PRINCIPAL RISKS AND MANAGEMENT

Our Trustees have a risk management strategy which comprises:

• six-monthly review of the principal risks and uncertainties that the charity faces;

• the establishment of policies, systems and procedures to mitigate those risks identified in the six-monthly review and a quarterly risk summary to update progress on risk mitigation;

• the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

The Trustees have identified that inflationary pressures, a tight labour market and ongoing impact of COVID-19 are the major risks in meeting fundraising and income targets and maintaining smooth operations to ensure we serve beneficiaries and maintain financial resilience.

The risks have been mitigated through:

• adjusting our business model, budgets and cashflows for the next two financial years in response to lower than originally budgeted earned income matched by equally lower operating costs through hybrid delivery;

• growing online delivery, communication and advocacy for the dance sector;

• bench marking salaries to West-Midland levels appropriate to our organisation’s size and specialist skills;

• continued funding from Arts Council England as principal NPO funder to 31 March 2023 and Paul Hamlyn Foundation to 31 March 2023, contributing to core and educational costs based on funding conditions that we are certain will be met.

We regularly review the fundraising achieved against targets to make any adjustments to our activities should the need arise.