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← English National Ballet School Limited

2025-07-31-accounts

REGISTERED COMPANY NUMBER: 02319478 (England and Wales) REGISTERED CHARITY NUMBER: 800512

Report of the Trustees and

Financial Statements for the Year Ended 31st July 2025

for

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Moore Kingston Smith LLP Chartered Accountants & Statutory Auditor Orbital House 20 Eastern Road Romford Essex RM1 3PJ

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Contents of the Financial Statements FOR THE YEAR ENDED 31ST JULY 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 13
Report of the Independent Auditors 14 to 17
Statement of Financial Activities 18
Balance Sheet 19
Cash Flow Statement 20
Notes to the Cash Flow Statement 21
Notes to the Financial Statements 22 to 34

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Reference and Administrative Details FOR THE YEAR ENDED 31ST JULY 2025

TRUSTEES

D S Cheeseman D M Elliott J A Hall P W Kyle J A R Mee G M Morris J Stephenson C Cronin (appointed 30.1.25) A Carreiro (appointed 9.4.25)

REGISTERED OFFICE

Carlyle Building Hortensia Road London SW10 0QS

REGISTERED COMPANY 02319478 (England and Wales) NUMBER

REGISTERED CHARITY NUMBER 800512

AUDITORS Moore Kingston Smith LLP Chartered Accountants & Statutory Auditor Orbital House 20 Eastern Road Romford Essex RM1 3PJ

Page 1

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees FOR THE YEAR ENDED 31ST JULY 2025

The Trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 31 July 2025 which are also prepared to meet the requirements for a Trustees report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

INTRODUCTION

English National Ballet School (ENBS) prepares talented young dancers for a lifetime of achievement. The School has an illustrious 36-year history providing world-class training, education, performance opportunities, and pastoral care to support our students reaching their full potential. It equips students with the confidence, creativity, skills and knowledge for careers as professional dancers with major international companies and for a future beyond performing. Our ambition is to make English National Ballet School the first choice for the next generation of international ballet dancers.

ENBS is one of a very small number of schools in the UK which delivers specialist ballet training to the standard required to enable students to enter this profession.

The Senior School delivers two and three-year professional training courses, with a focus on the study of classical ballet. In addition, students are taught contemporary dance as a technical skill and choreography as the supporting technical skill. These subjects are delivered under the Trinity College London Diplomas in Professional Dance at either Level 5 or Level 6. The School provides an appropriate and varied curriculum which offers students opportunities to develop a range of knowledge and practical skills whilst developing their physicality and artistry.

The Senior School maintained a student population of 92 students, with 14 students on the Young Artists Development Programme (YADP). In addition, ENBS has a thriving Associates programme numbering 60 students and well attended short courses.

OBJECTIVES AND ACTIVITIES

OUR VISION

Exceptional dance training to nurture and inspire.

OUR MISSION

Cultivating Artistry: Training the individual dancer to be recognised internationally for their technique, creativity, style and strength.

OUR VALUES

Committed | Innovative | Ambitious | Inclusive

We are committed to always improving quality. We are innovative and creative in our offering.

We are ambitious for all our students ensuring they achieve employment that will be fulfilling and life affirming.

We are inclusive and nurture each student and employee with respect.

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ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees FOR THE YEAR ENDED 31ST JULY 2025

OBJECTIVES AND ACTIVITIES

Public benefit

In meeting the aims of English National Ballet School (ENBS) and delivering its charitable objects, the Governors of ENBS have considered guidance from the Charity Commission on public benefit and in particular to specific guidance related to advancing education and fee charging. All the School's objectives and activities are set with a view to delivering a benefit to the public that is readily accessible and not unduly restricted by ability to pay. This is important as many of the young people that aspire to dance professionally will not have the financial means to undertake training at pre-professional level.

The purpose of the charity is for the advancement of education and in particular education in the field of ballet dance, mime and music by means of establishing and maintaining a school for the teaching of such subjects as well as the general education of persons attending the same.

Class of 2025 graduating students Zai Calliste and Lois Fraiz who were awarded contracts with English National Ballet.

Page 3

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees FOR THE YEAR ENDED 31ST JULY 2025

ACHIEVEMENTS AND PERFORMANCE

1. ARTISTIC

To empower our students with the confidence, creativity, and skills for a career as a professional dancer with major international companies, and for a future beyond performing.

Commitments

2. EDUCATION

Offer a customised learning programme that compliments the work in the studio, producing resilient students with awareness of their strengths and their potential in ballet and beyond.

Commitments

3. OUR HOME

To provide ENBS with premises that are in keeping with a leading vocational dance school of today.

Commitments

4. PARTNERSHIPS

Build partnerships to grow our artistic and financial capability ensuring stability and long-term development.

Commitments

Page 4

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees FOR THE YEAR ENDED 31ST JULY 2025

5. SUSTAINABILITY

Our People

Governance

Finance

Facilities

THE SENIOR SCHOOL

Students continue to reach outstanding levels of attainment in both dance and academic studies. They graduate with the skills, maturity, and aptitude to succeed in a professional ballet environment while becoming versatile and resilient artists. The School’s excellence in healthcare and wellbeing ensures that dancers are safe and are equipped to meet the challenges of the profession both mentally and physically. The focus on these areas, in addition to the contextual studies programme and a well-developed careers programme, means that students leave with many transferable skills that allow them to succeed in a variety of futures outside of dance performance.

ENBS is validated by Trinity College London (TCL) to deliver Levels 5 and 6 Diplomas in Professional Dance. TCL send expert assessors and moderators to observe school assessment and performance at numerous occasions in the academic year to ensure assessment processes are fair and thorough, and students are meeting the required learning outcomes. The School was successfully revalidated in June 2025 and is considered as an ‘exemplary provider’ by TCL. The School is also accredited by the Council for Dance, Drama and Musical Theatre (CDMT) where the School was assessed to have fully met expectations across all areas of its activity and was graded 1: Outstanding by Ofsted in its recent inspection in May 2024.

In September 2024, ENBS had record number of successful applicants accepting their place at the School. This, in turn, meant the introduction of a second first year women’s class. To have minimal impact on the individualised nature of the training, the School employed an additional first-year women’s tutor to ensure that both classes remained under 20 students. ENBS, which already invests in renting studio space at the nearby Royal Academy of Dance premises, increased this investment to accommodate an additional cohort and ensure that learning and teaching could happen effectively. The School also improved capacity with regards to the Healthcare team employing a new physiotherapist and increased hours for nutrition, psychological support, and a Wellbeing and Pastoral Practitioner. These mitigations meant that the additional cohort did not impact on the delivery of the Diploma.

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ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees FOR THE YEAR ENDED 31ST JULY 2025

ENBS regularly assesses its academic and contextual curriculums and performances against the demands of the profession, further and higher education, and good practice in pedagogy. In addition, the School works to ensure that those students who speak English as an additional language develop their skills to respond to the challenges of living in London and the rigours of the School’s professional, personal, and academic programmes. There is additional support for students with specific learning differences.

Staff have excellent skills and experience to support students in achieving their goals and appropriate processes are in place to ensure success. Teachers work closely with students to ensure that each individual student is challenged to work to the best of their ability.

In the academic year 2024-25 curriculum changes included a new structure for the delivery of the key ballet content for the course. Ballet is now taught in a block of three morning classes: classical ballet class, a second class which varies daily, focused on a singular aspect of technique and a third class, pointe work for women, and virtuosity for men. Therefore, the guided learning hours for this subject have increased, and initial feedback from staff and student indicate that this dedicated time to focus on different aspects of classical ballet technique have facilitated a deeper understanding and faster student progression.

The guided learning hours for the contemporary dance key skill component have also increased with the introduction of daily classes in week-long workshops in various styles with guest teachers and choreographers. These supplement the weekly timetabled classes from ENBS faculty.

In 2024-25, the needs of the students around the supplementary curriculum in health, performance, wellbeing, and careers were evaluated. This resulted in a curriculum redesign for the academic year with significantly increased provision in these key areas across all year groups bringing in experts from the profession to lead sessions on a variety of subjects.

ENBS prides itself on the outstanding performance opportunities it offers its students.

Performance opportunities during the year included:

Trinity College London Diploma in Professional Dance Level 6

23 entered, 22 achieved the qualification.

Trinity College London Diploma in Professional Dance Level 5

10 entered, 10 achieved the qualification.

Benesh International Score Reading for Dancers Examination

10 entered, 10 achieved the qualification

7 achieved Honours, 3 achieved Commended

Page 6

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees

FOR THE YEAR ENDED 31ST JULY 2025

Senior School Graduate Employment

English National Ballet, London City Ballet, Birmingham Royal Ballet 2, Ballet of Slovak National Theatre, Junior Company of Vienna State Opera, ENBS graduate artists programme, Vanemuine Ballet Theatre Estonia, Ballet Met II, Cape Town City Ballet, National Opera Ballet of Ukraine, The Izmir Devlet Opera and Ballet.

Young Artists Development Programme (YADP)

The Young Artists Development Programme ran as a 6-month course in the 2024/2025 academic year with a cohort of 14 students. Students were graduates of vocational ballet schools around the world undertaking further training to prepare them for the professional dance world. Seven students were selected to perform in English National Ballet’s productions of Giselle and Nutcracker in London and on tour around the UK. Two students secured short contracts with The Royal Ballet as a result of their participation in the YADP.

Associates, Juniors, Short Courses and Community

We expanded Short Course Offerings by introducing My First Ballet Experience Days, designed to give young dancers an immersive introduction to ballet and launched an Introduction to Pointe course, which garnered strong interest and positive feedback. By introducing themed summer intensives, we broadened our offer which included Neo-classical Contemporary Repertoire and A Guide to Classical Repertoire, alongside a range of guest teachers to enrich the learning experience.

Our Community Engagement increased substantially through two new initiatives: - A partnership with Action on Disability, a local charity, introducing participants to the world of ballet and promoting inclusive access to dance.

The adult classes saw a notable increase in attendance, with the emergence of regular participants, strengthening community engagement and retention.

We welcomed 58 Associate students, leading to the Senior Associates being split into two groups to ensure quality training and individual attention.

The ENBS Juniors Programme was relaunched, offering weekly Saturday classes for students of all levels to experience creative ballet. Structured into three age groups, these classes foster an early engagement with dance.

ACHIEVEMENT AND PERFORMANCE

English National Ballet School’s overall effectiveness continues to be outstanding. There were a number of key achievements and improvements in the School, including:

Artistic

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ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees FOR THE YEAR ENDED 31ST JULY 2025

Development

Other

Page 8

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees FOR THE YEAR ENDED 31ST JULY 2025

FINANCIAL REVIEW

Financial position

Total income for the year was £2,615,724 of which £164,803 was restricted (2024: £2,495,837) Total expenditure for the year was £2,526,732, of which £38,002 was restricted (2024: £2,380,260) This has resulted in a surplus for the year ending 31 July 2025 of £88,992 (2024: surplus of £115,577)

Investment policy and objectives

The company's Memorandum of Association allows money not required immediately to be invested as deemed appropriate by the Governors, limited only by statutory requirements. The current investment policy is to maintain all free cash balances on interest bearing deposit accounts.

Fundraising Policy

In 2024-2025 the School raised £204,877 (2024: £167,485) of philanthropic income. All the income raised went directly to support ENBS students and to improve their experience at the School. We were delighted to be able to provide financial assistance to 60% of our students, many of whom would not be able to complete their studies without financial support. This ensures greater diversity amongst our student cohort and contributes to overall diversity in the profession.

In addition, £22,000 was raised specifically for the Summer Performances, our inaugural Costume Appeal raised £10,770, and an international exchange with Bringham Young University, Utah USA raised £7,500.

The School actively seeks philanthropic opportunities to work with external organisations and individuals to achieve shared objectives. However, it is vital the School maintains its independence and does not allow any external partnership to bring the School's name into disrepute. The School, therefore, accepts financial support from, and partnership working with, organisations and individuals on the following conditions:

The School's fundraising priority is to raise funds for scholarships and bursaries for exceptionally talented students and for those whose financial hardship is a barrier to attending. ENBS is registered with the Fundraising Regulator (FR), the independent, non-statutory body that regulates fundraising across the charitable sector in the UK. The FR ensures the highest fundraising standards across the UK and is responsible for investigating any complaints regarding charity fundraising. We continue to keep abreast of any changes and recommendations and are committed to complying with all of the regulations related to our work. The School also follows the Institute of Fundraising's Code of Practice and complies with the key principles embodied in the code.

Reserves policy

Unrestricted reserves during the year are £367,135 (2024: £404,944) at year-end. Of the unrestricted funds balance, £25,000 (2024: £25,000) has been designated for future building maintenance and development needs.

Restricted reserves during the year increased to £272,666 (2024: £145,865) at year-end.

Total reserves held by the Charity at 31 July 2025 were £639,801 (2024: £550,809).

The target level of reserves set by the Board remains at £500k.

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ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees FOR THE YEAR ENDED 31ST JULY 2025

KEY AREAS OF FOCUS FOR THE ACADEMIC YEAR 2025-2026:

Artistic

Education

Our Home

Partnerships

Sustainability

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The charity is controlled by its governing document and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. English National Ballet School (ENBS) is a registered charity (No. 800512) and a company limited by guarantee under the Companies Act (No. 2319478). As a limited company, the governing document is the Memorandum and Articles of Association, as amended on 3 April 2013.

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ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees FOR THE YEAR ENDED 31ST JULY 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The Governors of the School are its Directors for the purpose of company law and its Trustees for the purpose of charity law. The Board of Governors consists of at least three and not more than fifteen individuals. All Governors are also Members of the charity and are appointed as Governors by vote at any Board meeting following a recommendation from (and recruitment process run by) the Nominations and Governance subcommittee of the Board. The Board meets a minimum of four times per year.

There are six Board sub-committees with responsibility for Finance, Wellbeing Safeguarding and Healthcare, Premises and Strategy, Nominations and Governance, Artistic and Education, and Development. The Board make decisions in line with their legal duties and in the dispatch of their duties as Governors. Duties pertaining to the day-to-day function and the strategic management of the organisation are delegated to the Executive Director.

For the purposes of safeguarding the Head of Wellbeing and Safeguarding reports directly to the Board of Governors and the Wellbeing and Safeguarding sub-committee.

The Board of Governors carries out a self-evaluation and "skills gap audit" periodically and if a gap in skills is identified, Governors are asked to identify suitable additional Governor(s). There is an induction for new members of the Board and Governors are encouraged to ensure that they keep up to date with the latest developments relating to their particular area of skill throughout their term of office. This evaluation and audit are done through the Nominations and Governance sub-committee, which also focuses on succession.

The School staff structure in 2023-2024 consisted of the Executive Director who held the delegated responsibility for the School on a day-to-day basis and the Artistic Director who oversaw the artistic quality of the School output. More generally, the two Directors alongside the Head of Studies, Head of Wellbeing and Safeguarding, Head of Healthcare, Head of Development and the General Manager formed the Senior Management Team

The staff structure fell into three areas:

Administration/Support - Executive Director, Head of Development, Head of Studies, Senior Lecturer, General Manager, Short Courses and Associates Manager, Finance Manager, Registrar, Student and Enrolment Coordinator, Receptionist and Facilities Manager.

Artistic - Artistic Director, Executive Assistant and Artistic Coordinator to the Artistic Director, six full-time ballet teachers and three full-time pianists

Wellbeing and Healthcare - Head of Wellbeing and Safeguarding, Student Support and Welfare Officer, Head of Healthcare, Physiotherapist, Pilates, Performance Psychologist, Counsellor, and Strength and Conditioning Coach.

Freelance artistic, academic, healthcare, and support staff delivered other elements of the course throughout the year.

In Summer 2024, Viviana Durante stepped down as Artistic Director after five years to pursue other projects. Lynne Charles joined the School as the new AD. Charles has extensive experience as a Principal dancer with Hamburg Ballet and English National Ballet and has been a ballet mistress and guest teacher internationally, including at English National Ballet. She worked for five years as Professor of Classical Ballet at the Folkwang University of the Arts, Essen, Germany. She is the creator of 4Pointe, a method of teaching pointework which ENBS has included in its curriculum.

The artistic team consists of six full-time ballet teachers who have experience of both performance and teaching, and three pianists who provide high quality accompaniment for classes. The artistic work is supported by contemporary dance and choreography professionals who work with the School on a part-time basis. The academic work is led by the Head of Studies and a Senior Lecturer who both have specialist expertise in Western theatre dance, teaching, and research.

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ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees FOR THE YEAR ENDED 31ST JULY 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

The healthcare team, managed by the Head of Healthcare, includes physiotherapists, a freelance Pilates instructor, a strength and conditioning coach, a performance psychologist, and a nutritionist. This team provides a clinic on site and has strong links with a sports medicine doctor and treatment centres if needed. The students all adopt private medical insurance via the School which can ensure swift diagnosis and treatment when necessary.

The other elements of the course - anatomy for dancers, Benesh Movement Notation, music, fitness, counselling, performance psychology, and nutrition- are delivered by highly experienced freelance staff. ENBS also provides English teaching and support for students who do not speak English as their first language, delivered in weekly classes, and additional individual lessons and tutorials.

The start of the new academic year in September 2024 also saw the arrival of a number of new colleagues: Senior Lecturer and Academic Support, Registrar, Courses and Widening Participation Manager, Head of Capital Campaigns, ESOL teacher, Benesh notation teacher, pianist, physiotherapist, Pilates teacher, and Wellbeing and Pastoral Practitioner. In January 2025 a new Communications and Marketing Manager and Executive Assistant were appointed.

The governing body is led by a very committed Chair who, together with a Board of Governors, have an indepth knowledge of and commitment to the success of the School and the challenges of its operation. There are six board sub committees, Artistic and Education, Development, Finance, Nominations and Governance, Strategy and Premises, and Wellbeing, Safeguarding and Healthcare. These meet quarterly in addition to the full board meetings and are chaired by board members with the appropriate expertise.

There is a good working relationship amongst board members and with staff who they both support and challenge. The Board continues to aim to diversify its makeup.

Key management remuneration

The Board of Governors, in conjunction with the Finance sub-committee, considers the scope of the Executive Director and Artistic Director roles and ensures the salaries are linked to the skills, competencies and experience needed at senior level. It also analyses the affordability of senior level pay, both now and in the longer term, and then assesses the impact on other pay levels within the School in conjunction with the Executive Director before any decisions are made.

Related parties

English National Ballet School has a close relationship with English National Ballet, a charity that exists to create moving, meaningful experiences that take ballet to new places creatively, emotionally, and physically. Whether on stage, on screen, or online, English National Ballet's purpose is to open up the possibilities of ballet for everyone, everywhere; in towns, cities, studios and schools across England and around the world connecting with more people, in more places, in more ways.

Risk management

It is the School's responsibility to assess and manage the risks but recognising that the systems for assessing risks can only provide reasonable and not absolute assurance against errors, fraud, operations failures, and the impact of external events. Major risks were identified, and processes have been put in place to mitigate them. Risks are reviewed periodically by the Board of Governors and sub-committees of the Board.

The major risk identified is financial capability; not achieving income targets through both fundraising and fee income will result in a lack of funds to support students financially, a delay in the premises refurbishment, and an inability to increase human resource in line with additional activity.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of English National Ballet School Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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ENGLISH NATIONAL BALLET SCHOOL LIMITED

Report of the Trustees FOR THE YEAR ENDED 31ST JULY 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Statement as to the disclosure of information to auditors

So far as the Trustees are aware, there is no relevant audit information of which the company's auditors are unaware, and each Trustee has taken all the steps that he or she ought to have taken as a Trustee in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information

AUDITORS

The auditors, Moore Kingston Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

01/04/2026 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

......................................................... D M Elliott - Trustee

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Report of the Independent Auditors to the Members of English National Ballet School Limited

Opinion

We have audited the financial statements of English National Ballet School Limited (‘the charitable company’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 FRS 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 applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these 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

In auditing the financial statements, we have concluded that the trustees’ 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 charitable company'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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 course of 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 there is 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.

We have nothing to report in this regard.

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Report of the Independent Auditors to the Members of English National Ballet School Limited

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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Report of the Independent Auditors to the Members of English National Ballet School Limited

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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Report of the Independent Auditors to the Members of English National Ballet School Limited

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Karen Wardell (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Chartered Accountants & Statutory Auditor Orbital House 20 Eastern Road Romford Essex RM1 3PJ Date: ............................................. 1 April 2026

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ENGLISH NATIONAL BALLET SCHOOL LIMITED

Statement of Financial Activities

FOR THE YEAR ENDED 31ST JULY 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
5
Education
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Education
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
25,074
2,410,759
15,088
2,450,921
104,528
2,384,202
2,488,730
(37,809)
404,944
367,135
Restricted
funds
£
164,803
-
-
164,803
-
38,002
38,002
126,801
145,865
272,666		 2025

Total
funds
£
189,877
2,410,759
15,088
2,615,724
104,528
2,422,204
2,526,732
88,992
550,809
639,801		 2024
Total
funds
as restated
£
167,485
2,308,491
19,861
2,495,837
54,346
2,325,914
2,380,260
115,577
435,232
550,809

The notes form part of these financial statements

Page 18

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Balance Sheet 31ST JULY 2025

2025 2024
Unrestricted Restricted Restricted
Total		 Total
funds funds funds funds
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible assets 16 90,834 - 90,834 97,783
CURRENT ASSETS
Debtors 17 379,264 - 379,264 221,468
Investments 18 355,000 - 355,000 50,000
Cash at bank 308,541 287,666 596,207 849,821
1,042,805 287,666 1,330,471 1,121,289
CREDITORS
Amounts falling due within one year 19 (766,504) (15,000) (781,504) (668,263)
NET CURRENT ASSETS **276,301 ** 272,666 **548,967 ** 453,026
TOTAL ASSETS LESS CURRENT
LIABILITIES 367,135 272,666 639,801 550,809
NET ASSETS 367,135 272,666 **639,801 ** 550,809
FUNDS 21
Unrestricted funds 367,135 404,944
Restricted funds 272,666 145,865
TOTAL FUNDS **639,801 ** 550,809

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on

01/04/2026 ............................................. and were signed on its behalf by:

............................................. D M Elliott - Trustee

The notes form part of these financial statements

Page 19

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Cash Flow Statement FOR THE YEAR ENDED 31ST JULY 2025

2025 2024
as restated
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 63,295 172,955
Net cash provided by operating activities 63,295 172,955
Cash flows from investing activities
Purchase of tangible fixed assets (26,997) -
Short term deposits (450,000) (50,000)
Short term withdrawals 145,000 -
Interest received 15,088 19,861
Net cash used in investing activities **(316,909) ** (30,139)
Change in cash and cash equivalents
in the reporting period (253,614) 142,816
Cash and cash equivalents at the
beginning of the reporting period 849,821 707,005
Cash and cash equivalents at the
end of the reporting period 596,207 849,821

The notes form part of these financial statements

Page 20

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31ST JULY 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2025 2024
as restated
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 88,992 115,577
Adjustments for:
Depreciation charges 33,946 34,107
Interest received (15,088) (19,861)
Increase in debtors (157,796) (156,530)
Increase in creditors 113,241 199,662
Net cash provided by operations 63,295 172,955
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.8.24 Cash flow At 31.7.25
£ £ £
Net cash
Cash at bank 849,821 (253,614) 596,207
849,821 (253,614) 596,207
Liquid resources
Deposits included in cash - - -
Current asset investments 50,000 305,000 355,000
50,000 305,000 355,000
Total 899,821 51,386 951,207

The notes form part of these financial statements

Page 21

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements FOR THE YEAR ENDED 31ST JULY 2025

1. ACCOUNTING POLICIES

Principal accounting policies

English National Ballet School ls a company limited by guarantee with registered number 2319478, incorporated and domiciled In England and Wales. Its registered office is Carlyle Building, Hortensia Road, London, SW10 OQS.

Basis of Preparation

The financial statements have been prepared under the historical cost convention and as the Charity Is a Public Benefit Entity as defined by FRS 102, In accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts In accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

The results for the year ended 31 July 2025 show a surplus of £88,992. Restricted funds generated a surplus of £126,801 with unrestricted funds showing a deficit of £37,809.

Free funds, excluding designated funds, at the balance sheet date are £167,201 (2024: £199,429).

As a result of this, and taking into account the adequate free reserves position, the Governors have concluded that there is a reasonable expectation that the English National Ballet School will continue in operational existence for at least 12 months forwards from the date of signing the accounts, and that It Is appropriate to adopt the going concern basis ln preparing its financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds; it is probable that the income will be received and the amount can be measured reliably.

Tuition fees comprise the full fees payable by students. Scholarship income is included under donations in the Statement of Financial Activities. Payments are made from scholarship income each year to cover the cost of those who are enrolled in the School but would otherwise be unable to afford the tuition fees.

For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from an estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Grants receivable are credited to the Statement of Financial Activities (SoFA) in the year in which they are receivable. Income is deferred only when the Charity has to fulfil conditions becoming entitled to it or where the donor has specified that the income is to be expended in a future period. Grant funding of termly fees received in advance of the period to which the funding relates is carried forward in the balance sheet at the yearend as deferred income and released to the Statement of Financial Activities (SoFa) in the term when the fees fall due.

continued...

Page 22

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

1. ACCOUNTING POLICIES - continued

Income

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. 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. Shared costs which contribute to more than one activity and support cost which are not attributable to a single activity are apportioned between those activities on a basis consistent 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.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading

activities that raise funds.

Charitable activities are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

All expenditure is inclusive of irrecoverable VAT.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities incorporating income and expenditure account on a straight-line basis over the lease term.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at Bank and in Hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short-term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

continued...

Page 23

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold - 10% on cost Fixtures and fittings - 20% on cost Computer equipment - 33% on cost

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straightline basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Current asset investments

Short-term investments includes highly liquid investments with a maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and Provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a Charitable Company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The charity is exempt from corporation tax on its charitable activities.

continued...

Page 24

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charitable accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period In which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The annual depreciation charge for property, plant and equipment ls sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future Investments, economic utilisation and the physical condition of the assets. See note 16 for the carrying amount of the property, plant and equipment and note 1 for the useful economic lives for each class of asset

The charity makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience, and applies either a 100% or 75% provision against debts that are considered unlikely to be recovered.

3. DONATIONS AND LEGACIES

Scholarship fund donation
Bursaries
Costume donations
Other donations
INVESTMENT INCOME
Deposit account interest		 2025
2024
as restated
£
£
148,062
99,001
5,971
-
10,770
-
25,074
68,484
189,877
167,485
2025
2024
as restated
£
£
15,088
19,861

4. INVESTMENT INCOME

continued...

Page 25

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

5. INCOME FROM CHARITABLE ACTIVITIES

Activity
Grants
Education
Fees
Education
Other income
Education
Grants received, included in the above, are as follows:
DaDa Contribution (ESFA)
Other grants
6.
RAISING FUNDS
Raising donations and legacies
Staff costs
7.
CHARITABLE ACTIVITIES COSTS
Education		 Direct
Costs (see
note 8)
£
1,670,632		 2025
£
217,264
1,924,702
268,793
2,410,759
2025
£
217,264
-
217,264
2025
£
104,528
Support

costs (see
note 9)
£
751,572		 2024
as restated
£
254,989
1,947,584
105,918
2,308,491
2024
as restated
£
251,075
3,914
254,989
2024
as restated
£
54,346
Totals
£
2,422,204

continued...

Page 26

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

8. DIRECT COSTS OF CHARITABLE ACTIVITIES

Staff costs
Bad debt
Medical insurance
Scholarships and bursaries
Exams and qualifications
Performance and graduation
Other education costs
Office costs
Establishment costs
Marketing
Depreciation		 2025
£
723,015
16,299
6,672
19,723
28,374
141,778
279,061
199,080
207,822
14,579
34,229
**1,670,632 **		 2024
as restated
£
758,130
22,665
5,919
39,743
21,038
73,877
416,564
63,443
217,970
13,637
34,108
1,667,094

9. SUPPORT COSTS

Office
and
Staff
Establishment
costs
costs
£
£
Education
580,492
88,381
Support costs, included in the above, are as follows:
Wages
Establishment costs
Office costs
Marketing
Auditors' remuneration
Accountancy fees
Legal and professional fees		 Marketing
£
2,284		 Governance
costs
Totals
£
£
80,415
751,572
2025
2024
as restated
Total
Education
activities
£
£
580,492
467,154
65,623
101,808
22,758
43,401
2,284
2,844
21,244
18,818
7,852
8,956
51,319
15,839
751,572
658,820

Support costs, included in the above, are as follows:

continued...

Page 27

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Accountancy fees
Depreciation - owned assets
Hire of plant and machinery
Other operating leases		 2025
2024
as restated
£
£
21,244
18,818
7,852
8,956
33,946
34,108
16,299
22,665
6,672
5,919

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st July 2025 nor for the year ended 31st July 2024.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2025
£
1,203,784
145,958
58,293
1,408,035		 2024
as restated
£
1,106,165
121,226
52,239
1,279,630

The average monthly number of employees during the year was as follows:

Provision of services
Management and administration		 2025
2024
as restated
31
27
2
3
33
30

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000		 2025
2024
as restated
1
-
-
2
1
-
2
2

continued...

Page 28

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

12. STAFF COSTS - continued

Key management personnel - the Executive Director and Artistic Director, received total remuneration of £186,540 (2024: £201,430) including employers’ national insurance. Pension contributions to key management personnel amounted to £4,730 (2024: £8,893).

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Education
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Education
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
28,484
2,308,491
19,861
2,356,836
54,346
2,256,161
2,310,507
46,329
358,615
404,944
Restricted
funds
£
139,001
-
-
139,001
-
69,753
69,753
69,248
76,617
145,865
Total
funds
as restated
£
167,485
2,308,491
19,861
2,495,837
54,346
2,325,914
2,380,260
115,577
435,232
550,809

14. PRIOR YEAR ADJUSTMENT

Short-term investments represent cash invested in fixed-term deposit accounts with maturities greater than three months. In the financial statements for the year ended 31 July 2024, these balances were included within Cash at bank and in hand and the restatement of £50,000 reflects the reclassification of these funds to short-term investments. Comparative figures for the year ended 31 July 2024 have been restated accordingly. This adjustment does not affect total net assets, net movement in funds, or the analysis of net assets between funds for the year ended 31 July 2024.

continued...

Page 29

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

15. INTANGIBLE FIXED ASSETS

INTANGIBLE FIXED ASSETS
Computer
software
£
COST
At 1st August 2024 and 31st July 2025 18,158
AMORTISATION
At 1st August 2024 and 31st July 2025 18,158
NET BOOK VALUE
At 31st July 2025 -
At 31st July 2024 -

16. TANGIBLE FIXED ASSETS

Improvements
Long
to
leasehold
property
£
£
COST
At 1st August 2024
209,552
395,486
Additions
19,158
-
At 31st July 2025
228,710
395,486
DEPRECIATION
At 1st August 2024
137,215
395,486
Charge for year
14,396
-
At 31st July 2025
151,611
395,486
NET BOOK VALUE
At 31st July 2025
77,099
-
At 31st July 2024
72,337
-
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments		 Fixtures
and
fittings
£
165,818
3,103
168,921
141,258
17,260
158,518
10,403
24,560
 Computer
equipment
Totals
£
£
46,639
817,495
4,736
26,997
51,375
844,492
45,753
719,712
2,290
33,946
48,043
753,658
3,332
90,834
886
97,783
2025
2024
as restated
£
£
192,344
84,990
166,426
91,927
20,494
44,551
379,264
221,468

continued...

Page 30

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

18. CURRENT ASSET INVESTMENTS

Short term investments
19.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Deferred income
Accrued expenses
Movements in deferred income in the year were as follows:
Balance brought forward
Amounts released in the year
Amounts deferred in the year
Balance carried forward		 2025
£
355,000
2025
£
76,371
129,695
542,907
32,531
781,504
2025
561,191
(561,191)
542,907
542,907		 2025
£
355,000
2025
£
76,371
129,695
542,907
32,531
781,504
2025
561,191
(561,191)
542,907
542,907		 2024
as restated
£
50,000
2024
as restated
£
43,385
34,715
561,191
28,972
668,263
2024
340,615
(340,615)
561,191
561,191

The deferred income carried forward relates to £328,182 (2024 - 373,330) of tuition fees, £199,725 (2024 - £187,861) overpayment from ESFA, and £15,000 (2024- nil) of restricted donations.

20. LEASING AGREEMENTS

Within one year
Between two and five years		 2025
Land &
Buildings
33,333
-
40,000		 Other
980
-
-		 2024
Land &
Buildings
80,000
80,000		 Other
2,464
-
2,464

continued...

Page 31

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

21. MOVEMENT IN FUNDS

At 1.8.24
£
Unrestricted funds
General fund
199,429
Maintenance fund (designated)
25,000
Fixed Assets Fund (designated)
180,515
404,944
Restricted funds
Scholarship Fund
145,865
Bursaries
-
Costume Fund
-
145,865
TOTAL FUNDS
550,809
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
2,450,921
Restricted funds
Scholarship Fund
148,062
Bursaries
5,971
Costume Fund
10,770
164,803
TOTAL FUNDS
2,615,724		 Net
movement

in funds
£
(37,809)
-
-
(37,809)
132,460
903
(6,562)
126,801
88,992

Resources

expended
£
(2,488,730)
(15,602)
(5,068)
(17,332)
(38,002)
(2,526,732)


At
31.7.25
£
161,620
25,000
180,515
367,135
278,325
903
(6,562)
272,666
639,801
Movement
in funds
£
(37,809)
132,460
903
(6,562)
126,801
**88,992 **

continued...

Page 32

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

21. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Maintenance fund (designated)
Fixed Assets Fund (designated)
Restricted funds
Scholarship Fund
TOTAL FUNDS		 At 1.8.23
£
201,724
25,000
131,891
358,615
76,617
435,232		 Net
movement
in funds
£
46,329
-
-
46,329
69,248
115,577		 Transfers
between
funds
£
(48,624)
-
48,624
-
-
-		 At
31.7.24
£
199,429
25,000
180,515
404,944
145,865
550,809

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Scholarship Fund
Other Restricted Funds
TOTAL FUNDS		 Incoming
resources
£
2,356,836
99,001
40,000
139,001
2,495,837
Resources

expended
£
(2,310,507)
(29,753)
(40,000)
(69,753)
(2,380,260)
Movement

in funds
£
46,329
69,248
-
69,248
115,577

Designated funds

Maintenance fund

This fund has been set up to meet regular maintenance work that might be required whilst in occupancy of the current building space.

Fixed Assets fund

Funds are designated to equal the net book value of fixed assets.

Restricted funds

Scholarship fund

The scholarship fund was established to account for donations received to fund scholarships within the School. Scholarships are given to students who would otherwise not be able to attend the School. The excess amount of bursaries awarded over donations received to fund these awards is funded by a transfer from General funds.

Other restricted funds

continued...

Page 33

ENGLISH NATIONAL BALLET SCHOOL LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31ST JULY 2025

21. MOVEMENT IN FUNDS - continued

Other restricted funds were established to account for donations received to fund activities and performances within the School.

22. RELATED PARTY DISCLOSURES

During the year English National Ballet School Limited spent £2,850 (2024 £1,355) on professional services provided by Matz Skoog, who is related to Amanda Skoog, CEO. At the balance sheet date, an amount of £1,100 (2024: £1,100) was due to Matz Skoog in relation to this.

During the year, the charity received donations from trustees totalling £8,069 (2024 - nil) which have been recognised within unrestricted funds.

Page 34