Charity numbgr.. 1178357 NK BALLET FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 NK BALLET FOUNDATION CONTENTS IIEFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, TRU5TEES' REPORT INDEPENDEKf EXAMINER'S REPORT STATEMENT OF FINANCIAL ACTIVrnES BALANCE SHEET NOTE5 TO THE FINANCIAL STATEMEP4TS NK BALLET FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARiri, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025 Trustees Natalia Kremen Oscar Anthony Hugh Wlliarn Dodd Olga Vysokova IResigned 21 May 20251 Donald Brown IApp¢inled on 8 January 20251 K. Carley White (Appointed on 20 March 20251 Farid Gasanov (Appointed on 30 May 2023 Resigne(131 December 20241 Charity regi6t•r•d numb8f 1178357 Prlnclpal oiTre 411- 413 Oxford Slreel, Unil 1.01. L￿dOn, W1C 2PE Bankers Metro Bank. Qne Soulhampion Row. London. WC18 5K4 NK BALLET FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 The Trustees present their annual report together wrth the financial ststemenls of the charity for the 1 August 202410 31 July 2025. ObJ¢¢tive5 and Activltles a. POUCIES AND OBJECTIVES The oblects ofthe ch8rity aré: 1 I to advance the eduGation of the public in the fields of bal￿1. dance and art.. lJ_ lo advance the edLteation of the pupils 81 ballet. dance and art sctthls in London by prowding and as8islin9 in Ihe provision ol lacililies for e(tu¢atson * those schools,. and lor the public benefit to promote the education of youftg people in the fields ofballel and dancè in $u¢h ways as the charity Iruslees think frt. Including by- i) awarding lo such persons scholaT5hips, rnair)tenarKe alIMn￿S or 9rants." and providiiiy their education Iinclu(Sing the study af ballRI music or other 8rt81. to undertake travel in furtherance of that education Of to prepare for entry to any career in conneclK>n with pertorming arts on leaving any educatsonal establishment b. ACTIVITIES FOR ACHIEVINQ OBJECTIVES NK Ballet Foundation awards grants and maintenance allowances to young ballet 5tudentS Wlth financial need lo 5UPPOrt the cosl of their ballet ¢¢u¢ation and training. including asswated travel and a¢commoaaiion expenses. Awards under tl)e cliaiily 5 5cholarship5 and bursaries progr3mma are mean$ tested and depend on avallable resources. The charity also plans to launch a ball* mas¢er¢la$$ program In $ch¢Jols In ord•r to increa$e wider 8wareness and Interest In ballet among children. Achlèvements and perfonnance REVIEW OF ACTIVITIES During the year we held fund raising events. these generated a lotJ ￿ inccyne of £12.878. From this we have been able to fund bursaries 10 seven Sludenls. NK BALLET FOUNDATION TRUSTEES, REPORT Icontlnuod) FOR THE YEAR ENDED 31 JULY 202S Flnanelal r•vlow a. GOING CONCERN After making 8ppropriate enquirie5 the trusteés have a fèasonablè sxpertalion that the charity has adequate resources lo continue in opefational existence for the foreseeable future. For this reason they continue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoplion of the going concem basis can be found in theknounting Policies. b. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POUCIES The tNslÉe5 have considere{1 the finan(?al risks and have PLA In r4acè appropriate poli￿￿$ lo minimise these. c. RESERVES POUCY The tharity has now built up sufficient reserve5 to provide on glyng bursaries to sludenls for at least tha next Vo years. Structurei governance and management . CONSTITUTION The chanty wa5 incorporatèd on 11 May 2018 a$ a Charita￿e Incorporated Org8ni8alion ICIOI. b. METHOD OF APPOINTMENT OR ELÉCTION OF TRUSTEE8 Apail fiuiii Ilie first charity trustees, every Iwsiee musi be appointea by a resolution passed ai a properly onvened meeiing of the charity trusrees. c. ORGANISATIONAL STRUCTURE ANO DECISION MAKING NK Ballet Foundation is a Charitable Incorporaled Organisatson (CIO) ￿t￿se only voting members are its charity Irustees. The iru$tee$ manage the affairs ofthÈ charity and take dao$ions at 8 meetsng or bywritten resolutsons. in etther co￿ in accordance with the charty's constrtub'on. This report was approved by the Trusiees. M 24 April 2026 an¢ signe(I ￿ their behalf by.. ar Trustee NK BALLET FOUNDATION ## **INDEPENDENT EXAMINAR'S REPORT FOR THE YEAR ENDED 31 JULY 2025** ## a, Respective responsibilities of trustees and examiner The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year {under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required. Having satisfied myself that the charily is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: examine the accounts under Section 145 of the 2011 Act - to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act): and to state whether particular matters have come to my attention. ## b. Basis of the independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken _do_ not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and iair view' and the report is limited to those matters set out in the statements below. - c. Independent examiner's statement In connection with my examination, no matter has come to my attention: 1. which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006: and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met: or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. HAROON ASHFAQ, FCCA 24-04-2026 **4** NK BALLET FOUNDAnON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 Unrnstri¢ted Restricted funds funds 2025 2025 Total funds 2025 Total 2024 Note IP4COME FR&M: Donations Income from events Inleffjst 21,648 33.740 245 21.648 33.740 245 22,451 11,767 211 TOTAL INCOME 55.633 55,633 34.429 EXPENDITURE ON: Charitable acuy￿e3 35.984 35,984 33,306 TOTAL EXPENDITURE 35.984 35.984 33.306 NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSE5 NET MOVEMENT IN FUNDS 19.649 19.649 19,649 19,649 1.123 1,123 RECONCILIATION OF FUNDS: Tolol ￿ndS brought forw3rO 19.461 1Q,461 18.338 TQTAL FUNI)S CARRIED FORWARD 39.110 39.110 19.461 The notes on paye$ 7 10 10 form part ofthese finanual statements. NK BALLET FOUNDATION BALANCE SHEET AS AT 31 JULY 2025 2025 2024 CURRENT ASSETS Debtors 4,800 14,861 Cash at bank and in hand 39,110 39,110 19,461 NET AS8Ef8 39,110 19,461 CHA￿Ty FUNDS Restricted fvnos Unrestricted fund$ 39.110 19,461 TOTAL FUNDS 39.110 19.481 e financial statements were approved by the Trustees on 24 April 2026 and $igned on their alf, b arDo Trustee The not8s on pages 7 to 10form part ofthese financial ststements. NK BALLET FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ACCOUNTING POUCIE3 1.1 Basls of prnparation of financlal statsments The financial 51alements have been prÈpared to gwe a 'true and fairf view anil have departed from the Chanbes (Accounts and Reportsl Regulaliens 2008 only lo the exlenl required to provide a 'true and fairf view. This departure has involved following the Charities SORP IFRS 1021 put*lished on 16 July 2014 rather than the Accounting and Reporting by Charities." Sktement of Recomrnended Practy'ce etfective from 1 April 2005 which has sin¢e been Withdrawn. The financial statements have been p￿pared under the historical cost eonvention wth items recognized al cost or transaction value unless otherwse slated in the relevant notes lo these accounts. The financial statements have been prepared in accordants with the Statement of Recommended Practs"ce' Accounb"ng and Reporting by Charitie5 prep8ring their accounts in accordance with the Financial Reporting Standard applie3blé in the UK and Republic of Ireland IFRS 1021 Issued on 16 July 2014 and Financial Reporting Standard appli￿ble in the united Kingdom and Republic of Ireland {FRS 1021 and Charities Act 2011. NK Ballet Foundation constilules a Publ￿ tenefit entity as defined by FRS 102 1.2 Incomg All in(x)me is racognized once the cha incomo will be received. and the aii)ount o ha5 entrtlement to the in(x¥me, it is probable that the inmme rece￿a￿le can be measured reliably. For legaues, enbtlemenl is taken as the eartier of the dale on which either. the ¢hanty is aware that probate has been granted, the estate ha5 been finalized and notification has b8èn madR hy the exeeutorlsl lo the Trust thai a dtstnbulion will be made. or when a distribution is received from thè estate. R8ceipl ol a legacy in whole or in part. is only considered probable when the amount can be measured reliably, and the chanty h88 been nolthed of the exectrtoI5 intention to mAke 8 distribulion, here legaGies have been nolified to the charity. or the cnarity Is awar6 of Ihè granb.ng of piobale, and the criteria for income recognitson have not been mÈt. then ihe1og3cy is treated ag # contingent asset ano disclosed if material. Donated services or facillts'es ar@ recognvz8d when the charty has control over the item. any ojndilions as5QC13teU wrth the donated rtem have been met tre receipt ol economic benefit from the of th@ chArity rjf IhA it¢*M t¢ probabl• 8nd that èconomi¢ b•n•fit bg rneaBured reliably. lrt aecordance the Charl￿'e5 SORP IFRS 1021, the general volunleer time of the Friends is not recognized and referto Ihe Trustees, reportfor more information about their conlribub'on. On receip[ donated professional services and don81ed facilities are recognized based on the value of the gift lo the charity which is the amount the charty would have been willino tn pay to obtain services or facilities of equivalent economic benefit on the open markeL' a corresponding amount is then recognized in expenditure in the period of receipL Income tax recovepble in relation lo dcnations received under Gift Aid or deeds of covenant is recogntzed at the lime of the donation. Income tax recoverable in relation to investment income is recognized at the time the investment Income Is receivable. NK BALLET FOUNDAnON NOTES TO THE FINANGIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ACCOUNTING POLICIES (contlnued) 1.3 Expenditurn Expenditure is recogni2ed once there is a legal or constructsve obligatson to transfer eGonomic benefit to a third paty, Il is probable that a transfer of economic benefits will be required in settlement anL1 the amount of the obligation can be measured reliably Expendilure is classified by acb"vily_ The costs of each acbvity are made up of the total of direct costs and Sha￿ costs. including support costs involved in undertaking each activity- Direct costs attrtbutable to a single act'vity are allocated diiecuy lo that acthvity Shared costs which contn'bute lo rnore than one aGtivity and support costs which are not attnbutable to a single activity are apportioned behveen those activities on 3 b3sip conoeieJt¢nt with the use of resource5. Central staff ctssts arg allu￿1￿￿ bdtsed on time spent, ané depreciation charyes albcaled OA the portion of the 8sseVs use. Charttable activitses and Govemance costs are costs incurred on the charivs operations. including SUPFQrt costs and costs relatsng to the govemance of the charity apportsoned lo charitable activities. 1.4 Intsr88t rnGeivable IntÈrÈgl on funds held on dewsit is ineluded when receivabkry and the amount can be measured reliably by the Gharity.. thts is nomially upon notification of the intere51 paid or payable by Ihe Bank. 1.6 Cash at8#nkand Inhand Cash at bank and in h8nd indudes cash and Short tsmi highly Iw4uid investments with 3 short m3ttirlry of Ihree months or less from lh8 dsto ot acquisition or opening of the dcposrt or similar accounL 1.6 Fund •¢countlng General funds are unrestncte(I funos which are available for use al th• discr8titsn of th@ Trustees in fvjrtherance ol the general objettiives of the charily and which have not been designated for other purposes. Restricted fund5 are funds whtth are to tr* used in accordance with specffi¢ ￿$tr￿tiOns imposed by donors or which have been raised by the chanty lor pa￿"Cular purposes. The costs of raising and administenng such funds are charged against the specific fvnd. The aim and usa of each r6slricted lund Is sei out in the notes to the finan¢ial statements. NK 8ALLET FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 INCOME FROM DONAnoNS Unre$trI￿eo fvnds 2025 Re$tricted funds 2025 Total lunds 2025 Total funds 2024 Donab'ons 21,648 21.648 22,451 Tolal 2024 14.579 7.872 22,451 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2025 Restricted fund8 2026 Total fvnrjs 2026 Total 2024 Income from events 33.740 33.74D 11,767 DIRECT COSTS Unrestrlcted RostrFGtsd funds funds Total 2025 Total 2024 Scholarshigs Administrauon Event costs 11.8&5 3.237 20.W2 11.885 3,237 20.862 21.970 4.912 6.424 Total 2026 35,984 35.984 33,306 Total 2024 24.926 8.380 33,306 NET INCOME During the year. no Trustees re¢eiveiJ any remuneralton, benefits in kind or ieimbursemenl of expenses 12024- £NIL>. DEBTORS Unrestri¢ted funds R8strict•d Funds Total 2025 Total 2024 Other Oebtors Totsl 2025 4.800 4,800 NK 8ALLET FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 1 August 2024 Balane• at 31 July 2026 Incomo Expfrndfture Unrestrfcted funds General Funds 19.461 55.633 135,9841 39,110 Restricted funds Scholarship fuThds Total of fvnds 19,461 55.633 135.984) 39,110 STATEMENT OF FUNDS - PRIOR YEAR Balan¢• at 1 August 2023 Balance at 31 July 2024 Incgme Expendrtrjre Unrestricted funds General Funds 17.830 26.557 124.9261 1g,461 R•#trlcted ￿ndS Scholarship funds 508 7.872 18.3801 Total ol fvnds 18.338 34.429 133,3061 19,461 ANALYSIS OF NET ASSETS 8ETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unresirf¢ted Restrfctsd funds funds 2026 2025 Total 2025 Currenl we16 39.110 39,110 ANALY813 OF NET ASSETS BEfAIEEN FUNt>S - PRIOR YEAR unro8￿¢1•d funds 2024 Rostrl¢tod funds 2024 Totsl fund> 2024 19.461 1g,481 10