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2025-08-31-accounts

Charity number: 285766 EF1 ROYAL BALLET SCHOOL ENDOWMENT FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

ROYAL BALLET SCHOOL ENDOWMENT FUND CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent Auditor's Report to the Trustees of The Royal School Endowment Fund Statement of financial activities Balance sheet 12 Statement of cash flows 13 Notes to the financial statements 14-33

Ruffer LLP 80 Victoria Street London SW1E 5JL

Troy Asset Management Limited Brookfield House 44 Davies Street London W1K 5JA

ROYAL BALLET SCHOOL ENDOWMENT FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees submit their report and the audited financial statements of The Royal Ballet School Endowment ) for the year ended 31 August 2025.

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION AND OBJECTS

The Royal Ballet School Endowment Fund is a registered charity (number 285766) and was established under a Definitive Trust Deed dated 9 June 1982.

TRUSTEES

The responsibility for the management of the Charity is vested in its Charity Trustees. Trustees are nominated by its connected charity, the Royal Ballet School and appointed and removed by the existing Board of Trustees.

The Trustees in office during the year and to the date of this report were as follows:

Kenneth Steele Chair of Trustees Kate Bolsover Tom Clementi Richard Cunis Menna McGregor Zita Saurel

It is the policy of the Trustees is to ensure that they understand their responsibilities and duties. Training 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, future spending needs, and investment strategy and performance. They also liaise with the School's Executive Team to ensure a clear understanding 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 periodically attend board meetings.

Page 2

ROYAL BALLET SCHOOL ENDOWMENT FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

To discharge their functions more effectively, the Trustees delegate certain administrative aspects of the charity's day-to-day management to the School, for which the Charity pays the School an annual fee.

The Trustees are aware of the Charity Governance Code, which lays out the principles and recommended practices for good governance within the sector. They are satisfied that the charity applies the principles of the code within its current Governance arrangements

OBJECTIVES AND ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

Each year, the Trustees consider applications from the School to support students enrolled in full-time courses and the Associates Programme with bursaries and scholarships.

The Endowment Fund awards the Royal Ballet School an annual grant to support the maintenance and care of its archive. This resource is available publicly online and in person by appointment.

Applications for one-off grants to support individual projects are considered case-by-case.

The Trustees work with three fund managers to maximise investment returns for the charity. The long-term objective for each fund manager is to protect capital and deliver a return of RPI + 3%.

The Trustees have carefully considered the Charity Commission's general guidance on public benefit in setting objectives and planning the activities.

The Endowment Fund has continued to make grants to students of the School and the School itself.

GRANT MAKING POLICY

The Royal Ballet School Endowment Fund welcomes annual grant applications for the following:

Full-time student bursaries and scholarships

Annual prize awards

Trustees will consider applications for single awards for individual projects. When considering these applications, Trustees will make due regard to:

  1. The longer-term impact of the project on the School and its beneficiaries.

  2. Whether the applicant has approached other donors for support.

  3. The cash flow implications for the Endowment Fund and its investments.

  4. Whether specific restricted funds and finances are available to support the request.

There is no cap on the value that may be applied for, and each application will be considered on its merits. Trustees require a higher level of detail for larger, one-off grants. In some cases, Trustees may require a meeting with school representatives before deciding on a grant award. This will be advised on a case-by-case basis.

Trustees consider recent fund manager performance and any significant valuation changes or market events when reviewing grant applications.

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ROYAL BALLET SCHOOL ENDOWMENT FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

PUBLIC BENEFIT

The Endowment Fund remains committed to providing public benefit in accordance with its founding principles. public benefit.

The School is open to any student who has the potential to become a classical ballet dancer, regardless of their The Endowment Fund provides support to these students in the form of financial assistance and training facilities.

FINANCIAL REVIEW

The full financial results are shown on pages 10 to 33 of these financial statements. Incoming resources were £627,000 (2024: £357,000). In addition to investment income, the Endowment Fund benefited from several legacies totalling £122,000 (2024: £82,000).

Expenditure totalled £1,887,000 (2024: £787,000) with grants of £1,516,000 (2024: £578,000). The grant figure is broken down into the following exceptional awards:

The Trustees continued to monitor the performance of the fund managers closely and the weighting of investments is discussed at every meeting.

The total net gain in the portfolio was £1,108,000 (2024: £1,849,000) of which £55,000 was realised gain. Funds held with Troy Asset Management grew by 5.7%. Ruffer grew by 4.6% and Fundsmith by 0.32%.

Given the sizeable grants awarded, total reserves decreased to £29,669,000 (2024: £29,822,000).

FUNDS AND RESERVES POLICY

The charity aims to support the Royal Ballet School in sustaining and enhancing the quality of the education provided and ensuring that students of limited means can benefit from the world-class training provided by the Royal Ballet School.

with the resources needed now and in the future. The Trustees are mindful of the requirement to balance the needs of both current and future beneficiaries, ensuring capital values are maintained while delivering a return on investment to fund grant awards.

The Trustees have undesignated £1,889,000 of unrestricted funds, which had originally been designated for reserves for a total balance of £16,241,000. This compares to a combined balance of general and designated reserves of £15,669,000 in 2024. The Trustees receive regular updates from the Royal Ballet School on potential grant requests.

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ROYAL BALLET SCHOOL ENDOWMENT FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The Charity has several endowments and restricted funds, the use of which is limited as specified by donors. Investment.

Endowment funds of £6,962,000 (2024: £7,365,000) are held as investments to maintain the capital value. Following the implementation of the Charities Act 2022, Trustees reviewed their approach to permanent endowment fund investments and have implemented a total return approach from 1 September 2024. The adoption of this approach has freed up considerable capital gains to be available to spend rather than being part of the permanent restriction.

Income is set aside to spend on charitable activity according to the conditions the donor has given. The Charity has both permanent and expendable endowments: expendable endowments permit capital to be spent alongside returns.

Restricted funds of £6,466,000 (2024: £6,788,000) are subject to the specific restricted conditions imposed by the donor.

Details of these funds, the movements on the funds and the purposes for which they were given are shown in Notes 12 and 13.

INVESTMENT POWERS, POLICY AND PERFORMANCE

During the financial year, Troy Asset Management Limited, Ruffer LLP and Fundsmith LLP managed the term return.

This strategy means that, overall, returns on investments outperform the market in difficult times but do less well than the market in periods of market growth. The Trustees continue to measure the portfolio's performance regularly against the agreed-upon target of 3% over RPI over a rolling five-year period.

Any paid dividend income earned from permanent endowment investment funds is immediately transferred to restricted income funds and made available for grant awards.

RISK MANAGEMENT

The Trustees are responsible for risk management. Detailed risk consideration is carried out by the trustees. Key controls used by the Trustees to identify and assess risks during the year include:

The formal programme of risk assessments and steps to mitigate identified risks. Comprehensive strategic planning for future growth and planned expenditure. Investment performance review against target returns. Formal authorisation and approval levels.

The most significant risk identified relates to the investment portfolio's value, the income from which is used to

Through the risk management processes above, the Trustees anticipate that major risks will be identified and, as far as practicable, adequately mitigated. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed.

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ROYAL BALLET SCHOOL ENDOWMENT FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

FUNDRAISING

s activities, with a focus on legacies and legacy pledges. Supporters of the connected charity, the Royal Ballet School are asked to consider leaving a gift in their will to the Charity.

Although no professional fundraising organisations are used, the Royal Ballet School's Development staff provides fundraising support. The Charity has not subscribed to the Fundraising Regulator but adheres to the Code of Fundraising Practice when undertaking fundraising activity.

The Endowment Fund received no complaints regarding fundraising activity. The Endowment Fund takes its responsibility to anyone who might be vulnerable very seriously, and this will continue to be considered in its approach to fundraising activity.

PLANS FOR FUTURE PERIODS

Trustees have reviewed the Royal Ballet School's strategic plans to estimate longer-term grant requirements, and receive regular progress updates from the School. The Trustees intend to continue making grants to assist current and future beneficiaries. They are mindful of the continuing uncertainty surrounding the

manager who will be better placed to effectively manage cash flows for the short, medium and longer term.

accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

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 fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain l position of the charity and enable them to ensure that the financial statements comply with the charities Act 2011, the Charities responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventions and detection of fraud and other irregularities.

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ROYAL BALLET SCHOOL ENDOWMENT FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

This report was approved by the Board of Trustees on 24 April 2026.

Kenneth Steele Trustee

46 Floral Street Covent Garden London WC2E 9DA

Page 7

ROYAL BALLET SCHOOL ENDOWMENT FUND

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL SCHOOL ENDOWMENT FUND FOR THE YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of The Royal Ballet School Endowment Fund for the year ended 31 August 2025 which comprise the Statement of Financial Activities, Balance Sheet, 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:

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 charity 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

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 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 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 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. 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.

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ROYAL BALLET SCHOOL ENDOWMENT FUND

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL SCHOOL ENDOWMENT FUND CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

responsibilities 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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 charity or to cease operations, or have no realistic alternative but to do so.

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

A further description of our responsibilities for the audit of the financial statements is located 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

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ROYAL BALLET SCHOOL ENDOWMENT FUND

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL SCHOOL ENDOWMENT FUND CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025

procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS102). 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 avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulations (GDPR).

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission 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.

Use of our report

(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the formed.

Crowe U.K. LLP

Statutory Auditor

London

13 May 2026

Page 10

ROYAL BALLET SCHOOL ENDOWMENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 Endowment funds 2025 £000 Restricted Unrestricted funds funds 2025 2025 £000 £000 Total funds 2025 £000 Total funds 2024 £000 Note Income and endowments from". Donations and lègacies Investments 11 122 80 68 125 312 505 27T Total income and endowments 68 136 423 627 357 Expenditure on: Raising funds Charitable activities Governance costs 67 59 140 266 189 1.256 260 105 1,516 105 578 20 Total expenditure 67 1,315 505 1,887 787 Net Ineomellexpenditurel before net gains on Investments Nel gains on investments 1821 11,2601 (430) 172 281 654 1,108 1,849 Net incomellexpenditurel Transfers between funds 173 18981 572 11531 1,419 12 15761 576 Net movement in funds 14031 13221 572 11531 1,419 Reconciliation of funds: Total funds brought forward 7,365 14031 6,788 3221 15,669 572 29,822 1531 28,403 1,419 Nel movement in funds Total funds carriod forward 6.962 6.466 16.241 29.669 29,822 The Ststemenl of financial activities includes all gains and losses recognised in the year. The notes on pages 14 to 33 fomi part of these financial stalemenls. Page11

ROYAL BALLET SCHOOL ENDOWMENT FUND BALANCE SHEET AS AT 31 AUGUST 2025 2025 £000 2024 £000 Note Fixed assets Heritage assets Investments 32 26,628 32 29,459 10 26,660 29,491 Current assets Cash al bank and in hand 3.021 341 3,021 341 Current liabilities Creditors.. amounts falling due within one year 11 112} (70J Net current assets 3,009 331 Total assets less current liabilities 29,669 29,822 Total net assets 29,669 29. 822 Charlty funds Endowment funds Reslricled funds.. 12 6.962 7,365 Restricted income from permanent endowment fund Reslricled funds 12 658 82 12 5.808 6, 706 Total restricted funds Unrestricted funds 12 12 6,466 16,241 6, 788 15,669 Total funds 29,669 29,822 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. a fS1zac Kenneth Steele ITrusleel Dale.. 24104126 The notes on pages 14 to 33 form part of these financial stalemenls. Page 12

ROYAL BALLET SCHOOL ENDOWMENT FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 £000 2024 £000 Cash flows from operatlng actlvltles Nel cash used in operating activities 11,766) (701) Cash flows from Investlng actlvltles Dividends, interests and rents from investments Interest re￿1vable IReduclionllAllocation of funds for investments Amounts extracted 509 252 21 {347) 4,141 23 (126) Net cash provided by investing activities 4.324 149 Cash flows from flnanclng actlvltles Receipt of legacies 122 82 Net cash provided by financing activities 122 82 Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 2,680 14701 341 811 Cash and cash equivalents at the end ofthe year 3.021 341 The notes on pages 14 to 33 form part of these financial statements Page 13

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 General information The Royal Ballet School Endowment Fund is a Public Benefit Entity registered as a charity in England and Wales and was established under a Definitive Trust Deed dated 9 June 1982 (charity number 2857661. Accounting policies 2.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance 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 JanLJary 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departLJre has involved following the Charities SORP IFRS 1021 PLJblished in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Pracb"ce effective from 1 April 2005 which has since been withdrawn. Royal Ballet School Endowment Fund meets the definition of a PLJblic benefit entity under FRS 102. Assets and liabilities are inilialty rec(4nised al historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern The TrLJStees have reviewed the current economic situation and the impact on the financial markets carefully with a view lo managing the investment portfolio and the ability to fund future grants. Having reviewed the funding facilities available lo the Charity together with the expected ongoing need for grants and the Charity's future projected cash flows, the Trustees have a reasonable expectation that the Charity has adeqLJate resources lo continue ils activities for the foreseeable future and consider that there were no material uncertainties over the Charity's financial viability. Accordingly, they also continue lo adopt the going concem basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 8. 2.3 Income All income is recognised once the Charity has entillemenl to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. The rec(4nition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy musl be recognised when It is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed to the Charity, can be reliably measured. Income lax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 14

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies Icontinuedl 2.4 Expenditure 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 selllemenl 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 activity. Shared costs which contribute to more than one activity and support costs which are not allributable lo a single activity are apportioned belMeen those activities on a basis consislenl 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 raising funds includes all expenditure incurred by the Charity to raise funds for ils charitable purposes and includes costs of all fvndraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on diredy undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Heritage assets Heritage assets are valued al the cost of purchase less any impairment in value over the period. Donated heritage assets have not been valued, as il is not practicable lo obtain a valuation of unique assets. Heritage assets held are ballet memorabilia and are tangible fixed assets of historical and artistic importance held lo advance the educational objectives of the Charity and The Royal Ballet School. Where these assets are capilalised, depreciation is not charged because the assets have a very long useful life and the eslimaled residual value is not materially different from the carrying amount. The assets are subject to an annual impairment review by the Trustees and there was no reduction in the value of the heritage assets during the year. 2.6 Investments Fixed asset investments are a form of financial instrument and are inilialty recognised al their transaction cost and subsequently measured al fair value al the Balan￿ sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on investments, in the Statement of financial aclivilies. Endowments are accounted for under the lolal return approach using the dale of the original donation, indexed lo 1 st September 2024, to delemiine the permanent capital of each endowment. Page 15

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies Icontinuedl 2.7 Financial instruments The Charity 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 selllemenl value with the ex￿ptIOn of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.8 Fund accounting 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 lo which they may have responded. Endowment funds are further subdivided into permanent and expendable endowment funds. Unreslricled general funds comprise the accumulated unrestricted surplus or deficit each year. Unreslricled designated funds are amounts pul aside by the Trustees to follow the donors, preferences, although the Trustees have discretion on using these funds. Permanent endowment fvnds consist of capital that cannot be spent. The income earned on these funds is subject lo specific conditions imposed by the donors and is shown in restricted funds. Expendable endowment funds consist of funds where the capital can be spent, and the funds are subject to specific conditions imposed by the donors. Restricted funds are subject to specific reslricled conditions imposed by the donors. Paid income from permanent endowments are held in these funds and are reslricled by the conditions imposed on the permanent endowment funds. Page 16

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income from donations and legacies Restricted Unrestricted funds funds 2025 2025 £000 £000 Total funds 2025 £000 Donations 111 122 Restricted Unrestricted funds funds 2024 2024 £O(X) £000 80 Total funds 2024 £000 Donations 80 Investment income Endowment funds 2025 £000 Restrieted Unrestricted funds funds 2025 2025 £000 £000 Total funds 2025 £000 Equities Cash 66 119 299 13 21 88 125 312 505 Endowment funds 2024 £000 Restricted Un￿Stricted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Equities Cash 43 68 142 15 253 24 46 74 157 27T Page 17

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Expenditure Fundraising trading expenses Endowment funds 2025 £000 Restricted Unrestricted funds funds 2025 2025 £000 £000 Total funds 2025 £000 Investment management costs 67 59 140 266 Endowment funds 2024 £000 Restricted Unrestricted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Investment management costs 17 83 90 190 Analysis of grants Grants to Schools 2025 £000 Grants to Students 2025 £000 Total funds 2025 £000 Grants 1,516 1,516 Grants lo Schools 2024 £000 Grants to Students 2024 £000 Total funds 2024 £000 Grants 30 548 578 Page 18

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Governance costs 2025 £000 2024 £000 Fundraising support costs Adminislralion costs Fees payable to the auditor for the s18tulory audit Legal fees for fund review 82 13 104 20 Trustees. remuneratlon and expenses During the year, no Trustees re￿iVed any remuneration or other benefits (2024- £NIL). During the year ended 31 August 2025, no Trustee expenses have been incurred (2024 - £NIL). Herltage assets The heritsge assets of £32,000 12024". £32,0001 consist of the cost of ballet memorabilia of Margot Fonteyn who was a former alumna of the School. The purchase was made in the year 2000101 and the Trustees have carried out an impaimient review and there is no reduction in the value of these assets. Assets recognlsed at cost Heritage asset 2025 £000 Total 2025 £000 Carrying value at 1 September 2024 32 32 32 32 Anatysis of heritage asset transactions 2025 £000 2024 £000 2023 £000 2022 £000 2021 £000 Brought forward Heritage asset 32 32 32 32 32 Carried forward 32 32 32 32 32 Page 19

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. Fixed asset investments Listed investments £000 Cost or valuatlon At 1 September 2024 Additions Disposals Revaluations 29,459 473 14.1401 1,106 2701 Amounts written off At 31 August 2025 26,628 Net book value At 31 August 2025 26,628 At31 August 2024 29,459 The investment portfolio is divided into the following classes.. 2025 £000 2024 £000 Equities 26,628 29,459 26.628 29,459 11. Creditors: Amounts falling due within one year 2025 £000 2024 £000 Trade creditors Accruals and deferred income 12 10 Page 20

Bal
Se
Unrestricted funds
Designated GBL Wilson fund
Designated GT Sindell fund
Designated Dulcie Pamela Tilley fund
Valarie Adams Award
General fund

Designated Sutton fund

 ance at 1
ptember
2024
Inc
£000

786
18
258
25
13,872

710
15,669
 ome
£000
12
15
-
5
-
391
423		 Expenditure
£000
(6)
(7)
-
(2)
-
(490)
(505)		 Gains &
Transfers
£000
(716)
(794)
(18)
(261)
(25)
2,467

653
 Balance at
31 August
2025
£000
-
-
-
-
-
16,241
16,241

21

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. ststgmgnt offunds Icontinuedl Balance at 1 Sèptèmbar 2024 £000 Balance at 31 August 2025 £000 Galns & Transfers £000 Income £000 Expenditure £000 Permanent endowment fvnds Askéw Scholarship Fund Brian Shaw Memorial Fund Ushemood Fund J Edward Conway Fund Mcmillan Memorial Fund Calleva Foundali(>n Fund Morris Kemp Foundation Fund John Dorrick Brookes Fund Lynn Seymour Award Rob Wallace Scholarship Fund Prince of Wales Bursary Fund Charles Holloway Bursay Fund The Madeleine and Timothy Plaut Bursary Fund 319 110 66 125 58 914 510 112 30 1,149 161 931 262 98 51 130 1111 1141 1121 1721 1941 1311 181 151 837 413 80 30 970 205 827 1101 11731 181 1991 73 1101 62 4,558 15 1411 15211 4,011 Balance at 1 September 2024 £000 Balance at 31 August 2025 £000 Gains & Transfers £000 Ineome £000 Expenditure £000 Expendable endowment funds Ethel Rose Hart Fund Joseph Lockwood Fund Nellie Florence Watson Fund Aud Jebson S¢holarship Fund 569 2,090 33 151 1191 24 87 599 2,197 3S 120 39 121 2,807 S3 1261 117 2,9S1 Total Endowment funds 7,365 68 1671 1404 6,962 Page 22

The charity adopted a total return approach to accounting for its permanently endowed funds in 2024-25. The original value of each gift was taken and indexed using CPI to the 1 September 2024. This value was frozen and classified as frozen permanent capital, with the remaining value of the investments classified as unapplied total return. In 2024-25 the entire unapplied total return at 31 August 2025 was transferred to fund restricted expenditure.

3

Restricted Income and capital gains from Permanent Endowment

Page 24

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. ststgmgnt offunds Icontinuedl Balance at 1 September 2024 £000 Balance at 31 August 2025 £000 Gains & Transfers £000 Income £000 Expendlture £000 Restricted funds Dame Margot Fonteyn Fund Hines Fund John Lyons Charity Fund Upper School Maintenance Fund Noreen Mummery Fund Elizabeth Mills Fund Partnership & Access Fund While Lodge Appeal Fund Royal Ballet School Fund Ashton Award Captain & Mrs John Moore Award Frank Freeman Fund 472 256 131 121 20 11 498 270 1,786 972 59 33 1161 {91 74 41 1.877 1,022 61 679 1.224 128 19 19 11 {61 27 1,164 1,315 18 18 22 25 11.2671 55 11 6,706 136 11,3151 281 5,808 Total Restricted funds 6,788 136 11,3151 857 6,466 Total of funds 29,822 627 11,8871 1,107 29,669 Page 25

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. ststgmgnt offunds Icontinuedl Restricted funds The Dame Margot Fonteyn Fund can be applied to advance the education of children, young people and students of the School. The Hines Fund is lo provide bursaries to the School for children coming from the West Country. The Boscawen Fund is used for the exchange of students and teachers bel￿een the School and the Royal Danish Ballet School. At the request of the trustees, this fund has been transferred to the General Fund and all restrictions discharged. The John Lyons Charity Fund is available to fund bursaries for students from nine specific London Boroughs. The Upper School Maintenance Fund is available to fund Royal Ballet Upper School premises and boarding accommodation. The Noreen Mummery Fund provides bursaries to students of the School which shall be known as Sopwith Bursaries. The Elizabeth Mills Fund was sel up from a legacy left by the late Miss Mills and is to fund a scholarship or bursary for a sludenl who would not otherwise be able lo attend the School. The support will be known as the Elizabeth Florence May Mills Bursary. The Partnership & Access Fund is lo support the School's Partnership and Access programme through which children at slate schools of both primary and secondary school age are given access lo classical ballet through the School's students and ne￿Ork of leaching expe￿'se. The While Lodge Appeal Fund is to support the acquisition of a new 100 year lease al While Lodge and redevelop the land and buildings al White Lodge. The Royal Ballet School Fund is to further the charitable objectives of The Royal Ballet School. The Ashton Award Fund provides an annual prize 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 Frank Freeman Fund The Frank Freeman Fund provides an annual scholarship to cover tuib'on fees and other related expenditure for an outstanding male student, lo be known as the Frank Freeman Scholarship. The remaining restricted funds represent the expendable income element of the permanent endowment funds shown in note 10. This income is reslricled lo expenditure as shown in that note. Page 26

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. ststgmgnt offunds Icontinuedl ststgmgnt offunds- prioryear Balance at 1 Septsmbèr 2023 Balance at 31 August 2024 Gains & Transfers Income Expenditure £wo £000 £000 £000 £000 Unrestricted funds General fund Designated Sutton fund Designated GBL Wilson fund Designated GT Sindell fund Designated Dulcie Pamela Tilley fund Valarie Adams Award 12,939 716 776 218 1991 141 1351 814 191 37 13,872 710 786 245 23 121 12 258 25 14,716 237 11401 856 15,669 Balance at 1 September 2023 £000 Balan¢e at 31 August 2024 £000 Gains & Transfers £000 IncoTne £000 Expendrtuie £000 Pemian&nt endowment funds Askew Scholarship Fund Brian Shaw Memorial Fund Ushenhrood Fund J Edward Conway Fund Mcmillan Memorial Fund Calleva Foundab"on Fund Morris Kemp Foundation Fund John Dorrick Brookès Fund Lynn Seymoui Award Rob Wallace Scholarship Fund Princè ol Wales Bursary Fund Gharfes Holloway Bursay Fund The Madeleine and Timothy Plaut Buisary Fund 285 98 59 112 52 816 455 100 27 1,025 144 831 319 110 66 125 58 914 510 112 30 1.149 161 931 12 55 12 124 100 65 73 4,069 489 4.558 Page 27

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. ststgmgnt offunds Icontinuedl ststgmgnt of funds - prior year Icontinuedl Balan￿ at 1 September 2023 £000 Balance at 31 August 2024 £000 Gains & Transfers £000 Income £000 Expenditure £000 Expendable endowment funds Ethel Rose Hart Fund Joseph Lockwood Fund Nellie FlO￿nCe Walson Fund Aud Jebson Scholarship Fund 26 98 569 2,090 33 115 2,019 65 167 21 1481 1361 1621 2,796 30 1541 135 2,807 Total Endowment funds 6,865 30 154 624 7,365 Balance al 1 September 2023 £000 Balance at 31 August 2024 £000 Gains & Transfers £000 In¢ome £000 Expenditure £000 Restricted income from p•rman•nt èndowmènt funds Askaw Scholarship Fund Brian Shaw Memorial 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 Prince of Wales Bursary Fund Charles Holloway BLJrsay Fund The Madeleine and Timothy Plaut Bursary Fund 131 1211 1311 181 151 21 91 66 16 1101 181 106 18 1911 49 82 Page 28

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. ststgmgnt offunds Icontinuedl Balance 811 September 2023 £000 Balance al 31 August 2024 £000 Gains & Transfers £000 Income £000 Expenditure £000 Rèstrictsd funds Dame Margot Fonteyn Fund Hines Fund John Lyon$ Charity Fund Upper School Maintenance Fund Noreen Mummery Fund Elizabeth Mills Fund Partnership & Access Fund While Lodge Appeal Fund Royal Ballet School Fund Ashton Award Captain & Mrs John Moore Award 730 270 13001 1301 34 472 256 1,697 924 90 614 1,106 1,250 18 17 1101 161 13SI 141 171 181 81 44 1.786 972 59 646 1,164 1.315 29 53 60 6,716 72 14021 320 6,706 Totsl Re$tri¢tgd fund$ S,822 90 493 6,788 Total of funds 28,403 357 787 1,849 29,822 Page 29

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 13. Summary of funds Summary of funds- curront year Balance at 1 September 2024 Balance at 31 August 2025 Gains & Transfers In¢ome Expenditure £000 £000 £000 £000 £000 Designated funds General funds Endowment funds 1,797 13.872 7,365 6,788 32 115) 1490) 167) 11,315) {1,8141 2.468 (4041 857 391 68 16.241 6,962 6,466 Retricted funds 136 29,822 627 11,887) 1,107 29,669 Summary of funds- prior year Balance at 1 September 2024 Balance 8t 31 August 2025 Gains & Transfers Income Expenditure £000 £000 £000 £000 £000 Designated funds General funds 1,777 12,939 6,865 6,822 19 141} (99) 1154} 1493} 42 1,797 13,872 7,365 6,788 218 814 Endowment funds Relricted funds 30 90 624 369 28,403 357 1787} 1,849 29,822 Page 30

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. Analysis of net assets between funds Analysis of net assets between funds - current year Endowment Restricted funds funds 2025 2025 £000 £000 Restricted Unrestricted funds 11 funds 2025 2025 £000 £000 Total funds 2025 £000 Fixed asset investments 6,962 658 5,808 13,200 32 3,021 1121 26,628 32 3.021 1121 Heritage assets Current assets Creditors due within one year Total 6,962 658 5,808 16,241 29,669 Anatysls of net assets between funds - prlor year Endowment funds 2024 £000 Restricted funds 2024 £000 Restricted Unrestricted funds11 funds 2024 2024 £000 £000 Total funds 2024 £000 Fixed asset investments Heritage assets Current assets Creditors due within one year 7,364 82 6, 706 15,306 32 341 f70J 29,459 32 341 (10) Total 7,364 82 6, 706 15,669 29,822 Page 31

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15. Reconciliation of net movement in funds to net cash flow from operating activities 2025 £000 2024 £000 Nel incomelexpendilure for the year las per Statement of Financial Activities) {153) 1,417 Adjustments for: Losses on investments Dividends, interests and rents from investments Decrease in debtors Increase in creditors 11,108} (505} (1,848) (216) Net cash used in operating activities 11.766} (701) 16. Anatysls of cash and cash equlvalents 2025 £000 2024 £000 Cash in hand 3.021 341 Total cash and cash equivalents 3.021 341 17. Anatysis ofchanges in net debt At1 September At31 2024 Cash flows August 2025 £000 £000 £000 341 Cash at bank and in hand 2,680 3,021 341 2.680 3,021 Page 32

ROYAL BALLET SCHOOL ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18. Related party transactions The connected charity, The Royal Ballet School, has as ils 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 Governors of The Royal Ballet School 12024.. two). During the year the Endowment Fund provided grants lo students and lo the School of £1,514,959 12024.. £578,000). The School has not recharged any sum for staff costs in either year. The Endowment Fund is a creditor of The Royal Ballet School at the balan￿ sheet dale of £Nil12024'. £3091. There are no other related paty transaclions12024.' None). 19. Taxation As a registered charity, The Endowment Fund is potentially exempl from laxalion 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. Page 33