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2025-08-31-accounts

LONDON VOCATIONAL BALLET SCHOOL LIMITED

(Company limited by guarantee no. 08130526 registered charity no. 1148129)

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

LONDON VOCATIONAL BALLET SCHOOL LIMITED (Company limited by guarantee no. 08130526, registered charity no. 1148129)

REPORT AND FINANCIAL STATEMENTS for the year ended 31 August 2025

CONTENTS

Page
Legal and administrative information 1
Trustees' report 2
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11

LONDON VOCATIONAL BALLET SCHOOL LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS for the year ended 31 August 2025

Trustees Kelly Richardson (Chair) (resigned 3 December 2024)
Giada Vercelli (Chair) (appointed 13 December 2024)
Susan Smith (Treasurer) (resigned 31 August 2025)
Shumaila Farooqui (Treasurer) (appointed 3 December 2025)
Joanna Barrett (resigned 7 May 2024)
Margaret Martin-Ward
Hannah Bateman (resigned 31 August 2025)
Emily Glynn-Farrell (resigned 31 August 2025)
Andrew Peasgood (resigned 31 August 2025)
Julie Bowers (resigned 3 December 2024)
Isabelle Brouwers
Hannah Kelly (appointed 15 October 2024)
Cira Robinson (appointed 3 October 2025)
Alastair Wilson (appointed 3 October 2025)
Esther Kentish (appointed 3 October 2025)
Isabella Sharp (appointed 1 September 2025)
Secretary Vikki Langford
Senior Management Team (SMT)
Director of Business Gavin McCaig (resigned 31 December 2024)
Operations
Academic Director Kate Blakeburn
Deputy Academic Director Katrina Watson (resigned 31 August 2025)
Artistic Director Louise Bennett (appointed 9 September 2024)
Business Manager & Bursar Louise Ince (appointed 6 January 2025)
Designated Kerry Williams
Safeguarding Lead
Company reg. no. 08130526
Charity reg. no. 1148129
Registered office 58 Bulwer Street
London
W12 8AP
Independent examiner Simon Erskine FCA FCIE DChA
61 Mortimer Road
London
NW10 5QR
Bankers Barclays Bank plc
Virgin Money plc
Leicester
177 Bothwell Street
LE87 2BB
Glasgow
G2 7ER
CAF Bank
30 Old Broad St
London
EC2N 1HT

1

LONDON VOCATIONAL BALLET SCHOOL LIMITED

TRUSTEES' REPORT for the year ended 31 August 2025

Company Number 08130526

The Trustees, who are also directors of the Company for the purposes of company law, submit their annual report and the financial statements of London Vocational Ballet School Limited for the year ended 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

OBJECTS OF THE CHARITY, PRINCIPAL ACTIVITIES AND ORGANISATION

Organisation

The charity is governed by its Trustees who are responsible for formulating the strategies and policies of the charity including the approval of budgets and the annual accounts. The Trustees delegate the day to day running of the charity to its staff.

Recruitment and appointment of Trustees

Trustees are appointed on the basis of their expertise in a particular field. Recruitment to the Board is aimed at being accessible, ensuring those from a host of backgrounds are able to apply and be appointed as Trustees.

Governing document

London Vocational Ballet School Limited is a company limited by guarantee and a registered charity, governed by its memorandum and articles of association and the policies formulated from time to time by the Trustees. The charity is registered with the Charity Commission under number 1148129 and is incorporated under number 08130526.

2

LONDON VOCATIONAL BALLET SCHOOL LIMITED

TRUSTEES' REPORT for the year ended 31 August 2025

Objects

The charity's objects are specifically restricted to the following:

To advance, for charitable purposes, education and to promote the arts (in particular ballet and related performing arts) both for the public benefit in particular but not exclusively by:

(a) operating a school within the meaning of the Education Acts, open to all pupils showing a talent and commitment to ballet and related performing arts;

(b) advancing and coordinating academic and vocational excellence by providing specialist facilities for ballet training within the school premises;

(c) promoting, with the community as a whole, opportunities to participate in dance for people of school going age who would otherwise normally be excluded by virtue of economic, social or cultural reasons; (d) providing bursaries and other forms of subsidy for pupils not able to afford to pay the full running costs of the school and of its dancing facilities;

(e) fostering interest in and promoting knowledge of the subject of ballet and related arts for the better appreciation by and general benefit of the public as a whole (the school aims never to turn away a talented child); and

(f) forming links with other organisations actively involved in ballet, in order to enhance the contribution made by ballet for the benefit of society as a whole.

DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS

Achievements and Performance

INTRODUCTION

The past year has been a monumental year at the school and charity. Despite financial challenges across the third sector and the broader UK economy, the school’s consistent delivery of its diverse and enriching curriculum provided numerous young people with opportunities to grow and develop as both scholars and artists. Graduating students achieved excellent GCSE results, improving on last year: 49% 9-7 (A*-A), 97%.

The school’s charitable work has grown, with the equivalent of approximately 50% of potential income in the full-time school now receiving funding to study academically and vocationally. The Trustees and staff of the school worked diligently to secure extra funding to support bursaries. Huge efforts have been made to revitalise the schools building with new equipment added to academic classrooms including state of the art SmartBoards, lockers and educational resources. The curriculum has been developed by the school’s senior leaders to include a broader range of vocational studies, with the introduction of partnering work and repertoire, a greater emphasis on creativity, strength work, visits from industry experts, and lectures from leading wellbeing specialists. The audition preparation strategy for Year 11 has been expanded to include multiple mock auditions led by visiting artists and attended by guest dancers.

Our holiday courses ran successfully, attracting students with a range of skills and experiences, allowing them to develop their skills in an encouraging and supportive environment. Our Easter Course targeted those in search of a developmental opportunity, whereas the Summer Course was designed for those either in or considering full time training. Several students were offered places on the Associate Course or were invited to audition for the full time school.

3

LONDON VOCATIONAL BALLET SCHOOL LIMITED

TRUSTEES' REPORT for the year ended 31 August 2025

The school gave a guest performance at MoveIt in March, and in June we presented a diverse and exciting summer performance at Sadler’s Wells. This mixed bill showcased the talent and versatility of our students and our in-house choreographers, and we commissioned two new works by renowned guest choreographers Monique Jonas and Matthew Rawcliffe. Students had the opportunity to expand and develop their technical and artistic skills, and delivered two exceptional performances at this world famous venue.

RISK POLICY AND MANAGEMENT

The Trustees are responsible for the management of the risks faced by the charity. Risks are identified and assessed and controls are established throughout the year. A formal review of the charity's risk management process is undertaken on an annual basis.

The Trustees consider the principal risks to the charity to be:

The key controls used by the charity include formal agendas, minutes and actions for all Trustee meetings alongside comprehensive planning. Budgets and micro-budgets are drawn up, which the school’s Senior Management Team oversee implementation of. Clear authorisation and approval for all levels of expenditure were in place as well as policies and protocols which provide clean and clear lines of reporting.

The level of detail and reporting within the accounts, risk management, financial management and policy continues to develop resulting in greater visibility for the Trustees and senior leaders around KPIs and risks arising.

Controls over the operation of the charity's bank accounts and periodic reviews of the adequacy of insurance of the charity's fixed assets are considered to be adequately managed. Thorough procedures are in place to ensure compliance with health and safety and robust safeguarding regulations in order to protect both students and staff.

Such procedures are reviewed regularly to ensure compliance with the latest requirements. Through the risk management processes established, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary and possible.

It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The major risks to which the charity is exposed as identified by the Trustees have been reviewed and systems have been established to mitigate those risks.

FINANCIAL REVIEW

The charity achieved a surplus of £12,182 for the year ended 31 August 2025 (2024 - £69,321). This is after awarding £306,459 in bursaries to underprivileged and talented students (2024 - £254,364). Families are struggling with costs of tuition and as a charity we are pursuing ageing balances with sensitivity.

4

LONDON VOCATIONAL BALLET SCHOOL LIMITED

TRUSTEES' REPORT for the year ended 31 August 2025

Public benefit

Numerous bursaries are awarded to students on the basis of their talent and financial means. The school operates its key outreach programmes, the LVBS Associate Course and STREAM as part of its talent development pipeline, which helps identify talent in the community and bring it into the associate course or full time school.

The Associate programme continues to grow which allows pupils to participate in our training outside of attending the full-time school. Holiday and Open Course programmes continue to expand with new structures and marketing support. On account of ensuring the affordability of the courses and the quality of the content, these reached more students than ever and attracted many students to the full-time school.

The charity would like to send sincere thanks to all of its staff, workers, volunteers, donors and partners for their commitment to the school's ethos and achievements.

RESERVES POLICY

Total reserves, all of which were unrestricted funds, were in surplus by £127,700 (2024 - £115,518). The charity had free reserves at the year end of £126,511 (2024 - £114,130).

This reserves figure is above the target stated in the 2022/3 financial statements. The target continues to be reviewed, based on a risk assessment addressing possible income shortfalls and losses arising from depletion of student numbers or related income, extreme events such as escalation of a global pandemic and other external factors to which the charity has little or no control.

INVESTMENT POLICY AND RETURNS

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the Trustees see fit although no investments were made in the period 2024/5.

PLANS FOR THE FUTURE

The school intends to continue its successful policy of attracting and nurturing its young and talented dancers whilst expanding its outreach efforts through its programmes and open courses. After the school was granted a material change allowing it to cater for up to 65 students, the student body has been steadily growing, with 55 full-time students now in attendance. Our younger year groups are becoming more and more popular, as students seek out high quality training in London after the recent closure of Year 7 at The Royal Ballet School. We have plans to launch a Boys Outreach Programme, attracting more male-identifying students to the school, as well as maintaining a robust holiday course schedule which brings many students into the building for the first time.

Amid these developments, the school remains committed to navigating the challenging landscape for charities and arts education institutions. Both the charity and the school are continually seeking ways to secure financial support to sustain and expand the bursary programme, enabling more talented students to pursue training that prepares them for successful careers in the industry.

5

LONDON VOCATIONAL BALLET SCHOOL LIMITED

TRUSTEES' REPORT for the year ended 31 August 2025

PREPARATION OF THE REPORT

This report has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.

INDEPENDENT EXAMINER

The independent examiner, Simon Erskine FCA FCIE DChA, has indicated his willingness to accept reappointment.

This report was approved and authorised for issue by the Trustee on 14 May 2026 and signed on its behalf by:

Giada Vercelli Chair

6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LONDON VOCATIONAL BALLET SCHOOL LIMITED

I report to the charity trustees on my examination of the accounts of London Vocational Ballet School Limited for the year ended 31 August 2025 which are set out on pages 8 to 17.

This report is made solely to the Trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the Trustees matters I am required to state to them in an Independent Examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trustees for my independent examination work, for this report, or for the statement I have given below.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

Simon Erskine FCA FCIE DChA

61 Mortimer Road London NW10 5QR

14 May 2026

7

LONDON VOCATIONAL BALLET SCHOOL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2025

Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note 2025 2025 2025 2024
£ £ £ £
INCOME FROM:
Donations 2 7,042 154,033 161,075 173,000
Charitable activities 3 717,600 (154,033) 563,567 518,723
Investment (interest receivable) 2,189 - 2,189 2,865
TOTAL 726,831 - 726,831 694,588
EXPENDITURE ON:
Charitable activities 4 714,649 - 714,649 625,267
TOTAL 714,649 - 714,649 625,267
Net income/(expenditure) 12,182 - 12,182 69,321
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD 115,518 - 115,518 46,197
TOTAL FUNDS CARRIED FORWARD 127,700
**£ **		 Nil
£		 127,700
**£ **		 115,518
_£ _

NOTE

In 2024 the only restricted income and expenditure was Donations income of £158,202 fully expended on the cost of bursaries (£158,202, reflected as a corresponding negative item in Income from Charitable activities). See also Note 12.

The annexed notes form part of these financial statements

8

LONDON VOCATIONAL BALLET SCHOOL LIMITED

BALANCE SHEET As at 31 August 2025

Notes 2025 2024
£ £ £ £
FIXED ASSETS
Tangible assets 9 1,189 1,388
CURRENT ASSETS
Debtors 10 27,044 19,657
Cash at bank and in hand 352,369 381,871
379,413 401,528
CREDITORS: amounts falling due
within one year 11 (252,902) (287,398)
NET CURRENT ASSETS 126,511 114,130
NET ASSETS **£ ** 127,700 _£ _ 115,518
FUNDS
Unrestricted funds:
General fund 12 127,700 115,518
127,700 115,518
**£ ** 127,700 _£ _ 115,518

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

For the year ending 31 August 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

(i) The members have not required the Charity to obtain an audit of its accounts for the year in question in accordance with section 476;

(ii) The Trustees, who are the Directors, acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The financial statements were approved, and authorised for issue, by the Trustees on 14 May 2026 and signed on their behalf by:-

GIADA VERCELLI, Chair

SHUMAILA FAROOQUI, Treasurer

The annexed notes form part of these financial statements

9

LONDON VOCATIONAL BALLET SCHOOL LIMITED

STATEMENT OF CASH FLOWS for the year ended 31 August 2025

----- Start of picture text -----
2025 2024
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities (see below) (28,955) 163,725
Cash flows from operating activities
Purchase of tangible fixed assets (547) (886)
- -
Disposals
Cash and cash equivalents at the beginning of the reporting period 381,871 219,032
Cash and cash equivalents at the end of the reporting period £ 352,369 £ 381,871
Cash and cash equivalents are entirely cash at bank and in hand
RECONCILIATION OF NET INCOME TO NET CASH
FLOW FROM OPERATING ACTIVITIES
Net income for the reporting period
(as per the statement of financial activities) 12,182 69,321
Depreciation 746 519
(Increase)/decrease in debtors (7,387) (9,469)
Increase/(decrease) in creditors (34,496) 103,354
Net cash (used in)/provided by operating activities £ (28,955) £ 163,725
----- End of picture text -----*

10

LONDON VOCATIONAL BALLET SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

1. ACCOUNTING POLICIES

(a) General information and basis of preparation of financial statements

London Vocational Ballet School Limited is a charitable company limited by guarantee registered in England; its registered office is as shown on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

The charity constitutes a public benefit entity as defined by the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 (SORP 2019), FRS 102, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements are prepared on a going concern basis under the historical cost convention. The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. Accordingly, the Trustees continue to adopt the going concern basis for the preparation of the financial statements.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Fund accounting

Unrestricted funds are funds available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

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

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP 2019.

11

LONDON VOCATIONAL BALLET SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under the heading charitable activities because the trustees believe that all activities relate to the running of the ballet school. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(e) Support costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the charity.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

12

LONDON VOCATIONAL BALLET SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

(i) Tax

The School is a charitable company for UK corporation tax purposes.

(j) Judgements and key sources of estimation uncertainty

No judgements have been made in the process of applying the above accounting policies and there are no key sources of estimation uncertainty.

2. DONATIONS Unrestricted Restricted Total Total
Funds Fund Funds Funds
2025 2025 2025 2024
£ £ £ £
Donations for bursaries:
The Du Boisson Dance Foundation - 109,033 109,033 109,202
Mat & Monica Whittingham - 45,000 45,000 45,000
Linbury Trust - - - 4,000
Total donations for bursaries - 154,033 154,033 158,202
Other donations 7,042 - 7,042 14,798
7,042
**£ **		 154,033
**£ **		 161,075
**£ **		 173,000
_£ _

As explained in Note 12, this year (and the year before that) the only restricted fund was the Bursary fund and the only restricted income was the donations for bursaries shown above.

3. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2025 2025 2025 2024
£ £ £ £
School fees 786,875 - 786,875 697,333
Less: Bursaries (152,426) (154,033) (306,459) (254,364)
Net school fees 634,449 (154,033) 480,416 442,969
Exam fee income 11,433 - 11,433 13,381
Auditions 2,540 - 2,540 1,929
Holiday courses 15,984 - 15,984 17,956
Associate fees 37,141 - 37,141 32,880
Other 16,053 - 16,053 9,608
717,600
**£ **		 (154,033)
£		 563,567
**£ **		 518,723
_£ _

The only restricted transactions in the 2025 and 2024 financial years were the bursaries, treated as an offset against the corresponding school fee income, charged against the Bursaries fund (see Note 12).

13

LONDON VOCATIONAL BALLET SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

4. EXPENDITURE ON CHARITABLE ACTIVITIES
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2025 2025 2025 2024
£ £ £ £
Direct costs:
Staff costs (see Note 6) 401,554 - 401,554 379,487
Tuition fees 104,966 - 104,966 79,311
Academic resources 5,754 - 5,754 2,638
Vocational resources 908 - 908 -
Development and events 19,801 - 19,801 13,187
Exam fees 9,283 - 9,283 11,565
Production fees 4,002 - 4,002 2,589
Staff training 5,204 - 5,204 2,079
Marketing and IT 10,543 - 10,543 12,512
Insurance 4,933 - 4,933 4,813
School trips expenditure 3,370 - 3,370 2,623
Provision for bad debts 15,071 - 15,071 (3,239)
Support costs (see Note 5) 129,260 - 129,260 117,702
714,649
**£ **		 Nil
£		 714,649
**£ **		 625,267
_£ _

There was no restricted expenditure in 2024 .

5. SUPPORT COSTS Unrestricted Restricted Total Total
Funds Funds Funds Funds
2025 2025 2025 2024
£ £ £ £
Property expenses 61,110 - 61,110 62,039
Accountancy fees 13,096 - 13,096 10,965
Other professional fees 41,075 - 41,075 29,588
Telephone 346 - 346 312
Dues and subscriptions 170 - 170 380
Travel and subsistence 396 - 396 978
Bank charges 1,012 - 1,012 301
Miscellaneous expenses 3,287 - 3,287 4,562
Office expenses 4,967 - 4,967 5,223
Depreciation 746 - 746 519
Governance costs:
Independent examination
of the accounts 3,055 - 3,055 2,835
129,260
**£ **		 Nil
£		 129,260
**£ **		 117,702
_£ _

There was no restricted expenditure in 2024 .

14

LONDON VOCATIONAL BALLET SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

6. STAFF COSTS AND NUMBERS 2025 2024
£ £
Staff costs:
Salaries 369,156 348,231
Social security costs 25,717 25,443
Pension costs 6,681 5,813
**£ ** 401,554 _£ _ 379,487

No employee received remuneration of more than £60,000. The average headcount of staff employed during the year was 14.4 (2024 - 14.0).

The charity considers that the key management personnel comprise the Trustees and the Senior Management Team. The total employee benefits including pension and social security costs of the key management personnel of the school during the year was £235,038 (2024 - £198,756).

7. TRUSTEES

There were no other payments to Trustees during the 2025 or 2024 financial years apart from the reimbursement of expenses to one trustee of £Nil (2024 - £101).

8. RELATED PARTY TRANSACTIONS

A member of the Senior Management Team was reimbursed £2,056 (2024 - £Nil) expenses for travel and accommodation.

9. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Furniture & Computer
fixtures equipment Total
£ £ £
Cost
At 1 September 2024 - 5,904 5,904
Additions 547 - 547
At 31 August 2025 547 5,904 6,451
Depreciation
At 1 September 2024 - 4,516 4,516
Charge for the year 152 594 746
At 31 August 2025 152 5,110 5,262
Net book value
At 31 August 2024 Nil
£		 1,388
_£ _		 1,388
_£ _
At 31 August 2025 395
**£ **		 794
**£ **		 1,189
**£ **

15

LONDON VOCATIONAL BALLET SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

----- Start of picture text -----
10. DEBTORS 2025 2024
£ £
Due within one year
Accounts receivable 20,931 10,192
Prepayments 6,113 9,465
£ 27,044 £ 19,657
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024
£ £
Accounts payable - 546
Refundable deposits 162,677 131,700
-
VAT liability 36,046
Other taxation and social security 6,923 7,171
-
Sundry creditors 1,048
Accruals 11,804 14,167
Deferred income (see below) 34,404 133,814
£ 252,902 £ 287,398
2025 2024
£ £
Deferred income
Balance at 1 September 2024 133,814 85,248
Amount released to incoming resources (133,814) (85,248)
Amount deferred in the year
School fees 34,404 88,814
Donations - 45,000
Balance at 31 August 2025 £ 34,404 £ 133,814
12. STATEMENT OF FUNDS
Brought Incoming Resources Carried
2025 Forward Resources Expended Transfers Forward
£ £ £ £ £
SUMMARY OF FUNDS
General fund 115,518 726,831 (714,649) - 127,700
Restricted fund - - - - -
£ 115,518 £ 726,831 £ (714,649) £ Nil £ 127,700
----- End of picture text -----

The only restricted fund during the year (and the year before) was the Bursary fund which represents donations from charities to meet the cost of bursaries granted by the charity to some of its students. The income was £154,033 (2024 - £158,202) and the cost of bursaries was the same; however since bursary costs are treated as a reduction in school fees income the net income is Nil.

16

LONDON VOCATIONAL BALLET SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Brought Incoming Resources Carried
2024 Forward Resources Expended Transfers Forward
£ £ £ £ £
SUMMARY OF FUNDS
General fund 46,197 694,588 (625,267) - 115,518
Restricted fund - - - - -
46,197
_£ _		 694,588
_£ _		 (625,267)
£		 Nil
£		 115,518
_£ _

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

There were no restricted or designated funds at the year-end and hence all assets and liabilities at the year-end belong to the General Fund (2024 - the same).

14. PREMISES COMMITMENTS

At the year-end the Charity had a commitment for one year's rent at £56,000.

17