2022-03-31-accounts - English National Ballet

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COMPANY INFORMATION .	COMPANY INFORMATION .
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCI-I 2022
INDEPENDENT AUDITOR'5 REPORT...			..21
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES...			..25
CONSOLIDATED BALANCE SHEET			..27
CHARITY BALANCE SHEET ..
CONSOLIDATED STATEMENT OF CASH FLOWS ..			..29
NOTES TO THE FINANCIAL STATEMENTS.			..30
1.	ACCOUNTING POLICIES		..30
2.	GRANT INCOME		..34
3.	EXPENDITURE ON RAISING FUNDS.		35
4.	EXPENDITURE ON CHARITABLE ACTIVITIES.		35
5.	SUPPORT COSTS..		..36
6.	EXPENDITURE...		36
7.	REMUNERATION OF TRUSTEES.		36
B.	STAFF NUMBERS. .. .		37
9.	TANGIBLE FIXED ASSETS..		38
10.	INVESTMENTS ..		39
11	DEBTORS...		..40
12.	CREDITOR.		..40
13.	DEFERRED INCOME..		..40
14.	PENSIONS.		..40
15.	UNRESTRICTED RESERVES.		..41
16.	MOVEMENTS IN RESTRICTED FUNDS..		..43
17.	GROSS TRANSFERS BETWEEN FUNDS..		...44
18.	RECONCILIATION OF NET MOVEMENT	IN FLINDS TO NET CASH FLOW FROM OPERATING ACTIVITIES . .
19.	ANALYSIS OF NETASSETS BETWEEN FUNDS..		..45
20.	COMMITMENTS UNDER OPERATING LEASES ..		..46
21.	CONTINGENT ASSETS AND LIABILITIES	.	...46
22.	RELATED PARTY TRANSACTIONS. .		....47

Patrick Harrison	Executive Director
Tamara Rojo	Artistic Director (resigned 25 November			2022)
Grace Chan	Chief Operating Officer
Heather Clark-Charrington	Director of Marketing	and Communications			(resigned 26 August 2021)
Samantha Dean	Human Resources Director (appointed			1June 2021, resigned		22 July
	2022)
Fleur Derbyshire-Fox	Engagement Director
Lisa Leigh	Director of Marketing	and Communications			(appointed 6 December
	2021)
Lisa Ramsell	Development Director	(appointed 1June 2021, resigned 31				May 2022)
Louise Shand-Brown	Executive Producer
Gavin Sutherland	Music Director (resigned 3 November		2022)
George Thomson	Technical Director

(Incorporating an Income and E	xpenditure	Account) for t	he year ending	31March 2022
		General	Designated	Restricted	Total	Tota I
		Funds	Funds	Funds	Funds	Funds
	Notes	2022	2022	2022	2022	2021
		EOOO	EOOD	EOOD	EOOD	EOOD
Income from:
Donations and Grants:
Grants		8,592		531	9,123	16,281
Donations		3,374		1,305	4,679	1,276
Charitable activities:
Ticket sales and tour fees		3,867			3,867
Outreach and engagement		29			29	(8)
Other trading activities:
Trading activities		1,312			1,312	534
Production hire gr Co-		1,074			1,074	17
Production Income
Programmes 8 merchandising		69			69
Membership subscriptions		59			59	80
Other income		24			24
Total Income		18,400		1,836	20,236	18,183
Expenditure on:
Raising funds		(633)	(51)	(1)	(685)	(346)
Commercial Trading		(357)	(30)		(387)	(679)
Operations
Charitable activities
Productions and performances	4	(14,207)	(2,287)	(861)	(17,355)	(11,901)
Outreach and engagement	4	(340)	(47)	(236)	(623)	(457)
Total Expenditure		(15,537)	(2,415)	(1,098)	(19,050)	(13,383)
Net (expenditure)/income		2,863	(2,415)	738	1,186	4,800
Other recognised gains—
Theatre tax relief		1,021			1,021	1,618
Transfers between funds	17	(4,109)	4,508	(399)
Net movement in funds		(225)	2,093	339	2,207	6,418
Reconciliation offunds:
Net funds brought forward		3,420	27,333	1,144	31,897	25,479
Net funds carried forward		3,195	29,426	1,483	34,104	31,897

As at31March 2022	As at31March 2022
			Notes	2022	2021
				f'000	f'000
Fixed Assets:
Tangible assets				23,265	24,716
Current assets:
Work in progress				36	1,024
Debtors				7,052	5,336
Cash at bank and	in hand			8,004	6,813
Total current assets				15,092	13,173
Liabilities:
Creditors falling due within one year			12	(4,253)	(5,992)
Net Current assets				10,839	7,181
Total assets less	current	liabilities		34,104	31,897
Creditors falling due after one year			12
Total net assets				34,104	31,897
The funds ofthe	charity:
General funds			15	3,195	3,420
Designated funds			15	29,426	27,333
Total unrestricted	funds			32,621	30,753
Restricted funds			16	1,483	1,144
Total charity funds				34,104	31,897

As at31March 2	022
			Notes	2022	2021
				f'000	f'000
Fixed Assets:
Tangible assets				23,265	24,716
Current assets:
Work in progress				36	1,024
Debtors				6,954	6,413
Cash at bank and	in hand			6,371	6,493
Total current assets				13,361	13,930
Liabilities:
Creditors falling due within one year			12	(2,522)	(5,913)
Net Current assets				10,839	8,017
Total assets less	current	liabilities		34,104	32,733
Creditors falling due after one year			12
Total net assets				34,104	32,733
The funds ofthe	charity:
General funds			15	3,195	4,256
Designated funds			15	29,426	27,333
Total unrestricted	funds			32,621	31,589
Restricted funds			16	1,483	1,144
Total charity funds				34,104	32,733

CONSOLIDATED S As at31March 2022	TA	TEMENT O	F CASHFLOWS
				Notes	2022	2021
					E'000	g'000
Cashflows from operating		activities:
Net cash flow provided	by	operating activities		18	1,194	4,260
Cash flows from investing		activities:
Purchase of property,	plant and equipment				(3)	(61)
Disposai of property, plant		and equipment
Net cash used in investing		activities			(3)	(61)
Change in cash in the	reporting period				1,191	4,199
Cash at the beginning	ofthe reporting		period		6,813	2,614
Cash atthe end ofthe	reporting period				8,004	6,813

					General	Restricted	Tata I	Total
					Fund	Funds	2022	2021
					EOOOs	EOOOs	EOOOs	EOOOs
					6,328		6,328	6,328
Arts Council England —revenue		funding
Arts Council England —capital		grant						208
Other statutory funding
Trusts and foundations					164	531	695	887
UK Government Coronavirus Scheme	Job Retention				176		176	2,477
					6,668	531	7,199	9,900
Exce tional fundin due to	andemic:
Arts Council England —Emergency			Response					1,305
fund
Department of Digital, Culture,		Media		&Sports	820		820	2 076
—Cultural Recovery Fund 1
Department of Digital, Culture, —Cultural Recovery Fund 3		Media		&Sports	1,104		1,104
Department of Digital, Culture, Cultural Kickstart Capital fund		Media		&.Sports				3,000
					1,924		1,924	6,381
Tota I 2022					8,592	531	9,123	16,281
Tota I 2021					12,965	3,316	16,281

harity Registration Nu . EXPENDITURE	mber: 21400 ON.'	5
RAISING FUNDS			General	Designated	Restricted	Tota I	Total
			Funds	Fund	Funds	Funds	Funds
		Notes	2022	2022	2022	2022	2021
			f'000	f'000	f'000	f'000	f'000
Support costs			128	51	1	180	113
Events			176			176	14
Other fundraising	costs		329			329	219
Total 2022			633	51	1	685	346
Total 2021			308	37	1	346

COMMERCIAL TRADING	COMMERCIAL TRADING
OPERATIONS			General	Designated	Restricted	Tota I	Tota I
			Funds	Fund	Funds	Funds	Funds
		Notes	2022	2022	2022	2022	2021
			f'000	f'000	f'000	f'000	f'000
Support costs			72	30		102	221
Other Commercial	Trading Cost		285			285	458
Tota I 2022			357	30		387	679
Tata I 2021			606	72	1	679

. EXPENDI		TURE ON CHA	RITAB	LE ACTIVI	TIES
					General	Designated	Restricted	Total	Tota I
					Funds	Fund	Funds	Funds	Funds
				Notes	2022	2022	2022	2022	2021
					f'000	f'000	f'000	f'000	f'000
Productions		and performances
Support costs					3,241	1,303	21	4,565	3,888
Production		and rehearsal	costs		1,107	984	759	2,850	1,473
Performance		costs			2,380			2,380	46
Artists					3,917		81	3,998	3,751
Technical, stage, wardrobe					757			757	950
Producing					191			191	158
Music					338			338	264
Medical and		welfare			424			424	387
Marketing	and publicity				1,852			1,852	984
Sundry
Tota I 2022					14,207	2,287	861	17,355	11,901
Tota I 2021					10,225	1,273	403	11,901

				General	Designated	Restricted	Total	Total
				Funds	Fund	Funds	Funds	Funds
			Notes	2022	2022	2022	2022	2021
				f'000	f'000	f'000	f'000	f'000
Outreach and Engagement
Support costs				116	47	1	164	150
Programme	costs			37		191	228	71
Programme	management	&		187		44	231	236
administration
Total 2022				340	47	236	623	457
Total 2021				351	49	57	457

			Productions				Commercial
			&	Outreach	&	Raising	Trading	Tota I	Total
			performance	Engagement		funds	Operations
			2022	2022		2022	2022	2022	2021
			f'000	f'000		f'000	f'000	f'000	f'000
Management		and administration	2,013		72	45	80	2,210	1,661
Premises and		facilities	1,227		44	27	48	1,346	1,256
Depreciation		charge	1,325		48	30	52	1,455	1,455
Tota	I 2022		4,565		164	102	180	5,011	4,372
Tota	I 2021		3,888		150	221	113	4,372

. EXPENDITURE
				Tata	Total
				2022	2021
				f'000	f'000
The net income/(expenditure)		is stated after charging:
Operating leases land and buildings,			office equipment	135	141
Depreciation charge on	tangible	fixed assets		1,454	1,454
Governance costs:
Auditors' remuneration:	group	and	charity audit	39	36
Non audit services				14	7
Legal costs				58	107

					2022	2021
					FTE	FTE
Engagement and outreach					5	6
Artistic management					9	9
Dancers					71	69
Producing, medical, company			management		8	8
Orchestra and music management					11	18
Technical, stages, wardrobe					25	29
Marketing and communications					8	8
Fun draising					7	9
Management and administration					20	17
Tota I					162	173
					Total	Total
					2022	2021
					E000s	E000s
The aggregate payroll	costs	of	these employees	were:
Wages and salaries					7,138	7,201
Social security costs					761	685
Pensions					315	320
Total employee costs					8,214	8,206
Freelance staff					380	132
Total					8,594	8,338
The number ofemployees		whose emoluments,		including
benefits in kind, were	in excess off60,000was:				2022	2021
f60,000to f69,999
f70,000tof79,999
f80,000to E89,999
f90,000tof99,999
f110,000tof119,999
f150,000to f159,999
f160,000to E169,999
f170,000to f180,000
f220,000to f229,000
					17	14

Group &Charity	Long	Leasehold	Plant &	Furniture &	Total
	Leasehold	Improvements	Equipment	Fittings
	f000s	E000s	E000s	E000s	f000s
Cost
1April 2021	5,253	14,813	6,470	2,044	28,580
Additions		(3)	6		3
Disposals			(40)		(40)
31March 2022	5,253	14,810	6,436	2,044	28,543
Depreciation
1April 2021	210	996	2,078	580	3,864
Charge for the year	105	311	748	290	1,454
Disposals			(40)		(40)
31March 2022	315	1,307	2,786	870	5,278
Net book value
31March 2022	4,938	13,503	3,650	1,174	23,265
31March 2021	5,043	13,817	4,392	1,464	24,716

				2022	2021
				f	f
Shares	in	subsidiary	undertaking	2	2

									2022	2021
									f000s	EOOOs
Turnover									1280	483
Expenditure									(266)	(1,319)
Net profit									1,014	(836)
Reserves brought			forward						(836)
Amount distributed				to English	National		Ballet under deed ofcovenant		(178)
Reserves carried		forward								(836)
									2022	2021
									EOOOs	f000s
The assets held		in	the subsidiary			trading	company	were;
Current assets									2,078	378
Current liabilities									(2,078)	(1,214)
Net assets										(836)
Aggregate share		capital and reserves								(836)
b) Company:	ENB Productions					Limited
									2022	2021
									f	f
Shares in subsidiary				undertaking					2	2

					2022	2022	2021	2021
					Group	Charity	Group	Charity
					EOOOs	f000s	EOOOs	EOOOs
Trade debtors					346	91	65	45
Amounts	owed		by subsidiary	undertaking		347		1,135
VAT					2,476	2,476	3,161	3,128
Other debtors					3,235	3,231	1,585	1,585
Prepayments		and accrued income			995	809	525	520
					7,052	6,954	5,336	6,413
12.	CREDITORS				2022	2022	2021	2021
					Group	Charity	Group	Charity
					EOOOs	EOOOs	EOOOs	EOOOs
Trade creditors					286	279	728	728
Socialsecurity			and PAYE		190	190	158	158
Other creditors					972	972	890	890
Accruals					1,028	1,024	3,050	3,050
Deferred	income				1,777	57	1,166	1,087
					4,253	2,522	5,992	5,913

				2022	2022	2021	2021
				Group	Charity	Group	Charity
				EOOOs	f000s	f000s	f000s
Balance brought	forward at 1April			1,116	1,087	686	570
Prior year deferred		income released	in year	(1,116)	(1,087)	(686)	(570)
income deferred	in	year		1,777	57	1,166	1,087
Balance carried	forward			1,777	57	1,116	1,087

2022				Balance at	Income	&	Expenditure	Transfers	Balance at
				1April	other gains				31March
				2021					2022
Group:				f000s	f000s		6000s	EOOOs	f000s
General Funds				3,420	19,421		(15,537)	(4,109)	3,195
Designated funds:
City Island 2020	Project Fixed			23,684			(1,390)	613	22,907
Asset fund
Fixed asset fund				165			(41)		124
Pre-paid Production			Expenditure	984			(984)
for New Akram	Khan
VAT Markova House			Fund	2,500				(2,500)
Capital Maintenance			Reserve					4,941	4,941
CRF3 Conditional		Fund						1,104	1,104
Artistic Director	Transition							350	350
Period Fund
Designated funds				27,333			(2,415)	4,508	29,426
Total Unrestricted		Reserves		30,753	19,421		(17,952)	399	32,621
2021				Balance at	Income	&.	Expenditure	Transfers	Balance at
				1April	other gains				31March
				2020					2021
Group:				f000s	f000s		f000s	f000s	f000s
General Funds				3,001	15,393		(11,490)	(3,484)	3,906
Designated funds:
City Island 2020		Project Fixed
Assetfund				21,438			(1,390)	3,636	23,684
Fixed asset fund				206			(41)		165
Pre-paid Production			Expenditure
for New Akram	Khan							984	984
VAT Repayment		Fund						2,500	2,500
Designated funds				21644			(1,431)	7,120	27,333
Total Unrestricted		Reserves		24,645	15,393		(12,921)	3,636	30,753

16. MOVEMENTS	IN	RESTRICTED FUNDS	RESTRICTED FUNDS
2022			Balance at	Income	Expenditure	Transfers	Balance at
Group and Charity:			1April				31March
			2021				2022
			f000s	f000s	f000s	6000s	6000s
Outreach and engagement			104	391	(235)		260
Production development			561	332	(759)		134
New Works Fund				124			124
Talent development				590	(81)		509
Good Growth Fund			222				222
Capital project —London		City		399		(399)
Island
Arts Council Recovery	Plan		257		(23)		234
			1,144	1,836	(1,098)	(399)	1,483
2021			Balance at	Income	Expenditure	Transfers	Balance at
Group and Charity:			1April				31March
			2020				2021
			EOOOs	EOOOs	f000s	f000s	f000s
Outreach and engagement			40	120	(56)		104
Production development			314	519	(272)		561
Talent development				111	(111)
Good Growth Fund			200	22			222
Capital project —London		City
Island				3,636		(3,636)
Arts Council Recovery	Plan		280		(23)		257
			834	4,408	(462)	(3,636)	1,144

Depreciation and premises	Depreciation and premises	expenditure	expenditure	are part of the Charity's support costs and	are initially	are initially	charged
tothe unrestricted undesignated			fund. They are subsequently transferred tothe appropriate			unrestricted
designated or restricted	fund.
							Total
2022				Unrestricted Linrestricted	Restricted		2022
				General Designated
				Funds Funds		Funds
				EOOOs f000s		EOOOs	EOOOs
Transfer of Restricted	LCI	Fixed	Asset Fund 399			(399)
Transfer of Designated	LCI Fund			(214) 214
Transfer of Capital Mainenance			Reserve	(4,941) 4,941
Transfer of VAT Markova		House	Fund	2,500 (2,500)
Transfer of CRF3 Conditional Fund				(1,104) 1,104
Transfer ofArtistic Director Transition				(350) 350
Period Fund
				(4,109) f4,508	(f399)
2021				Unrestricted Unrestricted Restricted		Total 2021
				General Designated
				Funds Funds	Funds
				f000s f000s	f000s		f000s
Transfer of Restricted	LCI	Fixed	Asset Fund 3,636		(3,636)
Transfer of Creature WIP				(984) 984
Transfer of VAT Markova		House	Fund	(2,500) 2,500
				(3,484) 7,120	(3,636)

									2022	2021
									f000s	f000s
Net income for the			reporting		period (as per
the Statement	of Financial			Activities)					2,207	6,418
Adjustments	for:
Depreciation	charge								1,454	1,455
Decrease/(increase)			in work		in	progress			988	(341)
Decrease/(increase)			in debtors						(1,716)	(1,126)
Increase/(decrease)			in creditors						(1,739)	(2,146)
Net cash inflow/(outflow)				from		operating activities			1,194	4,260
								1April		31March
NET DEBT								2021	Cashf low	2022
								f000s	f000s	f000s
Cash at bank	and	in	hand					6,813	1,191	8,004
9. ANALYSIS		OF NET		ASSETS BETWEEN			FUNDS
2022						Unrestricted	Unrestricted		Restricted	Tota I 2022
Group						General Funds 'f000s	Designated Funds 'f000s		Funds 'f000s	Funds 'f000s
Fixed assets								23,031	234	23,265
Work in progress						36				36
Debtors						7,052				7,052
Cash at bank						360		6,395	1,249	8,004
Creditors						(4,253)				(4,238)
						3,195		29,426	1,483	34,104
2021						Unrestricted	Unrestricted		Restricted	Total 2021
Group						General	Designated
						Funds 'f000s	Funds	'f000s	Funds 'f000s	Funds 'f000s
Fixed assets								24,459	257	24,716
Work in progress						40		984		1,024
Debtors						5,336				5,336
Cash at bank						3,426		2,500	887	6,813
Creditors						(5,382)		(610)		(5,992)
						3,420		27,333	1,144	31,897

		Not later	Later than	Later	than	Tota	I 2022	Tota	I 2021
		than one	one year but	five	years
		year	not later
			than five
			years
		f000s	6000s	f000s			f000s		f000s
		5	7				12
Office equipment									10
		138	550		688		1,376
Land and	buildings								1,513
		143	557		688		1,388		1,523
perating	Licenses Receivable
t 31March, the Group had license agreements for the				following	minimum	license payments:
		Not later	Later than	Later than		Total 2022		Total 2021
		than one	one year but	five	years
		year	not later
			than five
			years
		f000s	f000s		f000s		f000s		f000s
Minimum
license payments		45	69				114		159
		45	69				114		159