Charty number. 1178357 NK BALLET FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
CONTENTS REFERENCE AND ADMINISTRATIVE OEfAILS OF THE CHARrrY, TRUSTEES. REPORT INDEPENDENT EXAMINEWS REPORT STATEMÉNT OF FINANCIAL AcrNrriES 8ALANCE SHEET NOTESTO THE FINANCIAL STATEMEP4T5
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trn*t Natalia Kremen OscarAnthony Hugh Wllllam D¢xld Olga Vysokova Donald Brown IAppoinl•d on 8 January 20251 K. Cartey Whitè (Appointed on 20 March 202S) Detsorah Louise Mi115 (Resigned on 6 October 20231 Parnmjil Sin9h Sehmi {Rgned on 8 Oc#ober 2023} F8rtd G88anov (Appointed on 30 May 2023 R•$ign•d 31 O•cwhr 2024) char r•gl•t•r•d nufflb•r 1178357 Prlnclpal offlc• 411- 413 Oxlord Street, Unit 1.01. London, WIC 2PE Banker• Metro Bank. Ono srth•Mpt0n R(M, LondM. VIC1B str Ind•p•nd•nt examln•r F8isal Khan FCCA MJ Golz & Co Llmll•d Odeon House 146 College Road Harrow HA118H Page 1
TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report logelher wrth tho financial stslemonts of the charity for the 1 August 2023 to 31 July 2024. ObJectl¥M and A¢tl¥ltl• o. POLicies AND OWECTIVES The obiecls ofthe charity we.. 111 to advance tho education of the wtlic In the ffidd8 of bolb8t, donce and art., l?, lo advance the educotion of the pupils 8t ballet. dance and art I¢1$ in London by providing and aui8tirvJ in th• provision of facilits•8 lor •du¢alion at tho8• 8chool8', and 131 lor the publlc bènofft lo promote the educats.on of ywng people in the fields of bal1 and dance in Such w•y8 48 th• ¢harty trustees thlnk fit. in¢ludin9 by.. la i awarding lo such per80n8 8(018r8hip8, maintwan¢e o110her N grnnts,. ltri provlding thoir •ducalion lincluding the 8tuty ol ballot, musk or other 8rt8l. to undertake trav81 In furthergnce ol that educotlon or lo prepare lor entry to any In ¢Onn•¢tTh with p•rfomiing arts on leaving any edu¢ation81 e•tabliohment b. ACTIVITIE8 FOR ACHIEVING OBJECTive8 NK Ball8t Foundation 84W8rd6 grants and m81nlenwice 8lkyNanceg to young ballet students wlth trln8nclal need lo •upport the cost ol their ballet education and Ir•iniThJ. Induding 888ou'atthY trav•1 and #ccommodalion expenses. Awards under the charity's scholarghip8 and bufsaries pr¢)Jf8mme aro moans le8led and d8pend on availabl8 r&sourc&8 The ch•dty al#0 plans to l•unch • ball•l m•l•rcl#• progr•m in •chool• In order to incr•a$è wider awar•nM• and intér1 in ballot among chlldr•n. Achl•v•mont• and p•rlornMnc• . REVIEW OF ACTIVITIES During the year we hahl a fvndr8i$ing 8ftemoM)n tea party whh g8n8rat8d a 8Ufplu$ of £5,343. Th1 ¥urplu$ togèthèr with donations from our 8pon8or¥ and generou8 one off donors hovg ollowed u8 lo provide bur88ri88 and on90ing 6UPPOrt Io Six hard Wthing ballet slLKlents from familw tylh limtted ffin8ncl81 me8n8. We give these children a ty8M ¥nd alIty to fealise th•'r passion and enjoy the of ballet. vthith is beautthjl but demanding and expenwve al the same tsme. 1 Our tnJstees * furrflrai$ing thrOug1K) the year to make sure thèt V4e ean Support more ¢hilOren each year. This is the sooal MIS( of the NK Ballet Foundation. Page 2
TRUSTEES. REPORT (contlnuedl FOR THE YEAR ENDED 31 JULY 2024 Flnanelal rnvl8w . GOING CONCERN After making appropfiate enquirie8, the trustees have a reasonable expectalion that the charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason they ¢ontinue lo adopt the going Goncern basis in preparing the financial sl8tement5. Further details regardlng the adoption of the going oncem bas18 con be found In th•Accounting Pol1•. b. FINANCIAL RISK MANAGEMENT OWECTIVES AND POUCIE8 The tru8leè8 con8id•red fin•nual nlks arKI put In pla¢• approprl819 to mlnlmlsa th880. c. RESERVES POUCY The charlty 18 Currontly aiming to rai88 fund8 8fKI e818bli8h some reMrv8•. ¢uff•ntly Itt• polley lo to bulld up 8 •U8toinoble balance and than d•¢8 the8e re•ervo8 will Lth'lis•J and m•int•in•d. Structur•. go¥•m•nc• •nd m•n•g•m•nt . CONSnTUTION Th• charlty wa8 In¢orporaled 11 May 2018 88 a Chorll4ble Iiwwxated Orgonl•atlon ICIOI. b. METHOD OF APPOINTMENT OR ELEcnoN OF TRUSTEES Apart from the first Cttanty Irusleu, every trusteo mu•t be appointed ty a resolution passed at a propèrly ¢onv?n•d m•oting of th• chanty tru8t4M. c. ORGAN13ATIONAL STRUCTURE AND DECISION IAAKING NK 8allèt Foundauon 18 a Charttable Inc8 OTrJani¥fjtiM (CIO) onty votlng membern are rts ehadty tnbgtees. The tru8t•o¥ manage th• affairn of the charity and take deo8lon8 at a meetlng or by wrltten resolLrtlons, In ellher case in accordancts with the charity's con81itution. s approvod by trm Trustees on 20 Moy 2025 arKI Signed on tsr behaw ty.. Tru8tse Page 3
NK BALLET FOUNDATION INDEPENDENT EXAMINAR'S REPORT FOR THE YEAR ENDED 31 JULY 2024 a. Re¥pecdve reJpon¥lbllltlu of trustees and examlner The charity's trustees (who are alw the dtrectors for the purNsses crf company18wI ¥re responslblo for the preparation of the aCnts. The charitys truste8s ennsider that an audit is not requirnd for this year (under Soctlon 144121 of the Ch8rits8s Act 2011 (the 2011 Act)18nd that an ind•pth)d0nt examinatson16 required. Havlng saJ8fied myseff thot the charty 1$ ncrt subject to audit undor c¥Mnpany law and Is ellglblg for independent ex8min8tlon. it 19 my responsibitsty to.. examln• the accounts undar sOcti 145 ofth8 2011 A¢t to fdlow tho wocodureB laid down in the Gwwal Dir•ctions given by lh8 Chanty Commi¥sion {und8r Section 14515llbl of the 2011 Act),. 4rvJ lo state whether paroeular matters havo c4mo ts my attenlM. b. Ba•1• of th• Ind•p•nd•nt examln•rf• report My examlnation was camed out in accordance vAth thè Gonwal DlreclJMs g1¥ ty Ihe Charity Commission. An ¢xamin8tlon Includ05 a review of tho accountsng rocoryiB kept by tha tharity and a LY)mpartson of the accounts presented with those records. rt also indudos con81dera1l of 8ny unu8u81 Itèms or dlsdo8ur&$ In tho 4ccjnts and ieekSng 8xpl•nalions from you as tru8teos concornlng any such matters. The prwlures undert8ken do not Pro• all the edence that woultj be required In an audit. and consequently no opinlon 18 glven #s lo ether the accounts present a Irue and falr ew, and th8 report is Iwntted to tsMe mattsrs sg11)ut in tho statements below. Ind•p•nd•nt •x•mln•rf# •t•t•m•nt In nneCtion with my examinB15on, no matter has ¢om• to my attèntion: whlch 91 me rea80nable cause to t¢lle¥e that, In any rospocL tho r•qulr8monts • to keep accnIng rocord8 In accordance Section 386 ond 387 of the Companléj Ad 2006: and . lo prepare accounts which accord wtth the accounong rec£wds, eonwly vthth Ihe acc¢yJntlng requlr•ments ol S•cts'ons 394 ¥nd 395 of the can188 Act 2006 and wth the methods and prlndpleg of the Slaierngnl ol Recommended Practjce.. AccouniSng and Reportsng by Chanb8$ have not been mgL or to which. in my ¢)pinion. att•ntlM shoukl be drawn In tyd•r to •nable a prrrf)er understanding of lh8 accounts to be reached. Fal•al Khan, FCCA 144J&2025 Page 4
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Total funds 2024 Total Adjusted 2023 funds 2024 funds 2024 INCOME FROM: 14,579 11,767 211 7,872 22.451 11,767 211 518 13.536 82 Income from event8 TOTAL INCOME 26.557 7.872 34,429 14,136 EXPENDITURE ON: Charitsble actiwts'gs 24,928 33,3Ck8 12,728 TOTAL EXPENDITURE 24,928 8,380 33,306 12,728 NET INCOME I IEXPENDITUREI BEFORE OTHER RECOGN13ED GAINS AND LOSSES NET MOVEMENT IN FUNDS 1,831 1.631 (5081 15081 1,123 1,123 REC014CIUATION OF FUNDS: Total lund8 brought ftyward 17.830 18,338 16,930 TOTAL FUND8 CARRJEO FORWARD 19.461 19.481 18,338 The notes on pageg 7 10 10 fom part of the finanao16tal•nonts. Pago 5
BALANCE SHEET AS AT 31 JULY 2024 2024 2Q23 CURRENT A88ETS Debtors 4,800 Cash at bank and In Iwvj 14.661 18.338 19.461 18,338 NET ASSET8 19.481 18.338 CHARITY FUNDS Re*rfcted fiJrth Unre8tricted fvnds 508 17,830 19,461 TOTAL FUND8 19.481 18,338 finan •t4l•rn•nt• •ppfo¥•d by ts Trultoos on 20 May 2025 Ind lig[d on 11 t•holf, ty.. Tru•t•• The notes on page8 7t0 101omi part oltheM financial •tatnts. Pagg 6
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 AeeOUPJTING POUCIES 1.1 8a•l• of pr•p•rntlon of flnanchl •tat•mni• The financial $tstements have been kyopared to give a 'true and fairf view and have departed from the Charits'es IAccounts and Reports} Regulations 2008 only lo the extent required to provide a 'true and fairf view. This departUT8 has involved follon9 the Charities SORP IFRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Chanties.. Statement of Recommended Prathce effeGknve tr¢)m 1 Apri12005 which has since been withdrawn. The financial statements have been prepared under the historical cost convention with items recognized al cost or transaCtn value unless otherwise stated in the relevant note$ to these aGGounts. The financial ststements have been prepa in accordance with the Statement of Recommended Practu.. Accounting and Reporb'ng by Chanltes preparin9 their accounts in accordanc• wrth the Financ4 ROFLlrting Standard appIable in the UK and Republic of Ireland IFRS 1021 iSSLted on 16 Juty 2014 and Financial Rtporbng Slandard appltabkg in the United Kingdom and Republi¢ of lrnland IFRS 1021 and Charities Act 2011. NK Bal1 FoundatK)n La)nstrtute6 8 publt benefft entity asdefined by FRS 102. 1.2 Ineom• All income is reCOgnad once the chanty has entrdemenl to the ineome. it is probabl• that the Incom• will bo received. and t amount of inwme receivab can be measured relwbly. For legaoies, entsllemenl Is taken as the earlr of the dale on which either." the chanty is aware that probate has boen granted. tha eslate has baen fInal0d and notIftrOn has been made by the executorlsl to the Trust thai 8 distn'butson will be made, or when a distnbution Is received from the tste. Receipt of a &y, in whole or in part. is only considered probable when Ihe amount can be measured reliably, and the ¢harity has been nolff of th6 executo¢$ Intgnlion to make a distn'bution. Wher• legacies hav• b•en notsfied to the chanty, or the charity Is aware of the granting of probate. and the enton8 lor income recogn"¢n havo not ba•n me( then the legacy is treated as a contingenl asset and dixlo$¢d rf material. Donaled serv$ or faciliti'es are recogni2ed vthen the eharity h88 control over the Item, any Conditions asswated wrth the donated item have been met Ihe receipt of enOMiC benefit from the use of the Gharity of the item is probable and that ecnnomic benefit Can be measured reliably. In accordance with the Charities SORP IFRS 1021, the general voluntr time of the Fnends is not recognized and ler to the TnJste8s' T8forMOre inlomiation about theirntribUtiOn. On receipt, donated professional servw and donatod fa11"08 are recognized based on tha value of the gfft lo the charity which 1$ the amount the charity would have been willing to Pay to obtain services or facilities of equNalent econom benefit on the opgn market., a corresponding amount ss then recognized in expendrture in the penod of reLYipt Income tax recovefable in latIon lo donalions receNed under Grft AMI or deeds of covenant is recognvzed at the lime of the donation. Income tax recoverable in relatn to investment income 1$ rwnried at the time the investment income is receivable. Page 7
NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES (continu) 1.3 Exp•nditur• Expendilure is recognLzed once there is 8 *al or constnjctive oblKJation to transfer econom benefit to a third party, rt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligath?n can be measured reliably. Expenditure is classified by actiwty. The costs of each acbwty are made up of the total of direct costs and shared eogt5, including support costs involved In undertaking each athiity. Direct costs attributable lo a single actsvity are allculod direGlly lo that activity Shared costs which contribute lo more than one acts'vity and support costs which are not attributsble to a single acts'vity are apports.oned between those acty'vities on a basis consistent wrth the use of resources. Central staff costs are allocated based on time spent, and depreciation Charges allocated on the portion of the asseys use. Charitable ath'vities and Govemartce costs are costs incurred on the chanty's operations. including support costs and costs relating to the gov8m8n¢e of the charity appjrtioned to charitable activilias. 1.4 Int•r••t r•c•lvabl• Intsrest on fund8 held on deposrt is induded vthen recefvable and the amount rAn be measured reliably by the ¢harity; this is nomally upon nolffication of the interest paid or payable by the Bank. 1.6 C••h •tBankand Inh•nd Cash al bank and in hand includes cash and short temi highly IK4uid investments with a short maludty of three months or less from the dalè of acqUis'0n or OFening of tho deposit or similar account 1.6 Fund •ccountlng General fvnds are unrestricted lunds which a available ft>r use at the discretson of the TNslee$ In furtherance of the gener810ty'e¢tiv•s of th• chanty and hav• nol bwn d•signated for other purposes Restricted funds are funds which are to be used in accordance with specific restrictions Imposed by donors or which have been raised by the charity for particular pur. Thg costs of raising and adminislenng such fttnds are charged against Ihe specfft lund. The alm and use of each restrthd fund is set out in the notes lo the financial statements. 1.7 Corrnspondlng Amounts The corresponding amounts have been am8ntJed to gross up the inrne and expenditure from events which were previously reported nel. This is to correspond with the disclosure made in the current year. Poge
NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 JULY 2024 INCOME FROM DONATIONS Unrestricted Restricted Jnds funds 2024 Total funds 2024 Total funds 2023 Donatlons 14.579 7.872 22 451 518 Total 2023 518 518 INCOME FROM CHARITABLE ACTIVITIE8 Unreltrlctsd ReWict•d fund$ funds 2024 2024 Tot•1 funds 2024 Total AdJu8tod 2023 Intc¥ne from ovonl8 11.787 11,767 13.538 DIRECT COSTS Total 2024 Total 2023 funds fuTrd• ScM8r8hip8 Admlnl8lrollon Event co• I3,5) 4,912 8,424 21.970 4.980 4.850 6.424 8,685 Totsl 2024 24,920 33.306 12,728 Total 4dJustsd 2023 7,748 4,980 12.728 NEf INCOMEIIEXPENOITURE) During the y8ar. no Trustee fwAiv•d any remunerntion. bènèffts in kiTrJ cff reimbursement of èxpgnses 12023- £NIL). DEBTORS Total 2024 Total 2023 fund• Fund• Other Debtors Page g
NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENOED 31 JULY 2024 STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balonco at 31 Juty 2024 1 Augu•t 2023 Incom• ExndItur0 Unr••trl¢t•d fund• General Funds 17,830 26,557 124.9281 19,461 R•Atrlct•d fund• holarship funds 7.872 18.3801 Total 18,338 34,429 133,3061 19,461 STATEMENT OF FUND8 - PRIOR YEAR B•lanc• al 1 AugU•t 2022 lanco at 31 Juty 2023 Incom• EXndItUrn UnrHtrfcl•d fund• Gen•r41 Fund• 11,442 7,251 18631 17,830 RMtrlct•d fund• Scholarship fund8 14.980) Tot81 of fvnd$ 16.930 7,251 {5,8431 18,338 ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALY818 OF NET ASSETS BETWEEN FUND8- CURReKf YEAR Unmtrlct•d Ro#trSctod fvnd• lund• 2024 2024 Total fund• 2024 Current 8ty8ets 19,481 19.481 ANALY818 OF NET AS8ET3 BETWEEN FUNDS - PRIOR YEAR Totsl fundg 2023 funds 2023 fund8 2023 Current assets 17.830 18,338 Page 10