anonymous donation
32,208
57,208
10,000
15,000		 Restricted
Funds
2023
£
6,000
-
-
50,000
56,000
Restricted
Funds
2023
6,000
50,000
56,000		 Total
Funds
2023
£
38,208
10,000
15,000
50,000
113,208
Total
Funds
2023
38,208
10,000
15,000
50,000
113,208		 Total
Funds
2022
£
20,122
-
-
-
Total
Funds
2022
20,122
20,122
20,122

In the 2022 financial year all the income was unrestricted.

22

DANCERS' CAREER DEVELOPMENT

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

3. INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
2023
Funds
2023
£
Income for retraining grant-making
Contributions receivable from Partner companies:
The Royal Ballet
124,236
English National Ballet
54,154
Birmingham Royal Ballet
41,370
Scottish Ballet
34,644
Northern Ballet
30,699
Rambert Dance Company
16,889
301,992
Grants:
Acting for Others
20,000
Rudolf Nureyev Foundation
-
Zoo Nation (SHIFT)
-
Equity Charitable Trust
45,000
Abderrahim Crickmay Char. Settlem't
500
UK Theatre/SOLT
-
Total for retraining grant making
367,492
Income for coaching, EVOLVE workshops and guidance
Grants:
Royal Opera House Benevolent Fund
-
Victoria Wood Foundation
2,500
Linbury Trust
-
Earned income:
BBC Young Dancer
9,260
Graduate Programme
15,940
11,032
Total for coaching, EVOLVE workshops
38,732
Total income from charitable activities
406,224
Schools and Conservatoire
Programme fees
INCOME FROM CHARITABLEACTIVITIES
Unrestricted
Funds
2023
2023
Incomeforretrainin
rant-makin
Contributions receivablefrom Partnercompanies:
The Royal Ballet
English National Ballet
Birmingham Royal Ballet
Scottish Ballet
Northern Ballet
Rambert Dance Company
124,236
54,154
41,370
34,644
30,699
16,889
301,992
Grants:
Actingfor Others
Rudolf Nureyev Foundation
Zoo Nation (SHIFT)
Equity CharitableTrust
Abderrahim Crickmay Char. Settlem't
UK Theatre/SOLT
Totalforretraininggrant making
367,492
Incomeforcoachin
Grants:
Royal Opera House Benevolent Fund
Victoria Wood Foundation
LinburyTrust
Earned income:
BBCYoung Dancer
Graduate Programme
Schools and Conservatoire
Programme fees
EVOLVEworksho sand
9,260
Totalforcoaching, EVOLVEworkshops
38,732
Total incomefrom charitable activities
406,224
20,000
45,000
500
uidance
2,500
15,940
11,032		 Restricted
Funds
2023
£
-
-
-
-
-
-
-
42,000
6,000
5,000
-
3,000
6,000
62,000
49,650
-
41,000
-
-
-
90,650
152,650
Restricted
Funds
2023
49,650
42,000
6,000
5,000
3,000
6,000
62,000
41,000
90,650
152,650		 Total
Funds
2023
£
124,236
54,154
41,370
34,644
30,699
16,889
301,992
62,000
6,000
5,000
45,000
3,500
6,000
Total
Funds
2023
124,236
54,154
41,370
34,644
30,699
16,889
301,992
62,000
6,000
5,000
45,000
3,500
6,000		 Total
Funds
2022
£
96,345
46,579
39,352
26,535
25,206
7,098
Total
Funds
2022
96,345
46,579
39,352
26,535
25,206
7,098
241,115
50,000
6,000
5,000
45,000
-
-
241,115
50,000
6,000
5,000
45,000
429,492
429,492		 347,115
347,115
49,650
2,500
41,000
9,260
15,940
11,032
129,382
558,874
49,650
9,260
129,382
558,874
2,500
41,000
15,940
11,032		 49,700
2,500
-
-
14,050
4,340
49,700
4,340
2,500
14,050

Grants:
Royal Opera House Benevolent Fund
Victoria Wood Foundation
Linbury Trust
Earned income:
BBC Young Dancer
Graduate Programme
Total for coaching, EVOLVE workshops
Total income from charitable activities
Schools and Conservatoire
Programme fees
Grants:
Royal Opera House Benevolent Fund
Victoria Wood Foundation
LinburyTrust
Earned income:
BBCYoung Dancer
Graduate Programme
Schools and Conservatoire
Programme fees
Totalforcoaching, EVOLVEworkshops
Total incomefrom charitable activities
70,590
70,590
417,705
417,705

23

DANCERS' CAREER DEVELOPMENT

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

Unrestricted
2022
Funds
2022
£
Income for retraining grant-making
Contributions receivable from Partner companies:
The Royal Ballet
96,345
English National Ballet
46,579
Birmingham Royal Ballet
39,352
Scottish Ballet
26,535
Northern Ballet
25,206
Rambert Dance Company
7,098
241,115
Grants:
Acting for Others
50,000
Equity Charitable Trust
45,000
Rudolf Nureyev Foundation
-
Other
-
Total for retraining grant making
336,115
Income for coaching, EVOLVE workshops and guidance
Grants:
Royal Opera House Benevolent Fund
-
New Approaches
2,500
Earned income:
Graduate Programme
14,050
Schools and Conservatoire Programme fees
4,340
20,890
Total income from charitable activities
357,005
Total for coaching, EVOLVE
workshops and guidance
Unrestricted
Funds
2022
2022
Income or retrainin
rant-makin
Contributions receivable from Partner companies..
The Royal_Ballet_
English National Ballet
Birmingham Royal_Ballet_
Scottish Ballet
Northern Ballet
Rambert Dance Company
96,345
46,579
39,352
26,535
25,206
7,098
Grants..
Actingfor Others
Equity Charitable Trust
Rudolf Nureyev Foundation
Other
Totalfor retraining grant making
Income
Grants..
Royal_Opera House Benevolent_Fund
New Approaches
Earned income..
Graduate Programme
Schools and Conservatoire Programme fees
or coachin
EVOL VE worksho
s and uidance
4,340
Totalfor coaching, EVOL VE
workshops and_guidance
20,890
Total income from charitable activities
241,115
50,000
45,000
336,115
_2,500
14,050
357,005		 Restricted
Funds
2022
£
-
-
-
-
-
-
-
-
-
6,000
5,000
11,000
49,700
-
-
-
49,700
60,700
Restricted
Funds
2022
49,700
49,700
60, 700
6,000
5,000
11,000		 Total
Funds
2022
£
96,345
46,579
39,352
26,535
25,206
7,098
Total
Funds
2022
96,345
46,579
39,352
26,535
25,206
7,098
241,115
50,000
45,000
6,000
5,000
241,115
50,000
45,000
6,000
5,000
347,115
347,115
49,700
2,500
14,050
4,340
49, 700
4,340
2,500
14,050

Grants:
Royal Opera House Benevolent Fund
New Approaches
Earned income:
Graduate Programme
Schools and Conservatoire Programme fees
Total income from charitable activities
Total for coaching, EVOLVE
workshops and guidance
Grants..
Royal_Opera House Benevolent_Fund
New Approaches
Earned income..
Graduate Programme
Schools and Conservatoire Programme fees
Totalfor coaching, EVOL VE
_workshops and_guidance
Total income from charitable activities
70,590
70,590
417,705
417,705

24

DANCERS' CAREER DEVELOPMENT

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

4.
EXPENDITURE
2023
Raising funds
Charitable activities:
Retraining grant-making
Coaching, EVOLVE workshops
& guidance
Other support programmes
Support costs
EXPENDITURE
2023
Raisingfunds
Charitable activities:
Retraininggrant-making
Coaching, EVOLVE workshops
& guidance
Othersupport programmes
Support costs		 Direct
costs
£
11,912
225,891

74,328
47,139
43,448
402,718
Direct
costs
225,891
74,328
47,139
43,448
402,718
11,912		 Staff
costs
£
96,791
68,787
66,580
21,618
47,821
301,597
Staff
costs
96,791
68,787
66,580
21,618
47,821
301,597		 Support
costs
£
34,810
24,739
23,945
7,775
(91,269)
-
Support
costs
34,810
24,739
23,945
7,775
(91,269)		 2023
Total
£
143,513
319,417
164,853
76,532
-
704,315
2023
Total
319,417
164,853
76,532
143,513
704,315		 2022
Total
£
93,535
303,036
185,589
17,476
-
2022
Total
93,535
303,036
185,589
17,476
599,636
599,636

Total staff and support Costs are shown respectively in Notes 5 and 9. Direct Retraining grant-making costs are shown in Note 7.

2022
Raising funds
Charitable activities:
Retraining grant-making
Coaching, EVOLVE
workshops & guidance
Other support programmes
Support costs
2022
Raising funds
Charitable activities..
Retraining grant-making
Coaching, EVOL VE
workshops & guidance
Other support programmes
Support costs		 Direct
costs
£
3,344
204,222
97,615
9,192
72,440
386,813
Direct
costs
3,344
204,222
97,615
9,192
72,440
386,813		 Staff
costs
£
47,233
51,749
46,072
4,338
63,431
212,823
Staff
costs
47,233
51, 749
46,072
4,338
63,431
212,823		 Support
costs
£
42,958
47,065
41,902
3,946
(135,871)
-
Support
costs
42,958
47,065
41,902
3,946
(135,871)		 2022
Total
£
93,535
303,036
185,589
17,476
-
2022
Total
93,535
303,036
185,589
17,476
599,636
599,636

5. STAFF NUMBERS AND COSTS

STAFF NUMBERS AND COSTS
Wages and salaries
Social security costs
Pension costs
Accountancy fees
Freelance staff
STAFF NUMBERSAND COSTS
Wages and salaries
Social security costs
Pension costs
Accountancy fees
Freelance staff		 2023
£
221,416
18,273
15,467
255,156
7,741
38,700
301,597
2023
221,416
18,273
15,467
255,156
7,741
38,700
301,597		 2022
£
166,444
12,324
12,146
2022
166,444
12,324
12,146
190,914
7,659
14,250
7,659
190,914
14,250
212,823
212,823

One employee had employee benefits in excess of £60,000 during the year (2022 - 1).

25

DANCERS' CAREER DEVELOPMENT

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

Retraining grant making
Coaching, EVOLVE workshops and guidance
Other support programmes
Raising funds
Governance and support
Average monthly head-count of employees
The average monthly number of employees, calculated as full time equivalents,
during the year was as follows:
The average monthly numberofemployees, calculated asfull time equivalents,
duringtheyear was asfollows:
Retraininggrant making
Coaching, EVOLVE workshops and guidance
Othersupport programmes
Raisingfunds
Governance and support
Average monthly head-countofemployees		 2023
Number
1.5
1.4
0.3
1.4
0.5
5.1
6.6
2023
Number		 2022
Number
1.3
1.2
-
1.2
0.5
2022
Number
4.2
6.0

6. DIRECTOR/TRUSTEES AND KEY MANAGEMENT PERSONNEL

The key management personnel of the charity comprise the Director/Trustees and the Executive director. The total employee benefits including pension contributions and employer national insurance contributions of the key management personnel were £70,220 (2022 - £64,720).

The charity trustees were not paid nor did they receive any benefits from the charity in the year (2022 - £Nil). 2 charity trustees were reimbursed expenses of £352 during the year (2022 - 1 charity trustee received £64).

7.
RETRAINING GRANTS PAYABLE
Grants written back in the year
Unrestricted Independent Dancers Fund -
Awards to 40 dancers (2022 - 29)
Restricted Independent Dancers Fund -
Awards to 12 dancers (2022 - 5)
Designated Partner Companies Fund -
Awards to 48 dancers (2022 - 40)
RETRAINING GRANTS PAYABLE
Unrestricted Independent Dancers Fund -
Awardsto 40 dancers (2022 - 29)
Restricted Independent Dancers Fund -
Awardsto 12 dancers (2022 - 5)
Designated Partner Companies Fund-
Awardsto 48 dancers (2022 - 40)
Grantswritten back in theyear		 2023
£
80,828
27,000
182,296
290,124
(64,233)
225,891
2023
80,828
182,296
290,124
(64,233)
225,891
27,000		 2022
£
41,662
10,000
153,542
2022
41,662
153,542
10,000
205,204
(982)
(982)
205,204
204,222
204,222

Retraining grants payable comprise grants to professional dancers and ex-dancers to assist them to retrain in their chosen field when their performing career has come to an end through age or injury. Some of the awards are funded from amounts given by the dancers' dance companies, some from funds given for specific dancers, while others are funded by the charity itself.

A list of grants payable is maintained at the registered office.

26

DANCERS' CAREER DEVELOPMENT

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

Reconciliation of grants payable:
Commitments at start of year
Commitments made in the year
Grants payable for the year
Grants paid during the year
Grants written back in the year
Commitments at end of year
Commitments at end of year are payable as follows:
- Within one year
Reconciliation ofgrants payable:
Commitments atstartofyear
Commitments made in theyear
Grants payablefortheyear
Grants paid duringtheyear
Grantswritten back in theyear
Commitments at end ofyear
Commitments at end ofyear are payable asfollows:
Within oneyear		 2023
£
174,108
290,124
464,232
(211,710)
(64,233)
188,289
188,289
2023
290,124
464,232
(64,233)
188,289
188,289
174,108
(211,710)		 2022
£
196,591
205,204
2022
196,591
205,204
401,795
(226,705)
(982)
(226,705)
(982)
401,795
174,108
174,108
174,108
174,108

8. RELATED PARTY TRANSACTIONS

Aggregate donations received from related parties amounted to £28,000 (2022 - £14,251); none of these donations had conditions attached which would, or might, require the Charity to significantly alter the nature of its existing activities. Other related party transactions are disclosed in Note 6. There were no other related party transactions to disclose for the year (2022 - the same.)

9.
DIRECT SUPPORT AND GOVERNANCE COSTS
Governance costs:
Independent examination fee
Legal and professional fees
Board Away Day and business planning
Trustee expenses
353
Diversity and inclusion
Total governance costs
Rent and rates
6,950
Depreciation of office and computer equipment
Telephone and broadband
2,424
IOTPD Meetings
3,085
Marketing and Advertising
1,585
IT and website costs
11,863
Staff CPD and human resources
22,293
Training - staff life coaching
8,310
Provision for late filing penalty/(written back) (see Note 13)
Write back interest on late VAT payment (see Note 13)
Sundry expenses
6,961
Irrecoverable VAT
DIRECTSUPPORTAND GOVERNANCE COSTS
Governance costs:
Independentexamination fee
Legal and professional fees
Board Away Day and business planning
Trustee expenses
Diversity and inclusion
Total governance costs
Rent and rates
Depreciation ofoffce and computerequipment
Telephone and broadband
IOTPD Meetings
Marketing and Advertising
IT and website costs
Staff CPD and human resources
Training-
staff life coaching
Provisionfor latefling penalty/(written back) (see Note 13)
Write back interest on lateVAT payment (see Note 13)
I rrecoverable VAT
Sundry expenses		 2023
£
2,890
908
1,970
353
2,650
8,771
6,950
705
2,424
3,085
1,585
11,863
22,293
8,310
(18,844)
(13,321)
2,666
6,961
43,448
2023
2,890
908
1,970
353
2,650
6,950
705
2,424
3,085
1,585
11,863
22,293
8,310
(18,844)
(13,321)
2,666
6,961
43,448
,771		 2022
£
2,850
16,619
-
64
-
2022
2,850
16,619
64
19,533
6,950
644
1,540
-
-
2,509
2,945
4,900
18,844
-
7,620
6,955
19,533
6,950
644
2,509
2,945
4,900
18,844
7,620
6,955
1,540
72,440
72,440

Support costs and governance costs are allocated to activities on the basis of estimates of the proportion of time spent by staff on those activities.

10. TANGIBLE FIXED ASSETS - OFFICE AND COMPUTER EQUIPMENT

27

DANCERS' CAREER DEVELOPMENT

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

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2022
At 31 March 2023
11. FIXED ASSET INVESTMENTS
2023
£
Market value at start of year
888,469
Additions at cost
-
Disposal proceeds
-
Net investment gains / (losses)
(7,911)
Market value at end of year
880,558
Historical cost at end of year
548,795
Listed investments comprise COIF Charities Investment Fund Accumulation Units.
12. DEBTORS
2023
Due within one year
£
Contributions due from Partner companies
49,763
Grants receivable
5,000
Prepayments
2,212
Accrued income
-
56,975
Cost
AtlApril 2022
Additions
At 31 March 2023
Depreciation
AtlApril 2022
Chargefortheyear
At 31 March 2023
Net bookvalue
At 31 March 2022
At 31 March 2023
11. FIXED ASSET INVESTMENTS
2023
Marketvalue at startofyear
Additions atcost
Disposal proceeds
Net investment gains/ (losses)
888,469
(7,911)
Marketvalue at end ofyear
880,558
Historical cost at end ofyear
548,795
Listed investments comprise COIF Charities Investment Fund Accumulation Units.
12. DEBTORS
Duewithin oneyear
2023
Contributions duefrom Partnercompanies
Grants receivable
Prepayments
Accrued income
49,763
2,212
56,975
5,000		 Office and
computer
equipment
£
11,147
2,878
Offceand
computer
equipment
2,878
11,147
14,025
14,025
10,331
705
705
10,331
11,036
11,036
816
£
816
2,989
£
2,989
2022
£
795,910
-
-
92,559
2022
92,559
795,910
888,469
888,469
548,795
548,795
2022
£
14,775
-
2,625
9,165
2022
14,775
2,625
9,165
26,565
26,565

28

DANCERS' CAREER DEVELOPMENT

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accounts payable
Grants payable (see Note 7)
Tax and social security (see below)
Pension contributions payable
Other creditors
Accruals
Deferred grant income (see below)
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accounts payable
Grants payable (see Note 7)
Tax and social security (see below)
Pension contributions payable
Othercreditors
Accruals
Deferred grant income (see below)		 2023
£
28,394
188,289
31,346
1,853
-
5,857
66,500
322,239
2023
28,394
188,289
31,346
1,853
5,857
322,239
66,500		 2022
£
16,125
174,108
220,609
1,206
3,777
6,310
62,000
2022
220, 609
1,206
_3,_777
6,310
16,125
174,108
62,000
484,135
484,135

The charity needed to register for VAT following advice on the VAT status of Partner company contributions. The net VAT due was paid after 31 March 2022 and is included within Other tax and social security above for the 2022 financial year. As shown in Note 9 the charity made a provision for a late registration penalty amounting to £18,844 but in the event this was not needed and was written back this year. As HM Revenue and Customs have confirmed that no penalty arose from the late registration the Director/Trustees are confident that no interest will be charged on the late payment of back-dated VAT and the £13,321 interest provided at 31 March 2022, as included in the creditor for Tax and social security above, has been written back (see Note 9).

Deferred grant income
Balance at start of year
Amount released to incoming resources
Amount deferred in the year
Balance at end of year
Deferred
rant income
Balance atstartofyear
Amount released to incoming resources
Amount deferred in theyear
Balance at end of year		 2023
£
62,000
(62,000)
66,500
66,500
2023
62,000
(62,000)
66,500
66,500		 2022
£
50,000
(50,000)
62,000
2022
50,000
(50,000)
62,000
62,000
62,000

29

DANCERS' CAREER DEVELOPMENT

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

14. STATEMENT OF FUNDS

SUMMARY OF FUND MOVEMENTS
Brought
2023
Forward
£
Unrestricted funds
734,659
Restricted funds
123,144
857,803
£
2022
Unrestricted funds
778,959
Restricted funds
148,094
927,053
£
Brought
2023
Forward
£
UNRESTRICTED FUNDS
General fund
279,119
Designated funds
Bettine Goldberg
4,990
Retraining and
careers development
5,605
Partner Companies Fund
444,945
Total designated funds
455,540
Total unrestricted funds
734,659
Brought
2022
Forward
£
UNRESTRICTED FUNDS
General fund
318,482
Designated funds
Bettine Goldberg
10,545
Retraining and
careers development
250
Partner Companies Fund
449,682
Total designated funds
460,477
Total unrestricted funds
778,959
SUMMARY OF FUND MOVEMENTS
Brought
2023
Unrestricted funds
Restricted funds
734,659
123,144
2022
Unrestrictedfunds
Restrictedfunds
778,959
148,094
Brought
2023
UNRESTRICTED FUNDS
General fund
279,119
Designated funds
Bettine Goldberg
Retraining and
careers development
Partner Companies Fund
4,990
5,605
444,945
Total designated funds
Total unrestricted funds
455,540
734,659
Brought
Forward
2022
UNRESTRICTED FUNDS
Generalfund
318,482
Designatedfunds
Bettine Goldberg
Retraining and
careers development
Partner Companies Fund
250
449,682
Totaldesignated funds
Total unrestrictedfunds
460,477
778,959
FonNard
£
857,803
£
927,053
Fonmard
10,545		 Incoming
resources
£
463,432
208,650
672,082
£
377,127
60,700
437,827
£
Incoming
resources
£
161,440
-
-
301,992
301,992
463,432
Incoming
resources
£
106,012
-
30,000
241,115
271,115
377,127
Incoming
resources
463,432
377,127
60,700
437,827
Incoming
resources
301,992
301,992
463,432
Incoming
resources
377,127
208,650
672,082
161,440
106,012
30,000
241,115
271,115		 Resources
expended
£
(484,598)
(219,717)
(704,315)
£
(506,743)
(92,893)
(599,636)
£
Resources
expended
£
(250,798)
(4,990)
(5,605)
(223,205)
(233,800)
(484,598)
Resources
expended
£
(181,439)
(5,555)
(24,645)
(295,104)
(325,304)
(506,743)
Resources
expended
(484,598)
(219,717)
(506,743)
(92, 893)
£
(599,636)
Resources
expended
(250,798)
(4,990)
(5,605)
(223,205)
(233,800)
(484,598)
Resources
expended
(181,439)
(5,555)
(24,645)
(295, 104)
(325,304)
(506, 743)
£
(704,315)		 Investment
gains/(losses)
£
(7,193)
(718)
(7,911)
£
85,316
7,243
92,559
£
Investment
gains/(losses)
£
(2,837)
-
-
(4,356)
(4,356)
(7,193)
Investment
gains/(losses)
£
36,064
-
-
49,252
49,252
85,316
Investment
gains/(losses)
(7,193)
(718)
£
85,316
7,243
92,559
Investment
gains/(losses)
(2,837)
(4,356)
(4,356)
(7,193)
Investment
gains/(losses)
36,064
49,252
49,252
85,316
£
(7,911)		 Carried
Forward
£
706,300
111,359
Carried
Fonmard
706,300
111,359
817,659
£
817,659
£
734,659
123,144
734,659
123,144
857,803
£
857,803
Carried
Forward
£
186,924
Carried
186,924
Fonmard
-
-
519,376
519,376
519,376
519,376
706,300
706,300
Carried
Forward
£
279,119
Carried
Forward
279,119
4,990
5,605
444,945
4,990
5,605
444,945
455,540
455,540
734,659
734, 659

30

DANCERS' CAREER DEVELOPMENT

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

2023
RESTRICTED FUNDS
Leslie Edwards Bursary
Mathew Winsten Bursary
Associated Dance
Companies Bursary Fund
Other bursary funds
Royal Opera House
Benevolent Fund
Dancers Support Officer
Director of Development
Schools and Conservatoires
programme
2022
RESTRICTED FUNDS
Leslie Edwards Bursary
Mathew Winsten Bursary
Associated Dance
Companies Bursary Fund
Other bursary funds
Royal Opera House
Benevolent Fund
Director of Development
Other Coaching, EVOLVE
workshops &
guidance funds
IT Infrastructure Fund
2023
RESTRICTED FUNDS
Leslie Edwards Bursary
MathewWinsten Bursary
Associated Dance
Companies Bursary Fund
Other bursaryfunds
Royal Opera House
Benevolent Fund
Dancers Support Offcer
Directorof Development
Schools and Conservatoires
programme
2022
RESTRICTED FUNDS
Leslie Edwards Bursary
Mathew Winsten Bursary
Associated Dance
Companies Bursary Fund
Other bursaryfunds
Royal_Opera House_
Benevolent_Fund
Director of Development
_Other Coaching, EVOL VE
workshops &
guidancefunds
IT Infrastructure Fund		 Brought
Forward
£
30,177
43,196
-
10,097
15,875
-
23,799
-
123,144
Brought
Forward
£
27,198
38,932
-
8,097
8,400
50,000
11,732
3,735
148,094
Brought
Forward
30,177
43,196
15,875
23,799
123,144
Brought
Forward
27,198
38,932
8,097
8,400
11,732
3,735
148,094
10,097
50,000		 Incoming
resources
£
-
-
5,000
63,000
49,650
35,000
50,000
6,000
208,650
Incoming
resources
£
-
-
5,000
6,000
49,700
-
-
-
60,700
Incoming
resources
49,650
Incoming
resources
49, 700
60, 700
5,000
63,000
35,000
50,000
6,000
208,650
5,000
6,000		 Resources
expended
£
-
-
(5,000)
(73,097)
(47,253)
(35,000)
(53,367)
(6,000)
(219,717)
Resources
expended
£
-
-
(5,000)
(4,000)
(42,225)
(26,201)
(11,732)
(3,735)
(92,893)
Resources
expended
(73,097)
(47,253)
(53,367)
(219,717)
Resources
expended
(42,225)
(26,201)
(11, 732)
(3, 735)
(92,893)
(5,000)
(35,000)
(6,000)
(5,000)
(4,000)		 Investment
gains/(losses)
£
(295)
(423)
-
-
-
-
-
-
(718)
Investment
gains/(losses)
£
2,979
4,264
-
-
-
-
-
-
7,243
Investment
gains/(losses)
(295)
(423)
(718)
Investment
gains/(losses)
2,979
4,264
7,243		 Carried
Forward
£
29,882
42,773
-
-
18,272
-
20,432
-
Carried
Forward
29,882
42,773
18,272
20,432
111,359
111,359
Carried
Forward
£
30,177
43,196
-
10,097
15,875
23,799
-
-
Carried
Forward
30,177
43,196
15,875
23, 799
10,097
123,144
123,144

31

DANCERS' CAREER DEVELOPMENT

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

Fund descriptions

a. Unrestricted funds

General fund

The General fund represents income and expenditure not designated or restricted for a specific purpose.

b. Designated funds

Bettine Goldberg Designated Fund

This fund represents the generous unrestricted legacy from the late Bettine Goldberg which has been designated to fundraising and providing awards in her memory for independent dancers.

Retraining and Careers Development Fund This fund represents emergency funding gratefully received from Acting for Others (Combined Theatrical Charities), designated for dancers whose performance careers have been interrupted by the COVID-19 Pandemic.

Partner Companies Fund

This fund represents the fees paid by Partner companies, less expenditure on their dancers' transitional support programmes.

c. Restricted funds

Leslie Edwards Bursary Fund This fund represents a generous legacy received from the late Leslie Edwards to provide a bursary in his memory for an independent professional dancer in transition.

Mathew Winsten Bursary Fund

The late Mathew Winsten was a long time supporter and valued director of the Corporate Trustee of Dancers' Career Development. This fund represents his generous legacy to provide future bursaries in his memory for an independent dancer.

Royal Opera House Benevolent Fund This fund represents a generous donation from The Royal Opera House Benevolent Fund towards providing coaching and EVOLVE workshops for independent dancers across the UK.

Dancers Support Officer This represented funding received from The Linbury Trust towards the annual salary of the Dancers Support and Programmes Officer role for independent dancers across the UK.

Director of Development This fund represents a generous donation towards the annual salary for a new role of Director of Development within the charity.

32

DANCERS' CAREER DEVELOPMENT

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

IT Infrastructure Fund

This fund represents a grant received from The Clore Duffield Foundation for the improvement of IT hardware and infrastructure, in particular, upgrading of the charity's server and the purchase of new computer hardware. The fund was fully spent during the year.

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2023
Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
2022
Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
16. OPERATING LEASE COMMITMENTS
2023
Tangiblefxed assets
Fixed asset investments
Netcurrent assets/{liabilities)
2022
Tangible_fxed assets
Fixed asset investments
Net current assets/{liabilities)
_16. OPERATING LEASECOMMITMENTS		 Unrestricted Funds
General
Designated
fund
funds
£
£
2,989
-
288,527
519,376
(104,592)
-
186,924
519,376
Unrestricted Funds
General
Designated
fund
funds
£
£
816
-
346,179
472,765
(67,876)
(17,225)
329,277
455,540
Unrestricted Funds
General
Designated
fund
funds
2,989
288,527
(104,592)
519,376
186,924
519,376
Unrestricted Funds
General
Designated
fund
funds
816
346,179
(67,876)
472, 765
(17,225)
329,277
455,540		 Restricted
funds
£
-
72,655
38,704
111,359
Restricted
funds
£
-
69,525
53,619
123,144
2023
£
Restricted
funds
72,655
38,704
Restricted
funds
69,525
53,619
123,144
2023
111,359		 Total
funds
£
2,989
880,558
(65,888)
Total
funds
2,989
880,558
(65,888)
817,659
817,659
Total
funds
£
816
888,469
(31,482)
Total
funds
816
888,469
(31,482)
857,803
857,803
2022
£
2022
Not later than one year
17. RECONCILIATION OF NET INCOME/(EXPENDITURE)
TO NET CASH FLOW FROM OPERATING ACTIVITIES
Depreciation charges
Investment (gains)/losses
Increase in debtors
(Decrease)/increase in creditors
Net cash used in operating activities
Total future minimum lease payments under non-cancellable operating leases
for each of the following periods are as follows:
Net expenditure for the reporting period (as
per the Statement of Financial Activities)
Total future minimum lease payments under non-cancellable operating leases
for each ofthefollowing periods are asfollows:
Not laterthan oneyear
17. RECONCILIATION OF NET INCOME/(EXPENDITURE)
TO NET CASH FLOW FROM OPERATING ACTIVITIES
Netexpenditureforthe reporting period (as
perthe Statementof Financial Activities)
Depreciation charges
Investment (gains)/losses
Increase in debtors
(Decrease)/increase in creditors
Net cash used in operating activities		 3,475
2023
£
(40,144)
705
7,911
(30,410)
(161,896)
(223,834)
3,475
2023
(40,144)
705
7,911
(161,896)
(223,834)
(30,410)		 3,475
3,475
2022
£
(69,250)
644
(92,559)
(424)
61,958
2022
(69,250)
644
(92,559)
(424)
61,958
(99,631)
(99,631)

33

DANCERS' CAREER DEVELOPMENT

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

18. LEGAL STATUS OF THE CHARITY

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £1.

19. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Notes
INCOME FROM:
Donations and voluntary grants
2
Retraining grant-making
3
Coaching, EVOLVE
workshops
and guidance
3
TOTAL
EXPENDITURE ON CHARITABLE ACTIVITIES
4
Charitable activities - transition support programmes:
Retraining grant-making
4
Coaching, EVOLVE
workshops
and guidance
4
Other support programmes
4
TOTAL
Net gains/(losses) on investments
13
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD
NOTES
Charitable activities:
Raising funds
Net income/(expenditure)
Net income/(expenditure)
Notes
INCOME FROM:
Donations and voluntarygrants
Charitable activities:
Retraininggrant-making
Coaching, EVOLVE
workshops
and guidance
TOTAL
EXPENDITURE ON CHARITABLE ACTIVITIES
Raisingfunds
Charitable activities -transition support programmes:
Retraininggrant-making
Coaching, EVOLVE
workshops
and guidance
Othersupport programmes
TOTAL
Net income/{expenditure)
Net gains/{losses) on investments
Netincome/(expenditure)
13
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD
NOTES		 Unrestricted
Funds
2022
£
20,122
336,115
20,890
377,127
67,334
292,301
129,632
17,476
506,743
(129,616)
85,316
(44,300)
778,959
734,659
£
Unrestricted
Funds
2022
20,122
20,890
377,127
67,334
292,301
129,632
17,476
_506,_743
(129,616)
85,316
(44,300)
778,959
734,659
336,115		 Restricted
Funds
2022
£
-
11,000
49,700
60,700
26,201
10,735
55,957
-
92,893
(32,193)
7,243
(24,950)
148,094
123,144
£
Restricted
Funds
2022
49,700
60, 700
26,201
55,957
92,893
(32, 193)
7,243
(24,950)
148,094
123,144
11,000
10,735		 Total
Funds
2022
£
20,122
347,115
70,590
Total
Funds
2022
20,122
347,115
70,590
437,827
437,827
93,535
303,036
185,589
17,476
93,535
303,036
185,589
17,476
599,636
599,636
(161,809)
92,559
92,559
(161,809)
(69,250)
927,053
(69,250)
927,053
857,803
£
857,803

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

20. CONTINGENT LIABILITY

In 2023 the charity will serve notice on its office lease and vacate the premises. Under the lease the landlord can make a claim for the cost of dilapidations. As yet, the exact quantum of such a claim is unknown, but it is not anticipated to impact the level of reserves held, beyond that set out in the stated Reserves Policy.

34