2021-08-31-accounts - The Royal Ballet School

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Contents
GOVERNORS, DIRECTORS AND CHARITY TRUSTEES..
COMPANY SECRETARY
PRINCIPAL AND REGISTERED OFFICE
OFFICERS —SENIOR LEADERSHIP TEAM.
ADVISORS.
DIRECTORS' REPORT.. ..
STR ATE G IC REPORT...................,.„,... ,.....,
STATEMENT OF FINANCIAL ACTIVITIES..	........23
BALANCE SHEET,	.....24
STATEMENT OF CASH FLOWS ..	...,....25
NOTES To THE FINANCIAL STATEMENTS ..	.... 26

STATEMENT OF FINANCIAL ACTIVITIES	STATEMENT OF FINANCIAL ACTIVITIES		Unrestricted	Unrestricted	Funds	Restricted Funds	Total Funds	Total Funds
		Nate	General	Designated			2021	2020
			EOOD		EOOD	EOOD	6000	EOOO
Income from:
Charitable activities			8,287			2	8,289	7,841
Donations			1313			2,045	3,358	3,939
Other income			120				120	579
Totalincome			9,720			2,047	11,767	12,359
Expenditure on:
Raising funds
Development and
fundraising			350				350	293
			350				350	293
Charitable activities
Teaching			3,385			93	3,478	3,391
Pastoral and welfare			1,734			262	1,996	1,875
Outreach and partnership			1,099			265	1,364	1,203
Premises			1,866		1,252	207	3,325	2,999
Support and governance		7,8	1,426		93	9	1,528	1,465
Grants and prizes		9	16			831	847	745
			9,526		1,345	1,667	12,538	11,678
Total expenditure			9,876		1,345	1,667	12,888	11,971
Net income / (expenditure)			(156)		(1,345)	380	(1,121)	388
Transfers between	funds	16,17
Other recognised	losses
Actuarial gain on defined benefit pension scheme		24g	96				96
Net movement in	funds		(60)		(1,345)	380	(1,025)	391
Total funds brought
forward			2,915		36,935	3,369	43,219	42,828
Total funds carried	forward	16,17	2,855		35,590	3,749	42,194	43,219

					2021	2020
				Note	6000	6000
Fixed assets
Tangible assets					37,661	38,553
Current assets
Debtors				12	1,465	2,487
Cash at bank and in		hand			6,304	5,068
Total current assets					7,769	7,555
Creditors: amounts		falling due within one year
Trade and other creditors				13	(1,814)	(1,313)
Deferred income				14
Net current assets					5,955	6,242
Total assets less current			liabilities		43,616	44,795
Creditors: Amounts		falling due after one year		15	(250)	(281)
Defined benefit pension scheme liability				24b	(1A72)	(1,295)
Total net assets				18	42,194	43,219
The funds ofthe charity:
Unrestricted funds
General fund					2,855	2,915
Designated funds					35,590	36,935
Total Unrestricted	funds			16	38,445	39,850
Restricted funds				17	3,749	3,369
Total chadtyfunds					42'194	43,219

			Note	2021	2020
					EOOD
Cash flows from operating activities:
Net cash provided by operating	activities		A below	1,613	302
Cash flows from investing activities:
Interest receivable				3	14
Interest payable				(18)	(20)
Proceeds from sale offixed assets
Purchase oftangible fixed assets				(332)	(260)
Net cash used in investing activities				(347)	(266)
Cash flows from financing activities
Repayments ofborrowing				(30)	(30)
Change in cash in the reporting	period			1,236
Cash at the beginning ofthe year				5,068	5,062
Cash at the end ofthe year			8 below	6,304	5,068
Reconciliation ofcash flows from operating		activities:	Note A	2021	2020
				6000	6000
Net income, from the statement	offinancial	activities		(1,121)	388
Adjustments for:
Depreciation charge				1,224	1,184
Defined pension scheme net income				(22)	(13)
Interest receivable				(3)	(14)
Interest payable				18	20
Proceeds from the sale offixed assets
Decrease/(increase) in debtors				1,021	(13)
Increase / (decrease) in creditors				501	(1,250)
Net cash provided by operating	activities			1,613	302
Analysis ofcash			Note 8	2021	2020
				6000	6000
Cash at bank and in hand				6,304	5,068

s follows:
Major Refurbishment	and minor structural	changes	10y ars
Furniture, fixtures and	equipment		5-13years
Computer equipment			3years
Motor vehicles			4years

2	Charitable	activities income	activities income	activities income			2021	2020
							f000	EOOD
	Schoolfees —note 2a						6,716	6,682
	Extras and	performance		income			129	136
	Fees from	Associates,	Summer School and Teachers'			courses	1I322	833
	Auditions	and other income					122	190
							8,289	7,841
2a.	School Fees
	School fees were funded			from:
	Grants from the Department				for Education		3,678	3,721
	Bursaries from The Royal			Ballet School Endowment		Fund	149	245
	Bursaries from restricted			donations			637	400
	Parents						2,252	2,317
							6,716	6,683
3	Donations						2021	2020
							6000	EOOD
	Grants						1I131	1,131
	Donations						2I213	2,792
	Friends						14	16
							3,358	3939
4	Otherlncome						2021	2020
							6000	f000
	Investment	income —bank interest					3	14
	Other income						19	259
	Coronavirus	furlough	scheme				98	306
							120	579

							2021	2020
							f000	EOOD
	Turnover						47	10
	Cost ofsales						(39)	(5)
	Gross profit						8	5
	Administrative expenses:		Licence to occupy		premises		(1)	(1)
	Other expenses						(20)	(9)
	(Loss) on ordinary	activities before		gift aid			(13)	(5)
	(Ioss) on ordinary	activities before		taxation			(13)	(5)
	Tax on profit on ordinary		activities
	(Loss) for the year						(13)	(5)
	Net (liabilities) / assets						(12)
6	Expenditure analysis						Total	Total
			Staff costs		Depreciation	Other Ccsts	2021	2020
				f000	f000	EOOD	f000	EOOD
	Raising Funds
	Development and Fund
	raising			273		77	350	293
	Charitable activities
	Teaching			3,045		z33	3,478	3,391
	Pastoral and Welfare			864		1132	1,996	1,875
	outreach & Partnership			1,129		35	1,364	1,203
	Premises			552	1,224	1x49	3,325	2,999
	Support and Governance			689		E.39	1,528	1,465
	Grants and Prizes					E47	847	745
				6,279	1,224	S,C35	12,538	11,678
	Total Expenditure			6,552	1,224	5,312	12,888	11,971

7	Governance costs				Total	Tota I
					2021	2020
					6000	6000
	Governance costs included	in support costs:
	Fees payable to the auditor	for the statutory	audit		34	29
	Under accrual for prior year	fees relating to the statutory		audit	(2)	(12)
	Fees payable to the auditor	for tax advice				2
	Fees payable to the auditor	for Teacher Pension advice			1
	Board and committee costs				16
	Total				49
8	Finance and lease costs				Total	Tota I
					2021	2020
					6000	6000
	Bank interest payable				18	20
	Interest on pension plan				20	23
	Operating leases: land and buildings				177	163
	Operating leases: pianos and office equipment				26	26

participants. Apart from a few scholarships for fu	ll-time students, all grants are means-tested.
	Total	Tota I
	2021	2020
	6000	6000
Other grants	841	739
Prizes	6	6
Tata I	847	745

Staff costs	2021	2020
	f000	6000
Wages and salaries	5,476	5,187
Social security costs	524	481
Other pension costs	545	548
Other costs	18	18
	6563	6234

		2021	2020
		Number	Number
The number of higher paid employees	in bands of:
660,001tof70,000
670,001to f80,000
580,001to 690,000
6100,001to 6110,000

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12	Debtors			2021	2020
				EOOO	f000
	Amounts falling due	within one year:
	Fees and recoverable	extras		105	301
	Intercompany			209	95
	Connected charity (see Note 22)			385	1,363
	Other debtors			34	28
	Prepayments			184	91
	Accrued Income			548	609
	Department for Education		—Music and Dance Scheme funding
	Total			1,465	2,487
13	Creditors: amounts	falling	due within one year	2021	2020
				f000	f000
	Trade creditors			648	422
	Taxation and social security			160	116
	Other creditors			85	79
	Accruals			145	162
	Bank Loan due within one		year	30	30
	Department for Education		—Music and Dance Scheme funding	746	504
	Total			1,814	1313
14	Deferred income			2021	2020
				EOOD	EOOD
	Feesin advance
	Department of Education		paid in advance
	Total

Creditors: amounts	falling due after one year	2021	2020
		6000	f000
Creditors due in 2	to 5years
Bank loans		121	121
Creditors due in 5	years
Bank loans		129	160
Total		250	281

Unrestricted funds			Balance as at 1Sep20	Income	Expenditure	Transfers	Gains/ (Losses)	Balance as at 31Aug 21
			EOOO	EOOO	EOOC	EOOO	EOOO	EOOO
Designated
Fixed asset fund			35,371		(1,148)			34,223
Building Maintenance		fund	500					500
Associate Programme			367		(56)			311
Pension Deficit Fund			450					450
Deferred IT and	Building
Maintenance Fund			247		(141)			106
			36,935		(1,345)			35,590
General
Pension reserve			(1,295)		(20)	47	96	(1,172)
Free reserve			4,210	9,720	(9,856)	(47)		4,027
			2,915	9,720	(9,876)		96	2,855
Total			39,850	9,720	(11,221)		96	38,445

Unrestricted	funds 2019-20	funds 2019-20	funds 2019-20	Balance as at 1 Sep 19	Income	Expenditure	Transfers	Gains/ (Losses)	Balance as at 31Aug 20
				EOOO	EOOO	6000	EOOO	EOOO	EOOO
Designated
Fixed asset	fund			36,447		(1,07E)			35,371
Building Maintenance			fund	500					500
Associate Programme				377		(1C)			367
Pension Deficit		Fund					450		450
Deferred	IT	&	Building
Maintenance	Fund						247		247
				37,324		(1,086)	697		36,935
General
Pension reserve				(1,311)		(23)	36	3	(1,295)
Free reserve				4,162	10,103	(9,320)	(735)		4,210
				2,851	10,103	(9,343)	(699)	3	2,915
Total				40,175	10,103	(10,429)	(2)	3	39,850

								Balance as
17	Restricted funds			Balance as	Income	Exsenditure	Transfers	at31Aug
				at 1Sep20				21
				f000	f000	f000	f000	f000
	White Lodge Appeal	Fund
	Aud Jebsen Hall- Pimlico Appeal			49				49
	Capita I projects			8				8
	5pecia I projects			11	278	(208)		81
	Sponsorship, bursaries		and prizes	1,139	1,004	(803)		1,340
	Outreach and Access	fund		317	407	(238)		486
	Ballet and artistic funds			476	105	(149)		432
	I-Iealthcare			1.073	180	(250)		1,003
	Equipment			151	10	(10)		151
	Intensive Courses			125		(9)		116
	WiFi Cabling			20				20
	Films				63			63
				3,369	2,047	(1,667)		3,749
								Balance as
	Restricted funds 2019-20			Balance as	Income	Expenditure	Transfers	at 31Aug
				at 1Sep 19				20
				f000	f000	f000	f000	EOOO
	White Lodge Appeal Fund				146	(146)
	Aud Jebsen Hall- Pimlico Appeal			49				49
	Capital projects			31		(23)		8
	Special projects			11	5	(5)		11
	Sponsorship, bursaries	and prizes		757	1,123	(743)		1,139
	Outreach and Access fund			177	405	(265)		317
	Ballet and artistic funds			459	90	(73)		476
	Healthcare			851	472	(250)		1,073
	Equipment			155	15	(19)		151
	Intensive Courses			140		(15)		125
	'Wi-Fi Cabling			23		(3)		20
				2,653	2,256	(1,542)		3,369

Allocation ofassets by fund type		Unrestricted
	Unrestricted	Designated	Restricted	Total
	GeneralFund	Funds	Funds	2021
	EBOO	EOOD	EOOD	f000
Fixed Assets	3,380	34,223	58	37,661
Debtors	1332			1,332
Cash at Bank	1,245	1,367	3,691	6,303
Creditors: due within one year	(1,680)			(1,680)
Creditors; due after one year	(250)			(250)
Defined benefit pension scheme deficit	(1,172)			(1,172)
	2,855	35,590	3,749	42,194

Allocation ofassets	by fund type			Unrestricted
2019-20		Unrestricted		Design atec	Restricted	Total
		General	Fund	Funds	Funds	2020
			EOOD	EOOC'	EOOD	EOOD
Fixed Assets			267	38,222	64	38,553
Debtors			2,487			2,487
Cash at Bank			3,050	(1,287'	3,305	5,068
Creditors: due within	one year	(1,313)				(1,313)
Creditors: due after	one year		(281)			(281)
Defined benefit pension scheme deficit		(1,295)				(1,295)
			2,915	36935	3,369	43,219

averages):
	2021	2020
	f000	f000
Discount rate	1.7%	1.6%
RPI assumption	3.7%	3.4%
CPI assumption	2.9%	2.6%
LPI pension increases	35%	33%

					Years	Years
	Life expectancy for	60year old		female	88.4	88.3
	Life expectancy for	45 year old		female	89.6	89.5
24b	The amounts recognised in the balance sheet:
					2021	2020
					EOOO	EOOO
	Present value of Plan liabilities				(3,574)	(3,591)
	Market value of Plan assets				2,402	2,296
	Net defined benefit	liability			(1,172)	(1,295)
24c	Amounts included	within the	Statement of Financial Activities
	(SOFA):
					2021	2020
					f000	EOOD
	Current service cost
	Interest on net defined benefit			asset	(20)	(23)
	Past service cost
	Total amount charged within		net incoming resources		(20)	(23)

24d	Changes	in the present value	of Plan liabilities:	of Plan liabilities:	of Plan liabilities:
								2021	2020
								f000	EOOO
	Present	value ofscheme liabilities at beginning				ofthe year		(3,591)	(3,713)
	Past service cost
	Benefits	paid						37	158
	Interest	on Plan liabilities						(57)	(65)
	Actuarial	loss/ (gain)						37	29
	Present value of Plan liabilities		at end of		the year			(3,574)	(3,591)
24e	Changes	in the fair value of Plan assets:
								2021	2020
								5000	EOOO
	Market value of Plan assets at		beginning		ofthe	reporting	period	2,296	2,402
	Employer	contributions						47	36
	Benefits	paid						(37)	(158)
	Interest	on Plan assets						37	42
	Return on assets, less interest		included	in the SOFA				59	(26)
	Market value ofthe Plan assets at the end ofthe reporting						period	2,402	2,296
	Actual return on Plan assets							96	16
24f	The major categories of Plan		assets as		a percentage oftotal Plan assets:
								2021	2020
	Group pension contract							100%	100%
	Cash							0%	0%

24g	Analysis losses in	ofthe measure the SOFA:	ment	o	ft	he n	et defined be	nefit liability recogn	ised in Other recog	nised
									2021	2020
									6000	EOOD
	Return on assets, less interest			included			in the SOFA		59	(26)
	Experience gains and losses arising					on	Plan liabilities		74	78
	Changes	in assumptions	underlying			the present value of Plan			(37)	(49)
	liabilities
	Actuarial	loss/(gain) recognised			in	Other recognised		losses	96
24h	Movement in deficit during the				year
									2021	2020
									6000	EOOD
	Deficit in	the scheme at	the beginning				ofthe year		(1,295)	(1,311)
	Interest recognised in the SOFA								(20)	(23)
	Employer	contributions							47	36
	Actuarial	loss/(gain) recognised			in	Other recognised		losses in the	96	3
	SOFA
96
	Deficit in	the scheme at	the end		ofthe		year		(1,172)	(1,295)

				Unrestricted	Unrestricted	Funds	Restricted	Total
							Funds	Funds
			Note	General	Designated			2020
				EOOD		f000	EOOD	EOOO
Income from:
Charitable activities				7,841			0	7,841
Donations				1,683			2,256	3,939
Other income				579				579
Total income				10,103			2,256	12,359
Expenditure on:
Raising funds
Development and
fundraising				293				293
				293				293
Charitable activities
Teaching				3,344			47	3,391
Pastoral and welfare				1,606			269	1.875
Outreach and partnership				888		10	305	1,203
Premises				1,747		1,076	176	2,999
Support and governance			7,8	1,465				1,465
Grants and prizes			9				745	745
				9,050		1,086	1,542	11,678
Total expenditure				9,343		1,086	1,542	11,971
Net income / (expenditure)				760		(1,086)	714	388
Transfers between		funds	16,17	(699)		697
Other recognised	losses
Actuarial(losses)/gain		on
defined benefit pension			24g
scheme
Net movement in	funds			64		(389)	716	391
Total funds brought
forward				2,851		37,324	2,653	42,828
Total funds carried		forward	16,17	2,915		36,935	3,369	43,219