2024-08-31-accounts

ELMHURST BALLET SCHOOL TRUST (A CHARITABLE COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 Company Number.. 2932622 Registered Charity Number.. 1040286

ELMHURST BALLET SCHOOL TRUST REFERENCE AND ADMINISTRATIVE DETAILS The Governors present their annual report and the financial statements of Elmhurst Ballet School Trust for the year ended 31 August 2024 and confimi that the latter comply with the requirements of the Companies Act 2006, the Company's Memorandum and Artides of Association and the Charities SORP (FRS102). REFERENCE AND ADMINISTRATIVE DETAILS The School is a charitable o)mpany incorporated in 1994. with the liability of its members limited to £1 each by guarantee. Directors J A Harrts (Chainnan) J Bryson K Cartwright P Chesterman (resigned 14 November 2023) S Evans (resigned 29 February 2024) J Hardy B Lawrence (resigned 5 May 2025) M Lawrence A L Matthews M Wyon Key Executives and Professional Advisers J A Ward (Principal) L J Caddick (Director of Finan￿ and Operations) Charity number 1040286 Company number 2932622 Principal and Registered Office 249 Bristol Road Edgbaston Birmingham. B5 7UH Bankers Lloyds Bank plc Queens Square PO Box 1000 Wolverhampton, BX1 1 LT Auditors RSM UK Audit LLP Rivennead House 7 Lewis Court Grove Park, Leicester, LE19 1SD Investment Managers EFG Harris Allday 33 Great Charles Street Birmingham, B3 3JN

ELMHURST BALLET SCHOOL TRUST GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The company is governed by its Memorandum and Articles of Association. last amended on 8 March 2005. Governing Body The Directors, who are also required under the Articles to serve as members of Ihe Company, are elected at a full Directors, Meeting on the basis of nominations received from existing Directors concerning eligibility, personal competence. specialist skills and local availability. New Governors are inducted into the workings of the Charity and the School, including Board policy and procedures, at an induction meeting which takes place prior to the first full Board Meeting. All Governors are also encouraged to attend appropriate training and to serve on at least one of the School's sub-committees. Group Structure and Relationships The charity is incorporated as a company limited by guarantee and its operations are governed by its Memorandum and Articles of Association. The Memorandum and Articles of Association impose restrictions over the income and property of the company which are to be applied solely towards the promotion of the company's objects and not distributed by way of dividend. bonus or otherwise to the members. The member's liability on winding up is limited to £1. Elmhurst Enterprises Limited, a wholly owned subsidiary, was formed in 2002 and commenced trading on 1 September 2004. Its results, assets and liabilities are consolidated into these accounts on a line by line basis. Risk Management The Board of Governors of Elmhurst is responsible for the management of the risks faced by the School in line with the School's Risk Management Policy. Detailed considerations of risk are delegated to the Finance, Facilities and General Purposes sub-committee of the main Board, who are assisted by the Senior Leadership Team. Risks are identified, assessed and controls established for monitoring during the year. A formal review of the charity's risk management processes is undertaken on an annual basis and all sub-committees are required to report annually on the management of the risk associated with their particular area of governance. The key controls used by the charity include:_ Formal agendas for all Board and sub-committee activity. Explicit Terms of Reference for all sub-committees" Comprehensive planning, budgeting and management accounting; Established organisational structures and lines of reporting. Formal written policies: Clear authorisation and approval levels. Clear staff recruitment policies, according to best practice. for the protection of our students. Clearly, checks and systems can only provide reasonable but not absolute assurance. Through the risk management pro￿sseS initiated by Elmhurst. however, the Governors are satisfied that the major risks have been identified and measures taken to appropriately mitigate the risk as necessary. The Governors consider the major risk to be the impact of the global financial market alongside a potential change in Government funding policy and considerably greater difficulty in accessing private funding. The follow- on effect of this may be insufficient numbers of students attending the School. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The Charity's Objects, as set out in its Memorandum and Articles of Association. are the advancement of education, particularly but not exclusively, with an emphasis on instruction in the performing arts, including the provision of boarding andlor day schooling for children of both sexes. Within these objects, the Charity also has to equip, furnish. fit up and maintain the buildings and to award prizes, bursaries and scholarships to students as relevant.

ELMHURST BALLET SCHOOL TRUST GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (cont'dl OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT l¢ont'dl The School is supported by the Govemment's Music and Dance Scheme and the Dance and Drama Award, both of which enable gifted young dancers from families of limited financial means to benefit from a world-class vocational dance education through the provision of funded places. The only way for students to enter the School is by audition this ensures that talent alone gives access to the School. The government-funded places are supplemented by scholarships and bursaries from commerce and private donations. Additionally, places are offered at full fees. provided that the applicant is judged to have the potential to suC￿ed as a classical ballet dancer. The Governors confirm that, to the best of their knowledge and belief, they have complied with Section 17 of the Charities Act 2011 in respect to having due regard to Public Benefit Guidance published by the Charity Commission. AIMS AND INTENDED IMPACT Elmhurst Ballet School, in Association with Bimiingham Royal Ballet, is committed to the innovative, world- leading education of talented, passionate and committed young ballet dancers, regardless of their financial circumstances. The vision of Elmhurst Ballet School is to shape the education and training of young dancers. We work internally to improve practice and with other organisations nationally and intemationally across the dan￿ sector to improve the outcomes for young people engaged in dance training at this level. The school aims to support students in preparing for professional life as a dancer and secure employment on graduation. It makes this provision in close association with Birmingham Royal Ballet. The links with the Company develop year on year and there are opportunities for all students to engage with the company in some way. Governors and Staff have worked hard to achieve recognition of the benefit the School brings to Birmingham and the West Midlands, artistic profile. OBJECTIVES FOR THE YEAR Our vision for the future is "Exceptional Dancers. Ex￿ptIOnal People. and our objectives for the 2022-2026 period are based on the following strategic themes= Student Centric Dance and Academic Excellence Dynamic Research to Evolve and Adapt our Elite Perfomiance Environment World-class Teaching Caring Culture Engage Top People Courage to Question, Challenge and Change Cultural Norms Underpinning our strategic themes is a comprehensive 4-year strategic plan which is reviewed and RAG-rated at least termly at strategy days attended by the Senior Leadership Team who feed back to the Govemors through Board and sub-committee meetings throughout the year. Governors attend a bi-annual strategy day with senior leaders to have input, challenge the team and provide extemal perspectives. Royal Patron The School is fortunate to receive the patronage of Her Majesty The Queen, who, with His Majesty The King, first visited the School in September 2006. Her Majesty has subsequently taken a great interest in the SGhool and is a keen supporter of its activities. visiting us again in December 2009. November 2014, January 2020 and most recently in March 2023. The Principal and other members of the team have thoroughly enjoyed the Royal engagements that they have attended and are delighted by the genuine enthusiasm and commitment to Elmhurst students demonstrated by Her Majesty.

ELMHURST BALLET SCHOOL TRUST GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (cont'dl Patrons from the World of Classical Ballet The School benefits greatly from the support of Maina Gielgud; AO, Dame Merle Park. DBE, Sir Peter Wright, CBE and Carlos Acosta who act as Vice-Presidents of Elmhurst. In February 2023 Elmhurst announced Wayne MacGregor CBE as its President. This very public support from such eminent ballet experts has consolidated Elmhurst's place as one of the foremost vocational ballet schools in the country. STRATEGIC REPORT OFSTED and Independent School Inspectorate (ISI) Inspections During the year, in October 2023 the school underwent a routine inspection by OFSTED. This was connected to our DaDA government funding received through the Education and Skills Funding Agency. We were delighted to be judged Outstanding in all 4 judgment areas. Safeguarding was judged to be effective. Post year end, in January 2025 the school underwent a routine ISI inspection where we were found to have met the Independent School Standards in all areas including safeguarding. We are extremely proud to have received such a positive inspection report. Employment Success 13 out of the graduating 19 students succeeded in being offered employment or further dance related training. Employment contracts included Birmingham Royal Ballet. Ballet Victoria-canada, Phantom of the Opera- London West End. Vortice Dance Company- Portugal. Italian National Ballet and the Arts Ballet Theatre- Florida. 2 students joined the Elmhurst Graduate programme. one is pursuing a musical theatre career in Japan, one is training to be a physiotherapist and 2 continue to audition. Recruitment In 2023-24, all preliminary auditions continued to be conducted via video entry with the exception of students for year 7 who were invited in person. Successful applicants were then invited to physical semi-final auditions at Elmhurst. Our Recruitment Strategy includes open days and experience days to help prospective students understand the requirements at audition and these have proved extremely popular. The Elmhurst Prep-steps programme continues lo take place at the Bluecoat independent school in Birmingham, providing after school ballet classes to pupils aged &10 years old. This is an initiative to increase the number of day pupils at Elmhurst and we are in discussions with other independent schools to look at expanding the programme further. International Engagements During 2023124, Robert Parker continued to adjudicate international competitions both online and in-person. This included the Miami International Competition- Columbia, the Youth American Grand Prix Argentina and New York, the Sibiu Dance Competition- Romania. the International Talent Awards- Italy, the Global Dance Open- Spain and the Fonteyn International Awards- London. Intemational auditions took place in Japan, Australia, New Zealand and for the first time in China. Visits to Malta also took place to deliver masterclasses to local ballet schools and to connect with the BOVICalleja foundation who have sponsored a number of Maltese students at Elmhurst. Artistic Performances Our winter performance in December 2023 showcased the progression of technique through adapted classwork for the Lower School. The Upper School students presented adapted repertoire from The Nutcracker. In May our Graduate Year came together as Elmhurst Ballet Company to perform Mode. This year the work included an exciting collaboration with Bimiingham City Universitys School of Fashion and Textiles, whose fashion students designed and crafted the costumes for a piece names A La Mode, a 'catwalk' style piece showcasing ballet, contemporary and jazz, choreographed by Denise Whiteman, Cris Penfold and Christopher Tendai.

ELMHURST BALLET SCHOOL TRUST GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (cont'dl Artistic Performances (cont'd) We again celebrated our connection with Studio Wayne McGregor and welcomed Neil Flemming Brown and Catarina Carvalho to school to restage an extract from Wayne McGregorfs FAR. Other pieces included a commission by Michael Corder, choreographies by Cris Penfold and Sandrine Monin and repertoire from La Bayadère and Sparlacus along with a piece choreographed by student Scarlett Brass. Performances took place in the Elmhurst Studio Theatre and The Shaw Theatre in London. The Summer Show 2024 was entitled 20 in celebration of Elmhurst Ballet School being in Birmingham for 20 Years. This included Whole School. Upper School and Lower School performances with our Young Dancers once again joining the Lower School for a perf0mlan￿. Once again, our own tutors created pieces for the performances long with external choreographers. Rosie Pri￿. Mikaela Polley, Lachlan Monaghan. Hannah Woodliffe, Daniel Davidson and Miguel Altunaga. Pieces from our EBC performance were also performed. Over the Christmas period. Year 7 students and Elmhurst Young Dancers were selecled to perform in Sir Peter Wright's production of the Nutcracker. Two male graduate students were invited to perform with Cork City Ballet for their production of Swan Lake. Some students were involved in our celebration of the sponsor a seat campaign. Years 12, 13 & Graduates performed their Solos to and audience made up of invited guests, the whole school and their parents. We welcomed the Arts Society, our 500 club members. our donors and the London Ballet Circle in to school to observe tech runs. performances and classes throughout the year. Competition Success In the Year 23124, 4 students were semi-finalists at the Fonteyn Awards. 1 pupil was a finalist and another won the choreographic award. Industry inspiration In 2023124 we once again welcomed a significant number of industry professionals to work with our students through workshops. choreographing new work. media training and Q&A sessions. Choreographers and artists who worked with our students on pieces for our EBC and Summer Shows induded: Michael Corder, Freelance Choreographer Christopher Tendai. West End Performer. Freelance Choreographer. Resident Choreographer on Jesus Christ Superstar Neil Flemming Brown, Company Wayne McGregor Catarina Carvalho. Company Wayne McGregor Ace Dance Mikaela Polley Lachlan Monaghan, BRB Hannah Woodliffe. Daniel Davidson Miguel Altunaga The following professionals were welcomed into school to deliver workshops to the students: Marcia Edwards, ME Company Carl Smith, Stomp Daniel Davidson, Freelance Choreographer

ELMHURST BALLET SCHOOL TRUST GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (cont'dl Industry inspiration (cont'd) Ailey 2 Dance Company Nathalie Barbara. Freelance Teacher Geraldine Morris & Victor Dura-vila Avatara Ayuso Lucinda Strachan Henry Rhodes Louis Mcmiller, Studio Wayne McGregor Christopher Tendai, West End Performer. Freelance Choreographer. Resident Choreographer on Jesus Christ Superstar Darcey Bussell A drop down day was held in June for Year 11. 12, 13 & Graduate students with New Adventures where we welcomed Glenn Graham and Nicole Kabera from the company to deliver workshops. We also welcomed, via Zoom: Calvin Royal. American Ballet Theatre Stephen Mear Miles Gilliver and Brenda Garrett. Natasha Volley attended our Assessments. Carlos Acosta (Artistic Director) and Dominic Antonucci (Assistant Director) observed Graduate students in ballet class and awarded the BRB Apprenticeship to 1 of our male students. Outstanding Academic Results Elmhurst admits students solely on the basis of ability and potential in classical ballet and is therefore not academically selective. Nevertheless, the School continues to achieve excellent academic results. Elmhurst continues to offer a full, enriching and relevant academic curriculum in both Lower School and Upper School, being committed to the notion that thinking dancers make better dancers. The School is also aware that students need to have a good academic grounding in preparation for life beyond dancing, whatever that involves them doing. We believe exceptional dancers are exceptional people. A wide variety of option subjects are available at GCSE level which in the main are taught over years 10 and 11. Lower School Academic Results 2024 In 2024, 23 Year 11 students were awarded results in 177 GCSE examinations (an average of 7.7 per student). 31 % of all GCSE entries were awarded grades 7-9 and 78 % of students gained five or more GCSES (including English and Maths) at grades 4-9. GCSEliGCSE Data /0 Entries awarded 9- 7 (A"_A) grades /0 Entries awarded 9- 4 (A'_C) grades /0 Students obtaining 5+ 9- 4 (A'_C) grades /0 Students obtaining 5+ 9- 4 (A'_C) grades including Maths and English Cohort Size Average number of GCSE entries per student 2024 31 83 78 2023 31 82 89 2022 41 90 100 2021 75 100 100 2020 55 95 95 78 89 100 100 95 23 18 26 22 22

ELMHURST BALLET SCHOOL TRUST GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (cont'dl Outstanding Academic Results {cont'd) Upper School Academic Results 2024 Sixth Form students at Elmhurst study for A Levels alongside their demanding dance training schedule. A Level Data /0 Entries awarded A'_C grades /0 Entries awarded A"_E grades Cohort size 2024 60 93 23 2023 59 97 16 2022 65 95 10 2021 89 100 17 2020 89 100 20 3 year rolling average % Entries awarded A'_C grades 61 71 81 80 79 Health & Wellbeing Strategy Elmhurst's Health and Wellbeing Team aim to create an environment that promotes and enhances the health and wellbeing of all our students as performing artists, enabling them to achieve their full potential and build healthy and sustainable lives and careers. Elmhurst has four key strands to its Health and Wellbeing strategy, these are.. prevention" earfy identification., prompt appropriate intervention and ongoing support. We aim to ensure wherever possible the prevention of injury and illness. When issues do arise we aim to identify these issues as early as possible and then work in a coordinated way to provide appropriate support and intervention. Interventions will be monitored and reviewed for as long as they are needed. Our vision is to provide outstanding physical and emotional Care to all students in a timely. sensitive and supportive manner. We achieve this by providing our students access to a wide range of emotional and physical support services which include, physiotherapists, a sports massage therapist. a rehabilitation expert. strength and conditioning coaches, a counsellor and two mental health nurses. one of whom specializes in eating disorders. Our Young Performers Health Trust continues to ensure that our students can obtain outstanding health care support in a timely manner. Outreach and Partnerships The enjoyment of, and participation in, ballet is at risk of becoming the preserve of the wealthy, as arts education continues to be eroded in state schools. We are passionate about our art form and strive to make it accessible to all. Each year, we aim to collaborate with at least three state schools as part of our 'Ballet and Beyond, Outreach programme, to spark an interest in ballet among young people who may never have considered it as a leisure activity or career. and to offer them new and diverse experiences. We also engage in community events and perfomi alongside partner organisations such as care homes and hospitals, where residents may have limited opportunities to experience the performing arts. Our schools, programme typically consists of a series of workshops delivered on-site. with opportunities for students who have participated in the workshops to visit Elmhurst and enjoy live performances. In 2023124, we worked with 459 young people in and around Birmingham. FUTURE PLANS As we move into year three of our strategy, we continue to work lo maintain high standards across all areas of the school's provision, to ensure students have access to the very best education, training and support. Leaders are focused on the strategic aims in order to secure the very best outcomes for students. In 2024125 we will continue to work towards increasing our student numbers up to capacity. focusing on the very best UK and international dance talent. We will look to build on the Suc￿sS of this year's international auditions programme, targeting regions where we have a track record of finding talented young people to train at this elite level. Increasing the number of local day students will also be a key priority. Alongside recruitment, the Senior Leadership Team will deliver a number of income generating projects to enable the school to continue to support the students studying at Elmhurst.

ELMHURST BALLET SCHOOL TRUST GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (cont'dl FUTURE PLANS (cont'd) Funding will remain a key focus of the school and we will continue to lobby funders to increase financial support for our students, families, many of whom have been significantly impacted by the introduction of VAT on school fees making it more difficult for families to afford the calculated parental contribution to school fees. Following the su￿sS of our Centenary campaign in 2022123 our theatre fundraising campaign has now entered its second phase in and we hope to raise sufficient funds to upgrade our theatre lighting in 2024125. In addition, we continue to look for ways to become more sustainable and continue to investigate options for energy-efficient heating and cooling systems throughout the school. We are working with students and external specialists to look at other ways to reduce our carbon footprint in 2024125 and beyond. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The statement of financial activities is set out on page 14 and shows total income of £5.242,000 (2023: £5,194,961) which is an increase of 0.9% compared with the prior year. School fee income increased to £4.075,000 (2023.. £4,015,765). The School's net expenditure before gains on investments was £807,000 (2023.. £379,674) due the impact of rising costs, particularly impacting our salary and energy costs. The School continues to strive to increase student numbers whilst maintaining control of costs. Our trading subsidiary continues to hire out Elmhurst School facilities during vacations and weekends, generating a profit of £35,295 (2023: profit of £34,616). FUNDRAISING STATEMENT As a registered charity, fundraising is vital to the sustainability of Elmhurst Ballet School. It costs more than £225,000 to train a world-class ballet dancer over eight years at Elmhurst. In a typical year. more than 85 % of our students require financial assistance to train at Elmhurst, and the school has to fundraise to support this this alongside raising funds to sustain a world-class programme of choreographic commissions, stage performances and community outreach activities. Funding is cultivated and received from trusts and foundations, companies and individuals. Elmhurst provides stewardship programmes for supporters including our popular Friends of Elmhurst programme and The 500 Club. an events scheme for corporate and individual donors. The ￿h0o1 facilitates regular tours and performances to keep supporters connected with our work. Elmhurst Ballet School is registered with the Fundraising Regulator and complies with the Code of Fundraising Practice. We comply with all legislative and regulatory requirements of the UK Charity Commission and ensure that our fundraising and GDPR policies and processes are reviewed and updated regularly. We are pleased to report that we have not received any complaints regarding our fundraising practice during the year ended 31 August 2024. We warmly thank all supporters who donated to Elmhurst throughout 2023-2024, with special thanks to: The Leverhulme Trust The Julia and Hans Rausing Trust Hortons Social Committee Limoges Trust Joel Seaverns Trust Cecil King Memorial Fund Frederick Ashton Foundation Bernard Piggott Charitable Trust The GNC Trust

ELMHURST BALLET SCHOOL TRUST GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (cont'dl FUNDRAISING PERFORMANCE Total donations amounted to £116,000 (2023: £151.676) Donations from the previous financial year were boosted by the school's centenary celebrations. This year. recruitment market challenges meant that the school's development team was under resoUr￿d. leading to a downtum in individual donations. The team was fully staffed at the start of the new financial year. LErriNGS Lettings of the School's dance and conference facilities, largely during vacations provided an addition to mainstream revenue of £68,000 (2023: £70.733). KEY MANAGEMENT PERSONNEL The Governors consider the Board of Governors and the Senior Leadership Team comprise the key management personnel of the charity. All Govemors give of their time freely and no Governor received remuneration in the year. The pay of the Senior Leaders is reviewed annually and normally increased at the same rate as pay increases given to other staff. RESERVES At 31 August 2024. the School had £142,000 (2023: £744.916) of free reserves plus £3.2m (2023.. £2.6m) identified for longer term investment. Free reserves are the group unrestricted net current assets. It remains the Governors, policy to accumulate a general reserve (including investments) equivalent to up to two term's running costs as an adequate level of working capital. Based on current levels of expenditure, this would equate to approximately £4,032,667 (2023: £3.724,651). The School has two designated reserves. The designated capital reserve represents the net book value of the leasehold land and buildings. This will be released over the useful economic life of the land and buildings. The designated repairs reserve represents monies set aside for major repairs to the fabric of the building. This will be expended in accordance with the repairs and maintenance programme. GOING CONCERN Student recruitment remains a key focus in our efforts to reduce our deficit in 202415 and beyond. We are pleased that 2024125 student numbers have increased compared to 2023124 and we are optimistic that these will increase further next academic year. The introduction of VAT on school fees in January 2025 presents a significant challenge and we are currently assessing the impact of this on pupil numbers and school budgets. The School has prepared forecasts based on a worst-case scenario basis and this shows that the school has sufficient resources to continue as a going concern for at least 12 months from the date these financial statements were approved. Our cash position remains strong (£933,000 at 31 August 2024) as does our investments portFolio, valued at £3,014,000 We are delighted that our Government funding from the Music and Dance Scheme has been increased by 4°/0 for 2024125. We continue to identify ways to reduce cost and increase non-core income in order to work towards narrowing the funding gap. On this basis the Governors are satisfied that it remains appropriate to draw up the accounts for the year ended 31 August 2024 on the going concern basis. INVESTMENT POLICY The School has previously placed all donations to the endowment fund on deposit with M & G Charifund with the aim of funding future scholarships. The School's current Investment policy has been in place since 2014. The School seeks to produce the best financial return within an acceptable level of risk. £2.5m has been passed to a professional investment manager and is fully invested and has been treated as longer term investments. The mandate is for a balance between capital and income on a medium to high risk basis over a ten year time horizon. The loss on revaluation is linked to global events and is broadly in line with the relevant private investor indices provided by the WMA and the FTSE 100.

ELMHURST BALLET SCHOOL TRUST 10 GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (cont'dl INVESTMENT POLICY {cont'd) Any available cash held by the Schi)ol which is unlikely to be required within a couple of months is on short term deposit with Lloyds bank. The Governors are satisfied with the level of investment income received of £142,000 (2023.. £138,359). The increase is largely due to the increase in interest rates on our short-term deposits. STATEMENT OF GOVERNORS. RESPONSIBILITIES The Governors (who are also directors of Elmhurst Ballet School Trust for the purposes of company law) are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial stalements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure. of the charitable group for that period. In preparing these financial statements. the Govemors are required to: Select suitable accounting policies and then apply them consistently- Observe the methods and principles in the Charities SORP,. Make judgments and estimates that are reasonable and prudent; Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS The Governors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Governors have confirmed that they have taken all the steps that they ought to have taken as Governors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor. The Report of the Governors is approved by order of the Board of Govemors and the Strategic Report (included therein) is approved by the Board of Govemors in their capacity as the directors at a meeting on 6 May 2025 and signed on its behalf by.. J Harris Chairman of Governors 6 May 2025

ELMHURST BALLET SCHOOL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ELMHURST BALLET SCHOOL TRUST FOR THE YEAR ENDED 31 AUGUST 2024 Opinion We have audited the financial statements of Elmhurst Ballet School Trust (the 'parent charitable company,) and its subsidiary (the 'group'} for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities (including income and expenditure account), the Consolidated and Charity Balance Sheets, the Consolidated and Charity Statements of Cash Flows and notes to the financial statements, induding significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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= give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 August 2024 and of the group s incoming resources and application of resources. including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally AC￿pted Accounting Practice" and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs 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 s or 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 induded in the Annual Report other than the financial statements and our auditor's 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 infomiation 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.

12 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ELMHURST BALLET SCHOOL TRUST FOR THE YEAR ENDED 31 AUGUST 2024 (cont'd) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Report, which indudes the Directors, Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are the Directors, Report and the Strategic Report induded within the Trustees, Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report or the Strategic Report included within the Trustees. Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made", or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees. responsibilities set out on page 10, 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 ne￿sSary 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's and parent charitable company's ability to continue as a going concem, 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 ￿ase operations. or have no realistic alternative but to do so. Auditor's 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 rf. 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. The extent to which the audit was considered capable of detecting irregularities. including fraud Irregularities are instances of non-compliance ￿llth laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding Complian￿ with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

ELMHURST BALLET SCHOOL TRUST

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELMHURST BALLET SCHOOL TRUST FOR THE YEAR ENDED 31 AUGUST 2024 (cont'd)

The extent to which the audit was considered capable of detecting irregularities, including fraud (cont'd)

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

• obtained an understanding of the nature of the sector, including the legal and regulatory framework that the group and parent charitable company operates in and how the group and parent charitable company are

• inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

• discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company's governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees' Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from external advisers.

The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) Regulations 2014, Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these laws and regulations and inspected correspondence with regulatory authorities.

The group audit engagement team identified the risk of management override of controls as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

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A further description of our responsibilities for the audit of the financial statements is provided on the Financial1Reporting Council's website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our reoort

This report is made solefy 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 auditor's 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

GARETH JONES (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Rivermead House, Grove Park 7 Lewis Court, Leicester, LE191SD

22/05/2025

ELMHURST BALLET SCHOOL TRUST 14 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Restricted Endowment Funds Funds Fund £'ooo £'ooo £'ooo 2024 Total £'ooo 2023 Total £'ooo Notes Income Donations and legacies Donations 21 95 116 152 Charitable activities: School fees receivable Syllabus classes income Summer School fees Grants receivable Other trading activities: School shows income Rents and lettings Other income Investments 4.075 105 129 350 4.075 105 129 350 4.016 71 134 362 25 68 232 122 25 68 232 142 26 71 225 138 20 Total income 5,127 95 20 5,242 5,195 Expenditure Raising funds Charitable activities School operating costs Total expenditure 35 35 45 5,912 102 6,014 5,542 5,947 102 6,049 5,587 NET (EXPENDITURE)IINCOME BEFORE NET (LOSSES)IGAINS ON INVESTMENTS {820) (7) 20 (807) (392) Net gainsl(losses) on investments 168 34 202 312 NET (EXPENDITURE)IINCOME (652) (7) (605) (704) TRANSFERS BETWEEN FUNDS 13,15 NET MOVEMENT IN FUNDS (649) (7) 51 (605) (704) Reconciliation of funds: Funds brought forward at 1 September 2023 15.473 102 364 15.939 16.643 Funds carried fonNard at 31 August 2024 95 415

ELMHURST BALLET SCHOOL TRUST 15 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 £'ooo 2023 £'ooo Noles £'ooo £'ooo FIXED ASSETS Tangible assets Investments 12,030 3,014 15,044 12,244 2,796 15,040 CURRENT ASSETS Debtors Short term deposits Cash at bank and in hand 10 384 362 571 1.317 423 843 726 1,992 CREDITORS: Amounts falling due within one year (1,027) (1,093 NET CURRENT ASSETS 290 899 TOTAL ASSETS LESS CURRENT LIABILITIES BEING NET ASSETS 15,334 15,939 FUNDS Endowment funds Restricted funds Unrestricted funds" Designated reserves General reserve 13 415 95 364 102 13 14 14.492 332 14,711 762 15 14,824 15,473 TOTAL FUNDS The financial statements on pages 14 to 31 V￿re approved and authorised for issue by the Board of Governors on 6 May 2025 and were signed below on its behalf by: J Harris - Chair of Governors

ELMHURST BALLET SCHOOL TRUST 16 CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 2024 £'ooo 2023 £'ooo Noles £'ooo £'ooo FIXED ASSETS Tangible assets Investments 12,030 3,014 15,044 12,244 2,796 15,040 CURRENT ASSETS Debtors Short term deposits Cash at bank and in hand 10 355 362 549 1.266 466 843 637 1,946 CREDITORS: Amounts falling due within one year (1,011) (1,082) NET CURRENT ASSETS 255 864 TOTAL ASSETS LESS CURRENT LIABILITIES BEING NET ASSETS 15,299 15,904 FUNDS Endowment funds Restricted funds Unrestricted funds: Designated reserves General reserve 13 415 95 364 102 13 14 14.492 297 14,711 727 15 14,789 15,438 TOTAL FUNDS 15,299 15,904 Income of £5,213,591 (2023: £5,153,199) relates to the parent undertaking. Expenditure of £6,036,008 (2023.. £5,566.355) relates to the parent undertaking. leaving a deficit prior to investment gains for the financial year in the accounts of the parent undertaking of £822,417 (2023: deficit of £413,156). The financial statements on pages 14 to 31 were approved and authorised for issue by the Board of Governors on 6 May 2025 and were signed below on its behalf by: J Harris - Chair of Governors

ELMHURST BALLET SCHOOL TRUST 17 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 Noles 2024 £'ooo 2023 £'ooo Cash flows from operating activities: Net cash (used in}Iprovided by operating activities 20 714 246 Cash flows from investing activities: Dividends and interest from investments Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments 141 (48) 524 (540) 134 (31) 242 (255) Net cash provided by investing activities 77 90 Cash flows from financing activities: Cash flows attributable to endowment Net cash provided by financing activities Change in cash and cash equivalents in the year (636) (151) Cash and cash equivalents at the beginning of the year 1,569 1,720 Cash and cash equivalents at the end of the year 21 933 1,569

ELMHURST BALLET SCHOOL TRUST 18 CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 Noles 2024 £'ooo 2023 £'ooo Cash flows from operating activities: Net cash (used in}Iprovided by operating activities 20 647 308 Cash flows from investing activities: Dividends and interest from investments Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments 141 (48) 524 (540) 134 (31) 242 (255) Net cash provided by investing activities 77 90 Cash flows from financing activities: Cash flows attributable to endowment Net cash provided by financing activities Change in cash and cash equivalents in the year (569) (214) Cash and cash equivalents at the beginning of the year 1,480 1,694 Cash and cash equivalents at the end of the year 21 911 1,480

ELMHURST BALLET SCHOOL TRUST 19 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES General Information Elmhurst Ballet School Trust (Ihe charity") is a charitable company limited by guarantee and is incorporated in England and Wales (Company registration number 2932622 and charity number 1040286). The address of the Charity's registered Offi￿ and principal place of business is 249 Bristol Road. Edgbaston. Birmingham. B5 7UH. The group consists of the charity and its one subsidiary. Elmhurst Enterprises Limited. The nature of the group's operations are set out in the Report of the Governors. The principal accounting policies adopted, judgements and key SoUr￿S of estimation uncertainty in the preparation of the financial statements are as follows: Basis of accounting The financial statements of the Group have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended practi￿ 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) - Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. They have been prepared under the historical cost convention. modified to include investments at fair value. Monetary amounts in these financial statements are rounded to the nearest whole £1,000. The financial statements are presented in sterling which is also the functional currency of the charity. Elmhurst Ballet School Trust meets the definition of a public benefit entity under FRS 102 and has therefore applied the relevant public benefit requirements of FRS 102. Basis of consolidation These financial statements consolidate the financial statements of Elmhurst Ballet School Trust ("the Charity.) and its subsidiary, Elmhurst Enterprises Limited {'the subsidiary") all financial statements are made up to 31 August. The financial statements consolidate the results of the Charity and its wholly owned subsidiary on a line. by-line basis. A separate Statement of Financial Activities and Statement of Comprehensive Income for the Charity have not been presented because the Charity has taken advantage of the exemption afforded by Section 408 of the Companies Act 2006. All intra-group transactions. balances and unrealised gains on transactions between Group entities are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary. adjustments are made to the Going Concern Having carried out a detailed review of the Trust's position and its forecasts at the date of signing the accounts and with regard to the challenges presented by the current economic climate, the Trustees are satisfied that the Trust has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the accounts. The Trustees consider that the company has adequate recourses to enable it to continue in operational existence for the foreseeable future and the accounts are therefore prepared on a going concern basis. Income All income is included in the Statement of Financial Activities when the Group is legally entitled to the income, there is probability of receipt and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Fees receivable and charges for ServI￿S are accounted for in the year in which the service is provided. Fees receivable are stated after deducting allowances. scholarships and other remissions allowed by the Group.

ELMHURST BALLET SCHOOL TRUST 20 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income {cont'd} Donations receivable for the general purposes of the Group are credited to unrestricted funds. Donations subject to specific wishes of the donors are carried to relevant restricted funds. Legacies are accounted for as soon as entitlement, probability and monetary value can be established. Investment income is recognised on an accruals basis. Grants receivable (including government grants) are recognised in the Statement of Financial Activities when the conditions for receipt have been complied with. Rent and lettings income is recognised on a receivable basis. Other income is accounted for in the year in which the Servi￿ is provided. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably. The following specific policies are applied to particular categories of expenditure: 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 on providing education and include both direct costs and support costs relating to the activity. Support costs include ￿ntral functions and have been allocated to activity cost categories on a basis consistent with the use of resources e.g. staff costs by the time spent and other costs by their usage. All expenditure is inclusive of irrecoverable VAT. Taxation The Charity is considered to pass the tests set out in Paragraph 1, Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from tax in respect of income and capital gains received within categories covered by part 11. chapter 3 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Fund Accounting General unrestricted funds comprise the accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Governors in furtherance of the general charitable Designated funds comprise unrestricted funds which have been set aside by the Governors for particular purposes. The aim and use of such funds is set out in the financial statements. Restricted funds are created when grants and donations are received either for a particular area or purpose, the use of which is restricted to that area or purpose. Expenditure is charged to the Statement of Financial Activities when incurred. An endowment fund has been established to fund scholarships. The capital is invested in perpetuity and under the terms of the endowment, investment returns up to 2011 form part of the endowment capital.

ELMHURST BALLET SCHOOL TRUST 21 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Tangible Fixed Assets Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to vrfrite each asset down to its estimated residual value evenly over its expected useful life, as follows:_ Long leasehold buildings Short leasehold property Fixtures, fittings and equipment (general) Fixtures and fittings (theatre) Assets in the course of construction are not depreciated until brought into use. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairment losses. Impairments are recognised in the Statement of Financial Activities. Investments Initial investments are stated at their transaction value and subsequently measured at fair value. Movements in the valuation of initial investments are included wthin gains and losses in investment assets in the Statement of Financial Activities. Fair value is measured by referen￿ to bid prices. Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any impairment. An assessment for impaimient is made at each reporting date. Retirement Benefits Retirement benefits for the teaching staff of the Group were provided by the Teachers. Pension Scheme (TPS) until 31 March 2022. The TPS is an unfunded scheme. Contributions to the TPS are calculated so as to spread the cost of pensions over employees. working lives with the Group in such a way that the pension cost is a substantially level per￿￿tage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a projected unit method. The TPS is a multi-employer scheme but sufficient information is not available to use defined benefit accounting and therefore it is accounted for as a defined contribution scheme. with the amount charged to the Statement of Financial Activities being the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. The Group operates 2 defined contribution schemes for the benefit of its non-teaching staff. From 1 April 2022 teachers were enrolled into a third defined contribution scheme. The pension cost charged in the Statement of Financial Activities is the amount of the contributions payable for the year. Differences between contributions payable for the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. Operating Leases All leases are treated as operating leases on the basis that the leasing agreements do not transfer to the school substantially all of the risks and rewards incidental to ownership. The annual rentals arising are charged to the Statement of Financial Activities on a straight line basis over the term of the lease. 75 years Length of lease 5- 10 years 10 years Entrance Fees and Deposits Entrance fees and deposits are charged to students upon arrival at the School. These are refundable to students when they leave the School unless there are unpaid fees in which case they are used to supplement these unpaid fees. They are therefore held as a creditor until the students leave the School.

ELMHURST BALLET SCHOOL TRUST 22 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Cash at Bank and in Hand Cash at bank and in hand include monies held on short term deposits with original maturity of three months or less with recognised banks and building societies. Stocks Stocks are valued at the lower of cost and estimated selling pri￿ less costs to complete and sell. Provision is made for obsolete and slow moving items. Financial Instruments The Group has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues. of FRS 102, in full, to all of its financial instruments. Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument, and are offset only when the Group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets Trade debtors, group debtors and other debtors Trade debtors, group debtors and other debtors (induding accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the eX￿sS of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised. are recognised immediately in profit or loss. Financial liabilities and equity Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Trade creditors, other creditors and accnials Trade creditors and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost. being the transaction price less any amounts settled. Derecognition of financial assets and liabilities A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires. Judgements and Key Sources of Estimation Uncertainty Estimates and judgements 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 critical accounting estimates and areas of judgement to note.

ELMHURST BALLET SCHOOL TRUST 23 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2 SCHOOL FEES RECEIVABLE 2024 £'ooo 4,682 {607 2023 £'ooo 4,733 1717 School fees Less.. Total grant funding, bursaries and alloWan￿S ANALYSIS OF TOTAL EXPENDITURE Staff costs £'ooo (Xher Depreciation £'ooo £'ooo 2024 £'ooo 2023 £'ooo Raising funds: Other fundraisinq costs Charitable activities: Direct costs: Dance costs Academic Boarding Propety and domestic Support costs of Schooling". Printing. postage, stationery and telephone 1,308 744 583 239 502 102 916 639 1,810 846 1,499 1,140 1,544 853 1,363 1,012 262 40 58 57 40 58 57 41 72 54 Advertising and marketing Insurance Bad debt provision Staff costs Other support costs Governance costs 363 363 80 115 6,014 393 114 90 5,542 80 98 2.498 17 3.254 262 Total expenditure Support costs have been allocated to cost categories on a basis consistent with use of resources e.g. staff costs by the time spent and other costs by their usage. 4 EMPLOYEES The average monthly number of persons employed by the Group during the year was: 3.288 2.499 262 6,049 5,587 2024 2023 Total staff (actuallfull time equivalent) Split of full time equivalent by category= Administration Teaching Support staff 100173 108175 10 37 26 73 10 39 26 75 2024 £'ooo 2023 £'ooo Staff costs consist of.. Wages and salaries Social security costs Employer contributions to defined contribution schemes Other staff costs 2,663 247 248 130 3,288 2,571 235 256 75 3,137 Included in other staff costs above are agency staff costs of £63.545 (2023.. £23,474).

ELMHURST BALLET SCHOOL TRUST 24 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Icont'd) 4 EMPLOYEES Icont'd) Details of staff receiving remuneration (excluding employer pension costs) in excess of £60.000 are shown below.. 2024 2023 No of staff No of staff £60,001-£70,000 £70,001-£80.000 £80,000- £90,000 £120,000- £130,000 Pension costs in respect of the above employees totalled £65.105 (2023= £53,122). No (2023= none) higher paid employees were accruing benefits under a defined benefit pension scheme. None of the Governors received any remuneration in the current year or prior year. No Govemors were reimbursed for travel expenses in the current year (2023= none). Key management personnel are those having authority and responsibility, delegated to them by the governors, for planning, directing and controlling the activities of the Group. Remuneration for key management personnel. including employerfs national insurance contributions and contributions to the pension scheme, amount to £668,391 (2023: £674.450}. NET INCOME 2024 £'ooo 2023 £'ooo Net income is stated after charging: Operating lease rentals: Plant and machinery Land and buildings Auditors, remuneration for for audit services for taxation services Depreciation 181 183 34 33 262 266 6 INVESTMENT INCOME 2024 £'ooo 20 106 126 2023 £'ooo 15 123 138 Bank interest receivable Investment income 7 TAXATION As the Charity has attained charitable status, the trustees consider that there is no income subject to corporation tax for the year ended 31 August 2024. The subsidiary undertaking has a tax liability of £Nil (2023.. £Nil) for the year. 8 TANGIBLE ASSETS Long Short Fixtures. leasehold leasehold fittings and buildings property equipment £'ooo £'ooo £'ooo 15,744 53 2.053 48 Elmhurst Total Enlerprises Charity Ltd £'ooo £'ooo 17,850 48 Total Group £'ooo 17,855 48 COST At 1 September 2023 Additions Disposals At 31 August 2024 DEPRECIATION At 1 September 2023 Charge for the year Disposals At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 53 3,654 216 32 1,920 42 5.606 262 5,611 262 36 17 139 21 133

ELMHURST BALLET SCHOOL TRUST 26 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (cont'd) INVESTMENTS Group 2024 £'ooo 2,796 540 (524) 172 30 Charity 2024 £'ooo 2,796 540 (524) 172 30 2023 £'ooo 3,096 254 (242) (304) (8) 2023 £'ooo 3,096 254 {242) {304) (8) Fair value at 1 September 2023 Additions at cost Disposals proceeds Unrealised (loss)Igain Realised (loss)Igain on disposal Fair value at 31 August 2024 Historic cost at 31 August 2024 The Charity holds an investment of £1 {2023: £1) representing the ordinary share capital of its subsidiary Elmhurst Enterprises Limited which is eliminated in the Group. The remaining investments relate to £361.745 (2023: £311.500) held in the M&G Charifund Equity Investment Fund for Charities and investments managed by Harris Allday of £2,654,033 (2023: £2,485,034). 10 DEBTORS Group 2024 £'ooo 77 Charity 2024 £'ooo 52 2023 £'ooo 78 2023 £'ooo 78 82 132 174 466 Outstanding fees Amount due from trading subsidiary Other debtors Prepayments and accrued income 135 172 384 171 174 423 135 162 355

ELMHURST BALLET SCHOOL TRUST 27 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (cont'd) 11 CREDITORS: Amounts falling due within one year Group 2024 £'ooo 245 394 60 203 125 Charity 2024 £'ooo 238 394 58 203 118 2023 £'ooo 86 383 68 48 508 2023 £'ooo 86 383 63 48 502 Trade creditors Entrance fees refundable and deposits Other taxation and social security Other creditors Accruals and deferred income Deferred income comprises income received in advan￿ for aided pla￿S under the DADA scheme of £Nil (2023: £261,184) and fees and bursaries in advance of £17,000 (2023: £12,996). Total deferred income of £17,000 (2023.. 274,180). Charity & Group 2024 £'ooo Movement on deferred income: Deferred income at 1 September 2023 Released in year Deferred in year Deferred income at 31 August 2024 12 FINANCIAL INSTRUMENTS 274 (274) 17 17 Group 2024 £'ooo Charity 2024 £'ooo 2023 £'ooo 2023 £'ooo The carrying value of the Group's and Charity's financial instruments at 31 August Financial assets: Financial assets at fair value Fixed asset investments Total 3,014 2,796 3,014 2,796 13 ENDOWMENT AND RESTRICTED FUNDS Brought forward Gainsl (losses) on investments £'ooo Carried forward Income Expenditure Transfers £'ooo £'ooo £'ooo £'ooo £'ooo Charity and Group Endowment Funds Scholarship endowment 364 20 415 Prior Year Brought forward Gainsl (losses) on investments £'ooo Income Expenditure Transfers Carried forward £'ooo £'ooo £'ooo £'ooo £'ooo Charity and Group Endowment Funds Scholarship endowment 365 17 15 364 Under the terms of part of the endowment, investment return up until 2011 will form part of the endowment capital. Investment income re￿iVed thereafter is to be used to fund scholarships. The transfer represents the income used to fund a scholarship during the year.

ELMHURST BALLET SCHOOL TRUST 28 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (cont'd) 13 ENDOWMENT AND RESTRICTED FUNDS {cont'd) Restricted Funds Brought forward £'ooo 17 85 102 Income Expenditure Transfers Carried forward £'ooo 17 78 95 £'ooo £'ooo £'ooo DfE Grants Donations 95 95 102 102 Prior Year Restricted Funds Brought forward £'ooo 17 85 102 Income Expenditure Transfers Carried forward £'ooo 17 85 102 £'ooo £'ooo £'ooo DfE Grants Donations 100 100 52 52 48 48 DfE Grants These grants provide towards the costs of our outreach programme and refurb1shmentlrep1a￿Ment of equipment. Transfers represent capitalised spending completed in line with the terms of the restriction. Donations This consists of several small donations which have been given to the Charity to be used in accordance with the wishes of the donors. Transfers represent capitalised spending completed in line with the terms of the restriction. 14 DESIGNATED FUNDS Charity and Group Brought forward £'ooo 12.111 2,600 Income Expenditure Transfers Carried forward £'ooo 11,892 2,600 £'ooo £'ooo £'ooo (219) Capital reserve Repairs reserve 219 Prior Year Charity and Group Brought forward £'ooo 12,330 2.600 Carried forward £'ooo 12,111 2,600 Income Expenditure Transfers £'ooo £'ooo £'ooo (219) Capital reserve Repairs reserve 219 The capital reserve represents the investment in leasehold land and buildings on the School site. The transfer represents the movement in the net book value of leasehold land and buildings during the year. The repairs reserve represents monies set aside for major repairs to the fabric of the building. Transfers represent the monies set aside by the Governors during the year. 15 GENERAL RESERVE Group 2024 £'ooo 762 (652) 219 Charity 2024 £'ooo 727 [phone] £'ooo 1,247 [phone] £'ooo 1,233 (776) 219 At 1 September 2023 Net (expenditure)l income for the year Transfer from capital reserve Transfer from endowment reserve Transfer from restricted reserve At 31 August 2024 48 762 48 727 332 297

ELMHURST BALLET SCHOOL TRUST 29 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (cont'd) 16 COMMITMENTS UNDER OPERATING LEASES At 31 August 2024. the Group and Charity had total future minimum lease payments under non-cancellable operating leases as follows: Plant and machinery: Amounts payable within 1 year Amounts payable in 1- 2 years Amounts payable in 2 - 5 years Land and buildings: Amounts payable within 1 year Amounts payable in 1- 2 years Amounts payable in 2- 5 years Amounts payable in more than 5 years 2024 £'ooo 2023 £'ooo 10 170 170 506 180 170 506 169 861 17 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Unrestricted Restricted Endowment funds funds funds £'ooo £'ooo £'ooo Total £'ooo Fund balances at 31 August 2024 are represented by: Tangible fixed assets Fixed asset investments Net current assets 12.030 2.652 142 12.030 3,014 290 362 53 95 Total net assets 95 415 Prior Year Unrestricted Restricted Endowment funds funds funds £'ooo £'ooo £'ooo Total £'ooo Fund balances at 31 August 2023 are represented by: Tangible fixed assets Fixed asset investments Net current assets Total net assets 12,244 2.484 710 12,244 2,796 864 312 52 364 102 102 18 ANALYSIS OF CHARITY NET ASSETS BETWEEN FUNDS Unrestricted Restricted Endowment funds funds funds £'ooo £'ooo £'ooo Total £'ooo Fund balances at 31 August 2024 are represented by: Tangible fixed assets Fixed asset investments Net current assets Total net assets 12.030 2,652 107 12,030 3,014 255 362 53 415 95 95 Prior Year Unrestricted Restricted Endowment funds funds funds £'ooo £'ooo £'ooo Total £'ooo Fund balances at 31 August 2023 are represented by: Tangible fixed assets Fixed asset investments Net current assets Total net assets 12,244 2,484 710 12,244 2,796 864 312 52 364 102 102

ELMHURST BALLET SCHOOL TRUST 30 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (￿nt'd) 19 CAPITAL COMMITMENTS As at 31 August 2024. the Group and Charity had contracted capital commitments of £nil (2023: £nil). 20 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Group Charity 2024 2024 £'ooo £'ooo 2023 £'ooo 2023 £'ooo Net (expenditure)lincome for the reporting period Adjustments for: Depreciation charges Losses/(gains) on investments Dividends. interest and rents from investments (Increase)/decrease in debtors (Decrease)lincrease in creditors Net cash (used in)Iprovided by operating activities (605) (704) (605) (726) 262 (202) 266 312 262 (202) 266 312 (142) 39 (66) (138) (117) 136 (142) 111 (71) (138) {158) 135 714 245 647 309 21 ANALYSIS OF CHANGES IN NET FUNDS At1 September Cash flows 2023 £'ooo 726 At31 August 2024 £'ooo 571 362 933 GROUP Cash at bank and in hand Notice deposits (less than 3 months) Total cash and cash equivalents £'ooo (155) 481 636 At1 September Cash flows 2023 £'ooo 637 At31 August 2024 £'ooo 549 362 911 Charity Cash at bank and in hand Notice deposits (less than 3 months) Total cash and cash equivalents 22 SUBSIDIARY COMPANY The charitable company owns the entire issued share capital of Elmhurst Enterprises Limited, a company incorporated in England and Wales (registered number 04442439). The principal activity of Elmhurst Enterprises Limited is that of providing facilities. The results of Elmhurst Enterprises Limited are consolidated into these accounts. £'ooo (88) 481 569 For the year ended 31 August 2024, Elmhurst Enterprises Limited recorded turnover of £72,181 (2023: £79,979). cost of sales and expenses of £36.886 (2023.. £45.363) less corporation tax of £nil (2023: £nil) giving rise to a retained profit of £35,295 (2023: £34,616). During the year the subsidiary company has distributed £34,616 (2023.. £13,476) to the parent company in respect of 2023 profits. Net assets at 31 August 2024 were £35.296 (2023: net assets £34.617).

ELMHURST BALLET SCHOOL TRUST 31 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (￿nt'd) 23 RELATED PARTY TRANSACTIONS During the year, the Charity charged Elmhurst Enterprises Limited £25,695 (2023: £33,009) in respect of staff costs, catering costs and facilities costs. At the year end, the Charity was owed £5,986 (2023: £82,430) by Elmhurst Enterprises Limited. J Harris, a governor of Elmhurst Ballet School Trust, is also a director of Health Claims Bureau. During the year, Health Claims Bureau provided management and advice services to Elmhurst Ballet School Trust amounting to £19,098 (2023: £18,792). None of the above balances with related parties is secured. 24 COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITES Unrestricted Funds £'ooo Restricted Endowment Funds Fund £'ooo £'ooo 2023 Total £'ooo INCOME FROM: Donations and legacies: Donations Charitable activities: School fees receivable Syllabus classes income Summer School fees Grants receivable COVID 19 job retention scheme Other trading activities: School shows income Rents and lettings Other income Investments 52 100 152 4.016 71 134 362 4,016 71 134 362 26 71 225 121 26 71 225 138 17 Total income 5,078 100 17 5.195 EXPENDITURE ON: Raising funds Charitable activities School operating costs Total expenditure 44 5.491 52 5,543 5,535 52 5.587 NET (EXPENDITURE)IINCOME BEFORE NET (LOSSES)GAINS ON INVESTMENTS (457) (297) {754} 51 48 17 (392) (312) (704) Net (losses)Igains on investments NET (EXPENDITURE)IINCOME TRANSFERS BETWEEN FUNDS (15) 48 (48) (3) (1 } NET MOVEMENT IN FUNDS (703) {704) Reconciliation of funds: Funds brought forward at 1 September 2022 Funds carried forward at 31 August 2023 16.176 102 365 16,643 102 364