THE SUMMER SCHOOL FOUNDATION COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31°, OCTOBER 2025 Charlty Numbor: 272163 Company Number: 1265884 Tha Summer School Foundation Annual report and flnanclal statsments for the y￿r ended 31 October 2025 Contsnts Pago Council Members, Officer8 and Professional Advisers Report of the Council of Management Independent Examiner's Report Statement of Flnancial Activities Balancè Sheet 10 Notes to the Financial Statements 11 Tha followlng pago doa8 not fonn part of th• flnanclal statements subject to Ind•p•nd•nt •xamlnatlon Summary Income and Expenditure Account 16-17 Th• Summ•r School Foundatlon Annual rnport and financlal statsmonts for th• y•ar end•d 311t Octobar 2025 COUNCIL MEMBERS, OFFICERS AND PROFESSIONAL ADVISERS Lisa Tregale {Chair) Steve Dummer Gareth Keene John Messenger Leigh O'Hara Matt Oomen Susan Sturrock (retired 1 f February 2025) Beverley Vong Company S•cr•tsry Gareth Keene Honorary Tr•a8ur•r Matt Oomen Ragist•r•d Office Buttemiead Manaton Newton Abbot Devon TQ13 9XG Emall info mssf.or Website htt s'.Ilwww.mssf.or .uk Banker8 National Weslrninster Bank PIC 250 Bishopsgate London EC2M 4AA Independent Examlner Trevor James FCA DChA FCIE Domer Cottage West Broyle Chichester West Sussex P019 3PR The Summer School Foundation Annual rnport and financlal statements for the year ended 31" October 2025 REPORT OF THE COUNCIL OF MANAGEMENT The Members of the Council of Management, who are the trustees of the charity and also directors for the purposes of company law, present their Annual Report and Financial Statements of the charity for the year ended 31•t October 2025. Legal Statu8 The Summer School Foundation is a company limited by guarantee registered In England and Wales and governed under its memorandum and articles of association. The charity was incorporated on 28 June 1976 as The Music Summer School (Private) Limited. Certificates of Incorporation on Change of Name wero issued on 18° August 1987 to Summer Music in Dartington Limited, on 19° July 1990 to Dartington Summer Arts Foundation Limited. on 16° March 2005 to The Dartington International Summer School Foundation and on 25° June 2024 to the present title. ObJo¢tlv The objects of the charity are to promots and organi3e schemes to provide education for the benefit of the public In all aspects of musl¢ and related arts, including opera, mu8lC theatre, electronic media, music and dance and, in particular, to 8UPPOrt and encourage summer schools. festivals and similar events. A¢tlvltl•8 The annual summer school of music was founded In 1948, being held first at Bryanston School and then moved to Dartington Hall in 1953. From it8 inception, it was promoted independently, a role that was undertaken by the charity on its establishment in 1976. From around 1990 The Dartington Hall Trust undertook responsibility for promoting the event, whereupon the charity assumed the function of developing an endowment fund from which to provide specific bursaries for participants and annual grants for the event generally. In 2023 Dartington Hall Trust decided it was unable to commit to the continued promotion and accommodation of the summer school upon its long established lines and the charity consequently explored a range of alternative venues and entered into a contract with Gre8ham'8 School in Holt, Norfolk. of which the comp08er Benjamin Britten and the poet W H Auden were alumni, for the holding of a Music Summer School and Festival during the period 2P July to 10° August 2024. The 2025 MusiG Summer School and Festival took place at Gresham's School from 2nd to 16° August. Highlights of the 2025 Summer School and Festival included performances by the Summer School Choir of Handel's 'lsrael in Egypt,, directed by Andrew Griffiths, and Mendelssohn's 'Elijah', directed by David Temple. Across the two weeks, 48 courses were offered alongside 32 public concerts, providing opportunities for participants and audiences to engage with music-making at all lèvels. Artists making thelr Summer School debuts included the Spanish vocal ensemble Cantoria,. the Italian harpsichordist Marco Mencoboni,. bass James Platt and his keyboard partner Mich861 Pugh., and the singer-songwriter Anna Anise. The Summer School Foundatlon Annual rnport and flnancial statoments for tho year endod 31rt October 2025 REPORT OF THE COUNCIL OF MANAGEMENT (contlnued) The Summer School Foundation provided 42 bursaries to enable participation in the Summer School. The Trustees are particularly grateful to The Thriplow Charitable Trust, The Eversley Charitable Trust, the TL Trust, The Barfoara Whatmore Charitable Trust and Ihe Vox Musica Trust for their generous support of the Foundation's bursary programme, as well as to the many individual donors whose contributions continue to support the Foundation's Charitable objectives. Promotlon On 20th September 2023, the charity entered into a contract wfth The Creatively Curious Limited for fundraising and development, a sales website, programme planning, marketing, communications and public relations, management of bookings, operational management and delivery and financial accounting. Richard Heason is the managing director of this company and, in such capacity performs the role of acting chief executive officer of the charity answerable to Ihe Council of Management through the Chair. Financlal Po8ltlon The results of the charity are set out in detail in the Financial Statements. There was an operational deficit of £170,738 (2024".£226,306) This was partly offset by generous legacies which totalled £45,277 (2024.. bNo legacies of £105,502). Improvements in the stock market meant there Y￿re investrrent gains of £8,161 (2024: £23,226). The final overall result was a deficit of £117,300 (2024.. deficit £97,578). Part of the deficit was a direct result of one off costs incurred as a direct consequence of the transfer of the Summer School and Festival to its new location. Reserves The charity's free reserves are represented by the unrestricted funds, which at 31 October 2025 were £72,478 (2024.. £190,520), of which £26,132 (2024: £25,144) were designated for specific purposes by the Council of Management. At the yearénd, the restricted funds, derived from legacies and donations to be used for specific purposes as laid down by the donors, amounted to £17.854 (2024: £17,112). The Council of Management is reviewing the reserves policy of the charrty in the light of the changes in its activrties and commitments and it continues to preserve the restricted funds for their specific purposes. Inv￿tMentS The memorandum of association pemits the charity to invest in any investments, securities or property for the benefit of its purposes, restricted only by law. The investments selection policy of the charity is the responsibilty of the Council of Management. The charity maintained an investment portfolio managed on behalf of the Council by Rathbone Investment Management Limited, with a view to achieving a measure of capital The Summer School Foundatlon Annual Mport and financial statements for the year endod 31" Octobor 2025 REPORT OF THE COUNCIL OF MANAGEMENT (continued) growth as well as income. Following the wlthdrawal of funds to provide cash resources the value of the portfolio at the end of the year was £56,647 (2023.. £78,486). The remaining funds were withdrawn in November 2025. M•mbern. Council Mèmbern and 0ffi¢orn The charity's articles of association provide that the members of the charty shall be such persons as the charity in general meeting shall admit to membership, provided that no person shall be so admitted without first signifying their consent and re￿Iving the approval of the Council of Management. All members of the Council of Management serving during the year were members of the charity. The members of the Council of Management who served during the year are listed on page 3. The number of members of the Council is currently set at a minimum of 3 and a maximum of 20. Council Members are appointed by the Council of Management and hold office in the first instance until the next Annual General Meeting, when they are eligible for re-election. Wrth the ex￿ptIOn of such cases, one third of the Council Members is subject to retirement at the Annual General Meeting by rotation, but those involved are eligible for re-election. At the forthcoming Annual General Meeting. Steve Dummer and Leigh O'Hara will retire by rotation, but will offer themselves for re-election. Gareth Keene acts as Company Secretary and Matt Oomen acts as Honorary Treasurer. Respon8Sbiliti08 of the CounGil of Management Company law requires the Council to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity at the end of the year and of the incoming and outgoing resources for the year then ended. In preparing those financial statements, the Council is required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP; make judgements 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 Ihe financial ststements; prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the charitable cornpany will continue in business. The Council is responsible for keeping proper records which disclose with reasonable accuracy at any time the financial position of the charity and enable rt to ensure that the financial statements comply with the Companies Act 2006. The Council is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Tho Summer School Foundation Annual report and financlal statsm•nt8 for th• yaar •nd•d 31*1 Octobftr 2025 REPORT OF THE COUNCIL OF MANAGEMENT (contlnuftd) Rlsk Management The Council of Management has reviewed the major risks of the charity and concluded that the primary risk stems from the failure to generate sufficient participant and office ino)me and funding from foundations, trusts and individual donors to sustain the annual Mussc Summer School and Festival without undue depletion of its free reserves. This risk is managed by regular monitoring of In￿Me against expenditure commit￿nts and is reVIev￿ at each meeting of the Council. Ott*r risks 8re mrtigated as appropriate. Small Company Provblons This Report has been prepared in accordance wth the special provisions of Part 15 of the Companies Act 2006 relating to small companw. Moreover, in pursuit of the Council of Management's pollcy to mlnimise the operating costs of the tharty, a Special Resolution w8s passed at an Extraordinary General Meeting held on 20 March 2014 to Ghange the charity's articles of association with respect to accounts, in order to tske advantage of the exemption under the Act of a company of its size from any requirement for an audtt (as exptained in the detsils accompanying the Balance Sheet). On behalf of the Councll ol Managemont Gareth Keene Councll Member and Company Secrotary . 2026 Registefed Office.. Buttermead Manaton Nevrton Abbot Devon TQ13 9XG The Summer School Foundation Annual report and financlal statements for thè year ended 31 October 2025 INDEPENDENT EXAMINER'S REPORT Report to the Members of The Summer School Foundation on the Financial Statments for the year ended 31° October 2025 set out on pages 9 to 15. The Foundation's Council of Management is responsible for the preparation of the Accounts. The Council considers that an audit is not required for this year under Section 144 of the Charities Act 2011 {the 2011 Act), but that an Independent Examination is needed. It is my responsibility: to examine the Accounts under section 145 of the 2011 Act; to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act)., and to state whether particular matters have come to my attention. My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a Comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Council of Management concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is giv8n as to whether the Accounts present a 'true and fairf view and this report is limited to those matters set out in the statement below. In connection with my examination, no matter has come to my attention: 1. which grves me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the 2011 Act. and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act, have not been met, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached. Trevor James FCA DChA FCIE Domier Cottage West Broyle Chichester West Sussex P019 3PR Tho Summer School Foundatlon Annual report and flnancial statsments for the yoar endod 31•t Octobér 2025 STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds 2026 Totsl funds 2025 Totsl funds 2025 2024 Note Incom8 from.. Donations and legacies Charitable activities Investment$ 77,009 310,248 772 15,650 92,659 310,248 168,045 252,244 3,299 Total 388,027 15,719 403,748 423,588 Expendlture on: Charttsble activities Other 506,133 7,424 15,650 521,783 7,424 535,283 9,109 Total 513,557 15,650 529.207 544,392 Net gainsl(losses) on investments 7,488 673 8,161 23,226 Net Incomel(expendlturo) 117,300 97,578 Trydnsfers belween fijnds Net movemont In funds 117.300 97,578 Reconclllatlon of fund$: Totsl funds brought forward 190520 17,112 207 632 305,210 Total funds carrl•d forward 72,478 17,854 90,332 207,632 The Statement of Financial Activitie8 includes all gains and losses in the year and therefore a statement of total re¢ognised gains and losses has not b8en prepared. All of the above amounts relate to Continuing activities. 10 The Summer School Foundation Annual roport and flnancial statements for the y6ar •ndad 31° October 2026 BALANCE 2025 2024 Dobtors Investrnents Cash at bank aThJ in harKI Total cuffent assets 56,647 34.085 90,732 78.486 129,526 208.012 Llabllld88: Amounts falEing due witrlln ona year Nel cun8nt assets 4QO 380 207 632 Total n•tassets 90.332 207.632 Th• fvnds oftho charlty: Rèstrided fvnd8 Unrestricted fund8 Ttes ¢2n p¥Je8 11 to 15 form part of thé8• ￿ancIal statements. 11 Th• Summor School Foundatlon Annual report and flnancial statem•nts for the yoar endod 31" October 2025 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES Ba818 of accounllng These financial statements have been prepared in compliance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The financial ststements have been prepared on a going concem basis and on the historical cost basis, except for the measurement of investments at fair value with movements in value reported within the Statsment of Financial Activities (SOFA). Cash flow statement The Council of Management has tsken advantage of the exemption in Financial Reporting standard No 1 {revised} from including a cash flow statement in the financial statements on the grounds that the charty is small (income less than £500.000). Incom• rftcognlllon All income is recognised once the Foundation has entitlement to the incorne, the economic benefit is probable and the amount can be reliably measured. Expenditurg Expenditure is accounted for on an accruals basis. Grants payable are recognised as expenditure when the commitment is entered into. Inv•stmonts Prices for quoted securities are mid-market closing prices provided by the London Stock exchange (or any other equivalent investment exchanges where relevant). Unit Trusts and Collective Investments show mid-market prices at the last valuation point prior to the period end. Prices for unquoted and illiquid securities have been obtsined from sources our investment managers believe to be independent. Where The Council of Management has been unable to obtain a fair market price or there is no market, fair or otheThvise, a nominal price as £0.0001 has been used. Cash and cash oquivalents Cash and cash equivalents include cash at bank and in hand. 12 The Summer School Foundatlon Annual rnport and finan¢lal 8tst•monts for tho y•ar ondod 314¢ Octobor 2025 NOTES TO THE FINANCIAL STATEMENTS Fund a¢¢ountlng Unrestricted general funds are available for use at the discretion of the Council of Management in the furtherance of the general objectives of the charity and which have not been designated for other purposes. Unrestricted designated funds are funds ring-f8nced for a particular purpose by the Council of Management. Restricted funds are funds which are to be used for specified purposes as la￿ down by the donor. 2. VOLUNTARY INCOME Unrestrlcted fund8 Re$trided funds 2025 Total Ofunds 2025 Total fund8 2024 2025 Donallon• and l•g•cl•• Donations Legacies Tru8ts and Foundations 31,732 45,277 31,732 45,277 32.293 105,502 15,650 92,659 3. CHARITABLE ACTIVITIES INCOME Unre8trfcted fund8 R88tricted funds 2025 Total fvnds 2025 Total funds 2024 2025 Summer School fees Box Office sales Sundry income 305,530 4,086 830 310 246 305,530 4,086 630 310 246 247,789 3,959 516 4. INVESTMENT INCOME Unrestricted funds Restricted funds 2025 Total funds 2025 Totsl funds 2024 2025 Interest & dividends receivable 772 69 13 Thè Summer School Foundatlon Annual rnport and financlal 8tatements for the year ended 31" October 2025 NOTES TO THE FINANCIAL STATEMENTS 5. EXPENDITURE Unrestricted Restricted funds funds Total funds 2025 Total funds 2025 2025 2024 Charltable actlvStles: Summer School direct costs Grant for bursaries Promotion Helpers for the disabled Consultancy Summer School general support 411,229 411,229 15,650 8,904 420,750 3,740 14,460 333 96,000 15,650 6,904 88,OC 88,000 506,133 15,650 521,783 535,283 Other exp6ndltur•: Administration costs Independenl Examination fee Trustee expenses Investment management fees 7.224 200 7.224 200 7,455 180 7,424 513,557 7,424 529,207 9,109 544,392 15.650 6. STAFF COSTS AND EMOLUMENTS The Charty has no employees. (2024: Nil). No members of the Council of Management received reimbursement of expenses during the year (2024-. Nil). 7. INVESTMENTS 2025 2024 At beginning of year Additions Disposals Increasel(decrease) in value 78,486 298,898 (30,000) 8,161 56,647 (243,638> 23,226 78,486 8. DEBTORS: Amounts due withln one year 2025 2024 Gift aid receivable 14 The Summer School Foundatlon Annual report and flnancial 8tatsments for tho year andod 31 October 2025 NOTES TO THE FINANCIAL STATEMENTS 9. CREDITORS: Amounts falling due within one year 2025 2024 Independent examination fee Independent examinerfs fee for other services 200 180 200 400 200 380 10. RESTRICTED FUNDS Balance Trydnsfer8 (to)rfrom Incoming Resources general resourcès expend•J funds 1Nov 24 Gainsl Balance at {losses) 31 Oct 25 Barbara Whitmore Trust Denis de Rougemont Prlze Dorothy Elrnhirst Trust Esther Salaman Bursary Eversley Trusl Thriplow Trust TL Trust Vox Musica Trust 2,400 (2,400) 6,301 2,190 8,621 25 (01 (o} (o) (1,000) (2,000) (250) 10,000 15,650 248 8,574 2,285 8,995 35 1,000 2,000 250 10.000 339 673 Restricted funds are funds which are to be used for specified purposes as laid down by the donor, as follov4s'. Barbara I￿h1trn0re Charitable Trust- To provide Summer School bursaries. Denis de Rougemont prize - To furKI the writing of a history of the Summer School. Dorothy Elmhirst Trust- To fund the wrrting of a history of the Summer School. Esther Salaman - To fund provision of the Esther Salaman Bursary. Eversley Charitable Trust- To provide Summer School bursaries. Thriplow Charitable Trust- To provide Summer School bursaries. TL Trust - To provide Summer School bursaries. Vox Musica Trust- To provide Summer School bursaries. 15 Tho Summer School Foundatlon Annual report and financial stat•m•nts for th• year gnd•d 31•t October 2025 NOTES TO THE FINANCIAL STATEMENTS 11. UNRESTRICTED FUNDS Transfers (to)fftom Balance at Incomlng Resources general 1 Nov 24 resources expended funds Gainsl (losses) Balance at 31 Oct 25 Joanna McGregor fund Gavln Henderson scholarship fund General lund8 10,414 {0) 409 10,823 14,730 165 376 388 027 190,520 388 027 10) 513 557 513557 579 15,309 46 346 12. RELATED PARTY TRANSACTIONS The Foundatlon received one donation (£100) from trustees (2024..One £100). 13. COMPANY LIMITED BY GUARANTEE The ¢ompany 18 limited by guarantee. No part of th58 guarantee, which totsls £35 (2024.. £40), has been called up. 16 THE SUMMER SCHOOL FOUNDATION COMPANY LIMITED BY GUARANTEE MANAGEMENT INFORPAATION YEAR ENDED 3￿￿ OCTOBER 2025 The following page does not form part of the statutory financial statements which are the subject of the independent examiner's report on page 8. 17 THE SUMMER SCHOOL FOUNDATION COMPANY LIMITED BY GUARANTEE MANAGEMENT INFORMATION YEAR ENDED 31" OCTOBER 2025 SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31•t OCTOBER 2025 2025 2024 Incomo Summer School fees Box Office gales Donations & legacies Trusts & Foundations Sundry irKome Interest & investment income Gains on investments Gross Income In the r•portlng porfod 305,530 4,086 77,009 15,650 630 247,769 3,959 137,795 30,250 516 3,299 23,228 8,161 411 907 Expondlture Accommodation, catering and facilities fees Venue first year set up External accommodation & catering Artists fees InstnJm8nt hire Bursaries & grants Other Summer School dlrect costs Consultancy fees Promotion Investment management Office & administrative costs Independent Examineff s fee Trustee expenses Total expendltura In tho reportlng perlod 272,236 13,752 21.250 82.787 15,552 245,349 46,335 11,700 79,470 17,320 3,740 20,909 96,000 14,460 1,474 7.455 180 21,302 88,000 6,904 7.224 200 529 207 Not Incomo (Oxpendlturel for tho flnan¢lal y•ar 97.578