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2023-03-31-accounts

Registered number: 01930699 Charity number: 326926

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

CONTENTS

Page
Reference and administrative information 1
Chair's statement 2 - 3
Trustees' report 4 - 15
Independent auditors' report 16 - 19
Statement of financial activities 20
Balance sheet 21 - 22
Statement of cash flows 23
Notes to the financial statements 24 - 42

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

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

Trustees Dame Sue Street, Chair
Christopher Barron OBE, Deputy Chair (resigned 1 October 2023)
Beth Adams (appointed 9 January 2023)
Lord Paul Boateng
Lolita Chakrabarti
Fiona Cullen
Phil Howell, Chair of Finance Committee
Fiona Lamptey (appointed 5 July 2022)
Natasha Lewis
Alidad Moghaddam (Deputy Chair from 1 October 2023)
Raymond Oudkerk (resigned 9 July 2022)
Dania Saidam
Robin Saunders (resigned 31 May 2022)
Mark Tantam
Liyun Ye (appointed 7 March 2023)
Company registered
number
01930699
Charity registered
number
326926
Registered office
99 Upper Ground
London
SE1 9PP
Company secretary
Natasha Lewis
Chief Executive Officer
and Executive Producer
Helen Shute
Independent auditors
Nyman Libson Paul LLP
Chartered Accountants
124 Finchley Road
London
NW3 5JS
Bankers
National Westminster Bank plc
46 Notting Hill Gate
London
W11 3HZ

Page 1

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

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

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

In addition to staging works through our production company as documented in the consolidated accounts of Rambert Trust Limited, with support from my excellent board of trustees, the executive and artistic teams also delivered all aspects of our work including classes and courses for participants of all ages, the re-accreditation process of our public archive, continued content for digital audiences through our channel Rambert Plus, alongside a record-breaking large-scale tour across the UK. In total 150,146 audiences experienced Rambert’s work in person through our various activities.

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

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

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

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

Rambert Plus, (Rambert’s bespoke online platform) hosted classes and production related content to build new audiences and capture highly valuable data. This has a flexible expansion model based on funding success and subscriptions. As of March 2023, Rambert Plus had 19,264 members and 302 paying subscribers; this establishes a highly significant new platform for Rambert’s future which has demonstrated its potential beyond its pandemic services and now with ACE Transform funding can be properly activated in 2023-24.

Page 2

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

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

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

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

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

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

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

Dame Sue Street - Chair Date: 24 January 2024

Page 3

BALLET RAMBERT LIMITED

(A Company Limited by Guarantee and trading as Rambert Dance Company)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The trustees, who are also directors for the purposes of company law, present their report together with the audited financial statements for the year ended 31 March 2023. The annual report serves the purposes of a trustees’ report and a directors’ report under company law. The trustees confirm that the annual report and financial statements of the charitable company comply with current statutory requirements, the requirements of the charitable company’s governing document and the Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

By virtue of the above and under the provisions of the Companies Act 2006 and FRS 102, Ballet Rambert Limited, which wholly owns Rambert Productions Ltd, is deemed to be a subsidiary of Rambert Trust Limited.

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

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

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

At Rambert, we:

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

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

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BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

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

Objectives and activities (continued)

Developing audiences through a commitment to introducing people to contemporary dance that is relevant to them and inspires them in their own lives, is at the heart of the company’s mission. Significant funding from Arts Council England enables the company to produce work of the highest artistic standard and to subsidise tours to theatres in every region in England, and partnerships established through Cross Border Touring funds continue to bring work to Scotland and Wales. We offer a range of discounted tickets to encourage attendance by people on low incomes and organise an extensive programme of community and participation activities often funded through Trusts, Foundations and Local Authority funds, particularly for young people that are free to access or subsidised to ensure they are widely affordable. Details of these activities are contained in the section of the report entitled ‘Public engagement and work with schools’ on page 6 of this report. Membership to our online channel Rambert Plus is free with a significant amount of content available without further payment. Class subscriptions made available through community partnerships allow access to participants who cannot afford to pay.

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

b. Artistic activity

PRODUCTIONS AND TOURING

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

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

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

It performed for 11 performances at

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

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(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

Objectives and activities (continued)

Ticket Pricing Policy:

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

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

PARTICIPATION AND COMMUNITY

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

c. Public Engagement and Work with Schools

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

Public Classes:

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

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

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

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BALLET RAMBERT LIMITED

(A Company Limited by Guarantee and trading as Rambert Dance Company)

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

Objectives and activities (continued)

Dance for Health:

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

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

Online classes/ activity:

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

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

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

Focus Communities:

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

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

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

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

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(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

Objectives and activities (continued)

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

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

Schools:

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

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

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

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

Professional Dance Community:

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

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

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

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

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

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BALLET RAMBERT LIMITED

(A Company Limited by Guarantee and trading as Rambert Dance Company)

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

Objectives and activities (continued)

Rambert Grades:

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

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

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

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

ARCHIVE

Archive:

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

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

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

d. Equality Action Plan

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

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

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

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

Page 9

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

Objectives and activities (continued)

The dance company is visibly ethnically diverse, with 42% of dancers from Black, Asian and ethnically diverse backgrounds in 2022-23 and from 2022 has included a dancer with a physical disability.

A board Equality Diversity and Inclusion Lead bridges the board and staff forums (e.g. forum for Black, Asian and ethnically diverse staff), chairs the staff EDI working group, supports Rambert’s Executive and reports to the Board quarterly.

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

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

e. Financial review

The financial context in 2022-23 was extremely challenging.

In common with other large-scale dance companies, Rambert is reliant on public funding from Arts Council England (ACE). In 2021-22 our NPO (National Portfolio Organisation) grant from ACE made up 71% of our annual turnover, (77% when the additional support from the ACE managed emergency support funds are added). In contrast in 2022-23 our NPO funding represented only 34% of our incoming resources including theatre tax relief and income for our new production. Our continued core revenue funding as a National Portfolio Organisation has been confirmed to March 2026 following a successful application to ACE albeit with a 5% reduction.

Significant cost increases were experienced in 2022-23 coupled with a strategic and planned substantial contribution to the production funding for 'Peaky Blinders: The Redempton of Thomas Shelby', caused a strain on budgets and the company recorded a deficit on unrestricted funds of £701,570 (2021: surplus of £812,762, 2022: deficit of £533,285) and a surplus of £76,664 on restricted funds (2021: £244 surplus, 2022: breakeven). This resulted in total fund balances carried forward of a deficit of £139,718 (2021: surplus of £485,188).

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

Measures taken to mitigate financial risk and reserves policy:

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

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

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

Page 10

BALLET RAMBERT LIMITED

(A Company Limited by Guarantee and trading as Rambert Dance Company)

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

Objectives and activities (continued)

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

At 31 March 2023 urestricted reserves are in deficit by £237,332 (2022: surplus of £464,238), with restricted reserves of £97,614 (2022: £20,950) relating to monies received in advance on projects which are yet to take place. It is the intention to rebuild reserves but in the meantime the Company has put contingent liquidity facilities in place including securing a long-term repayable finance of £500k from NESTA/AIF to provide working capital for our subsidiary company, Rambert Productions Ltd, to deliver its 2024 production of Peaky Blinders.

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

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

f. Subsidiaries

Ballet Rambert Ltd wholly owns a trading subsidiary, Rambert Productions Ltd, set up to produce work on behalf of Ballet Rambert Ltd. The group’s parent company, Rambert Trust Ltd, is also a charity, with the same trustees as Ballet Rambert Ltd who also meet quarterly. Rambert Trust Ltd was the developer for the South Bank building base and holds the sinking fund to pay for large scale building repairs and renewals.

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

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BALLET RAMBERT LIMITED

(A Company Limited by Guarantee and trading as Rambert Dance Company)

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

Objectives and activities (continued)

g. Risk Disclosure and management

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

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

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

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

Achievements and performance

a. Fundraising activities and income generation

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

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

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

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

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

Page 12

BALLET RAMBERT LIMITED

(A Company Limited by Guarantee and trading as Rambert Dance Company)

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

Achievements and performance (continued)

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

Financial review

a. Going concern

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

Structure, governance and management

a. Constitution

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

b. Methods of appointment or election of Trustees

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

c. Organisational structure and decision-making policies

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

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

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

Page 13

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

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

Structure, governance and management (continued)

d. Pay policy

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

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

Statement of Trustees' responsibilities

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

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

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

Disclosure of information to auditors

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

Page 14

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

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

Auditors

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

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

Dame Sue Street Chair

Page 15

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALLET RAMBERT LIMITED

Opinion

We have audited the financial statements of Ballet Rambert Limited (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Page 16

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

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

Other information

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Page 17

BALLET RAMBERT LIMITED

(A Company Limited by Guarantee and trading as Rambert Dance Company)

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

Responsibilities of trustees

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

In preparing the financial statements, the Trustees are responsible for assessing the 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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

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

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

Page 18

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

Use of our report

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

Paul Taiano (Senior statutory auditor)

for and on behalf of Nyman Libson Paul LLP

Chartered Accountants Stautory Auditors 124 Finchley Road

London

NW3 5JS

25 January 2024

Page 19

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
Total expenditure
Net income/(expenditure)
Transfers between funds
20
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
241,172
-
-
-
241,172
-
143,558
143,558
97,614
(20,950)
76,664
20,950
76,664
97,614		 Unrestricted
funds
2023
£
2,456,643
336,539
142
177,931
2,971,255
211,583
3,482,192
3,693,775
(722,520)
20,950
(701,570)
464,238
(701,570)
(237,332)		 Total
funds
2023
£
2,697,815
336,539
142
177,931
3,212,427
211,583
3,625,750
3,837,333
(624,906)
-
(624,906)
485,188
(624,906)
(139,718)		 Total
funds
2022
£
3,712,308
349,283
34
151,324
4,212,949
183,594
4,562,640
4,746,234
(533,285)
-
(533,285)
1,018,473
(533,285)
485,188

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 24 to 42 form part of these financial statements.

Page 20

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company) REGISTERED NUMBER: 01930699

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net liabilities / assets excluding pension
asset
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 2,156,265
23,817
2,180,082
(1,553,737)		 2023
£
32,808
42,605
10,251
85,664
626,345
712,009
(851,727)
(139,718)
(139,718)
97,614
(237,332)
(139,718)		 1,421,965
109,874
1,531,839
(498,765)		 2022
£
-
46,424
10,251
56,675
1,033,074
1,089,749
(604,561)
485,188
485,188
20,950
464,238
485,188

Page 21

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company) REGISTERED NUMBER: 01930699

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

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

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

Dame Sue Street (Chair of Trustees)

Phil Howell (Trustee)

The notes on pages 24 to 42 form part of these financial statements.

Page 22

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Bank interest received
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
(890,957)
(41,010)
(6,832)
142
(47,700)
450,000
450,000
(488,657)
109,874
(378,783)		 2022
£
(326,904)
-
-
34
34
-
-
(326,870)
436,744
109,874

The notes on pages 24 to 42 form part of these financial statements

Page 23

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

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

1. General information

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

2. Accounting policies

2.1 Basis of preparation of financial statements

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

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

Group financial statements

The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the Company as an individual entity and not about its group.

Ballet Rambert Limited is a subsidiary of Rambert Trust Limited and the results of Ballet Rambert Limited are included in the consolidated financial statements of Rambert Trust Limited which are available from 99 Upper Ground, London SE1 9PP.

2.2 Going concern

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

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

Page 24

BALLET RAMBERT LIMITED

(A Company Limited by Guarantee and trading as Rambert Dance Company)

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

2. Accounting policies (continued)

2.3 Income

Public subsidies and grants

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

Sponsorship, donations and related deferred income

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

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

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

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

Generated income

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

2.4 Expenditure

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

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

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

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

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

New productions

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

Page 25

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

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

2. Accounting policies (continued)

2.5 Government grants

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

2.6 Intangible assets and amortisation

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

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

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

Amortisation is provided on the following basis:

Computer software - 20 % Straight line

2.7 Tangible fixed assets and depreciation

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

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

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

Depreciation is provided on the following basis:

Plant and machinery - 10% Straight line
Office equipment - 20% Straight line

2.8 Investments

Investments relate to the charitable company’s investment in the share capital of its subsidiary, Rambert Productions Limited, and in its two joint ventures, Rambert Creative Dance Grades Limited and Rambert Trademarks Limited. The investment value is reviewed annually for impairment.

2.9 Debtors

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

Page 26

BALLET RAMBERT LIMITED (A Company Limited by Guarantee and trading as Rambert Dance Company)

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

2. Accounting policies (continued)

2.10 Cash at bank and in hand

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

2.11 Liabilities and provisions

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

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

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

2.12 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

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

2.14 Fund accounting

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

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

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

Page 27

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

3. Income from donations and legacies

Donations and grants
Arts Council England funding - Core funding
Arts Council England funding - Additional
funding
Other grants received
Total 2023
Total 2022		 Restricted
funds
2023
£
159,906
-
-
81,266
241,172
1,186,316		 Unrestricted
funds
2023
£
172,577
2,278,161
-
5,905
2,456,643
2,525,992		 Total
funds
2023
£
332,483
2,278,161
-
87,171
2,697,815
3,712,308		 Total
funds
2022
£
408,730
2,278,161
990,651
34,766
3,712,308

4. Income from charitable activities

UK box office
Foreign Income
Education
Other charitable activities
Total 2023
Total 2022		 Unrestricted
funds
2023
£
95,941
45,442
89,515
105,641
336,539
349,283		 Total
funds
2023
£
95,941
45,442
89,515
105,641
336,539
349,283		 Total
funds
2022
£
152,986
62,470
42,327
91,500
349,283

Page 28

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

5. Investment income

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Interest receivable 142 142 34

6. Other incoming resources

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

7. Expenditure on raising funds

Fundraising and publicity

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

Page 29

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

8. Analysis of expenditure by activities

Productions
Artists
Technical support
Theatre charges
Royalties
Subsistence, travel and transport
Marketing
Education
Commissioning fees & irrecoverable
production funding
Premises
Administration
Governance and depreciation
Total 2022
Governance costs
Salaries
Audit and accountancy costs		 Activities
undertaken
directly
2023
£
54,186
958,378
47,362
22,880
865
46,500
396,982
384,867
1,500,923
-
-
-
3,412,943
4,003,951		 Support
costs
2023
£
-
-
-
-
-
-
-
-
-
4,228
119,136
89,443
212,807
558,689		 Total
funds
2023
£
54,186
958,378
47,362
22,880
865
46,500
396,982
384,867
1,500,923
4,228
119,136
89,443
3,625,750
4,562,640
21,068
25,000
46,068		 Total
funds
2022
£
161,101
423,688
15,781
1,925
4,491
6,907
994,556
378,231
2,017,271
54,523
460,624
43,542
4,562,640
10,257
24,000
34,257

9. Governance costs

Page 30

BALLET RAMBERT LIMITED

(A Company Limited by Guarantee and trading as Rambert Dance Company)

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

10. Auditors' remuneration

2023 2022
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 25,000 24,000

11. Pension Scheme & Career Development Fund

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

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

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

12. Staff costs

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

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

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

Page 31

BALLET RAMBERT LIMITED

(A Company Limited by Guarantee and trading as Rambert Dance Company)

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

12. Staff costs (continued)

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

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

Key management personnel

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

13. Trustees' remuneration and expenses

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

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

Page 32

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

14.
Intangible assets
Cost
Additions
At 31 March 2023
Amortisation
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
15.
Tangible fixed assets
Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023		 Plant and
machinery
£
92,848
-
92,848
46,424
9,285
55,709		 Office
equipment
£
-
6,832
6,832
-
1,366
1,366		 Computer
software
£
41,010
41,010
8,202
8,202
32,808
-
Total
£
92,848
6,832
99,680
46,424
10,651
57,075

Page 33

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

15. Tangible fixed assets (continued)

Net book value
At 31 March 2023
At 31 March 2022		 Plant and
machinery
£
37,139
46,424		 Office
equipment
£
5,466
-		 Total
£
42,605
46,424

16. Fixed asset investments

Cost or valuation
At 1 April 2022
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Investments
in subsidiary
companies
£
1
1
1
1		 Investment in
joint ventures
£
10,250
10,250
10,250
10,250		 Total
£
10,251
10,251
10,251
10,251

Principal subsidiaries and joint ventures

The following was a subsidiary undertaking of the Company:

Name Company Registered office or principal Principal activity
number place of business
Rambert Productions Limited 09308404 99 Upper Ground, London, SE1 Production company
9PP
Class of Holding
shares
Ordinary 100%

Page 34

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

16. Fixed asset investments (continued)

The financial results of the subsidiary for the year were:

Name Income Expenditure
Profit/(Loss)		 Expenditure
Profit/(Loss)		 Net assets
£ £
for		 the year £
£
Rambert Productions Limited 3,830,788 (3,833,440) (2,652) (2,651)
he following were joint ventures of the Company:
Names Fair value of Registered office Class of Holding
investment or principal place shares
£ of business
Rambert Trade Marks Holding Company 250 Clifton Lodge, St. Ordinary 50%
Ltd Margarets Drive,
Twickenham,
England, TW1
1QN
Rambert Creative Contemporary Dance 10,000 Clifton Lodge, St. Ordinary 50%
Grades Ltd Margarets Drive,
Twickenham,
United Kingdom,
TW1 1QN

The following were joint ventures of the Company:

17. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Amounts owed by participating interests
Other debtors
Prepayments and accrued income		 2023
£
109,933
1,781,421
212,220
18,159
34,532
2,156,265		 2022
£
235,630
771,345
185,719
208,248
21,023
1,421,965

Page 35

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

18. Creditors: Amounts falling due within one year

Bank overdrafts
Bank loans
Other loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2022
Resources deferred during the year
Amounts released from previous periods		 2023
£
402,600
20,834
200,000
371,669
21,798
264,542
37,613
234,681
1,553,737
2023
£
15,582
56,924
(15,582)
56,924		 2022
£
-
-
-
373,174
23,237
58,713
20,608
23,033
498,765
2022
£
7,797
15,582
(7,797)
15,582

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

Bank loans
Amounts owed to group undertakings		 2023
£
229,166
622,561
851,727		 2022
£
-
604,561
604,561

Page 36

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

20. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Community Fund
London Community Foundation
Kickstart Scheme for
Employers
Leverhulme Fund
Music Fellowship Fund
Idlewild Trust
Workspace Improvements
Community Dance Classes
Total of funds		 Balance at 1
April 2022
£
464,238
-
-
-
15,950
5,000
-
-
-
20,950
485,188		 Income
£
2,971,255
135,047
20,000
6,511
-
-
4,859
72,755
2,000
241,172
3,212,427		 Expenditure
£
(3,693,775)
(135,047)
-
(6,511)
-
-
-
-
(2,000)
(143,558)
(3,837,333)		 Transfers
in/out
£
20,950
-
-
-
(15,950)
(5,000)
-
-
-
(20,950)
-		 Balance at
31 March
2023
£
(237,332)
-
20,000
-
-
-
4,859
72,755
-
97,614
(139,718)

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

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

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

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

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

Page 37

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Community Fund
Talent Development Fund
Kickstart Scheme for Employers
Leverhulme Fund
Music Fellowship Fund
Total of funds		 Balance at
1 April 2021
£
997,523
-
-
-
15,950
5,000
20,950
1,018,473		 Income
£
3,982,518
45,665
150,000
34,766
-
-
230,431
4,212,949		 Expenditure
£
(4,515,803)
(45,665)
(150,000)
(34,766)
-
-
(230,431)
(4,746,234)		 Balance at
31 March
2022
£
464,238
-
-
-
15,950
5,000
20,950
485,188

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

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

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

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

Page 38

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

21. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
April 2022
£
464,238
20,950
485,188		 Income
£
2,971,255
241,172
3,212,427
Balance at
1 April 2021
£
997,523
20,950
1,018,473		 Expenditure
£
(3,693,775)
(143,558)
(3,837,333)
Income
£
3,982,518
230,431
4,212,949		 Transfers
in/out
£
20,950
(20,950)
-
Expenditure
£
(4,515,803)
(230,431)
(4,746,234)		 Balance at
31 March
2023
£
(237,332)
97,614
(139,718)
Balance at
31 March
2022
£
464,238
20,950
485,188
Summary of funds - prior year
General funds
Restricted funds

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2023
£
-
-
1
97,613
-
-
97,614		 Unrestricted
funds
2023
£
42,605
32,808
10,250
2,082,469
(1,553,737)
(851,727)
(237,332)		 Total
funds
2023
£
42,605
32,808
10,251
2,180,082
(1,553,737)
(851,727)
(139,718)

Page 39

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Restricted
funds
2022
Unrestricted
funds
2022
£
£
Tangible fixed assets
-
46,424
Fixed asset investments
1
10,250
Current assets
20,949
1,510,890
Creditors due within one year
-
(498,765)
Creditors due in more than one year
-
(604,561)
Total
20,950
464,238
23.
Reconciliation of net movement in funds to net cash flow from operating activities
2023
£
Net expenditure for the year (as per Statement of Financial Activities)
(624,906)
Adjustments for:
Depreciation charges
18,853
Bank interest received
(142)
Decrease in stocks
-
Increase in debtors
(734,300)
Increase in creditors
449,538
Net cash used in operating activities
(890,957)
24.
Analysis of cash and cash equivalents
2023
£
Cash in hand
23,817
Overdraft facility repayable on demand
(402,600)
Total cash and cash equivalents
(378,783)		 Total
funds
2022
£
46,424
10,251
1,531,839
(498,765)
(604,561)
485,188
2022
£
(533,285)
9,285
(34)
3,423
(248,343)
442,050
(326,904)
2022
£
109,874
-
109,874

Page 40

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

25. Analysis of changes in net debt

Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Debt due after 1 year		 At 1 April
2022
£
109,874
-
-
-
109,874		 Cash flows
£
(85,834)
(402,600)
(220,834)
(229,166)
(938,434)		 At 31 March
2023
£
24,040
(402,600)
(220,834)
(229,166)
(828,560)

26. Related party transactions

During the year the company received funding totalling £16,561 (2022: £200,000) from Rambert Trust Limited, the company's immediate parent undertaking. At the reporting date creditors include £644,359 (2022: £627,798) due to Rambert Trust Limited.

During the year production costs and staff salaries totalling £4,630,297 (2022: £2,583,213) were recharged to Rambert Productions Limited, a subsidiary company. Also during the year commissioning fees totalling £397,322 (2022: £2,017,272) were paid to and irrecoverable production funding totalling £1,103,591 (2022: £Nil) repayable from Rambert Productions Limited was written off. Production funding totalling £2,119,308 (2022: £503,144) was repaid by Rambert Productions Limited. At the reporting date debtors include £1,781,421 (2022: £771,345) due from Rambert Productions Limited.

During the year the company provided funding totalling £26,500 (2022: £85,187) to Rambert Creative Contemporary Dance Grades Ltd, a company with common directors and in which the company has a 50% investment. At the reporting date debtors include £212,220 (2022: £185,720) due from Rambert Creative Contemporary Dance Grades Ltd.

27. Company status

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

Page 41

(A Company Limited by Guarantee and trading as Rambert Dance Company)

BALLET RAMBERT LIMITED

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

28. Controlling party

Ballet Rambert Limited considers Rambert Trust Limited as its ultimate parent incorporated charity. Rambert Trust Limited is a company limited by guarantee and incorporated in England and Wales, the consolidated financial statements of which are available from its registered office, 99 Upper Ground, London SE1 9PP.

29. Floating charge

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

Page 42