ENfjU5H NATIONAL BAtLET (Llmlred byRuaranteel Registered Company Number.. 735040 Charity Registration Nurnber.. 214005 English National Ballet (A Company Limited by Guarantee) Trustees, Report and Consolidated Financial Statements forthe year ended 31 March 2021 Reglstered In England and Wales Registered Company number.. 00735040 Charity Registration number". 214(K)5 ENGLISH NATIONAL BALLEf ILlmlted byguaranteel Registered Cornpany Number.. 735040 Charity Registration Number- 214005 Contents CONdPANY INFORMATION ........ TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2021..... IP4DEPENOENT Au￿TOR'S REPOPI..................................................................................................................................................23 CONSOLIDATEDSTATEMENT OF FINANCIAL AcfiviTIES....................................................................................................................... 27 CONSOLIDATED BALANCE SHEET........... ....................................................................................................... ................................29 CHARITY BALANCE 5HEET................................................................................................................................................................. CONSOLIDATED STATEklENT OF FLOWS.... -.31 NOTE5 TO THE FINANCIALSTATEMENTS............................ .32 ACCOUNTING POLICIES....... .32 GRANT INCOME.......................................................................,...............................,....................................,.......-............36 EXPENDITURE ON RAISING FUNDS.... .37 EXPENOITURE ON CHARITA8LE AcfiviTIES.. .37 SUPPORT cogrs.................................................................................................................................................................38 EXPENDITURE........................... REMUNERATION OF TRUSTEES.. ..38 STAFF NUMBERS................................................................................................................................................................39 TANGIBLE -IXED A55Ers.................................................................................................................................................... 10. INV£STbAENTS....................................................................................................................................................................41 11. DEBTORS.............................................................................................................................................................................42 12. CREDITOR...........................................................................................................................................................................42 13. DEFERRED INCOME............................................................................................................................................................42 14. PENSIONS...........................................................................................................................................................................42 15. UNRESTRICTED RESERVES........................................ .43 16. MOVEMENTS IN RESTRICFED FUNDS............................................................................................................................... 17. GROSS TRANSFERS BETWEEN FUNDS.. .45 18. RECONCILiATION OF NEf MOVEMENT IN FUNDS TO NE[ QISH FLOW FROM OPÉFL4TING AcfiviTIES. .46 19. ANALYSIS OF NET ASSETS BEfNEEN FUNDS...................................................-..........-....-.. 20. COMMITMENTS UNDER OPERAT1NG LEASES............. ......................... ..... . ..A7 21. CONTINGENT ASSET5 AND LIA8illfiES..... 22. RELATED PARTYTRAN5ACTIONS.................................................................. ..48 [21 ENGLISH NATIONAL BALLET Illrnlted byguaranteel Registered Company Number.. 735040 Charity Registration Number.. 214005 COMPANY INFORMATION Directors and Trustees Sir Roger Carr Sue Butcher Marilyn Berk Lady Deborah Buffini Grenville Turner Susan Boster Kamara Grav Zachary Lewy Christopher Marks Paul Pacifico Christophèr S3uI Susan Sloan C810line Thomson Dr Shirley fhompson (Chairl (Deputy Chairl (Appointed 17 September 20201 (Resigned 2 June 20201 (Resigned 18 September ?.0201 (Appointed 2 June 20201 (Resigned 7 October 20211 (Appointed 4 May 20201 Compary Secretary Grace Chan Registered Office and Principal Office Mulryan Centre for Dance 41 Hopewell Square London E140SY Principal Bankers 3rclays Lewel 27, 1 Churchill Place London E14 5HP Auditors Moore Kingston Smith LLP Devonshire House 60 Gtsswell Road London ECIM 7AD 131 ENGLISH NATIONAL BALLET ILimlted by guararteel Registered Company Number.. 735040 Charity Registration Number.. 214005 TRUSTEES REPORT FOR THEYEAR ENDED 31 MARCH 2021 The Trustees (who are also directors of the charity for the purposes of the Companies Artl present their annual report together with the consolidated financial statements of the Group, including English Natiori31 Ballet IENB or the Charity) and English National Ballet Enterprises Limited (the trading subsidiary), fDr the year ended 31 March 2021. The Trustees confirm that the annual report and financial statements of the group comply with the current statutory requirements, the requirements of the company's governin8 document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 OBJEcfivES AND AcfiviTIES English National B311et's missitsn is to take world-class ballet to the widest possible audience, delighting them with the traditional and inspiring them with the new. We aspire to be the United Kingdom's most exciting and creative ballet company. The primary objectives of English National Ballet are.. to present productions of c13ssical ballet of the highest quality within England and around the world,. to offer access to the w￿dest possible audience throu8h affordable pricing and attractive repertoire in a variety of venue5 including theatres, schools, festivals and digital platforms,. to inspire. enlighten and uplift the public through performances. events, interaction and experience,. to develop the art forrn of ballet by commissionin8 new choreography, design, and musical composition as well as cherishing thè classical repertoire,. and to maintain the highest artistic standardg. Our objectives can be distilled inta four strategic priorities, which underpin everything we do and how we do it. Focusing on these priorities will enable us to deliver our vision and mi55ion.' l. to consistently deliver artistic excellence and creativity,. 2. to nurture 3nd develop t31ent. on and off st38e; 3. to extend our ￿ach and relevance,. 4. to ensure sustainable growth. We Èvaluate our proBress 383inst these objettives by.. measuring our impact with audiences,. measuring our reputation arnong artist5, critics. industry colleagues and stakeholders: checking ourselves and our audiences a8ainst wider 50Clétal demographics,- measuring our income against taoets. Public Benefit In shaping our objectives for the year and planning our activities, the Trustees have considered the Ciarity Comm￿$S1On'S gener31 guidance on PLJblic benefit and fee charging, including its Euidance 'Public Benef it.. Running a Charity IPB21'. English National Ballet's programme of activities focusses on encouragin8 as many people as possible to attend our performances. We ensure that our pricirTrg policy reflects our commitment to enabling audiences. whatever their means, to have 3cces5 to our work. We WQFk closely 141 ENGLISH NATIONAL BALLET Iumited byzuarnnteel Reglstered Company Nurnber.. 735040 Charity Regi5tratiofi Nurnber.. 214005 with educational providers, community groups and our creative industries colleagues across the country to ensure that there are as few barriers as POS5ible to accessing a performance or activity. Our programmes are br03d in their form2t and multi-disciplinary in their content, which ensures that participation does not require a prior knowledge of ballet. We use our network of partner organisations to help ensure that we maximise opportunities for participation or for affordèble tickets, for those sections of the community that may not otherwise engage with ballet, or who may be marginalised in some way. We also offer different mediums in which to see our work, such as film or live-streaming of some of our performances and free di8ltal content offerin£ additional insight. STRucfuRE, GOVERNANCE AND MANAGEMENT English National Ballet IS 2 company limited by guarantee 3nd has no share capital. In the event of the charity bein8 wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. English N3tional Ballet is governed by its Memorandum of Association and Articles of Association. The Board of Trustees The Board of Trustees are the non-executive and unpaid governing body of English National Ballet, led by the Chair, Sir Roger Carr. Appoirtment of Trustees As Set out in the Articles of Association, the Chair of the Trustees is nominated by their fellow Trustees. The Trustees may se￿e for a period of up to two concurrent three-year terms. Trustees are, for the period of thei r appointment, also Members of the Company, guaranteeing a m3ximurn of £1 each in the event of the Company's insolvent liquidation. Trustee Induction and Training New Trustees undergo an induttion meeting with the Chair, and the Company Secretary briefs them on their legal obligations under charity and company law, the content of the Memorandum and Articles of As50Ci8tion, the committee and deci5ion-making processes, the business plan and iecent financial performance of the Charity. Trustees are encouraged to keep fully up to date with the latest Charity Commission clirectives. In 3ddition, reEular presentations are made to tho Board on key issues of current and ongoing import3nce, and regular charity trustee updates are provided by English National Ballet's charity lawyers. Governan￿ Structure The Board of Trustees, which can have up to 20 members, administers the Charity and meets a minimum of four times per year. An Executive Director and Artlstic Director are appointed by the Trustoes to rnanage the day to day business operations of the Charity. To facilitate effective operations, the Executive Director and Artistic Direttor have been delegated authority by the Trustees for day to day operational matters including finance, employment and artistic performance related artivity. During the year. the Board of Trustees met six times to ensure it Was maintainin8 effective control over strategic. financial, organisational and compliance tnatter5, and there were regular tneetings between the Chair of the B03rd and the Executive Director. Artistic Director and Chief OperatinE Officerthroughout the year. These three Executive Team members also attend e3ch of the Board meetings, along with other members of the Executive Team when relevant. Board members serwing during the year and up to the d2te of this report were as follows-. 151 ENGLISH NATIONAL BALLET Iumlied by gvaranteel Registered Company NuTnber.' 735040 Charty Regi5tralion Number". 21400S Sir Roger Carr Sue Butcher Marilyn Berk Lady Deborah Buffini Grenville Turner 5u53n Boster Kamara Gray Zachary Lewy Christopher Mark5 Paul Paciflco Christopher Saul Susan Sloan Caroline Thomson Dr Shirley Thompson ICh3irl IDeputy Chairl IAppointed 17 Septembèr 20201 IResigned 2 June 20201 IRe5igned 18 September 20201 IAppointed 2 June 20201 IResigned 7 Ottober 20211 (Appointed 4 May 20201 In order to provide effective oversight and to enable particular focus on key 3re3s of the day to day operations, four Board committees support the work of the Board and aim to meet prior to 8oard meetings. The committees are appointed by and generally made up of mernbers of the Board. The Finance and Gener21 Purposes Committee, London City Island Project Steering Board, and Governancè, NominatiDns and Aemuneration Committee have some delegated authority f rom the Board. Additional co-opted members Inon-board members) are invited tojoin committees where theirskills and experience are both relevant and highly valued. The membership of the standing committees is detailed below with co-opted rnembe￿ marked with an sterisk* Flnance and General Purposes Commtttee The Committee met five times in the year and the main ￿SPOnsibl11t1es are thè m3n3gement of finances, tax. audit and risk. During the year, the Committee ?150 SUPPOrted the Executive Team in regularfinancial scenario planning and options analysis to support the Company's Ernergern￿ Response Strategy in relation to the Covid pandemic. From lune 2020, upon the disbanding of the London City Island Project Steering Board, this committee also assumed responsibility for considering propety related matters on behalf of the Board. Membership of this Committee at the date of this report wa5.. Christopher Marks Sue Butcher Zachary Lewy (Chairl (Resigned 7 October 20211 London City Island Project Steerfn8 Board The Steering Board w35 disbanded in June 2020 on retirement of its Chair, Grenville Turner. The Steering Board was previously responsible for all aspects of the Company's building development at London City Island. The Committee included members of the Board and was attended by En81ish National Ballet's internal project team (Executive Director, Chief Operating Officer, Project Director, ènd mobilisation Project Managerl and the extern21 Project Manager and Quantity Surveyor/Cost Manager. Mefflbership dLJrin8 the year Until lune 2020 wa5.. Grenville Turner Justin 8ickle' (Chair- resigned 2 June 20201 (Resigned as a trustee 21 June 2018 but remained as a co-opted member until committee disbanded injune 20201 (Resigned 7 October 20211 Zachary Lewy ENGU5H NATIONAL BALLETILlmited by guarantee) Règ15tered Company Number.. 735040 Charrty RegEStr3tion Number.. 214CM)5 Govemance, Nomlnatlons and Remuneration Commtttee The Governance, Nomination5 and Remuneration Committee met four times in the year. The Committee is responsible for all governance matters ￿lating to English National Ballet, including reviewing board membership and performance, managing potential conflirts of interest, ensuring legal and regulatory compliance dnd relevant policies are in place, hearing staff-related matters, and overseeing the Contractual term5 of employment, performance, and remuneration of both the Artlstic Director and Executive Director. During the year it oversaw the process of new trustee recruitment inte￿iewS and ppointments, and the Company's work in relation to Equity, Diversity and I nclusion. Mernbership 35 at the date of this report was.. Christopher Saul K6mara Grav Pau I Pacifico Caroline Thomson G￿nVIlle Turner Philip Willatt Ch3ir IAppointed 24 May 20211 IAppointed l June 20201 IRÈsigned 2 June 20201 (Appointed 24 May 20211 Development Board The Development Board is a group of individuals who contribute to meeting English National Ballet's fundraising target by making introductions to potential donors and, as a group, deliver a specific fvndraising target for the Charity's work. During the year the Board was refreshed with a new Terms of Reference and a change in focus in order to maximise the fundraising potential of ENB'S new physical assets and the opportunities these provide at Qry Island. Thèy met three times in the year and the members at the date of thi5 report were.. Susan Sloan Drew Ackroyd Marilyn Berk Sarah Blomfield. Lady Deborah 8uffini Alejandro Caro N ick Claydon. Ev3-Maria Dimitriadis IAppointed 12 February 20211 Baroness Rosario de Mandat Grancev lacquie Gulbenkian Lily Liebel * Chair (Appointed 4 June 20201 (Appointed 4 February 20201 (Appointed l June 20201 THE EXECUTIVE TEAM The Trustees appoint the ArtlStic Director ènd Executive Director. Thè Board deleg3te the day-to-dav management of English National Ballet to the Executive Team, led by the Executive Director. The Executive Team Is made up of a director in each functional area of the business. The team met remotely on a weekly basis throughout the year, especially In relation to coordinating the Company's response to the pandemic. General tOPlCs include planning, decision making and sharing of information. St3nding agenda items include artistic programming, finance, sales performance, health and safety, and risk management, and a key focus during the year was the coordination and delivery of the Company's Emergency Response PSan in relation to the Covid pandemic. Ouring the year, the Executive Team comprised.. Patrick Harrison Tam3ra Rojo Grace Chan Executive D1￿ctOr Artistic Difftctor Chief Operating Officer ENGLISH NATIONAI BALLET (Limited by guarallteel Registered Comwny Nurnber.. 735040 Charity Registration Number-. 214005 Rachel Case Interim Development Director (fixed term contract appointed 21 October 2019 to 21 April 20201 Director of Marketing and Communications (resigned 26 August 20211 Human Resources Dirertor (appointed I l une 20211 Engagement Director Finance Director lappointed 26 May 2020, resigned 24 December 20201 Director of Msrketing and Communications lappointed 6 December 20211 Development Director (appointed l June 20211 Executive Producer Music Director Technical Direttor Human Resources Director Ire51gned 31 March 20211 Heather Clark-charrington Samantha Dean Fleur Derbyshire-Fox Gazala Hurley Lisa Leigh Lisa Ramsell Louise Shand-Brown Gavin Sutherland George Thomson Wendy Tull He3￿h and Safety The health and safety of employees, contractors and visitors is a high priority. Health and safety is communicated throughout the organisation and all new employees a￿ issued with a health and safety policy docLJment. In addition to a consultant health and s3fety advisor who meets regularly with the building operations team and reviews work in preparation for productions, there are trained first aiders and fire wardens across the organisation. Prior to the facilities reopening in August 2021 for the return of members of staff who worked remotely during the Covid pandernic. the public, and external hirers and other users of the facilities, 3 full health and safety audit was carried out of the facilities, and a refreshed policy document was issued to all staff returning to the buildin8. Equal Opportunltles The Charity recogn ise5 it5 legal and ethical obligations under the Equality Act. Policies and procedure5 are in p13ce to ensure that the Ch3rity complies with the letter and spirit of the law and that dThier51ty is celebrated strongly within the creative programme and the values of the organisation. EN B wants to be a diverse 2nd inclusive place to work 2nd an appropriate action plan is in place setting out what the org3nisation will do to prornote equity, diversity and inclusion IEDII and to InC￿aSe representation from those with protected chararteristlC5 across thè organisation. A si8nific3nt staff and Trustee engagement exercise was initiated during the year, facilitated by two EDI specialists. The insights from this work, as well as wider consultation with sector peers and external experts, is being used to review and refresh the Charity's EDI strategy and action plan. Remuneration The Charity continues to strive to be an employer of choice and is committed to paying 3 fair salary for jobs undertaken by our employees. To support this, we are working toward5 the Greater London Authoritls GoThJ Work Standards and have committed to paying the London Living Wage as a rninimum. The Remuneration Committee continues to provide oversight and monitor the performance of the Artistic Director and Executive Di￿￿Or, and sets their pay, considering sector-wide benchmarking IUK and internationally) and measuring performance against set objectives. The remuneration for other members of the Executive Team and staff of EN8 is covered by the organisation's Remuneration Policy which demonstr3tes that the Charity is Committed to ensuring that what it pays remains competitlve In the labour market. As part of this the HR Department has established a robust benchmarking procedure that 15 followed at the beginning of the recruitment process both for new and replacement roles, to ensure we are continually reviewing pay. In addition, ENB conducts organisation-wide pay review5. and regularly consult employee representatives and trade unions (where relevant) on pay lèvels. Genoral pay awards reflect changes in the wider labour market and levels of inflation and are balanced against affordability to the or8ani58tion. 181 ENGLISH NATIONAL BALLET (Limited by guarantee) Registered company Number". 735040 Charity Reglstratlon Number". 214￿5 Employ￿ Informatlon There Is an established structure for information and consultation at ENB, and there is regular consultatiorn with union and staff representatives on both a formal and inforrnal basis. This was enhanced during the pandemic.. for the first six months all-5taff emails were sent weekly and all-staff meetings were held on Zoom at least monthly to keep employees informed about the company's emergency response plan, its ongoing lobbying, to maintain cohesion amongst colleague groups who were physically separated and provide welfare support to whomever needed It. An inltial three month5 of complete lockdown saw all staff working from home and dancers ￿CeIVIng oaching and class digitally. The return of the dancers to the studios was prioritised at the end of lune to maintain physic21 fitness, and 3 5rnalS number of essential staff also returned to facilitate the conversion of the Mulryan Centre for Dance studios into a Covid-secure working environment. Meeting5 contlnued to tske place with staff committees representing our dancers, orchestra, and technical teams and the frequency was increased because of the degree of change to working environments and financial pressures on the organisation throughout the pandemic. In addition to pav and benefits, these staff committees were consulted on health and safety, with Specific reference to Covid-security and were also a key forum for sharing how the company's emer8ency plannir)8 and advocacy was taking shape. Committee members were encouraged to raise any specific areas of concern to the staff they represent. These meetings were minuted and action lists tracked. As well as Staff meetings and staff committees, a number of staff suNeys have been completed to feed into return-to-work planning and ENB'S future approach to hybrid working. Focus group5 and one-to-one sessions were offered to all stJff to gain specif ic insight into staff engagement and welfare from the point of view of protected characteristics, the data from which is informing both ENB'S EDI strategy and artion plan and a review of its staff policies. ENB'S Equality & Diversity Policy requires that full 3nd fair consideration 15 given to applicatio.ns for employment made by disabled persons, having regard to their particular aptitudes and abilities. continuing the employment of, and arranging training for, employees who have become disabled persons while employed,. and en5urinB the same tr8ining, career development and progression opportunities are available to all staff regardless of any disability. Subsldiaries and Related Partles The Ch3rity is the sole fully paid-up shareholder of two subsidiary companies. The principal activity of En81ish National Ballet Enterprises Limited is commercial trading such as corporate sponsorships, memberships, hires and events. The princip31 activity of ENB Productions Limited Is as a theatrical production company Icurrently dormant). [91 ENGtISH NATIQNAL BALLEf (Llmited by guarantee) Registered Company Nurnber.. 735040 Charity Registration NurnbÈr= 214CK)5 STRATEGIC REPORT Achievements and performance The impact of the Covid-19 P3ndemic meant that ENB, as with most performing arts organisations had to cancel, postpone or repurpose almost 311 of its planned performances nationalw arnd internationally in 2020121. Cancelled performances included.. The world premiere of Akram Khan's Creoture at Sadlerfs We11s in April 2020 and subsequent tour, with the loss of 23 performances across the year. 14 performances of Swan Lake in-the-round at the Royal Albert Hall in June 2020. The world premiere and nation21 tour of Tamara Rojo's RGyrnondo between October 2020 and January 2021, with the loss of 28 performances across four venues. 31 perform3nTr5 of the Nutcrucker at the London Coliseum across December 2020 and January 2021. The national tour of My First Cin(Jerella. with the1055 of 38 performances across four venues, as well as the planned tour of My First 5wtJn L(Jke, due to premiere in tv1arch 2021. International tours to Barcelona in April 2020. Mexico City in May 2020, Paris in July 2020, and Montreal and Chicago in March 2021. Despite the cance113tion of our national 2nd intern3tional performances, a drastic reduction in income and the changes to staffing that were required as a result, we h3ve continued to deliver on our mission to bring world-class ballet to as many people as possible, wherever they are ?nd whatever their means. We repurposed as much of our resources as possible to deliver an Emergenry Response Plan in May 2020. with its aim to keep the company intact and solvent, remain active throughout lockdown and, wherever possible, supporting the wider recovery of the arts sector. In orderto achieve these aims, we focused our resources on,. providing as much work as could be afforded to ENB'S wider 8roup of colleagLie5 such as its orchestra. casual technical and prodLJCtion teams, Bnd freelance makers, creative teams and teachers,. strengthening our digit31 assets and ensuring an innovative and relevant online offer,. retaining long-term relationships wtth partner venues and co-producers and supportin8 their recovery where we could,. maxlmising reach through film, digital content and classe5, as well as Safe options for smaller scale live performance: repurposinE finances to prioriiise investment in areas critical for recovery,. and usin8 London City Island facilities to support wider sector recovery. We were proud to win the award for the Best Company Response to the Pandemic at the 3nnu31 National Dance Awards in lune 2021. We also undertook some of the last Stages of oijr capital projert to complete our London City Island facilities during the year, with most of the fin31 fit-out snagging and remediation work carried Dut during the lockdowns. We were thrilled to name our building the M ulryan Centre for Dance, in recognition of Sean Mulryan and his farnily for their continued support of EN8 and the capital project froffl the outset. We were also proud to be awarded the Royal I nstitute of British Architects, IRIBAI London Suilding of the Year 2021, a Rl BA London Award 2021, a RIBA National Award 2021, and 5hortlisted for the upcoming AJ Architecture Awards 2021 in the Community, Cultural and Health category, having won AIIOO Building of the Year in 2020. in addition to orher international 3rchitecture awards. In all, ENB lost 55% of its budgeted income in 2020121. Other than a small number of st3ff le3vin8 during the year, the Company ha5 remained intact in size and vision. We are grateful to everyone who played a part in the survival of EN8 during the year, and who continue to work hard in their efforts to sustain the spirit of EN8. A crucial reason for ENB suNiving the 2020121 Year is due to the efforts of its own staff. All Staff members made sacrifices-. we unfortunately said goodbye to a small number, some after many years 1101 ENGLISH NATIONAL BALLEtILimited by guarantee) flegistered com￿nY Plumber.. 735040 Charlty Re8lStration Number-. 214005 of service. the remainder accepted at least six months of pay reduction, and many covered a number of roles to keep the organisation going, with everyone being cognisant of the need for pay restraint going forwards. This was an or8anisation-wide effort We are also thankful that the Company had firmly established itself at London City Island well before the pandemic, as the improved facilities gave EN8 many more opportunities than it would otherwise have had in its previous Victorian premises in Kensington. And last, but not least, we are grateful for Arts Council England's constant support and their critical Emergency Funding, to the Department for Digital, Culture, Medi8 and Sport IDCMSI and the Government's Culture Recovery Fund, and to all of our donors who gave us the financial and moral support to enable ENB to keep going into its 71, year. How ENB met its strategic priorities during the year l. Conslstentty deltverln8 ardstlc excellence and creatlvlty We moved quickly to digital platforms to ensure that we could continue to create, perform and sustain our artlstic impact while communicating with our audiences. ENB'S Artistic Director, Tamara Rojo, began sharing daily open-acces5 classes from her kitchen via YouTube within 24 hours of lockdown. This provided professional class for all of the company's dancers restrirted tD their homes, but 3150 to professional dancers around the world wishing to maintain fitness. We shared the best of our companvs skill and talent via our free Wednesday Watch Parties, which saw audiences around the world invited weekly to enjoy never before seen full-lengLh iecordings of Company performances, with premieres on Facebook and YouTube. The musicians of ENB Philharmonic supplemented these performance events by joining together from their homes to perform virtual renditions of extracts from Swan Lake, and then from Alexander Glazunorfs Roymondo, to say thank you to the NH5. By September 2020 we were able to live-stream our first new live performance and took the opportunity to showcase our best young dancers, with six finalists competing in our Emerging Dancer competitior). We were able to broadcast the live performance event in a Covid-secure way from our own Holloway Production Studio. thanks to the Iheatre-sized space's generous proportions and fresh air flow. The event showcased the very best of ENB'S artistic excellence and emerging talent in the highlights of classical repertoire, the newly commissioned work by Company dancers and youngfreelance choreographers, and the live music performed by a socially distanced ENB Philharmonic. The Holloway Production Studio 81so proved transformational to our ability to develop a professional film studio. where we were able to create five new dance films made by a diverse group of choreographers and filmmakers to launch our digital season in November 2020. Filmmaker Amy Becker-Burnett worked with choreographer Arielle Smith to create an energetic, old rnovie musical inspired, Jolly Folly. Shaun J3mes Grant collaboratèd with ENB Associate Choreographer Stina Quagebeur on Take Five Blues, a response to Bach's Vivace and Paul Desmond'sjazz standard, Take Five. Michael Nunn and William Trevitt worked with Russell Maliphant on Echoes, which also used light as an integral partner. FilmmakerThomas Jatne5 worked on the creation of the fi￿al two filrn5.' Laid in Earth with choreographer Sidi Larbi Cherkaoui. and Senseless Kindness choreographed by Yuri Pos50khov and b3sed on V2sily Grossman's gre3t novel, Life and Fate. Although ENB'S largescale productions could not be performed live on stage as planned under Covid restrictions, we were able to progre55 the development of both of the major new works which had been intended to premiere in 2020, thanks again to the quality and scale of the new facilities at the Mulryan ENGLISH NATIONAL BAILETILlmtted by guarantee) ReElsrered Company Number.. 735040 Charlty Reg15tration Number.. 214CK)5 Centre for Dance. We created Covid-secure cast bubbles to safely complete Akram Khan's new full-length work. Creature, and we made significant progress on the creation of Tamara Rojo's new version of Roymondo. Both of these assets will be cornerstones of starting our recovery in 21122. They will be vital for retaining ourtalented artists, reactivating our partner venues, employing numerous freelance partner rtists and building back our high-profile international touring and co-production relationships. The Suc￿sSful completion of Creoture. coupled with the rich learning from the digital season, gave u5 the skills and confidence to additionally capture Creoture as a new feature film, with Oscar winning film director, Asif Kapadia in April 2021. We ensured we were ready to take advant2ge of all opportunities for socially distanced live stage perform3nces by preparing a live version of our digital works, Reunion, and a new, smaller-scale Nutcrocker Delights, using an innovative combin8tion of digital and projection story-telling and live performance and music. Unfortunately, both shows had to be cancelled when the second and third lockdowns were introduced, but they have been captured on film and shared for free on YouTube as a gift to our followers and provide options for future live perform3nce. Whilst much of our planned Engagement work could not go ahead, we reshaped artivity where we could 3nd gained insight into the possibilitie5 of hybrid delivery as a result. A particular focus was proactivelv supporting those most severely affected by isolation and physical and mental wellbeing during the pandemic. For example, we consulted with people livin8 With Parkinson's as we trained Associate Artists for transitioning EN B Dance for Parkinson's to online. Our major pro8rammes for developing youth talent and participation, Dance Journeys and ENBYouthCo. were maintained with online option5 such as a free Youth Dance Intensive during the school holidays and the opportunity to create new dance-for-c2mera films. In addition, ENBYouthCo-nnect was launched to support and connect young people through lockdown. 2. Nurturlng and developln8 talen( on and off stsge While nurturing and developing talent remained a goal in the year, the impact of the pandemic on ways of working, physic31 and mental wellbeing and the resources of the company meant that our main focus in 2020121 was on talent retention and welfare. A key focus throughout the year was managing Covid-security at the Mulryan Centre for Dance to keep our elite dancers in shape throughout lockdown and then to restart creation 3nd rehearsal safely. Our return-to-work plan enabSed wider staff consultation and increment31 reopening. This approach was used S 3 case study for other organisations by Parents in Performing Arts. Our Emerging Dancer live-streamed event was an opportunity to further nurture land showcase) our emergin8 talent, with six finalists receiving coaching f rom senior members of the Company, before performing in front of a panel of judges. New choreographic commissions were created by ENB FirstArtist and Associaie Choreographer Stina Quagebeur, ENB Lead Principèl Jeffrey Cirio and Ballet Black dancer and choreographer Mthuthuzeli November. The whole event was produced by James Streeter as part of ENU'S Dance Le3ders of the Future, a mentoring and skills development progr3mme focused on sharing wider industry skills and succession planning. We also treated freelancers respertfully during the pandemic, paying people and suppliers on time and honouring commitments wherever possible. Although opportunities were limited, we were able to start work with a wide range of makers and designers from all over the UK as we created the digital season and feature film capture of Creature, as well as progressing our production of Rayrnonda. Across our Engagement work, 52 freelance Associate ArtlSt5 delivered work during this period, some new to ENB, 1121 ENGUSH NATIONAL BALLEf ILlmlted by Kuaranteel Registered Cornpany Number.. 735040 Charlty Registration Number-. 214W5 and we initiated ENB Artists Community which provided training and development to our freelance colle3gueg. In 2020121, ENB began consultation and planning on a new fivtryear children and young peoplo's training programme which we have named the Ballet Futures Project. The programme is in association with regional dance Schools, focussed on diversifying the pipeline of ballet talent by offerin8 high quality, early- Stage ballet training for children from African Diaspora, Caribbean. South Asian and South E3St Asian heritage. During the year, we ider)tified partner schools across England who will help ENB create a nationwide network of participants and teachers and create accessible platforms for children to work with ENB dancers and teachers and experienco the Company'5 productions. 3. Exiendln8 our reach and relevan The pandemic was the bi8gest barrier to physic85 reach the performing arts has ever faced. Nevertheless, we were able to make full use of our physical assets and talent to create relev3rit new work for online consumption. In 2020121 we achieved 4,115,577 worldwide interactions With our online offers and classes 1878,323 in 191201. This substantial growth provides us with strong engagement and new knowledge, which will help us ensure di8lt31 commitment remains a core pillar of audience development alongside our work for live audience5. Our new dedicated on-demand video platform, ENB at Horne, was13unched in November 2020 and ha5 become our shop window for digit31 Interaction. It hosts two new add itions to our artistic oFfer". Ballet on Demand, and BalletActive. Ballet on Demand Bives users of the platform the opportunity to enloy world class ballet performances 8t home with full length productions available to rent, including works recorded specifically for screen, such as Akram Khan's Gi5elle and selections from the Companvs archives. BalletActive offers a subscription-based classes programme, Including a broad offer.. technique masterclasses from members of ENB'S own teachers and alumni.. classes for professionals. classes for sm311 spaces, chair-based classe5,' yoga, meditation and Pilates sessions to complement b311et practice,. southeast Asian dance classes, Flamenco, and contemporary dance for beginners and young people. Digital channels have also provided opportunities to learn from our En8agement programme volunteers and participants and we developed new delivery models to keep our offer responsive and relevant. For example, our'ln conversation with... Zoom sessions provided an additional social element to participants living with P3rkinson's. Our new befriending initiative, ENBTogether, was developed to specifically support engagement methods for people experienclng severe1oneliness a5 a result of shielding, and following training with Befriending Network5, we piloted the scheme in April 2021 with a team of volunteers with lived experience of Parkinson's. ENBYouthCo's 2019/20 cohort transferred to online. which a15owed for an increase in interactions between Youthco members, the Company and guest artists, and also enabled group mentoring se55ions. Despite Dance Journey5 and U.Dance postponements in the first lockdown, new dance film screening opportunities arose through digital platfoims.. Flexus.. #Holdin8Hands A Captured Moment Digital Dance & Arts Festival, Fractured, choreographed by Arielle Smith,. and Digital Plarform U.Dance 'A Comedy in Long Shot,, choreographed by ENBYouthCo. We implemented 3 new application process for the Youthco's 2020/21 cohort, which included a digital task which enabled young people to express their creativity and reveal more of themselve5 than they may have felt comfortable doin8 in a studio-ba5ed audition alone. Applications increased by 26%, with 3 surge in the number of male application5 and we were able to increase the size and diversity of INB Youthco in response. 1131 ENGLISH NATIONAL BALIET1Llm￿ed by guarantee) Registered Company Number.. 735040 Chari(v Re8isirarion Number.. 214005 4. Ensurlng su5talnable growth Prior to the start of the 2020121 year, ENB had p13ns in place to achieve some level of sustainable growth while facing into the uncertainty created by Brexit, continued inflationary pressure on costs and 3 challenging and competitive f unding environment. Little did we know about the seismic consequences of the Covid pandemic and its specific impact on the perfDrming arts sector, let alone the challenge to EN8's own survival and sustainability. 2020121 was supposed to be the Company'5 first full year of occupancy at its new hotne at London City Island, a year in which ENB hoped to develop an understanding of the costs of runninE a premlses f ive times the size of its previous home, as well 3s work to optimise the building for rehears31, eng38ement and outreach, working with other organisations, and delivering events and hires. While ENB has remained operation31 throughout the pandemic, the building was closed f rom March 2020 until the end of June 2020, at which time only dancers returned for class, training and rehabilitation, and later rehearsals. Artistic activity was 518nif icantly enabled by ENB'S Return to Work team which met year- round to react and respond to changes in public health guidance. The ieam was a cross-functional team focussed on ensuring a Covid-secure way to enable artistic activity to continue productively. This enabled the completion of Akram Khan's Creature, which was almost completed before the first lockdown but was only able to be completed a year later, and also enabled work to start on Tamara Rojo's Roymondo for 2021122. Administrative colleagues have worked remotely throughout and returned to the Mulryan Centre for Dance from late summer 2021. The Ernergeng Response Plan enacted by the Company in May 2020 provided the or8anisation with a clear strategy for the year with enough flexibility to adapt to changing rules and conditions. EN8 also worked collaboratively wilh venue partners such as Sadlerfs Wells and the London Coliseum. where we each adapted Dur business models and usu31 ways of working to help each other deliver both live performance and keeping venues open with viable content. Our swift response to the pandemic and prompt Fe-schedulin8 of international tour date5 helped keep these in play for future dates and we were able to Secure the co-produttion commitments of Ballet Flande￿ (for Creoturel and Finnish National Ballet (for Roymondol and re-schedule their premiere d3tes. We were also able to secu re a second licencing of Akram Khan's Giselle to B311et Flanders in place of the Creature premiere. ENB also made use of the Government's Coronavirus lob Retention Scheme Ic￿5) during periods where it was not pc)ssible for certain groups Of employees to work and applied some of its limited financial reserves to P3y for the top-up costs of using fudough to provide income for groups of colleagues that would ordinarily be en888ed by ENB for performance periods only. ENB reco8nises that not everyone associated with the company could be 5UPPOrted throughout lockdown, however we always accessed whatever assistance we could in an equitable and fair way. Cost saving5 were made Whe￿Ver possible, balanced against not cutting costs in the short term if they would result in higher longer-term costs. Recruitment was frozen from April 2020 and roles recruited on an as-needs basi5, Wlth needed roles rè-recruited from autumn 2021. All contracts relating to the completion of the London City Island capital projert f it-out were settled or agreed during the year, with only a few remediation projects remaining at the time of signing this report. ENB has part-acquired a 199-year leasehold of its building which begin5 to secure its future. with the finèl part-acquisition in the 2021122 year. The Mulryan Centre for Dance has played a key role in ENB'S surviva during the pandemic, providing space, access, and the technolo￿ to stay open. remain active, create and to sustain some level of earned income. The Company being performance-ready in May 2021 is in no small part due to the fortuitOUS timing of the completion of the London Citylsland capital project. 1141 ENGUSH NATIONAL BALLET (Llmlted by waianteel Registered company Number.. 735040 Charlty Rezlstratlon NumbeF'. 214005 ENB'5 ExecutiveTearn and Board have and will continue to reflect upon the learningsthey acquired during the 2020121 year. The pandemic has given ENB the opportunity to adapt and to develop new ski1S5, which will no doubt have a key role in its future. Overall, 2020121 has been a year of loss, a year of gains, but ENB has remained intact which 8ives us the foundation we need as we face into the post-covid recovery. Fundraising report Raising voluntary funds f rom charitable trusts and foundations and individual donors, and the income received from corporate partrnerships and event5, are vital to ENB and used to fulfil our charitable objectives as effectively as possible. We 2re gr3teful for thè support Biven by all our donors. We aim to build and maintain collaborative, long-term partnerships with our supporters and donors, based on mutual understanding and shared values. As part of our commitment to good fundraising practice and to support the Regulatorfs Code of Fundraising Practice, we are registered with the Fundraising Regulator. Our published Supporter Charter can be viewed online hittss.. www.ballet.or su orter-charter EN8 operates with a sm311 fundraising (Development) team. It does not engage In door-to-door or telephone fundraising activity. The Development team works closely with ENB'5 Executive ream and with the Board's fundraising sub-committee, the Development Board, to develop the fundraising strategy and to identify potential fundraising prospetts. The Development Board was furtherstrengthened with skilled new members in 2020121. Our Privacy Policy, published on our website, clearly state5 what personal data EN8 will hold in relation to supporters and how thi5 data will be used. The Privacy Statement is published on the Company's website-. https'.l/www.b311et.org.uklpiivacy-st2tement/. ENB'S complaints procedure, reviewed annually, is also updated and 15 publisheci online https:/lwww.ballet.org.uk/fundraising-complaints-procedurel. No fundraising complaints were received during the 2020121 financial year. ENB'S Gift Acceptance Policy clearly sets out the expectalions of anyone fundraising for the Company, be that a paid employee, consultant or volunteer. and details the policy and decision-making process we will Use to assess if there is any risk, reputational or otherwise, to ENB by accepting a donation, sponsorship or membership. The Gift Acceptance Policy is reviewed annually. FINANCIAL REVIEW The basis on which the financial statements have been prepared 15 explained in Note I, found orn page 32. The Group includes English Nation31 Ballet IENB or the Charity) and English NatlDnal Ballèt Enterprises Limited Ithe trading subsidiaryl. One other subsidiary, EN8 Productions Limited, is dormant. The long-term financial stability of ENB relies on the National Portfolio Organisation INPOI grant fundin8 that the Charity receives from Arts Council England IACEI in the form of a revenue grant. ENB'S NPO Tunding has remained at a similar level since 2006. The currènt four-year funding round was scheduled to end in March 2022. However, in response to the disruption caused by Covid-19 and to provide some 1151 ENGLISH NAMONAL BALLET (Llmlted by £uaranieel egistered Cornp3ny Number.. 735040 Charlty Registraiion NumbeF: 214005 level of certainty, ACE will be extendin8 the current funding round by one year. therefore ending in March 2023. The next NPO funding round applications are due to be submitted to ACE in Sprin8 2022. With 5tar)d-still grant funding from ACE, even pre-covid 19, ENB faced the increasing challenge of year- on-year wage and cost inflation, b3lancin8 that against the organisation's objective to ensure continued access to its live performances by providing reasonable ticket prices, continuing to evolve the artform, and ensuring work that is performed in London is also performed in the reglons wherever possible. In addition to the ACE NPO grant and theatre tax relief, ENB has always relied on its income via box office sales from growing attenclance numbers and fundraising to enable it to continue its mission to deliver excellent work tD as many people as possible. The financial year saw the full impart of the Covid-19 pandemic on ENB'S operations and finances. with the complete loss of income from normal charitable activities (ticket sales and tour fèes, outreach and engagement activityl, and a significant decline in trading attivities. The main source of income wa5 from ENB'S annual NPO 8r3nt from ACE, with additional support f rom ACE'S Emergency Respons? Fund and the Department of Culture, Media and Sports, Culture Recovery Fund ICRFI. Expenditure was also significantly lower, with fixed costs reduced wherever possible and production costs limited to what W8$ affordable with the additional funding ENB received from ACE and DCMS. The year also included payments for the final stages of contractor costs related to the completion of the fit-out works on the London City Island facilities and part-payment of the lease premium on the building. The Group reported a surplus of £6.418,000 for the year12020.. £2,376,000) which must be read with the additional information in this report a5 a significant proportion of thls surplus relates to the designated funds relatin8 to the f inal stages of completing the London City Island capital project. Total income for the year was £18,183,00012020.. £23,022,000) of which £8,858,00012020.. £115,OCh)I was granted through various Government and ACE funds to financially support organisations through the pandemic in 2020121. Further analysis on the breakdown of these grants can be found in Note 2 of the Financial Statements. Total expenditure for the year dropped to £13,383,000 Compa￿ d to £21,830,000 in the previous year. This was due to there being little expenditure related to delivering performances and redU￿d production expenditure due to the pandemic. Expenditure includes a depreciation charge of £1,454,00012020.' £1,454,000) which ￿lateS predominèntly to the London City Island asset. Unrestricted General Funds at 31 March 2021 total £3,420.00012020: £3,001,000], Designated Funds at 31 March 2021 total £27,333,00012020.. £21,644,000), and Restricted Funds at 31 March 2021 total £1,144,CIJO12020.. £834,0001- These results are presented in the Consolidated Statement of Finèncial Activities1SOFAI on page 27. In order to not overstate general funds available. two new designated funds have been created in 2020121.. Pre-paid Production Expenditure for New Akram Khan E984,00012020-. £ nil) to offset already paid production expenditure relating to developing Akram Khan's Creature whose costs are, in 3CCDrdance with ENB'S accounting policies, held in the Ba13nce Sheet 3s Work in Progress IcurTent asset) and expensed to the SOFA on the opening night of the f irst live performance. These funds are designated so that general reseroes, which are freely available. are not overstated. VAT Repayment Fund £2,500,00012020: £ nill. ENB has been operatin8 as if it were partially culturally exempt Since the end of 2017118. In April 2020, HMRC suggested that contrary to earlier confirmations, EN B may not be eligible to be partially culturally exempt, but no dÈcision has been made by HMRC at this Stage. This could impact several interdependent VAT submissions ENB has made to HMRC in relatlon to both operatins and capital activity. In October 2020, HMRC advised that a capital transattion that took place in january 2019 which ENB treated as exempt follDwlng 1161 E146USH NATIONAL BAiLEf (Limited by tuaranteel Registered Company Nurnber.. 735040 Charity Registration Number.. 214005 advance disclosure to HMRC in September 2018, is now taxable for VAT. EN B continues to be in correspondence with HMRC on these matters. While ENB believe that it is partially cultur311y exempt and does not agree with the treatment on the capital transaction and therefore there is no liability, until these matter5 are resolved with HMRC EN8 has designated an amount it may need to repay if it Is assessed that these monies would need to be paid to HMRC immediately upon final assessment. Further information on the capital trans3Ction is disclosed in Note 21 of the Notes to the Accounts. These new designated funds are in addition to two prior year designated funds that remain at 31 March 2021: City Island 2020 project fixed asset fund of £23,684,00012020.- £21,438,000) contains the funds available for p3yment of outstanding capital project costs and for the depreciation of the assets delivered as part of the London City Islènd capital project. Fixed Asset fund of £165,00012020.. £206,000> contains the remainder of the unarnortised value of certain tangible assets Inot including the Citylsland facilities) which will be reduced each year to match the depreciation ch3rged to expenditure in the SOFA. Ticket sales for live performances and foreign tOLJr fees for the year totalled £nil12020." £8,278,000). Two specially rehearsed and produced live performance5 had to be cancelled due to enforced lockdown announced just prior to the st3rt of each run. Foreign tours scheduled for the year were cancelled due to Covid-19. Donation income of £1.276.00012020= E2,799.0001 Included £25,680 restrirted to the developmenr of London City Is13nd 12020.. £1,613,000). Grant income of £15,281,00012020.. £9,928,000) included £3,311,000 restricted to the development of London City Island12020.. £4,661,000). Trading activity income detreased to £534,00012020.. £1,475,000) mainly due to ENB'S inability to hire out its facilities or host commercial events at London City Island from March 2020, due to Covid-19. Production and performance costs include cancelled performance-related costs and expenditu re related to producing artistic content e.g. creating content for our online platforms, and the commi55ioning and creatlon of five short dance films. As there was low charitable and trading artivity expenditure during thÈ year compared to prior yeJrs. each activity Was 311oc3ted a higher than usual proportion of support costs, which are 6enerally more fixed in nature. Total support costs are allocated to Productions and Performance costs, Outreach and Engagement costs, costs of Raising Funds, and costs Df Cornmercial Tradin8 Operations as 3 proportion of total expenditure. Even with a reduction to as much fixed cost as possible. support costs totalled £4,372,000 for a full year at London City Island12020.. £4,395,000- which included 4 months at ENB'S previous premises in Kensington and 8 months at London City Island) of which one-third relates to non-cash depreciation charges 3s we amortise the capital costs of fitting out the new bullding over its estimated useful life. Although there were severe restrictions in access to spaces and participants, ENB continued to support work in its engagement and outreach programmes despite the p3ndemic. Expenditure totalled £457,000 12020.. £730,000). Theatre tax relief received of £1.618,000 relates to the 2019/20 financial year,. the claim for the 2020121 financial year will be submitted in the 2021/22 financial year. Group c35h on hand at 31 March 2021 Is £6,813,￿ul202o.' £2,613,OWI. EN8 had a £5m revolving C￿dit facility which expired in June 2021. Thè facility was not drawn upon during the year. 117] ENGLISH NATIONAL BALLET ILlrnSted by guarantee) Registered Company Nurnber. 735040 Charity Re8lStration Number: 214005 Work in Progress in the Balance Sheet is made up of costs already incurred in relation to future productions that are postponed rather than cancelled due to Covid-19 and totalled £1,024,00012020.. £683,(K)01. These costs will be expensed to the SOFA in the year of each production's first live performance. Of the £1,024.000 balan￿ at 31 March 2021, £984,000 relates to a completed produrtion of Akram Khan's Creuture. As the amount IS Sl8nificant, a transfer from Unrestricted General Funds has been m3de to a Designated Fund, Pre-paid Production Expenditure for New Akram Khan, in order to not overstate ENB'S General Funds at 31 March 2021. Debtors include £2.2m12020.. £2.2ml of recoverable VAT on costs incurred on the London City Island project based on appwing the 'standard method. for VAT recoverability. ENB submitted an application to HM RC for a fairer and more reasonable 'special method, to be applied to London Citylsland capital costs during 2019 arid is currently under review by HMRC. The debtor balance is what ENB believes is refundable by HMRC. I n 2019120, the outst3nding li3bility f311ing due after one year of £5.090,WO is the cost of the lease premium payable on the City Island facilities for a 199-year leasehold. £2,036,000 remain5 outstanding at 31 March 2021 and must be paid by January 2022. This is included in creditors falling due within one year. Financial Rlsk Management: The following statements summarise the 802rd's policy in managing identified forms of f inancial risk. Credit risk.. risk on amounts Dwed to the Charity by its customers is relatively low as payment from venue settlernents are with established commercial theatre owners and advances are regularly received ahead of our performances atthe venue. Donations are mostly recorded at the point of receipt. Trading income, such as for hires and events using ENB'S facilities, require a sizeable upfront deposit or are paid in advance, and is not a material risk to create a credit risk. pri￿ risk- In more normal years, payroll costs reprèsent 51% of total expenditure for the Charity and higher levels of inf lation represent 3 risk as over 30% of the total income for ENB comes from Arts Council England, which has been at a stand-still level for many years. The Charity has some freedom over its ticket pricing, and box off ice incorne represents over 40% of revenue. The pricing str3tegy aims to hold the lowest ticket price at an accessible level. Cash flow risk.. Surplus funds are placed with two major clearing banks. Short-term working capital requirements were able to be met with the £Sm revolving credit faclllty available with Barclays Bank, which expirÈd in lune 2021 but is avai13ble for renewal. Liquidity risk.. Risk on Snterest payments is low as the annual interest cost of drawing down on the faciltty in full would have been less than 0.01% of total income. Reserves Pollcy.. The Company operate5 on the basi5 that. over a typical Arts Council England National Portfolio Organisation INPOI funding cycle of three or four years. revenue will exceed expenditure. This model allows for regular investment in new work or repertoire at varying levels of expenditu re whose costs can then be recovered over the longer term. Tho lon8-term sustainability of the Company Is la￿elY dependent upon continued funding from Art5 Council England. TheTrustees ensure that the relev3nt officer5 of Arts Council England are kept informed of the Company's achievements, plans and aspirations at all times through re8ular meetings, written reports, and completing Arts Council England data gathering exercises. 1181 ENGLISH NATIONAL BALLET (Limited by waranteel Registered Company Number.. 735040 Charity Registration Number.. 2141105 The Trustees normally consider that the most appropriate level of free reserves at year end is between £2,500,000 and up to a maximum of £3,164,000 being 50 percent of the annual grant award frcm Arts Council Eng12nd. For 31 March 2021 the Trustees consider that the level of free reseNes on hand, which is more than the upper end of the reserves poliry, is neederj to see ENB through the coming one to two years due to ongoing uncertainties in relation to the imp8Ct of Covid on ENB'S finances. The Charity's consolidated general reserves lunre5tricted reserves less designated funds) at 31 March 2021 tot31 £3,420.00012020'. £3,001,000). At 31 March 2021, designated *unds totalled £27,333,000 12020.. £21,644,000) and restricted funds totalled £1,144,000 12020: £834,CKJOI. PRINCIPAL RISKS AND UNCERTAINTIES The Trustees are responsible forthe management of the risks faced by the Charity. The Finance & General Purposes Committee reviews strategic and operational risks durin8 the year. and the Governance, Remuneration and Nominations Comrnittee reviews risks relevant to governance or remuneration matters as they arise. The full Board of Trustees also undertake an annual review to assure themselves of the adequacy of controls and mitigation5 in place. The organisational Risk Register is reviewed periodically and updated by the Executive Director and the Chief Operating Officer with input from other members of the Executive Tearn. Procedures are then implemented which are designed to minimise the likelihood or poiential impact on the charity should those risks materiali5e. The principal risks to English National Ballet are.. Covld-19 Financial risk and uncertalnty- The Covid-19 pandemic is the most significant risk that has impacted £NB in its recent history. Since lockdown was mandated by the UK Government in March 2020, performance venues were mainly closed with the first real and sustained opportunity to reopen on 17 May 2021. EN B, along with all its sector collea8ues in the performing arts, has faced si8nificant financial challenges throu8hout the year. The impact of closure and public health measures has been felt in the wider economy along with all our staff, freelance colleagues, audience members, our many suppliers and venue network, and resulted in unprecedented disruption to our organisation. business, c35hflow and reserves. ENB lost 55Yo of its unrestricted incomo compared to the 2019120 financial year, while still incurring Its fixed costs, which include staff costs and fixed overhead5. With a55iSt3nce from ACE'5 Emergency Response Fund, the Government's Culture Recovery Fund and the aRS furloughing scheme, ENB was supported in its ability to remain a going concern through the financial year. Looking ahead, there are a number of financial risks. These include.. Continued uncertainty from the impact and length of Covid-19 on aud ience confidence, public health guidance and mitigatiDns. Reduced ability to commission and invest in new assets or to provide a hi8h-quality diverse repertoire if the impact of the pandemic continually diminishes ENB'S reserves. The commercial viability of our UK and international partner venues which enables ENB to tour 3nd perform. The viability of international touring. The ability to restart ENB'S Commercial income streams to a level that is needed to help enable financial resilience. 1191 ENGLISH NATIONAL BALLETILlmfff resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Gener311y Accepted Accoun-ing Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conijucted our audit In accordance with International Standards on Auditing IUKI IISAslUKII 3nd applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that 8re relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our Dtherethical responsibilities in accordance with these requ1￿MentS. We believe that the audit evidence we h3ve obt21ned is sufficient and appropriate to provide a basis for our opinion. Concluslons reL4tin8 to 8oin8 Con￿rn In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the prep2ration of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or conditions that, individually or colleciively, may cast significant doubt on the group's and parent charitable company's ability to continue as a going concern for a period of at least twelve months frorn when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respert to going concern are described in the relevant sections of this report. Other Infomiation The other information comprises the information included in the annual report, other than the fin3ncial statements and our auditor's report thereon. The trustees are responsible for the other information contained in the annual report. 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 anv form of assurance conclusion thereon. P31 ENGLISH NATIONAI BALLET (Llrnited by guarantee) Registered company Number.. 735040 Charty ReBistration Number.. 214005 Our responsibility is to read the other information and, in doing so, consider whethor the othor inform3tion is materially inconsistent with the financial statements or our knowled8e obtained in the course of the auéit or otherwise appears to be m2teri3lly misstated. If we identify such rnaterial inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstaternent of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on otkEr matter5 prescrfbed by the CompaniesAtt 2CI16 In our opinion, based on the work undertaken in the course of the audit: the information given in the strategic report and the trustees, annual ￿port for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the strategic report and the tru9tees' annual report have been prepared in accordance with applicable legal requirernents. Matter5 on whlch we are required to report by e￿ptIOn I n the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2￿6 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient 3ccounting ￿cords, or return5 adequate for our audit have not been received from branches not visited by us,. or the parent charit3ble company's financial staiements are noi In agreement wSih the accounting records 3nd returns,. or certain disclosures of tru5tees' remuneration specified by law are not made,. or we have not received all the information and explanalions we require for our audit. Responslbilities of trustees As explained more fully in the tru5tees' responsibilities staternent set out on page 22. the trustees (who are also the d1￿CtorS of the charitable company for the purposes of company lawl are responsible for the preparation of the fin8nci31 statements and for being satisf led that Ihey give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financ131 statements that are free from material misstatement, whether due to fraud or error. In preparing the financlal statementg, the trustees are responsible for assessing the group and parent charitable companvs ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concÈrn basis of accountin8 unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. 1241 ENGLISH NATIONAL BALLET ILimited by guarantee) Registered Cofflpony Number.. 735040 Charity Registration Nurnber-. 214005 Audltorfs responsibilitie5 forthe audit of the financial statements Our objectives are to obtain reasonable assurance about whether the fin3ncial Statements as a whole are free from material misstatement, whether due to fr3ud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not 3 guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are c0ns1de￿d material If, individually or in aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISA5 IUKI we exercise professional judgement and maintain professional scepticism throughout the 3udit. We also-. Identify and assess the risks of material misstatement of the financi31 statements, whether due to fraud or error, design and perform audit procedures responsive to those risk5, and obtair) audit evidence that is sufficient and appropriate to provide 3 basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresent3tions, or the override of internal control. Obtai n an understanding of Internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company's internal control. Evaluate Ihe appropriateness of accountlng policies used 3nd the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the tru5tees' use of the going concem basi5 of accountin8 and, based on the audit èvidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company's abilitii to continue as a going concern. If we conclude that a material uncertairTrty exists, we are required to draw attention in our auditods report to the re13ted disclosures in the financial statements or, if such disclosures 3re inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may cause the group or parent charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements. including the disc105u re5, and whether the financial statements represent the underlying transactions and events in 3 manner Ihat achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the f Inancial information of the entities or business activities within the group to express an opinion on the con501idated financial statements. We are respon51ble for the direction. supervision and performance of the group audit. We remain solely responsible for our audit report. We communicate with those charged with governance regarding among other matters, the planned scope and timin8 of the audit and significant audit findings, including any signi*ic8nt deficiencies in internal contrDI that we identify durinE our audit. Explanation astowhat extentthe audltwas consldered capableof detectin8 irregularltles, Includlngfraud Irregularities, including f raud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi55tatements in respect of irregularities, includ1ng fraud. The extent to which our procedures are capable of detecting irregularities, includin8 fraud is detailed below. 125] EN6L15H NATIONAL ￿LLET ILlmlted by guarantee) Registered Cornpany Number.. 735040 Charty Reeistration Number: 214005 The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material mi55tatement of the financial statements due to fraud.. to obtain Sufficient appropriate audit evidence regarding the assessed risks of material misstatemi ent due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However. the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows.. We obtained an undersianding of the legal and regulatory requirements applicable to the charitable company and considered that the most Si8nificant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financi81 Reporting Council. We obtained an understanding of how the charFtable company complies with these requirements bv discussions with management 3nd those charged with governance. We 3S5essed the risk of material rnisstatement of the financial statement5, including the risk of material misststement due to fraud and how it might occur, by holding discussions with management and those charged with governènco. We inquired of management and those charged with gDvern3nce as to any known instances OF non- compliance or 5U5pected non-compliance with laws and ￿gUlatiOns. Based on this understanding, we designed specific appropri3t@ audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events 3nd transartions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud 15 higher than the risk of not detecting one resLJlting from error, as fraud May involve deliberate concealment by, for example. forgery or intentional misrepresentations, or through collusion. Use of our reFQrt This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters which we are required to st3te to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members a5 a body, for our audit work, for this report, or for the opinions we have formed. 6&Y& K ' L(1 James Cross (Senior Statutory Auditor) far and on behalf of Moore Kingston Smith LLP, Statutory Auditor Devonshire House 60 Goswell Road London ECIM 7AD 16 December 2021 ENGLISH NATIONAL BALLET ILimited by gL4aTanteel Registered Company Nurnber.. 73504Q Charity Reeistration Number.. 214005 CONSOLI DATED STATEMENT OF FINANCIAL AcfiviTIES Ilncorporating an Income and Expenditure Account) for the year ending 31 March 2021 General Desi8nated Restricted Funds Funds Funds 2021 2021 2021 Totsl Funds 2021 Total Funds 2020 £000 Notes Income from: Donatlons and Grant&. Grants Donations In kind sponsorships 12,965 3,316 1.092 16,281 1,276 9,928 2.799 42 Charitable 3ctlvltles.' Ticket sales and tour fees Outreach and engagement 8,278 119 181 181 Othertradlng a￿￿￿les. Trading artivities Production hire Programmes & merchandisin8 Membership 5ub5criptions 534 17 534 17 1,475 88 loo 97 80 80 Investment Income Other income 13 83 23,022 13,775 4,408 18,183 Expenditure on: Raising funds 13081 1371 iii 13461 11,0931 Commercial Trading Operations 16061 1721 iii 16791 14411 Charltsble actlvltles Productions and performances Outreach and engagement 110,2251 1351 111,490 11,2731 1491 11,4311 14031 111,9011 119,5661 1571 14571 (7301 14621 113,3831 121,8301 Net (expenditu￿}/1nC01r Other recognised 8ains- Theatre tax relief Transfers between funds Net movement In funds 2,885 (1,431) 4000 1,192 1,618 13,4841 419 1,618 1,184 17 7,120 5,689 13,6361 310 6,418 2,376 Reconclllatlon of funds: Net funds brought forward Net funds carried forward 3,001 3,420 21,644 27.333 834 25,479 31.897 23,103 25.479 1,144 127] ENfjL15H NATIONAL BALLET (Llmtted byguaranteel Regi5teied Cotnpany Number.- 735040 Charity Regi$tr8ti¢in Number.. 214005 The statement of Pinancial activities includes all gains and losses recognised in the year. Income and resulting net movement in funds each year arise from continuing operations. There is no difrerence between the result for the year stated above and its historical cost equivalent. The notes on pages 32 to 48 form part of these financial statements. 1281 ENGUSH NA710NALBALLET ILimited tyyf*•¥tt••) 8e8iStered Ci>mpany 335(￿0 Charlty ReEiStratioft Number.. 214fXJS CONSOLIDATED BALANCE SHEEr As at 31 March 2021 Notes 2021 2020 Fixed Assets: Tangible assets 24,716 26,110 Current assets.. Work in pro8￿$9 Debtors Cash at bank and In hand Totsl current assets 1.024 5,336 6.813 13.173 683 4,210 2,614 7.507 li Uabilltletr. Creditors fallin8 due withSn one year 12 15.9921 13.0481 7,181 4,459 T¢>tsl assets less current fiabiltties 31,897 3Q,569 Creditors fa11in8 due after one year 12 15.0901 Totsl net assets 31,897 29,479 The funds ￿thecharIty. General funds Designated funds T4Xal unrestrlcted fvnd5 3,420 27,333 30.753 3.1)01 21,644 24,645 15 Resirtcknl fvnds 16 1,144 834 Total chaflty f￿d$ 31,897 25,479 The notes on page5 32 to 48 forrn part of these financial statements. These accounts We￿ approved by the Board of Trustees on 14, December 2D21 and signed on its beha Chrfstopher Marts Date: EPIGU5H f4ATIONAL BALLET {knTh￿ted * 8uaTrrt•el Rw5tered COM￿￿¥ NuM￿r.. 735040 Charfty Re*rtr¥tsn Numl*r. 214CI)5 CHARITY BALANCE SHEEr As at 31 March 2021 Notes 2021 2020 Fly£d Assets: Tangible assets 24.716 26,110 Curr•nt ass*t&' Work in pro8re55 Debtors Cash at bank and in hand 1,024 6,413 6,493 13.930 683 4,210 2,614 7.507 li Uabllltle5: Creditors f3llirE due within one year 12 15,9131 13.0481 Net Current a*ts 8,017 4.459 Total assets kss current Ilabllltles 32,733 30.569 Creditors falling due after one year 12 Totsl net assets 32,733 25.479 Thè funds of the General funds Designated funds Totsl unre5trlrted fund5 15 15 4,256 27,333 31,<89 3.001 21,644 24,645 Rffjtrfrted funds 16 1,144 834 Totsl chartty funds 32,733 25,479 As permitted by S408 Companies Act 2006, the Charity has not presented its own Statement of Financial Statements and related notes. The total incorne and net income for the charitable company alone were £18,562,00012020- £21,855,000) and £5,797,00012020- £1,192,000) respectively. The note5 on page5 32 to 48 form part of these flnanclal statements. These accounts were approved by the Board of Trijstees on 14, December 2021 and signed on its behalf Chrfstopher Mark5 kg4thkn 2621 ENGLISH NATIONAL 8ALLET (Llmlted by guaranteel Registered Company Numbei.. 735040 Chèrity Re8lStration Number.. 214005 CONSOLIDATED sfATEMENT OF CASHFLOWS As at 31 March 2021 Notes 2021 2020 Cashflows from operating acttvltles: Net cash flow provided by oper3ting artivities 18 4.260 7,132 Cash flu&VS from investing actfvltles: Bank interest Purchase of property, plant and equipment Disposal of property, plant and equipment Net tash used In Investing actNltles 14 12.8271 1611 1611 112,8131 Change in cash in the reporting period Cash at the beginning of the reporting pèriod Cash at the end of the reportin8 period 4,199 2,614 6,813 15,6811 8,295 2.614 The notes on pages 32 to 48 form part of these financial statements. 1311 ENfjLISH NATIONAL BALLET ILimlted byguaranteel Registered Company Number: 735040 Charity Registration Number.. 214005 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES English Naiional Ballet 15 a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respert of the guarantee is limited to £1 per member of the charity. The entity is registered in England and Wales Wlth a registered address of Mulryan Centre for Dance, 41 Hopewell Square, London, E14 OSY. Basls of preparation of aCC￿nts The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The financial statements have been prepared in British Pounds Sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest E'OOO. Basls of preparation The financial Statements have been prepared in accordance with Charities SORP IFRS 1021 applicable to charities preparing their accounts in accordance with The FinJncial Reporting Standards applicable in the UK and republic of Ireland and the Charities Act 2011 and UK Generally Accepted Accounting Practice including Update Bulletin 2. English National Ballet meets the definition of a public benefit entity under FR5102. Assets and liabilities re initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. Goln8 concern The financial statements are drawn up on the going concern basis which assumes th3t English National Ballet will continue in operational existence for the foreseeable future and for a period not less than twelve months from the date of approval of these financial statements. The Charity SLJbstantially relies on funding through grants from Arts Council England for its current and future commitments and operates on the basis that cumulatively, over the period of the funding cycle Icurrently April 2018 to March 2022 but extended to March 20231 revenue will at least match expenditure. Applications for the new Arts Council England funding round start in April 2022. In lune 2017, Arts Council England confirmed stand-still Nation31 Portfolio Organisation funding for English National Ballet for the four-yearfunding cycle beginning April 2018 and ending M3rch 2022, ENB'S 3pplication for 22123 lan extension year due to Covidl was submitted in September 2021 and confirm2tion of funding will be announced by Arts Council England by the end of December 2021. The Trustees have undertaken financial modelling, budgeting and cashflow forecastin8 to NAarch 2023 which considers the potential impact of Covid mitigations returning, especially in relation to box office ncome over the Christmas 2021 period, and potentially the longer term impact of Covid on other revenue streams such as fundraising and tradin& Projertions also consider the imp3Ct of worst-case outcomes in relation to VAT submissions in progress with HMRC. Based on these projections and continuing with a flexible approach to reduce financial risk should it be required, supported by the GovernmenVs13test round of the Culture Recovery Fund and with the back-up of a credit facility, ENB'S Board of Trustees expects to meet its commitments for at le3St 12 months beyond Ihe date of slgning these accounts. Conseouently, ENB'S Trustees are content to continue to adopt the go￿ng concern basis of accounting for the Grou p. At the same time, all avenues to secure additional financial support will be pursued to ensure ENB'S long-term financial sust2inability. 1321 ENGLISH NATIONAL BALLET ILlmited by guaronteel Reg15tered Company Number.. 735040 ChBrity Reglstration Number- 21400S Basis of consolidation A sep3rate Statement of Financial Activitiesforthe Charity is not presented because the Charity hastaken advantage of the exemptions afforded by section 408 of the Companies Act 2006. The consolidated financial statements include the financial statements of the charitable company and its subsidiary undertakings on a line by line basis. The trading results of the subsidiary undertakings are disclosed in Note 10. Income Grant and donation income. whether for capital or revenue artivity, is recognised on an 3ccruals basis in the period in which the Charity is entitled to receipt, any performance conditions have been met, and the amount can be measured with reasonable certainty. I ncome from theatre ticket sales and foreign touring fees is included in income in the period in which the relevant performance takes place as is income from Engagementworkshops and classes. Income received before the year end relating to activity in subsequent periods is recorded in deferred income. Sponsorship and corporate membership income 15 recognised on an accrua15 basis in the period in which the relevant benefits are consumed. Commercial hire and event income earned from the City Island facilities, and other sundry income is recognised on an accruals basis in the period5 in which the Charity, or its trading subsidiary, is entitled to funds (whether for cash or goods and services in kindl, when any performance conditions have been met and the amount of incorne can be measured with reasonable certainty. Donated goods and services are recognised as income at a reasonable estimate of their value to the Charity in tho pèriod to which they relate and are matched by equivalent expenditure. The estimate of value is assessed by reference to the donor organisation's standard charity rate card. ND amounts are included in the financial statements for service5 donated by volunteers. Investfflent income is interest receivable on fund5 held on deposit and is reco8nised when receivable and the amount Can be measured reliablv. Expendlture and ba51s of allocation of costs All expenditure 15 accoLJnted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Wherè costs cannot be directly attributed to a particular heading they have been allocated to activities on a basis conslstent with the use of the resources. Costs of raising fund5 represent the cost of direct fundraising and the costs associated with generating corporate sponsorship and associated events income, which are mainly incurred through the trading subsidiary. These are recognised whèn incurred and are separately disclosed on the Statement of Financial Activities. Costs of deliverin8 commercial tr3din8 operations, which are incurred throLJEh the trading subsidiary, are recognised when incurred and are separately disclosed on the Statement of Financial Activities. Costs of charitable activities include the salaries, related staff costs and direct expenditure of rehearsing, staging, performing and marketing ballet, and related irrecoverable VAT. and other costs associated with carrying out OLAtreach and engagement activities undertaken to further the purpose5 of the charity, and their associated support costs. Production costs are charged to the Statement of Financial Activities in the year of the first perfDrmance. Costs relating to productions which do not have their first performance by the end of the financial year are held on the balance sheet as part of work in progress. 1331 ENGLISH NATIONAL 8ALLET (Llrnlted byguaranteel Registered Company Number.. 735040 Charity Registration Number.. 214005 Support costs are those incurred in connection with the administration of thè Charity and are in 5UPPOrt of expenditure on the objects of the Charity. They include executive management, finance, human resources and organisational developmenr, premises and 2SSOCiated depreciation, facilities costs, IT and commUni￿tiOns, archive costs, and related irrecover3ble VAT. To the extent that VAT is not recovered, it is included in the cost category to which it relates. Governance costs which are included within support costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements. Support Costs are analysed in Note 5. Llablllties Creditors and provisions are recognised upon receipt of goods and services supplied or have a present legal or constructive obligation as a result of past events where it is probable that 2n outflow or resources will be required to settle the Dbligation, and the amount can be reliably estimated. Where there are significant obligations which do not meet the requirements for recognition as a provision set out in Section 21 'Provisions and Contingencies, of FRS 102 these are disclosed as o note to the accounts. Contratted commitments are recorded as liabl1￿leS on the balance sheet, when the criteria for recognition has been met. These, 35 well as oper3ting lease commitments are disclosed in Notes 20. Tangible Ft