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-
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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
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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
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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
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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

P a g e | **16** 

- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are [the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council 

- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. 

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. 

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 

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

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charitable company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit report. 

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 



P a g e | **17** 

## **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

P a g e | **21** 

## **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. 

Annual Report 2020/21 



P a g e | **22** 

## **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 

Annual Report 2020/21 



P a g e | **23** 

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

6. 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.
7. 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