Registered number: 547018 Charity number: 214364 ROYAL BALLET SCHOOL (A Company Limited by Guarantee) TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) CONTENTS Page Refgrence and Administrative Details of the Company. its Trustees and Advisers Trustee's Report Independent Auditors. Report to the Members of The Royal Ballet School Consolidated Statement of Financial Activities 2-20 21-24 25 Consolidated Balance Shoet 26 Company Balance Sheet Consolidated Statement of Cash Flows 27-28 29 Notes to the Financial Statements 30-60 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 Company registered number 547018 Charity registered number 214364 Registered office 46 Floral Street London WC2E 9DA Independent auditors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Page 1 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025** ## **INTRODUCTION FROM THE CHAIR** My first year as Chair of The Royal Ballet School has been incredibly rewarding. Despite a very challenging operating environment, I have been constantly inspired by the talent, resilience and ambition of our students. It has also been a deeply exciting moment to join the School as we prepare for our centenary in 2026 and look ahead to the next chapter of our history. -year strategic plan. This work is focused on placing the School on a stable and ambitious footing for its next 100 years, ensuring it can continue to grow, evolve and transform lives. What remains constant is our shared conviction that opportunity should be guided by potential, not circumstance, and our commitment to nurturing every student in our care as an artist with their own talents, ambitions and future. introduction of UK Scholars marks an important new pathway for talented dancers across the country, alongside the continued growth of our Associate network. We have seen strong increases in participation this year and are encouraged by the reach and impact of this work as it continues to develop. following the cessation of Department for Education funding. While this was a significant moment, we remain committed to reaching young people in areas underserved by access to the arts. We are working on new meaningful pathways into ballet for children who may never have imagined this world was open to them. For all that we have achieved this year, and for the warmth and generosity with which I and my leadership daily by the remarkable young people they support. I would like to extend my thanks to outgoing governors, David Ebstein and Nishi Somaiya for their commitment and service to the School. Finally, I would like to thank our many supporters. Your generosity, encouragement and belief in our work are felt throughout the School. You are helping to change the lives of exceptional young people and, in doing so, to secure a vibrant and inclusive future for ballet. You are greatly admired by all of us. **Natasha Kaplinsky OBE** Page 2 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** ## **REPORT FROM THE CEO** At the outset of our centenary year, following my first year as CEO of The Royal Ballet School, I am proud of -term sustainability, underpinned by a clear and compelling vision for the future. Alongside this, the School has continued to deliver strongly against its enduring mission: to train exceptional classical ballet artists and to shape the future of ballet training. -four graduating students secured professional contracts with ballet companies around the world, including six joining The Royal Ballet as Aud Jebsen Young Dancers and one joining Birmingham Royal Ballet. We wish all our graduates every success as they begin their professional careers. Their graduation marked the culmination of a vibrant Summer Performance season, with students from across the School performing nine times across three venues: the Next Generation Festival at the Royal Opera classical repertoire to the highest standard alongside new works by a diverse range of contemporary choreographers including their own creations - demonstrating as ever their technical excellence, versatility and creative innovation. developed through the Ninette de Valois Choreographic Programme. Students from all year groups presented -rounded artists and the breadth of our Alongside their artistic achievements, students also delivered outstanding academic results. GCSE results in 2025 were notably above the national average and represented a significant improvement on the previous year, - In July 2025, the School announced a historic change to the way we train our youngest students, building on our long-standing approach to nurturing young dancers in the most effective and supportive way. From September 2026, students of Year 7 age will train through a new national UK Scholars programme, rather than within a full-time vocational setting. This change reflects careful consideration of our unique context, informed by research and guidance from experts across dance, education, healthcare, sport science and safeguarding. The approach will be extended to Year 8 students from September 2027. To ensure our national UK Scholars programme reaches as far as possible across the UK, the year also saw continued expansion of our Associate Programme, which now supports 645 Associate students through our nationwide network of centres, alongside a further 123 students training online. The Programme forms a vital -time training, with approximately 80 ~~9~~ 0% of new students each year drawn from the Associate network, and with other former Associates continuing their training with vocational schools UK-wide and beyond. We have embarked on a bold expansion of Associate training for the coming year, with three new UK centres opening in September 2026, to further widen access to high-quality ballet education in communities around the UK. Following the conclusion of the Primary Steps programme in 2025, after the end of Department for Education funding, the School has continued to deliver workshops for children aged 7 to 11 in Blackpool, Dagenham and Mansfield as part of a legacy programme. Working with local partners and dance networks, including The Royal Ballet and Opera, we continue to create and signpost pathways for young people to remain engaged in dance, whether through community provision or progression into the Associate Programme. We remain committed to developing sustainable models that extend access to high-quality training in underserved areas. Page 3 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** As we enter our centenary year, we are clear-eyed about the challenging operating environment in which the School works. Rising costs, changes to taxation and funding structures, and increasing pressure on families and institutions alike mean that change is essential if the School is to continue to thrive. Our emerging long-term strategy looks beyond short- includes implementing progressive changes to training to strengthen our international leadership, growing sustained support from donors, partners and advocates worldwide. advocates of this brilliant scheme, which has transformed so many young lives by providing access to world-class training regardless of background. We are committed to ensuring it retains real impact into the future. Principal David Gajadharsingh and Artistic Director, Iain Mackay; Roberta Renton joined the School as Director of Finance and Enterprise, and Vinita Suryanarayanan as Director of People and Operations. work tirelessly and skilfully to ensure our students thrive and that the School remains a beacon for ballet training across the world. We would also like to thank our committed and hard-working Governors and our friends and supporters for their commitment, dedication and belief in our work. The support you give us in so many ways allows The Royal Ballet School to remain a truly special place, and gives us confidence as we embark on this landmark centenary year. ## **Patrick Harrison** Page 4 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** ## **AIMS AND OBJECTIVES OF CHARITY** ## **OUR MISSION** s leading ballet school, we nurture and train exceptional young dancers for The Royal Ballet, Birmingham Royal Ballet, and UK and international companies, and we shape 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. Page 5 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** ## **CHARITABLE ACTIVITIES** exceptional potential from the UK and worldwide. Graduates of the School go on to professional careers with The Royal Ballet, Birmingham Royal Ballet, and other UK and international companies. Admission to the School is based purely on talent and potential, regardless of academic ability or personal circumstances. Around 90% of students rely on financial support to attend. Academic and personal development is of equal importance to artistic training. The School is committed to providing its students with an environment in which they can flourish holistically, and the tools, behaviours and choreographers, creative directors, producers and cultural leaders. 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, and their commitment and input into the School as Governors and as industry advisors is invaluable. Alongside full-time training, the School is committed to widening access to classical ballet education through engage with ballet, raise the standards of classical ballet education for the many, and deliver an inclusive UK ballet pipeline to underpin our creative sector. ## **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. The School delivers four distinct programmes: - Foundation Programme for Years 7-9 (ages 11-14) Development Programme for Years 10-11 (ages 14-16) Vocational Programme for Years 12-13 (ages 16-18) - Pre-professional Programme (ages 18-19). Each has a dedicated Artistic Manager and is tailored to best nurture dancers at each stage in their development. The programmes become more specialised as students move through the School, with the Pre-professional Programme focusing on professional repertoire and the final stages of preparation before entering a company. In July 2025, The Royal Ballet School shared an important change to the way it would welcome students into its full-time training programme in the future. From September 2026, the School will offer training to students of Year 7 age (11-12 years) through a new national UK Scholars programme, and through its existing International Scholars programme, rather than in a full-time vocational setting. The School will not take Year 7 students into the School to train full-time or to board from September 2026. From September 2027, the School will extend this approach to students of Year 8 age (12-13 years). Page 6 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** effective and supportive way, adapting the training model to allow students more time to grow and develop before joining a highly specialised residential training environment. It is the result of careful experts across dance, sport science, education, healthcare, and safeguarding. ## **UK SCHOLARS** The UK Scholars Programme will support a selected number of exceptionally talented Year 7 students across the UK who show outstanding potential and would typically be considered for full-time training, identified through our expanding Associates network. Scholars train through our Mid Associate classes across the UK and train at the School at key points in the year to connect with our Artistic team and wider community. The programme allows Scholars to remain in their home communities while receiving exclusive additional training through residential camps, intensives, tailored mentoring and structured engagement with parents and opportunities, including alongside full-time Royal Ballet School students. The programme ensures that, although not in full-time vocational training, young dancers continue to receive exceptional part-time training, support, and mentorship close to home, placing them in the strongest possible position to transition into full-time training when the time is right. ## **ASSOCIATE PROGRAMME** Created in 1948 by the School's Founder, Dame Ninette de Valois, the Associate Programme offers weekly ballet classes to young dancers aged eight to 18 in centres across the UK. The programme works to ensure that young dancers with potential can access the highest-quality training, support, and mentorship close to their homes. We believe we are the only dance school that offers a national pipeline that feeds into all other vocational schools. In 24/25, the School operated seven centres, and will open three new centres in September 2026. The Associates network ensures a national reach and a vital pipeline into The Royal Ballet School and other -time training, with around 80 90% full-time places at the School. A further 27 former Associates joined other leading vocational schools including Elmhurst, Tring and The Hammond. Graduates from the Advanced Associates progress to training centres such as Central School of Ballet, English National Ballet School, and the Royal Conservatoire of Scotland, demonstrating that the programme is the feeder network for the wider sector. Entry is by audition, with successful dancers joining weekly Associate classes in term-time alongside their regular training. In 24/25, the School trained 768 Associates in total: - Junior Associates (ages 8 to 11): (Birmingham, Bath, Edinburgh, Eastleigh, Leeds, London and Manchester) 469, with 123 more taking part in the online course - Mid Associates (ages 11 to 14) (Birmingham, Bath, Edinburgh, Leeds, London and Manchester): 183 - Senior Associates (ages 14 to 16): (London, Birmingham and Leeds): 94 - Advanced Associates (ages 16 to 18): (London centre only): 22. Taught by highly experienced teachers trained by The Royal Ballet School, Associates develop their technical and artistic skills in a supportive, nurturing environment. They also follow a bespoke ballet strength and conditioning programme that supports their healthy, sustainable development. Page 7 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** Associates take part in workshops on repertoire, choreography, historical and contemporary dance, and audition preparation, to deepen their understanding of and appreciation for the art form. In 24/25, they took part in repertoire workshops on _The Nutcracker_ , , _Romeo and Juliet_ , _Coppelia_ , and _The Car Man._ They enjoy performance opportunities with top-flight professional ballet companies, dancing in productions with productions of , _Cinderella_ , _Romeo and Juliet_ , and _Light of Passage_ , and _Cinderella_ and _The Nutcracker. Giselle_ at the Royal Opera House. The School works closely with local ballet teachers and partner organisations, building a nationwide network of practitioners who give access to high-quality dance education. These partnerships help identify and nurture -being and wider personal development. The School continues to explore ways to widen access, from opening new centres to expanding existing ones, so that geography is not a barrier to opportunity. As with full-time training, the School offers means-tested bursaries covering up to 90% of fees, as well as grants for uniforms, travel and participation in events and workshops, ensuring that places on the Associate Programme are based on talent alone. ## **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. In 24/25, 645 young people attended an Associate insight class. ## **INTENSIVE COURSES AND MASTERCLASSES** The Intensive Course and Masterclass Programmes give dancers aged 10 to 19 the chance to experience world-class ballet training with the School's Artistic staff and guest teachers. Held in the UK and internationally, students develop their skills, explore new styles and share their love for dance with others in a supportive, inspiring environment. Courses range from one-day to five-weeks; some are residential so that students can experience boarding at a vocational school. Training covers classical ballet, repertoire, contemporary, character and Pilates, tailored to age and experience. Students learn from guest teachers including Royal Ballet Principal dancers. The School also holds non-selective intensives in London and other UK cities for dancers of all abilities and experience, and in international locations including Hong Kong, Italy, Japan, Los Angeles and Singapore, extending its reach to hundreds of young dancers worldwide. In 24/25: - 604 students attended a non-selective intensive in the UK - 285 students applied for the White Lodge Spring Intensive, and 142 attended - 191 students applied for the Upper School Spring Intensive, and 120 attended - 1,948 students applied for the White Lodge Summer Intensive, and 502 attended - 849 students applied for the Upper School Summer Intensive, and 197 attended - 72 students attended the Japan Intensive in December, and 34 attended coaching - - 115 students attended the Singapore Spring Intensive, and 53 attended coaching - 138 students attended the Hong Kong Spring Intensive - 49 students attended the Thailand Spring Intensive Page 8 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** ## **PRIMARY STEPS** Primary Steps was a national junior school programme founded in 2005 and funded by the Department for Education and other generous supporters. Until 2025, it ran in six centres UK-wide, targeting areas of socioeconomic and cultural diversity. In 24/25, 1,464 students took part in creative dance workshops in the autumn, with 299 students going on to attend weekly after-school classes. Since the full programme ended in 2025 following the end of the DfE funding, the School has continued its vital work with children aged 7-11 in Blackpool, Dagenham and Mansfield. Working with five primary schools in each of these areas, the School delivers a creative introduction to ballet knowledge and foundation ballet technique. The workshops are led by a creative dance specialist accompanied by a live musician. The workshop content is linked to the PE curriculum and develops physicality, confidence and self-esteem, creativity and musicality. Pupils improve both their independent working and cooperation skills, and gain an understanding and knowledge of ballet, often leading them to develop a love for dance. The Royal Ballet School works with partners and dance networks in each community to facilitate and signpost pathways for young dancers to continue dancing following the workshops. This might be attending further former Primary Steps students joined the Junior Associate Programme this year, with 11 more joining Junior Associates online. Three former Primary Steps students are currently training full-time at White Lodge. ## **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 recent relevant pedagogy. The course includes seven core modules, including classical ballet technique, education and reflective practice, the healthy dancer and psychology and child development. The course is delivered by expert Royal Ballet School staff and visiting lecturers at the School's studios in Covent Garden and White Lodge, and gives a strong foundation for teaching at both pre-vocational and vocational levels, with opportunities for teachers to put their learning into practice in the studio. ## **PROFESSIONAL DEVELOPMENT** Through a suite of teacher-training initiatives, the School shares its unique expertise with dance educators worldwide, multiplying our impact and raising teaching standards across the sector. All courses are rooted in pedagogy and good teaching practice, with a focus on creating positive, inclusive learning environments. ## **INSPIRE SEMINARS** Inspire seminars are held in the UK and internationally and support the professional development of teachers from all backgrounds and at every career stage. They give teachers a comprehensive understanding of the teaching of classical ballet technique and offer fresh, practical ideas to guide teachers in their approach. A total of 165 Inspire bookings were made in 24/25 by teachers from 23 different countries, attending the following courses. Page 9 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** - UK: 81 - Australia: 49 - Singapore: 20 - Thailand: 15. ## **ENLIGHTEN WEBINARS** Delivered online by expert staff, Enlighten webinars share the School's knowledge and expertise with dance teachers worldwide. The webinars provide invaluable insight and information on all aspects of dance teaching and learning, covering topics from the technical and artistic aspects of dance training and good teaching practice to business modelling and management. In 24/25, there were 202 webinar bookings by 174 teachers hailing from 32 different countries. The School launched two new webinars: _Postural alignment with the Franklin Method®_ and _The Healthy Dancer 3_ . ## **AFFILIATE TRAINING AND ASSESSMENT PROGRAMME** The Affiliate Programme offers a uniquely holistic approach to learning ballet for recreational or private dance teachers and their students. Beginning with a comprehensive teacher training programme, after qualifying, Affiliate Teachers deliver the programme to students in their own dance schools. Rather than following a set syllabus, teachers use movement vocabulary and learning outcomes for each level to create classwork to music they choose. As well as traditional foundation movement skills, ballet technique, and vocabulary, Affiliate Teachers' students study repertoire, choreography, creative tasks, and art form appreciation, nurturing a broader understanding and lasting connection with ballet. In 24/25: - 32 teachers applied to train with the programme, and 23 were successful - 25 teachers successfully gained affiliation. The School currently has 85 Affiliate Teachers teaching around 2,200 students in 12 different countries. ## **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. Page 10 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** ## **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 20 entries, all of which were awarded 1st Class (Hons). ## **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 33 candidates achieved a Distinction. ## **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 three entries, all of which gained A*/A grades. ## **GCSE/IGCSE** The assessment of GCSE examinations returned to pre-COVID norms. There were 215 exam entries, of which 60% achieved Grades 9-7 and 96% were at Grades 4-9. The value-added score was + 1.30. 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. According to our provider, (GL Assessment), the score of +1.30 placed the school in the top 1% of schools 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. Page 11 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** ## **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 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. track, understand and improve student well-being, mental health and safeguarding. 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. Page 12 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** ## **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 £5,444,000 (2024: £4,890,000) which included £754,000 of government grants (2024: £1,132,000). As noted below within the Financial Review, the DfE discontinued the £1.1m block grant to the School in the 2024-25 school year. This grant was paid for the Autumn and Spring terms only, which explains why the government grant income decreased by one third when compared to the previous year. Direct expenditure on fundraising is kept to a minimum. Non-staff costs were £119,720 (2024: £60,337) increasing to £470,923 (2024: £314,747) with staff costs included. This amounts to 10% of non-government donated income. In 2024/25, the School invested in additional fundraising staffing resources in order to meet 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 Director of Development and the Development Committee. The School takes its responsibility to anyone who might be vulnerable very seriously and will continue to -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. ## **FINANCIAL REVIEW** s financial objective is to break even across the total of its activities. However, it has been increasingly difficult to meet this objective given the following financial pressures that have affected the School in 2024/25: - An inflationary environment post-COVID, which has led to sharp increases in costs means that the MDS bursary grants have also not increased with inflation. This dynamic has - The loss of business rate relief - The increase in National Insurance rates - The imposition of VAT on independent schools The School is incurring a deficit of £2,627,000 in 2024/25 (2024: £2,956,000). This includes £5.44m of donation income. However, excluding an exceptional grant from the Royal Ballet School Endowment Fund of £1.25m, as well as a one-off provision for funds owed to the Department for Education (DfE), the day-to-day operations delivered a £3.36m consolidated loss. Page 13 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** ## **INCOME** 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 £10,570,000 (2024: £10,172,000). The Intensives programme in particular brought in additional income of £322k over the previous year. Unrestricted income of £13,919,000 (£2024: £12,151,000) was supplemented by restricted income of £2,661,000 (2024: £3,509,000) totalling £16,580,000 (2024: £15,661,000). ## **EXPENDITURE** 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 £19,207,000 (2024: £18,582,000); the increase was mainly due to the additional National Insurance costs and business rates noted above, as well as a £713,000 provision for the expected clawback of underspent DfE grants for the Primary Steps programme. The Music and Dance Scheme (MDS) supports eligible students with the costs of fees, but international students are not eligible for MDS bursaries in the first two years of their attendance at RBS. The School provides bursary funding for ineligible international full-time students, as well as for students enrolled in the Associate programme. In addition, the School offers additional support for incidental expenses to those students suffering financial hardship. The total cost of bursary and hardship support stayed relatively -time students require bursary support to attend the School, a cost which is strongly supported by donors. ## **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. The most recent valuation is currently being undertaken, with interim results expected in April/May 2026. A designated fund of £414,000 has been set aside to meet the cash commitments of purchasing member annuities. ## **PLANS FOR FUTURE PERIODS** In the context of a significantly more challenging financial and operating environment, changes to and term. The Board and leadership team are clear that we will not pursue any course of action that would fundamentally compromise the quality of training and care we provide to students, weaken our ability to attract exceptional -year plan that looks beyond short- Page 14 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** This plan is designed to equip the School for the future through progressive changes to training, reinforcing our international leadership and nurturing emerging talent in the most effective way. It also aims to break the cycle of inflationary pressure by growing earned income and reducing historic dependencies, address perception partners and advocates in the UK and internationally. Our plan will enable us to remain true to our five strategic priorities in service of our mission to: - develop world-class artists; - deliver the best grades possible; - set the standard internationally for holistic care (teaching, pastoral, healthcare and well-being); - deliver a national ecosystem, nurturing young ballet artists and highlighting the benefits of dance to all; develop an innovative and sustainable business model. - growing the number of full-time students to increase impact, inclusivity and long-term resilience; - adapting our training programmes to bring students into full-time training at Year 9 alongside the introduction of a new UK Scholars programme; - expanding part-time pathways to strengthen UK talent access and the national pipeline; - growing income across fundraising and commercial activity; - and further developing our comprehensive estate improvement plan to future proof our infrastructure and best support learning, wellbeing and operational efficiency. ## **FUNDS AND RESERVES POLICY** -end are £272,000 (2024: £828,000). Amounts designated for depreciation on property assets, maintenance and pension funds total £31,652,000 (2024: £32,674,000). Adding in restricted funds of £8,945,000 (2024: £9,993,000) brings total consolidated funds to £40,869,000 (2024: £43,495,000). Effectively, we are saying that we have very low reserves as of the end of 2024/25, which is not surprising given that the School has incurred losses of £2.6m in 2024/25. As discussed below in the Going Concern section, there is a strategy in place to attain financial sustainability in the next five years. In the interim years, there is the expectation that the Royal Ballet School Endowment Fund will provide funding to cover the the Endowment Fund has already committed to providing such funding for 2025/26 and 2026/27, and has the capacity to continue to provide funds for a number of years. This means that the School will not need to depend on its own reserves during this transitional period. Governors have reviewed the reserves policy in line with Charity Commission CC19 Guidance. Given the uncertainty around funding and the economic environment, the School aims to hold reserves of a level equivalent to three to six months of operating costs. Restricted funds are the balance of unspent funds received subject to specific conditions imposed by the donors and are held separately to be spent in future periods. Page 15 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** ## **PRINCIPAL RISKS AND UNCERTAINTIES** The Governors are responsible for assisting in the identification of risks and overseeing the controls that the School has in place to manage these risks. The Governors work closely with the CEO and senior leadership in doing so. The Board are focused on the following key areas of risk: - Financial Long term financial viability of the School including changes to the Music and Dance Scheme (MDS) that could impact the level of funding or the number of places allocated to the School. How the proposed changes to entry age of students this could impact student numbers - Safeguarding Have in place robust policies and procedures so staff and students know how to identify risks and how and when to raise a concern. Governors consider all risks including those of a historical nature - People retain staff and have in place succession planning - Reputational the potential for negative publicity, public perception, or uncontrollable events to destroy - Regulatory & Compliance Ensure that the control environment of the School meets all internal and external legislative requirements to avoid, for example, Health & Safety issue or Inspection failure Operational Robust and well tested internal control environment to mitigate issues such a cyber-attack or employee fraud 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** As noted above in the Financial Review, the School has been under severe financial stress over the past few years. To address this situation, at the beginning of the 24/25 school year, the School leadership 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. Throughout the transition years leading up to 2029/30, the strategic plan incorporates incremental steps to improve our financial position. In 2025/26 and 2026/27, the plan focuses on the following key drivers: 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 Student numbers have grown from 212 in 24/25 to 229 as we entered into the 25/26 school year, by moving towards maximising the number of students in every year group. Student numbers are expected to stay at 229/230 going into 26/27 by continuing to maximise year group numbers, despite the phasing out of Year 7 in 2026/27. Page 16 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** supporting this additional cost as RBS enters its centenary year. This increase in professional capacity allows the School to maximise philanthropic and partnership investment as the School works towards a financially sustainable position. 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 has 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 2027, and have therefore prepared the financial statements on a going concern basis. ## **GOVERNANCE** The Royal Ballet 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 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 four 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 six 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 member of the Executive leadership. Between them, these committees have a responsibility to the Board for all the major areas of accountability. Page 17 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** ## **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 line with philanthropic standards Estates - future needs Artistic - World-class artistic standards and holistic student healthcare Governance - Long-term organisational sustainability, including Equity, Diversity and Inclusion, sustainability, nominations, HR, remuneration and succession planning. 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, throughout the organisation. Governor candidates are searched and selected based on their professional skills, knowledge, competence and experience. Governors periodically review skills and experience to ensure an appropriate balance across the Board, and this was undertaken within the year by the Governance Committee, also 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 Chair and members of the Executive leadership. 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, and an annual away day enables more in-depth discussion which supplements the meeting of the Board and Committees. 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. Page 18 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** ## **ORGANISATIONAL MANAGEMENT** The School recruited a new Chief Executive Officer in October 2024 and the School Leadership Team currently comprises Chief Executive Officer, Artistic Director, Academic and Pastoral Principal, Director of Finance and Enterprise, and Director of People and Operations. The School 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, 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. Benefit requirement under the Charities Act 2011. 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 90% of our students receive such support. Each year, the School can offer up classes and workshops. There are currently seven Associate centres across the United Kingdom: London, Birmingham, Bath, Manchester, Leeds, Eastleigh and Edinburgh. We are soon to be opening new centres in Cardiff, Stroud (replacing Bath) and Newcastle in September 2026. 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 students from across the globe to experience Royal Ballet School training. Annual courses are held at The Royal Ballet School and internationally with courses in Hong Kong and Japan and in July 2026, we open our first USA course in Los Page 19 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025** Angeles. Courses are open to students aged 9 to 20. Means-tested bursary support is available for all intensive courses. We have also introduced a number of non-selective courses throughout the year to create even 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. ## **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 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 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 and enable them to ensure that the financial statements comply with the Companies 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 17 March 2026. This approval includes the approval, in their capacity as company signed as authorised on behalf of the Board of Governors by: Governor Page 20 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ROYAL BALLET SCHOOL FOR THE YEAR ENDED 31 AUGUST 2025** ## **Opinion** We have audited the financial statements of The Royal Ballet School the year ended 31 August 2025 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: - 31 August - 2025 incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally 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 for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the 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 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 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 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. Page 21 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ROYAL BALLET SCHOOL CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025** 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 - 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 - 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 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 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** 20, 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 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. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 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 economic decisions of users taken on the basis of these financial statements. Page 22 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ROYAL BALLET SCHOOL CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025** 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 available on the Financial www.frc.org.uk/auditorsresponsibilities. This description forms part of our ## **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 charitable company 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, including financial reporting legislation and the Charities SORP (FRS 102), and [local] tax regulations. 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 necessary to the bility 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 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 23 **ROYAL BALLET SCHOOL** **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ROYAL BALLET SCHOOL CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025** ## **Use of our report** Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone 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 Date: 13 May 2026 Page 24 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2025 Restricted Unrestricted funds funds 2025 2025 £000 £000 Total funds 2025 £000 Total funds 2024 £000 Note Income from: Donations and legacies Charitsble activities Other income 2.661 2.783 10,570 566 4,890 10,172 599 10,570 566 Total income 2.661 13.919 16.580 75,661 Expenditure on: Raising funds Charitable activities 10 1,590 13,131 1,590 17,617 1,577 17,005 4,486 Total expenditure 4,486 14,721 19,207 18,582 Net expenditure before net losses on investments 11,8251 18021 12,6271 (2,921) (35) Nel losses on investments Net expendlture Transfers between funds 11,8251 777 18021 17771 12,6271 (2,956) 22 Net movement in funds 11.0481 11.5791 12.6271 (2,956) Reconciliation of funds: Totsl funds brought forward Nel movement in funds 9,993 11,0481 33,502 11,5791 43,495 12,6271 46,451 (2,956) Total funds carried forward 8,945 31,923 40,868 43,495 The Consolidated Statement of Financial Activities includes 811 gains and losses recognised in the year. The notes on pages 30 to 60 form part of these financial statements. Page 25 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) REGISTERED NUMBER: 547018 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025 2025 £000 2024 £000 Note Fixed assets Tangible assets 16 33.603 34,863 33,603 34,863 Current assets stocks Debtors Cash al bank and in hand 17 18 67 673 9,353 97 899 9,943 10,093 10,939 Current liabilities Creditors." amounts falling due within one year 19 11,986) (2, 148) Net current assets 8,107 8,791 Total assets less current liabilities 41.710 43,654 Creditors." amounts falling due after more than one year Provisions for liabilities 20 11291 17131 (159) Total net assets 40,868 43,495 Charity fund$ Reslricled funds Unrestricted funds 22 8.945 31,923 9,993 33,502 22 Total funds 40,868 43,495 The Trustee acknowledge their responsibilities for complying with the requirements of the Act with respect to awounling records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by.. Natasha Kaplinsky Dale: 1710312026 The notes on pages 30 to 60 form part of these financial statements. Page 26 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) REGISTERED NUMBER: 547018 COMPANY BALANCE SHEET AS AT 31 AUGUST 2025 2025 £000 2024 £000 Note Fixed assets Tangible assets 16 33,598 34,853 33,598 34,853 Current assets Debtors Cash al bank and in hand 18 1.185 9,188 1,061 9,881 10,373 10,942 Current liabilities Creditors.. amounts falling due within one year 19 11,945} (2,093J Net current assets 8,428 8,849 Total assets less current liabilities 42,026 43, 702 Creditors.. amounts falling due after more than one year Provisions for liabilities 20 11291 17131 (159) Total net assets 41,184 43.543 Charlty funds Reslricled funds 22 8,945 9,993 Unrestricted funds Designated funds General funds 22 31,652 587 32,674 876 22 Total unrestricted funds 22 32.239 33,550 Totsl funds 41,184 43,543 Page 27 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) REGISTERED NUMBER: 547018 COMPANY BALANCE SHEET ICONTINUEDI AS AT 31 AUGUST 2025 The Company's net movement in funds for the y￿rWaS £12,358KI (2024- £(3.020K)). The Trustee acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by.. Dale.. The notes on pages 30 to 60 form part of these financial statements. Page 28 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 £000 2024 £000 Cash flows from operating activities Nel cash used in operating activities {599} (2,452) Cash flovts from investing activities Interest re￿1vable Interest payable Purchase of18ngible fixed assets 59 110} 10) 203 (13) (164) Net cash provided by investing activities 39 26 Cash flows from flnanclng actlvltles Repayments of borrowing 130} (31) Net cash used in financing activities 130} 1311 Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year {590) 12,4571 12,400 Cash and cash equivalents at the end ofthe year 9.353 9,943 The notes on pages 30 to 60 form part of these financial statements Page 29 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 General Infomiatlon Royal Ballet School is a registered charity, incorporated in England in the United Kingdom. The registered office is 46 Floral Street, London, WC2E gDA. The nature of the group's operations and principal activities are disclosed within the Report of the Trustees. The financial statements are presented in Sterling 1£), the group's functional currency, and rounded lo the nearest thousand. The significant accounting policies applied in the preparation of these financial statements are set out below.. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial slalements have been prepared in accordan￿ with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Royal Ballet School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated Statement of Financial Activities ISOFAI and Consolidated Balan￿ Sheet consolidate the financial statements of the Company and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial Activities in these financial statements. 2.2 Going concern The Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. The Govemors have read the going concern paper prodU￿d 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 con￿rn conTrpt, on the understanding that the School will continue lo receive sufficient financial support to enable it lo meet its liabilities as and when they fall due for payment. The Governors have reviewed the position carefully with a view lo 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 al least until 31 August 2026 and have therefore prepared the financial statements on the going concem basis. Page 30 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles Icontlnuedl 2.3 Income Income consists of school fees and expenses due and receivable, income from performances and auditions, grants re￿1vable 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 re￿ived. 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on direcuy undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Grant-maklng pollcy The Governors may from time lo time make grants lo The Royal Ballet School Endowment Fund on the basis that they are in the interests of the School. 2.6 Forelgn currencles Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling al the reporting date. Transactions in foreign currencies are translated into slerfing al the rale ruling on the dale of the transacts'on. Exchange gains and losses are recognised in the Consolidated Statement of Financial Aclivilies. 2.7 Taxatlon The Company is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempl from laxalion in respect of income or capital gains re￿iVed within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied exclusively to charitable purposes. Page 31 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles Icontlnuedl 2.8 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 capilalised and amortised over the unexpired period of the lease, or evenly over the expected useful lives of the major works and addib'ons as appropriate. In November 2008 the School surrendered ils existing lease and entered into an agreement lo 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 propety is depreciated over the lease term of 20 years ending in 2029. 2.9 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. Finan￿ costs on loans taken out for the purchase of the property have been capilalised during the period when the property was being refurbished. 2.10 Tanglble flxed assets and depreclatlon Tangible fixed assets costing £NIL or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tsngible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following bases.. Freehold propety Long-temi leasehold property Motor vehicles Fixtures and fillings Computer equipment 50 years 20 years 4 years 5-10 years 3 years 2.11 Stocks Stocks are valued al the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Page 32 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles Icontlnuedl 2.12 Liabilities Liabilities and provisions are recognised when there is an obligation al the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates il will pay to settle the debt or the amount it has received as advanced payments for the goods or ServI￿S it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Slalement of Financial Activities as a finance cost. 2.13 Flnanclal Instruments The Group only 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 al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.14 Operatlng leases Rentals paid under operating leases are charged lo the Consolidated Ststemenl of Financial Activities on a straight-line basis over the lease term. 2.15 Penslons Employees of the School are entitled lo join the group personal pension scheme and employer contributions are charged lo expenditure in the accounting period in which they are payable. Until March 2023, Teachers were entitled lo join the Teachers, Pension Scheme, an unfunded multi- employer 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 lo 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 stslemenls as required by FRS 102. The ststement of financial activities includes the expected retum 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 lo settle the liability over the long term. See notes 29-36 for more details on the pension schemes. Page 33 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles Icontlnuedl 2.16 Fund accounting Unreslricled 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 al the Governors, discretion. At the year-end, they comprised a Fixed asset fund and a Pension Deficit fund. The Fixed asset fund represents the exlenl 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 sel aside to support the cash flows required lo purchase annuities for deferred pension members. Crltlcal accountlng estlmates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experien￿ and other factors, including expectstions of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Company makes eslimales and assumptions con￿MIng the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The eslimales and assumptions that have a signifi'cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fi'nancial year are discussed below. Income from donatlons and legacles Restricted Unrestricted funds funds 2025 2025 £000 £000 Total funds 2025 £000 Donations 2,395 266 2,295 488 4,690 754 Grants 2,661 2,783 5,444 Page 34 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income from donatlons and legacles Icontlnuedl Restricted Unrestricted funds funds 2024 2024 £000 £000 3,110 633 Total funds 2024 £000 3, 743 15 1, 732 Donations Friends Grants 15 732 400 3,510 7,380 4,890 Income from charitable activities Unrestrictod funds 2025 £000 Total funds 2025 £000 School fees - see note 6 Extras and performance income Fees from Associates, SLJmmer School and teachers, courses Auditions and other income 7,562 43 7,562 43 2,800 165 2,800 165 10,570 10,570 un￿S1￿cted funds 2024 £000 Total funds 2024 £O(XJ School fees - see note 6 Extras and performance income Fees from Associates, Summer School and te8chers' courses Auditions and other income 7,683 47 2,287 155 7,683 47 2,287 155 10,172 10,172 Page 35 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 School fees 2025 £000 2024 £000 School fees were funded from Grants from the Department for Education Bursaries from the Royal Ballet School Endowment Fund Bursaries from restricted donations Parents 3,360 3,180 508 1.483 2.718 1.112 2,883 7,561 7,683 Other incoming resources Unrestricted funds 2025 £000 Total funds 2025 £000 Investment income - bank interest other income 59 59 168 168 On-demand dance-based programme income Merchandise sales 168 168 171 171 566 566 Unrestricted funds 2024 £000 Total funds 2024 £000 Investment income - bank interest other income On-demand dance-based programme income Merchandise sales 204 73 169 153 204 73 169 153 599 599 Page 36 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Tradlng subsldlary The Charity has one wholly owned subsidiary, TRBS 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 extract from ils audited financial statements were.. 2025 £000 2024 £000 Gross income Result for the year 339 357 {268) (402) The company's assets and liabilities for the year extracted from ils audited financial statements were.. 2025 £000 2024 £000 Fixed assets Current assets 253 190 Current liabilities Share capitsl and reserves 11,074) {816} (747) (548) Amounts owed tomrom the parent undertaking are shown in note 18. Parent eharlty The parent charity's gross income and the results for the year are disclosed as follows.. 2025 £000 2024 £000 Gross income Result for the year 16,370 12,358) 15,337 (3,056) Page 37 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. Expendlture on ralslng funds Fundraising trading expenses Unrestricted funds 2025 £000 Total funds 2025 £000 Trading, development and fundraising 1,590 1,590 Unrestricted funds 2024 £000 Total funds 2024 £000 Trading, development and fundraising 7,577 1,577 Expenditure on raising funds includes the costs included in the trading subsidiary, TRBS Enterprises Limited. The company offers a series of on-demand dan￿ based programmes in addition to hiring out the premises and facilities of the Royal Ballet School, when they are not in use by the School and sells a range of branded merchandise. Page 38 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11. Analysls of expendlture by actlvltles Activities undertaken directly 2025 £000 Support costs 2025 £000 Total funds 2025 £000 Teaching Pastoral and welfare Outreach and partnership Intensive courses Premises Support and goverance Grants and prizes 3,115 1,270 1,030 302 938 542 3,657 1,865 2,485 652 4,497 2,584 1,876 595 1,455 350 3,559 1,060 1,876 1,524 8,179 9,437 17,617 Activities undertaken directly 2024 £000 Support Gosts 2024 £000 Total funds 2024 £000 Teaching Pastoral and welfa 2,954 1,150 1,089 291 595 3,549 1,622 1,354 662 472 Outreach and partnership Intensive courses Premises Support and goverance Grants and prizes 265 371 860 1,307 4,394 1,363 1,894 5,254 2,670 1,894 7,651 9,354 17,005 Page 39 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. Goverance costs 2025 £000 2024 £000 Fees payable to the auditor for the slatulory audit Ioverllunder 8ecrual for prior year fees relating lo the statutory audit Fees payable lo the auditor for pension compliance Board and committee costs 35 39 10 10 54 51 13. Finance and lease costs 2025 £000 2024 £000 Bank interest payable Interest on pension plan Operating leases.. land and buildings 10 115} 279 13 (28) 203 14. Grant and prizes expenditure Grants are for student sponsorship and bursaries for full-time students, Associates and Intensive Course partlClP8nts. Apart from 8 few scholarships for full-time students, all grants are means-tested. 2025 £000 2024 £O(XJ Other grants Prizes 1.868 1,891 1,876 1,894 Page 40 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15. Staff costs Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Wages and salaries Social security costs Other pension Costs 7.715 821 596 7,231 677 584 7.447 791 582 6,972 651 571 9.132 8.492 8.820 8.794 The School made aggregate termination payments of £119,082 12024.. £39,055) with non outstanding at the year end. Totsl employee benefits, including employer pension contributions and national insurance of the Senior Leadership Team, were £1,479,159 12024,. £1,372,216). Two Governors claimed travel and Subsisten￿ expenses of £569 in the year 12024.. five Governors £6601. The average number of persons employed by the Company during the year was as follows.. Group 2025 No. Group 2024 No. Company 2025 No. Company 2024 No. Average headcount of School's employees 250 261 250 261 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2025 Group 2024 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001 £90,000 In the band £90,001 - £100,000 In the band £100,001- £110,000 In the band £110,001- £120,000 In the band £140,001- £150,000 14 Page 41 << o < (J TJ V>C• Q < L) ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17. Stocks Group 2025 £000 Group 2024 £000 Finished goods and goods for resale 67 97 18. Debtors Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Due within one yoar Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income Fees and recoverable extras 535 43 405 57 195 18 481 91 43 426 57 22 510 90 Department for Education - Music and Dance Scheme fee funding 145 276 145 276 673 899 1,185 1.061 Page 44 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. Credltors: Amounts falllng due wlthln one year Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Bank loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income 30 860 30 806 182 30 835 342 30 763 179 190 562 565 565 177 556 565 561 1,986 2,148 2,093 Group 2025 £000 Group 2024 £O(X) Company 2025 £000 Company 2024 £O(X) Fees in advance 164 94 164 94 Donations in advance 30 30 164 724 164 724 20. Creditors: Amounts falling due after more than one year Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Bank loans 129 159 129 159 Included within the above are amounts falling due as follows.. Between two and five years Bank loans 121 121 Over five years Bank loans 38 38 Bank loans at 31 August 2025 include a fixed rate loan of £159,108 12024". £189,408) repayable by November 2030, with £30,300 due within one year, and an interest rate is 4.goA per annum. This loan is secured by 8 charge over the While Lodge property. Page 45 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21. Provlslons Group Provlslon £000 Additions 713 713 Company Provision £000 Additions 713 713 This provision is related to past underspend on grant funding, which will be repaid in the next financial year. Page 46 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. Statement of funds Statement of funds - current year Balance at 1 September 2024 £000 Balance at 31 August 2025 £000 Transfers inlout £000 Income Expenditure £000 £000 Unrestricted funds Designated funds Fixed asset fund Pension deficit fund 32,260 414 11.0221 31,238 414 32,674 11,0221 31,652 General funds Charity free reserves Subsidiary free reserves 1,376 15481 13,580 339 113.0931 16061 {777) 1,086 18151 828 13.919 113.6991 {777} 271 Total Unrestricted funds 33,502 13,919 14,7211 {777) 31,923 Page 47 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. Statement of funds (contlnuedl 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. Deslgnated bulldlng malntenance fund This fund represents amounts designated and set aside by Governors lo fund the ongoing repairs and maintenance of While Lodge. The School is no longer undertaking an expansion of the Senior Boarding Block at While 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 lo 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 lo The Pension Regulator (see Note 281. These funds are set aside lo 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 £780,000 of general funds were transferred to the restricted reserve lo cover the costs incurred in the year. Page 48 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. Statement of funds (contlnuedl Balance at 1 September 2024 £000 Balance at 31 August 2025 £000 Transfers inlout £000 Income Expenditure £000 £000 Restricted funds Capital projects Special projects Sponsorship, bursaries and prizes Outreach and Access fund Ballet and artistic funds Healthcare 7,924 102 361 118 8,285 80 11521 12 250 1.133 272 290 68 429 203 507 18671 13071 11,1401 1121 11811 12101 11661 170 116} 565 Equipment Intensive Courses Equal Opportunities 16 346 216 320 99 124} {105) 461 9,993 2.661 14.4861 777 8,945 Total of funds 43,495 16.580 119.2071 40,868 Page 49 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. Statement of funds (contlnuedl Restricted funds are used in accordance with specific reslriclions imposed by donors or which have been raised by the charity for particular purposes. A significant proportion of donations are re￿iVed in the current in advance of expenditure in the following year. Capital projects This donation is lo fund the development of the While Lodge estate. Speclal projects The balance on this fund is lo enable full-lime 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, particulady our Centenary events in 2026. Sponsorship, bursaries and prizes This fund includes donations for financial support for full-lime students, Associates and Summer School students and some prizes. All support is means-lesled apart from a small number of scholarships. The School awards pla￿S based only on talent, so this support is particularly crucial lo help fund overseas students, which raises the standard for all students and allows the School to maintsin 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 lo further the aims and objectives of the School's Outreach and Access programme. Expenditure incurred in 2024125 for the Outreach and Ac￿sS fund included a £713k provision for the likely clawback by the DfE of underspent funds for the Primary Steps programme. As of the end of 2024125, there was approximately £700k of Primary Steps reslricled funds held by the Royal Ballet School Endowment Fund, which have been granted lo the School in 2025126, but as of the end of 2024125, the fund is presented as in deficit. This deficit balance is the result of the liming difference be￿een the recognition of the provision and the offset by the Endowment Fund grant. Ballet and artistlc funds These donations are reslricled for performances and new ballets, graduate tours, choreography and the Creative Artist Programme, which all help add breadth and depth lo student training. Healthcare This donation is to help the School improve ils 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 al White Lodge, and Smart screens for classrooms lo allow academic teaching across the School sites. Intenslve Courses This fund is to support the expansion of the Intensive Course programme into Hong Kong and Japan and provide financial assistance lo students from Hong Kong and Japan who may otherwise be unable to pay for the course. Equal Opportunltles This fund is to offer needs-based, additional financial support lo full-time students over and above fee bursaries. The fund aims to ensure equity of experience for each students, regardless of their background. Page 50 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. Statement of funds (contlnuedl Statement of funds - prlor year Balance al I September 2023 £000 Balan￿ at 31 August 2024 £000 TTrnsfers in/out £000 Gainsl (Losses) £000 Income Expenditure £000 £000 Unrestricted funds Designated funds Fixed asset fund Building maintenance fund Pension deficit fund 32,826 (566) 32,260 500 f5(10) 449 (35) 414 33, 775 (566) [￿5) 32,674 General funds Charity free reserves 2,826 11,794 {13, 778) 569 (35) 1,376 Subsidiary free reserves (146) 357 (759) (548) 2,680 12,151 {14,537J 569 (35) 828 Total Unrestricted funds 36,455 12,151 (15, 103J 34 (35J 33,502 Page 51 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. Statement of funds (contlnuedl Balance al I September 2023 £000 Balance at 31 August 2024 £000 TTrnsfe in/out £000 Gainsl (Losses) £000 Income Expendilurg £000 £000 Restricted funds Capital projects Special projects Sponsorship, bursaries and prizes Outreach and Access fund Ballet and artistic funds Healthcare Equipment Intensive Courses Equal Opportunities 7,500 46 423 133 7,923 103 (76) 339 1,730 (1,948) 329 250 466 42T (464J 429 273 782 266 107 {336J {382J (16) 203 507 32 16 379 269 (208J (34) 346 240 154 (49J (129) 216 9.997 3,509 (3,479) (34) 9,993 Totsl offunds 46,452 75,660 (18,582J f35J 43,495 Page 52 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 23. Summary offunds Summary offunds - current year Balance at 1 September 2024 £000 Balance at 31 August 2025 £000 Transfers inlout £000 Income Expenditure £000 £000 Designated funds General funds Reslricled funds 32,674 828 9,993 11.0221 113.6991 14,4861 31.652 271 8,945 13.919 2,661 {777} 777 43,495 16,580 19.2071 40,868 Summary of funds - prior year Balance al I September 2023 £000 Balance at 31 August 2024 £000 Transfe in/out £000 Gains/ (Losses) £000 Income Expendilurg £000 £000 Designated funds 33, 775 2,680 9,997 (566) (14,537) (3,479J (535) 569 32,674 828 General funds Reslricled funds 72,151 3,509 f35J (34) 9,993 46,452 75,660 (18,582) (35) 43,495 24. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2025 2025 £000 £000 Total funds 2025 £000 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 33,603 1,148 11,9861 11291 17131 33,603 10,093 11.9861 11291 7131 8,945 Totsl 8,945 31,923 40,868 Page 53 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 24. Analysls of net assets between funds {contlnuedl Analysis of net assets between funds - prior year Reslrictsd UnTrstricted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Tangible fixed assets Current assets 34,863 946 34,863 10,939 (2. 748) (759) 9,993 Creditors due within one year Creditors due in more than one year (2, 148) (159) Total 9,993 33,502 43,495 25. Reconciliation of net movement in funds to net cash flow from opgrating activities Group 2025 £000 Group 2024 £000 Nel expenditure for the year las per Statement of Financial Activitiesl 12,627) (2,956) Adjustmonts for: Depreciation charges Interest receivable 1.269 159) 10 838 (203) 13 Interest payable Decrease in stocks 30 Decrease in debtors 175 Increaselldecreasel in creditors Write off assets in construction 603 (954) 793 Net cash used in opgrating activities {599} {2,452) Page 54 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 26. Analysls of cash and cash equlvalents Group 2025 £000 Group 2024 £000 Cash in hand 9.353 9.943 Total cash and cash equivalents 9.353 9,943 27. Anatysls ofchanges In net debt At1 September At31 2024 Cash flows August 2025 £000 £000 £000 9,943 1301 11591 Cash al bank and in hand Debt due within 1 year Debt due after 1 year {590} 9,353 1301 11291 30 9,754 1560} 9,194 28. Taxation As 8 registered charity, The Royal Ballet School is F)olenlially exempl from taxation of income and gains falling within sections 466 10 493 of the Corporation Tax Act 2010 and section 521 to 536 of the Income Tax Act 2007. 29. Pension commitments Pension commitments The School operates a group personal pension scheme and also a defined benèfit scheme which was closed to future accrual on 31 August 2012, known as The Royal Ballet School Pension and Life Assuran￿ Plan. Until 31 March 2023, the School participated in the Teachers, Pension Scheme. From 1 April 2023, leaching 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 aceounting period in which they are payable. Pension charges for the year were £596,00012024." £584,000). Teachers. Pension Scheme The pension charge for the year includes contributions p8y8ble to the TPS of £Nil12024". £Nill. The Royal Ballet Sehool Pension and Life Assurance Plan Ithe "Plan") This defined benefit pension scheme provides benèfits based on pensionable pay UP to 31 August 2012 Page 55 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 29. Penslon commltments Icontlnuedl 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. Contrlbutlons and trlennlal valuatlons The contributions are recommended by an independent qualifi'ed 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 lo members were £7,527,000, giving a funding deficit of £76,000 and a funding level of 990/0. 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 al £3,917 per month from 1 September 2023 to improve the funding level in the Plan lo address the deficit. In the year to 31 August 2025, £Nil12024'. £35,253) 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 al 1 September 2025. Valuatlon for these flnanclal 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 29 10 35 relate lo this valuation. This valuation has different actuarial assumptions to the triennial valuation. The prlnclpal actuarlal assumptlons at the end of the reportlng perlod (expressed as welghted 30. averages): 2025 £000 2024 £000 Discount rate RPI assumption CPI assumption LPI pension increases 5.8 141 3.21 2.81 3.01 4.90A 3.40A 2.90A 3.20A The underfying mortality assumption is based upon the standard table known as S3PxA projected on a year of birth basis with CMI_2024 future improvement factors and a long-term rate of future improvements with 1.25QA p.a. 12024.. S3PxA with CMI_2023 fvture improvement factors and a long-lerm rate of future improvements with 1.250/0 p.a.l. This results in the following life expectancies.. Years 88.9 90.0 Years 88.8 89.9 Life expectancy for 60-year-old female Life expectancy for 45-year-old female Page 56 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 31. The amounts recognlsed In the balance sheet: 2025 £000 2024 £000 Present value of Plan liabilities Market value of Plan assets Restrictions on recoverable surplus 2,151) 2,796 {645} (2,342) 2,646 (304) Net defined benefit liability 32. Changes In the present value of Plan Ilabllltles: 2025 £000 2024 £000 Present value of scheme liabilits'es at beginning of the year Past service cost Benefits paid Interest on Plan liabilities Actuarial lossllgainl 12,342) (2,043) {115} 306 (106) (193) Present value of Plan liabilities at end of the year 12,151) (2.342) 33. Changes in the fair value of Plan assets: 2025 £000 2024 £000 Market value of Plan assets at the beginning of the reporting period Employer contributions Benefits paid Interest on Plan assets Return on assets, less interest included in the SOFA 2,559 35 130 20 134 (82) Market value of the Plan assets at the end of the reporting period 2,796 2,646 Page 57 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 34. The major categorles of Plan assets as a percentage of total Plan assets: 2025 2024 Group pension contract Cash IoooA ooA 0141 The Plan had no investments in propety occupied by, assets used by or financial instruments issued by the School. Analysis of the measurement of the net defined benefit liability recognised in Other recognised 35. losses in the SOFA: 2025 £000 2024 £000 Return on assets, less interest included in the SOFA Experience gains and losses arising of Plan liabilities ActLJarial lossllg8inl recognised in Other recognised losses 20 30 (82) (97) 144 50) (35) 36. Movement in surplusl{deficitl during the year 2025 £000 2024 £000 Deficit in the scheme al the beginning of the year Interest recognised in the SOFA Employer contributions Actuarial lossllgain} recognised in Other recognised losses in the SOFA 35 (35) SurplusllDeficit} in the scheme at the end of the year Page 58 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 37. Operatlng lease commltments At 31 August 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Company 2025 £000 Company 2024 £000 Not later than 1 year Later than 1 year and not later than 5 years 231 557 231 787 788 1,018 38. Members. liability 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 lo contribute is 1. There were 1612024'.171 members al the year-end who are the Governors of the School. Page 59 ROYAL BALLET SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 39. Related party transactlons TRBS Enterprises Limited The subsidiary charity trades by hiring out School premises al times when they are not required by the School. During the year the following transactions were made with the School.. The School recharyed £313,795 12024.. £298,735) of costs for staff time and other costs directly related lo the activities of the subsidiary. The School charged li￿n￿ fees of £1,000 12024.. £1,000) to the subsidiary. At the end of the year the School was owed £534,753 by the subsidiary. In the charity only accounts, an impairment of £500,000 against the inler-company balance was pul 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 1812024.. £695,389}. 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 £1,515,00012024.' £578,000) 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 Tolnes. The School does not charge the Endowment Fund for staff time for administering the charity. At the end of the year the School owed £Nil lo the Endowment Fund12024'. £3091. Governors of The Royal Ballet School Two Governors claimed travel and subsistence expenses of £569 in the year from the School12024.' Five Governors, £6601, as disclosed in note 15. The total amount of donations received from Governors in the year was £51,164 12024.. £184,501). None of the Governors. donations were given with conditions that required the charity lo aller the nature of its existing aclivilies. Page 60