The Royal Ballet School Endowment Fund
Annual report and financial statements
for the year ended
31 August 2023
Charity Registration No. 285766

The Royal Ballet School Endowment Fund
Reference and administrative information
TRusfEES
Kate Bolsover
Tom Clementi
Richard Cunis
Menna McGre8or
Zita Saurel
KÈnneth Steele
SECRETARY
Pipp3 Adarnson
PRINCIPAL AND REGISTERED OFFICE
46 Floral Street
Covent Garden
London WC2E 9DA
AUDITOR
Crowe U.K. LLP
55 Ludgate Hill
London EC4M 7JW
BANKERS
Barclays Bank plc
Education Team
Level 28
Churchill Place
London E14 5HP
FUND MANAGERS
Fundsmith LLP
33 Cavendish Square
London
WIG OPW
Ruffer LLP
80 Victoria Street
London SWIE 51L
Troy Asset Management Limited
Brookfield House
44 Davies Street
london
WIK 5JA
CHARITY REGISTRATION NUMBER
285766
Poge I

The Royal Ballet School Endowment Fund
Report of the Trustees
The Trustees submit their report and the audited financial statements of The Royal Ballet School Endowment
Fund l-the Endowment Fund- or-the Charity'l for the year ended 31 Au8USt 2023.
STRUCTURE, GOVERNANCE AND MANAGEMENT
CONSTITUTION AND OBJEcrs
The Royal 8allet School Endowment Fund 15 3 registered charlty (number 2857661 and was established under a
Definitive Trust Deed dated 9 June 1982.
The income and asset5 of The Royal Ballet School Endowment Fund (the -Ch8ritf l are used to provide funding
and facilities for students at The Royal Ballet School 1.the School"). In particular:
Scholarship5, bursaries and financial support to students who would not otherwise be able to attend
the School. Suppckrt 15 provided to full tirne students and As50C4ate students.
Grant5 to students at the School to pay for items not covered by fee support. For example uniform
costs, ballet shoes, travel to and from home and extra curricular adivities.
Student prizes.
Expenditure on improvement5 lo facilties as well a5 the repair and maintenance of buildings.
To support the School's archive.
To 5UPPO¥t with the investment in new choreography and international tour5.
To fund student and teacher exchange programmes
Any incomo not spent In the year is carried forward and held in the Charity s reserves and used to ?5SlSt In the
funcling of the School's future development programme.
TRUSTEES
The re5ponsiblllty for the management of the Charity is vested In Its Charity Trustees. Trustees are nominated
by it5 connected charity. the Royal Ballet School and appointed and removed by the existing Board of Tru5tee5.
The Trustees in office during the year and to the date of this report were as follows=
Kate Bolsover
(appointed 29 September 20231
jonathan Chenevix-Trench Iresi8ned 7 Novernber 20231
Tom Clementi
Richard Cunis
Menna McGregor
Zlta Saurel
Kenneth Steele
(appointed Chair of Trustees on 7 November 20231
It is the poliry of the Trustees is to ensure that they understsnd their responsibllitie5 and duties. Tralning
needs are considered from time to time and appropriate support is provided as necessary.
The Trustees meet periodically, usually three times a year, to review grant applications, futuie Spending needs
and investment strategy and performance. The Trustees liaise with the Executive Team of the School to ensure
a clear under5tandinE of the future financial needs of the School and its Students. The Fund Managers provide
the Trustees with regular reports on investment performance and they also regularly attend board meetings.
To discharge thelr functlons more effectively, the Trustees delegate certain administrative aspects of the dav
to day management of the Charity to the School.
The frustee5 are aware of the Charlty Governance Code which lays out the principles and recomrnended
practice for good governance within the sector. The Trustees are satisfied that the charity applies the
Poge 2

The Royal Ballet School Endowment Fund
Report of the Trustees
principle5 of the code within Its current Governance arrangements.
OBJECTIVES AND AcfiviTIES, ACHIEVEMENTS AND PERFORMANCE
Each year the Trustees consider application5 from the School to support students enrolled in full-time courses
and the As50C13tes Programme with bursaries and scholarships,. in particular, the Charity supports exceptional
international students at White Lodge and Upper School who show the potential to become vocational
classical ballei dancers.
The Endowment Fund provides an annual grant award to the Royal Ballet School tts support the maintenancè
and care of its archive, a resource that is available publicly online and in-person by appointment.
Appllcatlons for one-off grants to support individual projects are considered on a case by case ba515.
The Trustees work with three. carefully chosen fund managers to maximi5e investment returns for the charitv.
The long term objective for each fund manager is to protect capital and deliver a return of RPl+3%.
In settlng our objectives and planning the activities. the Trustees have given careful consideratlon to the
Charity Commission's general guidance on public benefit.
The Endowment Fund has continuÈcl to make grants to students of the School and to the School itself.
GRANT MAKING POLICY
The Royal Ballet School Endowment Fund welcomes annual grant applications *or the followlng..
Full-time student bursaries
Associate student bursaries
Grants towards the running of the School's archive.
Annual prize awards
Trustees will consider applications for single awards for individual projects. When considering these
applications. Trustee5 will make due reBard to:
l. The lon8er term impact of the project on the School and its students.
Whether the applicant has approached other donors.
Cash flow implitations on the Endowment Fund and its investments.
Whether there are specific restricted fund5 and finances available to support the request.
There is no cap on the value that may be applied for and each appliration will be considered on its merits.
Trustees require a higher level of detail for larger. one off grants than annual awards. Trustee5 may require
meeting with representatives of the School and this will be advised on a case by case basis.
When considering Brants award5, Trustees take into consideration the recent fund manager performance and
any significant valuation changes or market events.
PUBLIC BENEFIT
The Endowment Fund remains committed to the alm of providing public benefit in accordance with it5
foundin6 principles. Following charity legislation, the Endowment Fund reports that it has carried out the
charitf s purposes for the public benefit.
The School is open to any student who has the potential to become a classical ballet dancer re8ardless of their
familvs financial means. The Endowment Fund provides support to these students In the form of finan081
Puge 3

The Royal Ballet School Endowment Fund
Report of the Trustees
asslStan¢e and training facilities.
FINANCIAL REVIEW
The full financial results are shown on page$ 11 to 26 of these financial statements, Incoming resources were
£764.00012022: £186.0001. As well as investment income, the Endowment Fund benefited from several
legacies totalllng £339.00012022.. £7.0￿) and a donation for £200,000 to set up the Aud Jebsen Scholarship
Fund.
Expenditure totalled £786,00012022.. £225,000) with grants of £575,00012022.' £29.5001. As well as an annual
grant award of £30.00012022= £29,500) to support The Royal Ballet School's archive, £so5,￿OI2022. £nill was
awarded to full-tirne students and a fuither £40.000 to Associate student512022.' £nill.
The TIu5tee5 coritinued io monitor the performance of the fund managers c105ely and the weighting of
investments between each portfolio is discussed at every meetlng. The total net loss In the portfolic* was
£251,00012022.' £548.0(x)l. Funds held with Troy Asset Management declinèd by 0.29%. Ruffer suffered the
greatest loss with the value 6.14% down year on year. Fundsmith investments grew by 6.43%. In the year,
Trustees moved the value of the total permanent endowment funds from Fundm51th's Accurnulation Fund to
Fundsmith'5 Income Fund. The change ensures that dividends are paid in cash to the equivalent name
restricted fund, rather than added to thè accumulation fund.
Whlle unrestricted and endowment funds grew due to income in the year, total reserves fell to £28,403,000
12021-. £28,679,0001.
FUNDS AND RESERVES POLICY
The Charity has a number ol endowment and restricted funds, the use of which is Ilmlted a5 specified bv
donor5.
Endowment funds of £6,865,00012022.' £6.701,0001 are held as investments to maintain the capital. and
income is to be spent on charitable activity according to the conditions the donor ha5 8iven. The Charity has
ljoth pemianent endowments and expendable endowrnents.. expendable endowments permit capital to be
spent as well as return5.
Resiricted funds of £6,822.00012022.. £7,431,000) are subjert tts the specific restrlctèd conditions imposed bv
the donor.
Details of these fund5, the movements on the funds and the purposes for which they were glven are shown in
Notes 11 and 12, respectively.
The trustees have designated £1,777.000 of unrestrithed fund5 of £14,716,00012022.' £14,547,000), from
which scholarships, financial support and facilities grants may be provided. The balante of £12,939.000
represents the Charity's general or flee reserves. The Trustees receive regular updates from the Royal Ballet
School on potential future requests.
The Trustees place funds not immediately required for expenditure with the Endowment Fund's fund
marbagers for investment.
The Trustees, reserves policy Is to continue to grow thè Charity's funds in order for it to provide the SchcTrol and
its students with the resources needed both now and in the future. It 15 the Charitv's aim to support the School
in sustaining and enhancing the quality of the education provided and to ensure that Students of Ilmited
means can bènefit from the world class trainin8 proided by The Royal Ballet School.
Pt7ge 4

The Royal Ballet School Endowment Fund
Report of the Trustees
INVESTMENT POWERS, POLICY AND PERFORMANCE
Troy Asset Management Limited, Ruffer LLP and Fundsmith LLP manèged the Endowment Fund's investment
portfollo during the financial year. with the Investment strategy of protecting capital and providing a
conslstent long term return.
This strate8y means that, on the wholè, return5 on investments outperform the rrarket in difritult times but do
le55 well than the market in periods of market growth. The Trustees continue to measure the performance of
the portfolio regularly against the agreed target of 3% over RPI over a rollin8 five-year perlod.
Any paid dividend income frorn the investments in the permanent endowment funds are transferred to
restricted income funds to be expended.
RISK MANAGEMENT
The Tru5tee5 are responsible for the management of the risks faced by the Charity. Detailed consideration of
risk is cariied OLJt by the Trustees in consultation with the School's Executive Leadership Team and Board of
Governor5. Key controls used by the Trustees to identify and assess ris￿ durin@ the year include..
The formal proeramme of risk assessments and steps taken to mStlgate those risks identified.
Comprehensive strateglc planning, budgeting and management accounting.
Established organisational structure and lines of reporting.
Formal authorisation and approval levels.
The most significant risk identified relates to the value of the investment portfolio, the Income from which 15
used to finance the Endowment Fund'5 activlties.
Throu8h the rlsk management protesses above, the Tyustees anticipate that Major risks will be identified and,
s far as practitable, adequately mitigated. It IS Tecognised that SY5tem5 can only provide reasonable, but not
absolute, assurance that major risks have been adequately managed.
FUNDRAISING
Fundraising is a very modest parl of the Charity's actlvlties and the focus Is to raise funds through legacies.
Supporters of the connected charity, The Royal Ballet School are asked to consider leaving a 8ift in their will to
the Charity.
There are no professional fundraising organisations used and occasional fundraising support 15 provide(J by the
Development staff of he Royal Ballet School. The Charity has not subscribed to the Fundraising ReEulator but
adheres to the Code tsf Fundraising Practice when undertaking fundraising activity.
There were no complaints received by the Endowment Fund In relation to fundraising activity. The Endowment
Fund takes it5 responsibllity to anyone who might be vulnerable very seriously and this will continue to be
considered in the Endowment Fund's approach to fundraising activity.
PLANS FOR FUTURE PERIODS
Trustees have reviewed the strategic plans of The Royal Ballet School with a view to estimating longer-term
grant requirements. Trustees have met with the School's Executive Leadership Team to discu55 future needs.
Applications generally fall into two categories,. annual requests lor the support of students and the archive and
one-off grants for larger-scale projects. Understanding the Schotsl's five-year plan allows Trustees to make
appropriate investment declsions.
The Trustees interhd to continue to make grants to a55lSt current and future beneficiaries. The Trustees are
mindful of the uncertainty surrounding the Departrnent for Education's fundlng of The Royal Ballet School. Ihe
Page 5

## **The Royal Ballet School Endowment Fund Report of the Trustees** 

potential changes to VAT and business rates for independent schools, the impact of current cost of living crisis on students and their families. 

The Endowment Fund continues to develop its strategy of growth. The achievement of this aim is dependent on future fund raising and the performance of the Endowment Fund's investment portfolio. Trustees will continue to review the weighting of investment between fund managers investment fundss and the fund managers approach during this period of financial turmoil. 

With the arrival of the Charities Act 2022, the Trustees intend to review the number of individual funds held within the Charity and the various restrictions, with the aim of simplifying the administration of the Charity and maximising the benefit of grant awards. 

This report was approved by the Board of Trustees on 19 March 2024 


**Trustee** 

46 Floral Street Covent Garden London WC2E 90A 

_Page_ 6 



The Royal Ballet School Endowment Fund
Statement of Trustees, responsibilities in the preparation of
financial statements
STATEfvIENT OF TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees. Anrtual Report and the Financial Statements In
accordance with applicable law and United XinBdom Generally Accepted Accotjnting Practice Iunlted Kingdom
Accountin@ Standard51.
The law, applicable to Charities in England and Wales, requires the Trustees to prepare financial Statements for
each financial year which give a true and falr view of the state of affair5 of the charlty and of the incoming
resovrces and application of resources of the charity for that period. In preparing these financial statements,
the Trustèes are required to..
select suitable accounting policies and then apply them consistently
observe the methods and principles in the Charities SORP
rnake judgments and estimates that are reasonable and prudent
State whether applicable accountlnE Standards have been lollowed, subject to any material departures
disclosed and explained in the financial statements
prepare the financial statements on the goinE concern ba515 unless it is Inappropriate to presume that the
charity will continue in business
The Trustees are responsible for keeping adeq¢Aat& accountlng records that are sufficient to show and explain
the Charity's transaction5, disclose with reasonable accuracy at any time the financial position of the Charitv
and enable them to ensure thtt the financial statements comply with the Charities Act 2011, the Charities
(Accounts and Report51 Regulations 2008 and the provisions of the charity's constitution. They are also
responsible for 5afe8uardinB the a55ets of the charity and hence for taking reasc>nable steps for the prevention
and detection of fraud and other irregularities.
Page 7

Royal Ballet School Endowment Fund
Auditor's Report
For the year ended 31 August 2023
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL BALLET SCHOOL
ENDOWMENT FUND
OPINION
We have audited the flnan¢ial statements of The Royal Bèllet School Endowment Fund I'the charity'l for the
vear ended 31 August 2023 which comprise the Statement of Financial Activities, Balance Sheet. Statement of
Cash Flows and note5 to the financial statements, includrng significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards. including Financial Reportine Standard 102 The Financial Reporting Standard applicable
in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel.
In our opinion the financial statement5'.
give a true and fair view of the state of the charitvs affairs as at 31 August 2023 and of its income and
eKpenditure, for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Prartice; and
have been prepared in accordance with the requirements of the Charities Act 2011.
BASIS FOR OPINION
We conducted oui audit in accordance with International Standards on Auditing IuKI115As IUKII and applicable
law. Our responsibilities under those standards are furlhei described in the Auditorf5 responsibilities for the
audit of the financial statements section of our report. We are independent of the charity in accordance wlth
the ethical requirements that are relevant to our audit of the fin3ncial statements in the UK, including the
FRC'S Ethical Standard. and we have fulfilled our other ethical re5pon5ibilities in accordance with these
requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
ba515 for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements. we have concluded that the trustee's use of the going concern b35is of
accounting In the preparation of the financlal statements is appropriate.
Based on the work we have performed. we have not identified any material uncertainties relatirb8 to events or
conditlons that, individually or collectively, may cast significant doLJbt on the charity'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 descrlbed in the
relevant sections of thls report.
OTHER INFORMATION
The trustees are responsible for the other information contained wlthin the annual report. The other
Information cornprise5 the information Sncluded in the annual report. other than the financi31 statements and
our auditorfs report thereon. Our opinion on the financial statement5 does not cover the other information
an(S, except to the extènt otherwise explititly Staled in our report, we do not express any form of assurance
conclusion thereon.
Our respoTrnsibility is to read the other information and. in doing $0, consider whether the other information Is
materially inconsistent with the financial statements or our knowled8e obtained in the audit or otherwise
appears to be materially misstated. If we identify such material inconsistencies or apparenl m3teTial
mi55tatements, we are required to determine whether this gives rise to a material misstatement in the
financial statements thèmselves. If, based on the work we have performed, we conclude that there is a
Page 8

Royal Ballet School Endowment Fund
Auditor's Report
For the year ended 31 August 2023
material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matter5 in relatlon to which the Charities (Aceounts and
Report51 Regulations 2008 requires us to report to you if, in our opinion..
the informatlon given in the financial statements is inconsislent in any material respect with the
trustees, report,. or
Sufficient and proper accounting records have not been kept by the charity.. or
the financial statements are not in agreement with the accounting records and returns.. or
we have not received all the information and explanations we reqvire for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the trustees. responsibilitle5 Statement Set out on page 7. the trustees 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 trustee5 determine is necessary to enable the preparation of
financial statements that are free from materlal misstatement. whether due to fraud or error.
In preparing the fln3ncial statements. the tru5tee5 are responsible for assessing the charity's ability to continue
as a going concern, disclosin& as applicable. matters related to going concern and using the going concern
basis ol accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no
realistic alternatlve but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OFTHE FINANCIALSTATEMENTS
We have been appointed as auditor under sectlon 151 of the Charities Act 2011, and repo¥t in accordance with
the Acts and relevant regulations made or havin8 effect thereunder.
Our objective5 are to Obta￿rn reasonable assurance about whether the financial statements 35 a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a hi8h level tsf assurance, but is not a guarantee that an audit conducted In
accordance with ISAS IUKI 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 aggregète, they could reasonably be
expected to inlluence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances ol non-compliance with law5 and regulations. We desiBn
procedure5 in line with OUT responsibilities. outlined above, to detect material misstatements in respect of
Irregularities, including frèud. The extent to which our procedure5 are capable of detecting irregularities,
Including fraud Is detailed below.
A further description of our responsibilities for the audll ol the financial statements is located on the Financial
ReportinB Courbcil'5 website al.. www.frc.or
.uk
ayditorsres
onsibllifies. This description forms part of our
uditor's report.
EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGUL4RITIES,
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 statement5 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 obtaininE audit evidence sufficlent and appropriate to provide
a basi5 for our opinion.
Poge 9

Royal Ballet School Endowment Fund
Auditor's Report
For the year ended 31 August 2023
We obtained an understanding of the legal and re8ulatory frameworks within which the charity operates.
focusine on those laws and regtllations that have a direct effect on the determination of material amount5 and
disclosures in the fSnancial 5tatement5. The laws and regulation5 we considered in thi5 Context were the
Ch81ities Art 2011 t¢gether with the Charities SORP IFRS1021. We assessed the required tompllance wlth
these laws and re8ulations as part of our audit pro¢èdures on the related flnancial statement Items.
In addilion, we considered provisions of other law5 and regulations Ihat do not have a direct effect on the
financial statements but compliance with which might be fundamental to the chariivs ability lo operate or to
avoid a material penally. We also considered the opportunilies and incÈntives Ihat may exist within the charity
for fraud. The laws and re8ulations we considered in ihi5 context for the UK operations were Geneial Data
Protection Regulations IGDPRI.
Auditing standards Ilmit the required audlt PToceclures to identify non-compllance with these laws and
re8ulations to enquiry of the Trustees and other managetllent and inspection of regulatory and legal
correspondence, if anv.
We Identified the gTeatest rlsk of material impacl on the financial statements from irregularlties. Including
fraud, to be within the override of controls by mana8ement. Our audit proceduTes to respond to these wisks
included enquirie5 of management. and ihe Finance Committee about theSr own identification and assessment
of ihe risks of irregularllles. sample testing on ihe posting of journals, reviewing accounting estimates for
blases, reviewing regulatory correspondence wlth the Charsty Commi5510n and ¥eadin8 mlnutes ol meetings of
those charged with 8overnancè.
Owing to the inherent Ilmitatlons of an audit, there Is an unavoidable rlsk that we may not have detected
some maiefial mi5Statements In the financial statements, even though we have properly planned and
perlormed our audit in accordance with auditing standaids. For example. rhe further removed non-compllance
with laws and regulations lirre8ularitiesl is from the events and iransactions ref7e£ted in the finan¢lal
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 rlsk of non-detection of irre8ularitie5, a5 these mav
involve collusion, forgery, Intentional omissions, misrepresentations, or the override ol internal contro15. We
are not responsible for preventlng non-complian¢e and cannot be expected to detert non-compliance wlth all
laws and regulations.
USE OF OUR REPORT
This report is made solely to the charitV5 trustees, as a body, in accordance wlth Part 4 of the Charities
IA¢count5 and Reportsl Regulations 2008. Our audit work has been undertaken so that we might statè to the
charity's trustees those matters we are required to state to them in an auditor's report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the charity and the chaiity's trustees 35 3 body, for our audit work. for this report, or for the opinions we
have formed.
Crowè U.K. LLP
Statutory Auditor
London
22 April 2024
Crowe U.K. LLP is dwble forapwntrnenl as auditor oltho tharfly oiiiseW&'lityforaFvokntment as audrtor ola company
under sectlcn 1212 of the Companles Act 2ti]6.
Po9e 10

Royal Ballet School Endowment Fund
Statement of Financial Activities
For the year ended 31 August 2023
Unrestricted
Funds
£000
Endowment
Funds
£000
Restricted
Fund5
£000
Notes
2023
£000
2022
£(K)O
Income and endowments
from".
Donarions
Investments
339
133
200
25
539
225
67
177
Total Incorne
472
225
67
764
186
Expendlture on.,
Raising funds
Charirable artivities
Governante costs
89
30
17
96
79
449
185
575
188
30
Total ejtpenditure
127
528
768
225
Net IncoMe/lexpendlturel
345
112
14611
141
1391
Transfers between funds
Nei losses on investments
11761
52
11481
12721
14731
Net movemènt In funds
169
164
16091
12761
15121
Reconclllatlon of funds..
Total funds brought
forward
14,547
6.701
7,431
28,679
29.191
Total fund5 carrled forward
14,716
6,865
6.82Z
28.403
28,679
The net incoming re59urces for the year arise from the Charity's continuing operations.
The accounting policies and notes on pages 14 to 26 form part of these financial statements.
Poge 11

## **Royal Ballet School Endowment Fund Balance sheet** 

to 31 August 2023 

|**_Notes_**<br>**Fixed assets**<br>Heritage assets - ballet memorabilia<br>**6**<br>Investments<br>**7**<br>**Total fixed assets**<br>**Current assets**<br>Prepayments and accrued income<br>Cash at bank<br>**Total current assets**<br>**Liabilities - falling due within one year**<br>Accruals<br>Connected charity creditor<br>**8**<br>**Total liabilities**<br>**Total net assets**<br>**9**<br>**The funds of the charity:**<br>**Unrestricted funds**<br>General fund<br>Designated funds<br>**Total unrestricted funds**<br>**10**<br>**Endowment funds**<br>**11**<br>**Restricted funds**<br>**12**<br>**Total charity funds**|**2023**<br>**£000**<br>32<br>27,564<br>**27,596**<br>5<br>811<br>**816**<br>(9)<br>(9)<br>**28,403**<br>12,939<br>1,777<br>**14,716**<br>**6,865**<br>**6,822**<br>**28,403**|2022<br>£000<br>32<br>27,815<br>27,847|
|---|---|---|
|||1,259|
|||1,259|
|||(7)<br>(420)|
|||(427)<br>28,679<br>12,706<br>1,841|
|||14,547<br>6,701<br>7,431|
|||28,679|



The financial statements on pages 11 to 26 were approved by the trustees and authorised for issue on 19/03/24 and signed on its behalf by: 


**Kenneth Steele Trustee** 


**Kate Bolsover Trustee** 

_Page_ 12 



Royal Ballet School Endowment Fund
Statement of cash flows
31 August 2023
ote
2023
£000
2022
Cash flow5 from operatlns activities:
Net cash used by operatlng activities
A below
11811
Cash flows fn)m InvestJnK artlvltles:
Oividends and interest from investments
Inierest receivable
IReductionllAllocation of funds for investment5
211
14
11.3%)
176
Net cash provlded byllused Inl Investlng artlvltles
11,1711
181
Cash flows from finan¢ln8 a¢tlvitles:
Receipt of endowment
539
Net cash provided by Investing adivitles
539
Change In cash In the reportln8 period
14481
Cash at the be85nnln8 of the year
1,259
1,250
Cash at the end of the year
B below
811
1,259
Reconclllatlon of cash flows from operatlng a¢tlvltles:
NoteA
2023
£000
2022
Nei income. frorn the staternent of finanoal activlties
12761
15121
Adjustments for=
Losses on investments
Dividends. interest and rent5 from Snve5tments
Increase In debtors
Increase in creditors
272
12251
473
11771
418
3S
Net cash used In operating aclivltie5
11811
Analys15 01 cash
Note B
2023
2022
Cash at bank and in hand
811
1,259
Poge 13

Royal Ballet School Endowment Fund
Accounting policies
BASIS QFACCOUNTING
These financial statements have been prepared in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland IFRS 1021. the Charities Act 2011 and the Staternent of Recommended
Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and RepublSt of Ireland IFRS 1021- effettive I january 2015.
TRUE AND FAIR OVERRIDE
The financial statements have been prepared to give a'true and fair. view and have departed from the
Charities IAccounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,.
This departure has involved following Accounting and Reporting by Charities preparinB their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.
The accounts are drawn up on the hlstorical cost basis of accountin& as modified by the revaluation of
investments.
The Royal Ballet School Endowment Fund is a PublTrc Benefit Enlity registered as a charity in England and Wales
and was established under a Definitive Trust Deed dated 9 June 1982 (charity number 2857661.
GOING CONCERN
The Trustees have reviewed the current economic situation and the iwpact on the financial markets carefully
with a view to managin8 the investment portfollo and the ability to fund future grants.
Having reviewed the funding facilities available to the Charity together with the expected ongoing need frjr
grants and the Charity's future projected cash flows, the Trustees have a reasonable expectation that the
Charity has adequate resources to continue its activities for the foreseeable future and consider that there
were no material uncertainties over the ChBrity's financial vlability. Accordingly, they also continue to adopt
the going concern basis in preparing the financial statements as outlined in the Statement of AccountinÈ and
Reportln8 Responsibilities on page 7.
CRITICAL ACCOUNTING JUDGEMENT AND KEY SOURCE5 OF ESTIMATING UNCERTAINTY
In the application of the accounting policie5, Tru5tee5 are required to make judgement, estimates and
a5sumption5 about the carryin8 value of assets and liabilities that are not readily apparent from other sources.
The estlmates and underlying assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these e5timate5.
The estimate5 and underlying a$5umption5 are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in whith the estimate is revised if the revision affects only that period,
or in ihe period of the revision and future periods if the revisSon affected current and future periods.
In the view of the trustees, no assumption5 concerning the fvture or estimation uncertainty affecting a55ets or
liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the
next finantial year.
The followinB accountinB policies have been applied conslstently in dealing with items which are considered
rnaterial in relation to ihe Charity's financlal statements.
INCOME
Income Consists of donations, legacies and Investment income. All Income is accounted for when the Charitv
ha5 entitlement, there 15 probability of receipt and the amount is measurable. Legacies are recorded when
they are received. on receipt of finalised estate accounts or where there is sufficient evidence that the legacv
will probably be received. Investment income 15 apportioned to unrestricted, endowment and restricted funds
based on the values of the funds. The Income @enerated from permaneni endowment funds is apportioned to
restricted funds for future expenditure.
Po9e 14

Royal Ballet School Endowment Fund
Accounting policies
EXPENOITURE
Resources expended are recognised in the period in which they are Incurred. Costs are allocated to the
particular activity to which they relate. Grant5 payable are recognlsed when a constructive obllgatlon exists.
Governance costs comprise cost5 Of runnin8 rhe Charity.
HERITAGE ASSETS
Heritage assets are valued at the t05t of purchase less any irnpairment in value over the period. Donated
heritage assets have not been valued, as it 15 not practicable to obtain a valuation of unique a55ets. Heritage
assets held are ballet memorabilia and are tangible fixed 3s5ets of historical and artistic importance held to
advance the educational objectives ol the Charity and The Royal Ballet School. Where these assets are
capitalised, depreciation is not charged because the assets h3ve a very long useful life and the estlmated
residual value is not materially diflerent from the carrying amount. The asset5 are subject to an annual
Impairment review by the Trustees and there w35 no reduction in the value of the herita8e assets during the
year.
INVESTMENTS
Investments, includln8 bonds held as part OF an investment portfolio, are held at fair value at the Balance
Sheet date, with Eains and losses being recognised within income and expenditure.
FUNDACCOUNTING
The charitable trust funds of the Charity are accounted for as unrestricted or restricted income, or as
endowment capital, in accordance with the terms of trust imposed by the donors or any appeal to which they
may have re5pc)nded. Endowment funds are further subdivided into permanent and expendable endowment
funds.
Unrestricted general funds comprlse the accumulated unrestricted surplu5 or deficit each year.
Unrestrlctetj de51gnated luncjs are amounts put aside by the Trustees to follow the donors, preferences,
although the Trustees have discretion on using these fund5.
Permanent endowment funds consist of capital that Cannot be Spent. The Income earned on these funds is
subject t0 Specific condltlons imposed by the donor% and is shown In restricted funds.
Expendable endowrnent funds Consist of funds wherè the capital can be Spent, and the funds are subjeet to
specSfS¢ conditions imposed by the donor5.
Restricted funds are subject to specific restricted conditions imposed by the donors. Paid income from
permanent endowments are held in these lunds and are resiricted by the conditions imposed on the
permanent endow¥nent funds.
FINANCIAL INSTRUMENTS
Basic financial in5trumenls are inStlally recosni5ed at transaction value and subsequently measured at
amortised value, except investments which are held at fair value. Financial assets held al amort15ed cost
comprise cash èt bank and in hand, together with trade and other debtors. A specific provision is made for
debts for which ￿COVerabl11tV is in doubt. Cash at bank and in hand is defined as all cash held In instant access
bank acccTrunts and used as working capital. Financial liabilities held at amortised cost cornprise all creditor5
except social security and other taxes and piovi5ions. Assets and liabilities held in foreign currenry are
translated to GBP at the balance sheet date at an appropriate yearond exchange rate.
Page 15

Royal Ballet School Endowment Fund
Accounting policies
DONATIONS
2023
2022
Le8acie5
Donations
Permanent endowments
339
200
Total
539
2023
T¢)tsl
2022
Total
2 INVESTMENTINCOME
Unrestricted
Endowment
Restricted
Equities
Cash
125
23
63
211
177
14
133
25
67
225
167
2023
Total
2022
Totsl
3 EXPENDITURE
Unrestricted
Endowment
Restricted
Investment Managemeni
Cost5
89
17
79
185
188
2023
Total
2022
Total
4 CHARITABLE EXPENDITURE
Unrestritted
Endowment
Restrltted
Grants to students
Grants to School
96
449
545
30
30
30
30
96
449
575
30
5 GOVERNANCE COSTS
2023
2022
Fee5 payable to the auditor
for the statutory audit
Page 16

Royal Ballet School Endowment Fund
Notes to the financial statements
for the year ended 31 August 2023
HERITAGE ASSETS
The heritage assets of £32.00012022'. £32,000) consist of th@ cost of ballet memorabilia ol Margot Fonteyn
who was a forrner alumna of the School. The purchase was made in the year 2000101 and the Trustees have
carrled out an impairment review and there is no reduction in the value ol these assets.
7 INVESTMENTS
2023
2022
Market value brought
forward
New money invested
Reinvested Sncome
Proceeds received
Mana8ernent char8es
27,815
28,301
206
175
11851
11881
27.836
28,288
Net Ilos5118ain on revaluation
12721
14731
Market value carried forward
27564
27,815
The investment portfolio is divided into the
following classes..
Equities
Fixed interest
Index-llnked
Credit and illiquid strate8tes
Gold
Forward foreign exchange
Options
Glorbal Fund5
Hedge funds
Cash
19,804
1.454
3,025
19.916
4,762
1,137
237
1181
757
426
561
1325
583
441
295
27.565
27,815
Page 17

Royal Ballet School Endowment Fund
Notes to the financial statements
forthe year ended 31 August 2023
RELATED PARTY TRANSACTIONS
The connected charity. The Royal Ballet School. has as its purpose the training and education of Students for a
career as ballet dancers. Two of the Royal Ballet School Endowment Fund Trustees are also Trustees and
overnors of The Royal Ballet School12022.. four). During the year the Endowrnent Fund provided grants to
students and to the khool of £575,LK)012021.. £Nill. The 5thool has not recharged any sum for staff costs in
either veèr. The Endowment Fund is not a debtor nor creditor of The Royal Ballet School at the balance sheet
date12022.. £422.0001.
There are no other related party transactions12022.. None).
9 ANALYSIS OF NET ASSE5T BY FUND
Net
Current
Assets
807
Totsl
Funds
2023
12,939
1,777
6,86S
6,822
Fixed
A55ets
32
FUNDS:
Unrestricted
Designated
Endowment Funds
Restricted Funds
Investments
12,100
1,777
6,865
6.822
32
27.564
807
28,403
Net
Current
Assets
832
Total
Funds
2022
12,706
1,841
6,701
7,431
ANALYSIS OF NET ASSEST BY FUND
2022
Unre51ricted
Designated
Endowment Funds
Restricted Funds
Fixed
Assets
Investments
11.842
1.841
6,701
7,431
32
32
27,815
832
28.679
Puge 18

Royal Ballet School Endowment Fund
Notes to the financial statements
for the year ended 31 August 2023
10 UNRESTRICTED FUND5
Balance
at31
Au8
20Z3
Balance at
I Sept
2022
£000
Gains &
Transfers
£000
Income
Expenditure
£000
Éooo
General fund
Designated Sutton fund
Designated GBL Wilson fund
Designated GT Sindell fund
Designated Dulcie Pamela
Tilley fund
Valarie Adams Award
12,706
729
821
17
456
1861
11371
12,939
716
776
17
1351
1171
250
245
23
24
14,547
472
11271
11761
14,716
8alan¢e
at31
Aug
2022
£000
Balance 3t
15ept
2021
£000
Galns &
Transfer5
UNRESTRICTED FLINOS 2022
Income
£000
Expenditure
£OOD
£000
General fund
Designated Sutton fund
Designated G8L Wilson fund
Designated ST Sindell fund
Designated Dulcie Pamel
Tilley fund
Valarie Adarns Award
12,859
742
864
17
86
1911
11881
12.706
729
821
17
13SI
1141
254
24
250
24
14.760
99
11331
12191
14,547
The General Fund comprises of the accumulated unrestricted surplus or defi'cit each year
The Sutton Scholarship Fund is a designated fund available to fund scholarships to the School but the
requirements of the gift require It to be held as a separate fund with identifiable investments.
The designated GBLWilson Fund provides funds for the School archive and library. The Fund a150 includes a
collection of prints and lithoEraf)hs, received by way of gift, which have not been capitalised and included
Sn the balance sheet as their value cannot be ascertained with reasonable certainty. The Trustees consider
that the amounts involved are not material. The fund is being used to help with the costs of looking after
the School Archrve
The GT Sindell Fund is de5ign3ted to fund scholarships to The Royal Ballet School. The fund is used when
the School requires funding for scholarships.
The Dulcie Patnela Tilley Fund is designated to fund exchange programmes with foreign ballet schools,
international ballet tours, performances and Student scholarshlps. The Trustees of the estate request that
the legacy be applied where possible in the above order or priority. This fund Ss therefore used for
exchange pro8ramme5 as reoulred by the School.
• The Valarie Adams Award is a designated fund to provide an annual student award in ValeriÈ Ad3rn5 name.
Poge 19

Royal Ballet School Endowment Fund
Notes to the financial statements
for the year ended 31 August 2023
11 ENDOWMENT FUNDS
Balance
at31
Aug
2023
Balance at
I Sept
2022
Gains &
Transfers
Income
Expenditure
Permanent endowment funds
Askew Scholarship Fund
Brian Shaw Memorial Fund
Usherwood Fund
J Edward Conway Fund
Mcm￿lIan Memorial Fund
Calleva Foundation Fund
Morrls Kemp Foundation Fund
John Dorrick Brookes Fund
Lynn Seymour Award
Rob Wallace Scholarship Fund
Prince of Wales Bursary Fund
Charles Hollway Bursary Fund
The Madeleine and Timothy Plaut
Bursary Fund
277
95
57
285
98
59
112
52
816
455
loo
109
51
793
442
23
13
97
26
997
27
28
1.025
144
831
140
808
23
63
65
3,955
114
4.069
Expendable endowment funds
Ethel Rose Hart Fund
Joseph Lockwood Fund
Nellie Florence Watson Fund
Aud Jebsen Scholarship Fund
560
2.090
96
181
1431
1311
545
2,019
65
167
17
1451
202
141
2.746
225
11131
1621
1.796
6.701
225
11131
52
6,865
PiJge 20

Royal Ballet School Endowment Fund
Notes to the financial statements
for the year ended 31 August 2023
Balance
at 31
Aug
2022
Balance at
I Sept
2021
Gains&
Transfers
ENDOWMENT FUNDS 2022
Income
Expenditure
Permanent endowment funds
Askew Scholarship Fund
Brian Shaw Memorial Fund
Usherwood Fund
J Edward Conway Fund
Mcmillan Memorial Fund
Calleva Foundation Fund
Morri5 Kemp Foundation Fund
John Dorrick Brookes Fund
Lynn 5eymtsur Award
Rob Wallace Scholarship Fund
Prince of Wales Bursary Fund
Charles Hollway Bursary Fund
The Madeleine and Timothy Plaut
Bur5a¥y Fund
284
97
58
iii
277
95
57
109
51
793
52
811
452
99
26
1.020
144
1131
442
97
26
997
140
1161
826
1131
64
63
4.044
123
1661
3.955
Expendable endowment funds
Ethel Rose Hart Fund
Joseph Lockwood Fund
Nellie Florence Watson Fund
570
2,127
97
$60
2,090
96
13
1161
1341
2,794
17
1201
1451
2,746
6.838
17
1431
6,701
Permanent èndtswment funds
Permanent endowment funds are capital funds where the donor has speclfied that the capital is Invested to
provide in¢orne and only the income can be spent. This incorne is accumulated separately in restricted funds
as shown in Note 11 with the following r&striction5'.
The Askew Scholarshlp Fund 15 available to fund bursarie5 and scholarships to the School but is required to
be held in a separate fund with i(Jenilfiable investments
The Brian Shaw Memorial Fund can be used to fund bursaries and scholarships to the School
The Usherwood Fund is to prowde an annual bursary or scholarship to the khool
The J Edward Conway Fund is to fund Birmin8ham associates
The Macmillan Memorial Fund for Young Dancer5 IS to be invested and the income is to be used annually as
a bursary for a male student to help him with his Studies in memory of Sir Kenneth Macmillan
The Calleva Foundation Fund is to be invested and the income generated is to provide an annual
scholarship for a pupll of the Upper School
The Morris Kemp Foundation Fund is to be invested and used to provide Scholarships and bursaries for one
or two pupils who woulij otherwise not be able to afford to attend the School
Page 21

Royal Ballet School Endowment Fund
Notes to the financial statements
for the year ended 31 August 2023
Income from the John Oorrick Brookes Fund is available to fund scholarships for a deserving female student
of the Upper School
The Lynn Seymour Award fund5 an 8nnu31 prize for Upper School students.
The Rob Wallace Scholarship Fund was set up from generous donations to celebrate the achievements of
School Governor Rob Wallace on his retirement. The fund pay5 for an annual scholarship
The Prince of Wale5 Bursary Fund wa5 Set up on the occasion of H.R.H Prince of Wales, 701h blrthday.
Generous donors made gifts to the fund to provide a named bur53ry to a student of The Royal Ballet S(hool.
The Charles Hollway Bursary Fund is to provide a named bursary to a student of The Royal Ballet School.
The Madeleine and Timothy Plaut Bursary Fund Is to provide a named bursaryto a studentof The Royal 8allet
School
Expendablè endowment lunds
The capital element of these funds can be expended, so the fund balances represent the capital donation and
subsequent Income and related gains. which can all be expended
The Ethel Rose Hart Fund is to provide one annual scholarship of £5,000 awarded for excellence in ballet and
shall be called the Ethel Rose Hart Scholarshrp
Th& joseph Lockwood Scholarship fund is available to provide an annual scholarship to the Upper School
The Nellie Florence Watson Fund is avail3ble to provide funding for one student per annum
The Aud Jeb5en Schola¥ship provides an annual scholarship for a student of The Royal Ballet School Upper
School until the academic 2037138 when any residual funds will be used lor the 8eneral lurtherment of the
charity's purposes.
Po9e 22

Royal Ballet School Endowment Fund
Notes to the financial statements
forthe year ended 31 August 2023
12 RESTRICTED FUNDS
Balance
at31
Aug
2023
Balance at
I Sepr
2022
Gains &
Transfers
Income
Expenditure
Restricted income from
permanent endowment fund5
Askew Scholarship Fund
Brian Shaw Memori31 Fund
Usherwood Fund
J Edward Conway Fund
Mcmillan Memorial Fund
Calleva Foundation Fund
Morris Kemp Foundation Fund
John Dorrick Brookes Fund
Lynn Seymour Award
Rob Wallace Scholarship Fund
Prlnce of Wales Bursary Fund
Charle5 Flollway Bursary Fund
The Madeleine and Timothy Plaut
Bursary Fund
Iiii
141
127
1361
91
15
15
1161
1151
197
1961
106
Restrkied fund5
Dame Margot Fonteyn Fund
Hines Fund
John Lyons Charity Fund
Upper School Maintenance Fund
Noreen Mummery Fund
Elizabeth Mills Fund
Partnership & Access Fund
White LodÉe Appeal Fund
Royal Ballet School Fund
Ashton Award
Captain & Mr5 John Moore Award
765
301
1261
1271
1161
161
730
270
1,730
1,253
122
625
1.127
1,279
18
15
1371
1201
L697
924
13171
90
614
1.106
1254
18
17
141
1131
1241
1301
io
13
17
7.238
62
14321
11481
6.720
7,435
67
15281
11481
6,826
Poge 23

Royal Ballet School Endowment Fund
Notes to the financial statements
for the year ended 31 August 2023
Balance
at31
Aug
2022
Balance ai
I Sepi
2021
Gains &
Transfers
RESTRICTED FUNDS 2022
Income
Expenditure
Restricted income from permanent
endowment funds
Askew Scholarship Fund
Brian Shaw Memorial Fund
Usherwood Fund
J Edward Conway Fund
Mcmillan Memorial Fund
Callev8 Foundation Fuhd
Morris Kemp Foundation Fund
john Dorrick Brooke5 Fund
Lynn Seymour Award
Rob Wallace Scholarship Fund
Prince of Wales Bursary Fund
Charles Hollway Bursary Fund
127
127
15
15
168
27
193
Restricted funds
Darne Margot Fonteyn Fund
Hines Fund
Boscawen Fund
John Lyons Charity Fund
Upper School Maintenance Fund
Noreen Mummery Fund
Elizabeth Mi115 Fund
Partnership & Access Fund
White Lodge Appeal Fund
Royal Ballet School Fund
Ashton Award
Captain & Mrs John Moore Award
777
306
61
765
301
121
1,767
1,273
123
635
1,146
1,301
18
1311
1201
1,731
1.253
122
625
1,127
1,279
18
17
iioi
1181
17
7.425
43
1491
11801
7,239
7,593
70
1491
11821
7,432
Restrlcted funds
• The Dame Margot Fonteyn Fund can be applied to advance the education of children. young people and
Student5 of the School
The Hine5 Fund is to provide bursaries to the School for children coming from the West Countrv
The Bos¢awen Fund is used for the exchange of 5tudent5 and teachers between the School and the Royal
Danish 8allet School. At the request of the Irustee5, this fund has been transferred to the General Fund and
11 restrittions discharged.
The John Lyons Charity Fund Is available to fund bursarie5 for students from b)ine Specific London Boroughs
Poge 24

Royal Ballet School Endowment Fund
Notes to the financial statements
for the year ended 31 August 2023
The Upper School Maintenance Fund 15 available to fund Royal Ballet Upper School premises and boardlng
accommodation
The Noreen Mumme¥y Fund provides bursa¥ies to students of the School which shall be known as Sopwith
Bursaries
The Elizabeth MSlls Fund was set up from a le6acy left by the late M5$5 Mi115 and is to fund a scholarship or
bursary for a student who would not otherwise be able to 3ttend the School. The supsJ)rt wlll be known as
the Elizabeth Florence May Mills Bursary
The Partnership & Acces5 Fund is to support the School's Partnership and Access programme through
which children at state schools of both primary and secondary School age are given acce55 to classical
ballet through the School's Students and network of teaching expertise
The White Lodge Appeal Fund is to support the acquisttion of a new 100 year lease at White Lodge and
redevelop the land and buildings at White Lodge.
The Royal Ballet School Fund is to further the charitable oblecrives of The Royal 8allet School.
The Ashton Award Fund provides an annual p¥ize for a student or students of The Royal Ballet Upper
School.
The Captain and Mrs john Moore Award Fund provides three annual prizes of £100 for students in
their first year of the degree course.
• The remaining restricred funds represent the expendable incorne element of the permanent endowment
funds shown in note 10. This income is restritiÈd to expenditure as shown in that note
13
TAXATION
As a registered charity, The Endowment Fund is potentially exempt from tax3tion of income and gains
falling withill Sections 466 to 493 of the Corporation Tax Act 2010 and section 521 to 536 01 the Income Tax
Act 2007,
Poge 25

Royal Ballet School Endowment Fund
Notes to the financial statements
for the year ended 31 August 2023
13
STATEMENT OF FINANCIAL
AcfiviTIES 2022
un￿strICted
Funds
£000
Endowment
Funds
£000
Restrlcted
Funds
£000
2022
£000
Income and endowments from-.
Donations
Investments
91
17
69
177
Total intome
99
17
70
Expenditure on:
Raising funds
Charitable acrivrcies
Goveinance costs
96
30
43
49
Total expendltuie
133
43
49
225
Net In¢ome/lexpendlturel
1341
1261
21
1391
Transfers between funds
61
Net Ilossesl/g3ins on investments
12401
Iiiii
11221
14731
Net movement in fvnds
12131
11371
{1621
15121
Reconciliztron of funds:
Total funds brought forward
14,760
6,838
7,593
29,191
Totsl fvnds Carried forward
14,547
6.701
7A31
28,679
Poge 26