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2025-03-31-accounts

TRUSTEES REPORTFORTHE YEAR ENDED31MARCH2025.,.,,,,,,..... ,,,.,........ 4
INDEPENDENTAUDITOR'S REPORT........,,,
CONSOLIDATED STATEM ENTOFFINANCIALACTIVITI 8S...,. ...,..i..............,..,.........25
CONSOLIDATED BALANCE SHEET
CHARITY BALANCESHEET..,,........
coNsoLlDATEDsTATEMENToFcASHFLoWs..''...'..... 29
NOTES TOTHEFINANCIAL STATEMENTS ,.,:..;.,..,,........,.,..,....,,.......,.,30
1.
ACCOUNTINGPOLICIES
3.
EXPENDITURÉON RAlSlNGFUNDSandTRAD
NGOPERAT
4,
EXPENDITUREONCHARITABLEACTIVIiiES.,,..............1;....
......35
6.
EXPENDlTURE,..............:......;........................:...............
36
8.
STAFFCOSTS
9.
TANGIBLEFIXEDAsSETS,..
.............38
12,CREDITORS.,.... 39
13.DEFERREDINCOME ..............39
16.MOVEMENTSTNRESTRTCTEDFUÑDS..................,...,
18..RECONCILIATION OF NETMÓVEMENT INFUNDSTONET CASHFLOW FROMOPERATING ACTIVITIES,,,,,,.,,,,...,,,.,,,,44
45

eneralDesignatedRestricted
Funds
Funds
Funds
eneralDesignatedRestricted
Funds
Funds
Funds
eneralDesignatedRestricted
Funds
Funds
Funds
Total
Funds
Total
Funds
Notes 2025 2025 2025 2025 2024
f'000 E000 €f000 f'000 f'000
lncomefrom:
Donationsand Grants:
Grants
Donations
'2 4,930
355
- 467
1"244
5,39-l
l-,599
6,43\
r,882
Charitable activities:
Ticketsalesandtourfees 11,L42 I'J-,I42 8,924
.Outreachandengagement 1.52 1s2 227
Other tradingact¡v¡ties:
Tradingactivities 2,086 2,086 1,,521
Production hire &co- 1,46 1.46 60
productionlncome
Programmes& merchandising 253 253 189
Membersh ipsu.bsriptions 49 49 36
lnvestmentlncome 674 674 s73
Otherincome
Totallncome
1.07
t9,894
L,717 107
2L,605
106
L9,949
Expenditureon
Raisingfunds
3 (e1e) (41) (1) (s61) (143)
Commercial Trading (7s1) (34) (1) (786) (s11)
Operations 3
Charitable activities:
Productionsandperformances
Outreachand engagement
TotalExpendíture
4
4
(19,860)
(71,r)
(1.,184)
147)
(22,2+:Ll(1,306)
)
(22,7791
)
(1,0s6)
(1,735
(2s8
(2,035)(25,5821
(18,992)
(e16)
(21,162],
Net(expenditure) (2,3471 (1,306)
(3241'
(3,9771 (L,2L3l
Otherrecognisedgqins -
Theatre tax relief 3,924 3,824 2,987
Transfersbetween funds
Net movementinfunds
17 (1,113)
364
'1,,r37
(16e)
(24\
(348)
(1s3)
1,774
Re.conciliation offunds:
Netfunds brought forward
Net funds carriedforward
3,242
3,606
3l-,358
31"189
2,632
2,284
37,232
37,079
35,458
37,232

CONSOLIDATED BALANCESHEET
Asat3l- March2025
Notes 2025 2024
€'000 f'000
FixedAssets:
Tangibleassets 9 20,428 21,049
currentassets:
Work inprogress 273 283
Debtors t1 1-,955 2,440
Currentassetinvestments l_4,000 9,000
Cashatbankandin hand 4,433 8,335
Totalcurrentassets 20,66L 20,058
Liabilities:
Creditorsfallingduewithinoneyear 12 (4,010) (3,875)
NetCurrentassets 1,6,65r 1-6,1_83
Totalassetslesscurrentliabilities 37,079 37,232
Creditorsfallingdueafteroneyear
Total netassets 37,079 37,232
Thefundsofthecharity:
Generalfunds 15 3,606 3,242
Designatedfunds 15 31,1-89 3l_,358
Total unrestricted funds 34,795 34,600
Restrictedfunds 16 2,284 2,632
Total charityfunds 37,079 37,232

CHARITY BALANCESHEET
Asat31 March2025
Notes 2025 2024
f'000 f'000
FixedAssets:
Tangibleassets 9 20,428 2L,049
Currentassets:
Wor,kinprogress 273 283
Debtors 1.1. 640 2,066
Currentasset investments l-4,000 9,000
Cashatbank and inhand 4,147 7,893
Totalcurrentassets 19,060 19,242
Liabilities:
Credltorsfallingduewithinone year 1.2 (2,409) (3,059)
Net Currentassets 1,6,651 1,6,l_83
Totalassetslesscurrent liabilities 37,0'19' 37,232
Creditorsfallingdueafterone year
Total netassets 37,079 37,232
Thefundsofthe charity:
Generalfunds 15 3,606 3,242
Designatedfunds 15 31,189 31,358
Total unrestricted funds 34,795 34,600
Restrictedfunds 1.6 2,284 2,632
Total charity funds 37,079 37,232

CONSOLIDATEDSTATEMENT OFCASHFLOWS
Asat 31 March2025
Notes 2025 2024
f'000 Ê'000
Cashflowsfromoperating activities:
Netçashflowprovidedbyoperatingactivities 18 (2,896) (433)
lncometaxes received 3,824 5,040
928 4,607
Cashflowsfrominvestingactivities:
Bankinterest
'
674 434
Purchaseofproperty, plantandequipment (s04) (2ss)
lncrease incurrentassetinvestments (14,000) (9,000);
Disposalof currentassetinvestments
Netcash usedininvestingactivities
9,000
(4830)
(8,821)
Change in cashinthereportingperiod (3,902) (4,21.4|
Cashatthe beginningofthereportingperiod 8,33s 12,549
Cashattheendofthereportingperiod 4,433 8,335

General Restiicted Total Total
Funds Funds 202s 2024
f000s Ê000s f000s f000s
Arts CouncilEngland-National Portfolio 6,012 6,012 6,012
Organisation revenuefunding
Arts CouncilEngland-CultureRecoveryFund (1,1o4) (L,r04)
Continuity Support grant repayment
Trusts andfoundations 467 489 419
Total2025 4,930 467 5,397 6,431,
Total2024 6,028 403 6,431,

.EXPENDITURE ON
Raising Funds General Designated Restricted Total Total
Funds Funds Funds Funds Funds
Notes 2025 2025 2025 202s 2024
Ê'000 Ê'000 f'000 f'000 €'000
Supportcosts 5 150 41. t 192 149
Events L86 186 1.4
Other fundra isingcosts 583 583 580
Total2025 91_9 41 T. 961 743
Toral2024 702 40 t 743
Commercial Tradíng Operations General Designated Restricted Total Total
Funds Funds Funds Funds Funds
Notes 202s 2025 202s 2025 2024
€'000 f'000 f'000 f'000 f'000
Supportcosts 5 1.22 34 1 L57 1.02
Other Commercial TradingCost 629 629 409
Total2025 751 34 1. 786 511
Total 2024 483 27 1. 511

.EXPENDITUREONCHARITA BLEACTIVI TIES
General Designated Restricted Total Total
Funds Funds l-unds Funds Funds
Notes
2025
2025 202s 2025 2024
f'000 Ê'000 Ê'000 f'000 Ê'000
Productions andPerformances
Supportcosts 5 3,549 981 21. 4,551, 3,432
Productionand rehearsalcosts l-,513 203 1_,304 3,020 2,223
Performancecosts 5,465 5,465 5,058
Artists 4,558 410 4,968 4,192
Techn ical,stage, ward robe 1,,\69 L,L69 944
Producing 233 233 233
Music 288 288 236
Medicalandwelfare, 563 563 504
Marketingandpublicity
Total2025
19,860
2,522
1,184 1.,735 22,779
2,522
18,992
2r70
ToLal2024 ,17,385 922 685 18,992
General Designated Restricted Total Total
Funds Funds Funds Funds Funds
Notes 2025 2025 2025 2025 2024
f'000 f'000 Ê'000 f'000 f '000
Outreachand Engagement
Supportcosts
Programme costs
5 1.64
158
47 (298 21.r.
456
179
414
Programme management& 389 389 323
administration
Total2025
71.r 47 298 1,056
91.6
rohl2024 555 48 313 91"6

Ploductiohs Commercial
& Outreach& Raising Trading Total
Total
Performance Engagement Funds Operations'
2025 2025 2025 2025 2025 2024
f'000 €'000 Ê'000 f'000 Ê'000 €'000
Managementandadministration 2,!77 101 92 75 2,445 2,403
ExceptionalVATbackclaim* (1,160)
Premisesand'facilities 1,,371 64 58 47 1_,540 1,,55'7
Depreciationcharge
Total2025
l-,003
4,55r
46
42
21.1.I92
35
r57
1,,062
1,,126
5,11,1,3,862
Toú12A24 3,432 179
149
IO2 3,862

NGLISHNATIONALBALLET(Limitedbyguarantee)
egistered Company Number: 735040
harity Registration Number:214005
.EXPENDITURE
Total Total
2025 2024
f'000 f'000
Thenet income/(expendlture)isstated aftercharging: L
Operatingleasesland and buildings,office equipment 1,42 1.42
Depreciationcharge ontangible fixedassets 1,,126 l_,061_
Governance costs:
Auditors' remuneration: groupandcharity audit 48 47
Nonauditservices 13 16
Legalcosts 25 16

2025 2024
.FilE
FTE
Engagement andoutreach I 6
Artistic management 1.1 10
Dancers 77 75
Producing, medical,company manãgement ,8 8
Orchestra and musicmanagement 1.2 13
Technical,stages,wardrobe 37 31.
Marketingandcommunications tt 11.
tundraising 1.L 9
Operations 18 tb
Managementandadministration 1.4 15
Total 207 194
Total Total
2025 2024
f000s f000s
The aggregatepayiollcostsofthese employeeswere
Wages andsalaries 9,81-5 9.051-
Socialsecuritycosts L,0L8 905
Pensions 400 366
Total employeecosts L'J.,233 L0,322
Freelancestaff 3L0 289
Total 11,,543 t0,61,1,
The number ofemployeeswhoseemoluments,including
benefits inkind,wereinexcessof f60,000was: 2025 2024
€60,000tof69,999 10 8
f70,000 to f79,999 10 6
Ê80,000toÊ89,999 4 4
Ê90,000to f99,999 5 2
f100,000to109,999 1
f1-20,000lo129,999 1.
Ê140,000to149,999 1
Ê1-50,000toÊ159,999
f160,000 to f169,999
L
t
fl-90,000to fl-99,999 T
32 23

Group&Charity Long 'Leasehold Plant& Furniture& Total
Leaseholdlmprovements
fOOOs
f000s
Equrpment
Ê000s
Fittings
f000s
Ê000s
Cost
1 April2024 2
5
53
1,4,839 6,709 2,044 28,845
Additions 505 505
31 March2025 5,253 14,839 7,2r4 2,044 29,350
Depreciation
1.April2024 525 1,933 4,030 l_,308 7,796
Chårgefortheyear
31 March2025
105
630
314
2,247
559
4,589
1.48
1,,456
1,126
8,922
Netbook value
31 March2Ó25
4,623 t2,591, 2,625 589 20,428
3LMarch2024 4,728 1,2,906 2,679 736 2r,049

2025 2024
f f
Sharesin subsidiaryundertaking 2
2025 2024
Ê000s €000s
Turnover 2,56L 3,062
Expe nditure (t,416l (2,371]}
Netprofit 1,1,45 91
Reservesbrought forward
Amount distributedtoEnglishNationalBallet under deedof covenant (1",1"4s|(e1)
' Reservescarriedforward
2025 2025
Ê000s €000s
Theassetsheldinthesubsidiarytradingcompanywere
Currentassets 1,,-/22 1,602
Current liabilities (r,722) (1,602)
Netassets

2025 2024
f Ê
2 2

2025 2025 2024 2024
Group Charity. Group Chaiity
f000s f000s f000s f000s
Tradedebtors 587 51 501 1.28
VAT 987 987
Other debtors 5 5 4 4
Prepayments andaccruedincome 1,,363 584 948 947
1. 955 644 2,440 6
L2.CREDITORS 2025 2025 2024 2024
Group Charity Group Charity
Ê000s Ê000s Ê000s Ê000s
Tradecreditors 327 327 312 312
Amounts owedtosubsidiary undertaking 12L 786
Socialsecurity andPAYE 235 235 222 222
Other creditors 1,214 L,2t4 1s6 156
Accruals: 352 184 L,342 r,341,
VAT 146 146
Deferredincome 1,,736 1.82 r,843 242
-4,010 2,409 3,875 3,059

3.
DEFERREDINCOME
eferred income comprisesincomefrom futurepe
rformances, me mbership,a ndvenuehir e
2025 2025 2024 2024
Group
f000s
Charity
Ê000s
Group

f000s
Charity
f000s
BalancebroughtforwardatLApril r,843 242 2,5r0 223
Prioryear deferred incomereleasedinyear (e16) (242) (1",428) (2231
lncome deferredinyear
Balancecarriedforward
1,736
809
1,82

182
761.
L,843
242
242

2025 Balanceat lncome&Expenditure lncome&Expenditure Transfers Balanceat
LApril othergalns 31March
,2024 2025
Groupl
GeneralFunds
€000s
3,242
f000s
f000s

24,822 (22,24Ll
Ê000s

(1;113)
€000s
3,606
Designatedfunds:
City lsland 2020ProjectFixed 20,540 (1,018) !9,522
Assetfund
Fixed assetfund 322 (8s) 505 742
CapitalMaintenanceReserve 6,061_ 299 6,360
Capital Equipmentfund 768 (463) 305
BBCDiana,Princessof Wales 203 (203)
fund
New Worksfund L,900 1,900
CreativeDevelopment fund 1,560 450 2,0I0
Overheadlnflation fund 4s0 (4so)
CRF3Conditionalfund 1,,ro4 (1,,104)
ArtisticDirectorTransition 350 3s0
Periodfund
Designatedfunds 31-,358 (1,306) r,137 31_,1-89
Total UnrestrictedReserves 34,600 24,922(23,547) 24 34,795
2024 Balanceat lncome&Expenditure Transfers Balance at
lApril othergains 3l-March
2023 2024
Group: f000s f000s Ê000s f000s Ê000s
GeneralFunds 3,472
20,939 (19,125)
(2,044) 3,242
Designated funds:
City lsland 2020ProjectFixed 2r,556 (1,016) 20,540
Assetfund
Fixed assêtfund 88 (21) 255 322
CapitalMaintenanceReserve 5,501_ 560 6,06'1.
Capital Equipmentfund 300 468 768
BBCDiana,Princessof Wales 203 203
fu nd
New Worksfund 400 (4oo)
CreativeDevelopment fund l_,560 l-,560
Overheadlnflation fund 450 450
CRF3Conditionalfund 1,,104 !,1,04
ArtisticDirectorTransition 3s0 350
Periodfund
Designatedfunds 29,952 (1,037) 2,443 31,358
Total UnrestrictedReserves 33,424 20,939(20,162| 399 34,600

2025 Balanceat lncome ExpenditureTransfers ExpenditureTransfers Balance at
Group and Charity 1April 31March
2024 2025
f000s Ê000s f000s Ê000s Ê000s
Outreach and engagement 125 322 (278| 169
Productiondevelopment 497 652 (eo4) 245
NewWorksfund 1,205 181 (4oo) 986
Talentdevelopment 396 s32 (410) 518
GoodGrowth fund 222 (20) 202
Capitalproject-London City 24 (24)
lsland
Arts Council RecoveryPlan t87 (231 164
2,632 1,71L
(2,035)
(24) 2,284
2024 Balanceat Balanceat lncomeExpenditureTransfers lncomeExpenditureTransfers lncomeExpenditureTransfers Balance at
Group and Charity: ' lApril
2023
3l-March
2024
Ê000s Ê000s f000s €000s f000s
Outreach and engagement 196 241 (312) r25
Production development 6 861 (370) 497
New Worksfund 1_,059 t4a 1,205
Talentdevelopment 340 3s0 (2e4) 396
GoodGrowth fund 222 222
Capitalproject-London City 399 (3ee)
lsland
Arts Council RecoveryPlan 211 (24) 1.87
2,034 1.,9:97 (1,000) (399) 2,632


ounrestr¡cted general funds. Theyaresub
qsignatedorrestricted fund.
sequentlytransferr edtotheappr opriateunres tricted
2025 U nrestricted Unrestricted ReStricted Total
General Designated 2025
Funds l-unds Funds Funds
€000s Ê000s Ê000s Ê000s
TransferofRestrictedLCI(LondonCity 24 (241
lsland)FixedAsset FundtoCapital
MaintenanceReserve
TransferfromNew Works fund (1,900) 1",900
TransfertoCapital MaintenanceReserve (27s) 2t5
TransferofCapital SpendtoDesignated (sos) 505
ReleaseofCapitalequipment fund 463 (463)
Transferof OverheadlnflationFund 450 (4so)
TransfertoCreative DevelopmentFund (4so) 450
ReleaseofCRF3Conditional fund 1,,1,04 (1,104)
(1,113) 1,,r37 (24)
2Q24 Unrestricted U nrestricted Restricted Total
General Designated 2024
Funds Funds Funds Funds
€000s Ê000s Ê000s f000s
TransferofRestrictedLCI(London City .399 (3ee)
lsland)FixedAssetFundtoCapital
MaintenanceReserve
TransfertoCapital Equipmentfund (468) 468
TransferfromNew Worksfund 400 (40o)
TransferofCreative Developmentfund
TransfertoCapitalMaintenanceReserve
(1,560)
'(161)
l-,560
161
TransferofCapitalSpendtoDesignated (2ss) 255
(2,044|2,443 (3ee)

2025 2024
Ê000s €000s
Net incomefor thereporting period(asper
the StatementofFinancialActivities) (1s3) r,774
Adjustmentsfor:
TaxationCredit (3,824) (2,987)
Depreciationcharge 1,,r25 1,,061,
lnterestreceivåble (674) (s73)
Decrease/(increase)inwork inprogress 10 (1,44)
Decrease/(increase) indebtors 485 1,,694
Increase/(decrease) increditors 1_35 (1,258)
Netcashinflow/(outflow)fromoperating activities (2,896) (433)
lApril 3l- March
NET FUNDS 2024 Cashflow 202s
f000s Ê000s [000s
Cashatbank and inhand 8,33s (3,902) 4,433

202s Unrestricted Unrestricted Restricted Total2025
Group General
Fundsf000s
Designated
Fundsf000s
FundsÊ000s Fundsf000s
Fixed assets 20,264 1.64 20,428
Workinprogress 273 273
Debtors 1,955 l_,955
Currentassetinvestments 4,000 9,000 l_,000 14,000
Cashatbank 1,388 r,925 'J,,r20 4,433
Creditors (4,010) (4,010)
3,606 31,189 2,284 31,079
2024 Unrestricted U nrestricted Restricted Total 2024
Group General
Fundsf000s
Designated
Funds Ê000s
FundsÊ000s Fundsf000s
Fixed assets 20,862 187 21,,049
Workinprogress 283 283
Debtors 2,440 2,440
Currentassetinvestments 9,000 9,000
Cashatbank 4,394 1,,496 2,445 8,335
Creditors' 3,875) 75
3,242 31,358 2,632 37,232

Not later Laterthan Laterthan Total2025 foâ\2024
thanone oneyearbut fiveyears-.
year notlater
than five
years
€000s Ê000s f000s €000s Ê000s
Officeequipment
Land and buildings
5
138
11"
550
1_
2,338
T7
3,026
2
t,rol
1,43 561 2,339 3,043 1,103

Not later
thanone
Laterthan
one yearbut
Laterthan
fiveyears
Total'2025Total
'2024
Total'2025Total
'2024
year notlater
than five
years
f000s €000s' f000s f000sÊ000s
Minimum
licencepayments 65 358 24
65 293 358 24