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2024-06-30-accounts

Annual Report and Financial Statements For the year ended 30 June 2024

Registered as the Royal Ballet Benevolent Fund a Charity in England and Wales No 207477

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Contents

Page
Chair’s Report 1
Patrons, Trustees and Staff 2
Advisors and legal information 3
Report of the Trustees 4
Independent auditor’s report 15
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Notes to the accounts 21

Dance Profc8sionals Fund Annual rcportandfinatic1￿ st#tementsyeareo&d30 Jun¢2024 After Completing ten years with DPF as a Trustee. I was asked if I would agree to slay on as Chair for three years. Those three years have gore swiftty by. and this is my last Chairfs report before stepping down. During those three years I have been faultlessly supported by my Vice Chair Kate Coyne to whom l offer my thanks. l am so veryglad tolell you thal Kate has agreedto succeed me as Chair fora year. I knowthat Katewill be brilliant, and I thank her profusely for her unflaggirÈg energyand herextraordinary sense of care forall those in the Dance Profession who have needed our support. Kate will fill this role for a yeai initially, giving DPF time to search for a lontem Chair. In January 2024 Melanie Murphy stepped down by rotation as a Tnjstee, and we say a heartfelt thank you to her for her time and her contribLrtion to the markeling efforts of the Charily, wrth her considerable experience in this area as Direthor of Marketing for Royal Academy of Dance. In Janijary 2025 ￿herTru$tees will reach the end of thÈirterms of offiee on the Board, but that will fall wlthin the scope of next yearfs report. On 1 April 2024 the Charity made an important move, transferring our office to smart new premises in The Dance Spaee. homeof South East Dance.. this move places usfirmly within thedan¢e arena. We are so grateful to CathJames Artistic Director, for welcoming us there and to Rachd Gibson, Executive Director, who helped smooth the way in. Clemmie Cowl and her staff are now happity settled in their new home. The Parents in Performing Arts report, funded by the Charity, was launch&1 in February 2024. The report findings were from interviews with freelance parents in the dance profession. As a dance charity, we look forward to seeing how we can make a difference, through our developing ini(iatives for parents, working alongside others offering industry support. This was another difficult year for freelancers who eorrtinue to be hit by cost of living. We were pleased to be able to exter¢d this key support for the industry with our grants. In recent years DPF has done a substantial job in helping Dance Professionals in such stringent times, but an important rnove forward now would be a real effort to reach wider and help mole people. During the year, we commissioned a report to examine what we do and how we are seen to be doing it. This was initially set in motion by distinguished dance consultant Theiesa Beattie bLrt when Theresa had io wtthdraw for heatth reasons, the project was taken up by Carien Meier. This work has been necessarily detailed and time consuming. but l am very much looking forward to hearing about the results. During the year, we were notified of a legacy in May 2024 of £10206 from the Estate of the18te Sigrid Davy. We are grateful for all legacies/donations received to help us in our work supporting dance professionals. It remains only for me to thank Clemmie our Executive Director and her staff for their hard work in supporting the Chartty's activities. To thank alsothe Truste@s who volunlarily give so much of their time and their knowledge to truly help Dance Professional Fund flourish. l am glad to leave DPF in such good hands and to hearing how Kate, the Trustees and staff will take Ihings forward next year. ir Richard Alston CBE. Chair Date 28 January 2025 IIPage

Annual report and financial statements year ended 30 June 2024

Dance Professionals Fund

Patrons, Trustees and Staff

Our Patron

Dame Monica Mason DBE, Hon DPhil (Sur), Honorary Fellow (KCL), Honorary Fellow (Oxon)

Our Trustees

Chair Sir Richard Alston CBE Hon DPhil (Sur), Hon DArt (UKC), Hon DArt (KUL), Hon DArt (Middx), Hon MA (UOC), Hon Fellow Trinity Laban, Chevalier dans L’Ordre des Arts et des Lettres, France Vice-Chair Kate Coyne Trustees Lynn Chandler BA (Hons) (Essex), FCA Sarah Clarke BA (Hons) (Ulster), MA (City University), Dip. Agnes Scott College, Atlanta Vernon Kemp B.Ed. (Hons) (Keele), FISTD, Examiner ISTD Paul Liburd MBE BBO DTLLS Paul Mitchell LLB (Hons) (Bristol) Melanie Murphy BA (Hons) (Anglia Ruskin), MCIM, Dip, IPR, MCIPR ( resigned 23 January 2024 ) Samira Saidi ARAD, RBS Dip PDTC

Our Staff

Executive Director Clementine Cowl MA (Middx), MSc (City University), PG Cert (UoS), FInstAM, MInstF (Cert), Clore Social Fellow Digital Marketing Manager Kate Shields BA (Hons) (UOB) Grants and Office Administrator Chloë von der Meulen BSc (Keele), ISTD, DDE Imperial Ballet and DDE Greek

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Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Advisors and Legal Information

Charity Name

Royal Ballet Benevolent Fund. Working name Dance Professionals Fund, registered with Charity Commission.

Registered Charity

Number 207477

Auditor

Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Solicitors

Russell Cooke LLP 2 Putney Hill London SW15 6AB

Bankers

CAF Bank Limited 25 Kings Hill Avenue West Malling ME19 4JQ

Investment Advisers

Newton Investment Management Limited 160 Queen Victoria Street London EC4V 4LA

Regulators

The Charity is registered with the Information Commissioners Office Registration No ZA330894. All information received, processed, and retained is managed in line with the UK GDP Act 2020. The Charity is registered with the Fundraising Regulator and follows its codes of practice.

Memberships

The Charity is a member of the Association of Charitable Organisations (charity no 1118605), One Dance UK (charity no 801552/company no 02931636) and Acting for Others (charity no 1202961).

Our registered address

The Dance Space 2 Market Square Circus Street Brighton BN2 9AS Email: info@dancefund.org.uk Website: dancefund.org.uk

Social media

LinkedIn: www.linkedin.com/company/dance-professionals-fund Facebook: danceprofessionalsfund X (twitter): x.com/dance_fund BlueSky: bsky.app/profile/dancefund.bsky.social Instagram: www.instagram.com/danceprofessionalsfund TikTok: www.tiktok.com/@danceprofessionalsfund Threads: www.threads.net/@danceprofessionalsfund YouTube: youtube.com/@danceprofessionalsfund

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Annual report and financial statements year ended 30 June 2024

Dance Professionals Fund

Report of the Trustees

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 2024. 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

The Charity Royal Ballet Benevolent Fund, operating under the working name Dance Professionals Fund, was established on 1 January 2016 following the merger of the then Royal Ballet Benevolent Fund (Charity number 207477) registered formally as a charity on 18 March 1966 and the Dance Teachers Benevolent Fund (Charity number 225708) registered on 25 October 1979. The new Charity retained the Charity number 207477. The Scheme has been amended once on 21 September 2021, to limit the number of Trustees to no more than twelve. Trustees are elected to serve for three years, after which time they can offer themselves twice for re-election.

The 2016 Scheme, as amended 2021, replaced the former Trusts and their amendments, in respect of the RBBF amendments adopted dated 17 February 1970, 10 June 1977 and 18 May 2005, and in respect of the DTBF an amendment dated 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 2024 are listed on page two. There may be no more than twelve but at least seven Trustees; currently there are eight. Trustees, who attend quarterly Board meetings, are responsible for the overall strategic direction of the Charity. New Trustees are made aware of their duties and responsibilities including the Charity Commission guidance (The Essential Trustee CC3). Trustees are given a copy of the Charity’s Scheme January 2016 and the latest Annual Report and Accounts. All Trustees are provided with relevant updates relating to their role, for instance the release of new guidance from the Charity Commission.

Trustees normally serve for a maximum of three terms of three years. Trustees are selected to ensure there is a balance between the Board members of legal, financial, and regulatory skills together with essential experience of the dance industry, such as the financial implications of needing to accept short-term contracts or of being injured. They give of their time freely and no Trustee was remunerated during the year.

Trustees are provided with paid for training opportunities to assist them in performing their duties, such as Civil Society Media’s annual conference. Newton Investment Management, the Charity’s investment advisor, also offer Trustee training opportunities free of charge as part of its service.

Committees

The Committees have separate terms of reference relating to the duties and responsibilities. Each Committee has delegated authority to enable them to provide advice and recommendations on specific areas. The Board ratifies items recommended for approval. The Board receives meeting minutes from the Committees for information. It also receives information on the number of grants awarded. The Committees are:

Applications Committee

The Applications Committee approves the requests that are submitted on behalf of applicants, collated from their application forms. Committee ratification ensures separation from the staff involvement, where individual communication and discussion with applicants either prior or after submission of their application frequently occurs. All applications are presented anonymously. This approach is in line with good practice.

Grants are normally offered on a one-off basis, but applicants can reapply if they need to. In this case, details of recent grants are included in the applicant request. Grants can be agreed via email outside of Committee meetings if a situation is urgent. The Applications Committee has delegated authority to approve grant requests up to a limit of £3,000. Applicants receive a maximum of £5,000 during any twelve-month period. Two former dancers receive an annual grant, subject to completion of a new application form confirming their financial status. These grants are under £5,000 each. Each one was previously in receipt of an annual allowance under a former scheme, now discontinued. Committee members: Sir Richard Alston (Chair), Kate Coyne, Vernon Kemp, Paul Liburd, Samira Saidi.

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Annual report and financial statements year ended 30 June 2024

Dance Professionals Fund

Report of the Trustees

Marketing Committee

The Marketing Committee meets on an ad hoc basis to review any significant opportunities or developments brought to its attention by management, and in line with the marketing and social media plans. Committee members: Melanie Murphy (Chair), Sarah Clarke, Kate Coyne, Paul Mitchell.

Finance and Investments Committee

The Finance and Investments Committee reviews the performance of the investment managers employed by the Charity. Presentations on the portfolio’s performance are provided twice yearly by the investment managers. The investment manager’s quarterly reports on the portfolio are circulated to the Board. Following the annual audit by Blue Spire Limited, the Finance and Investments Committee recommends the Annual Report and Accounts to the Board for approval. The Finance and Investment Committee considers and recommends the Annual Budget to the Board. It identifies any key financial risks that the Charity may be exposed to. The Finance and Investments Chair and the Charity Chair approve the pay of the Executive Director as part of her annual review; they also recommend the pay of the other staff members, proposed by the Executive Director to the Board. Committee members: Lynn Chandler, (Chair) Sir Richard Alston, Paul Mitchell.

Nominations Committee

The Nominations Committee considers the Board’s structure, including balance of skills, expertise, and ensuring a diverse Board. The Nominations Committee makes recommendations for new Trustees to the Board following the skills assessment process, and any recruitment process, to replace Trustees retiring by rotation. It is also responsible for overseeing and reporting on succession planning.

Committee members: Sir Richard Alston, Kate Coyne, Lynn Chandler, Paul Mitchell.

Working groups

Other working groups may be convened and carry out specific tasks as directed by the Board. For example, reviewing the Away Day findings and flagging up areas for further consideration.

Management

The management of the Charity is delegated to the Executive Director whose role is to research, assess and bring forward issues of strategic development to the Board. This includes talking to partner organisations and identifying where there might be the potential to increase support for the Charity’s applicant base.

Her role also involves dealing with the day-to-day operations and decision-making and managing the small team. The Executive Director has overall responsibility for the grant-giving procedure. Part of her role is talking to potential applicants, often on Zoom, to both discuss their application and provide advice, if appropriate. The Executive Director’s role also incorporates the financial management of the Charity, from bookkeeping to the management accounting function and the preparation of the Annual Budget for the Finance and Investment Committee’s consideration.

The Digital Marketing Manager invests her time raising awareness of the Charity, primarily to potential applicants and third parties through social media and other portals, and reporting and analysing on the outcome of this activity on audience take up, including any social media campaigns.

The Grants and Office Administrator has delegated responsibility for managing the applications via the online portal, as well as day-to-day tasks such as drafting grants letters, co-ordinating the meeting diary for Board meetings and monitoring enquiries via the info@ and application@ email addresses.

Staff salaries are reviewed each year in line with the individual contracts of each staff member.

Policies

Charity governance policies are drafted in line with industry recommendations and specifically any of those provided by the Charity Commission. A list of the policies on the Charity Commission website and include key areas such as Safeguarding and Cyber Security. The Charity has implemented a Compliments and Complaints Policy during the year, in line with best practice. The Charity reviews its policies annually at Board level to ensure they are kept up to date and are fit for purpose.

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Annual report and financial statements year ended 30 June 2024

Dance Professionals Fund

Report of the Trustees

Our Objectives and Activities

Objects

Aims

The Charity’s Vision

All dance professionals should be able to lead a fulfilling life in dance safe from hardship.

The Charity’s Mission

We will provide access to confidential advice, financial support, and essential services. Dance professionals who approach us will receive unbiased support whatever their situation.

How we meet our aims

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

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. A proven professional dance career is an essential component of the eligibility criteria. The Charity administers a series of grants programmes, each one requires particular information from applicants in support of their request. The Charity believes it has fulfilled its core objective each time a dance professional contacts the Charity and then goes on to return to an acceptable standard of living. The Charity is mindful that poverty is a relative concept. The Minimum Income Standards reports (MIS), by the Joseph Rowntree Foundation, set out what an acceptable standard of living in the UK is today, based on surveying a cross section of the public. The MIS calculations are used to benchmark expenditure such as food, but not rent and other variable costs to enable fair assessment.

Our Activities

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 grant making commitments are in line with the Fund’s charitable objectives and activities.

Guidance drawn from the Charity’s policies and procedures are made available on its website to potential applicants www.dancefund.org.uk/grants. Grants are awarded subject to the applicant’s need falling outside entitlement to statutory provision or entitlement to loans (e.g. student loans if a retraining award).

Bearing in mind that applying to a fund can be daunting, and that the needs of applicants can be complex and diverse, anyone requesting support is requested first of all to complete a short enquiry form on the Charity’s website with their contact data, date of last dance engagement and what they need help with. A full application link, with guidelines on how to complete it, is then sent out by the grants team using the contact data provided. Anyone confirming in the enquiry form that they require help to complete a full application is contacted to see what help is needed. Those who submit an enquiry who may not be eligible, or asking for help that we do not provide, such as regulated financial advice, are dealt with on a case-by-case basis and, where possible, sign posted on to another charity/support organisation. Grants are awarded on a discretionary basis, according to need against data taken from the completed application form.

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Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Report of the Trustees

Applicants also need to be able to provide a professional dance CV (the Fund increasingly considers online links, such as spotlight pages). Applicants are required to sign their application form to confirm that the information provided is accurate.

For all grants, the maximum that can be awarded per individual at one meeting is £3,000. Applicants can reapply; applicants can receive a maximum of £5,000 in total, across all requests within a calendar year.

In all cases information is processed and retained in line with the requirements for handling personal data, including those requirements contained in the GDPR Act 2018, (updated January 2020 following Brexit). Currently there are sharing agreements with both Dancers Career Development and Equity Charitable Trust.

Definition of a Dance Professional

In April 2023, a dance professional definition was agreed by the Board. Dance professionals need to demonstrate:

Grants Provided by the Fund

Cost of Living Grants: These are provided if there is not enough income from freelance dance work to pay bills and other expenses. Rent rises can often be particularly problematic without steady employment. As importantly, Dance professionals unable to work, due to unforeseen circumstances, will be helped to find their feet again. Dancers dealing with an unexpected illness fall into this category for instance.

Retirement Grants: Many in retirement get by on low incomes and there is a lack of resources to purchase new items e.g. white goods such as a new fridge or pay unexpected bills. Whenever possible, the provider is paid directly.

Disability Grants: Where equipment will enable a better quality of life, grants are available (such as for a portable wheelchair which will enable them to move around their home more easily). If necessary, an occupational therapist assessment is conducted by a reputable third-party provider to ensure adaptations are suitable and cost effective.

Retraining Grants: It is recognised that a dancer’s career is shorter than in most other art forms, and dancers also need to have skills that they can deploy when they are not dancing. Finding a new career or learning new skills is challenging. The Charity helps with training costs, outside of professional dance training. Course fees are prioritised in any application, although travel, accommodation and childcare costs will also be considered.

Injury Grants: The Charity offers small rehabilitation grants to injured dancers to enable them to return to their performing careers. These grants are generally in the region of £600. On receipt of evidence that such a course of action would be beneficial, rehabilitation costs to speed recovery such as physiotherapy are then offered. Private surgery costs may be assisted with on a case-by-case basis, up to a maximum of £3,000 per application.

The Charity pays for counselling costs via BAPAM, when the cost of receiving therapy would be a barrier. There is a two-way referral system in place. An initial clinical assessment with the BAPAM team and six counselling sessions, the industry standard, are paid for by the Charity. The total cost per dance professional is £470.

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Annual report and financial statements year ended 30 June 2024

Dance Professionals Fund

Report of the Trustees

Strategies to achieve success

‘ Your support really did make all the difference at the lowest point in my life. Even if I had been unsuccessful, the phone call showing concern would have been enough. I was so grateful that somebody cared enough to take an interest. Being awarded the grant changed everything, both financially and in terms of my mental health. I have been able to pay the first instalment of this year's council tax and it was such a relief to not be in debt to them and worry about threatening letters. Thank you so, so much.’

Offering holistic support by way of grants, other services if required and signposting on to other parties: The Charity offers in-house guidance on benefits and debts and if necessary, refers to third parties regulated by the FSA. Post award feedback indicates that this advice is often appreciated as much as the grant. Benefits checkers and calculators are also available on the Charity’s website.

Tailoring financial grants to match the applicant’s circumstances: No two cases are alike, and care is taken to ensure that each grant is sufficient and appropriate for the applicant’s needs. This can mean considering difficult situations such as domestic abuse and extreme care is taken when dealing with these cases.

Being part of a network of theatrical charities, including Equity Charitable Trust and the Royal Opera House Benevolent Fund both benevolent grant-giving charities. Also networking with similar charities where there is a service that the Charity would not be in a position to deliver. The care home Denville Hall, for actors, will take dancers whenever possible and Brinsworth House, run by Royal Variety Charity, is for all theatre professionals.

‘A heartfelt thanks for joining our Strategic Partner meeting. We are so grateful for your generosity and insights. Like all organisations right now we are continuously evaluating where we are and how we can have the greatest impact and are very grateful to have such a trusted group of partners to consult with. We deeply appreciate the time you made to show up.’

Creating successful collaborative models to enhance the provision of support by way of networking with other, aligned dance organisations operating outside of the benevolent fund sphere. This includes being a corporate member of One Dance UK, whose remit is to advocate for dancers, particularly by overlapping on its work improving conditions for dancers’ health and injury and being strategic partners of Parents in Performing Arts (PIPA). We have connections with the dance teacher membership organisations, such as RAD and ISTD provide industry support and advice for their members. Others involved with our Charity include Dance Mama, AWA Dance and People Dancing.

Reaching wider than the theatrical network if it will benefit our applicants. For instance charities such as Age UK or cancer support charities such as Macmillan offer valuable support.

Review our messaging about our grants in all communications to ensure it is positive and inclusive. This work is led by our Digital Marketing Manager. Take action to build on successes and challenges to ensure that word is spread about our Charity. Messaging on successful applicants is highlighted through our case studies, newsletters and also from personal endorsement (e.g. applicants posting of their grants on their social media feeds). The Executive Director writes a blog for the quarterly newsletter on issues affecting the industry and how the Charity can offer support.

Measures to monitor success

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. All data is kept in accordance with GDPR UK 2020. Performance is measured by number of eligible applicants supported, together with the outcomes and impact of all the Charity’s grants and services.

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, D/deaf or disability, and identify any gaps. Monitoring our contact form for breakdown of ineligible enquiries to clarify where we may offer more support is a key measure. This includes reviewing those areas of the dance profession over time that we are currently not supporting.

Regular reports at Board from the Digital Marketing Manager are received in order to understand how well our message is getting out to potential applicants.

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Annual report and financial statements year ended 30 June 2024

Dance Professionals Fund

Report of the Trustees

Achievements against objectives set for 2023-24

A new Strategic Plan was agreed by the Board in July 2023. This Plan was underpinned by a Theory of Change approach, to support the dance industry by reaching as many individuals as possible making a living through dance.

This plan was drawn up including the adoption of the Governance Code Seven Pillars Framework, being Organisational Purpose, Leadership, Integrity, Decision-making, Risk and Control, Board effectiveness, Equality, Diversity and Inclusion and Openness and Accountability.

The Governance Pillars

Organisational purpose – the Charity has committed to review its charitable purposes against the external environment. There has been in-depth consideration during the year of the trade-off between the short-term impact of higher grant giving, against longer term sustainability.

Board Leadership – during the year, the Board reviewed the implications (skills loss) of several trustees retiring in January 2025 and has committed to identifying how best to replace those skills gap s . This includes careful consideration to ensure that the Board membership remains strong and diverse.

Integrity – The Board was satisfied that all grants and service provision continued to fall within the Public Benefit Test. During the financial year the Charity was able to help and support all applicants who satisfied the Objectives and Criteria referred to under Activities. Performance was measured by number of eligible applicants supported, together with the outcomes and impact of all the Charity’s grants and services.

Decision making and control – the Charity’s assets are reviewed against the industry benchmarks such as the ARC report. The Risk Register is presented for review at each Board meeting.

Equality, Diversity, and Inclusion – this was planned as a priority during the year. In October 2023, the Charity made live its dedicated EDI page on its website. This page included the Charity’s EDI Policy, in line with our strategic objectives. The page will be updated as more EDI initiatives are developed. Also in October 2023, two of the Charity’s trustees, Paul Libund and Samira Said, participated in a blog for Trustees Week, which covered the importance of EDI within Charity Boards. Following her training in Living in a Fair and Just Society, Kate Shields, the Digital Marketing Manager, is the staff lead on EDI.

Board effectiveness – attendance at Board meetings during the year was very good with most trustees able to make the meetings. Zoom has continued to prove useful in this regard with trustees joining this way if it is the only option for them.

Openness and accountability – policies are in place to reflect our approach to accountability such as our commitment and priority to safeguarding. During the year, a Compliments and Complaints policy was agreed.

Developing our resources and activities to ensure future sustainability

Financial resources - the Board began to consider what level of spending we can support. In May 2024, the F&IC recommended that the Board consider a total return approach, to enable more funds to be distributed.

Human resources – Staff receive regular training opportunities to assist them. During the year, both the Executive Director and the Grants and Office Administrator began CPD training with Shelter. This training was provided via our membership organisation ACO. The training took place between February and June 2024, and covered the areas of Welfare Benefits updates, Safeguarding for Call Handlers, and Domestic Abuse. This gives each staff member greater ability to support vulnerable applicants, at a point when they need it most.

Operational Resources , after considering the benefits of a move to The Dance Space, this move was finally achieved in April 2024. The Dance Space is a purpose-built dance venue which is managed by South East Dance. This puts the Charity firmly within the dance industry space and our visibility will be higher as a result.

External Resources – during the year, the Charity committed to understanding the position and needs of our key stakeholders by way of commissioning research to take place this area.

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Annual report and financial statements year ended 30 June 2024

Dance Professionals Fund

Report of the Trustees

Grants and Services

‘Thank you for helping me during a tricky time. I really needed help and didn't know who to turn to for a quick turnaround’.

The Charity has assisted both dancers, choreographers, and dance teachers. Over the year, there was an encouraging increase in the take up by applicants to the dance teachers fund which was higher than in previous years. The average size of grant agreed to individuals was £1,580.

During 2023-24 the effect of the cost-of-living challenges, set against the challenge of finding freelance dance work, continued to be a key theme and therefore remained a primary focus. It was a priority to ensure that we met the risk to freelancers being able to sustain a living. The Charity continued to offer financial help to cover household essentials and bills.

Retirement support: Retirees have also seen their costs rise this year due to cost of living. The Charity is making a concerted effort to reach retired beneficiaries. which will be a consideration going forwards.

Retraining support : During 2023-24 the Fund continued to offer some retraining support to those dancers who applied. The previous year, a pilot scheme with the Dancers Career Development was run. The survey responses from this pilot were circulated to both charities for further consideration on how best to offer combined support.

Parents, including new parents, who applied were supported to help them during a time of increased expense at a time when household income was reduced, at least temporarily.

Mental health support: During the year, our link with BAPAM around mental health provision continues to bear fruit as freelancers in particular grapple with their mental health in a time of uncertainty. This enabled the 1-1 counselling sessions with dance professionals, meeting our eligibility criteria to continue.

Working with Denise Perry of Survive in Dance, the Charity began trialling the benefit of receiving support to reorientate themselves into a financially resilient mindset with clear goals to generate an income.

The Strategic Plan also adopted the recommendations of the Charity Digital Code.

Using the code’s pillars for success we have begun using digital to help us realise our Charity’s vision, to put our beneficiaries foremost, to create an appropriate and sustainable culture, ensure relevant skills across the organisation and manage ethical risks including that created by AI.

Plans for future periods

Governance

The Charity has begun considering the process of moving to becoming a CIO. This will be an opportunity to review the Objects of the Charity, drawn up in 2016, to establish if they are still appropriate for our service users. It is likely that the Charity will change its Objects and as a result of this, will be able to give out more by way of funding as well as limiting risk for the Charity.

Following the publication of the ACE Freelancers Study Report Oct 2024, the Charity will accept the Arts Council of England’s invitation to participate in its focus groups of stakeholders who are already undertaking work to improve the working conditions of freelancers.

Ensuring the successful succession of Board leadership and membership will be a priority. Enabling the Board to have the necessary mix of skills, knowledge and lived experience, and particularly those with the required level of expertise within the dance industry. Upholding DPFs commitment to embedding a diverse Board.

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Annual report and financial statements year ended 30 June 2024

Dance Professionals Fund

Report of the Trustees

Embedding EDI across all the Charity. The completion of an EDI Action Plan will be a key activity during the year. This initiative began during the year in review, working with some other benevolent funds within ACO. Continued learning/reflection about EDI. Publication of the progress towards EDI targets including challenges and learning.

Resources

The Charity is run by a staff team of fewer than two full time equivalent posts. During the year, the charity will undertake an operational review, in line with its strategic objectives set out in 2023.

Investment in the customer journey – connect with our online providers (website management, CRM consultants) to enhance the experience for anyone applying to the Charity, including those with access needs.

Grants and Services

We will continue to find new ways to ensure confidence from those who might apply to us – our position being ‘no situation is too unimportant for us to consider.’

We will continually assess the impact of our grants and other services. Based on the finding of our impact assessments, we will consider how we might develop our grants programme to effect long lasting change. This may include programmes that are co-designed with our service users, currently an area being researched.

Extend our help for dancers to focus on monetising their skills in order be self-sufficient between jobs, and to progress within their chosen field. Evaluate the benefits of continuing grants provision with other providers in this field, including Survive in Dance, and consider options such as a Help to Work Bursary Scheme.

Support for dance freelancer parents: The Charity funded Parents In Performing Arts (PIPA) to undertake research into the needs of new parents who work in dance. The report was launched in February 2024. This report provides essential insights which will in turn be of use to the Charity in supporting parent/carers in dance, including a grants programme targeted specifically at returning dance professionals.

Rolling out support for those who need help in later life/those who have retired from dance altogether. This will consider any changes to retirement that comes into effect with the new government.

Consideration of how we can meet the needs of the dance industry by spending out more of our income remains a core theme. During the coming year, it is our intention to further understand how we might more rapidly accomplish our goals in this area through some independent research findings.

Financial summary review

The Charity’s total income amounted to £240,443 (2023: £236,546) made up of income from investments and bank interest of £223,143 (2023: £224,786), legacies of £10,000 (2023: £9,050) and other donations and grants amounting to £7,300 (2023: £2,710).

Costs of charitable activities totalled £304,863 (2023: £252,602) and were inclusive of grants to individual beneficiaries amounting to £156,470 (2023: £126,967) and grants to institutions of £5,480 (2023: £11,875). The amount given out from the Dance Teachers Restricted Fund this year was £26,566 (2023: £18,000) in allowances and grants.

The Statement of Financial Activities shows net expenditure for the year of £64,420 (2023: £16,056) before net gains on investments of £876,051 (2023: £472,652). Overall net income for the year was £811,631 (2023: £456,596) with net income of £746,243 on unrestricted funds and net income of £105,583 on restricted funds after inclusion of the stage designs upward revaluation of £40,195.

As at the balance sheet date, the Charity’s total funds amounted to £10,712,969 made up of £9,424,165 of unrestricted funds and £1,288,804 of restricted funds for Dance Teachers.

11 | P a g e

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Report of the Trustees

The unrestricted funds of £9,424,165 include fixed assets of £2,577. 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 £9,421,588.

Investment policy and performance

Investment policy

The policy is to maintain the capital in real terms whilst providing a sustainable level of income.

The Trustees’ current investment objectives are:

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 on 30 June 2024 was £8,990,697, an increase of £770,371 over the 12 months. The valuation of the Dance Teachers' Benevolent Fund portfolio was £1,233,362, an increase of £105,680 over the 12 months.

The investment dividend income over the year was £219,417. This was in line with predictions from Newton Investment Management Limited.

Reserves policy

The income from investments enables the Charity to support commitments to grant applicants and service provision and to protect the Charity from the effects of the unpredictability of income from bequests and legacies.

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 a total return equivalent to approximately 12 months’ expenditure to provide against unexpected shortfalls in income or increases in expenditure.

Fundraising

Legacy marketing considers 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 part of the Combined Theatrical Charities (CTC). The CTC runs an annual fundraising appeal in theatres each October-November, under its trading name of Acting for Others to raise donations for its fourteen member charities. Trustee Kate Coyne, as elected Delegate, attends meetings of the Combined Theatrical Charities along with the Executive Director.

Principal risks and uncertainties

The Trustees conduct regular reviews of the major risks to which the Charity is exposed.

The Finance and Investments Committee, in discussion with the Executive Director, examine and monitor the major financial and business risks which face the Fund. During the year, the Risk Register is updated and reviewed at each

12 | P a g e

Annual report and financial statements year ended 30 June 2024

Dance Professionals Fund

Report of the Trustees

Board meeting so that the necessary measures can be taken to pre-empt or reduce risks in areas where there may be the need for further action.

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.

Going Concern

On the basis of their assessment of the Charity's financial position, the Trustees are confident that the Charity will be able to continue in operational existence for the near future.

The Trustees have considered the twelve months from the date of signing of the financial statements and are satisfied that the Charity can meet its commitments based on the ability to draw down from the investment portfolio as required.

Accordingly the Trustees continue to adopt the going concern basis in preparing the financial statements.

13 | P a g e

Dance prof￿s1On2IS Fund Trustees, resp)nsibilttres ststement The Trustees are responsible for preparing ihe Trustees. Report and the financial statements in 8ecordance wrEh applicable law and United Kingdorn Accounting Standards (United Kingdom Gener8llyAeeepteé Accounting Practice). The18w applicable to ch8rities in England & Wales requires the Trustees to prepare flnancial statements for each financial year whieh give a true and fair view of the state of affairs of the Charity and of the Incoming resources and applicalion of resources of the Charity for ihal period. In preparing these financial statements, the Trustees are reqtsired to-. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Chartlies SORP 2019 (FRS 102)- make judgemenls and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any malerial dep8rtures disclosed and explained the financial statements. prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounling records that disclose with reasonable accuracy at any time the flnanclal posttion of the Charity and enable them lo ensure thet the financial statements compty w¢th the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the ass￿$ of the Charf(y and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial infomiation included on the ChaTltls websrte. Legislation in the United Kingdom governing the preparation and dissemination of financial atements may differ frorn legislation in otherjurisdictions. Approved b s and signed on ehalf. Ir Rlchard Alston CBE Chair Date 28 January 2025 141Page

Annual report and financial statements year ended 30 June 2024

Dance Professionals Fund

Independent Auditor’s Report to the Trustees

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

Opinion

We have audited the financial statements of Royal Ballet Benevolent Fund (the ‘Charity’) for the year ended 30 June 2024 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.

15 | P a g e

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Independent Auditor’s Report to the Trustees

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.

Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, Employment Act and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and donation funded grant maker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

16 | P a g e

Dance Profession218 Fund Perfomiing audit work over ihe risk gf management override of controls. including testing of journal entries and other adjustments for appropriateness, evaluating thè business rationale of significant transactions outside the nomal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audtL there is a Tisk that we will not detect all irregularities, including those leading to a material rnisstaternent in the f inancial statements or nortcompliance with regulation. This risk increases the more that compliance with a law or regulalion is removed from the events and transactions reflected in the financial statements, as we will be less likelyto 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. Afurther description of our responsibilities is available on the FRC'S website at.. auditor-s-res -for- r.This description forms part of our auditorfs report. fr itor U$• of our report This report is made solely to the Charitls Trustees. as a body. in accordance with Part 4 of ihe Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law,we do not accept or assume responsibilityto anyoneotherihan the Charityandthe CharitYs Trustees as a body, for our audr( worl for ihis reporL or for the opinions we have formed. Cawley Priory South Pallant Chichester West Sussex P0191SY Blue Spire Limit . Statutory Auditor Date Blue Spire LAmited is eligible to act as an auditor In terms of section 1272 of the CompaniesAct 2006. 171Page

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

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 heritage fixed assets
11
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forw ard
16
Total funds carried forw ard
16		 Unrestricted
Funds
£
12,300
196,674
208,974
272,881
272,881
770,371
706,464
(416)
40,195
746,243
8,677,922
9,424,165		 Restricted
Funds
£
5,000
26,469
31,469
31,982
31,982
105,680
105,167
416
-
105,583
1,183,221
1,288,804		 30 June 24
30 June 23
Total
Total
Funds
Funds
£
£
17,300
11,760
223,143
224,786
240,443
236,546
304,863
252,602
304,863
252,602
876,051
472,652
811,631
456,596
-
-
40,195
-
851,826
456,596
9,861,143
9,404,547
10,712,969
9,861,143

None of the charity’s other activities w ere acquired or discontinued during the above tw o financial years.

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

18 | P a g e

Dance Professionals Fund B4]AnceShee¢a$ 4t30 Ju0¢ 2024 30 Juno 24 30 June 23 t• FIXW)ASWS Tanglblè assets ritago as86ts we5trTEn15 2.577 273,995 10,224.059 lo,5(￿.631 510 233,800 9,348,008 9,562,318 11 12 t*bbrs Cosh at hand and in bank Tottyl ¢urront ￿Sets 13 85,783 143.987 229,770 71.335 211.403 282.738 CLWaT LL48ILITI itors.. a￿nIS fal￿9 du8wAhi) oné yè8r 14 17,432 3,913 Npt curr8nt8888tsIIFlabllttl881 212.338 278,825 P&t a88etsllliabilitiesl 10.712.969 9.861.143 TFEFUNt6 OFTFECH4RTY P•strlct•d fund5 16 1,288,804 1.183,221 unrestri￿Vd fLEnds 16 9,424,185 8,677.922 Tot•1 ¢h¥ity fvnds 10,712,969 9,861,143 The aCcoNp￿1ryg notes furn parl of Ih8se financKg1 st8teMts Th8s8 fnancJ&l Sl8t8n￿ts wer8 apwov8d by thé Board on 28 knuary 2025 Sir féch4rd Alston CBE airnwn handlEr Tru$teè 191Page

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Statement of Cash Flows

30 June 24 30 June 23
£ £ £ £
Net cash flow from operating activities (see below ) (288,131) (250,621)
Cash flow from investing activities
Interest received 223,143 224,786
Purchase of fixed assets (2,428) -
Purchase of investments - -
Net cash flow from investing activities 220,715 224,786
Net increase/(decrease) in cash and cash equivalents (67,416) (25,835)
Cash and cash equivalents at 1 July 2023 211,403 237,238
Cash and cash equivalents at 30 June 2024 143,987 211,403
Cash and cash equivalents consist of:
Cash at bank and in hand 143,987 211,403
Cash and cash equivalents at 30 June 2024 143,987 211,403
Reconciliation of net income to net cash flow from operating activities
30 June 24 30 June 23
£ £ £ £
Net income for the year 811,631 456,596
Adjusted for:
Depreciation and impairment of tangible fixed assets 361 394
Interest receivable (223,143) (224,786)
(Gains)/losses on investments (876,051) (472,652)
Decrease/(increase) in debtors (14,448) (3,208)
Increase/(decrease) in creditors 13,519 (6,965)
(1,099,762) (707,217)
(288,131) (250,621)

20 | P a g e

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Notes to the Accounts

General information, scope and basis of the financial statements

The Royal Ballet Benevolent Fund is an unincorporated charity 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

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance w ith Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance w ith 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 w hich is the functional currency of the Charity and rounded to the

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 otherw ise stated.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) w hen 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 w ill be

For donations to be recognised the Charity w ill have been notified of the amounts and the settlement date in w riting. 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 w ithin the control of the Charity and it is probable

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 w ill be notified to the Charity how ever 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 w ithin a scheme w ith reasonable accuracy the investment income is reported net of these costs. It is included w hen 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

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 w here there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement w ill be required and the amount of the obligation can be measured reliably.

Support and governance costs

Support costs are those that assist the w ork 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 w ith use of the resources.

Governance costs

Governance costs comprise the costs associated w ith the governance arrangements of the Charity and include audit fees, legal advice (if any) for trustees, costs associated w ith constitutional and statutory requirements and any costs associated w ith 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 w hich 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

21 | P a g e

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Notes to the Accounts

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 w rite off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follow s:

Office equipment 20% straight line

Heritage fixed assets

Heritage assets are recognised on the balance sheet and initially measured at cost w hen 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, w here available, or insurance valuation.

No depreciation is provided on heritage fixed assets held at valuation, how ever the assets are review ed for impairment annually.

Acquisitions only arise w hen donated to the Charity or if it is believed that they w ill further the Charity’s objectives. Once acquired they w ill 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 know ledge and culture. A register of all assets held by the Charity is available and the assets themselves are accessible to the public w ith prior agreement. Heritage assets are to be held for the foreseeable future.

Fixed asset investments

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

Debtors receivable and creditors payable w ithin one year

Debtors and creditors w ith no stated interest rate and receivable or payable w ithin 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 w ithin the investment portfolio available for investment transaction purposes.

Fund accounting

Restricted funds are funds w hich are to be used in accordance w ith specific restrictions imposed by donors or w hich 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 w hich are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and w hich 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 w ith the level of reserves for the Charity to be able to continue as a going concern.

22 | P a g e

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Notes to the Accounts

1. Donations and legacies

Legacies and bequests
Donations		 Unrestricted
Funds
£
10,000
2,300
12,300		 Restricted
Funds
£
-
5,000
5,000		 30 June 24
Total
Funds
£
10,000
7,300
17,300		 Unrestricted
Funds
£
9,000
2,710
11,710		 30 June 23
Restricted
Total
Funds
Funds
£
£
50
9,050
-
2,710
50
11,760

2. Income from investments

Income from fixed asset investments
Interest receivable		 Unrestricted
Funds
£
192,948
3,726
196,674		 Restricted
Funds
£
26,469
-
26,469		 30 June 24
Total
Funds
£
219,417
3,726
223,143		 Unrestricted
Funds
£
196,228
1,639
197,867		 30 June 23
Restricted
Total
Funds
Funds
£
£
26,919
223,147
-
1,639
26,919
224,786

3. Expenditure on charitable activities

Grants to individuals (see note 4)
Grants to institutions (see note 4)
Wages and salaries
Support costs (see note 5)
Governance costs (see note 6)		 Unrestricted
Funds
£
124,488
5,480
29,704
107,703
5,506
272,881		 Restricted
Funds
£
31,982
-
-
-
-
31,982		 30 June 24
Total
Funds
£
156,470
5,480
29,704
107,703
5,506
304,863		 Unrestricted
Funds
£
102,120
11,875
31,608
75,199
6,953
227,755		 30 June 23
Restricted
Total
Funds
Funds
£
£
24,847
126,967
-
11,875
-
31,608
-
75,199
-
6,953
24,847
252,602

4. Grants awarded

Individuals:
Regular allow ances for beneficiaries
General benevolent grants
Injury grants
Counselling
Training grants
Institutions:
British Association of Performing Arts
Medicine		 Unrestricted
Funds
£
11,700
85,774
-
4,000
23,014
124,488

5,480
5,480
129,968		 Restricted
Funds
£
-
26,566
5,416
-
-
31,982
-
-
31,982		 30 June 24
Total
Funds
£
11,700
112,340
5,416
4,000
23,014
156,470
5,480
5,480
161,950		 Unrestricted
Funds
£
18,000
51,207
-
-
32,913
102,120
11,875
11,875
113,995		 30 June 23
Restricted
Total
Funds
Funds
£
£
-
18,000
18,000
69,207
6,847
6,847
-
-
-
32,913
24,847
126,967
-
11,875
-
11,875
24,847
138,842
**23

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Notes to the Accounts

5. Support costs

Wages and salaries
Advertising and promotion
Printing, postage and stationery
Subscriptions
Telephone
Staff training
Insurance
Depreciation
Consultancy fees
Office overheads
Accounting and IT services
Bank charges
Website costs
Payroll processing fees
Legal and professional fees		 Unrestricted
Funds
£
69,310
2,168
110
1,773
231
-
586
361
15,925
5,967
1,394
85
3,058
750
5,985
107,703		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 30 June 24
Total
Funds
£
69,310
2,168
110
1,773
231
-
586
361
15,925
5,967
1,394
85
3,058
750
5,985
107,703		 Unrestricted
Funds
£
61,349
1,426
155
1,691
199
342
936
394
-
3,754
1,081
163
3,038
671
-
75,199		 30 June 23
Restricted
Total
Funds
Funds
£
£
-
61,349
-
1,426
-
155
-
1,691
-
199
-
342
-
936
-
394
-
-
-
3,754
-
1,081
-
163
-
3,038
-
671
-
-
-
75,199

6. Governance costs

Auditor's remuneration
Meetings and travel		 Unrestricted
Funds
£
3,840
1,666
5,506		 Restricted
Funds
£
-
-
-		 30 June 24
Total
Funds
£
3,840
1,666
5,506		 Unrestricted
Funds
£
3,840
3,113
6,953		 30 June 23
Restricted
Total
Funds
Funds
£
£
-
3,840
-
3,113
-
6,953

7. Auditor's remuneration

30 June 24 30 June 23
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Audit fees 3,840 - 3,840 3,840 - 3,840

24 | P a g e

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Notes to the Accounts

8. Wages and salary cost

Gross w ages
Employer's national insurance costs
Pension costs
Temporary support staff
Analysed to expenditure on average time basis:
Direct charitable activities
Support costs
Staff numbers:
Average head count		 30 June 24
30 June 23
Total
Total
Funds
Funds
£
£
86,375
75,744
3,102
2,591
9,537
9,307
-
5,315
99,014
92,957
£
£
29,704
31,608
69,310
61,349
99,014
92,957
30 June 24
30 June 23
3
3

One employee (2023: no employees) had emoluments (excluding employer pension costs) above £60,000 in the range £60,000 to £70,000 during the year under review .

No remuneration w as 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 w ere £9,537 (2023: £9,307). At the balance sheet date £82 (2023: £73) w as payable in respect of employee and employer pension schemes.

9. Related party transactions

During the year under review the Trustees, listed on page 2, had expenses reimbursed or paid on their behalf totalling £310 (2023: £233) for travel and meetings. Expenses paid on behalf of the Charity's Executive Director for carrying out her duties amounted to £385 (2023: £554). In addition during the comparartive year the charity organised an aw ay day for the trustees during the year w ith

The charity's key management personnel received employee benefits, inclusive of salary, social security and pension costs, totalling £76,145 (2023: £69,929) during the year under review .

The IT services provision, w hich includes management of the Microsoft 365 services and QuickBooks, w eb hosting and domain management, is outsourced to Art Data Systems Limited. When necessary, computer equipment and softw are is purchased by Art Data Systems Limited on behalf of the Charity. 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 w as £1,394 (2023: £1,280). At the balance sheet date £nil (2023: £nil) w as payable to Art Data Systems Limited.

There w ere no other transactions w ith related parties that require disclosure in the financial statements.

25 | P a g e

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Notes to the Accounts

10. Tangible fixed assets - unrestricted

Cost
At 1 July 2023
Additions
Disposals
At 30 June 2024
Depreciation
Accumulated at 1 July 2023
Charge for the year
On disposals
At 30 June 2024
Net book value at 30 June 2024
Net book value at 30 June 2023		 Office
equipment
Total
£
£
3,495
3,495
2,428
2,428
-
-
5,923
5,923
2,985
2,985
361
361
-
-
3,346
3,346
2,577
2,577
510
510

11. Heritage fixed assets - unrestricted

Carrying amount at 1 July 2023
Additions
Disposals
Depreciation/impairment
Revaluation
Carrying amount at 30 June 2024		 Stage
designs
Total
£
£
233,800
233,800
-
-
-
-
-
-
40,195
40,195
273,995
273,995

The collection of stage designs w as professionally valued at £273,995 as at 12 September 2023 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 24
£
40,195
40,195		 30 June 23
£
-
-		 30 June 22
£
47,900
47,900		 30 June 21
30 June 20
£
£
-
-
-
-

26 | P a g e

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Notes to the Accounts

12. Fixed asset investments

Carrying amount brought forw ard
Additions at cost
Disposals at carrying value
Change in market value
Carrying amount carried forw ard
Gains/(losses) on investments
Unrealised gains/(losses)
Realised gains/(losses)
Classes of investments
Unlisted multi-asset funds		 Unrestricted
Funds
£
8,220,326
-
-
770,371
8,990,697
Unrestricted
Funds
£
770,371
-
770,371
Unrestricted
Funds
£
8,990,697
8,990,697		 Restricted
Funds
£
1,127,682
-
-
105,680
1,233,362
Restricted
Funds
£
105,680
-
105,680
Restricted
Funds
£
1,233,362
1,233,362		 30 June 24
Total
Funds
£
9,348,008
-
-
876,051
10,224,059
30 June 24
Total
Funds
£
876,051
-
876,051
30 June 24
Total
Funds
£
10,224,059
10,224,059		 Unrestricted
Funds
£
7,804,692
-
-
415,634
8,220,326
Unrestricted
Funds
£
415,634
-
415,634
Unrestricted
Funds
£
8,220,326
8,220,326		 30 June 23
Restricted
Total
Funds
Funds
£
£
1,070,664
8,875,356
-
-
-
-
57,018
472,652
1,127,682
9,348,008
30 June 23
Restricted
Total
Funds
Funds
£
£
57,018
472,652
-
-
57,018
472,652
30 June 23
Restricted
Total
Funds
Funds
£
£
1,127,682
9,348,008
1,127,682
9,348,008

13. Debtors

Accrued income
Accrued investment income
Prepayments
Other debtors		 Unrestricted
Funds
£
10,000
60,944
3,077
3,402
77,423		 Restricted
Funds
£
-
8,360
-
-
8,360		 30 June 24
Total
Funds
£
10,000
69,304
3,077
3,402
85,783		 Unrestricted
Funds
£
-
62,517
-
242
62,759		 30 June 23
Restricted
Total
Funds
Funds
£
£
-
-
8,576
71,093
-
-
-
242
8,576
71,335

14. Creditors

Grants payable
Accruals and other creditors		 Unrestricted
Funds
£
5,110
12,322
17,432		 Restricted
Funds
£
-
-
-		 30 June 24
Total
Funds
£
5,110
12,322
17,432		 Unrestricted
Funds
£
-
3,913
3,913		 30 June 23
Restricted
Total
Funds
Funds
£
£
-
-
-
3,913
-
3,913

27 | P a g e

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Notes to the Accounts

15. Analysis of net assets between funds

Fixed assets
Current assets
Current liabilities		 Unrestricted
Funds
£
9,267,269
174,328
(17,432)
9,424,165		 Restricted
Funds
£
1,233,362
55,442
-
1,288,804		 30 June 24
Total
Funds
£
10,500,631
229,770
(17,432)
10,712,969		 Unrestricted
Funds
£
8,454,636
227,199
(3,913)
8,677,922		 30 June 23
Restricted
Total
Funds
Funds
£
£
1,127,682
9,582,318
55,539
282,738
-
(3,913)
1,183,221
9,861,143

16. Analysis of net movement in funds

Restricted funds
DTBF Fund
Acting for Others fund
Unrestricted funds
Designated funds
Fixed asset fund
General funds
Total unrestricted funds
Total funds
Restricted funds
DTBF Fund
Acting for others fund
Unrestricted funds
Designated funds
Fixed asset fund
General funds
Total unrestricted funds
Total funds		 Year ended 30 June 2024 Year ended 30 June 2024
Total funds
brought
forward
£
1,183,221
-
1,183,221
510
510
8,677,412
8,677,922
9,861,143		 Total
incoming
resources
£
31,469
-
31,469
-
-
208,974
208,974
240,443		 Total
Gains/
resources
(losses) on
expended
revaluation
£
£
(26,566)
105,680
(5,416)
-
(31,982)
105,680
(361)
-
(361)
-
(272,520)
810,566
(272,881)
810,566
(304,863)
916,246
Year ended 30 June 2023		 Transfers
Total funds
between
carried
funds
forward
£
£
-
1,293,804
416
(5,000)
416
1,288,804
2,428
2,577
2,428
2,577
(2,844)
9,421,588
(416)
9,424,165
-
10,712,969
Total funds
brought
forward
£
1,117,234
5,047
1,122,281
904
904
8,281,362
8,282,266
9,404,547		 Total
incoming
resources
£
26,969
-
26,969
-
-
209,577
209,577
236,546		 Total
resources
expended
£
(18,000)
(6,847)
(24,847)
(394)
(394)
(227,361)
(227,755)
(252,602)		 Gains/
(losses) on
revaluation
£
57,018
-
57,018
-
-
415,634
415,634
472,652		 Transfers
Total funds
between
carried
funds
forward
£
£
-
1,183,221
1,800
-
1,800
1,183,221
-
510
-
510
(1,800)
8,677,412
(1,800)
8,677,922
-
9,861,143

28 | P a g e

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Notes to the Accounts

17. Description of funds

DTBF Fund Established in 2016 follow ing 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 w ho require specific help follow ing injury, in order to enable them to return to their performing Fixed asset fund Designated fund representing the charity's fixed assets.

18. 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
11
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forw ard
16
Total funds carried forw ard
16		 Unrestricted
Funds
£
11,710
197,867
209,577
227,755
227,755
415,634
397,456
(1,800)
-
395,656
8,282,266
8,677,922		 30 June 23
Restricted
Total
Funds
Funds
£
£
50
11,760
26,919
224,786
26,969
236,546
24,847
252,602
24,847
252,602
57,018
472,652
59,140
456,596
1,800
-
-
-
60,940
456,596
1,122,281
9,404,547
1,183,221
9,861,143

29 | P a g e

Dance Professionals Fund

Annual report and financial statements year ended 30 June 2024

Notes to the Accounts

19. Financial instruments

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

19. Financial instruments
The carrying amounts of the Charity's financial instruments are as follow s:
30 June 24 30 June 23
Total Total
Funds Funds
£ £
Financial assets
Measured at fair value through net income/(expenditure):
Heritage assets 273,995 233,800
Fixed asset investments 10,224,059 9,348,008
10,498,054 9,581,808
The income, expense, net gains and net losses attributable to the Charity's financial instruments are summarised as follow s:
30 June 24 30 June 23
Total Total
Funds Funds
£ £
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income 219,417 223,147
219,417 223,147
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Unrealised gains/(losses) on investments 876,051 472,652
Realised gains/(losses) on investments - -
Gains/(losses) on revaluation of fixed assets 40,195 -
916,246 472,652

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

Fixed asset investments are w holly invested in the New ton Grow th 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 w ithin the Fund.

30 | P a g e