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2021-03-31-accounts

THE IMPERIAL SOCIETY OF TEACHERS OF DANCING ANNUAL REPORT 2020/21 FINANCIAL STATEMENTS AND REPORTS OF COUNCIL FOR THE PERIOD ENDED 31 MARCH 2021

IMPERIAL SOCIEfY OF TEACHERS OF DANCING ITHE) PERIOD ENDED 31 MARCH 2021 TRUSTEES. ANNUAL REPORT REFERENCE AND ADMINISITRATIVE INFORMATlfXI Charlty name Charity registration number Company registralion number Registered office and operational address Imperial Society of Teachers of Dancing 250397 392978 22-26 Paul Street, London EC2A 4QE COUNCIL MEMBERS (TRUSTEES) Mrs Susan Passmore (Chairl Mr Chri5 Hocking Ichairl M5 Nafisah Baba M5 Lynn Chandler MrTom Hobden Mrjeremy Kean Ms Ka￿n King Ms Sian Prime Mr Keith-Derrick Randolph Ms Erin Sanchez {Co-Vice-Chair) Mr Sho Shibata Mi55 Eli5abeth Swan Mr Frederick Way ICo-Vice-Chairl Ms Kathryn Williams Ms Carrie-marie Wootten 11.21 resigned 18lthmber2030 11.2.3llrom 18November2020 from l June 2021 12lfrom IBNo¥rmber2020 reswned 7L*ember2020 12.41 121 12.41 lJune2021 resigned 7December2020 11 Also memberof FfjnarKe & Audlt Commrtreel 12 A150 ff￿Mber of the Nomlnatknn & Remuneratlon Comrnitteel 13 On leave of absence fvorD 4 JurE 2021.. resigned 29June 20211 14 Artlryq Q)-Chairs from4 June 20211 Annual Report 2020121

KEY MANAGEMENT PERSONNEL Mrs Ginny Brown Chief Executive Senior Management Director of Finance & Operations- Keith Stephenson (to July 20211: David Lyon (from Juty 20211 Director of Examinations- Janne Karkkainen Director of Education- Louise Molton Director of Dance- Liz Dale Dirertor of Membership & Communi¢ation5- Gemma Matthews Auditors Moore Kingston Smith LLP. Devonshire House. 60 Goswell Road, London ECIM 7AD Bankers National Westminster Bank. Moorgate Branch. PO Box 712, Moorgate. London EC2M 6UR Sollcltors Charles Russell and Speechlys. 5 Fleet Pla￿, London EC4M 7RD Investment Managers CCLA. Senator House. 85 Queen Victoria Street, London EC4V 4 The financial statements have been prepared in accordance with the Statement of Recommended Practice ISORPI 'Accounting and Reporting by Charities. published in March 2015, applicable law and the SoueWs 8overnin8 document. Annual Report 2020121

STRUCTURE, GOVERNANCE AND MANAGEMENT Foreword The Societ¢5 Trustees decided to move the accounting year end to 31 March. thu5 running a 1S-month accounting period from l January 2020 to 31 March 2021. This aligned with their decision to extend membership subscriptions by three months, thus providing members with three free months recognising the financial pressures created as COVID curtailed their activtties. The change also bring5 the Society into line with the fixal year. Comparisons with the prior year are difficult due to the different length of the accounting periods115 month5 and 12 months} and also due to COVID making activity levels very different. Governlng Dotument The Imperièl Society of Teachers of Danting is a charitable tompany limtted by guarantee. incorporated on 5th February 1945 and registered as a charity on 6th Janvary 1969. The company was established under a memorandum of association. which established the objects and powers of the charitable company and is governed under its Artitles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £5 each. Recrultment and Appolntment of Councll The directors of the company are also charity trustee5 for the purpose of charity law. Members of Council are elected by the IsfD's fully registered members at the AGM on the basis of their preominence in the world of dance or their relevant business or education experience. Elected Trustees selve for 3 years. and may be re-elected tsvice (making nine years the maximum term as Trustee}. In additTron the Council may fill a casual vacancy and Such a Trustee would stand for election at the next AGM. The Council may also appoint up to two Trustees for a period of up to three years. The Council has responsibility for the financial and legal direction of the Society. In this Tt is aided by its sub-committee5, the Finance and Audit Committee, and the Nomination and Remuneratlon Committee. Trustee Inductlon and Tralnlng Many trustees are familiar with the practical work of the charity having had prior invofvement of work in the dance, art5 and education industries. Additionally. new trustees are invited and encouraged to attend events organised by the SOc￿ty to familiarise themsefves with the charity and the context within which it operate5. The induction and training covers- The obligations of Council members The maln documents whlch set out the operational framework for the charity including the Articles of Association and Rules & Standing Orders Annual Report 2020121

Re50urcing and the current financial position as set out in the latest published accounts Training - most Trustees have also attended external trainin8 COu￿e5 for Tru5tee5 Risk Management The Trustees have responsibility for risk management. Risks are identified by the management team and ￿VIewed. assessed and appropriate action incorporated as part of the annual budget and planning process. Risk is an inte8r31 part of the budget and business plan approved by the Trustees. The impact of Covid-lg has been considered in the charitws ftjture plan5 and budgeting processes and the effect of the outbreak continues to be a significant risk. The Society cancelled most of its artivities between end March and September 2020. The reduction in income and impact on the Society's finances is severe. The Society has tlghtly managed its costs and continues to Use appropriate support from the UK govemment, e.g. the Job Retention Scheme and the Culture Recovery Fund (from which it is recer¥inE a grant covering April to June 2021)- The Trustees consider the Societ*s free reseNe can cover the impact. The principal risks and uncertainties facing the Society are= Achieving financial sustainability after the disruption to norrnal activity caused by the COVID pandemic Managing the blended workin8 arrangement5 required to recruit. retain and engage staff Exploiting IT developments to make services more widely available to members and the public A serie5 of 5Y5tems operates to identify and mitigate risk: Regulation by the Charity Commission and Ofqual {Office of Qualifications and Examinations Regulations) Finance and Audit Committee review Annual external audit Internal audii External expert advice on ernployrnent. tax. data protection. safeguarding and health & safety matters Financial prO￿dureS Strategic plan and annual budget proce55 (including risk a55essmentl Handbook for staff detailing practices. policies and procedures A low risk environment in terms of health and safety, which is a Standing item at leadership team and Council meetings Comprehensive insurance cover (Business Interruption. Employerfs Liability. Public Liabiltty. Professional Liability and Business Travel. including Personal Accident) Increased staff awareness of risk Busine55 Continuity Plan Annual Report 2020121

OrEanlsatlonal Structure The Imperial Society of Teachers of Dancing has a Council of Trustees who meet five times a year and are responsible for the strateglt direction and policy of the charity. The Council conslsts of people from a variety of professional backgrounds relevant to the work of the charity. Day to day responsibility for the provision of the seNices is delegated to the Chief Executive and senior management, ensuring that the charity delivers the services and strategies specified and that key perfonnance indicators are met. Senior rnanagement have responsibility for the day to day operational management of ISTD. The Finance and Audit Committee oversees the preparation of the budget, monitors the financial performance of the Society, review5 the Societys risks, monitors the investment portfolio. and ensures that proper audited accounts are produced showing a true and fair view of the financial position. The Nomination and Remuneration Committee is responsible for reviewin8 the size, structure and comp051tion of the Council and its committees and advising on an overall framework and broad F)olicy for remuneration of IsfD staff. Key Management and Pay Policy for Senior Staff The Trustees consider that the board of trustee5 and the senior management team comprise the key management personnel of the charity in charge of direrting and controllin& running and operating the charity on a day-to-day basis. Remuneration has been paid to one of the trustees, in accordance with the Articles of Association, for professional dance and other Services provided to the charity- Details of trustee remuneration and expenses are disclosed in note 8 to the accounts. Such payments are carefully controlled and monitored under the SocieWs Conflict of Interest policy. The pay of senior staff is reviewed annually and nomially InC￿ased in accordance with the Consumer Price Index. but due to the financial difficulties created by the COVID pandemic no increase was applied to any staff at l January 2021. Related Parties The Cecchetti Society Trust Icharity number 2755481 is a separate charity set up to advance the education of the public in the art of classical ballet. Annual Report 2020121

Governance In 2018 the Trustees and Chief Executive commissioned an independent review of its governance arran8ements against the 2017 Charity Code of Governance. The recommendations were largely implemented in 2019 but further work continued in 2020: Further updating the Societvs Articles of Association and its Rules and Standing Orders Developin8 the structure of heads of faculty development Working to ensure the clear separation of responsibilities between Council Igovernante) and the executive team (management and operations) Ensuring governance arrangements functioned despite remote workin8 imposed by lockdowns Fundraislng The Society had no fundraising activities requiring disclosure under S162A of the Charitie5 Act 2011. OBJEcfivES AND ACTIVITIES Objertives The Society is an educational charity whose purpose is to promote the teaching of dancing. It5 objertives are stated broadly in it5 Articles of Association, 'to educate the public in the art of dancing in all its forms,. To achieve this. the society works in four main ways: To promote knowledge ofdance To maintain and improve teaching standards To provide examinations for the Society's specialist techniques taught by its members throughout the world To provide through its syllabi, techniques upon which to train dancers and teachers for the profession Major Artlvltles The Society supports rts member5 through syllabu5 development (using the expertise of its eleven faculties), standard settin& member events. offering exams, and providing professional development The Society seeks to maintain and develop standards of teaching through provision of appropriate courses and training opportunities. These range from initial teacher training to higher professional qualifications and continued professional development. The Society offer5 dance examination5 and qualifications for learners of all ages and abilities throughout the world, ensuring all candidate5 have equal opportunities and receive fair and equal assessment. It is a150 necessary for the organisation to ensure it meets the standards required by the regulatory authorities to retain the accreditation and recognition of its qualifications. Annual Report 2020121

The constant monitoring of all examination processes to ensure standard5 are con5i5tent. Ensuring all candidates a￿ properly ￿gIStered, checking and recording all examination results and monitoring all examiners, training and starbdardisation. Public Benefrt The Trustees confirm that they complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefrt, 'Charitie5 and Public Benefrt,. The Trustees have assessed the activities of the Society in relation to the public benefit requirement and consider that the activities meet the two main principles of public benefit. that the benefits are identifiable and are related to the aims of the Society, and that the public are the beneficiaries and that there is no significant exclusion as to who can benefit. The activities of the Society resulted in over 27.(K)O dance students successfulty completinE an examination. Additionally, 376 practitioners qualified as ISTD dance teachers, thereby increasing future opportunities for students to learn dance. The Society has identified a number of barriers to participation which it continued to address in 2020.. Financial need-the Society ha5 a bursary fund to financially assist those undertaking teacher training and to support gifted and talented students to further their dance training. In 2020121, the cost of this scheme wès £89K and 108 indNiduals benefited Access- the Society developed its London buildin8. making it accessible (for the first timel to people wtth mobility issues Opportunity- the Society continued its partnership with the Royal Opera House to support delivery of their new. national Chance to Dance scheme, which is designed to broaden the range of children who have access to ballet training. ACHIEVEMENT AND PERFORMANCE The Society ensures that it continues to meet the requirement5 of the relevant regulatory bodies and that its regulated qualifications meet those of the relevant framework5. The Society works closely with the wider dante sertor and is forging good working relationships with key organisations in the dan￿ education field. The Society has 5UPPOrted its members throughout the pandemic with advice, guidance and regular neI￿VorkIng opportunities. The Society conducled over 35,CKKI examinations. including remote examinations where COVID re5trirtion5 prevented face-face exams and calculated grades in line with Ofqual requirements. 376 candidates achieved a full ISTD teaching qualification. Annual Report 2020121

FINANCIAL REVIEW Financial Performance The total net movement In funds for the 15-month period was £3.737K net expenditure12019, 12 month5.- £850K net expenditurel. Total income was £3,313K12019: £6,997KI, while total expenditure on charitable activitie5 was £7.172K12019.' E8.049KI- The increase in net expenditure was due to COVID curtailing the SoCie￿s income generating attivtties. extended acr055 almost all of the 15-month period and the planned use of designated funds. On unrestrlcted funds, representing the mainstream activities of the Society, 2020121 income was £3,302K, significantly below 201912019- £6,973KI, due to a steep fall in exam activity and a very dlfferent delivery model for Education and Trainin& which generated less income but at mLbch reduced cosi. Unrestricted fund expenditure on charitable activities was £5.959K12019= £7.490KI- Staff costs were £3,374K. Staff numbers fell from 67120191 to 60 120201211. through natural turnover and restructuring to reduce costs as some seNices were outsourced and as COVID curtailed activities. Use of temporary or agency staff also fell during the period. A review of salaries and benefits was implemented from l January 2020, and this increased some salaries and pension costs. Average monthly cost of wages and salaries fell to £168.5K120201211 from £173.5K120191. Examinations expenditure fell to £2,414K from £4.292K120191- 55% reduction taking account of 2020121 being 15 month5 whereas 2019 wa5 12 months. Education and Training expenditure was £1,103K {2019= £993K}- 12% decrease taking account of 2020121 being 15 months whereas 2019 was 12 months. Cost reductions came from not having to hire venues to deliver training. Expenditure in Membership and Marketing. Faculties and International Development all increased, reflerting planned investments. Support Costs eXpendItu￿ deC￿aSed due to tight cost control and closure of the London building in line with government guidelines. Overheads declined 9% on a Month￿ basis (to £46K per month from £50K per monthl. Expenditure from Designated Funds was £1,200K £313K on existing operdtional assets IQUE5T exam administration system and website) £253K on the revenue aspect of the building reconfiguration project £545K on removing some of the Societvs historic risks £89K on bursarie5 Investment Pollcy. Powers and Performance The SocieV5 investments are split between CCLA'5 COIF Charities Investment Fund. valued at £1,284K12019'. £1,213KI, and CCLA'S COIF Charities Ethical Investment Fund, valued at £917K12019'. nill. The Society decided to increase its investments through the Charities Ethical Investrnent Fund to build it5 financial resilience and improve its income (given the very low retum on cash deposits). Both Funds fit the Sociews investment objective, to provide a Annual Report 2020121

Page IID long-temi total return comprising grovrth in capital and income. The Ethical Fund has a wide range of ethical restrictions and is advised by an ethical advisory group that assists in the development of the Fund's client4rNen ethical investment policy. The performance of both funds is measured against the same composite comparator las at 31 December 20201: MSCI UK IMI MSCI World ex UK AREFIMSCI UK Monthly Property iBoxx £ Gilt 7-day LIBID 45% 15% 15 months to 31 March 2021 10.06% 9.73% 5.96% 12 months to 31 March 2021 24.31% 23.87% 22.96% 12 months to 31 December 2019 22.64% Charities Fund (net) Charities Ethical Fund Inetl Comparator Outperformance larithmetic) Charitie5 Fund Inetl Charities Ethical Fund Inetl 17.07% 4.10% 3.77% 1.35% 0.90% 4.57% Reserves Pollcy At 31 March 2021 IsfD held total fund5 of £15.5M represented by its net assets. Of these total fund5 the Trustees have designated (note 201- £M 8alan¢e 01.01.20 Trdll5fer Expenditure Balan 31.03.21 Faculty Events Funds, Bursary Fund & Danceproms Five Year business plan and other service developments Risk management strategy Operational fixed assets INotes 12 and 131 Total Designated Funds 10.ii 10.3} 11.01 {1.91 10.ii 11.3 14.4 15.6 11.21 Annual Report 2020121

The Society also holds a restricted fund. the Cecchetti Society Trust Fund whith provide5 scholarships and bursaries for Summer Schools. £nil12019.. £nill. During the period the Society agreed to transfer Patricia Prime Bursary Fund1£3KI to National Youth Ballet. The fund provides a discretionary ballet award to an eligible student. The charity's free reserves lunrestricted funds not desrgnated or tied up in fixed or intangible assets or investmentsl amounted to £l.IM12019: £3.67MI. The Trustees assess that to cover the possible further financial needs and risks that the Society faces in the uncertain UK and world environment, a free reserve between £3.OM and £4.OM should be their target. Thi5 is based on six months of total nom)al income1£3.6M in 2019 as a nomial year, pre-COVIDI. so takes account of potential dramatic drops in revenue. The Trustees intend to increase the free reserves towards the target in the next 5 year Business Plan. The Trustees have assessed the impact of the COVID-19 situation on the Society and reviewed financial & cash foretsst5 for 2021 and 2022 and consider that the going concem basis is appropriate for the preparation of these accounts. Future Plans In the course of the year to 31" March 2022, the Society plans to: Undertake a major strategic review and develop a new Strategic Plan. Lease part of its office building in order to generate charitsble bursary funds. Create a direct delivery model for tts level 4 Diploma in Dance Education Appoint Lead and Deputy Lead Examiners to suprK)rt standardisation of the approach to examinations Support members to apply the Department for Education Code of Professional Conduct for Out of School Settings Develop knowledge and awarenes5 of Equity, Diversity and Indusion arnongst staff and member5. Statement of Trustees, Responsibilities The trustees (who are also directors of the Imperial Society of Teachers of Dancing for the purposes of company lawl are reS￿nSible for preparing the annual report and the financial statements in accordan￿ with applicable law and United Kingdom accounting standards (United Kingdom generally an accepted èccounting practice). Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the trustees are required to- Annual Report 2020121

Page 112 Select 5Ultable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK accountin8 Standards have been followed, subject to any material departures disclosed and explained in the financial Statements Preparethe financial ststements on the going con￿rn basis unless it is inappropriate to presume that the charitable companywill continue in buslness The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply wtth the Companies Act 2CMJ6. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable Steps for the prevention and detection of fraud and other irre8ularities. Statement as to Oisclosure to Auditovs In so far as the Council is aware at the time of approving this annual report= there is no relevant information. being information needed by the auditor in connection with preparing their report, of which the charitable company'5 auditor is unaware; and the trustees, havillg made enquiries of fellow di￿￿orS and the charitable company'5 auditor that they ought to have individually taken. have each taken all steps that he/5he is obliged to take as a director in order to make themselves aware of any relevant audit informatw)n and to establish that the auditor is aware of that informath)n. By order of the Council on 30 June 2021 Erin Sanchez, Actin air Frederbck Way. Arting Co-chair Annual Report 2020121

Page 113 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUTEES OF THE IMPERIAL SOCIEfY OF TEACHERS OF DANCING Opinion We have audited the financial slalements of The Imperial Society of Teachers of Dancing for Ihe 1&monlh peri¢yJ ended 31 March 2021 which comprise the ststemenl of Financial Activities {incorporating the Summary Income and Expenditure Account). the Balance Sheet. the Cash Flow Statement and notes to the financial statements, induding a summary of signrficant accounting pOI￿leS. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial RemiNJ Standard 102 The Financial R8POrting Stsndard applicable in the UK and Republ￿ of Ireland (United Kirydorn Generaty A￿epted Accounting Pracke}. In our opinion the financid statements: gNe a true and fair view of the state of the charitable company's affars as at 31 March 2021 and of the ir￿ming resources and application of reS￿r¢e$, including its income and expenditure. for the year then ended- have been properly prepared in act0rdan￿ wtth United Kingjom Generalty Accepted ACC￿jnting Pwtice., and have been prepared in acc4xdance with the Companies PLt 21M)6. Ba813 for oplnlon We conducted our audrt in accordance with Internat￿nal Standards on Audiling (UK) IISASIUKII and applicable law. Chjr responsibilities under those standards are further described in the Auditof s Responsibilitiesforthe audit of Ih8finanoal 5talemenls section of our report. We are independent of the charitable company in accordance wth the ethical requirements that are relevant lo our audit of the financial slatefflenls in the UK, induding the FRC'S Ethical Standard. and we have fuKilled our other ethical responsibilities in aCl￿rdance wlh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to wovide a basis for cffjjr o￿nion. Concluslon8 relatlng to golng concern In auditing the financial statements, we have corKluded that the trustees. use of the going concem basis of a¢¢ounts"ng in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identtfied any material uncertainties relating lo events cff conditKins thal. individually or colleclivety. may cast signrficanl doubt on the charitable compan¥s abilty lo contsnue as a going concem fora period of at l&qst twefve Tnonths from when thefinanGial statements are auth￿ised for issue. Our responsibilrties and the responsibilrties of the trustees with respect to goitYJ concem *e described in the relevant sections of this report. Emphasls of Mattèr- subio¢t to furthor ￿rI￿&￿10n Annual Report 2020121

Page 114 We draw attention to 7KJte 19 of the finandal statements. which dewbes the circumstances in whth a [M)ssib￿ liability to the company may arise. opinion is not modIf￿d in this respect. Other Inforrnatlon The other information comprises the infomiation I￿uded in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infcffmation. Our opinion on the financial statements doe5 not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any fomi of asSUra￿e condusion thereon. In ￿nnectIon with our audit of the finoncial ststements. our responsibility is to read the other infomiation and. in dolng so. consider wh81her the other information is materially inconsistent with the financral statements or our knowledge oblained in the audit ￿ othemise appears lo be materially misstated. If we identfy such material inconsistenaes or apparent material misststements. we are required to deterniine whether there is a material misststement in the financial statements or a material misstatement of the other information. If. based on the work we have performed. we wnGlude that Iheie is a material misststement of this other information, we are required lo report thal fact. We have nothing to report in this regard. Oplnions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the w(Kk undertaken in the course of the audit the information wen in the trustees, annual ￿p¢￿t fty the ffina￿al year for ¥th￿h the financial statefftnts are prepared is consistent whh the financfjal slalemenls,. and the trustees. annual reixyt have been prepared in accordan￿ with applicable legal requirements. Matter8 on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the chartlable ￿panY and its environment obtained in the Course of the audit. we have not identified material misstatements in the twslees, annual rep(Kt. We have nothing to report in respect of the following matter5 vthere the Companies Act 2006 requres us to r8PCWt to you rf, in our opinion". adequate accounting records have not been kept. or retums adequate for our audit have not been receNed from branches not visited by us.. or the financial statements a￿ rnl in agreement with the accounting records and returns" or certain disdosures of tru5tees' remunerdtion specrfEd by law are not rnade: or we have not received all the information and explanations VR require for ￿1r audit", or Annual Report 2020121

Page 115 the trustees were not ent￿ed to prepare the financial statements in accordan￿ wrth the small companies regime and take thanlage of the small companies exemption in preparing the TnJslees' Annual Rewrt and from preparing a Strategic Report. Responsibilities of trustees As explained more fully in Iruslees, reswnsibilities statement set oul on page 11. the trustees {who are also the directors of the charitable company for the purposes of company lawl 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 Iruslees determine is ￿￿essary to ena￿e the preparalion of fina￿al statements that are free from malerial misststement. whether due to fraud or error. In preparing the financial statements, trustees are resFKJnsilJe for assessing the ch￿table company's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the trustee5 erther intend lo liquidate the charitable company or to cease operatiorts. or have Th) realistic altemative but lo do so. Audltorfs responslbllltles for the audlt of the flnanclal statemonts Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error. and to issue an audrtor's report that indudes our opin¥)n. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstalemenl when il exists. Misstatements can arise from fraud or error and are considered material rf. individually or in aggregate. they c(NJkl reasonaNy be expect￿ to inlluence the economic decisions of users tsken on the basis of Ihese financial slatemenls. lffegularities, including fraud. are instances of non-eompli8nee vth18ws and rewlatK)ns. We deson proeedures in line wth our responsibilities, cthined above, to detect material misstatements in respect of irregularitses, induding fraud. The extent to wh￿h our procedures are capable of detecting irregularities, including fraud is detailed below. Explanatlon as to what extent the audlt Was consldered capable of detectlng lffegularlties. Includlng fraud The objectives of our audit in respect of fraud, are,. lo identfy and asse55 the risks of material misstatement of the financial statements due lo fraud., lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designing and implementing appropriate responses lo those assessed risks.. and lo respond appropriately to Instan￿ of fraud or suspecled fraud identified during the audit. However, the primary reswnsibility for the prevention and detect¥)n of fraud rests with tM)th management armj those chaW with governance of the charitable company. l)Jr approach was as follows: Annual Report 2020121

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As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Annual Report 2020/21

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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 company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Date 14 July 2021

Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Devonshire House 60 Goswell Road London EC1M 7AD

Annual Report 2020/21

Page 118 THE IMPERIAL SOCIEfY OF TEACHERS OF DANCING STATEMENT OF FINANCIALACtIVlTIES FOR THE PERIOD ENDED 31 MARCH 2021 Unre5trirted Funds 2021 Des6gnated Funds 2021 Restrlcted Total Total Funds 2021 Funds 2021 Funds 2019 £otKIs INCOME Income from charitable actNities IExaminations. Courses, Subscriptions, Con8ress} Investmer)t incoffle Other income Totsl income 2.917 2,917 6,597 87 298 3302 87 309 3,313 93 307 6,997 li li EXPENDITURE Expenditure on charitable activities Total expendlture 15,959) 15,959) 11.2CKJI 11.21x1) 1131 (13) 17,1721 (7,172) 18,0491 18,049) Currency exchange gains Investment gains 34 88 122 12.5351 57 12An) 34 15 187 202 18501 122 13,7371 Net (expenditure) Transfers between funds Net Incomel{expendlture) before exceptional items Exceptional items Net incomellexpendlttsre) and net movement In fvnd5 for the year RECONCIUATION OF FUNDS Total Funds Brought Forward 11.2001 1571 (1,257) 121 12} (3,737) 18501 43 (807) io {2A78) (1,2571 {3,737) 15,627 19.193 20.000 Total Fund5 Carried Forward 14.370 15,456 19,193 All incoming resources and resources expended derive from continuing operation5. The Statement of financial activities includes all 8ains and losses recognised in the year. Annual Report 2020121

Page 119 THE IMPERIAL SOCIETY OF TEACHER5 OF DANaNG BALANCE 5HEEf AS AT 31 MARCH 2021 2021 £OOOs 2019 £OOOs FIXED ASSETS Tangible fixed assets Intangible assets Investments 12 13 14 10.275 457 2,201 8,259 693 1,213 Total fixed assels 12,933 10,165 CURRENT ASSET5 Stock Debtors Cash at bank and in hand 67 16 297 2,752 3,093 9,621 9,988 Total current assets LIABILITIES Creditors- falling due within one year NET CURRENT ASSETS 17 570 960 2,523 9,028 NET ASS￿5 15N56 19,193 FUNDS Unrestricted funds: General Designated Restricted 1,086 14.370 3.564 15.627 TOTAL FUNDS 20 15.456 19,193 These counts were approved by the Trustees and ￿Ened on their behaff on 30 June by Erin San hez. ting Co- Frederick Way. Acting CIFChair Annua

STATEMENT OF CASHFLOWS FOR THE PERIOD ENDED 31" MARCH 2021 2020121 2019 Net cash used by operatlng actmtles 26 13,9151 1961) Cashflows from investin8 actNitles Investment income received Interest received Purchase of tangible fixed assets Purchase of intangible fixed assets Purchase of investments 56 31 12,1261 115} 19(K)I 42 51 191) Cash lused In) provlded by Inve5tlnE artlvltles (2,9541 Change in cash and tash equNalen15 in the year Cash and cash equivalents at the beginning of the year (6,869) 9.621 19601 lo￿81 Cash and cash equivalents at the end of the year 2,752 9.621 Cash held as Cash at bank and in hand Deposit Total 252 2,311 7.310 9,621 2,752 Analysls of changes In net debt 01.01.20 Cash Flov 9.621 6,869 31.03.21 2.752 Cash Loans falling due within one year Loans falling due after more than one year Total 9,621 6.869 2.752 Annual Report 2020121

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Notes forming part of the financial statements

1. Charity Information

The Imperial Society of Teachers of Dancing is a private company (registered number 392978), limited by guarantee incorporated in England & Wales under the Companies Act 2006. The address of the registered office is 22-26 Paul Street, London EC2A 4QE.

2. Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The Financial Statements have been prepared in accordance with 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 2015) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Companies Act 2006. The Imperial Society of Teachers of Dancing 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 note(s). The trustees have assessed whether the use of the going concern basis is appropriate in preparing these financial statements and have considered possible events or conditions that may cast doubt on the ability of the Society to continue as a going concern. The trustees have made the assessment for a period of at least one year from the date of approval of the financial statements. In particular, Trustees have considered the Society’s forecasts and projections and have taken account of the volatility of charitable income and activity caused by the COVID-19 outbreak which resulted in a significant fall in examination and training income in the period under review. The trustees expect this to recover progressively over the next twelve months and the Society was successful in obtaining a grant of £426k from the Arts Council’s Cultural Recovery Fund to cover the period April to June 2021. Following due consideration, the trustees have concluded that there is a reasonable expectation that the charity has adequate reserves to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income from charitable activities represents the amounts (excluding value added tax) generated in the UK and overseas derived from examinations, subscriptions, courses, sales from the Society's shop, advertising revenue and events. Other income includes faculty events, royalties, commission, government grants and any donations. Income is accounted for when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.

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c) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.

d) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the Charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

e) Expenditure

All expenditure is accounted for on an accruals basis and includes irrecoverable VAT. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Charitable activities relate to costs incurred in delivering the Charity’s activities and services to its beneficiaries.

Governance costs are those costs incurred in meeting the Charity's constitutional and statutory requirements including strategic management.

f) Allocation of support costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include premises costs, IT, administration and governance costs which support the activities. These costs have been allocated between costs of expenditure on charitable activities, on a historical use basis. The allocation can be seen in part b of note 7.

g) Pension costs

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The amount charged to the Statement of Financial Activities represents the contributions payable for the year.

h) Employee benefits

The costs of short term employee benefits are recognised as a liability and an expense. A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

i) Foreign currencies

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities

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denominated in foreign currencies are recognised in gain or loss. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the Balance Sheet date.

j) Fixed assets and depreciation

Land and buildings are held at valuation, with external valuations carried out every 5 years. ISTD will use market surveys and indices will be used to assess any impairment.

The building reconfiguration project is treated as a discrete asset within land and buildings, depreciated over 10 years.

For all other fixed assets, from 1 January 2019, ISTD applies a threshold of £10K for any single fixed asset (i.e., it does not group assets). Depreciation or amortisation is provided to write off the cost less the estimated residual value (normally nil) in equal instalments over the asset’s estimated useful economic life, as follows:-

Furniture and Equipment 10% on cost (10 year life) Computers and IT 25% on cost (4 year life) Software Development 20% or 25% on cost (4 or 5 year life)

k) Investments

Investments are included at market value at the year end. Gains or losses on disposal or revaluation of investments are charged or credited to the Statement of Financial Activities.

l) Stocks

Stocks are stated at the lower of cost and net realisable value. Where the assets are impaired, the carrying amount is reduced to its selling prices less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

m) Debtors

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

n) Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Taxation

The Society is a registered charity and as such is not liable to corporation tax.

Annual Report 2020/21

Page 124 3. Crftlcal accounting judgements and key sources of e5tirnation uncertainty In preparing these financial statements. it Is necessary to make certain judgments, estimate5 and asSUrnPtions that affect the amounts recognised in the financial statements. The followin8 jud8ments and estimates are considered by the Trustees to have the m05t significance on arnovnts recognised in the financial statements= Key estimotes.. Fixed Ossets fsee notes 12 ond 131 Fixed assets lexcluding land and buildings} are depreciated over their useful INes taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. 4. Incorne from charitsble artivltles 2020121 Z019 Examination income Education and Training Marketing and Membership Shop sales International development Quality Assurance & Customer Services 1.820 379 5,372 428 547 205 233 2,917 6597 All income from Investment and charitable actNities in both period5 is attributable to Unrestrided funds 5. Inveslment Income 2020121 2019 Income from listed investments Bank interest received 56 31 42 51 87 93 All income from investment and charitable actNities in both periods 15 attributable to Unrestricted funds. Annual Report 2020121

  1. Other income 2020121 2019 Faculty events Royalties and Commission received Government Grant- Coronavirus Job Retention Scheme Donation 83 286 20 12 212 307 Faculty events income includes £IOK of restricted income12019: £23KI. Donation income includes EIK of restricted income12019: £IKI and £nil of designated funds12019: Enill.
  2. Expenditure a) Charftable actlvltles Dirert ¢05ts Staff costs O¥erheads 2020121 Supw>rt Costs 2020121 £￿05 Total 2020121 Total 2019 2020121 Z020121 Examination5 Education and Training Membership and Marketing Shop Customer SeNices / Quality Assurance Faculties International Development Totsl expenditure 2019 Totsl expenditure 645 iii 62 47 132 951 571 543 47 214 2,414 1,103 977 132 1.088 4.292 993 677 220 972 iio 311 275 28 336 97 io 119 501 11111 I 106 761 137 1.3 850 45 68 1.171 2.931 3,374 2￿75 7,172 8W9 8,049 1.949 Total expenditure from Restricted Funds was £IIK12019." £22K). included in Faculty expenditure. Total expenditure from Designated Funds was £1,201K (2019= £537KI. detailed in Note 20. Annual Report 2020121

Page 126 b) Support costs allocation Premlses 2020121 IT 2020121 Governance ZOZO121 Flnance 2020121 Admin 2020121 Total 2020121 £INJ05 604 311 275 28 336 386 1,940 1,949 Total 2019 Examinations Education and Training Marketing and Membership Shop Customer Services Faculties Totsl 2019 Totsl expenditure 70 36 32 43 22 19 15 28 14 13 448 231 204 21 249 286 1.439 1,452 1,131 246 232 60 280 39 45 215 203 24 27 137 167 16 18 90 37 io 49 1,949 c) Governance 2020121 2019 Audit fee Audit fee- prior year Non audit fee- Kin8Ston Smith Trustee expenses Legal and professional fees Staff cost5 attributed to governance Total governance costs 19 15 li 12 59 43 55 103 134 Annual Report 2020121

PaEe 127 8. Remuneratlon and expenses paid to trustees. The following were paid remuneration during the year for. Exarnining Fees 2020121 5.(M)I 5.IXJI Other Fee5 2020121 194 Totsl 2020121 5,195 5,195 Total 2019 E Swan 6.255 6,2S5 194 The remuneration paid to trustee5 is in accordance with the Articles of Association which allows for trustees to provide professional dance and other related services to the charity for a remuneration. The remunerated trustees are not invofved in the decision for setting their remuneration. During 2020121, 4 trustees {2019. 7 trustees) claimed expenses totalling £1,88912019= £12.(MxII for their Trustee duties. These mainly comprised travel expenses for meetlngs which trustee5 attended on behalf of the Society and on developing the Society's activities and networks. 9. stsff costs 2020121 15 months 2020121 12 months 2019 12 months Wages and salaries Temporary staff Social security costs Pension costs Redun(lancy and temination pawnents Staff life cover Total 2,602 2(P3 261 2,022 156 2,024 185 192 160 134 125 134 3.374 2.651 2.575 202012112 month figures are for April 2020 to March 2021. $0 are more comparable with 2019 12 months. During the year redundancy and terminatK)n payments of £134.(KKI which were agreed as Part of severance packages to nine individuals12019: £80,000 to slx individuals). The number of staff who received emoluments in the following ranges was: Annual Report 2020121

Page 128 20201Zi 15 month5 2020121 12 months 2019 12 month5 £60,CKJI- £70,0(KJ £70,CI)1- £80,000 £80,IXII- £g),000 £ioo,ooi - £iio,000 £120,001- £130,(hXI 2021 2019 Average number of staff employed during the year: 67 The key management personnel of the charity comprise the Chief ExecutNe Offi￿r and the Senior Management Personnel. The total employee benefits intluding pension contributions of the key management personnel of the charity were £669,(KX) in the 15 months to 31 March 2021 or £528.OCKJ in the 12 months to 31 March 20211£2019: 12 months, £505.IXQI. 10. EKcepllonal item 2020121 £nil, 2019 {E23kl reflectin8 an adjustment to a likely settlement amount with HMRC for a previously undisclosed liability. 11. Net expenditure 2020121 2019 Net expenditure ￿ rtoted oftercharging." Depreciation Amorti5ation Loss on disposal of Fixed Assets Auditors, remuneration for audit services 18 186 251 53 19 15 Annual Report 2020121

Page 129 12. Tangible fixed assets Freehold properties Furniture & Computers & equipment Fixed Assets Totsl Costlvaluatlon At 01.01.2020 Disposals Acquisitions 8.2LK) 218 12131 533 15101 8,951 17231 2,127 10,355 1.943 10,143 At 31.03.2021 Depreciation At 01.01.2020 Disposals Charge for the period At 31.03.2021 Net Book Value At 31.03.2021 At 31.11.2019 207 191 1189) 501 14811 692 16701 58 49 49 28 10,094 83 179 32 10,275 8.259 The net book value at 31 March 2021 represents a55ets used for direct charitable purposes. The property owned at 31 December 2018 was revalued on 8 January 2019 by CarterJona5 LLP Property Surveyors to a value of £8.2m. based on potential rental income. The Trustees have reviewed the movement in rental income in the vicinity of the property, and do not consider that its value 15 impaired. Annual Report 2020121

Page 130 13. Intan8lble assets- software Exam administration system Website Total Flxed Assets Costlvaluation At 01.01.2020 Additions At 31.03.2021 927 91 15 106 1,018 15 1.033 927 Amortlsatlon At 01.01.2020 Charge for the period At 31.03.2021 325 231 556 325 251 576 20 20 Net Book Value At 31.03.2021 At 31.12.2019 371 60Z 86 91 457 693 At 31 March 2021 the Society had capitsl commitments of £nil for further developing the website12019: £31.(KM)}. 14. Fixed a$5et Inve51ments 2020121 2019 At l January 202012019 Additions at cost Unrealised loss/gain Valuation at 31 March131 December Cash held for investment Total 1,213 900 88 2,201 1.025 187 1.2 Z,201 1,213 Annual Report 2020121

Page 131 15. Stock 2020121 2019 Stock of goods 67 16. Debtors 2020121 2019 Trade debtors Other debtors VAT receivable Prepayments and accrued income Total 98 163 25 57 142 297 17. Credltors: amounts falllng due wlthin one year 2020121 2019 Trade creditor5 Taxation and social security Accruals and deferred income Other creditors Provision for extraordinary items Totsl 152 53 326 16 23 312 42 583 23 960 570 Annual Report 2020121

Page 132 18. Movement in deferred income 2020121 Z019 Deferred income b/f Utilised in year Deferred to next year Deferred income df 395 395 210 395 210 395 Deferred income in the year relates to exam and membership income colletted in advance for future periods. 19. Contlngent Ilabllltles The Charity has made a voluntary disclosure to HMRC for a previously undisclosed liability- see note 10. Depending on HMRUS response there may be a further liability- However, the professional advice receNed is that no provision need be included in the financial statements. The Trustees are satisfied that this doe5 not affect the ongoing ability of the Charity to carry on 115 attivitie5. Annual Report 2020121

ZO. Reconoliation and analysls of movements in funds for the year Other recognlsed gains & Expenditure exceptional Items £(KJOs Transfer Balance b/f Income Funds Balance clf £0005 Unrestrirted fund5 General fund5 3.564 3.302 15,959) 122 57 1.086 Deslgnated funds Operational fixed assets Service developments Risk management Strategv Danceproms ISTD Faculty Events ISTD Bursary Fund 9.096 3,061 3,011 25 314 120 15,627 {3131 12531 15451 2,471 11.9431 15851 11,254 865 1,881 25 314 31 14,370 1891 (1.2(Kl) (57) Restrlcted funds The Cecchetti Society Patricia Prime Trust Fund io iioi li (u} Total funds 19,193 3313 (7J72) 122 15A56 Annual Report 2020121

Page 134 Deslgnated Funds Operational fixed a55ets Value committed to the Societys building and other fixed assets, primarity intan8ible assets of exam admlnistratlon and website software. Included in this fund is revaluation reserve of £7M and the balance reflerts the operational fixed assets. Committed to developing the Socie￿$ service delrvery, over the coming fwe years. Required to manage the Societys risk exposure to potential liabilities within the next five years. Relates to specific events held by Faculties within ISTD, expected to be used in the coming four years. SupF)Orts students who require financial assistance. The transfer from the fund represent5 the amount awarded to qualifying students in the year as bursaries. Fun(15 will be used a5 required each financial year. A unique collaborative project between two of the world's leading dance trainin8 and awarding bodies, the IsfD and the Royal Academy of Dance IRADI, with the Royal Albert Hall. This is expected to be used in the coming four years. Service developments Risk management strategy ISTD Faculty Events Funds ISTD Bursary Fund Danceproms Restrirted Funds Cecchetti Society TnJst Fund provides scholarships and bursaries for Summer Schools 21. Analysls of net assets between funds Designated funds 20201ZI Re5trfrted funds 2020121 GeneTal funds 2020121 Total 2020121 Total 2019 Fund balance5 at 31 March (2019 31 Decembefl ure represented by.- Tangible fixed assets Intangibles Investments Current a$5et5 Current liabilities Total 10.275 457 1.138 10,275 457 2,201 3,093 15701 15,4S6 8.259 693 1.213 9.988 19601 19,193 1,063 593 15701 14,370 Annual Report 2020121

Page 135 22. Related party transartion5 During the year£51912019: £2781 was paid toTheatreSep4e and £nil12019= £1491 paid to Weston School of Dance & Performing Arts. both businesses owned by E Swan, Trustee, and her husband. 23. Connected charities The Imperial Benevolent Fund is a charity (number 1161055} set up to assist members and ex-rnembers of the Society who have encountered financial difficulties through ill health or old age. The charity has a maiortty of independent trustees. One of the Society's trustees and one member of staff are a150 Trustees of the Imperial Benevolent Fund. There were no transactions between the Society arHI the Imperial Benevolent Fund12019'. nil). 24. Operatlng lease commftments Equlpment Expiring: In le55 than one year Between one and five years In more than fwe years Totsl 2021 2019 £￿0$ 39 69 25. Pension costs The pension charge for the period to 31 March 2021 was £161,LXM)12019= £88,iYA)l- At 31 March 2021 there were accwed pension contributions of £16.IMJ131 December 2019: £12,(KK)I. Annual Report 2020121

Page 136 26. Recondllatlon of net m0ven￿fit in fund5 to net cash flow5 from operating actlvftles 2021 2019 Net movement in funds IGains} on investments Dividends received (within investing activities) Bank interest received (within investing activities) Depreciation charges Amortisation Loss on disposal of fixed assets Decrease in stock Decreasellincreasel in debtors IDecreasel in creditors Other Net cash provlded by operdtlng actlvities 13,7371 1881 1561 1311 58 251 53 23 18071 11881 1421 1511 18 185 li 1181 1721 13901 iii 13,9151 19611 Annual Report 2020121

Page 137 27. Prlor Year Comparisons Slaternent of Financial Artivitles for the year ended 31 December 2019 Unrestrirted Funds 2019 £￿05 Designated Fund5 2019 Restrlcted Funds 2019 £0005 Total Funds 2019 £OOOs Note INCOME Income from charitable activities (Examinations, Courses, Subscriptions, Congress) Investment income Other income Total income 6.597 6,597 93 283 6,973 93 307 6,997 24 24 EXPENDITURE Expenditure on charitable actNities Total expenditur¢ I7,4￿} (7,490) {5371 (537) 1221 18,049) {8.049) Currency exchange gains Investment gains/llossesl 15 187 202 13151 115,6491 115.964) 15 187 202 18501 Net incomel{eKpenditure) Transfers between funds Net incomellexpenditurel before extraordinary items Revaluation of property Extraordinary items Net incomellexpenditure) and net movement in funds for the year RECONCIUATION OF FUNDS Total Funds Brought Forward 1537) 15.649 15,112 io 43 (15.9211 43 18071 15.112 19.485 515 20.￿0 Prforyear adJustment Total Funds Carried Forward 20 RKonciliation and analysi5 of movements in fvnd5- 2019 3.564 15.6Z7 19.193 Annual Report 2020121

Page 138 Other rtt¢)gnised galns & extraordinary items Transfer Balance b/f Income Expenditure Funds Balance clf Unrestrfcted funds General funds Revaluation reserye 7,587 11,898 19,485 6,973 17.490) 245 13,7511 {11.8981 {15.649) 3,564 6.973 245 3,564 Desi8nated funds Operational fixed assets Service developments ft￿k management strategy Danceproms ISTD Faculty Events ISTD Bursary Fund {204) {39) (238) (io) 9.3Th) 3.1(Ml 3249 9,096 3,061 3,011 25 314 120 35 314 166 146) (537) 515 15.649 15,627 Restricted funds The Cecchetti Society Potricia Prime Trust Fund 23 1231 24 Total funds 20.orx) 6.997 (8,049) 245 19.193 Annual Report 2020121

Analysis of net assets between funds- 2019 General funds 2019 furKIs 2019 funds 2019 Totsl 2019 Total 2018 £￿0S Fund balances at 31 December ore represented by.. Tangible fixed assets Intangibles Investments Current assets Current liabilities Total 8,259 693 8,259 693 1,213 9.988 19601 19.193 8,277 788 1.026 10,941 11,0321 20,000 1.213 3.311 (9EQI 6.675 15.627 Annual Report 2020121