**Royal Ballet School Annual report and financial statements** for the year ended 31 August 2024
Charity registration number: 214364 Company registration number: 547018 Principal and registered office: 46 Floral Street, London WC2E 9DA
## **Contents**
PRINCIPAL ADDRESSES ............................................................................................................................ 3 ADVISORS ................................................................................................................................................ 3 GOVERNORS, DIRECTORS AND CHARITY TRUSTEES ............................................................................... 4 EXECUTIVE LEADERSHIP TEAM ............................................................................................................... 5 INTRODUCTION FROM THE CHAIR .......................................................................................................... 6 REPORT FROM THE CEO .......................................................................................................................... 7 AIMS AND OBJECTIVES OF CHARITY ....................................................................................................... 9 CHARITABLE ACTIVITIES ........................................................................................................................ 10 ACADEMIC EDUCATION ........................................................................................................................ 13 STUDENT WELLBEING ........................................................................................................................... 14 TRAINING AND ACCESS ......................................................................................................................... 15 FUNDRAISING ........................................................................................................................................ 16 FINANCIAL REVIEW ............................................................................................................................... 17 GOVERNANCE ....................................................................................................................................... 21 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE ROYAL BALLET SCHOOL ...................... 25 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ...................................................................... 29 BALANCE SHEETS .................................................................................................................................. 30 CONSOLIDATED STATEMENT OF CASH FLOWS ..................................................................................... 31 NOTES TO THE FINANCIAL STATEMENTS .............................................................................................. 32
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## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **PRINCIPAL ADDRESSES**
**UPPER SCHOOL** (Years 12-14) The Royal Ballet School 46 Floral Street Covent Garden London WC2E 9DA
**WHITE LODGE** (Years 7-11) The Royal Ballet School White Lodge Richmond Park Richmond TW10 5HR
## **ADVISORS**
## **AUDITORS:**
Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW
## **BANKERS:**
Barclays Bank Plc Education Team Level 28, Churchill Place London E14 5HP
## **SOLICITORS:**
Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA
Sheridans 76 Wardour Street London W1F 0UR
Farrer & Co 66 Lincoln’s Inn Fields London WC2A 3LH
## **INSURANCE BROKER**
Circle Insurance 118 Holyhead Road Coventry CV1 3LY
## **FINANCIAL ADVISORS**
Origen Financial Services Ascent 4, 2 Gladiator Way Farnborough Hampshire GU14 6XN
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## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **GOVERNORS, DIRECTORS AND CHARITY TRUSTEES**
The Governors of Royal Ballet School (the School) are the School’s Charity Trustees under charity law and the Directors of the Charitable Company.
Detailed below are the Governors who served in office during the year and subsequently:
Christopher Rodrigues CBE (Chair - resigned on 11 January 2024) Anna Birkett (Deputy Chair until 11 January 2024 and interim Chair from 12 January 2024 to 30 September 2024, Deputy Chair from 1 October 2024) Suzi Brennan (Deputy Chair) Carlos Acosta CBE Delia Barker Mary Breen Tom Clementi Annie Davis Richard Dennen Lady Sarah Dorfman OBE (appointed 3 April 2024) David Ebstein Natasha Kaplinsky OBE (Chair, appointed 1 October 2024) Kevin O’Hare CBE Craig Ranson Zita Saurel Nishi Somaiya (resigned 13 November 2024) Alistair Summers (appointed 3 April 2024) Edward Watson MBE (appointed 3 April 2024) Susan Wijeratna
Lady Sainsbury CBE is Governor Emerita of the School.
## **COMPANY SECRETARY**
Pippa Adamson (resigned 11 October 2024) Gillian Robertson (appointed 30 September 2024)
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## ROYAL BALLET SCHOOL
## ANNUAL REPORT OF THE GOVERNORS
## **EXECUTIVE LEADERSHIP TEAM**
The Executive Leadership Team are responsible for the day-to-day running of the School. They are:
## **CHIEF EXECUTIVE OFFICER**
Patrick Harrison (appointed 21 October 2024)
## **INTERIM CHIEF EXECUTIVE OFFICER**
Pippa Adamson (appointed 3 June 2024, resigned 19 September 2024)
## **INTERIM CHIEF EXECUTIVE OFFICER**
Christopher Rodrigues (appointed 12 January 2024, resigned 2 June 2024)
## **ARTISTIC DIRECTOR**
Iain Mackay (appointed 27 August 2024)
## **ARTISTIC DIRECTOR & CHIEF EXECUTIVE OFFICER**
Christopher Powney (resigned 6 July 2024)
## **ACADEMIC & PASTORAL PRINCIPAL**
David Gajadharsingh
## **CHIEF OPERATING OFFICER**
Pippa Adamson (resigned 19 September 2024)
## **COMMERCIAL DIRECTOR**
Carol Dray (resigned 30 September 2024)
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## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **INTRODUCTION FROM THE CHAIR**
I am honoured to have joined The Royal Ballet School as Chair at a pivotal moment in its history as we prepare for its Centenary in 2026.
Having admired the School’s ground-breaking work for many years, I have been privileged to observe students in their academic and artistic classes and at performances over the last few weeks. I have seen first-hand how extraordinary the School’s young students are and the holistic approach it takes to nurturing them to thrive as artists and people. It is truly something special.
I have also seen the vast impact of The Royal Ballet School on breaking down barriers for young people to experience and enjoy classical ballet and nurturing those with a particular talent. This work is worldwide, reaching over 3,000 primary school children and 650 Associate students annually in our regional UK centres, and many more through our UK and international intensive courses and on-demand programmes. For some, this is their first contact with the art form, and the realisation that this world could exist for them is transformative and moving.
Joining me to complete The Royal Ballet School’s new leadership team are Iain Mackay, Artistic Director commencing September 2024, and Patrick Harrison, CEO from October 2024. We feel energised and prepared to take on the challenge of readying this globally celebrated institution for the next century. We are driven by the passion of the School’s staff, who consistently go above and beyond, and our exceptional students, who inspire us each day.
In July 2024, the School said farewell to Artistic Director Christopher Powney after a decade of visionary leadership. Christopher’s innovative approach, which looked beyond the traditional boundaries of ballet education, made a lasting impact. His commitment to the School’s students led to a transformation of the student experience, which will serve as a sound foundation for future generations of artists and leaders.
On behalf of the School, I’d like to thank Christopher Rodrigues CBE, who, as Chairman from January 2020 to January 2024, was a creative helmsman through one of the most challenging periods in the School’s history. We are thankful for his hard work and all that he achieved.
Thank you to my immediate predecessor, Anna Birkett, who acted as Interim Chair from January this year until my appointment in October 2024. The School is grateful for Anna’s steady and meticulous leadership during rapid and significant change.
Additional thanks go to Pippa Adamson, Chief Operating Officer, and Carol Dray, Chief Commercial Officer, who left the School in September 2024. We will miss their energy, expertise and commitment.
I warmly welcome our newest governors, Alistair Summers and Edward Watson MBE, and extend a particular ‘welcome back’ to the Board to Lady Dorfman OBE, who previously served as a governor from 2012 and as Deputy Chair from 2019 to March 2021.
Finally, thank you to our many supporters, steadfast and new, whose generosity and interest in our work are felt and admired throughout the School. Your generosity will allow us to transcend limitations and sustain the School’s bright future.
## **Natasha Kaplinsky**
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## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **REPORT FROM THE CEO**
In 2023/24, 24 graduating students secured a professional contract with a ballet company. Six joined The Royal Ballet as Aud Jebsen Young Dancers, and two joined Birmingham Royal Ballet. 16 others joined prestigious companies across Europe and North America, and one went on to pursue further study at university. Graduation for these young dancers was the highlight of a wonderful year, which had included performing in The Royal Ballet’s _Don Quixote, Nutcracker, Manon, Swan Lake_ and _The Winter’s Tale_ ; and in Birmingham Royal Ballet’s _Nutcracker._
We wish our graduating students every success in their future careers and look forward to following their individual journeys.
The School’s 2024 Summer Performance season saw students from all years of the School perform 9 times across five venues, including at the Next Generation Festival at the Royal Opera House’s Linbury Theatre, Opera Holland Park, and their final performance of the year on the Royal Opera House main stage.
As part of our Summer Performances, students worked alongside a broad range of choreographers and repetiteurs: Didy Veldman on her piece _TooT;_ Samara Downs on Frederick Ashton’s _La Valse_ ; Joshua Junker on his piece _Remembrance_ ; Jean-Pierre Frohlich on Jerome Robbins’ _Mistake Waltz_ ; and Rory Hohenstein on Helgi Tómasson’s _Concerto Grosso._ They were also part of the creation process for the premiere of three new works: Gemma Bond’s _Assemblage_ ; Iva Leŝić’s _Royal Remix;_ and Ashley Page’s _Fieldwork_ .
The students presented some of their own choreographic works, highlighting the versatility of their skills and the diversity of their creative voices: Isaac Morgan, Year 10, presented _Introspection_ ; Soren Chisholm, Year 11, presented _Symbiosis_ ; Pietro Zironi, Upper School 2nd Year, presented _Apnea;_ Joe Parker, Upper School 2nd Year, presented _Who Knows The Dark?_ ; and Tristan Ian Massa, Upper School 2nd Year, presented _My Special Waltz_ .
Our students’ academic performance was no less impressive than the artistry and skill they showcased on stage. GCSE results in 2024 were notably above the national average and an improvement on the previous year, with the second highest ever ‘value-added’ result for the School. All 24 of the School’s BA students achieved First Class degrees, also up on the previous year.
Nationally, our network of Associates Centres supported 603 Associate students, aged eight to seventeen in Bath, Birmingham, Eastleigh, Edinburgh, Leeds, London and Manchester. Our Associate students also took part in dedicated exercise and conditioning programmes, tailored to their specific needs to support their physical development and well-being and prepare them to train safely at the highest level.
Of our graduating Junior Associates at Year 6, 18 were offered a place at The Royal Ballet School, and a further 27 joined other UK vocational schools, including Elmhurst, Tring and The Hammond School. Graduates from our Advanced Associates at Year 11 last year went on to join Central School of Ballet, English National Ballet School, Elmhurst, The Hammond, Tring, London Studio Centre and the Royal Conservatoire of Scotland.
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## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
We further deepened the link between recreational and vocational dance by successfully delivering our Primary Steps programme for children aged 7 to 11, with a particular focus on areas of social, economic, and cultural underinvestment. Our Primary Steps hubs worked with 2,018 students in 34 schools across Blackpool, Dagenham, Mansfield, Swindon and Bury St Edmunds. The weekly classes were co-led by a classical ballet specialist, a creative dance specialist and a professional musician, who worked together to develop pupils’ creative knowledge and skills through foundation ballet technique. In addition to classes, 3,189 students enjoyed the enrichment opportunities and events which are an integral part of the Primary Steps programme. These included visits to Junior Associate centres, demonstrations at theatres from Royal Ballet School students, online and in-person workshops and trips to see dance performances.
Our intensive courses delivered world class training to students across the year, as they continue to be a magnet for young talent from the UK and around the world. 1,030 students studied one of our three Intensive courses across the 2023/24 year at the School, and a further 374 students attended one of our international intensive courses.
In 2023/24, we made further progress against our mission to inspire and empower dance teachers to deliver exceptional training, by using educational practice relevant and enriching to today’s young dancers. 184 dance teachers accessed our Inspire seminar or Enlighten webinar series, and we showcased our groundbreaking Affiliate Programme for recreational dance teachers and students to 162 teachers and 271 students at UK-wide workshops. 25 teachers joined the programme to train as Affiliate teachers, attending intensive training weeks in either London or Hong Kong.
Despite the worldwide reach and impact of the School’s reputation for excellence, , we know that the School faces an extremely challenging operating environment: not least with the loss of business rate relief and introduction of VAT on fees for independent schools, coming at a time when both parents and the School are increasingly squeezed by escalating costs. Also top of our minds are our students’ individual needs and how we continue to evolve our training to best deliver a genuinely nurturing experience for every young dancer. Key to this is our commitment to aligning our industryleading teaching and healthcare support so that the students are supported holistically.
Admission to the School must continue to be based solely on talent and potential, never the ability to pay, and we are committed to finding more creative and sustainable ways to make this a reality. Our strong working relationship with the Department for Education on our crucial Music and Dance Scheme is central to our future strategy and ensuring that world-class ballet training continues to be a possibility for the most talented students, regardless of background.
The Royal Ballet School wouldn’t be able to support these inspiring young dancers in the way it does without the tireless commitment of its teachers, staff, Governors, alumni and generous donors. I want to say a sincere thank you to all who make the School what it is – we are lucky to have you.
## **Patrick Harrison**
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## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **AIMS AND OBJECTIVES OF CHARITY**
## **OUR VISION**
Our vision is to be the best classical ballet school in the world.
## **OUR MISSION**
Our mission is to nurture, train and educate exceptional young dancers for the Royal Ballet companies and other leading UK and international companies and to inspire the future of classical ballet training.
## **OUR VALUES**
## **1. STRIVING FOR EXCELLENCE**
The Royal Ballet School is always working towards excellence in everything we do. We bring the utmost integrity, passion and dedication to our work, always. Through our constant drive to achieve the highest standards, we set the standard for others, enriching and inspiring our sector and defining its future.
## **2. NURTURING INDIVIDUALS**
We believe in the unique potential of each individual. We nurture each human holistically, equipping them with the tools they need to shape their futures as healthy, resilient human beings. We are committed to equity and ensuring all individuals have what they need to reach their potential. We cultivate supportive, nourishing environments built on trust, respect, open communication and kindness.
## **3. ACTIVELY WIDENING ACCESS**
Ballet and creative dance education should be accessible to all. We work proactively to create opportunities for people to engage with ballet wherever we can and to expand our reach across the UK and globally, including through digital access. It is particularly important to us to work to improve access routes to ballet in areas with little access to arts education.
## **4. OUR HERITAGE NOURISHES OUR FUTURE**
We have a rich and unique heritage and we champion ballet excellence throughout the ages, respecting, preserving and honouring what has gone before, while also valuing our history as instructive, enabling us to acknowledge, learn and develop. Our heritage is the foundation from which we sustain and evolve the School and reach outwards, impacting our sector and society as a whole.
## **5. ALWAYS INNOVATING**
We are a bold, forward-thinking organisation, dedicated to continuous evolution. We take an innovative, pioneering outlook, committed to creative thinking to ensure we remain at the forefront of all we do. We act as thought leaders and contribute to setting the agenda for classical ballet globally. We actively seek to work with other individuals and organisations, sharing knowledge and building on our research collaboratively.
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## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **CHARITABLE ACTIVITIES**
As well as full-time training, The Royal Ballet School offers various programmes to engage with and train in classical ballet.
The Artistic Director of The Royal Ballet School, The Royal Ballet and Birmingham Royal Ballet work closely together. The School benefits from the Artistic Directors of both companies being Governors of the School—their commitment and input into the School as Governors and as industry advisors are invaluable.
## **FULL TIME STUDENT TRAINING**
The School is located across two sites: White Lodge in Richmond Park is a boarding school for 11 to 16-year-olds, and Upper School in Covent Garden trains students aged 16 to 19. Upper School students board at Aud Jebsen Hall in Pimlico and Jebsen House in Covent Garden.
Training is split across four programmes, each tailored to support the training needs of a specific cohort of students.
- Foundation Programme for Years 7-9;
- Development Programme for Years 10-11;
- Vocational Programme for Years 12-13; and
- Pre-professional Programme (Year 14).
## **ASSOCIATE TRAINING**
The School provides dance training to young Associate students, introducing them to the School’s System of Training. Many Associate students go on to gain a full-time place at the School. Classes are run over weekends during term time, with additional workshops throughout the year.
- Junior Associate classes for ages 8 to 11 are run at nine centres across the United Kingdom;
- Mid Associate classes for ages 11-14 are held in six centres across the United Kingdom;
- Senior Associates classes for ages 14 to 16 are held in London and Birmingham; and
- Advanced Associate classes for 16 to 18-year-olds are held in London.
## **INSIGHT AND ACCESS OPPORTUNITIES**
The School invites young dancers aged between 8 and 16 years to attend special events around the country. Insight opportunities include experiencing a typical Associate lesson, learning what it is like to audition for the School and giving primary schools a behind-the-scenes look at classical ballet training.
## **INTENSIVE COURSES AND MASTERCLASSES**
The Intensive Course and Masterclass Programme offers young people aged 10 to 20 the opportunity to experience Royal Ballet School training. Courses are held in the UK and overseas.
Typically, intensive courses run from one to five weeks. UK intensive courses are held at White Lodge and Upper School and are a mix of non-residential and residential. Those attending residential courses in the UK can experience life at the School alongside training.
Masterclasses are held on a single day and are open to any young person who wants to experience Royal Ballet School training.
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## ROYAL BALLET SCHOOL
## ANNUAL REPORT OF THE GOVERNORS
## **PRIMARY STEPS**
The Primary Steps programme introduces primary school children to classical ballet through regular dance classes. Classes are delivered in person or through a high-quality, on-demand platform. The programme gives thousands of children access to ballet education, targeting areas of social, economic and cultural diversity.
The in-person programme offers creative ballet workshops for large groups of school children in five specific areas of the UK. These sessions are followed by a three-year, creative ballet training programme for selected children who would not otherwise have the opportunity.
Primary Steps on Demand makes high-quality creative dance education from The Royal Ballet School available to all primary schools. The programme provides educators with everything they need to integrate ballet education into their curriculum without any dance teaching experience. The programme is developed to be accessible to all, including those with special educational needs or physical disabilities. It uses inclusive language and content.
## **DIPLOMA OF DANCE TEACHING**
The Royal Ballet School's Diploma of Dance Teaching is a two-year part-time course that trains professional dancers and teachers to teach classical ballet at a vocational and pre-professional level to a world-class standard. The course provides a sound foundation in technical and creative approaches to teaching ballet, to a broad range of students using the School’s vocational vocabulary and methodology and drawing on the most recent relevant pedagogy.
## **PROFESSIONAL DEVELOPMENT**
The Royal Ballet School offers a wide range of professional development opportunities to dance teachers in the UK and worldwide.
Inspire seminars support the professional development of teachers from all backgrounds and levels of experience. Alongside giving teachers a comprehensive understanding of the teaching of classical ballet technique, the seminars offer fresh, innovative ideas to guide teachers in their approach. They are non-syllabus-based and grounded in good teaching practice.
Enlighten webinars provide invaluable insight and information surrounding all aspects of dance teaching and learning and are taught online by expert staff. The webinars draw on the School’s heritage and knowledge as a world leader in dance training and education.
## **AFFILIATE TRAINING AND ASSESSMENT PROGRAMME**
The Affiliate Training and Assessment Programme (ATAP) extends the School’s System of Training to recreational dance teachers, driving the standard of recreational dance training and keeping pace with the changing needs of the art form.
ATAP offers an alternative to the current model of examination study offered by recreational dance organisations. It is based on providing high-quality training rather than student examination. Affiliate Teachers are empowered with the responsibility for guiding and assessing their own students’ learning and have autonomy in their approach, providing teachers with ongoing professional development and greater creative and professional fulfilment.
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## ROYAL BALLET SCHOOL
## ANNUAL REPORT OF THE GOVERNORS
## **EQUITY DIVERSITY AND INCLUSION**
The Royal Ballet School is committed to creating and nurturing a community where each student and staff member is valued equally. We are proud that admission to the School has, for many years, been based solely on talent and potential. The Royal Ballet School is committed to being accessible regardless of cultural, social and economic backgrounds.
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## ROYAL BALLET SCHOOL
## ANNUAL REPORT OF THE GOVERNORS
## **ACADEMIC EDUCATION**
The Royal Ballet School is a non-selective school for academic education, and students arrive with differing educational needs. The School believes students become better creative artists using their brains and bodies. Academic work is of equal importance to artistic training.
We are delighted that, once again, our students have performed well in their academic examinations.
## **BA (HONS): CLASSICAL BALLET AND DANCE PERFORMANCE**
(Validated by The University of Roehampton)
The BA (Hons) degree is completed by our Pre-Professional (final year) students. There were 24 entries, all of which were awarded 1[st] Class Honours.
## **FOUNDATION DEGREE: CLASSICAL BALLET AND DANCE PERFORMANCE**
(Validated by The University of Roehampton)
The foundation degree is completed by our Year 13 students (2nd Year). We were delighted that all 20 candidates achieved a Distinction.
## **TRINITY COLLEGE LONDON DIPLOMA IN PROFESSIONAL DANCE (LEVEL 6)**
We also offer the Trinity College London level 6 Diploma in Professional Dance. The first cohort to enter for this qualification award will be in June 2025.
## **EXTENDED PROJECT QUALIFICATION (EPQ) RESULTS**
As part of the academic enrichment programme at the Upper School, students may choose to study a range of academic and vocational courses in addition to the degree. One of the options is the Extended Project Qualification. This is organised and supervised by the academic team. There were four entries, all of which gained A grades.
## **GCSE/IGCSE**
The assessment of GCSE examinations returned to pre-COVID norms. There were 198 exam entries, of which 53% achieved Grades 9-7 and 96% were at Grades 4-9. The value-added score was +0.86. Broadly, the value-add score measures how well the students have done, on average, against what their ability suggests that they might achieve against students of similar ability nationally. For example, a positive result of 0.5 indicates that overall, the students scored, on average, 0.5 grades higher in each subject than other students of similar ability nationally.
## **ADDITIONAL ACADEMIC STUDY**
We offer a range of online self-study courses, including A-Levels, GCSEs, and Quality Learning Scheme courses in our Academic enrichment programme at the Upper School.
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## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **STUDENT WELLBEING**
Excellent physical and mental healthcare is vital for students to achieve their potential as a dancer. The School is committed to caring for its students holistically so that they become healthy, resilient humans, able to succeed in whichever path they choose to pursue.
- The School is committed to the highest standards of training. This includes how teachers and students behave in and out of the studio. Each year, teachers and students commit to a set of behaviour expectations displayed around the School and in every studio.
- Visiting teachers, repetiteurs and choreographers receive a personalised induction into safeguarding and studio behaviours before they start work with our students.
- Our safeguarding team work closely with The Royal Ballet and Birmingham Royal Ballet to ensure the highest standards of safeguarding while our students work with the companies.
- Students can access an online, anonymous reporting system to raise concerns over any pastoral or safeguarding issues.
- Staff have access to a reporting system to raise concerns about the welfare of any student in the School’s care.
- All students are supplied with private medical cover. This ensures that students can access immediate specialist healthcare regardless of financial means.
- The School provides unparalleled healthcare support which includes: Strength & Conditioning coaching, Pilates instruction, Counselling, in-house Psychologist support, Nursing, GP access (both in-house and external), Physiotherapists, rehabilitation specialists and a nutritionist.
- The School is proud of its commitment to mental wellbeing. Students can access in-house counsellors on both sites through referral or self-referral.
- The School supports students in taking age-appropriate responsibility for monitoring their own well-being as part of their training.
- Daily wellness monitoring is done via an App which allows students to log data, such as sleep quality and hydration quickly and simply.
- The School is committed to creating a nurturing environment where all students feel welcome regardless of background and makes adjustments in uniform policies in order to embrace the rich diversity of our student body.
- Hardship bursaries are available to students to ensure they can participate fully in school life. Bursaries provide students with discreet, needs-specific support tailored to their specific circumstances.
- In this academic year, all students were provided with ballet shoes free of charge. All students entering Year 7 are issued with a School iPad, providing equal access to technology. Music bursaries are available to students wishing to take singing lessons or to learn an instrument. Funds are also provided for cultural trips and to see performances.
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## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **TRAINING AND ACCESS**
The Training and Access Team deliver a wide range of programmes outside the full-time student training.
In 2023/24:
- we trained 645 Associate students; 17 were offered a place to join the School for full time training from September 2024;
- 521 young people participated in an Insight Day;
- 1,660 participants joined an Intensive Course or masterclass;
- 93 students took part in the Audition Insight Day;
- 230 teachers joined an Inspire seminar or Enlighten webinar;
- We enrolled and trained 26 teachers in the Affiliate Training and Assessment Programme;
- 27 teachers achieved affiliate status for the Affiliate Training and Assessment Programme;
- 1,881 primary school students were offered a creative dance workshop as part of the Primary Steps Programme.
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ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **FUNDRAISING**
Fundraising is an essential part of the School finances without which we could not offer support, training and performance opportunities to so many students and young people.
Total donations were £4,888,000 (2023: £11,486,000) which included £1,131,000 of government grants (2023: £1,131,000). The 2023 figure included £7,500,000 to support the development of the White Lodge Estate.
This year, our generous donors funded:
- Student Fund – support and sponsorship £1,702,017
- • School Fund – general support for the School £617,683 • Stage Fund – performance and artistic programme £315,961 • Training and Access – Associates and Intensives £182,183 • School programmes £486,371
Direct expenditure on fundraising is kept to a minimum. Non-staff costs were £60,337 (2023: £40,518) increasing to £314,747 (2023: £260,000) with staff costs included. This amounts to 6.4% of donated income. Last year, the School invested in additional fundraising resources.
The School’s Development Team carries out all fundraising with support from members of the Development Committee and Governors. The school does not engage with any external third-party fundraisers. Governors receive regular updates on fundraising regulations and guidance from the Head of Development and the Development Committee.
The School abides by the appropriate code of conduct for all its fundraising, considering the issues raised in the Etherington Review into Charity Fundraising Practice issued in September 2015, which emphasised donor experience.
The School takes its responsibility to anyone who might be vulnerable very seriously and will continue to consider this in the Charity’s approach to fundraising activity. The School does not engage in any cold-calling or put pressure on an individual to donate funds, property or other assets.
There have been no complaints in the period regarding inappropriate or intrusive contact.
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## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **FINANCIAL REVIEW**
Each year, the School’s financial objective is to break even across the total of its activities. However, it has been increasingly difficult to meet this objective as high inflationary pressures bite.
The School’s core costs, above those of staff are catering and premises. These were particularly affected by inflation in the year impacting the financial outturn.
In the day to day operations before transfers and pension revaluation, the charity delivered a £2,385,000 consolidated loss. This includes £1,349,000 of donation income.
## **INCOME**
The School only makes offers of full-time training to those who have the potential to become excellent dancers, so our ability to fill places depends on the calibre of applicants. In the year the School fell short of its target to have 226 students in the School by 3 students.
In the year, a full range of access and training opportunities were provided alongside full-time training and the Associate programme. Income from charitable activities rose to £10,173,000 (2023: £9,556,000).
Unrestricted income of £12,151,000 (£2023: £10,955,000) was supplemented by restricted income of £3,509,000 (2023: £10,504,000) totalling £15,660,000 (2023: £21,459,000). Restricted income was enhanced in 2023 by £7,500,000 towards the redevelopment of White Lodge.
## **EXPENDITURE**
During the year, expenditure was closely monitored and well controlled in most areas. The School’s main costs relate to staffing, premises and food and these are generally fixed in nature. Specific programme costs or donor-funded activities vary annually and typically, have matching income streams. Total consolidated expenditure for the year was £18,582,000 (2023: £16,534,000); the increase was due to the high inflationary environment, high spend on legal and professional costs, high spend in the subsidiary company and some essential maintenance and repairs to premises.
The costs of bursaries increased by £222,000 as more families required support and to a greater level than before. The Music and Dance Scheme supports eligible students with the costs of fees, but post-Brexit, European students no longer qualify for UK government support and donor support is required. Each year, circa 90% of the School’s full-time students require bursary support to attend the School, and without this, the School would be unable to fill the available places. Hardship and Equity support was provided to all families with the costs of ballet shoes. Further support was provided to selected families whose needs were greater.
## **PENSION PROVISION**
Although the defined benefit pension scheme is now closed for future accrual, it remains a significant risk for the School, particularly as the scheme reaches the end of its life circa 2034.
The triennial valuation continues to be used to calculate any repayments required, and these payments are incorporated into the longer-term financial planning of the School so that these commitments can be met as they fall due in the future.
A designated fund of £414,000 has been set aside to meet the cash commitments of purchasing member annuities.
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## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **PLANS FOR FUTURE PERIODS**
The School’s most immediate need is to ensure its long term financial sustainability following changes to, and challenges within, the independent school operating environment, changing government priorities, and the affordability pressures on charities and on parents.
The School’s board has embraced a new strategic framework for the School which supports its charitable mission, and provides a clear and compelling direction and purpose to steer organisational change, support students and maximise impact. The School will deliver a five year plan built on five strategic pillars:
- developing world-class artists;
- delivering the best grades possible;
- setting the international standard for holistic care;
- delivering a national ecosystem to nurture young talent;
- developing an innovative and sustainable business model.
The senior leadership team are working with the School’s governors and independent specialists to develop the new five year plan for the School, which will begin implementation in September 2025. This will be supported by the implementations of a governance review and a safeguarding review, both commenced in November 2024.
## **FUNDS AND RESERVES POLICY**
The School’s consolidated unrestricted general reserves at the year-end amount to £829,000 (2023: £2,680,000). Amounts designated for depreciation on property assets, maintenance and pension funds total £32,674,000 (2023: £33,775,000). Adding in restricted funds of £9,992,000 (2023: £9,997,000) bring total consolidated reserves to £43,495,000 (2023: £46,452,000).
The unrestricted general fund is held to provide financial stability to the School while making sure that funds are used to achieve the School’s aims wherever possible. The general fund allows the School to meet its financial obligations and operate its business while managing risks and funding future work and development. The level of the unrestricted funds, less those set aside for depreciation, is £1,243,000, equivalent to 1.0 months average unrestricted operating costs. At this time, the Governors, having assessed the financial stability of the School, believe the level of reserves to be adequate. The School has received support from The Royal Ballet School Endowment Fund to manage the transition to a new sustainable business model, and the financial resources are considered sufficient to ensure the School will continue as a going concern for the foreseeable future. However, in the longer term, the focus will be to build reserves for six months.
Governors have reviewed the reserves policy in line with Charity Commission CC19 Guidance. Given the uncertainty around funding and the economic environment, the School considers it necessary to hold reserves of a level equivalent to three to six months of operating costs.
The unrestricted designated fund has been put aside by Governors and represents the funds that are invested in property and other fixed assets for the use of the School and are therefore not available for other purposes. A further unrestricted designated fund is set aside for the Clerical Medical pension fund. Currently the charity recognises a zero liability to the defined benefit pension scheme but the fund will be used to manage expected cash flows for purchases member annuities over the remaining life of the scheme.
Restricted funds are the balance of unspent funds received subject to specific conditions imposed by
_Page_ 18
## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
the donors and are held separately to be spent in future periods.
## **PRINCIPAL RISKS AND UNCERTAINTIES**
The Governors are responsible for managing the risks the School faces and work closely with the CEO and senior leadership in doing so. The Board are focused on the following key risks;
- changes to VAT legislation and the impact this is having on parents of School students and those who access our Associates programme. We are in regular communication with our parents, we have absorbed some of the VAT costs and we are actively managing our cashflow;
- drop out of students during the year. RBS has made operational and cultural improvements over the last six months designed to retain students within the full cycle of the School and this will minimise the likelihood of drop-out;
- reduced levels of funding from the DfE in the face of stretched public finances, including the removal of support for outreach. We are in regular communication with the DFE regarding the direct link between the School’s organisational sustainability and the maintenance of the MDS funding. This includes direct communication between the RBS Chair and the Secretary of State for Education;
- the possibility of changes to the Music and Dance Scheme. Investment in the Development team will generate new prospects and thus new donors to help with the shortfall;
- supporting the School’s staff and students through change;
- an unforeseen event with White Lodge upkeep. It would be our intention to apply to The Royal Ballet School Endowment Fund to cover the cost;
- managing safeguarding to ensure that students and staff understand how to identify risk and how and when to raise a concern, and are confident to come forward.
It is recognised that systems can only provide reasonable, but not absolute, assurance that significant risks have been adequately managed. The systems themselves are therefore under continuous review.
## **GOING CONCERN**
The Governors are acutely aware that since COVID, the School’s expense base has been hard hit by rising prices. At the same time, the cap on school fees imposed by the DfE has not kept pace with inflation, creating a situation where the School’s surpluses have been squeezed year on year. The 2020-21 financial year was the first year of net losses, followed by additional losses up to and including 2023-24.
The current year has brought further financial pressures. All private schools have experienced the loss of business rate relief and the imposition of VAT. The annual impact on RBS of losing business rate relief will be £255k, although as things currently stand, RBS should be VAT neutral for the next year.
A third factor has been the increase in National Insurance rates for employers, as per the latest government budget. This increase will cost the School an additional £180k per year in National Insurance contributions.
_Page_ 19
## ROYAL BALLET SCHOOL
## ANNUAL REPORT OF THE GOVERNORS
In December, the School was dealt a further blow, when the DfE advised us that they were discontinuing the School’s block grant, which has been in place for 20 years. The grant, totalling £1.1m, fully covered the cost of the School’s Primary Steps programme, as well as providing funding for building maintenance and the School’s Associates programme. Although RBS is challenging the withdrawal of the grant because of the impact on participants, the School is intent on planning ahead on the basis that the grant will be withdrawn.
The School have devised a strategic plan which focuses on a handful of key financial and cultural drivers. The resulting model, which was based on a prudent approach, brings the School out of a deficit position by 2029-30. The plan focuses on the following key drivers for 2025-26:
- Increased student numbers
- Investment in Development capacity and growth in fundraised income
- Growth in Intensive Courses
- Removing unprofitable activity from TRBS Enterprises Limited, and prioritising profitable strands
The School’s Development Team is being supported to focus on maximising philanthropic and partnership investment in the School at this time of strain. The board are well-supported by a Finance, Audit, Operations and Risk Committee which meets monthly, and monitors cashflow forecasting on a weekly basis.
The Governors have reviewed the current position carefully to ensure the ongoing provision of schooling for the pupils and the employment of staff. The School have received support from The Royal Ballet School Endowment Fund to manage the transition to a new sustainable business model, and the Governors therefore believe that financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least until 31 August 2026 and have therefore prepared the financial statements on a going concern basis.
_Page_ 20
## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
## **GOVERNANCE**
The Royal Ballet School (the School) is a charitable company limited by guarantee (registered number 547018) and does not have a share capital. It is also a registered charity (number 214364).
The School was established in 1955 under a Memorandum of Association, which sets out the objects and powers of the Charitable Company and is governed by its Articles of Association. The School’s objects and principal activity is to train and educate full-time students for a career as classical ballet dancers.
The School has a wholly owned trading subsidiary, TRBS Enterprises Limited, which sells branded merchandise, offers on-demand training and hires out School premises, gifting its profits to the School.
The Royal Ballet School Endowment Fund is a connected charity whose purpose is to provide funding and facilities for the students at The Royal Ballet School. The connected charity is a separate charity with trustees responsible for that charity and their financial statements, which are not reported on in these accounts.
The School is the official School of both The Royal Ballet and Birmingham Royal Ballet companies. As a result, it has close working relationships with both Artistic Directors and their staff. The Artistic Directors of each Company are Governors of the School.
## **HOW WE ARE GOVERNED**
The School is governed by the Board of Governors, whose members are also directors of the Charitable Company and charity trustees. Governors hold office for an initial three-year term and may be re-elected for a further two three-year terms. On occasion and for the benefit of the Charity, Governors may be invited to remain on the Board for a further one-year term.
The Board is responsible for overseeing the strategy and policies of the School and meets formally at least three times a year, as well as holding other meetings for strategic planning discussions as required to perform its duties.
The Board of Governors during the financial year and to the date of this report are shown on page 4.
The Board has established seven standing committees which meet regularly throughout the year and report to the Board of Governors. Each Committee is chaired by a Governor and supported by a Executive Leadership Team member. Between them, these committees have a responsibility to the Board for all the major areas of accountability.
|**Committee**|**Focus/outcomes**|
|---|---|
|Academic & Student Welfare|•
Non-artistic aspects of the student experience at the School
inc. safeguarding|
|Finance, Audit, Operations and
Risk|•
Ensuring sustainable finances, robust financial management,
efficient operations and the identification and mitigation of
risk|
|Development|•
Fundraising to support the School’s development, in line with
philanthropic standards|
|Estates|•
Buildings and estates fit for the School’s current and future
needs|
_Page_ 21
## ROYAL BALLET SCHOOL
## ANNUAL REPORT OF THE GOVERNORS
|Artistic|•
World-class artistic standards and holistic student healthcare|
|---|---|
|Brand, Enterprise & Digital|•
Protecting brand and reputation while delivering financial
surpluses to meet the School’s core activities|
|Governance|•
Long-term organisational sustainability, including Equity,
diversity and inclusion, sustainability, nominations, HR,
remuneration and succession planning. Staff welfare|
The Academic and Student Welfare Committee is responsible for formal student safeguarding while the Governance committee has a remit to look after the interests of teachers and other staff. However, safeguarding is reported on and reviewed at every Board Meeting and remains everyone’s responsibility throughout the organisation.
The Governors and Executive Officers make nominations for new Board members to the Governance Committee, who then make recommendations to the Board who elect new members. Candidates are selected based on their professional skills, knowledge, competence and experience, and Governors ensure an appropriate balance of relevant skills and expertise across the Board. There is a regular review of the Board's composition, considering the need for succession planning as existing Governors retire. Professional recruitment agencies may be used where appropriate to ensure that the broadest range of candidates is considered.
## **GOVERNOR TRAINING**
All Governors are inducted into the governance and operations of the School through briefings with the Chairman and members of the Executive Leadership Team. All Governors are trained to Level 2 in Child Protection and Safeguarding, and at least two Governors to Level 3. Governors are issued with a copy of the AGBIS Guidelines for Governors laying out best practice in the governance of independent schools. The training needs of Governors are reviewed from time to time, and support is provided as necessary. Additionally, regular presentations and reports are made to the Governing body on critical issues of current and ongoing importance.
The Trustees adhere to the Charity Governance Code published in 2017, which sets out the principles and recommended practices for good governance within the sector.
## **ORGANISATIONAL MANAGEMENT**
During the year ended 31 August 2024, the School's day-to-day operations were managed by the Executive Leadership Team which comprised the Artistic Director, Chief Operating Officer, Academic and Pastoral Principal and Commercial Director. The School recruited a new Chief Executive Officer in October 2024 and the Executive Leadership Team currently comprises Chief Executive Officer, Artistic Director and Academic and Pastoral Principal. The Executive Leadership Team are supported by the wider Senior Leadership Team.
## **EMPLOYMENT POLICY**
To promote an environment in which the School can call upon the broadest possible range of knowledge, skill and experience, as well as ensure compliance with the relevant legislation and codes of practice, the Royal Ballet School is committed to achieving and maintaining a workforce which represents the population within its recruitment area. The School has an equality policy to ensure fairness and equality of opportunity to all staff regardless of their status regarding age,
_Page_ 22
## ROYAL BALLET SCHOOL
## ANNUAL REPORT OF THE GOVERNORS
disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex or sexual orientation.
The School regularly reviews its recruitment, promotion, training and development policies to ensure that every applicant for employment or member of staff is protected and given equal opportunity.
## **PUBLIC BENEFIT**
The School remains committed to the aim of providing public benefit in accordance with its founding principles. The Governors have given due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011.
The School makes a significant contribution to the country’s global reputation for arts and culture, specialising in classical ballet. A place at the School is open to any young person who possesses the potential and talent to become a professional classical ballet dancer, irrespective of their social or financial background. A combination of public, private and charitable funding is available to give financial support and bursaries to students, and each year, about 85% of our students receive such support. Each year, the School can offer up to 184 bursaries to qualifying students via the Department for Education’s Music and Dance Scheme.
The School’s Training and Access department provides national Associate programmes that offer young people regular access to classical ballet training classes and workshops. There are nine Associate centres across the United Kingdom: London, Birmingham, Bath, Manchester, Leeds, Totnes, Eastleigh, Newcastle and Dundee. All students are selected based on their potential as a classical ballet dancer rather than their ability to pay and means-tested financial support is available irrespective of age or nationality. Donor-supported travel bursaries are made available to Associate students to support them with the costs of attending classes and valuable access to live performances at the Royal Opera House and other venues.
The Intensive Courses department delivers courses throughout the year, allowing classical ballet students to experience Royal Ballet School training. Annual courses are held at The Royal Ballet School and internationally. Courses are open to British and international students aged 10 to 20. Again, all students are selected based on their ability rather than financial means and means-tested bursary support is available for all intensive courses.
Alongside studio-based classes, the school provides an online programme. Students from all over the world can access these classes, which cover a wide range of content for various abilities.
The School also runs a national community access programme called Primary Steps. Funded by the DfE, Primary Steps partners with state schools to offer a complete dance programme for KS2. There are five school centres for the programme around the country: Blackpool, Bury St Edmonds, Dagenham, Swindon and Mansfield. In 2022, the School made the Primary Steps programme available to all primary schools via its online platform at a cost of £3 per student per year.
Other access opportunities are available, such as demonstrations for state school students studying GSCE dance or various Insight events for the general public. A programme of professional development is available for teachers of classical ballet.
## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR**
So far as each of the Governors is aware, there is no relevant audit information of which the charitable company’s auditor is unaware. Each Governor has taken all the steps they should have taken as a Governor to make themselves aware of any relevant audit information and establish that
_Page_ 23
## ROYAL BALLET SCHOOL ANNUAL REPORT OF THE GOVERNORS
the charitable company’s auditor is aware of that information.
## **STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES**
The Governors (who are also directors for the purposes of company law) are responsible for preparing the Governors’ annual report and financial statements in accordance with applicable law and the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
Company law requires the Governors to prepare financial statements for each financial year. Under company law, the Governors must only approve the financial statements if they are satisfied that they give a true and fair view of the charitable company's state of affairs and the charitable company's income and expenditure for that period. In preparing these financial statements, the Governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the charity's assets and, hence, for taking reasonable steps to prevent and detect fraud and other irregularities.
This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of Governors on 3 April 2025. This approval includes the approval, in their capacity as company directors, of the Directors’ and Strategic Reports contained within the Annual Report. The Annual Report is signed as authorised on behalf of the Board of Governors by:
**Natasha Kaplinsky** Governor
_Page_ 24
## AUDITORS REPORT
## **INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE ROYAL BALLET SCHOOL**
## **OPINION**
We have audited the financial statements of The Royal Ballet School for the year ended 31 August 2024 which comprise the consolidated Statement of Financial Activities, Group and Charity Balance Sheets, consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 August 2024 and of its income and expenditure, for the 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 2006.
## **BASIS FOR OPINION**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **CONCLUSIONS RELATING TO GOING CONCERN**
In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **OTHER INFORMATION**
The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in
_Page_ 25
## AUDITORS REPORT
the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006**
In our opinion based on the work undertaken in the course of our audit
- the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, 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’ report have been prepared in accordance with applicable legal requirements.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **RESPONSIBILITIES OF TRUSTEES**
As explained more fully in the trustees’ responsibilities statement set out on page 24, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
_Page_ 26
## AUDITORS REPORT
economic decisions of users taken on the basis of these financial statements.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity and groups’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were Education (Independent School Standards) Regulations 2014, General Data Protection Regulation (GDPR) and Employment legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
_Page_ 27
## AUDITORS REPORT
## **USE OF OUR REPORT**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
**Dipesh Chhatralia Senior Statutory Auditor** For and on behalf of Crowe U.K. LLP Statutory Auditor
London
## 6 May 2025
_Page_ 28
## ROYAL BALLET SCHOOL
## CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
As at 31 August 2024
|**CONSOLIDATED STATEMENT**
**OF FINANCIAL ACTIVITIES**|**Unrestricted Funds**
**Restricted**
**Funds**|**Unrestricted Funds**
**Restricted**
**Funds**|**Unrestricted Funds**
**Restricted**
**Funds**|**Total**
**Funds**|Total
Funds|
|---|---|---|---|---|---|
|Note|General
Designated|||**2024**|2023|
||£000|£000|£000|**£000**|£000|
|**Income from:**||||||
|Charitable activities
2|10,173|-|-|**10,173**|9,556|
|Donations
3|1,379|-|3,509|**4,888**|11,486|
|Other income
4|599|-|-|**599**
|417|
|||||||
|**Total income**|12,151|-|3,509|**15,660**|21,459|
|||||||
|Expenditure on:||||||
|**Raising funds**||||||
|Development and
fundraising|1,523|-|54|**1,577**|1,053|
|||||||
||1,523|-|54|**1,577**|1,053|
|||||||
|**Charitable activities**||||||
|Teaching|3,202|-|346|**3,548**|3,284|
|Pastoral and welfare|1,187|-|437|**1,624**|1,568|
|Outreach and partnership|848|-|507|**1,355**|1,252|
|Intensive Courses|417|-|245|**662**|539|
|Premises|4,671|566|16|**5,253**|5,075|
|Support and governance
8,9|2,666|-|3|**2,669**|2,088|
|Grants and prizes
10|22|-|1,872|**1,894**|1,675|
|||||||
||13,013|566|3,426|**17,005**|15,481|
|||||||
|**Total expenditure**
7|14,536|566|3,480|**18,582**|16,534|
|||||||
|Net (expenditure) / income|(2,385)|(566)|29|**(2,922)**|4,925|
|||||||
|**Transfers between funds**
17,18|569|(535)|(34)|**-**|-|
|**Other recognised losses**||||||
|Actuarial (loss)/gain on
defined benefit pension
scheme
24g|(35)|-|-|**(35)**|13|
|||||||
|**Net movement in funds**
|(1,851)|(1,101)|(5)|**(2,957)**|4,938|
|**Total funds brought**
**forward**|2,680|33,775|9,997|**46,452**|41,514|
|||||||
|**Total funds carried forward**
17,18|829|32,674|9,992|**43,495**|46,452|
|||||||
|||||||
|||||||
|All transactions are derived from the charity’s continuing operations.
All recognised gains and losses are included in the Statement of Financial Activities.
The notes on page 32 to 52 form part of these financial statements.||||||
_Page_ 29
## ROYAL BALLET SCHOOL BALANCE SHEETS
## As at 31 August 2024
|**BALANCE SHEETS**
**BALANCE SHEET**
Note
**Fixed assets**
Tangible assets
12
**Current assets**
Stock
Debtors
13
Cash at bank and in hand
Total current assets
**Creditors:**amounts falling due within
one year
Trade and other creditors
14
Deferred income
15
Net current assets
**Total assets less current liabilities**
**Creditors:**Amounts falling due after
one year
16
Defined benefit pension scheme
liability
24b
**Total net assets**
19
**Funds**
Unrestricted funds
General fund
Designated funds
Total unrestricted funds
17
Restricted funds
18
**Total funds**|**The group**
**2024**
2023
**34,863**
36,330
**97**
114
**897**
897
**9,943**
12,400
**10,937**
13,411
**(2,022)**
(1,529)
**(124)**
(1,570)
**8,791**
10,312
**43,654**
46,642
**(159)**
(190)
**-**
-
**43,495**
46,452
**829**
2,680
**32,674**
33,775
**33,503**
36,455
**9,992**
9,997
**43,495**
46,452|**The charity**
**2024**
2023
**£000**
£000
**34,853**
36,330
**-**
-
**1,061**
1,185
**9,881**
12,338
**10,942**
13,523
**(1,970)**
(1,495)
**(124)**
(1,570)
**8,848**
10,458
**43,701**
46,788
**(159)**
(190)
**-**
-
**43,542**
46,598
**876**
2,826
**32,674**
33,775
**33,550**
36,601
**9,992**
9,997
**43,542**
46,598|**The charity**
**2024**
2023
**£000**
£000
**34,853**
36,330
**-**
-
**1,061**
1,185
**9,881**
12,338
**10,942**
13,523
**(1,970)**
(1,495)
**(124)**
(1,570)
**8,848**
10,458
**43,701**
46,788
**(159)**
(190)
**-**
-
**43,542**
46,598
**876**
2,826
**32,674**
33,775
**33,550**
36,601
**9,992**
9,997
**43,542**
46,598|
|---|---|---|---|
||||13,523
(1,495)
(1,570)|
||||10,458|
||||46,788
(190)
-|
||||46,598|
||||2,826
33,775|
||||36,601
9,997|
||||46,598|
The financial statements on pages 29 to 52 were approved by the Board of Governors and authorised for issue on 3 April 2025 and are signed on its behalf by:
**Natasha Kaplinsky Tom Clementi Governor Governor**
_Page_ 30
## ROYAL BALLET SCHOOL
## CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 August 2024
|**CONSOLIDATED STATEMENT OF CASH FLOWS**
Note
**Cash flows from operating activities:**
Net cash (used) / provided by operating activities
A below
**Cash flows from investing activities:**
Interest receivable
Interest payable
Proceeds from sale of fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
**Cash flows from financing activities**
Repayments of borrowing
**Change in cash in the reporting period**
**Cash at the beginning of the year**
**Cash at the end of the year**
B below
**Reconciliation of cash flows from operating activities:**
Note A
Net Expenditure, from the statement of financial
activities
Adjustments for:
Depreciation charge
Write off assets in construction
Defined pension scheme net income
Interest receivable
Interest payable
Proceeds from the sale of fixed assets
Decrease / (increase) in stock
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Net cash (used) / provided by operating activities
**Analysis of cash**
Note B
Cash at bank and in hand|**2024**
**£000**
**(2,452)**
**203**
**(13)**
**-**
**(164)**
**26**
**(31)**
**(2,457)**
**12,400**
**9,943**
**2024**
**£000**
**(2,922)**
**838**
**793**
**(35)**
**(203)**
**13**
**-**
**17**
**-**
**(953)**
**(2,452)**
**2024**
**£000**
**9,943**
|2023
£000
8,470|
|---|---|---|
|||148
(11)
-
(493)|
|||(356)|
|||(30)|
|||8,084
4,316|
|||12,400|
|||2023
£000
4,925
1,257
-
(46)
(148)
11
-
(12)
637
1,846|
|||8,470|
|||2023
£000
12,400|
_Page_ 31
Royal Ballet School Notes to the financial statements Year ended 31 August 2024
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. Accounting policies**
## **1a Basis of accounting and going concern**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FRS 102 - effective 1 January 2015.
These financial statements consolidate the results of the charitable company and its wholly-owned subsidiary TRBS Enterprises Ltd on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity’s balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.
The accounts are drawn up on the historical cost basis of accounting.
The Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. The Governors have read the going concern paper produced by the School and understand the reasons for the new, long-term plan. The Governors are aware of the risks and mitigations with the new plan and are supportive with the commencement of the plan. The financial statements have been prepared under the going concern concept, on the understanding that the School will continue to receive sufficient financial support to enable it to meet its liabilities as and when they fall due for payment.
The Governors have reviewed the position carefully with a view to ensuring the ongoing provision of schooling for the pupils as well as the employment of staff. There are currently significant cash balances should additional liquidity be required through this period of uncertainty. Accordingly, the Governors believe the School's financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least until 31 August 2026 and have therefore prepared the financial statements on the going concern basis.
The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 31 March 1955 (company number: 547018) and registered as a charity on 12 November 1962 (charity number: 214364).
## **1b Critical accounting judgements and key sources of estimation uncertainty**
In the application of the charity’s accounting policies, which are described in this section, Governors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies and are summarised below:
_Page_ 32
## Royal Ballet School Notes to the financial statements
Year ended 31 August 2024
Pension liabilities – The charity recognises a zero liability to its defined benefit pension scheme which involves a number of estimations as disclosed in note 24.
## **1c Income**
Income consists of school fees and expenses due and receivable, income from performances and auditions, grants receivable from the Department for Education and other bodies, donations, investment income and other income. This income is recorded in the Statement of Financial Activities when it becomes due to the School.
Government grants are recognised on the performance model when the charity has complied with any conditions attaching to the grant and the grant will be received.
## **1d Expenditure**
Expenditure is recognised in the period in which the cost is incurred. Costs directly relating to a School activity are allocated to that activity. Support costs comprise salaries and overheads of central functions of management and administration.
Governance costs are those costs incurred in compliance with regulation and good practice and include costs relating to the statutory audit, Governors’ meetings and other constitutional and statutory requirements.
## **1e Grant-making policy**
The Governors may from time to time make grants to The Royal Ballet School Endowment Fund on the basis that they are in the interests of the School.
## **1f Operating leases**
Rental payments under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable are an incentive to sign an operating lease and are similarly spread on a straight-line basis over the lease term.
## **1g Taxation**
Gift aid recovered on voluntary income is included with the donation to which it relates and irrecoverable VAT is included with the item of expenditure to which it relates.
## **1h Tangible fixed assets and depreciation**
All tangible fixed assets are stated in the balance sheet at cost less depreciation. The depreciation of assets is provided in equal annual instalments over the estimated useful lives of the assets.
## **1i Long leasehold property**
The original cost of the White Lodge long leasehold property was fully amortised in the period 1955 to 1976, although the lease was not due to expire until 2014. Subsequent major works and additions to the leasehold property were capitalised and amortised over the unexpired period of the lease, or evenly over the expected useful lives of the major works and additions as appropriate. In November 2008 the School surrendered its existing lease and entered into an agreement to lease the land and buildings for a further 100 years. A major redevelopment was undertaken in three phases from 2005 and completed in February 2009. Relevant leasehold costs are depreciated over the term of the lease. Building costs are depreciated over 40 years.
The Floral Street leasehold property is depreciated over the term of 150 years commencing in 2002, except for building costs which are depreciated over 40 years. Up to 2009, the buildings had been depreciated over 25 years, but the policy was then reviewed and changed. The net book value at 31 August 2008 is now being depreciated over the remainder of the 40-year term.
The Jebsen House property is depreciated over the lease term of 20 years ending in 2029.
_Page_ 33
Royal Ballet School Notes to the financial statements Year ended 31 August 2024
## **1j Freehold property**
The Aud Jebsen Hall student accommodation is a freehold property and is being depreciated over 50 years from Easter 2016 when it was completed. Finance costs on loans taken out for the purchase of the property have been capitalised during the period when the property was being refurbished.
## **1k Furniture, fixtures and equipment**
Assets with a cost of more than £1,000 are capitalised and these are depreciated over their expected useful lives as follows:
|s follows:|s follows:|
|---|---|
|Major refurbishment and minor structural changes 10 years||
|Furniture, fixtures and equipment|5 -10 years|
|Computer equipment|3 years|
|Motor vehicles|4 years|
Assets in construction are not depreciated.
## **1l Liabilities**
Liabilities are recognised at the point that an obligation to make payment or transfer assets exists, and the value of that obligation can be measured with a reasonable degree of accuracy.
## **1m Foreign currency**
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the transaction date. All differences are taken to the Statement of Financial Activities.
## **1n Pension schemes**
Employees of the School are entitled to join the group personal pension scheme and employer contributions are charged to expenditure in the accounting period in which they are payable.
Until March 2023, Teachers were entitled to join the Teachers’ Pension Scheme, an unfunded multiemployer defined benefits pension scheme. Contributions are charged to expenditure in the accounting period in which they are payable as if the scheme were a defined contribution scheme, as the School does not have sufficient information to account as a defined benefit scheme.
The School operated a defined benefit scheme, The Royal Ballet School Pension and Life Assurance Plan, closed to new entrants in 2002 and for future accrual on 31 August 2012. The assets and liabilities of the scheme are reported in these financial statements as required by FRS 102. The statement of financial activities includes the expected return on scheme assets in investment income, the interest cost in other finance costs, and the actuarial gains and losses arising from the annual valuation. The pension liability, currently zero, is recognised in the balance sheet as the School has a legal obligation to settle the liability over the long term.
See note 24 for more details on the pension schemes.
## **1o Fund accounting**
Unrestricted funds comprise the accumulated unrestricted surplus or deficit each year. They are available for use at Governors' discretion in furtherance of the general charitable objectives.
Unrestricted designated funds are amounts that have been put aside at the Governors' discretion. At the year-end, they comprised a Fixed asset fund and a Pension Deficit fund. The Fixed asset fund represents the extent to which donated funds are invested in fixed assets for use by the School and, therefore, are not available for other purposes. The Pension Deficit Fund represents sums set aside to support the cash flows required to purchase annuities for deferred pension members.
_Page_ 34
Year ended 31 August 2024
## Royal Ballet School Notes to the financial statements
Restricted funds are funds subject to specific restricted conditions imposed by the donors.
Details of unrestricted funds are shown in note 17 and restricted funds in note 18.
## **1p Financial instruments**
The School has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash and bank and in hand, together with trade debtors, accrued income and all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year-end exchange rate.
_Page_ 35
## Royal Ballet School Notes to the financial statements
Year ended 31 August 2024
|**2**
**Charitable activities income**
School fees – note 2a
Extras and performance income
Fees from Associates, Summer School and teachers’ courses
Auditions and other income
**2a**
**School Fees**
School fees were funded by:
Grants from the Department for Education
Bursaries from The Royal Ballet School Endowment Fund
Bursaries from restricted donations
Parents
**3**
**Donations**
Grants
Donations
Friends
**4**
**Other Income**
Investment income – bank interest
On-demand dance-based programme income
Merchandise sales
Other income|**2024**
**Total**
**£000**
**7,683**
**47**
**2,287**
**156**
**10,173**
**3,180**
**508**
**1,112**
**2,883**
**7,683**
**2024**
**£000**
**1,131**
**3,742**
**15**
**4,888**
**2024**
**£000**
**203**
**168**
**155**
**73**
**599**
|2023
Total
£000
7,352
49
1,993
162
9,556
3,502
500
849
2,501
7,352
2023
£000
1,131
10,334
21
11,486
2023
£000
148
107
111
51
417
|
|---|---|---|
_Page_ 36
## Royal Ballet School Notes to the financial statements Year ended 31 August 2024
## **5 Trading subsidiary**
The Charity has one wholly owned subsidiary, TRBSE Enterprises Limited, whose registered address is 46 Floral Street, London WC2E 9DA.
The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities.
The company’s trading results for the year extracted from its audited financial statements were:
||**2024**|2023|
|---|---|---|
||**£000**|£000|
|Turnover|**357**|218|
|Cost of sales|**(276)**
|(183)
|
|Gross profit|**81**|35|
|Administrative expenses: Licence to occupy premises|**(1)**|(1)|
|Other expenses|**(482)**
|(159)
|
|(Loss) on ordinary activities before gift aid|**(402)**
|(125)
|
|(Loss) on ordinary activities before taxation|**(402)**|(125)|
|Tax on profit on ordinary activities|**-**
|-
|
|(Loss) for the year|**(402)**
|(125)
|
|Accumulated (loss) carried forward|**(548)**
|(146)
|
|The company’s assets and liabilities for the year extracted from its|audited financial statements|were:|
||**2024**|2023|
||**£000**|£000|
|Fixed assets|**9**|-|
|Current assets|**190**|208|
|Current liabilities|**(747)**|(354)|
|Share capital and reserves|**(548)**
|(146
|
Amounts owed to/from the parent undertaking are shown in note 13.
## **6 Parent charity**
The parent charity’s gross income and the results for the year are disclosed as follows:
|Gross income
Result for the year|**2024**
**£000**
**15,337**
**(3,056)**
|2023
£000
21,241
5,063
|
|---|---|---|
_Page_ 37
## Royal Ballet School Notes to the financial statements Year ended 31 August 2024
|**7**
**Expenditure analysis**||||||||**Total**||Total|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||
||Staff costs
Depreciation
Other costs|||||||**2024**||2023|
|||£000||£000||£000||**£000**||£000|
|**Raising funds**|||||||||||
|Trading, development and
fundraising||841||-||736||**1,577**||1,053|
||||||||||||
||||||||||||
|**Charitable activities**|||||||||||
|Teaching||2,955||-||593||**3,548**||3,284|
|Pastoral and welfare||1,150||-||474||**1,624**||1,568|
|Outreach and partnership||1,088||-||267||**1,355**||1,252|
|Intensive courses||291||-||371||**662**||539|
|Premises||860||838||3,555||**5,253**||5,075|
|Support and governance||1,305||-||1,364||**2,669**||2,088|
|Grants and prizes||-||-||1,894||**1,894**||1,675|
||||||||||||
|||7,649||838||8,518||**17,005**||15,481|
||||||||||||
|Total expenditure||8,490||838||9,254||**18,582**||16,534|
||||||||||||
||||||||||||
|**8**
**Governance costs**|**Total**|Total|
|---|---|---|
||**2024**|2023|
||**£000**|£000|
|**Governance costs included in support costs:**|||
|Fees payable to the auditor for the statutory audit|**39**|32|
|(Over)/Under accrual for prior year fees relating to the statutory audit|**-**|1|
|Fees payable to the auditor for pension compliance|**10**|20|
|Board and committee costs|**2**|1|
||||
|Total|**51**|54|
||||
|**9**
**Finance and lease costs**|**Total**|Total|
|---|---|---|
||**2024**|2023|
||**£000**|£000|
||||
|Bank interest payable|**13**|11|
|Interest on pension plan|**(28)**|1|
|Operating leases: land and buildings|**203**|182|
||||
_Page_ 38
Royal Ballet School Notes to the financial statements Year ended 31 August 2024
## **10 Grants and prizes expenditure**
Grants are for student sponsorship and bursaries for full-time students, Associates and Intensive Course participants. Apart from a few scholarships for full-time students, all grants are means-tested.
||**Total**|Total|
|---|---|---|
||**2024**|2023|
||**£000**|£000|
||||
|Other grants|**1,891**|1,669|
|Prizes|**3**|6|
||||
|Total|**1,894**|1,675|
||
||
|**11**
**Staff costs**
Wages and salaries
Social security costs
Other pension costs
Other costs|**2024**
**£000**
**7,193**
**676**
**584**
**37**|2023
£000
6,393
627
584
28|
||||
||||
||**8,490**|7,632|
Five Governors claimed travel and subsistence expenses of £660 in the year (2023: One Governor, £147).
Total employee benefits, including employer pension contributions and national insurance of the Senior Leadership Team, were £1,372,216 (2023: £1,008,829).
The School made aggregate termination payments of £39,055 (2023: £nil) with none outstanding at the year end.
|The number of higher paid employees in bands of:
£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£100,001 to £110,000
£110,001 to £120,000|**2024**
**Number**
**7**
**5**
**1**
**-**
**3**
**1**
**17**|2023
Number
8
2
2
1
-
1
14|
|---|---|---|
The average headcount of the School’s employees for the year 2024 was 261 (2023: 255).
_Page_ 39
## Royal Ballet School
## Notes to the financial statements
Year ended 31 August 2024
|**12 Tangible fixed assets**
**As at 31 August 2024**
**The group and charity**
**Cost**
As at 1 September 2023
Additions
Disposals
Transfers
**As at 31 August 2024**
**Depreciation**
As at 1 September 2023
Charged in the year
Disposals
Transfers
**As at 31 August 2024**
**Net book value at 31 August**
**2024**
**Net book value at 31 August**
**2023**|**Long Lease Property**
**White**
**Lodge**
**White Lodge**
**Assets in**
**Construction**
**Floral**
**Street**
23,038
753
15,269
-
42
-
2
(795)
-
(98)
-
98|**Jebsen**
**House**
786
-
-
-|**Freehold**
**Property**
**AJH**
14,960
-
-
-|**Furniture, Fixtures and Equipment**
**Motor**
**Vehicle**
**TOTAL**
**White**
**Lodge**
**Floral**
**Street**
**Jebsen**
**House**
**AJH**
**Bedford**
**Street**
1,355
1,159
48
157
-
71
**57,596**
82
27
-
-
13
-
**164**
-
(14)
-
-
-
-
**(807)**
5
(5)
-
-
-
-
**-**|**Furniture, Fixtures and Equipment**
**Motor**
**Vehicle**
**TOTAL**
**White**
**Lodge**
**Floral**
**Street**
**Jebsen**
**House**
**AJH**
**Bedford**
**Street**
1,355
1,159
48
157
-
71
**57,596**
82
27
-
-
13
-
**164**
-
(14)
-
-
-
-
**(807)**
5
(5)
-
-
-
-
**-**|**Furniture, Fixtures and Equipment**
**Motor**
**Vehicle**
**TOTAL**
**White**
**Lodge**
**Floral**
**Street**
**Jebsen**
**House**
**AJH**
**Bedford**
**Street**
1,355
1,159
48
157
-
71
**57,596**
82
27
-
-
13
-
**164**
-
(14)
-
-
-
-
**(807)**
5
(5)
-
-
-
-
**-**|**Furniture, Fixtures and Equipment**
**Motor**
**Vehicle**
**TOTAL**
**White**
**Lodge**
**Floral**
**Street**
**Jebsen**
**House**
**AJH**
**Bedford**
**Street**
1,355
1,159
48
157
-
71
**57,596**
82
27
-
-
13
-
**164**
-
(14)
-
-
-
-
**(807)**
5
(5)
-
-
-
-
**-**|**Furniture, Fixtures and Equipment**
**Motor**
**Vehicle**
**TOTAL**
**White**
**Lodge**
**Floral**
**Street**
**Jebsen**
**House**
**AJH**
**Bedford**
**Street**
1,355
1,159
48
157
-
71
**57,596**
82
27
-
-
13
-
**164**
-
(14)
-
-
-
-
**(807)**
5
(5)
-
-
-
-
**-**|
|---|---|---|---|---|---|---|---|---|
||**22,942**
**-**
**15,367**|**786**|**14,960**|**1,442**|**1,167**|**48**|**157**|**13**
**71**
**56,953**|
||9,549
-
6,365
440
-
(94)
-
-
-
(29)
-
29|570
58
-
-|2,433
311
-
-|1,164
52
-
3|929
60
(14)
(3)|48
-
-|137
8
-
-|-
71
**21,266**
3
-
**838**
-
-
**(14)**
-
-
**-**|
||**9,960**
**-**
**6,300**|**628**|**2,744**|**1,219**|**972**|**48**|**145**|**3**
**71**
**22,090**|
||||||||||
||**12,982**
**-**
**9,067**|**158**|**12,216**|**223**|**195**|**-**|
**12**|**10**
**-**
**34,863**|
||13,489
753
8,904|216|12,527|191|230|-|
20|-
-
36,330|
_Page_ 40
## Royal Ballet School Notes to the financial statements Year ended 31 August 2024
|**13**
**Debtors**
Amounts falling due within one year:
Fees and recoverable extras
Trade debtors
Intercompany
Other debtors
Prepayments
Accrued Income
VAT
Department for Education - Music and Dance
Scheme fee funding
**Total**
**14**
**Creditors: amounts falling due within one year**
Trade creditors
Taxation and social security
Other creditors
Accruals
VAT
Bank loan due within one year
**Total**
**15**
**Deferred income**
Fees in advance
Donations in advance
Department for Education - Music and Dance
Scheme fee funding in advance
**Total**|**The group**
**2024**
**2023**
**£000**
**£000**
**92**
30
**1**
-
**-**
-
**18**
5
**454**
239
**55**
417
**1**
**276**
-
206
**897**
897
**The group**
**2024**
2023
**£000**
£000
**805**
420
**179**
178
**558**
426
**450**
470
**-**
5
**30**
30
**2,022**
1,529
**The group**
**2024**
**2023**
**£000**
**£000**
**94**
**-**
**30**
**-**
70
1,500
_
**124**
1,570|**The group**
**2024**
**2023**
**£000**
**£000**
**92**
30
**1**
-
**-**
-
**18**
5
**454**
239
**55**
417
**1**
**276**
-
206
**897**
897
**The group**
**2024**
2023
**£000**
£000
**805**
420
**179**
178
**558**
426
**450**
470
**-**
5
**30**
30
**2,022**
1,529
**The group**
**2024**
**2023**
**£000**
**£000**
**94**
**-**
**30**
**-**
70
1,500
_
**124**
1,570|**The charity**
**2024**
2023
**£000**
£000
**92**
30
**-**
-
**195**
320
**18**
5
**425**
207
**55**
417
**-**
**276**
-
206
**1,061**
1,185
**The charity**
**2024**
2023
**£000**
£000
**762**
401
**179**
178
**558**
426
**441**
460
**-**
-
**30**
30|**The charity**
**2024**
2023
**£000**
£000
**92**
30
**-**
-
**195**
320
**18**
5
**425**
207
**55**
417
**-**
**276**
-
206
**1,061**
1,185
**The charity**
**2024**
2023
**£000**
£000
**762**
401
**179**
178
**558**
426
**441**
460
**-**
-
**30**
30|
|---|---|---|---|---|
||||||
||||**1,970**|1,495|
||||||
||||||
||||**The charity**
**2024**
2023
**£000**
£000
**94**
-
**30**
**-**
70
1,500||
||||||
|||1,570|**124**|1,570|
_Page_ 41
## Royal Ballet School Notes to the financial statements
Year ended 31 August 2024
|**16**
**Creditors: amounts falling due after one year**
**Creditors due in 2 to 5 years**
Bank loans
**Creditors due in 5 years**
Bank loans
**Total**|**The group**
**2024**
2023
**£000**
£000
**121**
121
**38**
69
**159**
190|**The charity**
**2024**
2023
**£000**
£000
**121**
121
**38**
69|**The charity**
**2024**
2023
**£000**
£000
**121**
121
**38**
69|
|---|---|---|---|
|||||
|||**159**|190|
Bank loans at 31 August 2024 include a fixed rate loan of £189,408 (2023: £219,708) repayable by November 2030, with £30,300 due within one year, and an interest rate is 5.9% per annum. This loan is secured by a charge over the White Lodge property.
|**17**
**Group unrestricted funds**
Balance as
at 1 Sep 23
£000
**Charity Designated**
Fixed asset fund
32,826
Building maintenance fund
500
Pension deficit Fund
449
33,775
**General**
Charity free reserves
2,826
Subsidiary free reserves
(146)
2,680
**Total**
36,455|Income
Expenditure
Transfers
£000
£000
£000
-
(566)
-
-
-
(500)
-
-
(35)
-
(566)
(535)
11,794
(13,777)
569
357
(759)
-
12,151
(14,536)
569
12,151
(15,102)
34|Gains/
(Losses)
**Balance as**
**at 31 Aug 24**
£000
**£000**
-
**32,260**
-
**-**
-
**414**
-
**32,674**
(35)
**1,377**
-
**(548)**
(35)
**829**
(35)
**33,503**|
|---|---|---|
_Page_ 42
## Royal Ballet School Notes to the financial statements
Year ended 31 August 2024
|**Group unrestricted funds**
**2022-23**
Balance as at
31 Aug 22
£000
**Charity Designated**
Fixed asset fund
33,841
Building maintenance fund
500
Pension deficit fund
450
34,791
**General**
Pension reserve
(59)
Charity free reserves
4,113
Subsidiary free reserves
(21)
4,033
**Total**
38,824|Income
Expenditure
Transfers
£000
£000
£000
-
(1,015)
-
-
-
-
-
(1)
-
-
(1,016)
-
-
(1)
47
10,737
(11,977)
(47)
218
(343)
-
10,955
(12,321)
-
10,955
(13,337)
-|Gains/
(Losses)
**Balance as at**
**31 Aug 23**
£000
**£000**
-
**32,826**
-
**500**
**449**
-
**33,775**
13
**-**
-
**2,826**
-
**(146)**
13
**2,680**
13
**36,455**|Gains/
(Losses)
**Balance as at**
**31 Aug 23**
£000
**£000**
-
**32,826**
-
**500**
**449**
-
**33,775**
13
**-**
-
**2,826**
-
**(146)**
13
**2,680**
13
**36,455**|
|---|---|---|---|
||||**33,775**|
||||**-**
**2,826**
**(146)**|
||||**2,680**|
||||**36,455**|
Unrestricted funds are available for use at the discretion of the Governors in furtherance of the general objectives of the charity. Certain unrestricted funds are designated for other purposes. The unrestricted funds are as follows:
## **Designated fixed asset fund**
This fund represents amounts expended on tangible fixed assets required for the operation of the School.
## **Designated building maintenance fund**
This fund represents amounts designated and set aside by Governors to fund the ongoing repairs and maintenance of White Lodge. The School is no longer undertaking an expansion of the Senior Boarding Block at White Lodge and these funds have been transferred to free reserves and released against initial capitalised work which has now been written off.
## **Designated Pension Deficit Fund**
The Royal School Pension and Life Assurance Scheme closed to new members in 2006 and ceased accrual in 2012. There are 21 deferred members, with the last member due to retire in 2034. The Triennial valuation of 1 September 2022 showed a funding deficit of £76,000 and the School has submitted a recovery plan to The Pension Regulator (see Note 24). These funds are set aside to meet future cash commitments for member annuities as the recovery payment plan is phased evenly over the remaining life of the scheme but member retirements are more sporadic.
## **General reserves**
The free reserves represent the balance of unrestricted funds which have not been designated and are available for use at the discretion of the Governors in furtherance of the general charitable activities.
## **Transfers**
£35,000 of general funds were transferred to the pension reserve to cover the costs of employer pension deficit repayments in the year.
£500k of designated building maintenance funds were transferred to general funds to partially cover the cost of White Lodge capitalised work which has now been written off.
_Page_ 43
## Royal Ballet School Notes to the financial statements Year ended 31 August 2024
|**18**
**Group restricted funds**
Balance as at 1
Sep 23
£000
Capital projects
7,500
Special projects
46
Sponsorship, bursaries and prizes
339
Outreach and Access fund
466
Ballet and artistic funds
273
Healthcare
782
Equipment
32
Intensive Courses
319
Equal Opportunities
240
9,997
**Group restricted funds 2022-23**
Balance as at 1
Sep 22
£000
Capital projects
-
Special projects
75
Sponsorship, bursaries and prizes
555
Outreach and Access fund
479
Ballet and artistic funds
378
Healthcare
1,018
Equipment
65
Intensive Courses
120
Equal Opportunities
-
_______
2,690|Income
Expenditure
£000
£000
423
-
133
(77)
1,730
(1,948)
427
(464)
266
(336)
107
(382)
-
(16)
269
(208)
154
(49)
3,509
(3,480)
Income
Expenditure
£000
£000
7,500
-
50
(79)
1,479
(1,678)
425
(438)
274
(331)
306
(542)
-
(33)
200
(66)
270
(30)
______
_______
10,504
(3,197)|Transfers
**Balance as at**
**31 Aug 24**
£000
**£000**
-
**7,923**
-
**102**
129
**250**
-
**429**
-
**203**
-
**507**
-
**16**
(34)
**346**
(129)
**216**
(34)
**9,992**
Transfers
**Balance as at**
**31 Aug 23**
£000
**£000**
-
**7,500**
-
**46**
(17)
**339**
-
**466**
(48)
**273**
-
**782**
-
**32**
65
**319**
-
**240**
_______
**_______**
-
**9,997**|
|---|---|---|
Restricted funds are used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. A significant proportion of donations are received in the current in advance of expenditure in the following year.
## **Capital projects**
This donation is to fund the development of the White Lodge estate.
## **Special projects**
The balance on this fund is to enable full-time students to broaden their educational experience through the development of professional and life skills and supporting cultural trips. We are also holding funds here to spend on events, particularly our Centenary events in 2026.
_Page_ 44
Royal Ballet School Notes to the financial statements Year ended 31 August 2024
## **Sponsorship, bursaries and prizes**
This fund includes donations for financial support for full-time students, Associates and Summer School students and some prizes. All support is means-tested apart from a small number of scholarships. The School awards places based only on talent, so this support is particularly crucial to help fund overseas students, which raises the standard for all students and allows the School to maintain its place as one of the best classical ballet schools in the world.
## **Outreach and Access**
This fund represents grants from the Department for Education, Trusts and Foundations and other donors to further the aims and objectives of the School’s Outreach and Access programme.
## **Ballet and artistic funds**
These donations are restricted for performances and new ballets, graduate tours, choreography and the Creative Artist Programme, which all help add breadth and depth to student training.
## **Healthcare**
This donation is to help the School improve its healthcare provision for three years, through the Healthy Dancer programme.
## **Equipment**
Donations have been received to fund the updating of the technical equipment in the Margot Fonteyn Theatre at White Lodge, and Smart screens for classrooms to allow academic teaching across the two School sites.
## **Intensive Courses**
This fund is to support the expansion of the Intensive Course programme into Hong Kong and Japan and provide financial assistance to students from Hong Kong and Japan who may otherwise be unable to pay for the course.
## **Equal Opportunities**
This fund is to offer needs-based, additional financial support to full-time students over and above fee bursaries. The fund aims to ensure equity of experience for each students, regardless of their background.
_Page_ 45
## Royal Ballet School Notes to the financial statements
Year ended 31 August 2024
|**19**
**Group allocation of assets by**
Unrestricted
**fund type**
Unrestricted
designated
Restricted
general fund
funds
funds
£000
£000
£000
Fixed assets
2,603
32,260
-
Stock
97
-
-
Debtors
897
-
-
Cash at bank
(463)
414
9,992
Creditors: due within one year
(2,146)
-
-
Creditors: due after one year
(159)
-
-
829
32,674
9,992
**Group allocation of assets by**
Unrestricted
**fund type 2022-23**
Unrestricted
designated
Restricted
general fund
funds
funds
£000
£000
£000
Fixed assets
3,504
32,826
-
Stock
114
-
-
Debtors
897
-
-
Cash at bank
1,454
949
9,997
Creditors: due within one year
(3,099)
-
-
Creditors: due after one year
(190)
-
-
2,680
33,775
9,997||**Total**
**2024**
**£000**
**34,863**
**97**
**897**
**9,943**
**(2,146)**
**(159)**|
|---|---|---|
|||**43,495**|
|||**Total**
**2023**
**£000**
**36,330**
**114**
**897**
**12,400**
**(3,099)**
**(190)**
**46,452**|
||||
## **20 Liability of members**
The Charitable company is limited by guarantee and does not have a share capital. In the event of the Company being wound up, the maximum amount which each member is liable to contribute is £1. There were 17 (2023:15) members at the year-end who are the Governors of the School.
_Page_ 46
## Royal Ballet School Notes to the financial statements Year ended 31 August 2024
## **21 Commitments under operating leases**
|The total of future minimum lease payments under operating leases
for each of the following periods:
Not later than one year
Later than one year and not later than five years
Later than five years|**2024**
**£000**
**231**
**787**
**-**
**1,018**|2023
£000
190
662
-|
|---|---|---|
|||852|
## **22 Related party transactions**
## **TRBS Enterprises Limited**
The subsidiary charity trades by hiring out School premises at times when they are not required by the School. During the year the following transactions were made with the School:
The School recharged £298,735 (2023: £171,941) of costs for staff time and other costs directly related to the activities of the subsidiary. The School charged licence fees of £1,000 (2023: £1,000) to the subsidiary.
At the end of the year the School was owed £695,389 by the subsidiary. In the charity only accounts, an impairment of £500,000 against the inter-company balance was put through in the year because, whilst the School foresee full repayment of the balance in the long term, the School have adopted a prudent approach in the current year, see note 13 (2023: £319,548).
## **The Royal Ballet School Endowment Fund**
The connected charity The Royal Ballet School Endowment Fund provides funding and facilities for the students of The Royal Ballet School. During the year the following transactions were made with the School:
The School received grants of £578,000 (2023: £575,000) from the Endowment Fund. The grants paid for bursaries for students for School fees, The Royal Ballet School collection and a grant for our Associate Programmes in Birmingham, Bath and Totnes.
The School does not charge the Endowment Fund for staff time for administering the charity.
At the end of the year the School owed £309 to the Endowment Fund (2023: £nil).
## **Governors of The Royal Ballet School**
Five Governors claimed travel and subsistence expenses of £660 in the year from the School (2023: One Governor, £147), as disclosed in note 11. The total amount of donations received from Governors in the year was £184,501 (2023: £164,075). None of the Governors’ donations were given with conditions that required the charity to alter the nature of its existing activities.
## **23 Taxation**
As a registered charity, The Royal Ballet School is potentially exempt from taxation of income and gains falling within sections 466 to 493 of the Corporation Tax Act 2010 and section 521 to 536 of the Income Tax Act 2007.
_Page_ 47
## Royal Ballet School Notes to the financial statements Year ended 31 August 2024
## **24 Pension commitments**
The School operates a group personal pension scheme and also a defined benefit scheme which was closed to future accrual on 31 August 2012, known as The Royal Ballet School Pension and Life Assurance Plan.
Until 31 March 2023, the School participated in the Teachers’ Pension Scheme. From 1 April 2023, teaching staff moved to the group personal pension scheme.
## **Group personal pension scheme**
Contributions for the group personal pension scheme are charged to expenditure in the accounting period in which they are payable. Pension charges for the year were £584,000 (2023: £584,000).
## **Teachers’ Pension Scheme**
The pension charge for the year includes contributions payable to the TPS of £nil (2023: £165,000).
## **The Royal Ballet School Pension and Life Assurance Plan (the “Plan”)**
This defined benefit pension scheme provides benefits based on pensionable pay up to 31 August 2012 when the Scheme ceased accrual. The assets of the Plan are held separately from those of the School, being invested with Clerical Medical and General Life Assurance Society in their Pension Contract.
## **Contributions and triennial valuations**
The contributions are recommended by an independent qualified actuary from Clerical Medical on the basis of triennial valuations carried out by the actuary on behalf of the Trustees of the Plan. The most recent triennial valuation was as at 1 September 2022. The market value of the Plan’s assets was £7,451,000 and the benefits accrued to members were £7,527,000, giving a funding deficit of £76,000 and a funding level of 99%. The actuarial assumptions underlying this valuation are different to those adopted under FRS 102 included in these financial statements.
The Trustees have agreed with the School that contributions will continue at £3,917 per month from 1 September 2023 to improve the funding level in the Plan to address the deficit. In the year to 31 August 2024, £35,253 (2023: £47,004) was paid and the deficit was repaid in the year.
The funding position of the Plan and contributions to be paid will be reviewed again at the next triennial valuation due as at 1 September 2025.
## **Valuation for these financial statements under FRS 102**
The Plan was valued at the end of the reporting period by a qualified Independent Actuary in accordance with Financial Reporting Standard 102, and the following notes 24a to 24i relate to this valuation. This valuation has different actuarial assumptions to the triennial valuation.
_Page_ 48
## Royal Ballet School Notes to the financial statements Year ended 31 August 2024
## **24a The principal actuarial assumptions at the end of the reporting period (expressed as weighted averages):**
|**averages):**|||
|---|---|---|
||**2024**|**2023**|
||**£000**|**£000**|
|Discount rate|**4.9%**|5.2%|
|RPI assumption|**3.4%**|3.5%|
|CPI assumption|**2.9%**|2.9%|
|LPI pension increases|**3.2%**|3.3%|
The underlying mortality assumption is based upon the standard table known as S3PxA projected on a year of birth basis with CMI_2023 future improvement factors and a long-term rate of future improvements with 1.25% p.a. (2023: S3PxA with CMI_2022 future improvement factors and a long-term future rate of improvement of 1.25% p.a.). This results in the following life expectancies:
|Life expectancy for 60-year-old female
Life expectancy for 45-year-old female
**24b**
**The amounts recognised in the balance sheet:**
Present value of Plan liabilities
Market value of Plan assets
Restrictions on recoverable surplus
Net defined benefit liability
**24c**
**Amounts included within the Statement of Financial Activities**
**(SOFA):**
Current service cost
Interest on net defined benefit asset
Past service cost
Total amount charged within net incoming resources|**Years**
**88.8**
**89.9**
**2024**
**£000**
**(2,342)**
**2,646**
**(304)**
**-**
**2024**
**£000**
**-**
**-**
**-**
**-**|Years
88.7
89.8
2023
£000
(2,043)
2,559
(516)|
|---|---|---|
|||-|
|||2023
£000
-
(1)
-|
|||(1)|
_Page_ 49
## Royal Ballet School Notes to the financial statements Year ended 31 August 2024
## **24d Changes in the present value of Plan liabilities:**
|Present value of scheme liabilities at beginning of the year
Past service cost
Benefits paid
Interest on Plan liabilities
Actuarial loss/ (gain)
Present value of Plan liabilities at end of the year
**24e**
**Changes in the fair value of Plan assets:**
Market value of Plan assets at beginning of the reporting period
Employer contributions
Benefits paid
Interest on Plan assets
Return on assets, less interest included in the SOFA
Market value of the Plan assets at the end of the reporting period
Actual return on Plan assets
**24f**
**The major categories of Plan assets as a percentage of total Plan assets:**
Group pension contract
Cash|**2024**
**£000**
**(2,043)**
**-**
**-**
**(106)**
**(193)**
**(2,342)**
**2024**
**£000**
**2,559**
**35**
**-**
**134**
**(82)**
**2,646**
**52**
**2024**
**100%**
**0%**|2023
£000
(2,556)
-
58
(106)
561|
|---|---|---|
|||(2,043)
|
|||2023
£000
2,497
47
(58)
105
(32)|
|||2,559|
|||73|
|||2023
100%
0%|
The Plan had no investments in property occupied by, assets used by or financial instruments issued by the School.
_Page_ 50
## Royal Ballet School Notes to the financial statements Year ended 31 August 2024
## **24g Analysis of the measurement of the net defined benefit liability recognised in Other recognised losses in the SOFA:**
|**losses in the SOFA:**|||
|---|---|---|
|Return on assets, less interest included in the SOFA
Experience gains and losses arising on Plan liabilities
Changes in assumptions underlying the present value of Plan
liabilities
Actuarial (loss)/gain recognised in Other recognised losses
**24h**
**Movement in surplus/(deficit) during the year**
Deficit in the scheme at the beginning of the year
Interest recognised in the SOFA
Employer contributions
Actuarial (loss)/gain recognised in Other recognised losses in the
SOFA
Surplus/(Deficit) in the scheme at the end of the year|**2024**
**£000**
**(82)**
**(97)**
**144**
**(35)**
**2024**
**£000**
**-**
**-**
**35**
**(35)**
**-**|2023
£000
(32)
32
13|
|||13|
|||2023
£000
(59)
(1)
47
529|
|||516|
_Page_ 51
## Royal Ballet School Notes to the financial statements Year ended 31 August 2024
**25 Consolidated statement of financial activities – comparative figures for the prior period by fund**
||Note
**Income from:**
Charitable activities
2
Donations
3
Other income
4
**Total income**
Expenditure on:
**Raising funds**
Development and
fundraising
**Charitable activities**
Teaching
Pastoral and welfare
Outreach and partnership
Intensive Courses
Premises
Support and governance
8,9
Grants and prizes
10
**Total expenditure**
7
Net income / (expenditure)
**Transfers between funds**
17,18
**Other recognised losses**
Actuarial (loss)/gain on
defined benefit pension
scheme
24g
**Net movement in funds**
**Total funds brought**
**forward**
**Total funds carried forward**
17,18|**Unrestricted Funds**
**Restricted**
**Funds**|**Unrestricted Funds**
**Restricted**
**Funds**|**Unrestricted Funds**
**Restricted**
**Funds**|**Unrestricted Funds**
**Restricted**
**Funds**|**Total**
**Funds**|
|---|---|---|---|---|---|---|
||||||||
|||General
Designated||||**2023**|
|||£000|£000||£000|**£000**|
||||||||
|||9,556
982
417
10,955|-
-
-
-||-
10,504
-
10,504|**9,556**
**11,486**
**417**
**21,459**|
||||||||
||||||||
|||1,021|-||32|**1,053**|
||||||||
||||||||
|||1,021|-||32|**1,053**|
||||||||
||||||||
|||2,914|-||370|**3,284**|
|||990|-||578|**1,568**|
|||814|-||438|**1,252**|
|||473|-||66|**539**|
|||4,027|1,015||33|**5,075**|
|||2,085|1||2|**2,088**|
|||(3)|-||1,678|**1,675**|
||||||||
|||11,300|1,016||3,165|**15,481**|
||||||||
|||12,321|1,016||3,197|**16,534**|
||||||||
|||(1,366)|(1,016)||7,307|**4,925**|
||||||||
|||-|-||-|**-**|
||||||||
|||13|-||-|13|
||||||||
||||||||
||||||||
|||(1,353)|(1,016)||7,307|**4,938**|
|||4,033|34,791||2,690|**41,514**|
||||||||
||||||||
|||2,680|33,775||9,997|**46,452**|
||||||||
||||||||
||||||||
All transactions are derived from the charity’s continuing operations. All recognised gains and losses are included in the Statement of Financial Activities
_Page_ 52