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|Contents||
|---|---|
|COMPANYINFORMATION||
|TRUSTEES REPORT FORTHEYEARENDED31MARCH2023...||
|CONSOLI DATE DSTATEM ENTOFFINANCIALACTIVITI ES.....,.|.......22|
|CONSOLIDATED STATEMENT OF CASHFLOWS|26|
|NOTESTO THE FINANCIAL STATEMENTS|27|
|T,
ACCOUNTINGPOLICIES|21|
|6.
EXPENDITURE|33|
|9.
TANGIBLEFIXED ASSETS|34|
|10.INVESTMENTS|........35|
|1,1,,DEBTORS.........|........36|
|T2,CREDITORS|....,...36|
|13.DEFERREDINCOIVIE..........|........36|
|1.4,PENSIONS|........36|
|1-5.UNRESTRICTEDRESERVES|........37|
|1.6,MOVEMENTS INRESTRICTEDFUNDS|........39|
|!7,
GROSSTRANSFERS BETWEEN FUNDS|40|
|18.RECONCILIATION OF NETMOVEMENT INFUNDSTONETCASHFLOW FROM OPERATING ACTIVITIES|41|
|20,COMMITMENTSUNDER OPERATINGLEASES............|42|
|22,RELATEDPARTYTRANSACTIONS..,..........|........................43|
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|Patrick Harrison|ExecutiveDirector|
|---|---|
|AaronS.Watkin|Artistic Director (appointedlAugust 2023)|
|GraceChan|Chief Operating Officer|
|Fleur Derbyshire-Fox|EngagementDirector|
|LisaLeigh|Director of Marketingand Communications|
|LouiseShand-Brown|Executive Producer|
|GeorgeThomson|TechnicalDirector|
|Cris Whitewoods|Development Director (appointed29August 2023)|
|MariaSeletskaja|MusicDirector (appointed5August 2024)|
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|(lncorporatingan lncome and E|xpenditureAc|count)fortheyear ending31March 2024|count)fortheyear ending31March 2024|count)fortheyear ending31March 2024||||
|---|---|---|---|---|---|---|---|
||Notes|GeneralDesignatedRestricted
Funds
Funds
Funds
2024
2024
2024
f000
f000
f000|||Total
Funds
2024
f000||Total
Funds
2023
f000|
|lncomefrom:||||||||
|Donations and Grants:||||||||
|Grants|2|6,028||403|6,43L||6,918|
|Donations||288||1,,594|1_,882||2,387|
|Charitable activities:||||||||
|Ticketsales andtourfees||8,924|||8,924||7,842|
|Outreach and engagement||227|||227||228|
|Othertradingactivities:||||||||
|Trading activities||1,52L|||r,521,||1,,461|
|Productionhire&co-||60|||60||30|
|productionlncome||||||||
|Programmes&merchandising||1.89|||189||132|
|Membershipsubscriptions||36|||36||58|
|lnvestmentlncome||573|||573||225|
|Otherincome||106|||106||1.46|
|Totallncome||17,952||1",997 1g,g4g|||1.9,427|
|Expenditureonl||||||||
|Raisingfunds|3|(702)|(40)|(1)|(743)||(818)|
|CommercialTrading||(483)|(27)|(1)|(s11)||
(3s3)|
|Operations|3|||||||
|Charitable activities:||||||||
|Productions and performances|4|(17,385)|(e22)|(68s)|(1.8,992)|(18,049)||
|Outreach and engagement
TotalExpenditure|4|(sss)
(r9,L251|(48)
(1,037)|(313)
(1,000)|(sr.6)
(21,t62I|(so6)
t¿0,726]'||
|Net (expenditure)/income||(L,r73)|(L,O37l|997|(t,2L3l||(699)|
|Otherrecognisedgains-||||||||
|Theatre taxrelief||2,997|||2,987||2,053|
|Transfers between funds|L7|(2,044)|2,443|(3ss)||||
|Net movementinfunds||(230)|L,406|598|L,774||1,354|
|Reconciliation of funds:||||||||
|Netfunds brought forward
Net funds carriedforward||3,472
3,242|29,952
31,359|2,034
2,632|35,459
37,232||34,144
35,459|
##
|CONSOLIDATED BALANCESHEET||||
|---|---|---|---|
|Asat31 March 2024||||
||Notes|2024|2023|
|||f'000|f'000|
|Fixed Assets:||||
|Tangibleassets|9|2L,049|21,855|
|Currentassets:||||
|Work inprogress||283|139|
|Debtors|1,1|2,440|6,048|
|Currentasset investments||9,000||
|Cashatbank and inhand||8,335|12,549|
|Totalcurrentassets||20,058|!8,736|
|Liabilities:||||
|Creditorsfallingduewithinone year|12|(3,875)|(5,133)|
|NetCurrentassets||l_6,L83|13,603|
|Totalassetslesscurrent liabilities||37,232|35,458|
|Creditorsfallingdueafteroneyear||||
|Total netassets||37,232|35,458|
|Thefundsofthecharity:||||
|Generalfunds|15|3,242|3,472|
|Designated funds|15|31,358|29,952|
|Total unrestrictedfunds||34,600|33,424|
|Restrictedfunds|16|2,632|2,034|
|Totalcharity funds||37,232|35,458|
##
|CHARITY BALANCESHEET
Asat31 March2024||||
|---|---|---|---|
||Notes|2024|2023|
|||f'000|f'000|
|Fixed Assets:||||
|Tangibleassets|9|21,049|2L,855|
|Currentassets:||||
|Work inprogress
Debtors|tt|283
2,066|139
4,910|
|Currentasset investments||9,000||
|Cashatbank and inhand||7,893|L2,r20|
|Total currentassets||19,242|T7,169|
|Liabilities:||||
|Creditorsfallingduewithinoneyear|12|(3,059)|(3,566)|
|NetCurrentassets||16,l_83|13 603|
|Totalassets lesscurrent liabilities||37,232|35,458|
|Creditorsfallingdueafteroneyear||||
|Total netassets||37,232|35,458|
|Thefundsofthecharity:||||
|Generalfunds|15|3,242|3,472|
|Designatedfunds|15|31",358|29,952|
|Total unrestrictedfunds||34,600|33,424|
|Restrictedfunds|1,6|2,632|2,034|
|Total charity funds||37,232|35,458|
##
|CONSOLIDATEDSTATEM ENTOFCASHFLOWS
Asat 3LMarch 2024||||
|---|---|---|---|
||Notes|2024|2023|
|||f'000|f'000|
|Cashflowsfromoperatingactivities:||||
|Netcashflowprovidedbyoperatingactivities|18|(433)|3,595|
|lncome taxes received||5,040|842|
|||4,607|4,437|
|Cashflowsfrominvesting activities:||||
|Bankinterest||434|155|
|Purchaseof property, plantandequipment||(2ss)|(47\|
|lncrease incurrentassetinvestments||(9,ooo)||
|Netcashusedininvesting activities||(8,821)|108|
|Changeincash inthereportingperiod||(4,2r4)|4,545|
|Cashatthebeginning ofthereportingperiod||12,549|8,004|
|Cashattheend ofthereporting period||8,335|12,549|
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||General|Restricted|Total|Total|
|---|---|---|---|---|
||Funds|Funds|2024|2023|
||Ê000s|€000s|Ê000s|€000s|
|ArtsCouncilEngland-NationalPortfolio|6,012||6,012|6,328|
|Organisationrevenuefunding|||||
|Trustsandfoundations|1,6|403|419|590|
|Toial2024|6,028|403|6,431.|6,91-8|
|Total2023|6,415|503|6,91_8||
##
|.EXPENDITUREON:|||||||
|---|---|---|---|---|---|---|
|RAISINGFUNDS||General|Designated|Restricted|Total|Total|
|||Funds|Funds|Funds|Funds|Funds|
||Notes|2024|2024|2024|2024|2023|
|||Ê'000|Ê'000|Ê'000|f'000|f'000|
|Supportcosts|5|L08|40|1.|149|218|
|Events||1.4|||1,4|77|
|Other fundraisingcosts||580|||580|523|
|fotal2024||702|40|1.|743|818|
|Total2023||754|63|1|818||
##
|COMMERCIALTRADING|||||||
|---|---|---|---|---|---|---|
|OPERATIONS||General|Designated|Restricted|Total|Total|
|||Funds|Funds|Funds|Funds|Funds|
||Notes|2024|2024|2024|2024|2022|
|||Ê'000|Ê'000|f'000|Ê'000|f'000|
|Supportcosts|5|74|27|1|r02|94|
|OtherCommercialTradingCost||409|||409|259|
|Total2024||483|27|1,|511|353|
|Total2023||326|27||353||
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|||General|Designated|Restricted|Total|Total|
|---|---|---|---|---|---|---|
|||Funds|Funds|Funds|Funds|Funds|
||Notes|2024|2024|2024|2024|2023|
|||f'000|Ê'000|Ê'000|f'000|f'000|
|Productions and Performances|||||||
|Supportcosts|5|2,499|922|2I|3,432|4,817|
|Productionand rehearsalcosts||l_,853||370|2,223|901|
|Performancecosts||5,058|||5,058|4,260|
|Artists||3,898||294|4,192|4,r85|
|Technical, stage,wardrobe||944|||944|902|
|Producing||233|||233|218|
|Music||236|||236|283|
|Medical andwelfare||504|||504|467|
|Marketingandpublicity||2,r70|||2,r70|2,016|
|Tolal 2024||17,385|922|685|lg,gg2|1.9,049|
|Total2023||15,996|r,387|666|18,049||
|||GeneraI|Designated|Restricted|Total|Total|
|||Funds|Funds|Funds|Funds|Funds|
||Notes|2024|2024|2024|2024|2023|
|||f'000|f'000|f'000|Ê'000|f'000|
|Outreach and Engagement|||||||
|Supportcosts|5|130|48|1|179|242|
|Programmecosts||ro2||312|41,4|38L|
|Programmemanagement&||323|||323|283|
|administratlon|||||||
|Total 2024||555|48|313|91_6906||
|Total2023||441,|70|395|906||
##
|.SUPPORTCOSTS|||||||
|---|---|---|---|---|---|---|
||Productions|||Commerclal|||
||&|Outreach&|Raising|Trading|Total|Total|
||Performance|Engagement|Funds|Operations|||
||2024|2024|2024|2024|2024|2023|
||f'000|Ê'000|Ê'000|€'000|f'000|f'000|
|Managementandadministration|2,135|1,12|92|64|2,403|2,42r|
|ExceptionalVAT backclaim*|(1,031)|(s4)|(44)|(31)|(1,160)||
|Premises andfacilities|1,,394|72|60|41,|1,557|1,493|
|Depreciation charge|944|49|41,|28|1,062|1,,457|
|roâ12024|3,432|179|1.49|1,02|3,962|5,371|
|Total2023|4,8\7|242|
2r8|94|5,371||
##
|NGIISH NATIONALBALLET(Limitedby guarantee)
egisteredCompanyNumber: 735040
harity Registration Number:2I4OOí
.EXPENDITURE|||
|---|---|---|
||Total|Total|
||2024|2023|
||f'000|Ê'000|
|The net income/(expenditure)isstatedaftercharging:|||
|Operatingleaseslandand buildings,officeequipment|142|135|
|Depreciationchargeontangible fixedassets|r,o6t|'J-,457|
|Governancecosts:|||
|Auditors'remuneration:groupand charity audit|47|47|
|Nonauditservices|1,6|9|
|Legal costs|1,6|30|
##
##
|heaveragemonthly headcountwas232staff(2023:204staff)
ull-timeequivalent employeesduring theyearwereasfollows:|andtheaveragemont|hlynumbe|
|---|---|---|
||2024|2023|
||FTE|FTE|
|Engagementandoutreach|6|4|
|Artisticmanagement|L0|11,|
|Dancers
Producing, medical,companymanagement|75
I|72
10|
|Orchestraand musicmanagement|1"3|1,1|
|Technical,stages,wardrobe|31.|28|
|Marketingandcommunications|t1|8|
|Fundraising|9|7|
|Operations
Managementandadministration|1,6
L5|12
t4|
|Total|194|177|
||Total|Total|
||2024|2023|
||Ê000s|Ê000s|
|The aggregatepayrollcostsof theseemployees were|||
|Wages andsalaries|9,051-|8,280|
|Socialsecuritycosts|905|880|
|Pensions|366|324|
|Totalemployeecosts|r0,322|9,484|
|Freelancestaff|289|260|
|Total|r0,61-r|9,744|
|Thenumberof employees whoseemoluments, including
bfiti kid i fÊ|||
|---|---|---|
|enesn n,werenexcesso60,000 was:|2024|2023|
|Ê60,000toÊ69,999|8|6|
|Ê70,000toÊ79,999|6|7|
|f80,000tof89,999|4|1,|
|f90,000 toÊ99,999|2|2|
|f1-20,000 To129,999|1,||
|fL50,000tofL59,999|1,|t"|
|Ê160,000to€169,999|1,|1,|
|Ê1-80,000to€189,999||1,|
||23|19|
##
|Group&Charity|Long|Leasehold|Plant&|Furniture&|Total|
|---|---|---|---|---|---|
||Leasehold|lmprovements|Equipment|Fittings||
||Ê000s|Ê000s|Ê000s|Ê000s|Ê000s|
|Cost||||||
|LApril2023|2
5
53|1,4,839|6,454|2,O44|28,590|
|Additions|||255||255|
|31.\Aarch 2024|5,253|1,4,839|6,709|2,044|29,845|
|Depreciation||||||
|tApril2023|420|1-,620|3,535|1,,1,60|6,735|
|Chargefor theyear|105|313|495|1,48|1_,06r|
|31.March 2024|525|1,,933|4,030|1,308|
7,796|
|Net book value||||||
|3LMarch 2024|4,728|12,906|2,679|736|2!,049|
|31 March2023|4,833|1,3,219|2,919|884|2L,g55|
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|2024|2023|
|---|---|
|î.|Ê|
|2|2|
||2024|2023|
|---|---|---|
||Ê000s|f000s|
|Turnover|3,062|1_,200|
|Expend itu re|(2,97r)|(270)|
|Netprofit|91.|930|
|Reservesbroughtforward
Amount distributedtoEnglish National Balletunder deed ofcovenant|(e1)|(e3o)|
|Reservescarriedforward|||
||2023|2023|
||€000s|f000s|
|Theassetsheldinthesubsidiarytradingcompanywere|||
|Currentassets|L,602|L,546|
|Currentliabilities|(1,602)|(1,,546]l|
|Netassets|||
|Aggregate share capitalandreserves|||
##
|)Company:ENBProductionsLimited|||
|---|---|---|
||2023|2022|
||f|Ê|
|Sharesin subsidiaryundertaking|2|2|
##
|NGLISHNATIONALBALLET(Limitedbyguarantee)
egisteredCompany Number: 735040
harity RegistrationNumber:2I4OOi
11.DEBTORS|||||
|---|---|---|---|---|
||2024|2024|2023|2023|
||Group|Charity|Group|Charity|
||f000s|Ê000s|Ê000s|Ê000s|
|Tradedebtors|501|128|208|72|
|Amountsowedbysubsidiaryundertaking|||||
|VAT|987|987|2,126|2,126|
|Otherdebtors|4|4|2,056|2,056|
|Prepayments and accrued income|948|947|l-,658|656|
||2,440|2,066|6,049|4,9r0|
|T2.|CREDITORS|2024|2024|2023|2023|
|---|---|---|---|---|---|
|||Group|Charity|Group|Charity|
|||Ê000s|€000s|Ê000s|f000s|
|Tradecreditors||3t2|312|272|272|
|Amounts|owedtosubsidiaryundertaking||786||721|
|SocialsecurityandPAYE||222|222|195|195|
|Othercreditors||156|L56|929|929|
|Accruals||1,,342|1_,341,|1,227|r,226|
|Deferred|income|L,843|242|2,510|223|
|||3,875|3,059|5,1-33|3,566|
##
||2024|2024|2023|2023|
|---|---|---|---|---|
||Group|Charity|Group|Charity|
||t000s|€000s|f000s|Ê000s|
|Balancebrought forward at1April|2,5I0|223|!,777|57|
|Prioryeardeferred incomereleasedinyear|(1,,428\|(223)|(s41)|(s7)|
|lncomedeferredinyear|761|242|1,,274|223|
|Balancecarriedforward|1,,843|242|2,51,0|223|
##
##
|NGIISH NATIONALBALLET(Limitedby g
egistered ComPanYNumber:735040
harity RegistrationNumber: 274005
5.UNRESTRICTEDRESERVE|uarantee)
S|||||||
|---|---|---|---|---|---|---|---|
|2024|Balance at||lncome&Expenditure||Transfers||Balanceat|
||lApril|othergains|||||3L March|
||2023||||||2024|
|Group:
GeneralFunds|f000s
3,472||f000s
f000s
20,939 (r9,r25)|||Ê000s
(2,044)|€000s
3,242|
|Designated funds:||||||||
|City lsland2020ProiectFixed|21_,556|||(1,016)|||20,540|
|Assetfund||||||||
|Fixed assetfund|88|||(2t\||255|322|
|CapitalMaintenanceReserve|5,501-|||||s60|6,061|
|Capital Equipmentfund|300|||||468|768|
|BBCDiana,PrincessofWales|203||||||203|
|Fund||||||||
|New Works fund|400|||||(400)||
|CreativeDevelopmentFund||||||1,560|l_,560|
|Overheadlnflation fund|450||||||450|
|CRF3Conditionalfund|t,!04||||||L,r04|
|ArtisticDirectorTransition|350||||||350|
|Periodfund
Designated funds
Total UnrestrictedReserves|29,952
(1,037)
33,424 20,939(20,1.62)|||||2,443
399|3l_,358
34,600|
|2023|Balanceat||lncome&Expenditure|lncome&Expenditure|Transfers|Balanceat|
|---|---|---|---|---|---|---|
||lApril|othergains||||3L March|
||2022|||||2023|
|Group:
GeneralFunds|Ê000s
3,195||Ê000s
19,312|Ê000s
(17,517)|Ê000s
(1,518)|Ê000s
3,472|
|Designated funds:|||||||
|City lsland 2020ProjectFixed|22,907|||(1,398)|47|21,,556|
|Assetfund|||||||
|Fixed assetfund|124|||(36)||88|
|CapitalMaintenanceReserve|4,94L|||(113)|673|5,501|
|Capital Equipmentfund|||||300|300|
|BBCDiana, PrincessofWales|||||203|203|
|Fund|||||||
|New Works fund|||||400|400|
|Overheadlnflation fund|||||450|450|
|CRF3Conditionalfund|I,IO4|||||L,r04|
|ArtisticDirectorTransition|350|||||350|
|Periodfund
Designated funds
Total UnrestrictedReserves|29,426
32,621||
19,312|(1,547)
(19,064)|
2,073
555|29,952
33,424|
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|2024|Balance at|lncome|ExpenditureTransfers|ExpenditureTransfers|Balanceat|
|---|---|---|---|---|---|
|Group and Charity|lApril||||3l- March|
||2023
Ê000s|Ê000s|Ê000s|f000s|2024
f000s|
|Outreach andengagement|196|241|(31.2)||125|
|Production development|6|861|(370)||497|
|New Worksfund|l_,059|146|||L,205|
|Talentdevelopment|340|350|(2s4)||396|
|GoodGrowth fund|222||||222|
|Capitalproject-LondonCity||399||(3ee)||
|lsland||||||
|ArtsCouncil RecoveryPlan|21,r
2,034|
1,997|(24\
(1,ooo)(3ss)||187
2,632|
|2023|Balanceat|lncome|ExpenditureTransfers||Balance at|
|Group and Charity|lApril||||31"March|
||2022||||2023|
||Ê000s|Ê000s|f000s|Ê000s|Ê000s|
|Outreachandengagement|260|330|(3e4)||196|
|Production development|134|]-99|(327\||6|
|New Worksfund|124|935|||l_,059|
|Talentdevelopment|509|149|(318)||340|
|GoodGrowth fund|222||||222|
|Capitalproject-LondonCity||s55||(sss)||
|lsland||||||
|ArtsCouncil RecoveryPlan|234
L,483|2,168|(23\
(L,062)|(555)|2tr
2,034|
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|esignatedor restricted fund.|||||
|---|---|---|---|---|
|2024|U nrestricted|Unrestricted|Restricted|Total|
||General|Designated||2024|
||Funds|Funds|Funds|Funds|
||Ê000s|€000s|Ê000s|Ê000s|
|Transfer ofRestrictedLCI(LondonCity||399|(3ss)||
|lsland)Fixed Asset FundtoCapital|||||
|MaintenanceReserve|||||
|TransfertoCapital Equipmentfund|(468)|468|||
|TransferfromNewWorksfund|400|(400)|||
|TransferofCreative Developmentfund|(1,560)|l-,560|||
|TransfertoCapitalMaintenanceReserve|(161)|161|||
|TransferofCapital SpendtoDesignated|(2ss)|255|||
||(2,044)|2,443|(3se)||
|NGLISHNATIONAIBATLET(Limitedbyguarantee)
egisteredCompany Number: 735040
harity RegistrationNumber:2t4005|||||
|---|---|---|---|---|
|2023|U nrestricted|U nrestricted|Restricted|Total|
||General|Designated||2023|
||Funds|Funds|Funds|Funds|
||f000s|f000s|f000s|f000s|
|Transferof RestrictedLCI(LondonCity||555|(sss)||
|lsland)FixedAssetFundtoCapital|||||
|MaintenanceReserve|||||
|TransfertoBBCDiana,PrincessofWales|(203)|203|||
|fu nd|||||
|TransfertoCapital Equipmentfund|(3oo)|300|||
|TransfertoNewWorks fund|(400)|400|||
|TransfertoOverhead lnflationfund|(4s0)|450|||
|TransfertoFixedAssetFund|(16s)|165|||
||(1,518)|2,073|(sss)||
|18.
RECONCILIATION OFNETMOVEMENTINFUNDSTO
ACTIVITIES:|NET CASHFLOW FROM|OPERATIN|
|---|---|---|
||2024
Ê000s|2023
€000s|
|Net incomefor thereportingperiod(asper
the StatementofFinancialActivities\|I,174|1-,354|
|Adjustmentsfor:|||
|Taxation Credit|(2,987\|(2,053)|
|Depreciation charge
lnterestreceivable|1-,06r
(s73)|1,,457
(22s)|
|Decrease/(increase)inworkinprogress|(1.44\|(103)|
|Decrease/(increase) indebtors|1,694|2,285|
|lncrease/(decrease)in creditors|(1,258)|880|
|Netcashinflow/(outflow)fromoperatingactivities|(433)|3,595|
|||lApril||3LMarch|
|---|---|---|---|---|
|NET|DEBT|2023|Cashflow|2024|
|||f000s|Ê000s|Ê000s|
|Cash|atbank andinhand|12,549|(4,214)|8,335|
##
|2024|U nrestricted|U nrestricted|Restricted|folal2024|
|---|---|---|---|---|
|Group|General
Funds Ê000s|Designated
Fundsf000s|FundsÊ000s|Fundsf000s|
|Fixed assets||20,862|t87|21,,049|
|Work inprogress|283|||283|
|Debtors|2,440|||2,440|
|Currentassetinvestments||9,000||9,000|
|Cashatbank|4,394|1,,496|2,445|9,335|
|Creditors|(3,87s)|||(3,875)|
||3,242|3l-,358|2,632|37,232|
|2023|U nrestricted|U nrestricted|Restricted|Total2023|
|---|---|---|---|---|
|Group|General|Designated|||
||tunds€000s|Funds Ê000s|Fundsf000s|Fundsf000s|
|Fixedassets||21_,644|21,1|21,855|
|Work inprogress|139|||139|
|Debtors|6,048|||6,048|
|Cashatbank|2,4r8|8,308|1,,823|12,549|
|Creditors|(5,L33)|||(5,133)|
||3,472|29,952|2,034|35,458|
##
##
||Not later|Later than|Later than|Tolal2O24|Total2023|
|---|---|---|---|---|---|
||thanone|oneyear but|fiveyears|||
||year|notlater||||
|||than five||||
|||years||||
||Ê000s|f000s|Ê000s|f000s|f000s|
|Officeequipment|2|||2|7|
|Landand buildings|138|550|413|1,,101|'J_,238|
||1.40|550|413|l_,103|1,245|
##
||Not later|Later than|Laterthan|Tolal2O24Total2023|Tolal2O24Total2023|
|---|---|---|---|---|---|
||thanone|oneyear but|fiveyears|||
||year|notlater||||
|||than five||||
|||years||||
||f000s|f000s|Ê000s|f000s|f000s|
|Minimum||||||
|licensepayments|24|||24|69|
||24|||24|69|
##
##
##