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2023-03-31-accounts

Registered number: 483573 Charity number: 250143

RAMBERT TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Chairman's Statement 2 - 3
Trustees' Report 4 - 16
Independent Auditors' Report on the Financial Statements 17 - 20
Consolidated Statement of Financial Activities 21
Consolidated Balance Sheet 22 - 23
Company Balance Sheet 24
Consolidated Statement of Cash Flows 25
Notes to the Financial Statements 26 - 48

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees Dame Sue Street, Chair
Christopher Barron OBE, Vice Chair
Beth Adams (appointed 9 January 2023)
Lord Paul Boateng
Lolita Chakrabarti
Fiona Cullen
Lady Alison Deighton (appointed 5 July 2022, resigned 17 October 2022)
Phil Howell
Fiona Lamptey (appointed 5 July 2022)
Natasha Lewis
Alidad Moghaddam
Raymond David Oudkerk (resigned 9 July 2022)
Dania Saidam
Robin Elizabeth Saunders (resigned 31 May 2022)
Mark Tantam
Liyun Ye (appointed 7 March 2023)
Company registered
number
483573
Charity registered
number
250143
Registered office
99 Upper Ground
London
SE1 9PP
Independent auditors
Nyman Libson Paul LLP
Chartered Accountants
124 Finchley Road
London
NW3 5JS

Page 1

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

As we enter a New Year in a world beset by conflict and hardship for many, it becomes even more important to allow the arts to heal, console and inspire everyone. I am so grateful to Rambert’s CEO Helen Shute, and our Artistic Director Benoit Swan Pouffer for leading Rambert with courage and creativity through these tough times.

Following a period of innovation and critical acclaim during the Covid lockdowns and theatre closures of the previous two years, Rambert returned fully to the stage in 2022-23 reaching the largest audience in our history on a single tour.

With support from my excellent board of trustees, the executive and artistic teams delivered all aspects of our work including classes and courses for participants of all ages, the re-accreditation process of our public archive, continued content for digital audiences through our channel Rambert Plus, alongside a record-breaking largescale tour across the UK. In total 150,146 audiences experienced Rambert’s work in person through our various activities

A successful application to be part of Arts Council England’s National Portfolio for 23-26 secured Rambert’s funding to March 2026, albeit with a 5% cut to our funds. Subsequently an application to ACE’s Transform fund secured £252,000 for the same period to develop our digital offer. We are deeply grateful for the support of ACE and conscious that public money must be spent for public good.

Rambert is dedicated to finding and developing talent wherever it can be found. We are proud to present a dance company that is not only visibly diverse, but with diverse leadership, management and governance, and we continue to champion the importance of different perspectives and backgrounds to achieve excellence on the world stage and in the hearts of the local communities we serve.

Our company of dancers, (winners of the UK Theatre Award for Achievement in Dance 2022) for the first time includes a dancer with a visible physical disability, further demonstrating our commitment to an inclusive and relevant organisation that inspires audiences from many different backgrounds.

These exceptional dancers demonstrated their versatility with a programme of work created in part during the pandemic, Eye Candy, Cerberus and Following the Subtle Current Upstream – a work by renowned African American choreographer Alonso King whose work has rarely been performed in the UK, touring to London, Truro, Salford and Brighton in May 2022 and winning critical acclaim and new audiences in all venues.

It was a particular honour and major endeavour for the group to bring the first performances of Peaky Blinders – The Redemption of Thomas Shelby to audiences at Birmingham Hippodrome who co-produced this new production building on a relationship developed during the pandemic for our live streamed performances. Over 13,000 Birmingham audiences were the first to see this new work which performed 99 times in 11 cities to over 100,000 audiences, following an appearance by Rambert at the Commonwealth Games closing ceremony in the city earlier in the Summer to 30,000 live audiences and broadcast on BBC television to 4.8miliion people. In May 2023 Peaky Blinders – The Redemption of Thomas Shelby was filmed for cinema release and for broadcast on BBC4 in 2023-24.

Rambert Plus, (Rambert’s bespoke online platform) hosted classes and production related content to build new audiences and capture highly valuable data. This has a flexible expansion model based on funding success and subscriptions. As of March 2023, Rambert Plus had 19,264 members and 302 paying subscribers; this establishes a highly significant new platform for Rambert’s future which has demonstrated its potential beyond its pandemic services and now with ACE Transform funding can be properly activated in 2023-24. Future Movement, designed to empower 16-19-year-olds by exploring creativity, learning about creative industry careers, and providing tailored support and mentoring, expanded from Lambeth where it was started to Mansfield and Rochdale in September 2022. Both Mansfield and Rochdale are Levelling Up for Culture areas, historically lacking subsidised arts and cultural activities. We've established strong partnerships with local authorities in these areas to reach those most in need.

Page 2

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

CHAIR'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Fundraising activity continued despite a testing economic climate. In addition to the critical funds from our ACE NPO funding Rambert was very grateful for support from co-producing venues Birmingham Hippodrome and The Lowry, Lambeth Council, and a range of private sources, to continue our work. We are very grateful to our partners in the UK and around the world for their commitment to our projects as we all seek to reimagine our work and continue to collaborate into the future, and to the individuals and trusts and foundations who generously donated during the year helping us reach new levels of success not previously imagined and who now stand by and support us through these changing times.

Looking forward remains challenging with ongoing uncertainty and new threats to our business and the wellbeing of our staff and artists due to conflict and terror, alongside the continued impacts of increasing cost of business and living.

However with our new productions receiving significant acclaim and support from critics, new and longstanding funders and venue partners; and with a future tour planned for 2024 and an exceptional company of the world’s most talented contemporary dancers; Rambert continues to move forward and to honour its responsibilities to its audiences and communities in the UK and around the world with an unfaltering commitment to delivering the highest quality and most exciting dance and participation work.

Finally, I would also like to thank all members of our board who have been steadfast in their commitment, dedication, and wisdom. On behalf of the trustees, we express our thanks to Helen, Benoit and their teamswhose hard work, skill and resilience have been demonstrated this year. And to the dancers: you are our lifeblood; our thanks for your talent and dedication to you all.

Dame Sue Street - Chair Date: 24 January 2024

Page 3

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the audited financial statements of the Rambert Trust Limited for the year 1 April 2022 to 31 March 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The objects for which Rambert Trust Limited is registered are to promote, maintain, improve and advance education particularly by the encouragement of the arts, especially the art of dance in classical, contemporary and other forms.

In pursuit of these objects Rambert has established itself as a company with authority and style. Rambert is one of the most famous dance companies of all time, founded in 1926, we are not only an icon of contemporary culture, but a progressive voice in the dance sector on and off stage, “Rambert thinks differently” The Guardian We specialise in developing talent and representing voices less often heard through a year-on-year commitment to diversity and inclusion infusing all plans.

At Rambert, we:

Our permanent ensemble of c. 20 dancers come to Rambert from around the world to work with the distinctive range of choreographers commissioned by the group (four in 2022-23). We aim to bring diverse, contemporary work to audiences of all ages, and through this to broaden perspectives, introduce new ideas and move the world forward towards a more equal future for all. We are committed to our leadership role in the development of a new generation of dance artists that represent the diversity of the UK.

In significant recognition of their skill and adaptability, Rambert's dancers were honoured with the UK Theatre Achievement in Dance Award in October 2022. This award celebrated their unique, versatile, and incredibly skilled performances, demonstrating their ability to embody any choreographer’s vision.

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RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Developing audiences through a commitment to introducing people to contemporary dance that is relevant to them and inspires them in their own lives, is at the heart of the group’s mission. Significant funding from Arts Council England enables the group to produce work of the highest artistic standard and to subsidise tours to theatres in every region in England, and partnerships established through Cross Border Touring funds continue to bring work to Scotland and Wales. We offer a range of discounted tickets to encourage attendance by people on low incomes and organise an extensive programme of community and participation activities often funded through Trusts, Foundations and Local Authority funds, particularly for young people that are free to access or subsidised to ensure they are widely affordable. Details of these activities are contained in the section of the report entitled ‘Public engagement and work with schools’ on page 7 of this report. Membership to our online channel Rambert Plus is free with a significant amount of content available without further payment. Class subscriptions made available through community partnerships allow access to participants who cannot afford to pay.

The Trustees are aware of their obligations under Section 19 of the Charities Act 2011 and have considered how the policies and practices of the group provide benefit to the public, particularly with regard to the Charity Commissioner’s guidance on fee charging.

b. Artistic activity

PRODUCTIONS AND TOURING

In May, Rambert premiered a new evening of three works by legendary African American dance maker Alonzo King, emerging Dutch talents Imre and Marne van Opstal and UK based dance-theatre maker Ben Duke. Alonzo King has been much celebrated in the USA over his forty-year career but has had very little attention in UK. Rambert performed a seminal work, Following the Subtle Current Upstream, which Rambert Artistic Director Benoit Swan Pouffer first performed as a Principal dancer for Alvin Ailey American Dance Theatre, over twenty years ago, celebrating and promoting African - American contemporary dance heritage which is rarely represented by UK dance companies. Eye Candy by Imre van Opstal and Marne van Opstal was commissioned pre-pandemic as a stage work but realised during the pandemic as a live-stream.

These works were accompanied by another new commission, Cerberus by Ben Duke, a meta dance-comedy and a musing on mortality, complete with live on-stage music from percussionist Romana Campbell, soprano Rebecca Leggett and classical guitarist George Robinson.

“The British choreographer Ben Duke’s new Cerberus, a clever dance-theatre (more theatre than dance) twist on the story of Orpheus and Eurydice, brims with wit and imagination. Eurydice’s voiceover at the start lets us know that although we are dealing with mortality — her own — the tone is going to be light-hearted…The framing device is the act of performance itself: the show knows it’s happening at Sadler’s Wells, which makes the whole thing meta as well as amusing.” The Times

It performed for 11 performances at

The programme was praised for its variety and the diverse casting of the dancers with a particular focus on new audiences – the vast majority of those booking tickets at our opening night in Truro were new to the venue, in line with our goal to reach audiences who may be new to dance and feel catered for in their taste by at least one of the pieces on offer.

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RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Peaky Blinders: The Redemption of Thomas Shelby

Written and adapted for the stage by Peaky Blinders’ creator Steven Knight, Peaky Blinders: The Redemption of Thomas Shelby was a new dance theatre show that rehearsed throughout Summer 2022 and premiered in September 2022, followed by a multi-city tour throughout the UK until Spring 2023. This new production was a key part of Rambert’s strategy to introduce new audiences to dance across the UK.

Directed and choreographed by Rambert’s Artistic Director Benoit Swan Pouffer, the production featured the full permanent Rambert dance company on stage, and a live band playing specially commissioned music and iconic tracks from the original television series.

“Peaky Blinders has always had music and movement at its heart and now the beating heart of the show will be transferred to the stage, an interpretation of Tommy’s story performed by Rambert, one of the leading dance companies in the world. This is dance for people who don’t usually watch dance and what I’ve written has been transomed into something startling by consummate dancers and choreographers, If the concept of a Peaky Blinders dance seems strange, reserve judgement and reserve a ticket.” Steven Knight- Writer

The production was Rambert’s first collaboration of this kind using dance theatre to explore exclusive untold stories and character insights from the much-loved television series, with pre-recorded narration from poet and Peaky Blinders series regular Benjamin Zephaniah to illuminate key narrative moments. In this way, we aimed to reach far beyond Rambert’s typical audience, engaging and exciting fans of the Peaky Blinders world and introducing them to the storytelling power of contemporary dance.

The production received positive reviews, including from media sources such as NME, who would not usually review a dance show.

[‘Peaky Blinders: The Redemption of Thomas Shelby’ review (nme.com)]

"Penned by Peaky creator Steven Knight with choreography and direction from Benoit Swan Pouffer, the worldrenowned Rambert Dance company’s reimagining of Tommy and the Blinders’ plight plays out all of the show’s sex, violence and torment in the most physical way possible. This is the most immersive and intoxicating way to experience Knight’s now timeless story ." Andrew Trendell, NME

Our evaluation data reflects success in this area: during its initial run, the tour engaged audiences exceeding 100,000 individuals, with an estimated 68% being first-time viewers of Rambert's performances (based on averaged responses from Bradford, Hull, Southampton, and Northampton). The tour schedule for 2022-23 is outlined as follows:

The tour culminated in 2023-24 with a return visit to Birmingham Hippodrome in May 2023. During this visit, the production was filmed for a cinema release and a television broadcast scheduled for 2023-24. A second tour will begin in September 2024 at The Liverpool Empire (with previews in Aylesbury) and will travel to national and international venues.

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RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Ticket Pricing Policy:

Our goal is to ensure that our work is accessible to everyone and to redefine dance performance beyond conventional settings. During our tours in collaboration with venue partners, we consistently provide concessions for young people, students, individuals facing unemployment, those with disabilities, and seniors.

Throughout the year, we sold over 99,000 tickets, out of which we've distributed over 3,000 discounted tickets and have gifted more than 6,000 free tickets for our performances.

Peaky Blinders premiered at Troubadour Wembley Park Theatre selling over 13,000 tickets with free and subsidised tickets for Help for Heroes, Brent local residents, local shop workers in Wembley Park area and other community groups via Quintain housing provider. We allocated 200 complimentary tickets to local partners Coin Street Community Builders’ outreach team. These tickets were reserved for residents of Coin Street and participants in our youth programme, Future Movement, ensuring their access to Rambert’s performances in London.

PARTICIPATION AND COMMUNITY

Rambert’s Participation and Community team facilitated the delivery of 1,300 sessions by 35 artists and creatives across the year with 20,785 engagement opportunities.

c. Public Engagement and Work with Schools

Rambert continues to diversify the range of people who take part in its Participation and Community programme, whilst supporting them to deepen their engagement. Over the past year, strategic emphasis has been placed on engaging various groups, prioritising young people through programmes such as Future Movement, and fostering school interactions via initiatives such as Artists in Residence and Rambert Classroom. Our endeavours extend to our local community with in-person classes and Feel this Free festival. Additionally, we launched a pilot project in Manchester, specifically geared toward enhancing the mental well-being of participants, underscoring our dedication to improving the mental health of participants.

Public Classes:

Rambert extends complimentary access to Rambert Plus for all Coin Street residents, enabling them to safely engage in classes within the comfort of their homes. Moreover, discounted in-person sessions at £2-3 per class are available at the group's South Bank headquarters. These classes span three terms, each lasting twelve weeks throughout the year, offering a diverse selection of over 20 weekly sessions across various styles suitable for participants aged 2 to 60+. Our inclusive programme has successfully catered to 11,790 individuals, providing movement classes encompassing K-Pop, Contemporary, and Ballet, accommodating skill levels ranging from beginners to advanced practitioners.

“I am not a dancer and actually I’m terrible. But I have felt so welcome at beginners ballet. Every time I get something right I feel as though I’ve accomplished hugely. Really this class means a lot to me.” Class participant

“It has been wonderful to move in different ways. I can feel new neural pathways being created!” Class participant.

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RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Dance for Health:

Supported by the Baring Foundation's funding, Rambert's Faculty introduced a new Dance for Mental Health and Wellbeing Programme in Greater Manchester. Initially designed in collaboration with Mind, the project evolved into a six-week programme beginning January 2023. Focused on delving into the connection between movement and mental health, this initiative, in partnership with Manchester Mind, successfully engaged 10 participants. It marked Manchester Mind's inaugural course integrating movement practices, surpassing their initial expectations. Notably, a participant shared a moving experience, expressing her surprise at actively participating in a two-hour session with strangers after having remained housebound for four years. Other participants were surprised in the personal journeys:

“A huge surprise that what had been almost debilitating fatigue at the beginning of the session had almost gone by the end of it.”

Online classes/ activity:

Integral to our digital strategy, Rambert Plus, our bespoke online platform, serves as a gateway to connect with a significantly larger audience compared to our physical space constraints. With a membership base of 18,000 and 350 paying subscribers, individuals gain access to a wealth of over 340 online classes. Following an extensive evaluation supported by our Digital Advisory Group, a revamped second version of the platform was developed in the final quarter of 2022-23. This updated iteration features enhanced design and user experience, optimising its functionality.

The subscription fee for Rambert Plus is deliberately set at £8.99 per month, strategically positioned at an accessible price point. This intentional pricing structure ensures inclusivity, with provisions for certain participants to access the platform free of charge through our community partnerships. Securing successful Transform funding from Arts Council England in March 2023 has enabled our ability to invest further in this crucial area of our operations in the coming years.

We've invested in Patronbase, a CRM system, to centralise and unify data from various systems. This integration has enabled Rambert to streamline operations across data management, fundraising, community engagement, and ticketing.

Focus Communities:

During 2022-23 Rambert was working in depth in three areas in the UK, Lambeth, Rochdale and Greater Manchester, and Mansfield.

In Lambeth, Rambert had planned a second 'Feel this Free' family street festival for September 2022. This event, previously engaging around 300 participants, offers free cultural activities, encouraging local involvement in transforming the neighbourhood. Unfortunately, the festival was postponed due to the death of the Monarch, to May 2022 when it took place with great success.

Our flagship youth programme, Future Movement, designed to empower 16-19-year-olds by exploring creativity, learning about creative industry careers, and providing tailored support and mentoring, expanded from Lambeth to Mansfield and Rochdale from September 2022. Both Mansfield and Rochdale are Levelling Up for Culture areas, historically lacking subsidised arts and cultural activities. We've established strong partnerships with local authorities in these areas to reach those most in need.

30 brilliant and daring young people across these three localities have had the opportunity to meet a diverse range of cultural sector experts, including Global Vice News correspondent Ben Hunte and prominent theatre maker Stef O’Driscoll. These experts conducted sessions to share insights, skills, and guidance about careers in the creative industry with these young participants.

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RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

“Working with Ben Hunte, having someone in the room who looks like me. I haven’t had that much and that was really good.” reflected one FM member.

Collaboratively, the groups created various creative projects reflecting their experiences in the programme. This resulted in three documentary films (one per location) exploring themes of identity and belonging. These films featured the young creators engaging with and interviewing Rambert dancers, influential voices in the cultural sector, and members of their local communities. One of the films was even shortlisted at the 2023 Mansfield Town Film Festival.

Schools:

Tailored for Key Stage 3 students (aged 11-14), the Artist in Residence project aims to bring dance opportunities to schools that lack a dedicated dance department. This programme offers schools a bespoke, curriculum-based dance experience for a half or full term, spanning 6 to 12 weeks. It can be integrated into various pathways such as PE or PSHE, or as an arts, enrichment, or extra-curricular activity for different age groups in Key Stages 2, 3, or 4.

Through weekly sessions led by students, the programme is designed to create an environment where creativity, confidence, and self-expression can flourish. Simultaneously, it provides expert training in contemporary dance techniques.

Over the past year, we have been working with 400 students, with 1,688 participant experiences across KS1KS5. “Personally, I saw them grow in confidence throughout and become more vocal and expressive through their dancing taking more risks as time went on.” Elly, Rambert facilitator at Abbeysgate school.

Rambert is at the heart of GCSE and A-Level dance education. After a year of research and working closely with schools to find out how we can best support them digitally, the result will be an innovative site., Rambert Classroom, will include videos to support students to hone technical skills, dancers showing their own creative process, past exam papers, and more to supplement students’ in-school learning.

Professional Dance Community:

The 2022-23 year saw us opening up Rambert’s state-of-the-art studios to the professional dance community once more following closure to this activity during the pandemic. Daily low-cost classes for professional dancers, proved popular reaching 60 people a week.

We also facilitated a free monthly event ‘The Playground’ for artists to research and develop new ideas with their peers an important role within the dance ecology.

In November 2022 we were successful in securing funding from Lambeth Council’s Future Workspace Fund to re-develop some areas of the building to create new affordable & supportive workspace for the dance sector and local creative workers. The funding will allow us deliver fifteen workspaces on the ground floor, and two bookable offices as well as larger hire space on the lower ground floor.

To accompany the production of Peaky Blinders: The Redemption of Thomas Shelby , we used material from the Rambert Archive to curate a Peaky Blinders exhibition to tour with the show. The exhibition was displayed in the most visible public spaces at the tour venues, with an estimated 30,639 audience views.

In addition to increasing public access to our work, a focus for the coming years continues to be on planning towards Rambert’s centenary celebrations in 2026.

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RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Rambert Grades:

Rambert Grades, established 2020, is a new Awarding Organisation created with higher education partner Rambert School, offering a contemporary dance equivalent to RAD (Royal Academy of Dance) Ballet Grades through an Ofqual accredited, globally available syllabus. Rambert Grades is a 50:50 joint venture with Rambert School and a company limited by shares, governed by trustees/executives from both organisations, chaired by Ray Oudkerk, Deputy Director- BRIT School (resigned 1/07/2023, and succeeded by Mark Tantam).

Rambert Grades widens and improves opportunities for children and young people outside school through an innovative and inclusive programme, designed to advance contemporary dance training (using an online syllabus and exams in contemporary dance for Grades 1-8) and be accessible for people from all backgrounds. During 2022-23 there was significant investment in IT support to ensure that online training and crucially examinations can be undertaken, this was delivered alongside the launch of the new brand (which can be seen on the dedicated website: https://www.rambertgrades.com/)

A strategic partnership with RAD (Royal Academy of Dance) Australia launched in Summer 2022 to direct their ballet teachers to Rambert Grades for contemporary training and syllabus.

By the end of 2022-23 there were 132 accredited teachers across the UK, Europe and Australia, with students preparing for exams in the 2023-24 academic year.

ARCHIVE

Archive:

Throughout the past year, our archival collections have once again become accessible to researchers, schools, dancers, enthusiasts, our local community, and the wider public following an extended closure due to the pandemic. We were delighted to host 89 private researchers, including A-Level, undergraduate, and postgraduate students, choreographers, and dance enthusiasts. Additionally, we responded to over 350 written research inquiries from remote researchers.

School groups have shown particular interest in exploring our archive. In the 2022-23 academic year, we hosted visits from 22 schools, totalling 105 GCSE and A-Level dance students. They sought to complement their classroom-based education by delving into primary materials that form the foundation of their course syllabus.

In early 2023-24 the Rambert archives accreditation was successfully renewed, and new collections continued to be welcomed into the archive. Our archivist began work to determine the provenance of arts works in in the collection, their value and impact on reserves and necessary insurance and using newly secured funds is improving their storage and considering ways in which they may be shared further with the public.

d. Equality Action Plan

Our Equality, Diversity and Inclusion (EDI) action plan details work undertaken to date and is monitored throughout the year, through staff survey and for ACE annual reporting.

The governance of Rambert in 2022-23 was 53% female, 46% from Black, Asian and ethnically diverse backgrounds and 38% 35-49 years.

The diversity, skills and range of our workforce’s experience make us uniquely placed to lead the dance sector into the 21st century.

Rambert is 34% Black, Asian or ethnically diverse, 70% female, 2% non-binary, 15% from low socio-economic backgrounds, 20% neurodiverse, 10% disabled.

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RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

The dance company is visibly ethnically diverse, with 42% of dancers from Black, Asian and ethnically diverse backgrounds in 2022-23 and from 2022 has included a dancer with a physical disability. A board Equality Diversity and Inclusion Lead bridges the board and staff forums (e.g. forum for Black, Asian and ethnically diverse staff), chairs the staff EDI working group, supports Rambert’s Executive and reports to the Board quarterly.

The contrast from 2018 to 2023 in audience age categories demonstrates that our audience development strategy, aiming to introduce new and diversify Rambert audiences UK-wide is working. Through presenting fulllength productions to established and new partners (in particular Peaky Blinders – a known ‘brand’) as well as enhanced digital activity, our audience demographic has seen significant change.

Our Audience Spectrum breakdown, where available, showed us that 19% of Peaky audiences came from the lowest culturally engaged postcodes, 49% from medium culturally engaged postcodes, and just 32% from the highest culturally engaged postcodes. This is supported by the many new audiences reached with a third of the audiences were new to the venues Almost 90% in London and 67% of audiences had not heard of Rambert prior to this production.

e. Grant-making policies

The financial context in 2022-23 was extremely challenging.

In common with other large-scale dance companies, Rambert is reliant on public funding from Arts Council England (ACE). In 2021-22 our NPO (National Portfolio Organisation) grant from ACE made up 54% of our annual turnover, (77% when the additional support from the ACE managed emergency support funds are added). In contrast in 2022-23 our NPO funding represented only 34% of our incoming resources including theatre tax relief. Our continued core revenue funding as a National Portfolio Organisation has been confirmed to March 2026 following a successful application to ACE albeit with a 5% reduction.

Significant cost increases were experienced in 2022-23 coupled with a strategic and planned substantial contribution to the production funding for 'Peaky Blinders: The Redempton of Thomas Shelby', caused a strain on budgets and the group recorded a deficit on unrestricted funds of £716,848 (2022: £540,944) and a deficit on restricted funds of £34,653 (2022: £167,090). This resulted in total fund balances carried forward of £9,282,278 (2022: £10,033,779) of which £417,251 (2022: £1,134,099) is unrestricted.

Plans for 2023-24 have been made mindful of this challenging financial situation to reduce risk of further deficit.

Measures taken to mitigate financial risk and reserves policy:

Cashflow is monitored continuously, and the Trustees believe that in general terms, taking the continuing uncertain economic climate into account, the group needs to have access to liquid reserves of at least £200,000 within the current account.

Action was taken at the end of July 2022 following increases in costs, and a delay in receipt of our 2020-21 TTR claim from HMRC to ensure that the cash flow forecast showed £200,000 available funds.

During 2022-23, as reserves were below target we put in place an overdraft facility with our bank, NatWest, secured short term funding of £200k from one of our major trust supporters which was repaid in April 2023 and secured a 5-year loan of £250k from Charitable Aid Foundation.

The Trustees have examined the forecasts for the levels of income in future years together with a similar examination of expenditure based upon planned activity. The Trustees believe that in general terms, taking the continuing uncertain economic climate into account, ideally the group should have access to reserves of at least £750,000.

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RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

At 31 March 2023 urestricted reserves were £417,251 (2022: £1,134,099), with restricted reserves of £8,865,027 (2022: £8,899,680). It is the intention to rebuild reserves but in the meantime the group has put contingent liquidity facilities in place including securing long-term repayable finance of £500k from NESTA/AIF to provide working capital to deliver its 2024 production of Peaky Blinders.

Plans for 2023-24 were scrutinised by the Finance Committee and Board, with a focus on low-risk income targets in particular for UK box office. A surplus in 2023-24 will be used to rebuild reserves.

We are cautiously returning to our pre-Covid business models which were starting to bear fruit in 2019-20, including co-production and international touring planned for 2023-24 onwards with engagements in Paris in February 2023 and increased international touring from September 2024. Our subsidiary production company is starting to generate meaningful income from box office through its Peaky Blinders production and any surplus will begin to rebuild the group's reserves.

f. Joint Ventures

Rambert Trust Limited, through its subsidiary, Ballet Rambert Limited also owns a company jointly (50:50) with Rambert School, Rambert Creative Contemporary Dance Grades Ltd (Rambert Grades) which has a board made up of trustees and executives from the two shareholders and in 2022/23 was chaired by Rambert School trustee Ray Oudkerk (Assistant Principal, The BRIT School). Mark Tantam (Rambert trustee) took over as Chair in July 2023. The Trustees of Rambert Grades meet quarterly and report to their respective boards, with a joint shareholders meeting once a year for updates on the project. Rambert Grades directly employs a small team of experts and in 2022-23 was led by Helen Shute and Amanda Britton (Director of Rambert School) as joint CEOs. In a significant development a new CEO for Rambert Grades, Abigail Reeves was appointed in Summer 2023 with a start date of November 2023. A second joint company with Rambert School, Rambert Trade Marks Holding Company Ltd, controls and protects the Rambert trademark.

g. Risk Disclosure and Management

Rambert’s approach to risk management has been demonstrably successful since the pandemic began; projects are planned with a rigorous greenlight process, with Board oversight, assessing the financial viability of each undertaking.

We have clear values driving procurement policies and are committed to finding best value for money without compromising on quality, fair pay or the environmental impact of our choices.

Expenditure is tightly controlled, budgets are set in advance with Finance Committee approval and monitored by the Executive, who meet weekly. Variances of over £20,000 are reported to the Finance Committee, and over £50,000 require their approval. Protocols are in place to ensure steps are taken to protect the group should predicted income not come in.

Risks in 2022-23 included an increased reliance on reaching high box office targets, which were monitored through weekly sales reports, and ongoing rising costs, which were mitigated through regular reforecasting, reducing additional activity to focus on the delivery of Peaky Blinders – The Redemption of Thomas Shelby , and cash management as discussed above.

Page 12

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Achievements and performance

a. Fundraising activities and income generation

The National Portfolio Organisation application for 2023-26 was submitted in mid-May 2022 and we were awarded £2,164,253 for each of the 2023/24, 2024/25 and 2025/26 years in November 2023, which represents a cut of 5%. This was the minimum reduction for all London based organisations who are funded over £2m a year.

The Development team is 3.6 full time equivalents and supported by a Development Board, chaired by Trustee Beth Adams and involving a number of Ambassadors who champion the work of Rambert and invite contacts to events.

In 2022 23 the Development team raised £469,655 through sources including Trusts and Foundations and individuals who support our charitable aims, representing 89% of target in a challenging year. £50k of this figure represents restricted funds for 2023-24 financial year. Alongside this the ACE NPO application was submitted in May 2022, securing funds of £2,164,253 a year over 3 years and subsequently in December 2022 an Activity Plan and Investment Principles plan were provided to ACE to ensure the funding was secured from April 2023. Also in 2022-23 Rambert made a successful application to the ACE Transform fund for £250,000 over 3 years from 2023-24.

Rambert launched a new giving level during 2022-23. Project Patrons are individuals who give at the £5k+ level and are invited to direct their gift to a specific element of Rambert’s work they find interesting. We raised £30k from this new initiative, with two donors restricting their gifts (towards Artist in Residence and Future Movement) with the other gifts remaining unrestricted.

We previously offered memberships at three different price points - Friends (£75), Benefactors (£500) and Patrons (£1,200), however, from April 2023 we will move away from the memberships at the lower levels, focusing on converting this donor to philanthropic giving.

Rambert remains registered with the Fundraising Regulator and commit to our fundraising being legal, open, honest and respectful, meeting the standards set in the Fundraising Code of Practice. We are aware of the Charities (Protection and Social Investment) Act 2016 and the Trustees support the aims of this legislation. The majority of Rambert’s voluntary income comes from other charitable bodies. We undertake very little direct fundraising activity involving individual donors. Rambert considers the origin of unsolicited donations and legacies. We do not share or purchase any donor data with or from third parties. In 2022-23 the charity did not engage with independent professional fundraisers. We also did not receive any complaints in relation to fundraising or raise any matter with regulators.

Page 13

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Structure, governance and management

a. Constitution

Rambert Trust Limited is a charity limited by guarantee and governed by its Memorandum and Articles of Association. The members guarantee the debts of the company to a maximum of £1 each.

b. Methods of appointment or election of Trustees

New Trustees undergo an induction to meet key members of staff and learn about the modus operandi and financial performance of the group. They are also given written information about their responsibilities as trustees. Trustees are encouraged to attend appropriate events where these will facilitate the undertaking of their role.

c. Organisational structure and decision-making policies

Rambert Trust Limited, trading as ‘Rambert’, is a charitable company, limited by guarantee, governed by a group of voluntary Trustees, chaired by Dame Sue Street (former Permanent Secretary to DCMS) who has gathered a board with broad experience in finance, legal, tech, communications and artistic arenas. Dame Sue Street completed her first term at Rambert in March 2022, and is well-established as the organisation’s Chair, bringing networks that support the group's public profile, securing Rambert relationships with major individual philanthropists, and with a focus on sustainability for her second term. Dame Sue works closely with Chief Executive/Executive Producer Helen Shute, and Senior Independent Director, Mark Tantum to ensure that succession planning for her own role, Trustees, the Chief Executive and Artistic Director is considered when terms are reviewed, and long-term plans such as the centenary celebrations are under consideration.

There are subcommittees covering finance, digital, development, nominations, remuneration and equality, diversity and inclusion.

Senior leadership at Rambert is also well established, diverse and experienced, led by Helen Shute, Chief Executive/Executive Producer; and Benoit Swan Pouffer, Artistic Director.

Page 14

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management (continued)

d. Pay policy for key management personnel

The goal of Rambert’s remuneration policy is to offer fair pay to attract and keep appropriately qualified staff to lead, manage, support and deliver the group’s aims. As a publicly funded charity, the company takes account of how salary levels may be perceived by stakeholders, including funders, as well as ensuring salaries are affordable by the charity. Rambert has been officially endorsed as a London Living Wage Employer since February 2017.

Pay for Rambert dancers is subject to a collective agreement with British Actors Equity and is generally negotiated annually. Pay for all other staff, except for the Chief Executive/Executive Producer and Artistic Director, is set by the Chief Executive/Executive Producer. It is reviewed annually as part of the annual budgeting process and when recruiting new staff. Any general increases that relate to changes in the cost of living are proposed by the Chief Executive/Executive Producer and are scrutinised by the company’s Finance Committee before seeking approval from Rambert Trust Limited's Board. Remuneration for the CEO and Artistic Director is set by the Board.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 15

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Nyman Libson Paul LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 24 January 2024 and signed on their behalf by:

Dame Sue Street

(Chair of Trustees)

Page 16

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAMBERT TRUST LIMITED

Opinion

We have audited the financial statements of Rambert Trust Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 17

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAMBERT TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 18

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAMBERT TRUST LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and group and the industry in which it operates and considered the risk of acts by the charitable company and group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and Charities Act 2011. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, reading minutes of meetings of those charged with governance, enquiries with management and review of accounting estimates. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 19

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAMBERT TRUST LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Taiano (Senior Statutory Auditor)

for and on behalf of Nyman Libson Paul LLP

Chartered Accountants Statutory Auditors 124 Finchley Road

London

NW3 5JS

25 January 2024

Page 20

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net expenditure
Transfers between funds
21
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
241,172
-
-
-
241,172
-
254,875
254,875
(13,703)
(20,950)
(34,653)
8,899,680
(34,653)
8,865,027		 Unrestricted
funds
2023
£
2,457,428
2,654,516
12,070
177,931
5,301,945
211,583
5,828,160
6,039,743
(737,798)
20,950
(716,848)
1,134,099
(716,848)
417,251		 Total
funds
2023
£
2,698,600
2,654,516
12,070
177,931
5,543,117
211,583
6,083,035
6,294,618
(751,501)
-
(751,501)
10,033,779
(751,501)
9,282,278		 Total
funds
2022
£
3,712,308
349,283
8,178
151,324
4,221,093
183,594
4,745,533
4,929,127
(708,034)
-
(708,034)
10,741,813
(708,034)
10,033,779

Page 21

RAMBERT TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 483573

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
20
Net assets excluding pension asset
Total net assets		 500,000
2,160,654
50,091
2,710,745
(2,078,077)		 2023
£
32,808
8,810,017
35,951
8,878,776
632,668
9,511,444
(229,166)
9,282,278
9,282,278		 167,333
1,247,801
138,716
1,553,850
(481,175)		 2022
£
-
8,925,153
35,951
8,961,104
1,072,675
10,033,779
-
10,033,779
10,033,779

Page 22

RAMBERT TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 483573

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

Note
Charity funds
Restricted funds
21
Unrestricted funds
21
Total funds		 2023
£
8,865,027
417,251
9,282,278		 2022
£
8,899,680
1,134,099
10,033,779

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 24 January 2024 and signed on their behalf by:

Dame Sue Street Phil Howell (Chair of Trustees) (Trustee)

The notes on pages 26 to 48 form part of these financial statements.

Page 23

RAMBERT TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 483573

COMPANY BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
21
Unrestricted funds
21
Total funds		 645,999
111
646,110
(14,575)		 2023
£
8,767,412
25,701
8,793,113
631,535
9,424,648
9,424,648
9,424,648
8,767,413
657,235
9,424,648		 629,110
20,698
649,808
(5,647)		 2022
£
8,878,729
25,701
8,904,430
644,161
9,548,591
9,548,591
9,548,591
8,878,730
669,861
9,548,591

The Company's net movement in funds for the year was £(123,943) (2022 - £(174,749)).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 24 January 2024 and signed on their behalf by:

Dame Sue Street Phil Howell (Chair of Trustees) (Trustee)

The notes on pages 26 to 48 form part of these financial statements.

Page 24

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of intangible assets
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
(905,453)
12,070
(41,010)
(6,832)
(35,772)
450,000
450,000
(491,225)
138,716
(352,509)		 2022
£
(630,077)
8,178
-
-
8,178
-
-
(621,899)
760,615
138,716

The notes on pages 26 to 48 form part of these financial statements

Page 25

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

Rambert Trust Limited is a charitable company limited by guarantee, incorporated in England and Wales. Theaddress of its registered office is 99 Upper Ground, London SE1 9PP. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Rambert Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Going concern

The company and group meets their day to day working capital requirements through the utilisation of its own funds, bank loans and other loan funding.

After reviewing the company and group's forecasts and projections the Trustees have a reasonable expectation that the company and group has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. The Trustees therefore consider it appropriate to adopt the going concern basis in preparing the company and group's financial statements.

Page 26

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Income

Public subsidies and grants

Public subsidies and grants are recognised in the statement of financial activities so as to match them with the expenditure towards which they are intended to contribute. When the grant is given towards specific activities, the grant and related expenditure are disclosed separately in the statement of financial activities within restricted funds.

Sponsorship, donations and related deferred income

Income from sponsorships and donations, including capital grants, is included in incoming resources when these are receivable, except as follows:

• When donors specify that donations and grants given to the incorporated charity must be used in future accounting periods, the income is deferred until those periods; and

• When donors impose conditions which have to be fulfilled before the incorporated charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met.

When donors specify that sponsorships and donations, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources as restricted funds when receivable.

Generated income

Box office, foreign touring, education and miscellaneous income are accounted for on an accruals basis. Income is deferred where it relates to productions and courses commencing in future accounting periods.

2.4 Expenditure

Expenditure is included in the statement of financial activities on an accruals basis. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities, such as:

• Costs of raising funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds;

• Charitable activities include expenditure associated with the productions and other activities and include both the direct costs and support costs relating to these activities;

• Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements; and

• Support costs include central functions and have been allocated to activity cost categories on a basis of a proportion of time spent by staff on those activities and by their usage.

New productions

The costs of new productions and revivals are charged in the year in which those productions are premiered.

Page 27

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

2.6 Intangible assets and amortisation

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Computer software - 20 % Straight line

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - Over the term of the lease. - Fixtures and fittings Between 5 and 20 years

Page 28

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.8 Investments

Investments are a form of basic financial instruments and are initially shown in the financial statements at market value. Movements in the market value of investments are shown as unrealised gains and losses in the Statement of Financial Activities.

Profit and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sale proceeds and their opening carrying values or their purchase price value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their opening carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

2.9 Stocks

Stocks comprise theatrical dance production costs, which are recorded as a current asset. Theatrical dance production costs are amortised to the Statement of Financial Activities over the estimated life of the production on an anticipated revenue basis subject to any impairment.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.13 Financial instruments

The charitable company and group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 29

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.14 Pensions

The charitable company and group contributes to defined contribution pension schemes in respect of certain employees and to the Dancers’ Career Development Fund. The assets of these schemes are held separately from those of the charitable company. Contributions payable are charged in the period to which they relate.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Donations and grants
Arts Council England - Core funding
Arts Council England - Additional funding
Other grants received
Total 2022		 Restricted
funds
2023
£
159,906
-
-
81,266
241,172
1,186,316		 Unrestricted
funds
2023
£
173,362
2,278,161
-
5,905
2,457,428
2,525,992		 Total
funds
2023
£
333,268
2,278,161
-
87,171
2,698,600
3,712,308		 Total
funds
2022
£
408,730
2,278,161
990,651
34,766
3,712,308

Page 30

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from charitable activities

UK box office
Merchandise and programme sales
Foreign income
Education
Other charitable activities
Non returnable production funding
Total 2022		 Unrestricted
funds
2023
£
2,159,567
83,713
45,442
89,515
105,641
170,638
2,654,516
349,283		 Total
funds
2023
£
2,159,567
83,713
45,442
89,515
105,641
170,638
2,654,516
349,283		 Total
funds
2022
£
152,986
-
62,470
42,327
91,500
-
349,283

5. Investment income

Interest receivable
Total 2022		 Unrestricted
funds
2023
£
12,070
8,178		 Total
funds
2023
£
12,070
8,178		 Total
funds
2022
£
8,178

Page 31

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Other incoming resources

Trading operations
Total 2022		 Unrestricted
funds
2023
£
177,931
151,324		 Total
funds
2023
£
177,931
151,324		 Total
funds
2022
£
151,324

7. Expenditure on raising funds

Fundraising trading expenses

Overheads - support costs
Salaries - direct cost
Total 2022		 Unrestricted
funds
2023
£
22,943
188,640
211,583
183,594		 Total
funds
2023
£
22,943
188,640
211,583
183,594		 Total
funds
2022
£
17,703
165,891
183,594

Page 32

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure by activities

Productions
Artists
Technical support
Theatre charges
Royalties
Subsistence, travel and transport
Marketing
Education
Premises
Administration
Governance and depreciation
Total 2022		 Activities
undertaken
directly
2023
£
616,362
1,601,575
74,692
441,441
116,770
283,730
1,121,369
393,025
-
-
-
4,648,964
3,542,692		 Support
costs
2023
£
-
-
-
-
-
-
-
-
371,682
848,429
213,960
1,434,071
1,202,841		 Total
funds
2023
£
616,362
1,601,575
74,692
441,441
116,770
283,730
1,121,369
393,025
371,682
848,429
213,960
6,083,035
4,745,533		 Total
funds
2022
£
185,195
1,473,684
112,755
107,868
13,098
178,035
1,082,806
389,251
233,521
752,138
217,182
4,745,533

9. Governance costs

2023 2022
£ £
Salaries 21,068 10,257
Audit and accountancy costs 38,200 30,550

10. Auditors' remuneration

2023 2022
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 38,200 30,550

Page 33

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Contributions to dancers' career development fund		 Group
2023
£
2,508,002
252,050
60,919
17,386
2,838,357		 Group
2022
£
2,066,868
193,286
52,962
15,821
2,328,937

The average number of persons employed by the group during the year was as follows:

Production
Support		 Group
2023
No.
31
31
62		 Group
2022
No.
31
26
57

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2023 2022
No. No.
In the band £60,001 - £70,000 - 2
In the band £70,001 - £80,000 1 -
In the band £80,001 - £90,000 - 2
In the band £90,001 - £100,000 1 -
In the band £100,001 - £110,000 2 -

Key management personnel

The total employee benefits of the key management personnel of the charitable company and group were £532,415 (2022: £470,242). The key management personnel of the charitable company and group are considered to be the senior executive team of Rambert Trust Limited, remunerated through Ballet Rambert Limited.

Page 34

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).

13. Pension scheme and Career Development Fund

The charitable company and group offers all dancers participation in the Dancers’ Pension Scheme, set up by Equity. This is a defined contribution pension scheme and is contributory for both the charitable company and employees. Not all eligible employees have chosen to participate in the scheme. The charitable company and group contributes funds based on a percentage of the employees’ gross salary and such funds contributed are charged to the Statement of Financial Activities in the period in which the salaries are paid. The pension costs to the charitable company and group for the year were £21,737 (2022: £22,063).

All eligible, qualifying staff, and those dancers who were not already members of the Dancers’ Pension Scheme, are enrolled onto the government-run NEST scheme. The related pension costs for the year were £39,182 (2022: £30,879).

The charitable company and group also contributes to the Dancers’ Career Development Fund. The charitable company and group contributes funds based on a percentage of the dancers’ gross salary and such funds contributed are charged to the Statement of Financial Activities in the period in which the salaries are paid. The contribution to the Dancers’ Career Development Fund for the year was £17,386 (2022: £15,821).

Page 35

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
14.
Intangible assets
Group
Cost
Additions
At 31 March 2023
Amortisation
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Computer
software
£
41,010
41,010
8,202
8,202
32,808
-

Page 36

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Tangible fixed assets

Group

Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
property
£
9,523,078
-
9,523,078
762,897
96,266
859,163
8,663,915
8,760,181		 Fixtures and
fittings
£
2,477,221
6,832
2,484,053
2,312,249
25,702
2,337,951
146,102
164,972		 Total
£
12,000,299
6,832
12,007,131
3,075,146
121,968
3,197,114
8,810,017
8,925,153

Page 37

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Tangible fixed assets (continued)

Company

Cost or valuation
At 1 April 2022
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
16.
Fixed asset investments
Group
Cost or valuation
At 1 April 2022
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
property
£
9,523,078
9,523,078
762,897
96,266
859,163
8,663,915
8,760,181
Unlisted
investments
£
25,701
25,701
25,701
25,701		 Fixtures and
fittings
£
2,384,373
2,384,373
2,265,825
15,051
2,280,876
103,497
118,548
Investment in
joint ventures
£
10,250
10,250
10,250
10,250		 Total
£
11,907,451
11,907,451
3,028,722
111,317
3,140,039
8,767,412
8,878,729
Total
£
35,951
35,951
35,951
35,951

Page 38

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Fixed asset investments (continued)

Company
Cost or valuation
At 1 April 2022
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Unlisted
investments
£
25,701
25,701
25,701
25,701

Principal joint ventures

The following were joint ventures of the Company:

Names Fair value of Registered office Class of Holding
investment or principal place shares
£ of business
Rambert Trade Marks Holding Company 250 Clifton Lodge, St Ordinary 50%
Ltd Margarets Drive,
Twickenham,
England, TW1
1QN
Rambert Creative Contemporary Dance 10,000 Clifton Lodge, St Ordinary 50%
Grades Ltd Margarets Drive,
Twickenham,
England, TW1
1QN

The company’s charitable subsidiary undertaking is Ballet Rambert Limited (company number 01930699 and charity number 326926), a charity incorporated in England and Wales and which is limited by guarantee. The charity is considered a subsidiary due to the trustees having control of the operations of Ballet Rambert Limited. Its principal objective is that of the education in and production of dance.

Ballet Rambert Limited’s trading subsidiary undertaking is Rambert Productions Limited (company number 09308404), a company incorporated in England and Wales and which is limited by share capital. The company is considered a subsidiary of the company as 100% of the issued share capital is owned by Ballet Rambert Limited.

Page 39

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Fixed asset investments (continued)

The result for the year ended 31 March 2023 and the net assets as at 31 March 2023 were as follows:

Assets
Liabilities
Funds
Income
Expenditure
Net expenditure		 Ballet
Rambert
Limited
2023
£
2,265,746
(2,405,494)
(139,748)
Ballet
Rambert
Limited
2023
£
3,212,427
(3,837,333)
(624,906)		 Ballet
Rambert
Limited
2022
£
1,588,514
(1,103,326)
485,188
Ballet
Rambert
Limited
2022
£
4,212,949
(4,746,234)
(533,285)		 Rambert
Productions
Limited
2023
£
2,312,197
(2,314,848)
(2,651)
Rambert
Productions
Limited
2023
£
3,830,788
(3,833,440)
(2,652)		 Rambert
Productions
Limited
2022
£
770,118
(770,117)
1
Rambert
Productions
Limited
2022
£
2,017,272
(2,017,272)
-

Rambert Productions Limited is exempt from the requirement relating to the audit of its individual financial statements for the period ended 11 October 2022 and period ended 31 March 2023 by virtue of Section 479A of the Companies Act 2006. The ultimate parent company, Rambert Trust Limited, guarantees any liabilities of the subsidiary.

17. Stocks

Group Group
2023 2022
£ £
Theatrical production costs 500,000 167,333

Page 40

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Debtors

Amounts owed by group undertakings
Due within one year
Trade debtors
Amounts owed by group undertakings
Amounts owed by participating interests
Other debtors
Prepayments and accrued income
Tax recoverable		 Group
2023
£
-
-
251,823
-
212,220
17,935
46,455
1,632,221
2,160,654		 Group
2022
£
-
-
235,630
-
185,719
210,788
21,023
594,641
1,247,801		 Company
2023
£
622,561
622,561
-
21,798
-
1,640
-
-
645,999		 Company
2022
£
604,561
604,561
-
23,239
-
1,310
-
-
629,110

19.

Creditors: Amounts falling due within one year

Bank overdrafts
Bank loans
Other loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2023
£
402,600
20,834
200,000
381,244
286,258
467,997
319,144
2,078,077		 Group
2022
£
-
-
-
374,284
58,713
20,608
27,570
481,175		 Company
2023
£
-
-
-
9,575
-
-
5,000
14,575		 Company
2022
£
-
-
-
1,110
-
-
4,537
5,647

Page 41

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Deferred income

Deferred income at 1 April 2022
Resources deferred during the year
Amounts released from previous periods		 Group
2023
£
15,182
104,010
(15,182)
104,010		 Group
2022
£
7,797
15,182
(7,797
15,182

20. Creditors: Amounts falling due after more than one year

Group Group
2023 2022
£ £
Bank loans 229,166 -

Page 42

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Designated Funds
General funds
General Funds
Total Unrestricted funds
Restricted funds
Capital Fund
Community Fund
London Community Foundation
Kickstart Scheme for
Employers
Idlewild Trust
Workspace Improvements
Community Dance Classes
Leverhulme Fund
Music Fellowship Fund
Total of funds		 Balance at 1
April 2022
£
25,701
1,108,398
1,134,099
8,878,730
-
-
-
-
-
-
15,950
5,000
8,899,680
10,033,779		 Income
£
-
5,301,945
5,301,945
-
135,047
20,000
6,511
4,859
72,755
2,000
-
-
241,172
5,543,117		 Expenditure
£
-
(6,039,743)
(6,039,743)
(111,317)
(135,047)
-
(6,511)
-
-
(2,000)
-
-
(254,875)
(6,294,618)		 Transfers
in/out
£
-
20,950
20,950
-
-
-
-
-
-
-
(15,950)
(5,000)
(20,950)
-		 Balance at
31 March
2023
£
25,701
391,550
417,251
8,767,413
-
20,000
-
4,859
72,755
-
-
-
8,865,027
9,282,278

Page 43

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds (continued)

The Capital fund represents the net book value of the charity’s fixed assets at the year end.

The Community fund supports our works with schools and local community groups.

The London Community Foundation funding was provided to support the showcasing of a full programme of works on Rambert dancers.

The Leverhulme grant supports the Leverhulme Choreographic Fellowships and allows an emerging choreographer to work part-time with Rambert to explore and develop their choreographic practice.

The Music Fellowship is a key element of Rambert’s commitment to developing future generations of artists. Fellows are invited to work with the company for 12 months, engaging with all aspects of the company’s creative work.

The funds provided by the Idlewild Trust are for the Rambert archive conservation project.

Statement of funds - prior year

Unrestricted funds
Designated funds
Designated Funds
General funds
General Funds
Total Unrestricted funds
Restricted funds
Capital Fund
Community Fund
Leverhulme Fund
Music Fellowship Fund
CJRS
Talent Development Fund		 Balance at
1 April 2021
£
25,701
1,649,342
1,675,043
9,045,820
-
15,950
5,000
-
-
9,066,770		 Income
£
-
4,381,125
4,381,125
-
45,665
-
-
34,766
150,000
230,431		 Expenditure
£
-
(4,922,069)
(4,922,069)
(167,090)
(45,665)
-
-
(34,766)
(150,000)
(397,521)		 Balance at
31 March
2022
£
25,701
1,108,398
1,134,099
8,878,730
-
15,950
5,000
-
-
8,899,680

Page 44

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds (continued)

Total of funds Balance at
1 April 2021
£
10,741,813		 Income
£
4,611,556		 Expenditure
£
(5,319,590)		 Balance at
31 March
2022
£
10,033,779

The Capital fund represents the net book value of the charity’s fixed assets at the year end.

The Community fund supports our works with schools and local community groups.

The Talent development fund supports our work developing and educating emerging dancers.

The Leverhulme grant supports the Leverhulme Choreographic Fellowships and allows an emerging choreographer to work part-time with Rambert to explore and develop their choreographic practice.

The Music Fellowship is a key element of Rambert’s commitment to developing future generations of artists. Fellows are invited to work with the company for 12 months, engaging with all aspects of the company’s creative work.

22. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at 1
April 2022
£
25,701
1,108,398
8,899,680
10,033,779		 Income
£
-
5,301,945
241,172
5,543,117		 Expenditure
£
-
(6,039,743)
(254,875)
(6,294,618)		 Transfers
in/out
£
-
20,950
(20,950)
-		 Balance at
31 March
2023
£
25,701
391,550
8,865,027
9,282,278

Page 45

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds
Restricted funds		 Balance at
1 April 2021
£
25,701
1,649,342
9,066,770
10,741,813		 Income
£
-
4,381,125
230,431
4,611,556		 Expenditure
£
-
(4,922,069)
(397,521)
(5,319,590)		 Balance at
31 March
2022
£
25,701
1,108,398
8,899,680
10,033,779

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2023
£
8,767,413
-
-
97,614
-
-
8,865,027		 Unrestricted
funds
2023
£
42,604
32,808
35,951
2,613,131
(2,078,077)
(229,166)
417,251		 Total
funds
2023
£
8,810,017
32,808
35,951
2,710,745
(2,078,077)
(229,166)
9,282,278

Page 46

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

23. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2022
£
8,878,730
-
-
-
8,878,730		 Unrestricted
funds
2022
£
46,423
35,951
1,553,850
(481,175)
1,155,049		 Total
funds
2022
£
8,925,153
35,951
1,553,850
(481,175)
10,033,779

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Dividends, interests and rents from investments
Increase in stocks
Increase in debtors
Increase in creditors
Net cash used in operating activities		 Group
2023
£
(751,501)
121,968
8,202
(12,070)
(332,667)
(912,853)
973,468
(905,453)		 Group
2022
£
(708,034)
176,375
-
(8,178)
(163,910)
(74,176)
147,846
(630,077)

Page 47

RAMBERT TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

25. Analysis of cash and cash equivalents

Cash in hand
Overdraft facility repayable on demand
Total cash and cash equivalents		 Group
2023
£
50,091
(402,600)
(352,509)		 Group
2022
£
138,716
-
138,716

26. Analysis of changes in net debt

Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Debt due after 1 year		 At 1 April
2022
£
138,716
-
-
-
138,716		 Cash flows
£
(88,625)
(402,600)
(220,834)
(229,166)
(941,225)		 At 31 March
2023
£
50,091
(402,600)
(220,834)
(229,166)
(802,509)

27. Company status

The charitable company is limited by guarantee. The members guarantee the debts and liabilities of the incorporated charity to a maximum of £1 each.

28. Contingent liability and floating charge

There is a contingent liability in respect of the company, and its directors, being members of Ballet Rambert Limited. Each member of Ballet Rambert Limited is liable for £1 in the event of that company being wound up and Rambert Trust Limited has indemnified each director accordingly.

Arts Council England retains an ongoing floating charge over the assets of the charitable company.

29. Related party transactions

The results of the subsidiary companies, Ballet Rambert Limited and Rambert Productions Limited are included within these consolidated financial statements. During the year the group provided funding totalling £26,500 (2022: £85,187) to Rambert Creative Contemporary Dance Grades Ltd, a company with common directors and in which the group has a 50% investment. At the reporting date debtors include £212,220 (2022: £185,720) due from Rambert Creative Contemporary Dance Grades Ltd.

Page 48