Companynumb8r 4971133 ROYAL DRAWING SCHOOL THE ROYAL DRAWING SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUGUST2025 •AEZKG118• ¢)810412026 COMPANIES HOLISE A11 "#129 Report of the Trustees. incorporating strategic report Report ofthe IndependentAuditors 16 Statement of Financial Activities 20 Balance Sheet 21 Statement of Cash Flows 22 Notes tothe Financial Statements 23 THE ROYAL DRAWING SCHO(X REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 ROYAL DRAWING SCHOOL THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees, who are also the dirertor5 of the charitable company for the purposes of the Companies Act 2006, present their report with the financial statement5 of the charitable company for the year ended 31 August 2025. The Trustees have adopted the provislons of the Statement of Recommended Practlce for Charities ISORP 2015115econd Edition, effective l January 20191. REFERENCE AND ADMINISTRATIVE DEfAILS Registered Company number: 4971133 (Registered in England & Wales} Registered Charity number-. 1101538 Registered Office: 19-22 Charlotte Road. London EC2A 3SG Founding Royal Patron: Trustees who served during the year-. HM King Charles111 Sir Charles Saumarez Smith Chair- resigned 19 June 2025 John Booth th Chair- Appointed 25 June 2025 Fope Adelowo Dame Glenda Bailey Mariam Faruqi Professor Eileen Hogan Chalr of the Academic Board Timothy Knox The Hpn David Macmillan Deputy Chair Matthew Rice Elizabeth Sorensen Nicholas Vetch Chair of the Finance and Audit Committee DT. Mary Welleslev THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 Executive Team Catherine Goodman Foundin8 Director Julia Balchln Principal- resigned 31st May 2025 Harry Parker Director- appointed 29th July 2025 Auditors: Haysmac LLP. 10 Queen Street Place, London, EC4R LAG Bankers: National Westminster Bank Plc. Cavell House. 2a Charing Cr055 Road. London WC2H OPD OBJEcfivES AND ACTIVITIES Purposes and aims Ourcharity's purposes as set out in the company's memorandum of association are to benefit the public through the advancement of education in the arts of drawin& painting, sculpture, and print makin8. The aim of our charity 15 to raise the standard and profile of observational drawin8 and improve accessibility to high quality drawin8 tuition. This aim fully reflects the purp05e5 the charity was established to deliver. Ensuring our work delivers our airn5 We review our alms, objectlves, and activities every year. This review looks at what we achieved and the outcomes of our work in the previous year. We look at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. Our review also helps us to ensure that our airn5. objertives. and activities remain focused on our stated purposes. We have referred to the guidance contained in the Charity Commi55ion's general guidance on public benefit when reviewing our aims and objectives and in plannin8 our future activities. In particular, we conslder how planned activities will contribute to the aim5 and objectives we have set. THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 AUGUST 2025 The focu5 of our work Our main objective for the year continued to be to ralse the standard and profile of observational drawin8. Our programmes are taught by a teaching faculty of over 100 practisin8 artists, with 5,057 course bookings across 28 countries. The main artivities towards meetlng thos oblectlve were: The Drawing Year up to 30 students are accepted each year onto a p05tgraduate level. fifteen-month course in drawln8. They each receive a full scholarship to cover all their course fees, tutorials, lectures, and forums to ensu￿ accessibility and remove financial barriers to high quality art education. Each student also recelves a free studio space in which to undertake their own artistic practice. In addition to their scholarship place. some of the students also receive a new means tested maintenance grant to assist with livlng expenses. In establishing this "London Living Grant" we are aiming to extend access to The Drawing Year to talented students who may otherwise find the cost of relocating to and living in London an obstacle to their ability to undertake the course. Publlc Courses consisting of three terms of subsidised day and eveninB courses, open to artists, creatives and members of the public interested in drawing, taught at all levels. There are also holiday courses at Easter and Christmas. as well as a summer school. Courses are held at our Shoreditch studio, as well as in the principal museums and galleries, and outdoor spaces across London. This Is a fee-paying pro8ramme. however a comprehensive range of concessions. discounts and free places are offered to approximately 20% of the Public Programme to ensure that all courses offered are affordable and available to those interested in drawing from observation irrelevant of financial circumstance or background. Those eligible for concessions include people over 60. local residents in Hackney and Tower Hamlets, individuals on job seekers allowance or on disability support, art students and art teachers. The Young Artists Programme- providing serious and sustained dfawing teaching for talented and committed young people aged from 10 to 18. Full and partial scholarship support is offered to students on a means tested basis. Cla55e5 take place every week during term-time and are taught by alumni of our Drawing Year programme. The Young Artist pro8ramme also serves as Teacher Training programrne for the graduates of The Drawin8 Year who undergo a two-year teacher training programme to develop the next generation of artist who can teach drawing. Many of the artist teachers go on to teach in school and univer51ties acr055 the UK and at RDS public and postgraduate level programme. with half the RDS tuition now carried out by RDS alumni. We also run a full scholarship. after school programme in partnership with state and free schools in disadvantaged London Boroughs. Online Drawing Programme- the School has continued to offer live onllne teaching courses. extending our teachin8 to a national and international audience. The online programme supports our charitable mission by making our high-quality drawing courses accessible to those unable to attend our studios in person due to disability. illness, distance, or working or THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 caring commitment5. The programme enables to reach isolated individuals and communities, and areas of the UK with limited access to arts education and venues, as well as developing an international audience, with students attending from 28 countries worldwide. Courses are fee paying with means tested concessions and bursaries available to ensure the programme is accessible to all. We also run live digital courses during the term time on Monday lunchtime and evenings. many of which have been in collaboration with other cultural organisations and reached people In over 74 different countries. us We have slarted the development of a new strand of digital resources, the Living Library which is 3 digital archive capturing the teachin8 and practise of artists that have contrlbuted to the School since its inception in 2000. This collettion of films. audio, in- conversation5, recordings, essays, lesson plans and are a free to access and designed to enable the practice of drawing as widely as possible. Residencie$ The School offers a wide range of national and intemational drawin& painting. and teaching residencies, givin8 artists opportunities to progress their WOTk in varied setting5. In 2024-25. over l(K) artists attended a variety of residencies. We send RDS alumnl and faculty on fully funded residencies in Scotland and Wales, France, Switzerland, Italy, USA ILA and New York), India, Antigua and Jamaica. Each year we welcome students from the USA to our studios in London for three months. Additionally* we h05t student5 from regional UK universities and partner US unlversltles to our resldency programme at Dumfries House in Scotland. STRATEGIC REPORT- ACHIEVEMENTS AND PERFORMANCE All our charitable activities focus on raising the standard and profile of observational drawing throu8h teaching and practice and are undertaken to further our charitable purposes for the public benefit. The School has established itself as a valued teaching resource, within the landscape of UK art educatlon. The School aims to make it P055ible for anyone with a talent and passion to acce55 high quality drawing tuition irrelevant of financial circumstance or background, and is committed to removing financial and social barriers to acce55ing high quality art education The School has now completed its five year plan strategy which was developed in 2020121 and has now finali5ed its new five year plan approved by our Trustee5 from 2025 to 2030. We are deeplygrateful to every individual and organisation who sUPPOrted The Royal Drawing School during 24125. This year's achievement5, especially with our 25th anniversary and digital transformation, were only possible because of the continued commitment. ThE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 passion and hard work of our staff. We would also like to express our slncere thanks to our former Principal, Julia Balchin who led the school over the last 5 years and we are delighted that Harry Parker has taken over as Direttor from July 2025 to lead the ne￿ S year plan . The Drawing Year 2023124 The Drawing Year 2023124 concluded In December 2024 and new class of 2024125 commenced in September 2024. culminatin8 in the end of year awards and exhibitions at Christie's and at Shoreditch in November and December 2025. Each Drawing Year consists of a taught component from September to June followed by fwe months of studio practice. Students receive a minimum of 3.5 days tuition in the teaching terms and can access 5 days tuition weekly. When not in taught Sessions, student5 continue their prattice in their personal studio space provided by the School at Space Studios in Hackney. In the final six months of the course students work towards their end of year exhibition and assessment and participate in the 'Professional Development, programme for outgoing students. with some students beginning RDS teacher training with the Young Artist programme. The E￿ernal Assessment Board (members listed on page 13) assessed all the studenfs work and awarded the annu31 prizes on merit. Additionally, they carry out a review of checks and measures on RDS delivery. including academic and artistic content and student 5UPPOrt. They commented on the high quality of student work in the year acr055 the board and all sludent5 passed the year end assessment. 8ursarles and Student Support We have introduced a London Living Grant of up to £3,000 per student to support students with the increasin8 C05t of livin& and to support students to relocate to London to take up their place. 15 students received the Grant. There are further means tested hardship and bursary funds available on application and additional further support was offered to 13 students over the course of the year. Student recruitmenl The application deadlines for the Drawing Year falls in April. The recruitment process starts in November for admisslon in the following year. We are continuing to improve the recruitment process in line with our Equity. Diversity. and Inclusion objects to remove any barriers to entry through financial 5UPPOrt and portfolio mentorin8 as required. This year we saw an increase of 4% in applicants to 550. the highest to date, and an increase in the ethnic diversity of the 30 students both applying and being accepted onto the course. THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 EQUITY. DIVERSITY. AND INCLUSION The School has establlshed an Equity, Diverslty and Inclusion Committee with the aim to champion and promote an inclusive culture, a supportive and diverse community, and a safe, welcomin8 and open forum for matters around EDI to be addressed. The Committee holds the School accountable golng through the school's EDI Action Plan lookln8 at desired outcomes and ongoing activities ensuring EDI is embedded across all avenues namely.. Governance and Strate8V Trainin8 and Policv Curriculum and Conlent Recruitment- Staff & Faculty Student Experience and Acce55ibility Student Recruitment Markotin8 and Communications The meeting is also an opportunity to discuss emer8in8 issues and for council members to give feedback or share observations. ANNUAL REVIEW 25th Anniversary th The School celebrated its 25 anniversary with a special exhibition titled "The Power of Drawing" which ran In July 2025 following a celebration at St Jame5, Palace. Thi5 featured work by renowned arti5t5 and creatives. includlng David Hockney. Tracey Emin, Chantal Joffe, Antony Gormly, Norman Foster and Jonny Ive. The celebrations have continued with a serie5 of talks, "drawing dialo8ues" with leading artists and creatives explorin8 how drawin8 shapes creative prartice across disciples. Publlc Courses: In-Person More than 170 part time or S-week (daytime and evenin81 courses were dellvered in the academic year. Public courses ran at the School'5 own studios. as well as in the principal museums and galleries. and out and about in. London. Occupation levels were 8ood, and we took 2,042 in-person bookings. Our public courses are subsidised to ensure the widest Possible acce55 to tuition, within the School's overall funding envelope. The School was able to maintain fees at competitive rate5 throughout the year, and to offer an extensive matrix of significant fee concessions as summarized in the table below. THE ROYAL DRAWING SCHOOI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 Dlscount Full-time BA students studying for a de8ree in Fine Art Prlmary and secondary school teachers who teach art Individua15 on job seekers allowance Individua15 who receive disability support Alumni of the Drawing Year including Online intensive course Tower Hamlets and Hackney residents & businesses NHS Staff Individuals over the age of 60 75% 50% 50% so% 25% io% The total value of concession5 distributed in the year to in-person and online students £89.928 for 24125123124 was £84,473). Online Drawlng Programme Alon8side our in-person courses. we ran 111 online courses in 2024120251156 courses in 2023120241 with 1,0101937 231241 course bookings over the year. Ten and five-week drawing courses ran (both daytime and evening). available to the public, alongside a full time 'Online Drawing Development Year, course. Courses were fee payin8 Wlth concessions and scholarships available to ensure accessibility. The School continued io run live courses on a Monday lunchtime and Monday evening. The online programme wa5 taught by a combination of Senior Faculty and Alumni faculty, ensuring training of alumnl teachers, fulfilling a further School objective. Students participated from a wide range of UK regions and 28 different countries. The Young Arti5t5 Programme12024- 2025) rau8ht by alumni of the School's Drawin8 Year post8raduate level programme, our Young Artists Programme of weekly classes is designed for young person5 aged from 10 to 18, with a talent and passion for drawing. The programme enjoyed a successful year. In 202412025. there were 974 courses booked 123124 . 909 bookin851 over the 61 courses held in the Autumn, Spring and Summer Terms), benefiting from the serious and sustained drawing tuition offered by our alumni faculty. Classes were held in our own premise5 and at a range of irnportant cultural venues including the National Gallery. We also continued to run courses online and in Norwich. and New Cumnock in Scotland. There were 174 courses booked over our 10 holiday courses {Winter. Easter and Summer). The Young Artists Exhibitlon took place in July with over 167 123124 1001 submissions from Young Artists across all our courses. THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSfEES FOR THE YEAR ENDED 31 AUGUST 2025 We a150 launched a new strand of the Young Artist programme running full scholarship. after school Clubs, in partnership with state and free schools in disadvantaged London Borou8hs. 9 RDS alumni 123124: 61 successfully completed their teacher training as part of the programme Exhlbltlons Throughout 2024125, the School continued to run a successful programme of exhibitions. The Drawing Year 2023 were represented at an end of year exhibition at Christie's. followed by larger exhibition at our gallery in the School and our Young Artists also held a summer exhibilion in the School's gallery- all exhlbltlons had record attendance levels. In 2024125 the School launched a new award. The Christie's Award, with a pr•ze value of £15k the recipient then exhibited their work at Christie's In London as part of the award. We received funding to develop an exhibitions programme to raise the profile of the School, creating a window into the School and our work. The exhibition pro8ramme provide5 opportunity for our alumni and helps raise income fof the School and artists. Working with guest curators. the programme aims to show the very best in both emerging and established. national and international artists with drawing at the centre of their prartice. Three curated special exhibitions will be delivered as part of the fundin8 across 2024 and 2025. The first in the series opened in June 2024,'Drawn Together. is a group show of RDS alumni and was the highest grossing exhibition to date. By acting as a dlsclosed agent for the artists, the School provides commercial opportunities that support the careers of alumni and early career artists, so that they can have fulfilling and 5ucce55ful creative careers. Dlgltal Platform & Brandln8 We launched our new website in the Summer of 2025 which incorporated our revlsed branding which has been developed with the award-winning design agency Pentagram. This investment in the digital infrastructure of the School has been enhanced further by the development and roll out of our new CRM platform. The new website is de518ned to be a digital destination vthere our community can access our education, book on courses, find events and talks. and download drawlng resources from the new Living Library archive. THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 STRATEGIC REPORT- FINANCIAL REVIEW In 2020. Trustees committed to a new five-year strategy and financial model to Secure our long-term financial security and sustainability. migrating us to a position vthich grows reserve5 and protects the Endowment Fund. Total investment returns allocated to income from the Endowment was 4% for the year. The School has an Endowment Fund currently valued at £15.6 million which has grown from donations and investments Since its inception in 2014 with an initial £7.5 million. The School'5 balance sheet shows total net assets at 31st August 2025 of £19,516,97512024: £ 19.065,264 Income for the year is a key performance indicator and totalled £4,550,51012024.' £4,411,082) Principal sources of other fundlng arose from donations, fees charged to students attending the School's public and online courses and artwork commission and returns on investments. Our Income comprised of: 2025 2024 Donations Educational activities Investments Total £2.490,173 £1.976.432 £1.845,880 £1.474.133 £214,457 £960.517 £4,550,510 £4.411.082 Expenditure for the yeor totalled £5.051,25612024- £3,786,1301, of which staff and teaching faculty costs comprised the main expenditure in the deliveryof the School's programmes. The additional expenditure this year was due to our 25th anniversary, re-branding and investment in our digital platforms to enable us to deliver our digital strategy in the next Flve Year Plan. Adjusted by signlficant Investment galns, the resulting surplus was £451,35112024: £1,324,349}. Fundraising approath and performance The School concentrates Its fundralsing efforts on securlng the support of individuals, charitable trusts and foundations whose interests in the arts and education are aligned with its mission to promote drawing. Donations to the Royal Drawing School and offers to become a Supporter are accepted on the basis that they contribute towards the general objectives of the School and are in line with our values and mission. We carry out due diligence appropriate in relation to the Size and nature of a donation before accepting funds. We assess and manage any risks fundralsing poses to the Royal Drawlng School's activities, beneficiaries. property, work and reputation. We do this through our Finance & Audlt Committee and through external due diligence bodies. The School has up to date THE ROYAL DRAWING SCHOOL REPORT OF ThE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025. GDPR and Privacy policies that are publicly available. The School is reglstered with the Fundraising Regulator and no complaints were received durlng the year. Policy on reserves The School has reserves of £19,516,975 at the year ended 31 August 2025 (2024: £19.065,624}. This comprises restricted funds of £ 483,66312024: £253,550), endowment funds of £15.329.680 12024: £14.938.6561. designated funds of £2,370,554 12024: £2.401.221} and unrestricted 8eneral funds of £1,333.078 {2024: £1.472,1971. To mitigate financial risk for the charity. the Tru5tee5' aim is to establish a level of unrestritted 8eneral reserve5 covering at least six months of operating expenditure. On thi5 basis, the School has identified restricted and general fund5 of approximately £1,750,000. Trustees approved a new financlal model In 2020 and 5ub5equently we have been able to generate a level of surplus each year. Investment pollcy and performance The School adopted a new strategy and financial model to ringfence the Endowment Fund and build additional unrestricted reserves. Funds from the School's successful endowment campaign are invested by the Trustees, Investment Committee. with the primary purpose of supportin8 the activities of the School by providing a good income for operational costs. whilst retaining the ￿al term Capbtal value of funds invested. For the permanent endowment. received on 4 August 2014, the School has adopted The Charities (Total Return) Regulations 2013 as explained in Note 9 to the accounts. The Trustees have set the allocation of total returns at 4% of the 8ross capital Endowment Fund value for 2024-25. The Endowment Fund is managed by an outsourced corporate CIO on a discretionary basis wlth continuing oversight from the Investment Committee. on which two member5 of the Board 51t. The Investment Committee meets two times a year and sets absolute total return objertlves. It is expetted that the Endowment Fund will attract further 5UPPOrt in the coming years and increase in size. For the year. the investment managers generated a net Investment galn of £952.09712024 gain £699,397). 10 THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGusf 2025 STRATEGIC REPORT- PLANS FOR FUTURE YEARS Our new 5 year plan for ihe perlod to 2030 has 3 clear strategic priorities. The first priority is to deepen the School's offer and establish a home for drawing. The Drawing Year, as detailed on page 4. will remain our flagship programme driving excellence acr055 all our activity- We will continue to enhance the quality of our teaching through investing in the professlonal development of ouw faculty and we will continue to offer artists opportunities for teaching, residencies and exhibitions. Our alm over the next five years is to establish a new home for the Royal Dfawlng School with improved student and faculty facilities and a permanent gallery. Our second priority is to expand access to enable the practice of drawing. Our investment in new di8ital platforms and partnerships will allow us to reach many more participant5 and enable u5 to be a digital destination for drawing resources. This will have the additional beneflt of supporting longterm financial sustainability through creating a new Global revenue stream. We will also expand access by furthering our work with secondary school aged young people nd school teachers, providing education and training that complements the requlrements of the UK art curriculum. Our third priority will underpin these priorities by focusin8 on ensuring a sustainable future by growing our endowment and Increasing fee and earned income to a higher proportion of our income mix. The strategy will be measured against our educational and charitable remit and delivered in a manner that develops greater flnanclal security year on year and a lor)g-term sustsinable future. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Documenl The Royal Drawing School was founded as part of The Prince's Foundation in 2000. commencing as a separate charitable company on l April 2004. The Royal Drawlngschool Is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 12 November 2003 (amended 71h October 20251, which established the objects and powers of the charitable company. Governance and Management The directors of the company are also charlty trustees for the purposes of charity law. There must be at least three trustees. and they are recruited by resolution of the existin8 trustees on the basis of their knowledEe of the art and art education worlds or their business experience. Trustees receive an induction pack, includin8 Board papers from the last meeting and School literature. and meet with the Director, Foundin8 Director and members of the Senior Leadership team a5 way of introduction to the School's work. Additionally, they visit THE ROYAL DIIAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 AUGUST 2025 the School to meet students and observe classes. As part of ongolng training throughout their term, they are invited to attend all sub-committees and to meet with students, staff and faculty to keep fully informed with the work of the School. During their tenure trustee5 have the opportunity to have ongoin8 trainin& poid for by the School, to help them fulfil their duties. The board of trustees meets at least four times each year, to set the overall strategic direction ofthe charity and to monitorthe achievement of its objectives. A Finance & Audit Committee of key trustees and management personnel of the charity meet four time5 a year and are in charge of the School's financial management, controls and operational issues. The management of the day to day operations of the charity was delegated to the Principal untll May 2025, and then to the Director. All trustees give of their time freely and no dirertor received rernuneration in the year. Details of dirertors, expenses and related partytransactions are disclosed in note 16 to the. account5. The employees included in the key management personnel are the Founding Artistlt Director and Director. The pay of the Foundin8Artistic Director and'Director. and all other staff, 15 reviewed annuallyi and normally increased in accordance with avera8e earnin8S to reflect a cost-of-living adjustment. A salary increase of 3 to 4 % for all eliBible staff was made from 1st September 2025 . Committees committee of the trustees and key mana8ement personnel, the Flnance & Audlt Committee, undertakes detailed consideration of the School'5 key strategic and operational issues and advises the trustees in relation to thelr responsibilitles for financial management, control and reportin& as well as in relation to the management of human resources. The member5 of the committee currently are, whlch meets four tlmes each year, are: Nicholas Vetch (Chair of the Finance and Audit Committee} Fope Adelowo {Trustee) Matthew Rice (Trusteel John Booth (Trustee. Chair of the Board) Catherine Goodman (Foundin8 Oirector} Harry Parker (Director) Members ofthe Senior Management Team attend as delegates as required. 12 THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 AUGVST 2025 The Academ1¢ Board advises the trustees on their responsibilities for setting the School's curriculum and for ensuring the highest academic standards and reputation. The members of the Academic Board are. Professor Eileen Ho8an ITru5tee & Chair of the Academic Board) Julian Bell Mark Cazalet Professor Ewan Clayton Constanza Dessain Llza Dimbleby Richard Ikhide Catherine Goodman (Founding Artistlc Director) Kathryn Maple Ishbel MyerscouBh Lindsay Sekulowicz Martin Shortis Dr. Claudia Tobln An External Assessment Board provides independent, external monitoring and evaluation of the work of Drawing Year students and recommendations on the course of study. Its membership comprises of artists and art academics and is: Dr. Xavier Bray Ichairl Rachel Campbell Johnston Sydney Picasso Thomas Dane Bharti Kher Rosa Loy 13 THE ROYAL DIIAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 The School'5 Investment Commlttee oversees the investment of the School's endowment funds. The Committee's members are all investment professionals of significant reputation and standing. Theyare: Howard Marks (Chair of the Investment Commltteel John 800th (Chair of Trustees) Evy Hambro Fope Adelowo Francesco Goedhuis Stuart Roden Nicholas Vetch (Chair of the Finance and Audit Committee and Trustee) STRATEGIC REPORT- RISK MANAGEMENT The trustees review the major risks to which the charity is exposed. no less than annuallyi and have adopted a fomial risk-management process to evaluate risk by likelihood and impact. The trustees are satlsfied that the risk control document generated by this process enables them to identify and mitigate risk to an acceptable level. The most significant risks and mitigations are detailed below: RISK MrriGATION There is a catastrophic event that impacts delivery of our core activity. Ipandemic, natural disaster. terrorisl attack, buildi￿9 fire, etcl wè would move Public Piogramme online to continue to generdte course income and teach 5tudent5. Reduction in building costs due to building closure wfjll help offset loss of income. Instl8ate malor incident plan. The costs of runnin£ the building betomès prohibitive- the School does not have fit-for-purpose premises in which to deliver its pro8rnmmes Bare Trust agreement to protect interests at Charlotte Rcad: we are aciively seekin8 to reduce runnin8 costs of building including improving enew ratin& and we take a measured view of committin8 resources when the Sthool does not have lone-term securlty of tenure. The School is as50ciated, in a damaging way, with the actions of a partner organisation funder. The School ensures that all educational and fundin8 partnerships are vetted and sUbJ￿t to an agreed Memorandum of Understandlng. We have robust due diligence on all donations and this Is monitored throvBh the Finance & Audit Committee. 14 THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responslble for preparing the financial statements-ln accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the flnancial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standardsand applicable lawl. Undercompany lawthetrustee5 must not approve the financial statements unle55 they are satisfied that they give a true and fair view of the state of affairs of the charitable Company and of the surplus or deflclt of the charitable company for that year. In preparin8 those financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charitie5' SORP: make judgements and estimatesthat are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, subjert to any material departures disclosed and explained in the financial statements- prepare the financial statements on the 80ing concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with rea-sonable 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 assels of the charitable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS SO far as the trustee5 a￿ aware, there is no relevant information of which the charitable company's auditors are unaware. and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit Information and to establish that the charitable company's auditors are aware of that infomiation. AUDITORS A decision was taken to re-appoint Haysmac LLP as auditors for the audit of 2024125 accounts. The Trustees. Report incorporates the Strategic Report, which has been approved and authorised for issue by the board. Nicholas Vetch Trustee Dale: 26th March 2026 THE ROYAL DRAWING SCHOOL AUDIT REPORT FOR THE YEAR ENDED 31 AUGUST 2024 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE ROYAL DRAWING SCHOOL Oplnion We haveaudited thefinancialstatements ofThe RoyalDrawingSchoolfortheyearended 31 August2025whioh comprisethe Statement of FinancialActivities. the Balance Sheet. the Statementofcash Flows and notestothefinancialstatements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable lawand United Kingdom Accounting standards. includingFinancial Reporting Standard 102 The Financial ReportingSt8nd8rd applicable in the UK and Repubtic of Ireland (Unit&d Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements- give a true and fairview of the state of the charitable company's affairs as at 31 August 2025 and of the charitable company's net movement in funds. including the income and expenditure. forthe year then ended- have been Properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 200G. Basls foroplnion We conducted our audil in accordance with Intefnational Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements S8Ction of our report. We are independent of the charity in accordance with the ethical r8quirements that are relevantto ouraudit 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 evid8ncè we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons reialingto golng 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 workwe have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's abilityto continue as a going concern for a period of at le8Sttwelve months from when thefinancial statements are authorised for issue. Our re$ponsibilitl8s and the responsibilities of the trustees with respect to going concern are described in ihe relevant sections of this report. 16 THE ROYAL DRAWING SCHOOL AUOIT REPORT FOR THE YEAR ENDED 31 AiIGUST 2024 Other infom)atlon The trustees are responsible forthe other information. The other information comprises the information included in the Trustees. Annual Report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly 8tated in our report. we do not express any form of sssur8nce conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read ihe other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsisten¢ie8 or apparent material misstatements. we are required to determin8 whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misst8tement of this other information. we are required to 18POrtthatfact. We have nothingto report in this regard. Opinions on other matters prescrlbed bythe Companles Act 2006 In our opinion. based on the work undertaken in the course ofthe audit: the informgtion given in the Trustees. Annual Report (which includes the strategic report 2nd the directors, report prepared forthe purposes of companylaw}for the financial year for which the financial statements are prepared is consistent with the financial statements. and the strategic report and the directors. report included within the Trustees. Annual Report have been prepared in accordancewith applicable legal requirements. Matters onwhi¢h we are required to report by exceptlon In the light of the knowledge and understanding of the charitable company 8nd it8 environment obtained in the course of th8 audit. we have not identified material misstatements in the Trustees. Annual Report {which incorporates the strategic report and the directors. report). We have nothing to report in respect of the following m8tters in relation to which the Companies Act 2006 requires us to reportto you if. in our opinion: adequate accounting records have not been kept bythe charitable company- or the charitable company financial statements are not in agreement with the accounting records and returns: or Certain disclosures oftrustees. remuneration specified by law8re not made: or we have not received allthe information and expLanationswe require for ouraudil Responsibilities of trustees forthe financlal statements As explained more f ully in the trustees. responsibilities statement set out on page 14, 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 inlernal control as the trustees determine is necessary to enable the preparation of financial statements thal are free from material misstatement. whether due to fraud or error. 17 THE ROYAL DRAWING SCHOOL AUDIT REPORT FOR THE YEAR ENDED 31 AUGUST 2024 In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing. as applicable. matters related to goingconcern and usingthe goingconcern basis ofaccounting unless Ihe trustees either intend to liquidate th8 charitable company or to cease operations. or have no realistic 8ltern£tive but to do so. Auditor's responslbillties for the audit of the financial statements Our objectives 8re to obtain reasonable 8ssurance about whether the tinancial statements asawhole 8refreefrom material misstatement.whetherduetofraud orerror. and to issue an auditor's reportthatincludes ouropinion. Reasonable assurance is a high level of assurance, but is not 8 guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from f raud or error and are ¢onsidered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: Based on our understanding of the charitable company and the environment in which it operates. we identrfied that the Principal risks of non-compliance with laws and regulations related to Compani85 Act 2006 and charit.ies Act 2011 and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements. We evaluated management'sincentives andopportunitiestorfraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorities; Discussions with management including consideration of known or suspected instances of non-compliance with laws and r8gulation and fraud: Evaluating management's controls designed to prevent and detect irregularities: Reviewing minutes of meetings oftrustees,. Identifying and testing journals. in particular Journal entries posted unusu81 descriptions- and Challenging assurnptions and judgements made by management in their accounting estimates 18 THE ROYAL DRAWING SCHOOL AUDIT REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Because of the inherent limitatlons of an audlt, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statement5 or non-compliance with re8ulation. This risk increases the rn0￿ that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. a5 we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at". This description forms p8rt of our audilor's report. Use otour report Thi$ report is made solely to the charitable companys members, as a body, in accordance with Chapter 3 of Part 16 ot 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 8ccept or assume responsibility to anyone otherthan the charitable companyand the charitable company's members. as a body, for OUT audit work. forthis report. orfor the opinions we have formed. Richard Weaver (Senior Statutory Auditor) For and on behalf of Haysmac LLP. StatutoryAuditor 10 Queen Street Place London EC4R 1AG 27 March 2026 19 Theftoyal Drawlnl Sthool Statement of flnanclal attivltleslrndudln8 Incomeand gxpend41ure a¢e•unt Y*ar wded 31 Aulyst 1025 txtr*ttdFund5 Re5trfaed Fufflds EndtswMtntFuhd5 Total f￿ndS Total Funds Notes 31-A￿l-2$ JI-A￿.15 JIAu8-25 31￿Ul-ll Income lrt+m.' onarions and Ip8acle5 tharitable aCtI￿ltieS.. Education Investments S32,577 1,957,5% 1,490,173 1.976.432 1.845.880 65.068 IW5,880 16S.307 1.474.133 %0,517 1Tr).239 T•tsi In¢•me 2.443.525 1.957,596 1Tr).239 4.501.360 4.411.082 Expendlture on.. Aai5in8 funds rItab￿ activities.. Educaiion 61D,504 113,462 713.966 436.519 2.623,404 1,703.886 4.327.l90 3.349,611 Totsl expendits￿e 3,233,901 1,?03,886 113,462 5.051,Z56 3.786,130 Net Incorno I lexpendiivrel belore tha￿¢ In mlthet value ol intfestments athdtrnnsfe 1790.3831 253.710 IlJ.2131 1549W61 624.952 Change in market value of invesiment5 1,001,247 I.IXll.147 699.397 NetI￿¢me I lexp.en*turg1 for the year IM),3831 253,710 988,024 45L351 1.324,349 Tran5fer- allo(ation oltotsl reNrTh Transfer beknveen funds 597,000 23,597 1597,(MJOI 123,5971 Noi movernent In fund5 1169.7861 290,113 391.024 451.351 1,324,349 Toial lunds brou8ht lo￿ard 3,873.418 253,550 14,938,656 19.06&6Z4 17,741,275 T•tsl fvnds ¢•rrl¢d forward ii,Iz 3 703 631 15 329 680 19.516.975 19.(kn5 614 All of the above results are derived from continuin8 aCtDirties. There wero no other re￿gnISed gain5 or losses other than those ststed above. Mo¥£ments in funds are disclosed in Note 12 tothe finanaal statements. The noteson pa8es 23 to 34 lorm part of these financial 5tatemeDts 20 The Royal Orawln8 S¢hool Balance sheet As at 31 Au8Us12025 Notes 31-Au8-25 31-Au8-24 Fixed assets Tangible a55elS lfitangible assets Investments 2,140,149 135.198 15.636.Q92 2,270,478 14,679.657 17,911.439 16,950.135 Current assets Debtors Cash at bank and in hand io 362,456 2,191.415 389.554 2.569,043 2.553,871 2,958,597 Creditors". amounts falling duè withln one year li 1948.3351 1843,1081 Net current assets 1,605.536 2.115.489 Total net assets 19.516.975 19 065.624 Represented by: Restrirted funds Endowment funds Designated fund General fund 483,663 15.329.680 2.37Q.554 1.333,078 253.550 14.938.656 2.401.221 1.472,197 12,13 19.516.975 19 065 624 The notes on pages 23 to 34 form part of these financial statements. The financial statements were approved by the 8oard of Trustees on 26th M3r¢h 2026 and were signed on ils behalf by: Nicholas Vetch Tnjstee Company number.. 4971133 21 The Royal Dr•wlngSchool Statement ol u5hflows Year ended 31 Ausust 2015 31-AuR-25 31-Au8-24 ftef Ca5hllowsfrom oper•tSn¢anlvl¥es'. Note A 1437.5501 11,208.647 CashlIts￿$ Irom Investlniartlvllles.. Dividend5 and interest from investments Purchase of fixed assets Disposal of fixed assets Proceeds from sale of investments Purchase of Investments 165.307 1150,1981 960,517 12,4991 1.861,302 11,816,489) 12.802.157 112.816.1341 Net cash provlded by I lustd in) ihvestirtgartivities 59.921 944.041 Cashllow5 Irom flnJncin$ artivities- Receipt pf endowrnent Net rash provlded by/ (used in) financ￿la￿1VilieS Cthan$e IN tash and tash equl¥alents In the year Cash and cash t4uiYalents at the bewnning of the year C8sh8nd cash oqufvalentsatthE end of thè 1377.6281 2.569.043 1264.6061 2.833.649 2,569.04a Note A- re¢onclllat4onlrom SOFA to cash 14et income I lexpendlturèl th• ￿ar IGainslllosse5 on investments SOFA 451.351 1,324,349 Mote 8 11.001,2471 11.568.383) 11.568.3¥31 DividÈnds. interestand fent from investments Mote 2 1165,3071 1960,5171 116S.>071 1960.5171 D¢preciation charyes Oecrease In debtors Increaselldecreasel In creditois Mote 7 145,328 27,098 105,227 133,552 68.044 1205.6921 277.653 14.0961 N•t &ish pro￿ded byl lused inl operatiDE •rtiyities 1.208.647 22 The Royal Orawir* 5thool Notes to the finèndal ststements Y•ar ended JIA￿￿51 2025 Accounting policles The School Icornpany numbèr.. 049711331 is a prwate char￿able cornpany Iimrted by8uarantee, Is incorporated in En8land and Wale5 and Is re8lStered at 19-22 Charlotte Road, London, EC2A 3SG. 11*1 Accountiniconventio The financial siaiement5 ha¥e been prepared in accordance with the statement of RecomrnendEd Prartice forcharities ISORP 20151 Isecond Edition. effettwe l January 20191, the FiTrantial Reporting Standard applicable In the UK and RepublK ol lieland IFRS 1021 and the Companies AO 21JI6. Assets and liabilities are Initial￿ recoEnised ai historical c05t Drtransètt￿rt ￿lue unless otherwise staled In the rde¥allt accountin8 policyar notel51. key I￿￿ÉementS and estimates and Kcountin8 poIKies are set out in 1.02 to 1.17 be￿￿. 1.02 Goin8 Concoin The trustees have assessed vlhethei thp use of ihe 80ing concern basis is appropiiate and have constdered possible e￿ntS or onditions that might cast Sl8nificant doubt on the ability of the charity to continue as a 80ing concern. The trustees have made this assessment for a period ol ai least one ¥ear from the date of approval of the finanoal staiements. lfi parti¢vlaf the Irusrees have considered the charity's forecasts projectlons and have taken account of pre55ure5 on donation investment incDrne. After fflakin&tnquifies the trustees have conduded that there 15 a reasonable empectation that the chaiity has adequate resources ro ¢ontinue in operational existence for the foreseeable fvture. The charlty therefr*re contlnue5 to adopt ihe 8oin8concern basis in preparing Its ftnancial si*ernenrs. The tiustees considerthar there are no rnaterial uncertainties about the charitable company's abilitvto cryirinue as a going concern. Key judgements that the charitable compifiy has made which have a si8niflcant effeci on the a￿o￿nIS indude the a55umptions around the probabllty of rccclpt of occrued Incom¢ athd the valuation of investments_ The trustee5 dts Thot considerthat there are èny source5 of estimation uncertaintyat the reporting date that have a significant risk of cau5in6 a material adjustment to the carryin8 arnounts of Jssets and liab￿rtieS within the next reportinE period. The School rneet5 the definition of a public benefit entity under FRS 102. 1.03 Flnanclal tn5truments The charity only has financial assets antl financial liabilities of a kind that qualify a5 basic financ411 instruments. Basic financial In5trumethts are initlally recoEnlsed ar transaction value and subsequently rneèsured at th•r sevlernent value. 1.04 In¢ome I￿￿•8￿11[￿n Income is recognlsed v4hen ihe ¢harKty has entltlement to the fvnds, any performance ¢ondrtions attached to the incornE h3¥È been met, it 15 probèble the income wlll be received and the amounr can be me0s￿red reliably. Intome from 8o¥ernment and other grants. whether'capitaf Erants or'fe¥enue' 8rants, is re£o8nised when ihe ¢hanty has entitlement io the fvnds, any performante tonditions attached to the 8Tants have been mei, it is probabl¢the incomewill be received and the amount tan be meèsuied reliably and is not deferred. Income received in advance oFthe provision of a speeified sernice Is deferred until the criteria for income reco8nition are rnet. 1.05 Interest roeèlv*blt Interest on funds held deposit is included when recewable and the amount can measured reliably by the charity,. this VA norrnal￿ upon notlfication of rhe Interest paid or payable by rhe bank. 23 The Aoyal Dr•wifiE Sthool Notesto the finandal 51atements Year ended 31 Auiyst 2015 A¢countlns poll¢les Icontinuedl 1.06 Empendityre Expenditure Is recoBnlsed once there is • legal or construai¥e oblytion io make J payment to a third porty, it is probab settlement will bE required and the amouni olthe obli8ation tan be measured reliably. Expendrtvre 1$ da$slAed under the followin8 actNity headinÉs' C05ts of rai5in8funds relate to the costs incurred bythe charltable company in inducin8 ihird partiesto make voluntary Contribut￿n5 ro it, 45 well as the cost of anyarti¥ities with a lundraisin8 purpose. E¥penditure on charitable activitie5 includes the c05t5 of the operatiar¢al charitable programmes. and the costs incurred by corporate service team5 to 5UPPOrt these proyammes. which are ￿ndertaken io lurther the pvrposes of ihe chariiy a10Th8 with theif associated support cosis. l.Q7 Allotallon o15UPPOrtcosts Expenditure is allocated tothe particular artivity where the cost relate$direct￿ to that actlvity. However. the cost of overbll direttion and administration of each actwity, comprisingthe 5alaryand overhead costs olthe ¢entral funttion. is apportioned on the following basis which are an estimate. based on staff time. of the amount attributable to eath attiwlty. Where informatiaTh aknut the airns, objeetNes and projerts of the tharity is proylded to potential beneflciarles, Ihe costs associated with this publiclty are allocaied LO charitable expenditu￿. 1.08 Operadnzlthise5 Rents payable under operatin8lease$ are char8ed 383in5t income on a 5traiÉht line basis overthe lease tem). 1.09 F¥re1￿ Currency tvansactk*ThS Transaction5 In forei8n currencies are recorded at the rate rvlinB at the date of the trathsactkjn. Monetary asseis denomifiated in foreign cvrrenties are translated ai ihe rote rulin8 ai the balance sheet date. 1.10 TanOble fixed assets Items of equipment are capiralised wheiethe purchase price exceed5 £1.(KXI. Oepreciatlon Costs are alloiated tD activitie5 the basis of the use of the related asset5 in those activitie5. Assets are reviewed for impairrnent if circumstances indlcaie rheir eiiryin8v•lue may exceed thelr net realisablèvalue and value in use. Depreciation is provided ai rates calculated to write down the c05t of eath a55et to its estimated re5idu81 value aver its expetted ￿Seful Ilfe. The d¢prec13ti0n rate5 in use are as follows.. Freehold buildin85 Fimluies, fittin￿ and equiprnent - Web51te and bookinÉ systen) Leasehold Improvements - over SO year5 on c05t over 3 years on cost over 4 years Oil ctssl - over 5 years on cost 1.11 Invostmonts The investments are hehl at market val¥e at the year end date. For quoted investments these are the volue5 a5 at 31 Au8U5t. For other investments. notably prlvate equity fund5, wheievaluatiun dates are not toierminous with the charit￿$ year end. a best estirnate ￿ mèdè of their market value as at 31 AuÈvst. i.ll Detytors Trade and other debtor¥ are reco¥ni5ed at the settlement amount due after any rrade dlscoynr offered. Prepyment5 are valued at the amount prepaid net of any trade d15counts due. 24 The Roy•l Drawlns School Notesto thetlnantlal ststernents Year onded 31 Ausust 2025 Attourtime pollde5 Icontinuedl 1.13 Cashat bankond In hand Cash at bank and c35h In hand include5 cash and short terfft hi6hly li4vid investments with a short matvrityof three months or less from the date of acquisition or openln8 of the deposir or similar account. 1.14 Credltors provlslons Creditors aTrd provision5 are recognised where the tharity has a present obligation resulting from a pasi event that will probably result in the transfer tsf fundstoa third party and the amount dve to settle the obligation can be measured or estimated reliably. Creditors and provision5 art norThally reco8nised at their settlement arnount after allowin8 for any trade discount5 due. I.IS Penslons The School operaies defineé con¢rlbu¢ion pension arrangements, the assets ofwhlch are held separatetyfrom those of ihe School in independently administered funds. Cth)tributions arethar8ed tothe incorne and exppnijiture account as they bECL¥ne payable. 1.16 Fund attouNtin¢ The School malntains five types of fund-. - General unrestritted funds are those whl¢h can be used In accordancewith the 5¢hool's£haritable objects ai the discreiion of the tru5tee5. DesL4nared unrestriaed fvnds comprise funds vihich have been set aside at thedi5cretion of the Board of Tru5toes for specthc purposes. Restncted fund5 are donatlDThS. sponsorships or grants given for a speofic piece ofwork orarea of acti¥ity. mainly scholarshlps ano commut)ity WOAK. PErmanent endowment funds are funds where the eapttal must be held permanently by the School. The funds are invested, or held in cash, and the movement in lund values are reco8nised in the SOFA as investment 8ains and losses. Income 3risin8 on perrn3nent endowment funds is treated as part of the total retum. See nore 9. Expendable endowment funds compr15e lund5 held on iru51 to be retained IDT the benefit of the School as a c•piuI fund. The Tru51ee5 have power oldi5creiion to convert endowed capital inro income. 1.17 Esiim•te$ and ludgernents Esiimates and jud8eThent5 are continuèlty evaluated and are based on histor￿al experience and other factors. intluding expectations of future eventsthat are believed io be reasonable under the circumstances. Althou8h these eslimaies are based mènagement's best knowled8e of the amount, events or actions, artuèl results ultimately differfrom those e5tim3te5. The valuatlon of inve51menis is a key accountin8 estifflate, as two of the investment funds are closed funds. and valuations are only obtainable on a calendar quarterly basls. There afe no available ben£hmarkingtools avallable to calculate the movement between statements. and soihevalue In these accounts 15 held per the latest JvailablE quarteTtystarement leased In this finanoal year. Deweciation ts piovided at lates calculared to write do%4n the c05t of each a55et to It5 estimated residual value over Its expected useful life. per note 1.10. TNstees have found no addilional areas oljud8ernent ￿th a si8nificant effecl on the finandal stsrements. 25 tIthSlOlhefinandJl 51Jienynis Yea¥e*de031Auwst1015 Genprnl AestrKttd 314￿45 314￿.15 314w25 11￿4$ 3L-Au8-24 DcNtionsand lerdtits 511577 957, 1.976.432 c￿r$efees k4JteiSals Oth*1 sn(cthe 1.569,681 12.335 263.857 4569.618 iijjs Z6>.B57 l.a61.404 13.426 99.103 L145.180 U4&880 1.4?4.133 Depositaci(yJntinterÈSt DMden¢s.Interest4nd reaHsed8aSn5 65.1 65.C68 Bl.614 878.903 IOQ239 65,168 aD7 960.S17 525 4 411 082 Expendltuie 31*25 31-Aui-24 Staff costs IN•*SI In￿sIm￿ntManaY￿Qfit Publiaty￿d￿noIèls1￿8 173,312 113.462 337.192 IflJ,2 9.370 166,859 436.S19 721.966 Siaff costs IWVIE $1 other￿lIett tostslNot•41 SupportcostslNOte41 1,649,127 1,254,gJg I.834.￿6 259,756 a40.075 4327,290 3.349,611 otMrdir#¢ttoStsa*ds￿p￿rtWsts 31-Au8-24 otr*rdirert¢ostseamwl*'. ruwrsandrnod￿& PtwisescNts I1n¢￿dIf￿5lIf￿cm￿5- Nrtl 51 814.18$ 398.665 122.43B 932.800 373.087 98,134 5.6ao Otherdir￿l tQSts1l￿Vdl￿edeYtt131l￿I 53 FI￿n￿li1 and5e[ret￿lI Ex¢han8t14aInsMo￿És 2.190 36.345 37,331 IJS.628 75,74 lo.￿2 17,39# 70.OFA) I￿lereStI￿￿ tharys GO*m•nte." Leyl artdwry*ec¢ AuditleÈslNOte61 66.391 22.090 $8.631 17,16D 075 The NOt*stoth*fvnArtknlstst*n*rtts Yearenthd31AuwJstlOIS If¢osts -Aui.25 31-A￿l4 Vl¥es indsalaiies National Insuranc¢ Penyon tt￿tr 1.618.417 121663 91￿78 L262.670 113,658 75.632 Lefj4958 1.451.960 Tenw¢tsryStalf￿$ts Rwvitrnenl andtr4lnSnitost5 14.088 49.151 53.481 439 1 $15 L99 Thefoll￿￿WmbtI0Iern￿oYee5￿e￿yedtM￿￿tekne￿tsItxaUdlnlern￿D￿pt￿S￿lln rostsldurinsthÈye¥ between". 314utr24 14urDbET Number E60.t)fQ .E69.999 E70,UtsJ -£79.W4 £80.0ty) . E8>.999 E9Q.Q￿ .E99,999 £17L￿￿. I8￿(0 penswJDCOStsfiw hltherpè￿sttff W￿.. The averaee fflumber of emplryees Ihead based ￿ rtumbÈt dsiaff emr10￿> duriili the ye¥ was 5312014.. 481 The wmber of fiAI tyme eguivaleni pkne5dur1ngthewran41￿ed byfvnclity).waS." 31-Au¢-14 lI￿ty¢r rn￿r ArWstlcande¥ecvti¥edlre¢tar u(atiof¢proÈiammes Vechnid4n5 45 ThekhoDlincuryed £116￿11(1024.. £￿1)InterMIr￿t￿lnV￿rne￿tsI0? staff Mernb2T512024'.￿1l.￿J1 ￿￿￿￿¢$wer*madeInIIfie￿IthI￿e ¢hadtv'srEdunda(y P￿lty ndnofurtheiliatylitiesoKi5ted4tyÈèrend. Thetolalenwloyeobonehtsindudlni ¢0ntrfbuli￿SotthekV man¥E4ffltnt perwnnel were£40157411024..E215.7591. The rharltytiustee5 were not pald r2ceived anyother beoefitl from ern￿O¥￿Ent with thechèiityin the ¥e¥l1014.. Enlll. No charitytiusteetec•ved pwThen¢ PTDffE￿iOTr71 sWWCE55uppl￿rttOthe¢￿￿TltyI1o24.. £nlll. ug-25 31-Au8-14 Th151551•tEd alter(￿r•￿'. ry5,rernvr￿0Icn OEpiedaiion 18.750 14s.318 Trustees arediiible ioberdmhw5ed lortrtytl incidentèl e%pthse5lnC￿rre￿in theperftymanceof theRTduWe5." £nll dairnel12024'. nill. Onttrusteereceiyed ftt5 wtsllinl £1,￿6 in Connerti￿ ￿7th semces as a ￿￿-eMployed dr￿￿￿1 iutsr12024' anel Notiusteei recei¥Yd fee5 ill iElotion 10 5Er*i(e5 pl￿ded on an xm's lenoh baSiS 11024..￿￿¢}. l7 ThEAopl DrawlnESrhol Y*aYendedYIAUgU#1025 Tarylblefixedassel Fffthokl Leaseho imwv•Èmèrtt wgbstte & FknJrn4lMY4sar Oooklrysptem ¢4wIpi Total COY( AI 31Au8uSt 2024 Trènsferlolnt￿￿*A%$etS Addbt1￿s (isposals 1416,667 5l9,737 IOS457 IIOS.4571 45,521 IIC4382 1105.4J71 AI 31AuiuSI 202S 1416,657 S29.737 48.521 l99•,925 Oepwet41 rEl￿M io Jpoly In ?pprorywte portion tsf the unèpplied loinE¢rne tA(h Veèr. Uhtl th* is eKw 1410.(WI Unwplod rewrn45itll*wsi 2015 2.532.r*2 2.833.794 ODyrtalvalue4lthe•ftbr4uth*lLvw4rd P4ewendrthmentsiTrthEyear 4.1￿.(0? 4.OCO.WJ ￿￿￿•￿eThI er*ow￿¢￿I ur4pplled totsl ￿t￿rn Js •t >1 tthlsthutlrftr￿lrty&5lrnefflIu￿d 6 532 rk2 833 794 -A￿a5 31-Aui-24 Trnde debtU5 Oonètbw re¢ei¥4ble PrepiymEnts OtherdebtNs 115 31.5Y 105,L 79.4ZO 173,6 105.310 136.252 The Royal DThWi￿s￿htyJl riatq5tothe fina￿al$t￿lemllrrtS YeJrenrted31Autyst1015 li 31-Aui.14 TrJdecfe¢lt Acciua15 Deferiedlntome htrtJxesarMlJ¢clalse¢vrity Sundryiredilors 2ts1.144 114.710 562.339 49.146 17.996 166,B74 96.3S3 S50￿26 33.801 5,2Y 843 1( OptnSn&LWuredincamE Re￿se04￿ iheye¥ Irrfomedefer¥e0￿thtWrr0ltY*Ir 550*26 IS￿￿26) 1.335 617,913 1647.9231 59).816 Openin$ Othwie¢ogniStd ¥Jin51bsse5 At31AvDut2425 AI 31Au8uS¢ 2024 irf(rfne Ti4Th5fer trtyear Unre5tri(tEd GerteralFvnd DE5Kwaledfuthds'. PrcyertYFur Owtal Lond¢m 1.472.197 23597 2.443.525 597,C#)Q 333 Z.05L211 350.C 3￿73.41& 23.597 2.443 515 3.7tsa,632 A¢stiiLtedfrJhdx Artiston Film Windru5h Oièwn8YeèrFvnd YL¥JnEArt15t5 Proiiamme FoUnd*1￿yearF￿nd D￿nIs Mèhon Aluthnl& O Public Pro8iammeGenuil S(hokrship andeeneial re5tikied 2s¢hAnn￿Sary ConSultèn￿svPPDrt CRM talTran5fomètityl Lkn08￿brary 20.102 64,L*3 I￿,602 113.OWI IL6ts921 1322.2891 ,491 75.945 303.S50 114,753 14,684 18*6S 114.6841 174.90S 53,549 513.339 280,0 I￿.0￿) L12.5Ql I25￿[ IB4.9341 163.5491 liw.cooi I1￿,1441 iij. 112,343 150.0 IID.5971 123.5971 l957.$96 Ilk7.6621 IL703.8B61 20.W2 2S3.5SO 483.663 É￿1￿ment￿nd5 PerMane￿tend0wrnents Éwendab￿e￿Yo￿rn￿7t5 6J33.7Y 8.101.862 149.389 1113.4621 1597. Z59.34J 691756 4531C62 4797,619 14.931.6% 149.389 597.(ml 952.097 15.329.$00 Tgtalfund5 19tsS634 4 550 510 5051256 19 516 975 31 ThePW NOtÈstothefina￿O￿5I•lern?rl% y￿endE￿alAL￿%I 202$ Othw reco8nised g4ln51 At31Auy5t 2024 At31Auw5t2023 In£omE Eyendilurt Ti•nsfer PrlorYe4r unre5¢rtaedfr&id5 General Fund oe51watedfund5' PropttyFund. 1,270.795 1024.977 410,Ctt) K47lJ97 2.081,8B# 3S0.OCQ 5.D 130.667 I05L221 LondOnui*￿ Fund 1s.(*xi 3707.SB3 19.U17 3 273.34ZI B73.415 Re5b%¢t•Jfund5 rtisl On Film Windrvsh Ola¥ji￿Ye￿r Fund YOunaArtIStsPio8iaMme F￿ndati(￿Year Fund 0￿1% Mahon umrn&DH PuNicPio8ramrne Genertl Uvlytsbr4ry iO,f 64.432 IQ602 64.Crf> 1349 271249 137.623 7%690 Is.￿10 1137.6131 I75.6￿) 110.9trJl 14.(&81 li.￿1 14.774 4M59 LYO 253366 S01102 I￿3.￿18¥ 253.$50 Emlowmentfvnds Ptrmantsit 6,462.312 7.317.414 649.811 229.￿￿1 (9.3701 141Q(O)I i.oqo 558.357 &￿3.394 4101.062 13.779.726 1410.WIII 699.397 IC938.6S6 Tlltallunds 17 ?41 17$ 4411QB ij fjen•rnlFyv￿-Th1S Snthde5alUndlor￿lIdl￿￿7￿f￿I￿]lehHrtO￿tAo￿. Fsl8nated ProperwF¥r ThiSiSi desiwètedkn¢ represeniin8thenei book¥¥￿e0￿%ht(hèrft￿30ffte$hkrO 5hareof 1>22 Ch?rlotte R¢a¢ Lmdtyi EOA 3SG. 1hellusfeesde￿inèIed £aSOkDf fur￿5154t31AU1VS¢l013IL￿ardsthE dÈvdopment of thethwtèl strète8y. TheTruSteesde518n*eO£SOk¢flundsiiat 31Auyt2013twards I￿ry￿an￿ burswlos. Ah**lOhFilm Thtsfund ISt(>SupporTth*￿￿0f theScho￿.$Arl1Stm Filthseri*& sh Th14￿ndIst0SuppOrtt￿e th1ri0ryllfthe5cho￿$Wi￿dr￿Sh seri￿. o￿￿reYe01FU￿ ThtsfundiSt*Supp(rtthe￿￿Qffhes¢h￿s1￿￿1e¥¥ OrawlwYe¥. YO￿Artistspr￿ThrnMe ThisfundistOSUFVQrtthekhoc4'sYL￿f￿Art1sts Prowtthmeolweeklydraw￿ 14.574503 ChanF In m¥T*et￿lue Df InVEStmtnts Tot¥1 rewm ap￿￿ed 259.341 1597. 694755 IS97MO) 8al¥rfearriedttywar4 at 31Au￿￿t20I5 6 532 0$2 Repres￿le￿)¥.. TolalFixedA5XtinvestmeThtS Portionof in¥esimÈntPLYfviioielèbnBtoUn￿tridedFUndS 6n.325 &9S7.768 1160.1 1&6)&C83 Permanent Endllwments exoendèwe Endthvments TOtsIETrJ•wn*n Prtoryear BolJnrebr0uÉhtfo￿4r&?t 15eptEmber2023 ÉhdowthentCaPitAI re¢*ed Howard& Nanrymths expense5 6.462312 7,317,414 640.441 229,C81 869.$ 7.101.753 141.040 7,546,X SS8.357 14649,2S9 699.397 Chan4E In rnaTkdv4lveolin¥ttirnent5 TranrfRrlOGeneral Fund In¢te iii TotaliÈtuiffl ￿pIlEd Jlan¢erainedfO￿lld at 31AuiuSl 2024 1410.roii 1410,r 6 033 793 1493B 65$ FixedAS5et Investrn•it5 Cash 6.607.20 2245B ,D72.453 32,410 11579,657 25B,999 Des1￿￿¢￿. FL4idar Landon Livwlrt nt Fund Restli￿eOF￿nd5 EnO0￿￿entFUndS 1025 1025 1025 Total Fund 2025 FixEdass*ts Ne¢ ¢urreffltOSse 561.205 771.173 2.010.554 3SO.OfA) 15.329.6BO 483,663 L60S.$36 19 S16915 ThB No￿1 pTrwkn8S¢h Nth5tothEfinantièlstatemeAts Yearended31AuiuSt1025 Dthyated Fund 2Q14 Tatsl Furds 2014 Fund 2024 ReslrictEd Fun& Endo￿￿*￿1 Fund5 . 2024 2024 PADr>*ar Tan•bleftxed assets NetCUTreDliS5e 219.2S7 l252,￿10 2.051.221 354WD 14.679.657 258,995 1495qA35 253,550 Pwypns TheRw* DIw￿￿5[ho￿Wi￿peI1OOS." Jl-Aui.14 OPer￿1￿11eI Payable￿thin0nt¥ta￿ PaYableinlwolofi￿ve￿f5 40.990