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** 

**13** 

## **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. 

I 

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
(652)
219
2023
£'ooo
1,247
(755)
219
2023
£'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