|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| ## |10|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|||| |||||||Iooo
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Z|IO|||||||||||||||| |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||||| ## |15|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| |16|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|