OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

BRITISH BALLET ORGANIZATION LIMITED Limited by Guarantee Trustees Report and Financial Statements

for the year ended 31 December 2024

Registered Charity Number 277177 Registered Company Number 01402656

1

Contents

Contents
Report from the Chair of the Board 3
Report from the Chief Executive Officer 4
Officials, Trustees and Management 5
Report of the Trustees 6
Corporate Governance 11
Management and committees 13
Principal risks and uncertainties 15
Financial Review 17
Statement of Trustees’ Responsibilities 19
Independent Auditor’s Report 21
Consolidated Statement of Financial Activities 24
Group and Charity Balance Sheet 25
Group and Charity Statement of Cashflows 26
Accounting Policies 27
Notes to the Financial Statements 30

2

Report from the Chair of the Board We are pleased to present the Annual Report and Financial Statements for the British Ballet Organization Limited for the year to December 31 $1 2024. The year was incredibly positive in terms of meeting our objectives and achieving positive financial results. There was a real sense of recovery, growth and consolidation across activities which puts the organisalion in a strong position moving forwards. The key success stories of the year lay around participation in events, a strong cohort of leaching qualification students and growth against recent years in terms of the number of candidates taking examinations. An upturn in the hire and use of the facilities at our Headquarters in Battersea Reach contributed lo a strong growth in income. A turnaround in our Australian and New Zealand branches contributed to a better result,. and there are plans to introduce the examinations platform, ExamTrack, which has been implemented and developed in the UK across the Group in the coming year. We welcomed the Royal Ballet's Guest Principal Artist, Lauren Cuthbertson, as our newest Vice President in 2024 and could not be more thrilled to have her support. Lauren's appoinlment enhances a varied and very active set of Patrons whom we are so appreciative of for all that they do for the organisation. Seeing such prominent names from the world of dance supporting our aclsvities is undoubtedly a huge inspiration to our members and students around the world. The focus for the year ahead will be to ensure stability and growth strengthens the foundations of our products and services. We will welcome a new Head of Membership in June 2025. We will continue to invest in marketing and ensure our Headquarters are maintained to a high standard so that we can maximise the support of Ihis income slream for the charitable activities at the heart of our mission. As we move into our 95 year we look forward to the next chapter and upcoming centenary year, safe in the knowledge that bbodance still has a place al the forefront of the dance teaching industry across the world. I would like to extend thanks to all bbodance members who continue lo support the organisalion and allow it to meet tis mission to inspire excellence and promote the education. training and enjoyment of dance. Nic Espinosa Chaimian

Report from the Chief Executive Officer 2024 has been an eX￿lIent year for the organisation. The activities that bbodance deliver really flourished and I was fortunate to work with an extremely Capable team, all of whom l am very proud to work alongside. The unwavering support of many ofour members has seen us through an ex￿ptIonallY difficult few years and it has been wonderful lo see people embracing all of the opportunities to work alongside one another again, whether that be at Continuing Professional Development {CPD) events. Dance Days or on our wonderful Scholars Scheme, which continues to grow. An Artistic Direclorwas appointed during the year to support the CEO and Senior Management, following the resignation of Julie Bowers as Joint CEO. The importance of our members and our community was recognised by the appointment of 8 senior role of Head of Membership who will take up the role in June 2025. Anila Young MBE took up the Artistic Director role in Seplember 2024 and has already had an impact on the profile of the organisalion and facilities in Wandsworth by encouraging a number of dance organisations and artists to use the studios. She has also led on connecting with members and providing artistic opportunities to teachers and studenls via CPD and master c18sses. Further Artistic projects planned for the year ahead include a review of the bbodance Advanced 2 Classical Ballet syllabus and providing practical leaching support for teachers via masterclasses and CPD sessions in regions in the UK and across Ihe worFd through online opportunib'es as appropriate. The recruitment of Ellen Courtney lo the position of Head of Membership will further strengthen the support offered to our members in the UK and across the world by continuing to ensure that existing members are catered to and cared for and that prospective members can see the benefits of joining the organisation. Our branches in Australia and New Zealand SUC￿sS￿lIY tumed around their operations, headed up by our Senior Representative, Elizabeth Dert)y. The dedication and commitment shown by everyone associated with each branch has been wonderful and the attendance at the annual Dance Days event in each country has been excellent. Moving forward, we are working hard on forging closer lies be￿een all branches with digital platforms in particular allowing us to all become more connected than ever. bbodanTr has enjoyed continued success in its partnership with Tavaztva Dance. Tavaziva is an Arts Council National Portfolio Organisation and a tenant in the bbodan¢e Offi￿ at Headquarters. the partnership has allowed us to be able to offer regular classes to students from any background and any location, free of charge lo the student. bbodance provides the facilities and Tav8ziva Artistic Director, Bawren Tavaziva, delivers classes. This allows students to benefit from the fantastic African dan￿ style that has made Tavaziva such a popular company over the past 20 years. We will look to emulate the success of this partnership across other area5 of the organisation to provide opportunities to bbodance members and lo raise the profile of the organisation amongst communities who may not know bbodance yet, both in Wandsworth and beyond. We have worked hard to develop a strategy for the coming 5 years,. taking the organisation from 95 to 100 as ils centenary looms bright in 2030. A focus for this will be to ensure Ihal members across the globe are offered opportunities to Celebrate that are appropriate and accessible lo them. We are particularfy pleased that in 2025 we have been shortlisled for Besl Creative Sector Organisalion in the Wandsworth Chamber of Commerce Business Awards against 200 entries across 15 categories, including filmmakers to architects to grass roots arts charities. l am grateful lo our dedicated Board, to the team that l am so lucky to work with and to our members who are the lrfeblood of the organisation, for all that they each bring that makes leading the organisation such a pleasure. Fiona Knower Chief Executive Officer

Officials, Trustees and Management

Founders

Edouard Espinosa Eve Kelland

Founder President

Dame Ninette de Valois OM CH DBE

President

Brenda Last OBE

Vice Presidents

Sir David Bintley CBE Cynthia Harvey (Resigned 18 February 2025) Lauren Cuthberston (Appointed 11 October 2024)

Patrons

Agnes Oaks CBE Bonnie Langford Brandon Lawrence Craig Revel-Horwood Doreen Wells Marchioness of Londonderry Gillian Revie Joseph Powell-Main Mark Baldwin OBE Martin James Robert Parker Tandy Muir-Warden Thomas Edur CBE Wayne Sleep OBE Wendy Ellis Somes

Trustees

Nicholas Espinosa Julian Jones Anne Walker MBE Richard Thom Janet Lambert Anne Stayt

(Chairman) (Resigned 3 December 2024) (Resigned 26 February 2025)

Senior Management

Chief Executive Officer Artistic Director Head of Finance Head of Membership Head of Teaching Qualifications Regulatory and Quality Assurance Advisor Senior Branch Administrator (Australasia)

Fiona Knower Anita Young MBE Suresh Perera Ellen Courtney (Appointed 2 June 2025) Shelly Saint Smith Libby Costello Elizabeth Derby

5

Report of the Trustees

The Board of Trustees, who are also directors under company law, are pleased to present the annual report and the consolidated financial statements of the charity, its branches and its subsidiary for the year ending 31 December 2024. The annual report and financial statements comply with Charities Act 2011, the Companies Act 2006, the Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Ireland (FRS 102) (effective 1 January 2019).

Although the subsidiary is exempt from audit by virtue of Section 477 of Companies Act 2006, the financial statements are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

Structure

The British Ballet Organization was founded in 1930, registered as a Charity in England and Wales on 26 February 1978 No 277177 and established as a private company limited by guarantee without share capital on 29 November 1978 No 1402656. Revised Articles of Memorandum and Objects were adopted on 31 August 2005 and subsequently replaced with revised Articles of Association on 6 July 2012, bringing the Articles of Association into compliance with the Companies Act 2006. Each member has undertaken to contribute to the assets of the charity in the event of being wound up while she/he is a member, or within one year of ceasing to be a member, for payment of debts and liabilities of the charity contracted before ceasing to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors amongst themselves, such amount as may be required not exceeding £1 each.

The Charity consists of the UK charity and the two branches overseas and the Group includes the Charity and a subsidiary company. The Charity trades as bbodance.

In Australia bbodance is registered as a not-for-profit branch of a foreign entity with ARBN No 076365403 on 13 November 1996 and as an Unincorporated Entity with the Australian Business Register (ABR) on 18 November 1999 with ABN No 78 207 575 900.

In New Zealand bbodance is registered as a not-for-profit branch of a foreign entity and a local Charity in NZ on 14 August 2000 No CC36353 and has an IRD No 68 994 306 and New Zealand Business Number (NZBN) 9429052765780.

BBO Dance Supplies Ltd was established in England as a private company with shares on 14 January 2000 No 03907230, and is 100% owned by British Ballet Organization Ltd. Its primary purpose is to provide an additional legal identity to market sales of dancewear, syllabi, merchandise and other learning material. The company covenants its profits to the Charity.

bbodance is an awarding organisation offering qualifications recognised in England and Wales and is required through the Board of Trustees to issue an annual Statement of Compliance to the Office of Qualifications and Examinations Regulation (Ofqual), and Qualification Wales. The Trustees agreed to open discussions in April 2024 with the Scottish Regulator The Scottish Qualifications Authority (SQA) and this dialogue is on-going. bbodance is validated by the Council for Dance, Drama and Musical Theatre (CDMT) as an awarding organisation. The organisation continues to be supported by an external adviser who acts as Responsible Officer (RO). Reports are presented in advance of all Trustee meetings. Statements of Compliance (England and Wales jointly) have been submitted in a timely fashion. bbodance branches follow regulated qualifications criteria in the award of recognised qualifications to students in those countries where they operate and manage.

6

bbodance is required to report any Safeguarding (including Prevent) incidents to the Charity Commission, as well as Ofqual, and Qualifications Wales where there is an event which could have an adverse effect, leading to a loss of standards, integrity, or public confidence in qualifications. bbodance follows the Charity Grievance code. There was nothing to report this year.

Principal Activities

The activities driven by the organisation promote the education, training and enjoyment of dance, and are offered to a broad range of people, with mixed abilities throughout the United Kingdom and internationally. These services can be accessed through www.bbodance.com.

bbodance provides dance training, dance teacher education and dance assessment services to students and teachers. These are provided in its role as:

Mission

To inspire excellence and promote the education, training, and enjoyment of dance.

Objective and Public Benefit

The charity’s objects are specifically restricted to advance the education of the public in the art of ballet and associated dance forms. The Trustees consider that the organisation’s activities meet its charitable objectives. The fees for student activities are set to be as affordable as possible and we are particularly proud of our thriving Teacher training programme and our Scholars scheme for its accessibility in the market.

As a charity registered in England and Wales, the charitable company also acts in accordance with the Charity Commission for England and Wales guidance on public benefit including the guidance ‘Public Benefit: running a Charity (PB2)’ and the Charities Act 2011.

----- Start of picture text -----
7
----- End of picture text -----

Strategic objectives and achievements

Our principal objective remains to grow our membership, from which growth in our core activities benefit. Additionally, we aim to be at the forefront of the dance sector, whilst achieving our charitable and financial goals. We aim to enhance the quality of dance provision and bring dance to the wider community whilst increasing and diversifying our sources of income.

The Trustees, throughout their planning and review processes, are aware of their responsibilities to ensure that there is a clear public benefit derived from the activities of the organisation. This has been a fruitful year in terms of stabilising and ensuring efficiencies in all that we do.

A new Strategic Plan 2026-2030 will be approved in 2025 to complement and update a 2016 Strategic Plan which had been written before the effect of the pandemic had affected operations. Key areas which were focussed on, and associated achievements, are as follows:

Revitalising and enhancing our core products

The continued review cycle of all syllabi allows the offering to remain current and appropriate for the market. This is an area which has been maintained as far as possible even through recent years where the financial impact of events has made it more challenging. The following was achieved:

In the UK there was a clear strategy focussed on making CPD as accessible as possible to teaching members by:

There has been further development of ExamTrack software for members, examiners and staff in the UK, including:

8

The above developments mean that we now have a strong platform to roll-out globally and there is renewed and improved collaboration being fostered between all branches.

Focus on financial goals

Whilst the organisation is emerging from a difficult period where losses have been reported, it was important that there was continued focus on ambitious but realistic budgeting alongside prudent control of expenditure. Some key achievements have included:

Partnerships, collaborations, and external expertise

We continue to seek mutually beneficial partnerships and collaborations that can improve the reputation and exposure of the organisation to the dance sector and beyond.

Continuing partnerships have resulted in:

9

Marketing

The Marketing and Business Development Coordinator has utilised a limited budget and continued to focus on working with the big tech companies to ensure we are being represented well there, as well as sourcing and testing various sector specific opportunities to see which of these audiences appears to engage with our content and which lead to sales or engagement with the products as well. This is feeding into a strategy that has been carried on and is being enhanced in the current year.

10

Corporate Governance

President and Vice Presidents

Brenda Last OBE continues to serve as President of bbodance alongside Vice Presidents Sir David bintley CBE and Lauren Cuthbertson who took up the post in October 2024.

Cynthia Harvey resigned from the position of Vice President in February of 2025.

Board of Trustees

The affairs and property of the charity are managed by a Board of Trustees which may exercise all such powers of the Trust as not required by its Articles of Association to be exercised in general meeting.

At the end of 2024 there were 5 appointed Trustees. Julian Jones resigned in December 2024. Janet Lambert has since resigned in February 2025.

Nicholas Espinosa (Chairman) Julian Jones (Resigned 3 December 2024) Anne Walker MBE Richard Thom Janet Lambert (Resigned 26 February 2025) Anne Stayt

Meetings

There were four Board meetings in the reporting year and one Pre-Audit meeting with a Trustee.

Recruitment

The identification and recruitment of Trustees has once again become a priority. Traditionally the organisation’s policy has been to source new Trustees by personal referral from contacts made through the operation of the organisation. Moving forward, there are plans to launch a wider campaign across appropriate platforms to seek the expertise required to support and enhance the current Board. These skills include but are not limited to marketing, fundraising and finance and there is currently discussion on how best to ensure there is Member representation at Board level. Suitable prospective Trustees are co-opted to attend the next Trustee meeting as an observer and subsequently appointed at the following meeting.

Induction and training

New trustees are provided with an induction pack which consists of the Memorandum and Articles of Association, the current strategic planning documents, past Financial Statements and copies of previous meetings and Audit reports.

New and ongoing Trustees are offered relevant training, if required, from professional advisers and maintain their competence by reading material produced by the Charity Commission and other publications as appropriate.

11

Related parties

Trustees must disclose any contractual relationship with a related party.

The daughter of the Executive Chairman, Stephanie Espinosa-Martin, is a Trustee of the Espinosa Memorial Fund (EMF) which provides grants to bbodance. A grant of £7,000 was made in 2024 (2023 £6,000). Details of this grant is included in notes 2 and 12 to the accounts.

The CEO of bbodance, Fiona Knower, sits as Trustee on the Board of the Espinosa Memorial Fund (EMF). The EMF appreciates the more detailed contribution that the CEO can bring to their own discussions.

No Trustees received remuneration or other benefit from their work with the charity. The Executive Chairman works 1 day a week in the office or from home on an unremunerated basis.

Independence

At each meeting during the year the Trustees record their adherence to the organisation’s Conflict of Interest Policy.

Indemnities and insurance

bbodance takes out indemnity insurance to indemnify it against loss arising from the neglect or default of its trustees, employees or agents and to indemnify the trustees and other officers against the consequence or any neglect or default on their part.

Outsourcing Policy

The ongoing arrangements for the organisation’s IT and HR support, as well as external advice for Safeguarding and Health and Safety issues, continue along with several contracts for the maintenance of the premises at Battersea Reach Headquarters in London.

----- Start of picture text -----
12
----- End of picture text -----

Management and committees

The Chair is responsible for the leadership and management of the Board.

The Chief Executive Officer is responsible for the leadership and day-to-day management of the Group to ensure the delivery of the strategy agreed by the board. The CEO is supported by members of the board.

From February 2022 the day to day running of the organisation was delegated to the Joint CEOs. From February 2024 this reduced to a single CEO.

The Board does not operate any sub-committees but there are a number of committees which assist Management.

Senior Management Committee

The CEO and Trustees are further advised by the Senior Management Committee (SMC) which meets four times annually.

Membership of the Senior Management Committee consists of:

Executive Chairman Chief Executive Officer Artistic Director Head of Finance Head of Membership Head of Teaching Qualifications Qualifications Manager Regulatory and Quality Assurance Advisor

Quality Assurance Committee

The Committee ensures that bbodance fulfils the regulatory requirements of Ofqual and Qualifications Wales, as specified in their respective Conditions of Recognition.

Membership of the Quality Assurance Committee is as follows:

Executive Chairman (Chair) Chief Executive Officer Artistic Director Head of Teaching Qualifications Qualifications Manager Regulatory and Quality Assurance Advisor

13

Qualifications and Awards Approval Board

The Committee approves the introduction of all new syllabi for Performing Arts Graded Examinations, regulated qualifications and non-regulated awards and, where necessary, recommends withdrawal of a qualification.

Membership of the Qualifications and Awards Approval Board is as follows:

Executive Chairman (Chair) Artistic Director Chief Executive Officer Head of Teaching Qualifications Qualifications Manager Regulatory and Quality Assurance Advisor Marketing and Business Development Coordinator Specialist Advisors where appropriate

BBO Dance Supplies Ltd

The business of the company is included in the meetings of the Board of Trustees of bbodance as and when necessary. An annual general meeting is not required to be held in accordance with Part 13 (sec281 - sec361) of the Companies Act 2006.

Fundraising

The charity does not carry out significant fundraising activities. Accordingly, the charity does not use any professional fundraisers, nor is it subscribed to any fundraising codes or standards.

Volunteers

There continues to be a significant contribution from volunteers, mainly comprising Regional Representatives for the membership and House Mothers as required for our residential events. We are fortunate to have an abundance of volunteers, for which the organization is indebted to.

Over 34 days have been volunteered in the reporting period, including:

10 House Mothers at Dance Days 8 Regional Reps coordinating regional meetings and CPD

14

Principal risks and uncertainties

Governance, risk, and control

The Trustees require the Chief Executive to maintain a risk register for the organisation. The risk assessment is reviewed annually, and separate specific risk assessments are conducted for issues such as IT; events; Health and Safety. There is a Risk Assessment carried out for every event run by the organisation.

At an operational level the risk process is reviewed regularly to ensure there are no delays in reporting to the Board if an issue arises. The operational review is led by SMC with input from the entire team.

Operational Risk Management

The Chief Executive, alongside various members of the Senior Management Committee are responsible for activating and managing the Business Continuity Plan in the event of any incidents that have potential to critically damage the organisation. The Board would be updated throughout any such incident and would offer strategic guidance where appropriate.

Exposure to Risk

Senior Management regularly reviews risk to the organisation and maintains a Risk Register accordingly. This is reviewed in full annually by the Board with any important updates and issues being escalated to the Board as required between annual reviews. Particular risks that are currently identified include (in no particular order):

External breaches of IT infrastructure

With recent high-profile breaches to IT systems of large retail outlets, there has been a timely reminder of vulnerabilities and potential for loss of earnings as well as damages, should a breach of the bbodance IT systems occur.

We have robust outsourced IT support, which provides proactive maintenance across all of our infrastructure, as well as centralised security and back-up via Microsoft Azure (cloud) and Datto. We have a secure internet network with access control, firewalls, and regular security updates to ensure protection from cyber threats and data breaches. Access control is strictly limited to ensure security levels are maintained and there are regular, automated security scans by our IT support company to ensure any potential points of failure are identified proactively. All users are assigned Office 365 Business premium licences which feature heavy end point security as a built-in feature.

Appropriate and robust Cyber Insurance is in place to mitigate the effect of any breaches should they occur despite the above measures having been in place.

Economic Climate

Fees for all bbodance services are kept as affordable as possible and this has become increasingly difficult as the cost side of events has increased so significantly over recent years. There are tangible examples of where this has really affected the organisations ability to meet target for some events and the CEO and Board of Trustees are monitoring this carefully to ensure the correct balance is maintained on income and spending, whilst offering a diverse range of events and products for the membership.

15

Statutory and Regulatory Compliance

The potential of non-compliance with our statutory and regulatory obligations across the group is heightened due to the location and distance of the two branches. To mitigate against the risks the Responsible Officer, based in the UK leads on standardisation and compliance across the group and ensures consistency across all with a programme of events and training specifically for Examiners; and regular dialogue is held between the UK and the branches. This is an on-going process and continues to be monitored this way in the long term.

People

As an employer with a small team of staff and contractors (Examiners and Faculty), we offer clear and robust contracts, provide suitable training and offer appraisals or moderation to support development in order to retain staff and reduce turnover.

The risk of damage to the reputation of bbodance through people connected to the organisation behaving inappropriately towards children and vulnerable adults is high. Teachers sign up to a Professional Code of Conduct and are monitored to ensure they are abreast of relevant safeguarding, health and safety and safeguarding policies and procedures. Safeguarding of children and vulnerable adults is at the heart of the activities that the organisation offers and there is an ethos and culture of inclusion that is continually being considered and developed.

16

Financial Review

Overview

The results for the year ended 31 December 2024 for the group are shown in the Statement of Financial Activities contained within these accounts. Incoming resources from charitable activities and other trading activities of £1,082,775 (2023: £1,030,039) and grants, donations and interest of £7,074 (2023: £6,068) generated total income of £1,089,849 (2023: £1,036,107). Total operational expenditure was £1,154,305 (2023: £1,227,322) resulting in a net deficit of £64,456 (2023 deficit: £191,215).

At 31 December 2024 the group’s net assets stood at £3,114,532 (2023: £3,178,988). After taking into account funds tied up in fixed assets, free reserves at 31 December 2024 for the group were £229,120 (2023: £114,553). All funds in the current and prior year were unrestricted.

The annual figure of £136,681 shown in the accounts for depreciation (2023: £134,456) is not a current or future drain on cash but is the result of significant capital expenditure already incurred. This was for the purchase of Ensign House together with its fixtures, fittings and equipment. Such expenditure will be of benefit for many years and is therefore written off over a longer period than the year in which it was incurred.

Reserves Policy

The reserves policy is to retain between 3-and 6-months costs and to build on this for the future which equate to approximately £300k to £600k. Presently free reserves of £229,120 (2023: £114,553) are below that target, however the Trustees are continuing to endeavour to take steps to ensure those free reserves are built up in the next few years. In the reporting year to December 2024 monies from the government’s Coronavirus Business Interruption Loan Scheme continued to be repaid. The funds were never utilised, and repayments are all on schedule.

Investment Policy

The Trustees have the power to invest any funds not required for immediate use on deposit or invest as they see fit.

Remuneration Policy

The pay of all staff is reviewed annually in conjunction with the annual budgeting process. The Trustees act as a Remuneration Committee for the CEO and senior staff. Staff continue to benefit from flexible, hybrid working, where roles allow.

Going Concern

The operational review and resultant decisions continue as an ongoing process as the variables are myriad and so it is difficult to evaluate with any certainty the outcomes on the organisation’s various activities. However, due to the organisation’s planning and the availability of a significant unencumbered asset on the balance sheet, the Board of Trustees have a reasonable expectation that the organisation will continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

17

Future outlook

The relatively small team behind the activities offered by bbodance continue to work hard to offer a diverse range of activities to benefit bbodance members and their students, as well as the wider community in Wandsworth, the UK and around the world.

Core activities are generally flourishing with examinations and teaching qualifications having largely recovered from the impact of the pandemic and the associated decrease in participation that followed studios reopening after lockdowns. The studios and office spaces in the bbodance headquarters are performing well whist utilisation rates still have great potential to grow. This is a key area for bbodance top optimise in the coming years and there has already been promising growth in 2025.

The team continue to look for ways in which we can make Continued Professional Development as accessible as possible for teachers whilst also respecting that there some like to attend online and others like to be in the studio, taking part in practical sessions. The format of these activities is constantly evaluated and reviewed and we will continue to take feedback on board as to what has worked and what the membership would like to see.

To achieve the goals set out in the current Business Plan, the charity will focus on:

There still requires a focus on building back reserves whilst ensuring that we remain committed to our core values; being personable, friendly and supportive to those in the dance teaching sector, whilst promoting excellence in dance education.

18

Statement of Trustees, Responsibilities The Trustees (who are also the directors for the purposes of the company law) are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice}. Company law requires the Trustees lo prepare financial slalements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied Ihat they give a Irue and fair view of the state of affair5 of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies then apply them consistenlly., observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent- state whether applicable UK accounting standards have followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose wilh reasonable accuracy at any lime the financial position of the charitable company and to enable them to ensure that Ihe financial statements comply with the Cofflpanie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen￿ for taking rèasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure to our auditors In so far as the Trustees are aware there is no relevanl audit informalion of which the charitable company's auditor is unaware and the trustees have taken all steps that they ought to have taken to make IhemselvÈs aware of any relevant audit information and to establish that the auditor is aware of that informalion. Auditor Blue Spire Limited will be invited to tender for the next audit cycle. A resolution to appoint Auditors will be proposed al the forthcoming Annual General Meeting. This report has been prepared in accordance with the provisions applicable lo companies entitled to the small companies, exemption. Approved by the Board of Trustees and signed on their behaff by.. Nlc Esplnosa Chalrman Date 11 Ltsol 102S-. 19

Administrative Information

Registered Charity and Company Name

British Ballet Organization, trading as bbodance

Registered in: England and Wales As a company limited by guarantee No 01402656 As a charity No 277177

Australia

New Zealand

CC36353

As a branch

ABN 78 207 IRD No 575 900 68 994 306 ARBN No NZBN 076365403 9429052765780

Banks

UK Australia New Zealand National Westminster Bank plc Westpac ANZ Bank 149 Church Road Shops 27/28 6 Victoria Road Barnes Macquarie Centre Davenport London SW13 9HS 109 Waterloo Road Auckland North Ryde NSW 2113

Regulators

The Company and Charity is registered with the Office of Qualifications and Examination Regulation (Ofqual) Registration No RN5115 and Qualifications in Wales. The Council for Dance, Drama and Musical Theatre validates bbodance as a Dance Awarding Organisation. The company and charity is registered with the Information Commissioners Office; Registration Number ZB722182.

Independent Auditor

Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Our addresses

UK Australia Registered Office Cawley Priory Unit 20 South Pallant 2 – 4 May Street Chichester Hornsby, Westfield West Sussex NSW 2077 PO19 1SY

New Zealand

Staples Rodway Ltd PO 3899 Shortland Street Auckland 1140

Business Offices Unit A, Ensign House PO Box 1588 9 Cassinia Avenue Battersea Reach Hornsby Marsden Park Juniper Drive Westfield NSW 2765 London SW18 1TA NSW 1635 ☎ +44 20 8748 1241 +61 2 9686 6008 +61 2 9686 6008 ✉ info@bbodance.co.uk liz.derby@bbo.dance liz.derby@bbo.dance www.bbo.dance www.bbo.dance www.bbo.dance

20

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH BALLET ORGANIZATION LIMITED

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report to the Members of British Ballet Organization Limited

Opinion

We have audited the financial statements of British Ballet Organization Limited (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of financial activities, the group and parent charity balance sheet, the group and parent charity statement of cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

21

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH BALLET ORGANIZATION LIMITED

INDEPENDENT AUDITOR’S REPORT

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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

Responsibilities of trustees

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

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

Auditor responsibilities for the audit of the financial statements

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

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

Based on our understanding of the Charity and the sector in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, Companies Act, and Employment Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. There is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

22

BRITISH BALLET ORGANIZATION LIMITED CONSOLIDATED FINANc￿L STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2024 INDEPENDEKf AUDITOR'S REPORT A further desCri)ti'C￿ of our responsb'litw is availabb on the FRC'S websrte at h ssu n¢eJaudrtor-S-r oThgibiliti 0r.the-aLKJit￿-th f￿￿scrI tk)Nf-th￿udrto￿/4E2￿o8￿99$-r description fomis part of our a￿lIC¢S repcwt. .ukla nsitrilrt. itC￿a This Useofourreport This report is made solely to the charicab￿ cL¥npany's mgntErs, as a tKKJy, in a￿Ordance wth Chapter 3 of Part 16 of the CompaniesAct 20LE. Our audit wcrfk has been undertaken so thatwe might state lolhe Charitab￿ company's members those matters we are required to state lo them in an audrtorfs reFOrt and for no olhei purpose. To the ful￿1 extent pemiftted by law, we (b not a￿p1 or assume responsibilty lo anyone other than the charitsble company and the ChaIrtab￿ ccxnpany's membws as a boty, for our audrt work, for this report or forthe opinrms we havefomied. Cawley Pri( South Pallant ch￿heSter Wesl Sussex P019 1SY Gecfftey Fros BS onsl FCA (Senior Statutory Auditor) For and on behalf of Blue Spire Ststulory Auditor Dale /4A -q20?.J- 23

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH BALLET ORGANIZATION LIMITED

GROUP STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
Charitable activities
3
Membership
Examinations
Educational programmes and events
Total charitable activities
Other trading activities
4
Investments
5
Other income
6
Total
EXPENDITURE ON:
Raising funds
7
Charitable activities
8
Membership
Examinations
Educational programmes and events
Total charitable activities
Total resources expended
Net Income/(expenditure) and movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
22
Total funds carried forward
22		 2024
Total
Funds
£
7,000
88,433
436,629
314,474
839,536
209,961
74
33,278
1,089,849
3,653
65,896
481,385
603,371
1,150,652
1,154,305
(64,456)
3,178,988
3,114,532		 2023
Total
Funds
£
6,000
77,210
442,047
288,300
807,557
222,482
68
-
1,036,107
6,043
71,373
503,082
646,824
1,221,279
1,227,322
(191,215)
3,370,203
3,178,988

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

24

BRITISH BALLET ORGANIZATION LIMITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GROUP AND CHARITY BALANCE SHEET AS AT 31 DEGEMBER 2024 Group Chai 2024 2023 2024 2023 FIXED ASSETS Tangible assets Irweslments 13 14 2,885.412 3.064.435 2,885,412 100 2,885.512 3,064.435 100 3,064.535 2,885.412 3,064.435 CURRENY ASSETS SIDcks Debtors Cash al hand and in bank Total cutytrnt assets 15 4.013 62.597 484.363 550.973 3,685 35,972 425,512 465,169 62.497 483.646 546.143 35,872 424,318 460,190 CURRENT LIABILITIES Credilors. amoullts falling due within one yegr 17 1294,7701 1298,5331 1319,7571 1320.9141 Mèt ¢uvront assets or Iliabilitisl 256.203 166.636 226,386 139.276 Total assets curront Ilabllltlos 3.141,615 3.231.071 3.111.898 3,203.811 Creditors.. amounts falling due after more than one year 19 127,0831 152.0831 127,0831 152,0831 Not 4ssotsllliabi16tiesl 3,114.532 3,178.988 3,084.815 3,151,728 THE FUNDS OF THE CHARITY Vnre¥trl¢ted lunds Designated lunds General funds Total unrostricttrd funds 22 22 2.885.412 229,120 3.114,532 3,064,435 114,553 3.178,988 2.885.412 199,403 3.084,815 3.064.435 67.293 3.151.728 Total charty funds 3.114,532 3.178,g88 3.084,815 3.151.728 The finanual 51alemenls havE been prepared in accordance with the proisions of the C(mpan*s Act 2006 gpplcable lo companies subject to ￿e small companiès rèyime. The acumpanying notes forrn part of these finanopj slaletnent5. ApwovÈd by the Iruslees and signed on Iheir beh8W. Nic Espinos8 Director Dale Bn11sh Ballet Organisaiion Limiied Company Number 1402656 Chanly Number.. 277177 25

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH BALLET ORGANIZATION LIMITED

GROUP AND CHARITY STATEMENT OF CASH FLOWS

Net cash flow from operating activities (see below)
Cash flows from investing activities
Investment income
Purchase of tangible fixed assets
Net cash flows from investing activities
Cash flows from financing activities
Loan repayments
Net cash flows from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash and cash equivalents at 31 December		 2024
2023
£
£
83,777
33,942
74
68
-
(16,873)
74
(16,805)
(25,000)
(25,000)
(25,000)
(25,000)
58,851
(7,863)
425,512
433,375
484,363
425,512
484,363
425,512
484,363
425,512
Group		 2024
2023
£
£
84,254
35,575
74
68
-
(16,873)
74
(16,805)
(25,000)
(25,000)
(25,000)
(25,000)
59,328
(6,230)
424,318
430,548
483,646
424,318
483,646
424,318
483,646
424,318
Charity		 2024
2023
£
£
84,254
35,575
74
68
-
(16,873)
74
(16,805)
(25,000)
(25,000)
(25,000)
(25,000)
59,328
(6,230)
424,318
430,548
483,646
424,318
483,646
424,318
483,646
424,318
Charity
(16,805)
(25,000)
(25,000)
(6,230)
430,548
424,318
424,318
424,318
Reconciliation of net income to net cash flow from operating activities
2024
2023
£
£
Net income for the period
(64,456)
(191,215)
Adjusted for:
Investment income
(74)
(68)
Depreciation of fixed assets
136,681
134,456
CGS adjustment on leasehold property
42,342
-
Decrease/(increase) in stocks
(328)
720
Decrease/(increase) in debtors
(26,625)
55,169
Increase/(decrease) in creditors
(3,763)
34,880
148,233
225,157
83,777
33,942
Analysis of changes in net debt
At 31 Dec
2023
Cashflows
£
£
Group
Loans falling due within one year
(25,000)
(25,000)
Loans falling due after more than one year
(52,083)
-
Cash
425,512
58,851
Total net debt
348,429
33,851
Charity
Loans falling due within one year
(25,000)
(25,000)
Loans falling due after more than one year
(52,083)
-
Cash
424,318
59,328
Total net debt
347,235
34,328
Group		 2024
2023
£
£
(66,913)
(189,481)
(74)
(68)
136,681
134,456
42,342
-
-
-
(26,625)
55,169
(1,157)
35,499
151,167
225,056
84,254
35,575
Non-cash
At 31 Dec
changes
2024
£
£
(25,000)
(25,000)
25,000
(27,083)
-
484,363
-
432,280
(25,000)
(25,000)
25,000
(27,083)
-
483,646
-
431,563
Charity		 2024
2023
£
£
(66,913)
(189,481)
(74)
(68)
136,681
134,456
42,342
-
-
-
(26,625)
55,169
(1,157)
35,499
151,167
225,056
84,254
35,575
Non-cash
At 31 Dec
changes
2024
£
£
(25,000)
(25,000)
25,000
(27,083)
-
484,363
-
432,280
(25,000)
(25,000)
25,000
(27,083)
-
483,646
-
431,563
Charity
225,056
35,575
At 31 Dec
2024
£
(25,000)
(27,083)
484,363
432,280
(25,000)
(27,083)
483,646
431,563

26

BRITISH BALLET ORGANIZATION LIMITED

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

British Ballet Organization Limited is a registered charity, established as a private company limited by guarantee in England with the company number 01402656. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered and principal office is given in the charity information page of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

Accounting estimates and judgements

The charity makes estimates and assumptions concerning the future with the estimates and assumptions seldom equal to the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are those used in the carrying value of the charity's own premises and other tangible fixed assets. These include estimates of the residual values and useful lives of assets to calculate depreciation. Estimates and assumptions are also used in the allocation of support costs.

These estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no other significant estimates or judgements anticipated to have a significant effect on the amounts in the financial statements.

Consolidation

These financial statements include the activities and results of British Ballet Organization Limited in the UK together with its branches in Australia & New Zealand and the results of its wholly owned trading subsidiary BBO Dance Supplies Limited consolidated on a line by line basis.

The charity has taken advantage of the exemption from presenting its own Statement of Financial Activities under Section 408 of the Companies Act 2006, with the results of the charity summarised in note 1. of these financial statements.

Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Income from other trading activities includes income earned from letting of space and in the group accounts includes the income of the trading subsidiary. Such income is recognised when entitlement has occurred.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

Investment income in the form of bank interest is recognised as the charity’s right to receive payment is established.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

It is categorised under the following headings:

27

BRITISH BALLET ORGANIZATION LIMITED

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ACCOUNTING POLICIES

Expenditure (continued)

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources. The analysis of these costs is included in note 8.

Governance costs

Governance costs are any costs associated with the strategic as opposed to day-to-day management of the charity’s activities. These costs include emoluments for trusteeship, the cost of charity employees involved in meetings with trustees and the cost of any administrative support provided to the trustees such as external audit, legal advice for trustees and costs associated with constitutional and statutory requirements.

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The cost of any unused holiday and long service leave is accrued in the period in which it is due.

Redundancy and termination payments are recorded as an expense in the financial statements as they fall due with any amounts unpaid at the balance sheet date accrued.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

VAT

The charity is registered for VAT and complies with the requirements of partial exemption. Irrecoverable VAT is accounted for within the expenditure category to which the underlying costs relate.

Additionally the charity is registered in Australia and New Zealand for goods and service tax (GST) through its branches in those countries and adheres to the requirements in those countries.

Taxation

The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in sections 466 to 493 Corporation Tax Act 2010 (CTA 2010), as such no income tax is payable on the Charity's activities.

Fixed Assets Policy Notes

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended with items of equipment capitalised where the purchase price exceeds £1,000.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold property - Valuation (reviewed every 5 years).
Plant & machinery - 10 years straight line.
Office equipment & furniture - 5 years straight line.
Fixtures & fittings - 10 years straight line.

An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the charitable company estimates the recoverable amount of the asset and adjusts accordingly.

Stock

Stocks of items for resale are shown in the balance sheet at the lower of cost and net realisable value.

28

BRITISH BALLET ORGANIZATION LIMITED

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ACCOUNTING POLICIES

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price and after any trade discount. Any losses arising from impairment are recognised in expenditure.

Financial instruments

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

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand available for the charity's use.

Financial instruments

The charity only has financial assets and financial liabilities which are considered basis financial instruments. Those basic financial instruments are recognised on the basis set out for transactions and balances above.

Funds

Unrestricted funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to these financial statements. At present the charity has no restricted funds.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

29

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH BALLET ORGANIZATION LIMITED

GROUP AND CHARITY NOTES TO THE FINANCIAL STATEMENTS

1. Results of the charity

1. Results of the charity
Total income
Total expenditure
Net income/(expenditure)		 2024
Total
Funds
£
1,083,739
(1,150,652)
(66,913)		 2023
Total
Funds
£
1,031,798
(1,221,279)
(189,481)

Included within the charity's total income above is £6,139 (2023: £7,873) of gift of profits from the trading subsidiary as shown in note 14 to these financial statements. Other adjustments between the results of the charity and the consolidated results is the elimination of the subsidiary income and expenditure also shown in note 14.

2. Donations and legacies

2. Donations and legacies
Grants
Group		 2024
Total
Funds
£
7,000
7,000		 2023
Total
Funds
£
6,000
6,000

3. Charitable activities income

Membership
Examinations
Educational programmes and events		 2024
Total
Funds
£
88,433
436,629
314,474
839,536		 2023
Total
Funds
£
77,210
442,047
288,300
807,557

4. Other trading activities

4. Other trading activities
Letting and other income
Trading subsidiary (see note 14.)		 2024
Total
Funds
£
197,712
12,249
209,961		 2023
Total
Funds
£
210,300
12,182
222,482

30

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH BALLET ORGANIZATION LIMITED

GROUP AND CHARITY NOTES TO THE FINANCIAL STATEMENTS

5. Investments
Bank interest
6. Other income
Insurance claim proceeds
7. Raising funds
Trading subsidiary (see note 14.)		 2024
Total
Funds
£
74
74
2024
Total
Funds
£
33,278
33,278
2024
Total
Funds
£
3,653
3,653		 2023
Total
Funds
£
68
68
2023
Total
Funds
£
-
-
2023
Total
Funds
£
6,043
6,043

31

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH BALLET ORGANIZATION LIMITED

GROUP AND CHARITY NOTES TO THE FINANCIAL STATEMENTS

8. Charitable activities expenditure

Membership
Staff costs
Direct costs
Support costs (see note 9.)
Governance costs (see note 10.)
Examinations and Syllabus
Staff costs
Contractors
Direct costs
Support costs (see note 9.)
Governance costs (see note 10.)
Education Programmes and Events
Staff costs
Contractors
Direct costs
Support costs (see note 9.)
Governance costs (see note 10.)
9. Support costs
Staff costs
Contractors
Depreciation
Property costs
Audit and advisory
Marketing and website
Course development and other costs
Interest payable and foreign exchange
Other office and central costs
Allocation of support costs
Membership
Examinations and Syllabus
Education Programmes and Events		 2024
Total
Funds
£
15,967
527
16,494
42,386
7,016
65,896
53,336
19,211
217,408
289,955
164,245
27,185
481,385
116,657
22,011
88,018
226,686
323,192
53,493
603,371
1,150,652
2024
Total
Funds
£
167,013
11,116
136,681
101,507
11,790
6,899
9,252
903
84,662
529,823
42,386
164,245
323,192
529,823		 2023
Total
Funds
£
15,720
3,045
18,765
41,734
10,874
71,373
59,223
17,760
222,243
299,226
161,718
42,138
503,082
128,082
17,760
99,847
245,689
318,219
82,916
646,824
1,221,279
2023
Total
Funds
£
162,029
10,939
134,456
89,787
19,110
10,153
13,847
2,554
78,796
521,671
41,734
161,718
318,219
521,671

32

BRITISH BALLET ORGANIZATION LIMITED

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

GROUP AND CHARITY NOTES TO THE FINANCIAL STATEMENTS

10. Governance costs
Staff costs
Other governance costs
Allocation of governance costs
Membership
Examinations and Syllabus
Education Programmes and Events
11. Auditor's remuneration - group
Audit
Accountancy and taxation		 2024
Total
Funds
£
83,331
4,363
87,694
7,016
27,185
53,493
87,694
10,500
2,500		 2023
Total
Funds
£
131,842
4,086
135,928
10,874
42,138
82,916
135,928
10,500
2,500

33

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH BALLET ORGANIZATION LIMITED

GROUP AND CHARITY NOTES TO THE FINANCIAL STATEMENTS

12. Wages and salary costs and related party transactions

12. Wages and salary costs and related party transactions
Gross wages
Employer's national insurance costs (net of employment allowance)
Pension costs
Staff numbers:
Average head count		 2024
Total
Funds
£
394,488
27,701
15,280
437,469
2024
Total
10		 2023
Total
Funds
£
448,519
28,215
18,331
495,065
2023
Total
11

In the current year one employee received emoluments (excluding employer pension costs) above £60,000. (2023: None)

Self employed staff

A number of self-employed staff are contracted on a part time basis to assist with the provision of charitable activities. Total payments to such staff in the year were £52,339 (2023: £46,459).

Pension scheme

The charity operates a defined contribution pension schemes for its employees. Payments to the schemes inclusive of contributions and fees amounted to £15,280 (2023: £18,331).

Key management personnel

A charity's key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the charity, directly or indirectly. Employee benefits for the charity's key management personnel (as detailed in the information page) inclusive of gross pay, employer's national insurance and employer pension contributions amounted to £83,601 (2023: £131,219) in the year under review.

Trustee remuneration and benefits

No trustees, or any entity from which they receive a benefit, received remuneration, expenses nor fees for services or goods supplied to the charity in the year under review or the comparative year.

Other transactions with related parties

An unrestricted grant of £7,000 (2023: £6,000) was received from Espinosa Memorial Fund, a charity for which the chairman's daughter is a trustee.

34

BRITISH BALLET ORGANIZATION LIMITED

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

GROUP AND CHARITY NOTES TO THE FINANCIAL STATEMENTS

13. Fixed Assets - Group and Charity

Cost
At the beginning of the year
Additions
Disposals
Depreciation and impairments
At the beginning of the year
Depreciation
Disposals
Net book value at the beginning of the year
Net book value at the end of the year
14. Investment in trading subsidiary - Charity
Shares held
No.
Shares in BBO Dance Supplies Limited
100		 Leasehold
property
£
2,796,377
-
(42,342)
2,754,035
-
-
-
-
2,796,377
2,754,035
Par value
£
1
2024		 Plant &
machinery
£
506,405
-
-
506,405
413,073
50,538
-
463,611
93,332
42,794
Total
£
100		 Office
equipment
& furniture
£
266,677
-
-
266,677
245,456
5,288
-
250,744
21,221
15,933
Shares held
No.
100		 Fixtures &
fittings
£
809,707
-
-
809,707
656,202
80,855
-
737,057
153,505
72,650
Par value
£
1
2023		 Total
£
4,379,166
-
(42,342)
4,336,824
1,314,731
136,681
-
1,451,412
3,064,435
2,885,412
Total
£
100

The charity has a 100% owned trading subsidiary, BBO Dance Supplies Limited, which is incorporated (company number 3907230). It is responsible for the sale of various teaching resources, clothing and other merchandise. The results of the trading subsidiary are shown below with the entirety of its activities being part of unrestricted funds.

Turnover
Cost of sales
Gross profit
Administrative expenses
Profit on ordinary activities before taxation
Tax on ordinary activities
Profit for the year
Reserves brought forward
Profit for the year
Gift to parent charity
Reserves carried forward
Share capital
Net assets		 2024
£
12,249
328
12,577
(3,981)
8,596
-
8,596
27,260
8,596
(6,139)
29,717
100
29,817		 2023
£
12,182
(721)
11,461
(5,322)
6,139
-
6,139
28,994
6,139
(7,873)
27,260
100
27,360

35

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH BALLET ORGANIZATION LIMITED

GROUP AND CHARITY NOTES TO THE FINANCIAL STATEMENTS

15. Stock

Merchandise, clothing and teaching materials 2024
2023
£
£
4,013
3,685
4,013
3,685
Group		 2024
2023
£
£
-
-
-
-
Charity		 2024
2023
£
£
-
-
-
-
Charity
-

16. Debtors

Trade debtors
Prepayments and accrued income
Other debtors		 2024
2023
£
£
7,098
13,504
9,772
6,003
45,727
16,465
62,597
35,972
Group		 2024
2023
£
£
7,098
13,504
9,772
6,003
45,627
16,365
62,497
35,872
Charity		 2024
2023
£
£
7,098
13,504
9,772
6,003
45,627
16,365
62,497
35,872
Charity
35,872

17. Creditors: amounts falling due within one year

Trade creditors
Bank loan
Taxation and social security
Amounts payable to subsidiary
Other creditors
Accruals
Deferred income (see note 18.)		 2024
2023
£
£
25,286
28,733
25,000
25,000
13,933
14,780
-
-
86,725
76,474
55,022
41,315
88,804
112,231
294,770
298,533
Group		 2024
2023
£
£
25,254
28,731
25,000
25,000
13,933
14,780
25,019
22,383
86,725
76,474
55,022
41,315
88,804
112,231
319,757
320,914
Charity		 2024
2023
£
£
25,254
28,731
25,000
25,000
13,933
14,780
25,019
22,383
86,725
76,474
55,022
41,315
88,804
112,231
319,757
320,914
Charity
320,914

18. Deferred income - Group and Charity

Brought forward
Released in the year
Deferred in the year
Carried forward		 2024
Total
£
112,231
(112,231)
88,804
88,804		 2023
Total
£
76,798
(76,798)
112,231
112,231

Deferred income comprises of income received in advance of related costs that will fall in the following year, in particular payments for the teaching qualifications, membership and scholar’s income.

19. Creditors: amounts falling due after more than one year

Bank loan 2024
2023
£
£
27,083
52,083
27,083
52,083
Group		 2024
2023
£
£
27,083
52,083
27,083
52,083
Charity		 2024
2023
£
£
27,083
52,083
27,083
52,083
Charity
52,083

36

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH BALLET ORGANIZATION LIMITED

GROUP AND CHARITY NOTES TO THE FINANCIAL STATEMENTS

20. Operating lease commitments

At the end of the reporting period the charity and group had total minimum lease payments under non-cancellable operating leases as follows:

Amounts payable in under one year
Amounts payable in one to two years
Amounts payable in two to five years		 2024
2023
£
£
5,268
5,268
4,180
5,268
3,092
7,272
12,540
17,808
Group		 2024
2023
£
£
5,268
5,268
4,180
5,268
3,092
7,272
12,540
17,808
Charity		 2024
2023
£
£
5,268
5,268
4,180
5,268
3,092
7,272
12,540
17,808
Charity
17,808

21. Contingencies - Group and Charity

HMRC accepted the charity's application for VAT relief under a Capital Goods Scheme (CGS) in March 2017. This resulted in a material recovery of VAT paid on the acquisition and fit out of the charity's headquarters, Ensign House. The majority of this amount has been received from HMRC in variable amounts since January 2018. £11,646 (2023: £11,646) remains outstanding at the balance sheet date under this scheme and is expected to be recovered fully in the next year. The amount receivable can and will change as the use of the building changes.

22. Analysis of net movement in funds - Group and Charity

Unrestricted funds
Designated funds
Fixed assets
Total designated funds
General funds
Trading subsidiary
Total unrestricted funds
Total funds		 Total funds
brought
forward
£
3,064,435
3,064,435
87,293
27,260
3,178,988
3,178,988		 Transfers
between
Income
Expenditure
funds
£
£
£
-
(136,681)
(42,342)
-
(136,681)
(42,342)
1,077,600
(1,013,971)
48,481
12,249
(3,653)
(6,139)
1,089,849
(1,154,305)
-
1,089,849
(1,154,305)
-
Group
Year ended 31 December 2024		 Total funds
carried
forward
£
2,885,412
2,885,412
199,403
29,717
3,114,532
3,114,532

37

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH BALLET ORGANIZATION LIMITED

GROUP AND CHARITY NOTES TO THE FINANCIAL STATEMENTS

22. Analysis of net movement in funds - Group and Charity (continued)

Unrestricted funds
Designated funds
Fixed assets
Total designated funds
General funds
Total unrestricted funds
Total funds		 Total funds
brought
forward
£
3,064,435
3,064,435
87,293
3,151,728
3,151,728		 Transfers
between
Income
Expenditure
funds
£
£
£
-
(136,681)
(42,342)
-
(136,681)
(42,342)
1,083,739
(1,013,971)
42,342
1,083,739
(1,150,652)
-
1,083,739
(1,150,652)
-
Charity
Year ended 31 December 2024		 Total funds
carried
forward
£
2,885,412
2,885,412
199,403
3,084,815
3,084,815

38

BRITISH BALLET ORGANIZATION LIMITED

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

GROUP AND CHARITY NOTES TO THE FINANCIAL STATEMENTS

23. Summary of group income and expenditure contributed by entity

UK
Australia
New Zealand
£
£
£
Donations and legacies
7,000
-
-
Charitable Activities - Membership
67,209
10,509
10,715
Charitable Activities - Examinations
336,141
44,966
55,522
Charitable Activities - Educational programmes and events
251,711
28,206
34,557
Other trading activities
197,635
77
-
Investments
41
-
33
Other income - insurance claim proceeds
33,278
-
-
Total income
893,015
83,758
100,827
Raising funds
-
-
-
Charitable Activities - Staff costs
155,384
30,575
-
Charitable Activities - Contractors
41,223
-
-
Charitable Activities - Direct costs
227,600
36,440
41,914
Support costs
462,126
57,759
9,938
Governance costs
87,693
-
-
Total expenditure
974,026
124,774
51,852
Management charge1
-
37,496
(37,496)
Net income/(expenditure)
(81,011)
(3,520)
11,479
Charity and branches		 BBO Dance
Supplies Ltd
£
-
-
-
-
12,249
-
-
12,249
3,653
-
-
-
-
-
3,653
-
8,596		 2024
Total
Funds
£
7,000
88,433
436,629
314,474
209,961
74
33,278
1,089,849
3,653
185,959
41,223
305,954
529,823
87,693
1,154,305
-
(64,456)
UK
Australia
New Zealand
£
£
£
Donations and legacies
6,000
-
-
Charitable Activities - Membership
54,983
11,830
10,397
Charitable Activities - Examinations
325,700
53,664
62,683
Charitable Activities - Educational programmes and events
214,043
42,908
31,349
Other trading activities
209,718
582
-
Investments
35
-
33
Total income
810,479
108,984
104,462
Raising funds
-
-
-
Charitable Activities - Staff costs
159,406
43,619
-
Charitable Activities - Contractors
35,520
-
-
Charitable Activities - Direct costs
230,739
57,800
36,595
Support costs
429,987
84,096
7,589
Governance costs
135,928
-
-
Total expenditure
991,580
185,515
44,184
Management charge1
-
68,347
(68,347)
Net income/(expenditure)
(181,101)
(8,184)
(8,069)
Charity and branches		 BBO Dance
Supplies Ltd
£
-
-
-
-
12,182
-
12,182
6,043
-
-
-
-
-
6,043
-
6,139		 2023
Total
Funds
£
6,000
77,210
442,047
288,300
222,482
68
1,036,107
6,043
203,025
35,520
325,134
521,672
135,928
1,227,322
-
(191,215)

1 Basis of management charge

The management charge is made by Australia to New Zealand branch in respect of operational and administrative costs (including salary costs) incurred on behalf of the other.

39