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2021-06-30-accounts

Royal Ballet Benevolent Fund (working name: Dance Professionals Fund)

Trustees’ Report

and Financial Statements

for the year ended 30 June 2021

Registered Charity Number 207477

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

ROYAL BALLET BENEVOLENT FUND

INDEX

Page
Reference and Administrative Details 1
Chairman’s report 3
Trustees’ report 4
Independent auditor’s report 12
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Accounting policies 18
Notes to the accounts 20

ROYAL BALLET BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Name

Royal Ballet Benevolent Fund

Working Name

Dance Professionals Fund

Charity Registration Number

207477

Trustees

Dame Monica Mason DBE (Chairman) Hon DPhil (University of Surrey); Honorary Fellow (King's College, London); Honorary Fellow (St Hilda's, Oxon).

Sir Richard Alston CBE Hon DPhil (University of Surrey) Hon MA (University College Chichester) Chevalier dans I’Ordre des Arts et des Lettres

Lynn Chandler BA (Hons) (Essex) ACA

Kate Coyne Denise Fiennes MBACP Vernon Kemp B.Ed. (Hons) (Keele) (FISTD); Examiner ISTD Paul Mitchell LLB (Hons) (Bristol) Melanie Murphy BA (Hons) (Anglia Ruskin) MCIM, Dip. IPR MCIPR Brian Reading BA (Hons) (Notts) Lynn Wallis OBE (FISTD)

Patron

Dame Beryl Grey DBE, Hon DMus (Leicester); Hon DLit (City University); Hon DEd (CNNA); Hon DLit (Buckingham); Hon DMus (Lond); Hon Dart (Bedford)

Executive Director

Clementine Cowl MA (Middx), MSc (City University), PG Cert (Sussex), FInstAM, MInstF (Cert) Clore Social Fellow

Principal Office Community Base 113 Queen’s Road Brighton BN1 3XG

Auditors Solicitors Blue Spire Limited Russell Cooke LLP Cawley Priory 2 Putney Hill South Pallant LONDON Chichester SW15 6AB West Sussex PO19 1SY

Bankers

Investment Advisers

CAF Bank Limited Newton Investment Management Limited 25 Kings Hill Avenue 160 Queen Victoria Street West Malling London ME19 4JQ EC4V 4LA

Page 1

THE ROYAL BALLET BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

TRUSTEES’ REPORT

Members of the Committees at the end of the year were as follows:

Applications Committee

Dame Monica Mason DBE (Chairman of the Trustees ex officio) Lynn Wallis OBE (Vice Chairman of the Trustees ex officio) Sir Richard Alston Kate Coyne Vernon Kemp

Finance and Investments Committee

Lynn Chandler (Chairman of the Committee) Dame Monica Mason DBE (Chairman of the Trustees ex officio) Lynn Wallis OBE (Vice Chairman of the Trustees ex officio) Denise Fiennes Paul Mitchell Brian Reading

Marketing Committee

Melanie Murphy (Chairman of the Committee) Dame Monica Mason DBE (Chairman of the Trustees ex officio) Lynn Wallis OBE (Vice Chairman of the Trustees ex officio) Kate Coyne Brian Reading

Nominations Committee

Dame Monica Mason DBE (Chairman of the Trustees ex officio) Lynn Wallis OBE (Vice Chairman of the Trustees ex officio) Sir Richard Alston Lynn Chandler Paul Mitchell

Page 2

ROYAL BALLET BENEVOLENT FUND FINANCIAL STATEmEr￿s FOR THE YEAR ENDED 30 JUNE 2021 CHAIRMAN'S REPORT This is my final report chairing the Dance Professionals Fund, as l am stepping down on 13 December 2021. Inevitably I want lo look back since I became Chairman ol the Fund in December 2013. Prior to this, I was grateful to Serve as Vice Chair lo Colin Nears CBE. Being Chairman of this Fund has been a fascinating & enlightening experience and one I value greatly. Getting lo understand the complex workings of the Fund wasn't easy at first. I have full appreciation of the selfless and generous commitment lo the aims ol the Fund by the Trustees. My admiration lor Clemmie Cowl, the Executive Director, has continued lo grow as she has navigated through both the various opportunities and challenges that have occurred in recent years. The first major event that occurred during my Chairmanship was the merger of the Royal Ballet Benevolent Fund and the Dance Teachers Benevolent Fund on 1 January 2016. Due lo the continuing development and reach ol the new Charity il was obvious more staff would be required. The Fund priorilised strong Commun￿allOns, along with robust processes lor meeting the needs of those requiring support. Kale Shields and Chloe van der Meulen have more than proved themselves in these areas and continue to rllake an important contribution lo DPF. Our concerns about Brexit, when we left the EU on 31 January 2020, look second place lo what was lo follow barely iwo months later. Nothing prepared us for the impact ol Covid-19 in March 2020, with the Government shutting everything down as a resuh. The staff continued lo deliver all activities as normal, bul from home, with Trustees, meetings held on Zoom. We are all immensely grateful lo Arts Council England, the Headley Trust and Acting for Others lor their extraordinary support enabling us to help the dozens of dancers and choreographers in desperate need during the worst timès ol the pandemic. I thank the Applications Committee members, in particular, for the increased time they have spent as a result of the uplift in requests lor support lor dance professionals. I would like to thank all our other supporters. The valuable donations we received during the year will be spent directly supporting those most in need. Legacy giving is also hugely valued by the Fund. During the lime I have been Chairman, we have received legacies that all share a common Iherne., that is a love ol and appreciation for dance and those who create it. This year we received the balance ol a legacy from the late Olive Wright making fc a total of £103,048. This legacy will be spent helping us lo tulfil our charitable objectives. I would like lo thank our Auditors, Geoff rey Frost and Jon Phillmore at Blue Spire Lim(ted. l also offer my &ncere thanks to Hilary Meades and Rorie Evans al Newton for their professional expertise over the years as our investment managers. Gary Leyland, of Art Data Systems, handles our IT requirements and we are grateful lor his expertise. It is not just me that is leaving the Board this year. We are also saying goodbye lo three other trustees retiring by rolalion. Lynn Wallis has served as my deputy Chairman and l am grateful lor her input in this role. We are also saying g¢Jodbye lo Denise Fiennes. Denise's knowledge of the Fund goes back some way and we have greatly valued this perspective as well as her in-depth knowledge as a counsellor. Brian Reading has generously given ol his undoubted expertise in investment matters as a former investment manager,. this is an area central to realising the ambitions of the fund. Sir Richard Alston will be replacing me as Chairman from this Deeember. I know under his chairmanship, together with those Board members slaying on and the input of the new Trustees, the Fund will be in good hands. I will follow, with real interest, the developments in the coming years. Again my sincere thanks lo Clemmie, the staff and to all the Trustees. Darne Monica Mason DBE Chairman Date x3 XE*2X Page 3

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

ROYAL BALLET BENEVOLENT FUND

TRUSTEES’ REPORT

The Trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 30 June 2021. The Charity adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

Structure

On 1 January 2016 a new Scheme came into effect following the merger of the Royal Ballet Benevolent Fund (207477) with the Dance Teachers Benevolent Fund (charity 225708). The new Charity retains the number 207477. This Scheme replaces the former trusts; being in respect of the RBBF the scheme issued by the Commission dated 18 March 1966 as amended by further schemes dated 17 February 1970, 10 June 1977 and 18 May 2005, and in respect of the DTBF the constitution adopted on 25 October 1979 as amended on 28 October 1993.

Governance

Legal responsibility for the governance of the Charity is vested in the Trustees. The Trustees who served during the year ended 30 June 2021 are listed on page one. There must be no greater than fifteen and no fewer than nine Trustees. Trustees serve for a maximum of three terms of three years. Trustees are selected to ensure there is a balance of experience such as; governance, finance, or experience of the dance industry, such as the financial implications of short-term contracts or of injury. Trustees give of their time freely and no Trustee was remunerated during the year. Expenses paid on behalf of the Trustees amounted to £144 for the provision of Zoom meetings.

Following their appointment new Trustees are made aware of the duties and responsibilities of a Trustee as provided by the Charity Commission guidance (The Essential Trustee CC3). The Trustees are also given a copy of the Charity’s Scheme dated January 2016 and a set of the Charity’s Annual Report and Accounts. The Trustees are provided with updates relating to their role for instance the release of new guidance from the Charity Commission.

Management

The Charity management is undertaken by the Executive Director whose role is to research, assess and bring forward issues of strategic development for discussion with the Board. Her job also involves dealing with the day-to-day operations and decision-making, and for the management accounting function as well as managing a small team.

The Board of Trustees has four committees, as listed on page 2. Each Committee has its own separate terms of reference. The Applications Committee approves requests for assistance, usually on a one off or short-term basis. Three flexible allowances are provided by the Charity, reviewed every twelve months. This Committee has delegated authority to approve applications up to a limit of £3,000. The Nominations Committee considers the Board’s formation, including balance of skills and expertise. This Committee makes recommendations for new Trustees to the Board following the skills assessment process, to replace Trustees retiring by rotation. The Board receives meeting minutes from all the committees for information and, if required, provides the ratification on certain items, e.g. annual budget. The Marketing Committee meets to consider the marketing plan and any significant opportunities or developments brought to its attention.

The F&IC reviews the performance of the investment managers employed by the Charity to operate under defined objectives. Presentations on the portfolio’s performance are provided twice yearly by the managers. Quarterly reports on the portfolio are circulated to the Board. Following the annual audit by Blue Spire Limited, the F&IC recommends the annual report and accounts to the Board. The F&IC recommends the draft budget to the Board each June. It is also responsible for identifying any key financial risks that the Charity may be exposed to. The F&IC Chairman and the Chairman together approve the pay of the Executive Director as part of her annual review; they also recommend the pay of the other staff members.

The Charity has also taken into account Charity Commission Coronavirus (Covid-19) guidance for the charity sector, including any updates.

Connections to Other Organisations:

The Charity is a member of the Association of Charitable Organisations (ACO) that promotes best practice for benevolent funds. This membership also provides access to benchmarking across the benevolent sector. The Charity is a corporate member of One Dance UK which enables the Charity to keep up to date with, and contribute thinking towards, critical issues affecting dancers, such as dancers’ health and injury, and pay and conditions.

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

ROYAL BALLET BENEVOLENT FUND

TRUSTEES’ REPORT

The Charity is a partnership member of Parents in Performing Arts (PiPA). This enables the Charity to be part of critical research and discussion concerning the role of dance professionals who are also parent/carers. The Charity has enrolled with both the Fundraising Regulator, concerning how it appeals for and handles donations, and the Information Commissioners Office, concerning how it receives and handles personal data.

OBJECTIVES AND ACTIVITIES

Objectives

Activities

The principal activities of the Fund for the Public Benefit are as follows:

Charitable Activities

The Charity’s main activity is the provision of grants to assist in cases of financial difficulty in furtherance of its objects. The grant-making policy, reviewed regularly by the Board, forms the basis of this activity. Guidance drawn from the Charity’s policies and procedures are made available on its website to potential applicants. Applications for all grants are reviewed against specific criteria and each applicant has to submit a statement of income and expenditure and other supporting documentation, including a recent bank statement and a professional dance CV. Other documentation, depending on grant, will also be requested, e.g. medical/treatment costs. Applicants sign a declaration confirming that the information provided is accurate. Grants are awarded subject to the applicant’s need falling outside any entitlement to statutory provision or entitlement to loans (e.g. student loans if a retraining award).

A monthly grant is provided to three retired dancers including one now living overseas. The ROHBF contributes a specific amount towards two of these retired dancers as they are former Royal Ballet dancers. Staff also liaise on other requests received during the year if the applicant has a Royal Ballet or Birmingham Royal Ballet connection.

Dance professionals who are unable to work, will be offered assistance to help them find their feet again. For instance, dancers dealing with an unexpected illness. Help might be given either as a single financial grant or as a series of grants generally to cover cost of living expenses. The Charity has also helped in situations where the applicant has experienced business setbacks which has meant they cannot support themselves. This support is for the individual’s needs rather than their business arrears.

Solutions for elderly or disabled dance professionals requiring specialist help is one area of the Charity’s work. The Charity can assist with the cost of home adaptions that enabled disabled individuals have a better quality of life.

The Charity offers financial support to injured dancers for rehabilitation costs to enable them to return to their performing careers. These grants cover areas such as physiotherapy costs and the cost of classes to enable body strengthening. The Charity assists with mental health issues, specifically the cost of professional counselling. Support is given on the basis of a professional medical recommendation, such as from a GP, that the counselling will be of benefit. During the year, the Charity strengthened its links with BAPAM (British Association of Performing Arts Medicine) particularly in the area of dance and mental health.

The Charity has a collaborative working relationship with the Dancers Career Development (DCD) so that dancers, who are moving to another career, can receive additional support. It provides maintenance bursaries to dancers in transition from their dance career to another career; travel, accommodation and childcare costs are supported.

The Charity funds a service for dance professionals with two other charities, DCD and Equity Charitable Trust (ECT). Working with third party providers, these workshops are for those who are finding it hard to work outside of theatre. The scheme also helps them with money management. Advice on marketing themselves, or how to network effectively, particularly if they have been out of work for a long time are examples of the support offered. Dancers, dance teachers and choreographers are all welcome to take part, alongside the actors, singers and other performers.

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

ROYAL BALLET BENEVOLENT FUND

TRUSTEES’ REPORT

In all cases, where information is sought in order to assess applications, information is processed and retained in line with the requirements for handling personal data, including those requirements contained in the General Data Protection Regulations 2018, updated January 2020 due to Brexit. The Charity has sharing agreements where there is the need to exchange information in order to be able to make an assessment of needs.

A i ms

Finding employment in the dance world is sometimes difficult, can be unpredictable and in most cases dance contracts are short term at best. The principal aim of the Charity is to enable dance professionals, through grants, advice, and further signposting as necessary, to be free of hardship no matter what their situation.

In planning the Charity’s activities for the year the Trustees have kept in mind the Charity Commission’s general guidance on public benefit and prevention and relief of poverty for the public benefit. The Trustees take care to ensure that the grant making commitments are in line with the Fund’s charitable objectives and activities. These objectives are wide enough to include dance professionals working across a range of dance styles and fields.

With each dance professional that contacts the Charity and who then goes on to return to an acceptable standard of living, the Charity believes it has fulfilled its core objective. The Charity is mindful that poverty is a relative concept. For this reason, the Charity uses the Minimum Income Standards (MIS) calculations to benchmark what could be considered necessary income for each applicant, taking into account benchmarked expenditure outside of rent and other specific costs. The MIS reports, funded by the Joseph Rowntree Foundation, set out what an acceptable standard of living in the UK is today, based on surveying the general public.

Specific strategies to assist dance professionals include:

Creating a balance between practical help in the form of a grant, as well as offering advice and other services: The Charity offers one to one benefit welfare advice if necessary. Formal feedback, via evaluation forms, suggests that this advice is seen as very valuable. Benefits checkers and calculators are also available on the Charity’s website.

Ensuring that financial grants are sufficient for the applicant’s needs:

Grant amounts are calculated based on the applicants’ needs. For instance, the level of grant set for a course of physiotherapy will be far lower than supporting someone through a living costs shortfall after a cancer diagnosis.

Ensuring that financial grants are effective:

For instance before agreeing to pay for home adaptations, an OT assessment is carried out by a reputable third-party provider to ensure adaptations are suitable and cost effective. For applicants who live in rented accommodation, the Charity will assist with providing information on how the tenant can negotiate with their landlord if they are struggling to meet their monthly repayments, at the same time also providing some financial support with their rent arrears.

Being part of a charitable network of theatrical charities:

We have access to two care homes catering to the theatrical profession: Denville Hall for actors but where dancers can request accommodation. Brinsworth House, owned by the Royal Variety Charity, accepts residents from all branches of professional theatre.

Creating successful collaborative models particularly through service provision: The Charity collaborates with other organisations, with the aim that it will enhance the provision of support, rather than being simply a cost-sharing exercise. Charities ensure their support fits within its own charitable objectives.

Responding when other support organisations put cases forward to our Charity:

Third parties (such as housing associations) may request that an individual’s costs are met that fall outside the scope of local authority provision. Equally, applicants are sign posted to other Charities if they fall outside our remit.

Criteria/measures to achieve success:

Performance is measured by number of eligible applicants supported, together with the outcomes and impact of all the Charity’s grants and services.

In order to evaluate level of success, feedback forms collect data on a range of outcomes including the overall impact of the award and areas such as any increase in wellbeing.

Monitoring data is requested from all applicants. This is in order that the Charity can assess the data on who is currently accessing support, for instance by diversity, deaf or disability.

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ROYAL BALLET BENEVOLENT FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

TRUSTEES’ REPORT

Short term objectives:

To relieve the financial circumstances of dancers, dance teachers, and choreographers and choreologists: This includes the ongoing impact on their earnings due to the virus control measures/Brexit.

To continue to raise awareness that we are here: The Charity uses case stories of former grant applicants to encourage take up. Prior written consent is sought from contributors for their details to be used in this way.

Long Term objectives:

To continually assess the impact of our grants and other services. Based on our impact assessments, to consider how we might develop our grants programme to provide as much financial support as is feasible. An evaluation of the potential for our Charity to use more digital tools, such as an enhanced user journey for applicants on our website. More information and advice on our website, and how we might deliver our services in the future will also be reviewed.

Scale of the resources used:

The Executive Director’s time is spent on the Charity’s wider strategic objectives, as well as the Charity’s bookkeeping and financial management accounts. She is also responsible for the management of the small team. The staff payroll administration and the IT services provision are both outsourced. The installation of a CRM has saved time and money.

The Charity runs a series of grants programmes and each are handled slightly differently. With most welfare cases, the Executive Director will contact applicants on the phone to discuss their case, either when they make an initial enquiry though our contact form or after they have submitted their application from. Advice provided often includes information on welfare benefits. Applicants are not obliged to contact the Charity before submitting an application.

The Executive Director is responsible for the overall decision on whether an applicant has fulfilled the necessary requirements (e.g. minimum years to apply) to be eligible for a grant.

Once received into the CRM portal, applications are processed and presented to the Applications Committee so they – can be approved each application has a reference number and is therefore anonymous. This duty now falls to the Grants and Office Administrator to undertake. The Grants and Office Administrator also undertakes day to day tasks such as drafting letters, co-ordinating the meeting diary for Board meetings and being first point of call for enquiries, when in the office. The Social Media Manager invests her time marketing the Charity to possible applicants and supporters. Her role also involves providing analysis on the outcomes of any social media campaigns.

ACHIEVEMENTS AND PERFORMANCE

Achievements against objectives set:

During the financial year the Charity was able to help and support all applicants who fell within the objectives and criteria referred to under Activities. The objective was the continuation of all our grants, as required, but with a specific emphasis on helping dance professionals through the ongoing effects of the pandemic.

The Charity’s achievements over the year continued to be affected by virus control measures. These measures affected:

In March 2020 a grant of £475,000 had been received from Arts Council England. This grant was to support dance professionals who had lost income as result of virus control measures. At the end of the last financial year, £188,200 had been allocated. During the past financial year, the remaining income of £286,800 was distributed, along with a final grant of £25,000, together totalling £311,800. The Charity also distributed £20,000, received from The Headley Trust, and £90,000, received from Acting for Others to dancers and choreographers.

Dance teachers, who had been affected by the pandemic, were able to apply for support from the DTBF Restricted Fund. These grants were to cover rent, food and essentials. The amount distributed to dance teachers for this purpose during 2020-21 year was £57,050.

– The number of Living Costs applications fell significantly this was due to the fact that many dance professionals had seen a fall in their earnings, affecting their household income, but they applied for a Covid-19 crisis grant due to the need for immediate support with rent.

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

ROYAL BALLET BENEVOLENT FUND

TRUSTEES’ REPORT

The Charity assisted dancers and dance teachers over the year with general grants of £9,061. These grants covered rent arrears that had built up over time, and the replacement of white goods.

Dancers, who become injured, are referred to British Performing Arts Medicine (BAPAM) if they cannot see someone at their local surgery/hospital. BAPAM holds a nationwide list of practitioners. Since the pandemic BAPAM have been offering online consultations via zoom. Fewer dance injury grants, to help those injured while dancing, were awarded. The continued shut-down of theatres meant less dance performances were taking place where the potential to incur an injury was possible. The Charity did help dancers with some rehabilitation costs following injury totalling £765 during the year. There was an underspend of commitment from the previous year of £609 as the issue had been satisfactorily resolved without the need for the full amount of treatment in the original plan.

The retraining bursary scheme, providing grants for dancers moving to a new career, was also halted for most of the financial year, as there was no requirement for travel or accommodation in most cases due to the lockdown situation and courses being run online for the most part. In June 2021, some retraining bursaries were awarded to trainee dance teachers who were on the RAD Dance Teacher Training course, which has a five-week residential stay in the summer. The amount of these grants was £3,371.

The Way to Work, a project with the Dancers Career Development and the Equity Charitable Trust to enable dance professionals and other performers to make a realistic income, has not run since 2019 due to the ongoing virus control situation. A main component of the scheme is to enable theatre professionals to find work when not involved in dance engagements, including in the hospitality sector. Although it may have been possible to move it online, a central part of the workshops is to enable performers to find other work, as so many employers were not recruiting as a result of virus restrictions there did not seem a major value in running the scheme. It is fully anticipated that this scheme will run during 2021-22.

Regular allowances were provided to three elderly former dancers. During the ongoing virus restrictions during 202021, the dancers were contacted by phone to check on their wellbeing. These calls bore in mind the effects of loneliness and mental health for those living alone at this time.

All staff have worked at home during the last year in line with virus control measures and the request to work at home if possible. This had enabled the activities of the Charity to carry on without hindrance.

During the year Board meetings and Committee meetings continued to be held via Zoom; this process had implemented at the start of the pandemic to allow the Charity to continue with its activities. Grant applications during the year were approved via Zoom.

PLANS FOR FUTURE PERIODS

A new strategic plan was agreed by the Board during the year, which covers the period July 2021-June 2022. This plan takes into account what the demand for grants and services are likely to be coming out of the pandemic and the resources that will be needed. It was agreed that a strategy setting out the roadmap for more than a year ahead was not advisable as there is still a level of uncertainty about how the global situation will be resolved. A close eye is kept on any government announcements relating to the pandemic.

During the time span of this one-year plan, an away day is scheduled to be held in 2022. The last away day was in 2017, with a planned away day in 2020 delayed due to the pandemic. The purpose of this away day will be to review the strategic direction of the Charity in more depth. The current dance landscape, the potential for performers to earn a living post the pandemic, and also the effects of Brexit will form a backdrop to the reflections and recommended actions. Any events that may have an impact on our beneficiaries, such as rises in the cost of living, for example higher fuel bills, will be built into our grant offerings where necessary.

Partnership working will be investigated with a view to maximising any advantages of sharing resources and expertise. The Charity will also consider its governing document, whether it is still fit for purpose and if this is the time to submit any amendments for agreement with the Charity Commission. It will also consider the opportunities provided by digital developments and their application within the voluntary sector.

The charity has nurtured key partnership relationships over the past year, one with Parents in Performing Arts (PiPA). During the year the Charity will aim to widen its support to parent/carers in dance through this partnership.

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

ROYAL BALLET BENEVOLENT FUND

TRUSTEES’ REPORT

The Charity’s work with British Association of Performing Arts Medicine (BAPAM) will mean greater support in the area of dance professionals health and wellbeing.

The Charity will regularly review at Board meetings during the year all its policies. This will be to ensure they are kept up to date and are fit for purpose.

During the previous year, the Charity suggested that a small working party be set up following the John Barrett report into wider collaboration between all theatre charities, who were members of the CTC. Due to the pandemic this initiative was put on hold. It is hoped that further work on this could commence again at a suitable time so that all theatre professionals can receive help, with no-one falling through the gaps for support.

FINANCIAL REVIEW

The Charity’s total income amounted to £386,407 (2020: £766,171) made up of income from investments of £181,346 (2020: £178,881), legacies of £53,490 (2020: £103,299) and other donations and grants amounting to £151,571 (2020: £483,991).

Costs of charitable activities totalled £622,054 (2020: £395,153) and were inclusive of grants to individual beneficiaries amounting to £509,537 (2020: £291,828) and grants to institutions of £19,875. The amount given out from the Dance Teachers Restricted Fund this year was £64,954 in allowances and grants (2020: £44,440).

The Statement of Financial Activities shows net expenditure for the year of £356,647 (2020 net income: £371,018) before gains or losses on investments. Overall net income for the year was £956,083 (2020 net expenditure: £86,630) with net income £1,131,909 on unrestricted funds and net expenditure £175,826 on restricted funds. There was no requirement for the stage designs to be revalued during the year. It would also not have been practical to do so due to the pandemic restrictions.

As at the balance sheet date, the Charity’s total funds amounted to £9,491,586 made up of £8,363,114 of unrestricted funds and £1,128,472 of restricted funds.

The unrestricted funds of £8,363,114 include fixed assets of £1,398 and an amount designated by the trustees for future expenditure on a beneficiary management tool of £16,000. Therefore, the charity’s free reserves, being unrestricted funds not represented by fixed assets and not designated for specific purposes, and available for application at the Trustees discretion in pursuit of the Trust's objectives total £8,345,716.

Reserves Policy

Historically, the income from investments has enabled the Fund to support commitments to existing beneficiaries and to protect the Fund from the effects of the unpredictability of income from bequests and legacies. It is now the case that far fewer former dance professionals are supported with annual allowances than when the Reserves Policy was originally set. These allowances would normally be awarded for the lifetime of the beneficiary.

Capital is held in long-term investments and bank deposits. The Trustees recognise the risks of needing to depend on fundraising to meet revenue expenditure in what is judged to be a specialist yet competitive charity sector.

Trustees aim to retain free reserves capable of generating income equivalent to approximately 12 months’ expenditure to provide against unexpected shortfalls in income or increases in expenditure.

Investment Policy

The investment objectives of the Fund are to maintain the capital in real terms whilst providing a sustainable level of income of approximately £200,000 per annum.

The Trustees’ current investment objectives are:

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ROYAL BALLET BENEVOLENT FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

TRUSTEES’ REPORT

The Trustees began the process of reviewing their Reserves Policy and Investment Objectives in the previous year, 2019-20. The aim was to ensure both the Reserves Policy and Investment Objectives remained appropriate to the Charity's operations, Due to the pandemic occurring in March 2020, the review was put on hold as there was the need to prioritise the distribution of grants. In effect the Charity’s activities changed significantly during the past year as a result of the pandemic, but these changes are not permanent. Completing the review is now a priority and will be undertaken during the financial year 2021-22.

Investment performance relative to Trustees' investment objectives

To achieve their objectives, the Trustees entrust the management of the Investment Fund to Newton Investment Management Limited, which invests the Charity’s reserves in a pooled fund (Newton Growth and Income Fund for Charities) the investment objectives of which are judged to be consistent with those of the Trustees.

The valuation of the Charity's main investment portfolio at 30 June 2021 was £7,953,895, an increase of £1,047,968 over the 12 months. The valuation of the Dance Teachers' Benevolent Fund portfolio was £1,091,131, an increase of £143,762 over the 12 months.

The investment income over the year was £181,333. Therefore, the investment objective £200,000 per annum was not achieved. This was in line with predictions from Newton Investment Management Limited regarding the economic downturn as a result of the global pandemic.

Material Spend To Raise Future Income/Fundraising:

The Charity’s main fundraising activity is the appeal for donations and legacies on its website. Should the Charity wish to engage in further fundraising a cost benefit analysis would be carried out to measure the expected return on investment (ROI). There would be a need to establish the unique value proposition of this Charity against others active in the dance environment in particular. The Charity is registered with the Fundraising Regulator. Individuals can donate to the Charity through the CAF Donate online donation facility on our website. The Charity has a Just Giving page; this is helpful when donors wish to give in memory of a loved one or friend.

Legacy marketing takes into account the need to safeguard the future of the Charity. To encourage the inflow of bequests and legacies to the Charity information on how to leave a legacy is included on the Support Us page on its website. The Charity is a member of Remember A Charity , an organisation that exists to promote, through a range of media outlets including digital, how individuals can leave money to charities in their Wills. Information on the Charity is also promoted via Charity Choice on its online site at no charge.

The Charity is a member of the Combined Theatrical Charities (CTC). There is no membership fee. The CTC runs an annual fundraising appeal in theatres each October, under its trading name of Acting for Others , raising donations for its 14 member charities. These collections, or any other fundraising events, have not been possible in 2020 or 2021. Third party organisations have fundraised for the CTC, such as The Show Must Go On Appeal, selling stationery and other goods, which has raised significant amounts since the start of the pandemic. Other organisations have held virtual events and donated the proceeds to Acting for Others . Trustee Kate Coyne, as elected Delegate, attends meetings of the Combined Theatrical Charities along with the Executive Director. The Chairman of the Charity is a Vice-President and also a Trustee of the Combined Theatrical Charities.

Risk Management

The Trustees, through the Finance and Investments Committee and in discussion with the Executive Director, examine and monitor the major strategic, business and operational risks which face the Fund. Regular reports are produced at Board level so that the necessary measures can be taken to pre-empt or reduce such risks.

During the year the risk assessment document was updated at each meeting in line with the number of risks that the Charity continued to face due to the pandemic. The main risks that were considered in light of ongoing virus restriction measures were; Unrealistic strategy with regard to grant giving and services, poor governance, insufficient staff resources, safeguarding failure and instances of fraud. The previous year had demonstrated that the Charity was able to mitigate all these risks when dealing with the rise in demand for grants. Insufficient cash flow was not deemed a potential risk but economic downturn, affecting investment performance, was more of an area for possible concern.

The Trustees take professional advice when necessary, particularly on audit, legal and investment matters. There is a Business Continuity/Disaster Recovery document to cover any unforeseen circumstances. During the year the Business Continuity/Disaster Recovery Plan continued to be in operation due to the pandemic restrictions and the ongoing necessity for all staff to work at home. No staff had returned to the office by 30 June 2021. Office equipment, such as a laptop, were supplied to staff who required it.

Page 10

ROYAL BALLET BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 TRUSTEES, REPORT STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustees lo piepare financial statements for each financial year which give a true and fair view ol the stale ol allairs ol the charity and ol the incoming resources and application ol resources ol the charity lorthat period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting FX)licies and then apply them consislenlly,. obseNe the methods and principles in the Charities SORP 2019 IFRS 1021., make jLJdgemenls and eslifflates that are reasonable and prudent., slate whether applicable accounting standards have been followed. subjecl to any material departures disclosed and explained in the financial slalemenls., prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The Trustees are responsible lor keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position ol the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011 and the provisions ol the trust deed. They are also responsible tor safeguarding the assets ol the charity and hence lor taking reasonable steps lor the prevention and detection of fraud and olher irregularities. The Trustees are responsible for the maintenance and integrity ol the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved y the Trustees and signed on their behalf. Dame Monlca Mason DBE Chairman Dale 2tsC Page 11

ROYAL BALLET BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report to the Trustees of The Royal Ballet Benevolent Fund

Opinion

We have audited the financial statements of The Royal Ballet Benevolent Fund (the ‘charity’) for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 12

ROYAL BALLET BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

INDEPENDENT AUDITOR’S REPORT

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Page 13

ROYAL BALLET BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 INDEPENDENT AUDITOR'S REPORT Us8 Ot our report This report is made solely lo the charity's Trustees, as a body, in accordance wf(h Part 4 of the Charities (A￿Unts and Reports) Regulations 2008. Our audit work has been urHJertaken so that we might stale to the charity's Trustees those mallers we are required to slate lo them in an audrtor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's Trustees as a bo*, lor our audit work, lor this report. or lor the op'nions we have formed. Cawley Pr￿ry South Pallant Chichester West SLJssex P0191SY Blue Spire Limited, Statutory Auditor Date Blue Spre tsmiled is eligible o act as an auditor in tenns of section 1212 of the Companies Act 2006. Pag¢ 14

ROYAL BALLET BENEVOLENT FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Investments
2
Total
EXPENDITURE ON:
Charitable activities
3
Total
Net gains/(losses) on investments
12
Net Income/(expenditure)
Transfers between funds
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
17
Total funds carried forward
17		 Unrestricted
Funds
£
54,931
159,154
214,085
130,144
130,144
1,047,968
1,131,909
-
-
1,131,909
7,231,205
8,363,114		 Restricted
Funds
£
150,130
22,192
172,322
491,910
491,910
143,762
(175,826)
-
-
(175,826)
1,304,298
1,128,472		 30 June 21
Total
Funds
£
205,061
181,346
386,407
622,054
622,054
1,191,730
956,083
-
-
956,083
8,535,503
9,491,586		 30 June 20
Total
Funds
£
587,290
178,881
766,171
395,153
395,153
(457,648)
(86,630)
-
-
(86,630)
8,622,133
8,535,503

None of the charity’s other activities were acquired or discontinued during the above two financial years.

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 15

ROYAL BALLET BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 BALANCE SHEET AS AT 30 JUNE 2021 30 Jun• 21 30 Junè 20 Note FIXED ASSETS Tangible assets Heritage assets Invèslments qo 11 12 1.398 185,900 9,045,026 9,232.324 1,892 185,900 7.853,296 8,041,088 CURRENT ASSET$ Debtors Cash at hand and In bank Total Curront 88sets 13 72,938 217,008 289.946 393.036 504,117 CURRENT LIABILITIES Credilory.. 8mounts falling due within orva year 14 9,702 Net current a55etsllliabilitie¥l 259.262 494.415 Net aS5etsllliabilltlo$1 9.491,686 8.535,503 THE FUNDS OF THE CHARITY RoStrl¢tad fuMI8 17 1.128,472 1,304,298 IJnre5trictsd fund$ 17 8,363,114 7,231,205 Total ¢harrty lunds 9.491.586 8.535.503 The notes on pages 2010 27 form part of lhas8 financ￿1 statstnents These fin8ncial statements were approved by the ￿rd on dd mmmm 2021 Darne Monica Mason DBE Chairman d10r Page 16

ROYAL BALLET BENEVOLENT FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

STATEMENT OF CASH FLOWS

Note
£
£
Net cash flow from operating activities (see below)
(357,374)
Cash flow from investing activities
Interest received
181,346
Purchase of fixed assets
-
Purchase of investments
-
Net cash flow from investing activities
181,346
Net increase/(decrease) in cash and cash equivalents
(176,028)
Cash and cash equivalents at 1 July 2020
393,036
Cash and cash equivalents at 30 June 2021
217,008
Cash and cash equivalents consist of:
Cash at bank and in hand
217,008
Cash and cash equivalents at 30 June 2021
217,008
Reconciliation of net income to net cash flow from operating activities
£
£
Net income for the year
956,083
Adjusted for:
Depreciation and impairment of tangible fixed assets
494
Interest receivable
(181,346)
(Gains)/losses on investments
(1,191,730)
Decrease/(increase) in debtors
38,143
Increase/(decrease) in creditors
20,982
(1,313,457)
(357,374)
30 June 21
30 June 21		 £
£
159,816
178,881
(1,470)
-
177,411
337,227
55,809
393,036
393,036
393,036
£
£
(86,630)
278
(178,881)
457,648
(15,547)
(17,052)
246,446
159,816
30 June 20
30 June 20		 £
£
159,816
178,881
(1,470)
-
177,411
337,227
55,809
393,036
393,036
393,036
£
£
(86,630)
278
(178,881)
457,648
(15,547)
(17,052)
246,446
159,816
30 June 20
30 June 20
159,816

Page 17

ROYAL BALLET BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

The Royal Ballet Benevolent Fund is an unincorporated association governed by a scheme. The address of the principal office is given in the reference and administrative details section and the nature of the Charity’s operations and principal activities are given in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest £.

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

Income recognition

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

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

For legacies, entitlement is the earlier of the Charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the Charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Charity’s right to receive payment is established.

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Support and governance costs

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. Support and governance costs have been allocated to expenditure on charitable activities on the basis this is consistent with use of the resources.

Governance costs

Governance costs comprise the costs associated with the governance arrangements of the Charity and include audit fees, legal advice (if any) for trustees, costs associated with constitutional and statutory requirements and any costs associated with the strategic as opposed to the day to day management of the Charity’s assets.

Employee benefits

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

Contributions are made to the employee's personal pension arrangements. The pension costs charged to the statement of financial activities are the contributions payable to the scheme in respect of the accounting period.

VAT

The Charity is not registered for VAT and cannot recover VAT incurred on costs. These are therefore stated inclusive of any VAT element.

Page 18

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

ROYAL BALLET BENEVOLENT FUND

ACCOUNTING POLICIES

Taxation

The Charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the Charity's activities.

Tangible fixed Assets

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

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

Office equipment 20% straight line

Heritage fixed assets

Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Fair values for donated assets are estimated by reference to market prices, where available, or insurance valuation.

No depreciation is provided on heritage fixed assets held at valuation, however the assets are reviewed for impairment annually.

Acquisitions only arise when donated to the Charity or if it is believed that they will further the Charity’s objectives. Once acquired they will be preserved by the Charity in order to keep their historical, artistic, scientific, technological, geophysical or environmental qualities to such a high level as to contribute to knowledge and culture. A register of all assets held by the Charity is available and the assets themselves are accessible to the public with prior agreement. Heritage assets are to be held for the foreseeable future.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘gains/(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

Debtors receivable and creditors payable within one year

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

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Fund accounting

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

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

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

Page 19

ROYAL BALLET BENEVOLENT FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

1. Donations and legacies
Legacies and bequests
Donations
Arts Council England
Royal Opera House Benevolent Fund		 Unrestricted
Funds
£
43,490
11,441
-
-
54,931		 Restricted
Funds
£
10,000
110,130
25,000
5,000
150,130		 30 June 21
Total
Funds
£
53,490
121,571
25,000
5,000
205,061		 Unrestricted
Funds
£
103,299
3,925
-
-
107,224		 Restricted
Funds
£
-
66
475,000
5,000
480,066		 30 June 20
Total
Funds
£
103,299
3,991
475,000
5,000
587,290

2. Income from investments

2. Income from investments
Income from fixed asset investments
Bank interest receivable		 Unrestricted
Funds
£
159,141
13
159,154		 Restricted
Funds
£
22,192
-
22,192		 30 June 21
Total
Funds
£
181,333
13
181,346		 Unrestricted
Funds
£
157,172
148
157,320		 Restricted
Funds
£
21,561
-
21,561		 30 June 20
Total
Funds
£
178,733
148
178,881

3. Expenditure on charitable activities

3. Expenditure on charitable activities
Grants to individuals (see note 4)
Grants to institutions (see note 4)
The Way to Work
Welfare, support and advice
Wages and salaries
Support costs (see note 5)
Governance costs (see note 6)		 Unrestricted
Funds
£
17,627
19,875
-
106
23,312
65,228
3,996
130,144		 Restricted
Funds
£
491,910
-
-
-
-
-
-
491,910		 30 June 21
Total
Funds
£
509,537
19,875
-
106
23,312
65,228
3,996
622,054		 Unrestricted
Funds
£
44,128
-
3,495
446
23,144
69,627
6,613
147,453		 Restricted
Funds
£
247,700
-
-
-
-
-
-
247,700		 30 June 20
Total
Funds
£
291,828
-
3,495
446
23,144
69,627
6,613
395,153

Page 20

ROYAL BALLET BENEVOLENT FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

NOTES TO THE FINANCIAL STATEMENTS

4. Grants awarded

Individuals:
Regular allowances for beneficiaries
General benevolent grants
COVID-19 grants
Injury grants
Training grants
Institutions:
British Association of Performing Arts
Medicine
Parents in Performing Arts		 Unrestricted
Funds
£
10,599
3,657
-
-
3,371
17,627
11,875
8,000
19,875
37,502		 Restricted
Funds
£
7,500
5,404
478,850
156
-
491,910
-
-
-
491,910		 30 June 21
Total
Funds
£
18,099
9,061
478,850
156
3,371
509,537
11,875
8,000
19,875
529,412		 Unrestricted
Funds
£
10,650
27,053
-
-
6,425
44,128
-
-
-
44,128		 Restricted
Funds
£
6,400
26,989
204,250
10,061
-
247,700
-
-
-
247,700		 30 June 20
Total
Funds
£
17,050
54,042
204,250
10,061
6,425
291,828
-
-
-
291,828

5. Support costs

Wages and salaries
Advertising and promotion
Printing, postage and stationery
Subscriptions
Telephone
Staff training
Insurance
Depreciation
Office overheads
Accounting and IT services
Bank charges
Website and RBBF identity
Payroll processing fees		 Unrestricted
Funds
£
54,395
1,646
79
1,629
313
50
991
494
2,640
1,435
168
792
596
65,228		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 30 June 21
Total
Funds
£
54,395
1,646
79
1,629
313
50
991
494
2,640
1,435
168
792
596
65,228		 Unrestricted
Funds
£
54,002
1,132
797
1,806
514
-
787
278
2,554
955
140
5,485
1,177
69,627		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 30 June 20
Total
Funds
£
54,002
1,132
797
1,806
514
-
787
278
2,554
955
140
5,485
1,177
69,627

6. Governance costs

Auditor's remuneration
Trustee training
Meetings and travel		 Unrestricted
Funds
£
3,840
-
156
3,996		 Restricted
Funds
£
-
-
-
-		 30 June 21
Total
Funds
£
3,840
-
156
3,996		 Unrestricted
Funds
£
3,938
1,558
1,117
6,613		 Restricted
Funds
£
-
-
-
-		 30 June 20
Total
Funds
£
3,938
1,558
1,117
6,613

Page 21

ROYAL BALLET BENEVOLENT FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

NOTES TO THE FINANCIAL STATEMENTS

7. Auditor's remuneration

7. Auditor's remuneration
30 June 21 30 June 20
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Audit fees 3,840 - 3,840 3,840 - 3,840
Other services 720 - 720 - - -
Travel expenses - - - 98 - 98

8. Wages and salary cost

Gross wages
Employer's national insurance costs
Pension costs
Analysed to expenditure on avaerage time basis:
Direct charitable activities
Support costs
Staff numbers:
Average head count		 30 June 21
Total
Funds
£
68,350
1,886
7,471
77,707
£
23,312
54,395
77,707
30 June 21
3		 30 June 20
Total
Funds
£
67,166
2,555
7,425
77,146
£
23,144
54,002
77,146
30 June 20
3

There were no employees with emoluments (excluding employer pension costs) above £60,000 in this or the preceding period.

No remuneration was paid to Trustees during the period or in the previous financial period.

Pension scheme

The Charity contributes to defined contribution personal pension schemes on behalf of its employees. The total amount of contributions charged in the year under review were £7,471 (2020: £7,425). At the balance sheet date £49 (2020: £73) was payable in respect of employee and employer pension schemes.

9. Related party transactions

During the year under review the Trustees, listed on page 1, had expenses reimbursed or paid on their behalf totalling £144 (2020: £448) for travel and meetings. In addition expenses paid on behalf of the Charity's Executive Director for carrying out her duties amounted to £12 (2020: £669).

The charity's key management personnel received employee benefits, inclusive of salary, social security and pension costs, totalling £60,061 (2020: £59,918) during the year under review.

The Charity is provided computer equipment, software and support together with accounting systems by Art Data Systems Limited. Gary Leyland, the husband of the Charity's Executive Director, is the sole shareholder and director of Art Data Systems Limited. The total amount charged in the year under review was £715 (2020: £3,205). At the balance sheet date £nil was payable to Art Data Systems Limited.

There were no other transactions with related parties that require disclosure in the financial statements.

Page 22

ROYAL BALLET BENEVOLENT FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

NOTES TO THE FINANCIAL STATEMENTS

10. Tangible fixed assets - unrestricted

Cost
At 1 July 2020
Additions
Disposals
At 30 June 2021
Depreciation
Accumulated at 1 July 2020
Charge for the year
On disposals
At 30 June 2021
Net book value at 30 June 2021
Net book value at 30 June 2020		 Office
equipment
£
3,001
-
-
3,001
1,109
494
-
1,603
1,398
1,892		 Total
£
3,001
-
-
3,001
1,109
494
-
1,603
1,398
1,892

11. Heritage fixed assets - unrestricted

Carrying amount at 1 July 2020
Additions
Disposals
Depreciation/impairment
Revaluation
Carrying amount at 30 June 2021		 Stage
designs
£
185,900
-
-
-
-
185,900		 Total
£
185,900
-
-
-
-
185,900

The collection of stage designs was professionally valued at £185,900 as at 31 August 2018 for insurance purposes by Gurr Johns, a leading firm in art appraisal. The collection of stage designs is stated in the financial statements at this value and, in the opinion of the Trustees, the current open market value is not materially different.

Five year summary analysis of transactions - Stage designs

Revaluation 30 June 21
£
-
-		 30 June 20
£
-
-		 30 June 19
£
-
-		 30 June 18
£
41,820
41,820		 30 June 17
£
-
-

Page 23

ROYAL BALLET BENEVOLENT FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

NOTES TO THE FINANCIAL STATEMENTS

12. Fixed asset investments
Carrying amount brought forward
Additions at cost
Disposals at carrying value
Change in market value
Carrying amount carried forward
Gains/(losses) on investments
Unrealised gains/(losses)
Realised gains/(losses)
Classes of investments
Unlisted multi-asset funds
13. Debtors
Accrued legacy income
Accrued investment income
Prepayments
14. Creditors
Grants payable
Accruals and other creditors		 Unrestricted
Funds
£
6,905,927
-
-
1,047,968
7,953,895
Unrestricted
Funds
£
1,047,968
-
1,047,968
Unrestricted
Funds
£
7,953,895
7,953,895
Unrestricted
Funds
£
6,500
58,211
242
64,953
Unrestricted
Funds
£
1,249
26,700
27,949		 Restricted
Funds
£
947,369
-
-
143,762
1,091,131
Restricted
Funds
£
143,762
-
143,762
Restricted
Funds
£
1,091,131
1,091,131
Restricted
Funds
£
-
7,985
-
7,985
Restricted
Funds
£
2,735
-
2,735		 30 June 21
Total
Funds
£
7,853,296
-
-
1,191,730
9,045,026
30 June 21
Total
Funds
£
1,191,730
-
1,191,730
30 June 21
Total
Funds
£
9,045,026
9,045,026
30 June 21
Total
Funds
£
6,500
66,196
242
72,938
30 June 21
Total
Funds
£
3,984
26,700
30,684		 Unrestricted
Funds
£
7,308,367
-
-
(402,440)
6,905,927
Unrestricted
Funds
£
(402,440)
-
(402,440)
Unrestricted
Funds
£
6,905,927
6,905,927
Unrestricted
Funds
£
63,049
42,025
242
105,316
Unrestricted
Funds
£
870
3,913
4,783		 Restricted
Funds
£
1,002,577
-
-
(55,208)
947,369
Restricted
Funds
£
(55,208)
-
(55,208)
Restricted
Funds
£
947,369
947,369
Restricted
Funds
£
-
5,765
-
5,765
Restricted
Funds
£
4,919
-
4,919		 30 June 20
Total
Funds
£
8,310,944
-
-
(457,648)
7,853,296
30 June 20
Total
Funds
£
(457,648)
-
(457,648)
30 June 20
Total
Funds
£
7,853,296
7,853,296
30 June 20
Total
Funds
£
63,049
47,790
242
111,081
30 June 20
Total
Funds
£
5,789
3,913
9,702

15. Unprovided commitments

At the balance sheet date the charity had unprovided commitments amounting to £11,875 in respect of grant awards where future instalments of such grants are subject to the charity's satisfaction of grant objectives being met.

Page 24

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

ROYAL BALLET BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

16. Analysis of net assets between funds

Fixed assets
Current assets
Current liabilities		 Unrestricted
Funds
£
8,141,193
249,872
(27,949)
8,363,116		 Restricted
Funds
£
1,091,131
40,074
(2,735)
1,128,470		 30 June 21
Total
Funds
£
9,232,324
289,946
(30,684)
9,491,586		 Unrestricted
Funds
£
7,093,719
142,270
(4,783)
7,231,206		 Restricted
Funds
£
947,369
361,847
(4,919)
1,304,297		 30 June 20
Total
Funds
£
8,041,088
504,117
(9,702)
8,535,503

17. Analysis of net movement in funds

Restricted funds
DTBF Fund
Acting for Others fund
Royal Opera House Benevolent Fund
Arts Council
Dancer and choreographer support
Unrestricted funds
Designated funds
Fixed asset fund
Beneficiary management tool
General funds
Total unrestricted funds
Total funds
Restricted funds
DTBF Fund
Acting for others fund
Royal Opera House Benevolent Fund
Arts Council
Unrestricted funds
Designated funds
Fixed asset fund
Beneficiary management tool
General funds
Total unrestricted funds
Total funds		 Year ended 30 June 2021 Year ended 30 June 2021
Total funds
brought
forward
£
1,012,880
4,618
-
286,800
-
1,304,298
1,892
-
1,892
7,229,313
7,231,205
8,535,503		 Total
incoming
resources
£
32,322
-
5,000
25,000
110,000
62,322
-
-
-
214,085
214,085
276,407		 Total
Gains/
resources
(losses) on
expended
revaluation
£
£
(64,954)
143,762
(156)
-
(5,000)
-
(311,800)
-
(110,000)
-
(381,910)
143,762
(494)
-
-
-
494
-
-
(129,650)
1,047,968
(130,144)
1,047,968
(512,054)
1,191,730
Year ended 30 June 2020		 Transfers
between
funds
£
-
-
-
-
-
-
-
16,000
16,000
(16,000)
-
-		 Total funds
carried
forward
£
1,124,010
4,462
-
-
-
1,128,472
1,398
16,000
17,398
8,345,716
8,363,114
9,491,586
Total funds
brought
forward
£
1,090,901
14,678
-
-
1,105,579
700
-
700
7,515,854
7,516,554
8,622,133		 Total
incoming
resources
£
21,627
-
5,000
475,000
501,627
-
-
-
264,544
264,544
766,171		 Total
resources
expended
£
(44,440)
(10,060)
(5,000)
(188,200)
(247,700)
(278)
-
278
-
(147,175)
(147,453)
(395,153)		 Gains/
(losses) on
revaluation
£
(55,208)
-
-
-
(55,208)
-
-
-
(402,440)
(402,440)
(457,648)		 Transfers
between
funds
£
-
-
-
-
-
1,470
-
1,470
(1,470)
-
-		 Total funds
carried
forward
£
1,012,880
4,618
-
286,800
1,304,298
1,892
-
1,892
7,229,313
7,231,205
8,535,503

Page 25

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

ROYAL BALLET BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

18. Description of funds
DTBF Fund Established in 2016 following the transfer of assets from Dance Teachers' Benevolent Fund to the
Charity. These funds are to be used to provide financial and practical assistance to qualified dance
teachers suffering temporary or long-term hardship.
Acting for Others Fund Established in 2014 by a donation from Acting for Others. It is available to help dancers who require
specific help following injury, in order to enable them to return to their performing careers.
Royal Opera House Benevolent Fund Established by a donation from the Royal Opera House Benevolent Fund. It is available to help two
former Royal Ballet dancers who require financial assistance.
Arts Council Funds received from Arts Council England to provide financial support to dancers in need due to the
Coronavirus (COVID-19) pandemic.
Dancer and choreographer support Funds received from The Headley Trust and Acting for Others to provide financial support to
dancers and choreographers impacted by the Coronavirus (COVID-19) pandemic.
Fixed asset fund Designated fund representing the charity's fixed assets.
Beneficiary management tool Funds designated for planned expenditure on beneficiary management database to improve
interactions with and management of the charity's beneficiaries.

19. Comparative statement of financial activities

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Investments
2
Total
EXPENDITURE ON:
Charitable activities
3
Total
Net gains/(losses) on investments
12
Net Income/(expenditure)
Transfers between funds
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
17
Total funds carried forward
17		 Unrestricted
Funds
£
107,224
157,320
264,544
147,453
147,453
(402,440)
(285,349)
-
-
(285,349)
7,516,554
7,231,205		 Restricted
Funds
£
480,066
21,561
501,627
247,700
247,700
(55,208)
198,719
-
-
198,719
1,105,579
1,304,298		 30 June 20
Total
Funds
£
587,290
178,881
766,171
395,153
395,153
(457,648)
(86,630)
-
-
(86,630)
8,622,133
8,535,503

Page 26

ROYAL BALLET BENEVOLENT FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

NOTES TO THE FINANCIAL STATEMENTS

20. Financial instruments

The carrying amounts of the Charity's financial instruments are as follows:

20. Financial instruments
The carrying amounts of the Charity's financial instruments are as follows:
30 June 21
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Heritage assets
185,900
Fixed asset investments
9,045,026
9,230,926
The income, expense, net gains and net losses attributable to the Charity's financial instruments are summarised as follows:
30 June 21
Total
Funds
£
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
181,333
181,333
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Unrealised gains/(losses) on investments
1,191,730
Realised gains/(losses) on investments
-
Gains/(losses) on revaluation of fixed assets
-
1,191,730		 30 June 20
Total
Funds
£
185,900
7,853,296
8,039,196
30 June 20
Total
Funds
£
178,733
178,733
(457,648)
-
-
(457,648)

The charity's heritage assets are held at market value and subject to professional valuation at an insurance value.

Fixed asset investments are wholly invested in the Newton Growth and Income Fund for Charities. The Fund is daily priced at Bid/NAV based on the underlying assets in the Fund.

The Charity has indirect exposure to credit, market, currency, interest and other price risks due to the diversified nature of the assets held within the Fund.

Page 27