Doojslgn Envelcye ID.. 778356E?1FE4EG6Olkn36CA8317 Registered number- 01848136 Charity number: 290261 THE ITALIA CONTI TRUST (A Company Limited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Niiii ¢AF43KOL7* 121C@2026 COMPANIES HOUSE A13
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D£$Van Envelcye ID.. 778356EA.71FE-8E6&801kW8317435E THE ITAUA CONTI TRUST IA Company Limited by Guarantee) CONTENTS Page Reference and Administralive De¢ails of the Company, its Trustses and Advisers Trustees. Report Independent Examinerfs Report SL*ement of Financial Activities Balance Sheet Notes to the Financial Stat•ments 10-17
Docuwgn Envekptr ID.. 7783S6Ek71FE-8E6&1A4ScA83l743Se THE ITALIA CONTI TRUST IA Company Limitéd by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 Trustees R Blackwell (resigned 12 January 20261 J Cronwrighl-Brown lappoinled 28 November 2025) J Ealon D Edwards (appointed 28 November 20251 S Hanness {resigned 21 December 2024} A Mcintyre18ppointetJ 28 November 20251 A Shepherd lappoinled 28 November 20251 E Wol lapwntsd 28 November 2025) Company registered number 01848136 Charity regislered number 290261 Registered office 2 Henry Plaza Victoria Way Woking Surrey GU216BU Accountants Hillier Hopkins LLP Chartered Accountants ststutory Auditor 45 Pall Mall London SW1Y SJG Page i
Docusign Envdope . 776356EA-71FE4E6j13eCA83I743sE THE ITALIA CONTI TRUST IA Company Limited by Gu¥rantèÈ} TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees present their annual re)rt together with the financial ststements of the Company for the year.. 1 st September 2024 to 31 st August 2025. The Annual Report seNes the purposes of both a Truslees. K)rt and a directors, report under company law. The TnJstees confimi that the Annual Re5X)rt and financial slalements of the charitable company comply wth the current ststutory requirements, the requirements of the Chantable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance wilh the Financial ReIng Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Since the Company qualthes as sm811 under sectKJn 382 of the Companies Act 2006, the Strategic Report required of medium an(J lafge companies und8r the Companies Act 2006 {Stolegic Report and Directors. Report) Regulation5 2013 has been omitted. Reference and administrative Inforniatlon Italia Conti Trustllhe Trusfl is a company limited by guarantee not having a share capital (company number 018481361 and is registered as a charity (registered charity number 2902611. The Trustees an(J exe¢utive officers of the Charity are as listed on page 1. Particulars of the Trust's regISted office which is also the main Pla of business and details of the professional advisers are given on page 1. Objects. aim5, objectives and activities . Charitable objects The objects for which the Charity is estsblished Ithe Objects) are to a¢jvan all fom)s of education. with a particulai focus on the slvdy and training in the performing arts. b. Objectives and activities The Trust's aim is to encourage the sludy of the perfom)ing arts in all of its foms by Ihe award of scholarships and other financial support. . Strategic aims To faalitate the prowsion of outstanding education and tralIng To widen partiapation and encourage 8 diverse student iniake To f051er a culture of philanthropy d. Kèy strategic objectives To facilitate exptiOnal learning opportunities Ihal enable all pupils and students to realise their individual potential To continue to maintain strong relationships with the industry To build philanthropic and publi¢ stjpport for Student scholarships and bursaiies. and programmes to enhance perfom)ing arts training suth as events, workshops and rErformances. To achieve the required level of operats.onal surplus to meet ongoing requirements and prowde contsngency against unanlicipated adverse developments To athieve maximum cost efficiency and value for mney in all operatr.ons To sustain our cash flow and liquidity Page 2
OrKusKJn EnveloF¢10.. 778356EA-71FE4E6M)1A-36CA8317435E THE ITAUA CONTI TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THEYEAR ENDED 31 AUGUST 2025 Aehlèv•m•nts and perfomiancè Financial review a. Golng ¢on¢em The Trustees have considered the charitvs ffnanaal position f( a period of at le85t e7Ve months from the dale of approval of these financial siatements. They have also considered the charity's principal sources of income, expenditure commitments and SerVeS pK)sth"on. Based on this remew, the Truslees have a reasonaNe expectat40n that the charity has adequate resources lo continue in operational existen f(x the foreseeable future. Accordingly, the financial ststements have been prepared on the going concem basis. b. Reserves policy The Charity Commission defines reserves as "income which becomes available lo the charity and" is lo be expended at the Trustees. dtscretion in furtheranc£ of the chantys objects. bul is not yet spent. committed or designated" These fun(Js are ulilised by pft)vi(Jing gran It is Ihe Twslees. Fdicy to utilise resources for its objectives and not to retsin unnecessary funds. Consequenlly. the Trustees have acted tri utilise all surplus funds in furtheran of the Charitys objectives. The close relationship wtth ltslia Conti acts to provide financial backup ensuring th8t reserves are in place al all times to meet Ihe needs of the Charity in woviding eisucation. ¢. Flnancial activities and resulis The year under review involved setting up the inftrUctUre to fows on fundraising. The overall incnming sourceS for the year were £45.751 (2024 - £606) and the net reseNes at the balance sheel date were £4,799 {2024 - £5.7971. Funding of £43.365 was provided in the year by Italia Conti Arts Centre Ltd to the Trust to faalitate the establishment of the fundraising 1rrfras1ructu. Page 3
Docusign Enveknpe ID.. 77B356Ek71FEE6136CA83l743s£ THE ITAUA CONTI TRUST {A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Stru¢ture, govemance and management a. Govèming docum•nt The Trust is govemed by its Memorandum of A$SlatIon dabng from 1984 and Artides of Ass(Kiation last amended in 2025. b. Methods of appointrnent or election of Trustees The Trustees of Ihe Charily are the Tiusl's directors for the pufposes of the Companies Act. Candidales are interviewed, an¢J if appropriate put foN•ard for election by Ihe Tmslees. The new Trustees a then appointed 81 the next Board Meeling by the existing Trustees. The Board Carries out reviews and skills audits to identify the appropriate mixture of skills and experience required to manage the multi-faceted affairs of the Twsl. Our Articles speafy that the should be a minimum of 2 Trustees on our Board. Trustees may serye up lo three terms of three years and shall serve for no more than nine years. The current Trustees are listed on page 1. . Organisational management The Twstees are legalty responsible frK overall management and cCtrOl of the ¢harity and meet 81 least three times a year. The dattrdaY resFM)nsibililies are delegated to the CEO. All meetings of the Trustees are attended by the CEO together vAth other senior staff as may be qUired for that meeting. d. Policies adopted for the induction and training of Twstees Trustees are encouraged to attend training courses and seminars in order to reinforce their awareness of their varied duties and responsibilities. Public benefit The Trust prowdes a public benefft by fvndraising for the provision of finanoal support for the provision of education and training and progpmmes to enhance perfomiing arts edu¢3tion. S¢holarships and bursaries will enable those who cannot afford to pay the full fees or who fa¢e finanual hardship during their studies. lo benefil from an education. This enables the most talented students from a broad range of backgrounds to benefit from the training. Page 4
Oc¥)isign Enveknpe ID.. 778356EA-71FE-8E68-WIA-36CA8317435E THE ITAUA CONTI TRUST (A Company Limited by Guarantee} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Statement of Trustees. responsibilities The Tnjslees {who are also the directors of the Company for the purwses of company lawl are responsible for preparing the Truslees. Ret>ort and the finanual stalements in accordance with applicable law and United Kingdom AccfyJnling Standards (United Kingdom Generally Accepted ACun"y practi). Company law reqUIS the Trustees to prepare financial statements for each financial . Under company law, the Trust8es must not approve the financial statements unless they are satisfied that they give a true and fair view ol the stsle of affairs of the Company and of its incoming SOurceS and application of reSOue$, induding its ino)me and expenditure. for that period. In preparing these financial slatements. the Truslees are required to.. select suitable accounling poli¢ies and then appty them con51slentty'. obseNe the methods and principles of the Charities SORP (FRS 1021.. make judgments and accounting estimates that are reasonable and prudent.. state whether applicable UK Accourkling Standards {FRS 1021 have been followed, subject to any material departures disclosed and explained in the finan(ial ststemenls.. prepare the financial stalements on the going con¢em basis unle&8 it is inapproprtate to presume that the Company will continue in iNJsiness. The Trustees are responsible for keeping adequate accounting COrdS that are sufficlent to show ané explain the Company's transactions and dtsclose wth reasonable accuracy at any time the financial position of the Company and enable Ihem to ensure that the finan¢ial stalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking asOnable steps for the prevention and delection of fraud and other irregularities. Approved by order of the members of the board of Trustees aThJ &gned on their behalf by." A Shepherd ITrusleel Date.. 11-05-2026 Page 5
OocuswJn Envelcwe ID.. 7783S6e7lFE4E61A-36A317fj35E THE ITALIA CONTI TRUST (A Cornpany Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Indèpèndent Examinerfs Report to th& Trustees of The Italia Conti Trust {Ihe Compan) I report to the charity Truslees my examination of the a¢(nIS of the Company for Ihe year ended 31 August 2025. Rtsponsibilities and Basis of Report As the TTUStees of the Company land rts director5 for the PUTpose5 of rnpanY law) you are responsible for the preparation of the accounts in accordance with the requirements of the CompanTres Act 2006 {'Ihe 2006 Ad'l. Having satisfied myseW that the accounts of the Company are not reouired to be audiled under Part 16 of the 2006 Act and a eligible for independent examination. I report in respect of my examinalion of the Company's accounts carried out under section 145 of the Charrties Acl 2011 {'Ihe 2011 ACVI. In carying out my examination I have followed the Drections given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examinerfs Statemenl I have completed my examination. I confirm that rK) matters have come to my attention in c4Jnnection with the examination giving me cause to believe: aCCnting records were not kept in respect of the Company as qUired by section 386 of the 2CMJ6 Act; or the accounts do rK)t ac¢oid those records: or the accounts do not cnmtAy wlh the aCUnting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent exarninalion.. or the accounts have not been prepared in accordance with the methods and prinaples of the Staternent of Recommended PraGtice for accounting and reporting by dritIeS lapplicable to charities preparing their accounts in accordance wilh the Finanryal Rep(Mling Stsndard applicable in the UK and Republic of Ireland {FRS 102)]. I have no concerns and have come across no other matters in connect¢on with the examination to which attention shoukl be drawn in this report in order to enable a proper understanding of the ac£ounls lo be reached. Page 6
Oopi519n En¥elope10." 7756EA-7lFEFOo0lA-jGc31742SE THE ITAL CONTI TRUST {A Cornpany Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 This report is made solely to the Companys Trustees. as a body. in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2(K)8. My work has been undertaken $0 that I might stale to the Company's Trustees those matters l am required to state lo them in an Independent Examinerfs Report and for no other purpose. To the fullest extent perfflitted by law, I do not accept or assume respyjnsibility to anyone other than the Company and the Companys Trustees as a body. for my work or for this repK)rt. Signed: 11-05-2026 Kakne Harvard Taybr ACA Hillier Hopkins LLP Ch8rtered Accountsnls 45 Pall Mall St James's London SW1Y 5JG Page 7
tk*iJsKJn Enk)pelO.. 778358EK71FE4E68-8OIA4ICP4317435E THE ITALIA CONTI TRUST {A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2025 UnrÈstricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: t)onations and legacies Charitable activth.es 2.386 43,365 2.386 43.365 Total income 45.751 45.751 Expènditure on= Charitable activities 46.748 46,748 6,805 Total expenditur• 46.748 46.748 6.805 Net movement in funds {9971 (9971 (6. 199) Reconciliation of funds: Totsl funds brought forward Net movement in funds 5.796 {9971 5.796 (9971 11.995 (6. 199) Total funds carrFed forward 4.799 4,799 5. 796 The Statement of Finanaal Actiwlies indudes all gains and k)sses reccyjnised in the year. The notes on pages 10 to 17 ft)Trn part of these financial statements. Page 8
DIKiJ5i9n EnVekn ID.. 778356EA-71FE-eE6&801A-36CA8317435E THE ITALIA CONTI TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 01848136 BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Note Current a55ets Debtors Cash al bank and in hand 13.195 4.342 73.166 3.780 17,537 17.546 Current liabilitios Creditors.. amounts falling due within one year {12,738} (11, 750) Net current assets 4.799 5. T96 Totsl a$s•ts less current Irabilities 4,799 5.796 Totsl net assets 4.799 5.796 Charity lunds Unrestricted funds 4,799 5,796 Total funds 4.799 5, 796 The Company was entitled to exemption from audrt under sectitx) 4T7 of the Companies Act 2006. The members h8ve not required the rAxnpany to obtain an audit for the year in question in ac(x)rlan¢e with section 476 of Companies Act 2006. The Truslees acknowledge their responsibilities for complying vh the requirements of the Acl with respect to accounting reojrds and preparabon of finanaal statements. The financial statements have been pyepared in aGrdance with the provisions applicable to entities subject to the small companies regime_ rh¢ial slaternents were approved and aLrthorised for issue by the Trustees and sn9 on their behalf by.. ALLJnw 81¢2044)7. 1141&2026 Andrew Shepherd rfnjsttt) The notes on pages 10 10 17 fomi part of these financial statements. Page 9
DwiJskJn Envdope ID.. 77&1s6EA.71FE4E6&136CA831T43SE THE ITALIA CONTI TRUST IA Company Limited by Guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 General information The Italia Conti Trust is a company limited by guarantee ino)rporated in England and Wales. Ils ie9lStered office address is 2 Henry Plaza. Victoria Way. Wokifjg, Suffey, GU21 6BU. Accounting policies 2.1 Basis of preparation of financial statements The finanaal statements have been prepa in accordance with the Charities SORP (FRS 1021- Accounting 8nd Report]'ng by Charities- Statement of Re(x)mmended Practice applieAble to charities preparing their acc(yJnts in a¢u)rdanc£ wth the Financial Rerx)rting Standard applicablè in the UK and Republic of Ireland IFRS 102) {effective 1 January 20151, Ihe Financial Reporting Siandard applicable in the UK and Republi¢ of Ireland {FRS 1021 and the Companies Act 2006. The Italia Conti Trust meets the definilion of a public benefit entity un¢Jer FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the levant acnting policy. 2.2 Going ¢onc•m The finanoal ststements have been prepared a goiThJ concem basis. which assumes that the Charity will c4)ntinue in operational existence and be able lo meel ils liabilities as they f811 Llue for the foreseeable future. In making this assessment, the Trustees have made appropriate enquiries and have a reasonable expectation Ihal the Charity has adeotjate reSoUrS lo ¢onlinue in operation for the foreseeable future. AccordiTh3ly. the financyal statements have been ppared on the going concern basis. 2J Income All income is rewgnised once the Company has entitlernent to the income. it is probable that Ihe incomè wll tr* received and the amounl of income receivable can be measured reliably. Page 10
Docu5vJn Envelope ID.. 778356EA-71FE-8E6&801A-36CA8317 THE ITALIA CONTI TRUST (A Company Limited by Guarantee) MOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal constructive obligatn to transfer economi¢ benefit to a ihird party, it is probable that a transfer of economic benèfits will be required in settlement and the amount of the OlgatiOn can be measured reliabty- Expenditure is classified by activity. The costs of eath activity are made up of the total of direct costs and shared costs, including support costs invcAved in undertaking each activity. Direct o)sts attribuiable to a single activity are allocateil direcuy to that activity. Shared costs whith contribule to rnore than one activily and 5UPPOrt costs which are nor aifributable to a single actiwty are apportioned between those activities on a basis consistenl wlh Ihe use of resources. Central staff GOSts a allocated on the b8sis of time spent, and depreciation charges allocaled on the portion of the asset's use. ExpendibJre on d)aritst4e a(*wties is incurred on direcdy undertaking the actmties ¥¥hi¢h further the Company's objectives. as well as any associated support costs. All expenditure is indusive of irrecoverable VAT. 2.5 Debtors Trade and other debtofs are recognised at the setdement amount after any trade discount offereiy. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.6 Cash at bank and in hand Cash at bank an¢J in hand indudes cash and short-temi highty liquid investments th a short maturity of three months or less from the date of ac4uisition or opening of the de$11 or similar account. 2.7 Liabilities and provisions Liabilits"es are recognised when there rs an oblrgab.on at e Balance Sheet date as a result of & past event, it is probable that a transfer of e¢onomic benefft will be requiied in settlement, and the amount of the settlement Gan be estimated reliatrAy. Llabilities are recc¥Jnised at the amount that the Company anticipales it will pay lo settle the debl or Ihe amount it has reiVed as advanced paymenls for the goods or semces it must provide. Provisit)ns are measured al the best ests.mate of the amounts required to setue the obligation. Where the effect of the lime value of money is material. the provision is based on the presenl value of those amounts, discounted at the pre-tax discount rate Ihat reflects the risks spe¢ific to Ihe liability. The unwinding of the discount is recognised in the Slatement of Financial Aclivities as a finarlce cost. 2.8 Financial instruments The Company only has financial assets and finanaal liabilities of a kind that qualify as basic financial instmmenis. Basic financial instruments are initially recognised at transa¢tion value an¢J subsequently measured at their settiemenl value wth the exception of bank loans which are subsequently meaSUd at amortised cost using the effective interest methcxl. Page 11
OoG*Jsign E010.. 778356EA.71FE4E6&801A-36CA83174&5E THE ITALIA CONTI TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies l¢ontinu•d) 2.9 Fund accounting General funds are unrestn.cled funds whth are 8valble fcf use at the disffttion of the Trustees in furtheran of the general objeclives of the Company and whieh h8ve not bèen designated for other purposes. In¢omo from donation$ and lega¢ies Unrestricted funds 2025 Total funds 2025 Donations 2.386 2.386 Total 2025 2,386 2.386 Unreslricted funds 2024 Total fvnds 2024 Donabons 606 Tolal 2024 606 In¢ome frorn ¢haTitsble activities Unrestri¢tod funds 2025 Totsl funds 2025 Total funds 2024 Income from tharitable activities 43.365 43,365 Page 12
rjocusign Envelwe1Tr. 778356EA-71FE-8E6&801A-XCA8317435E THE ITALIA CONTI TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Anatysis of expènditure by activitiès Activities undertaken directly 2025 Totsl funds 2025 Teaching Management & admin 11,3121 48.060 11.3121 48.060 Total 2025 46.748 46.748 undertaken 1cl1Y 2024 Tot81 fvnds 2024 Teaching Managemenl & admin (2,374) 9,179 (2.374) 9,179 Tolal 2024 6.805 6.805 Analysis of direct co$t$ Management & admin 2025 Total funds 2025 Teaching 2025 Insuran Postage, slalionery & subscriptions Sundries Training & recruilmenl Bank tharges Legal and professional Bad tlebts Y42 942 40 34 250 73 250 73 47,118 47,118 {1.7091 11.7091 Total 2025 11.3121 48,060 46,748 Page13
00cuon Enveknpe ID." 778356EA-71FE-8E68-80lA-36CA8317435E THE ITALIA CONTI TRUST IA Company Limited by Guarantèe NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysis of expenditure by activrties Icontinuedl Analysls of dlrèct costs (Continu) JIAanagement & admin 2024 Totsl fvnds 2024 Teaching 2024 Insurance Postage. Statery & subscriptions Sundries 536 536 40 212 40 26 227 786 Bank charges Legal and professional Bad debts 227 8,457 (2,667) 8,457 (2,667) (2,374) 9,179 6,805 Trustees. remuneration and expenses During the year. no Trustees recetved any remunerab.on LY Other benefits f2024- £NIL). During the year ended 31 Augusl 2025. expenses totalling £NIL were reimbursed or paid directly to Trustee (2024 - £NIL to Tmstee). Dgbtors 2025 2024 Due withTn ane year Trade debtors 55 Amounts owed by connected entitie5 Prepayments and accrued incL)me 13.195 13.797 514 13.195 13,766 Page 14
DoGuswJn Envelcpe ID.. TT8356Ek71FE-8E68-801A-36CA&317435E THE ITALIA CONTI TRUST IA Cornpany Limited by Guarante¢) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2025 Crèditors: Amounts falling du• within one year 2025 2024 Trade creditors Amounts owed to group urKlertakings Other creditors Acc¥uals and deferred income 130 4.290 5.378 2.940 183 4.290 5,381 1.896 12.738 11,150 ststèmènt of funds ststement of funds - current year Balance at 1 September 2024 Balance at 31 August 2025 Inrnrne Expenditur• Unrestricted funds ReseeS 5.796 45.751 {46.7481 4.799 Page 15
DooJ$ign Envelope 10.. 778356EA-71FE4E6&401K36CA8317435E THE ITALIA CONTI TRUST {A Company Limited by Guaranttèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. Summary offunds Summary of funds - current year Balance at 1 September 2024 Balance at 31 August 2025 Income Expenditure General fijnds 5,796 45,751 146.7481 4.799 11. Analysis of net assets between funds Analysis of net assets between funds- current year Unrestricted funds 2025 Total funds 2025 Current assets Creditors due within one year 17,537 {12.738) 17,537 {12,738) Total 4.799 4.799 Analysis of net asset$ between fvnds - prior year Unreslncled funds 2024 Total funds 2024 Current assets Credilors due within one year 17.545 (11, 750) 17,545 (11, 750) Total 5, 795 5. 795 Page 16
DoGusign Envdope ID". 778356EA-11FE-8E6W1A.36CA8317435E THE rrALIA CONTI TRUST (A Company Limited byGuarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. Related party transactions In prior years the Chanty had a dose working latIonShIp wth The Ilalia Conti Academy of Theatre Arts Limited {"the A¢8demy"I, which had historically prowdeil endowment fijnding that enabled the Charity to operate. That re18bonship ceased following the transfer ol the Academy's operations 8nd assets lo Ilalia Conti Arts Centre Limited ("the Arts Lentre"). Durin9 the yeaf ended 31 August 2025, the Charity entered into a memorandum of understanding wlth Italia Conti Arts Centre Limited {°the Arts Centre'l, under whith the parties agreed to cooperate in support of the Charity's charitable activities. The arrangelnents prowde for the Arts cent to offer practical and adminislratwe support. and potential short-term funding. to enable the Charily to recommenee fundraising actiwties. vthh all activities and application of fvnds remaining subject to trustee oversohl and in 8c¢ordance wth the Chantys objects. The Academy and the Arts Centre are u)nsidered to be related parties solely by virtue of their close working relationships with the Charity and the aangeMentS desuibed above. and are disclosed in order lo give a iTue and fair view. There were no trustees OT directors in common during the year. Page 17