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. 

- Scholarships, bursaries, and financial support are provided to students who would not otherwise be able to attend the School. Support is provided to full-time and Associate students. 

- Grants 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 extracurricular activities. 

- Student prizes. 

- Expenditure on improvements to facilities and the repair and maintenance of buildings. 

## **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 

- Associate student bursaries 

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. 

Page 3 



**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: 

- £1,255,000 related to a grant of unrestricted funds which had been granted from the School to the Endowment Fund in 2017, for the purpose of investing the sum to earn income on the capital. The original grant agreement had stipulated that the School could request the return of those funds at any time; 

- £165,000 related to repairs at White Lodge and Jebsen House; s Development 

- team to reach its ambitious fundraising targets. This support will be provided to the school through the 2026/27 financial year. 

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. 

Page 4 



## **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. 

Page 5 



**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: 

- select suitable accounting policies and then apply them consistently 

- observe the methods and principles in the Charities SORP 

- make judgments and estimates that are reasonable and prudent 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 

- charity will continue in business 

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. 

Page 6 



**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: 

- expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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. 

Page 8 



**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: 

- the information given in the financial statements is inconsistent in any material respect with the 

- sufficient accounting records have not been kept; 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 require for our audit 

## **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 

Page 9 



**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**<br>**Se**<br>**Unrestricted funds**<br>Designated GBL Wilson fund<br>Designated GT Sindell fund<br>Designated Dulcie Pamela Tilley fund<br>Valarie Adams Award<br>General fund<br> <br>Designated Sutton fund<br> <br>|**ance at 1**<br>**ptember**<br>**2024**<br>**Inc**<br>**£000**<br><br>**786**<br>**18**<br>**258**<br>**25**<br>**13,872**<br> <br>**710**<br>**15,669**<br>|**ome**<br>**£000**<br>**12**<br>**15**<br>**-**<br>**5**<br>**-**<br>**391**<br>**423**|**Expenditure**<br>**£000**<br>**(6)**<br>**(7)**<br>**-**<br>**(2)**<br>**-**<br>**(490)**<br>**(505)**|**Gains &**<br>**Transfers**<br>**£000**<br>**(716)**<br>**(794)**<br>**(18)**<br>**(261)**<br>**(25)**<br>**2,467**<br> <br>**653**<br>|**Balance at**<br>**31 August**<br>**2025**<br>**£000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**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