THE OXFORD SCHOOL OF DRAMA TRUST ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 INDEX Page 1.5 Group Trustees. report Ir￿8p8ndenl audbtors. report Consolidated Statement of fInar￿laI8¢t1vIt1as Balance sheet Statement of Cashllthvs Notes to the accounts Inwme and eXpe￿ir(Ure account 9.10 11 12 1>23 24 Company No. 3638842 Reglstered Charity No. 1072770 THE OXFORD SCHOOL OF DRAMA TRUST GROUP TRUSTEES, REPORT This Is the Twenty-second report of The Oxford School of Drama Trustees and covers the twelve months to 31 Augu812020. REFERENCE AND ADMINISTRATIVE DETAILS Company number 3638842 Charity number 1072770 Registered Offl¢¢ Beaver House. 23-38 Hythe Brfdge SITeel. Oxford OX12EP. Banker8 National Westminster Bank PLC. Oxford Audltor8 Crilchleys Audit LLP, Beaver House. 23-38 Hythe 8rldge Street, Oxford, OX12EP Prlnclpal Jddrg81 Sansomes Farm Studios, Woodstoek, Oxford, OX20 1 ER Tru•t••slDlreclor• The trustees of the Charity are also the company's directors for the purposes of the Companies Act. The Trustees, who served throug￿￿1 the year unless othe￿iSe staled. were.. D C L Elheringlon resigned 10 December 2019 N Macaluso A Millman R L Scott - resigned 10 December 2019 P Wilson-smith D Bzampi N Raine B A Cessay E Fuller - appointed 10 December 2019 P Kendall - appointed 10 December 2019 D Llncoln - appointed 10 December 2019 Principal E Hi¢ks - from 19 August 2019 THE OXFORD SCHOOL OF DRAMA TRUST GROUP TRUSTEES, REPORT (CONTINUED) STRUCTURE. GOVERNANCE AND MANAGEMENT The Trust is governed by the provisions of its memorandum and articles of association and the accounts comply with currenl statutory requirements and the Trust's goveming document. The Trustees have the wwer to appoint addrtional people as Trustee bul any Trustees such apwinled shall only hold offlce until the followlng Annual General Meeting, where they can seèk ffj-elecI￿n. New Tnjstees ar8 provided wrth a comprehenslve pack of information about The Oxford School of Drama Trust, the content of which conforms to the recommendations of The Ch8rity Commission. This includes. Charity Commissw)n booklet CC3 The Essential Twslee.. What you need lo know., information on the responsibilities of Twslees.. memorandum and articles of as50cialion,' accounts for last thre8 years Incorporating Trustees, reports,- minut8s of last three board meetings., brief history of the School and chronology of signifiGanl events- organisalional chart., current school prospectus: schedule of dales for fvrther meetings,. biographies of Tiuslees and dates of apwintment. delai15 of contractual obligations.. summary of Trust's insurance policies includlng trustees, liabillty insurdnce,. details of any lilvJalion pregenlly belng undertaken eilh8r by or against the Trust; delalls of charity's professional advisers. including 501icllors. bankers, external auditors., policy documents, Including Risk Management information. Health and Safety Policy, Equal Opportunill88 Policy, Disability Equality Policy, Safeguarding Pollcy, Data Pollcy, Environmenlal Policy, ICT Policy, Discipllnary Poll¢y, Grl8vance Policy. The Twsle8s are in overall control of the Tru8t and consid8r strategi¢ issues. Day to day rnanag¥ment of the Trust is dalegal8d lo the Principal. Koy Managemgnt P•r•onno1 Remun•ratlon The pay and remuneration of th8 charlly's key management personnel is re-8valualed 8nnually. Every 3-5 years the Trustees undertake a comparative analy515 of Ihg pay and remuneration of the key management personnel in simi18r organisations as a benchmark. OBJECTIVES AND AcTrvmES The Oxford School of Diama Trust was founded in 1998 as 8 Company Llmlled by Gu8ranle8 and a registered charlly to train students for the acting profession. The School's strategy Is lo offer an education. as well as vocational tralning, lo Students from a wide range of social and educallonal backgrounds. For this reason il has a policy of limiting the Intske of students lo the School to ensure a hlgh and constant level of support, both during and after training. The lotsl intake In September 2017 was 38 students. The Trust has committed and highly qualified leaching and adminrslratlve s18ff. The School employs six full-lime and two part-lime staff and has up lo Ihlrty freelance lulors. The School Is deemed Grade 1 'outs18nding' by Ofsled and 'exemplary' by Trinity College London. The Tnjst provides the following courses: One Year Diploma in Acting Cours9 Three Year Diploma In Acting Gourse THE OXFORD SCHOOL OF DRAMA TRUST GROUP TRUSTEES, REPORT (CONTINUED) Publlc Ben•flt The Trustees have complied with the duly In section 1715) of the Charities Act 2011 to have due regard to public benefit guKlance published by the Chadty Cornmiss￿n. The School aim is to ensure that ils Courses are open lo all regardless of their background through ils participation in the Gov8mmenl's Oance and Drama Awar(1s IDaDAI Scherne. The Scheme enables talented students to access financial assistance lo attend courses al the School, provided that they are under the age of 24 and from households with a gross income of less than £90,000. The amount of flnancial assistance students receive depends on their hovsehold Income, T￿￿5¢ in greatest need Iwilh a household income of less than £21,0001 pay nothing towards their course fees and can access a grant lo help with their living costs. Those whose household incom8 is £85.000 - £90,000 pay £7,175 for Ihelr Course fees, 8 reduction of £8,500 on the published rate. There is a sliding scale ol support for stud8nts between these two incorne figures. Students aged over 18 years who have soma fees lo pay for thelr course can also access an Advanced L&aming Loan of up to £7.395 towards the course fees. In a￿d￿lon to these schemes the School has ts own Hardship Fund for those students experienclng financial difflojllies. The School undertak83 Outreach work in the fomi of workshops targeted at under-represented groups, e.g. sludenls from minority ethnic groups. Thls year two new outreach slles were id&nlified in Oldham and Wolverhampton. In addition 4 regional audilK)n days were planned In Oldham, Wolverhampton, Stoke and Lijlon. This work is undertaken in partnership with staff and graduate actors bul due lo the Pandemlc a lol of IhLs activity was moved online. In addillon, il all8nd5 and makes pr88enlalions al school and college careers event8, Drama groups, hosting open days and workshops for those Interested in drama Irainlng. The Pandemic did affect the number of Public performances the school was able lo do, but perfomiances look place online and at venues including The Playground Theatre In London and Ioc81 Oxfordshlre community and school venues and a number of outdoor localK)ns. Where audience8 were not permitted the perfomances were fllmed or moved online. ACHievEMENTS AND PERFORMANCE The gra(Juales from the School have continued lo have a suc¢e$$ful year. Wortlng for a range of companles, theatre credrts Include the Almeida, the Globe, Hampslead Theatre, The Old Vlc, Pain8s Plough, Regent's Park Theatre. RSC, The Vaults, Theatre 503. As well appearing in the Wesl End they have also appeared across the regions including Grand Opera House in 8eWasl. Liverpool Everyman, Newbury Walermill Theatre, S811sbury Theatre and Theatre Royal York, On the small screen they could be seen as regular or lead characters in Netflix's Sex Education, Th8 Crown, Shadow and Bone,. BBC'S Kllllng Eve. The Trial of Chrl8tine Keeler, Inside no.9, Salisbury Poisonings, Call the Midwife. Casually,. ITV'S Bancroft, Baghdad Central, Slicks and stones. Manhunt. McDonald and Dodds, Emmerdale. Invisible: Sky's 8ritannia, Frayed, Temple.. HBO'S Gangs of London,. Alibi's We Hunt Together. In Film Ihgy could be seen In The Socret Garden. Viclorla Bav151er's County Lines, Working Title's adaptation of Jane Auslen's Emma. students and graduates winning or nominated for awards this year include.. BAFfA Cyrnru Awards.. Winner Celyn Jon•9 for ITV'S Manhunt BAFTA Elevate.. Rhoda Ofori-Attah 81FA Breakthrough Producer.. Nominee Charity Wakefiold UK The81￿ Awards-. Nominee Faye Castalow ft)i Leopoldstadt The Stsge Award for outstanding performers.. Vvinner Richard Gadd Baby Rginde8r. Idsh Tim&s Theatre Awards- winner Aoibhgann Mccann for her portrayal of Blanche Dubor THE OXFORD SCHOOL OF ORAMA TRUST GROUP TRUSTEES, REPORT (CONTINUED) Acllvltle8 The School's Sludenl Hardship Fund continued to support those in finan¢ial difficulty. The number of students needing support continues to increase. During the Autumn term Ihlrteen awards were made tolalling £3,450 and in Spring eighteen awards were made lolalling £4,700 The School's New Ini118tives Fund support8d graduates in creallng new work, formlng industry partnerships and presenting their work lo an audience both nationally and inlernnalionally. The School invites applications lo the Fund from re￿rtI from recent gracluales with some experience in the industry. It makes awards from the Fund every other year. The following graduates were awarded funds.. Dominic Crisp £400 James Metey8r(J £350 Willy Hudson £800 Olivia Foan £250 Callum McGulre£750 Nina Georgleff £550 Malmuna Memon £500 Oxford School of Drama Limltod In thls year the Trust acquired the The Oxford School of Drama Limited for a consideration of £500,000. The Oxford School of Drama Limited is a trading subsidiary of the Charitable Tru51. It Is responslble for the 6 month Foundation Course In Acting and in future years is likely lo manage new activity such as Short Courses. It wlll glft aid Ils profi'ts lo the Charitable Trust. Plans for the futur& In 2020-21 the Board of Trustees is looking lo expan(t and to inGrea5e the diverslty ol ils memb8rship. As il look5 to the future under a new Principal, the School's S8nior Management Team 1$ being restructured to include a new post IHead of Aclingl. This new Structure will allow the school lo review its activities and set new priori118s Ihat can build on the best of the schools, Iraéilions while being prePa￿d for the future. The Senior Management team will now Include Edward Hicks Principal, Liz Wilson Executive Director, Klrsly McFarland Head ol Courses and Georgina Sowerby, Head ol Acting. The Trust plans lo ¢ontinu8 to provide an outstanding Iralning for a small number of students from diverse backgrounds. FINANCIAL REVIEW The charity achieved a surplus of £239,488 on unrestricted funds in the year. As in previous years the m8Jorlly of the Income came from course fees. Reserves As at 31 August 2020, the charity's total fund3 were £1,296,942 of which, £104,864 was represented by reslri¢ted funds and £285,782 by designated funds (equal to the not book value of the Gharily's leasehold ildingsl, leavlng a balance of £906,296 on general funds. The Trustees consider that reserves ideally need to be suffi¢ienl to cover expenditure for a period of Six months. Thi8 woukj equate lo approximately £5TrJ,000. As al 31 August 2020. after having designated funds to repres8nl Ihe investment in the new Theat￿ and Libraryloffi'ce Development and for the Bam Development works, there was a balance of £906,296 on general funds. £500.000 of this was represented by the inveslfflent in Oxford School of Drama Limlted leaving a balance of fre& reseNes of £406.296. THE OXFORD SCHOOL OF DRAP41A TRUST TRUSTEES, REPORT ICONTINUEDI Rlsk Management Statement The Trust maintains ri8k management and Other policies as lisltsl in the Annual Return. The Trusloes consider the principal risks and uncertainties affecting the charity are". Potential future changes in OADA IOan¢e and Drama Awardsl lunding arrangements Recruilmenl and rglenlion ol good quality staff ond lulofs Issues that may harm's Ihe Charity reputalNJn Thg risk management pollcy has been expanded lo cover the areas ol risk recommended by thè Charity Comm15sion.' govoinance and management, operats'onal, financial, environment and external, law and regulation Compl1an￿ In additlDn. specific Policies covar complaints handling and conlllcts ol inleresls. Thè Company keepB risk manag8m•nt under Continual r&view, and ¢onduc18 a formal risk review onc8 a year, which is discussed and approved by the Trustees. Major risks are reviewed and as$e$$ed. and control systems are established lo manage thos• risks. STATEMENT OF TRUSTEES, RESPONS181LITIES The Trustees a￿ responsible for preparing the Annual Report and the fina￿131 statements In accorda￿@ with applicable law and regulation8. Company law require8 the Iruslees to prepar* financial statements lor each financial year. Under that law the Trusleos have elected lo prèpare Ihe financial stalemenly in accordance with Unrted Kingdom Generally Accépted Accounts'ng Pra¢llce (United Kingdom Aecountsng Stsndards and applicable lawl Under company law the Tru81ee8 mu81 not approve th8 financial slalements unless they are 8alislied that they give a true and fair view ol th8 slate of affairs ol the charity and of the incorning resources and applicabon of rewJrces of Ihg charlly lor that perico In preparing these financial slaléments. the tru51ees ar8 required lo.. 8elecl Buitablo accounting policies and then apply Ih•m con818lenlly'. make iudgemenls and accounting eslimale5 Ihal are reasonable and prudent., prepare the financial slatem8nls on the goin9 Goncern ba8is unless il 16 Inapproprialo lo presume that the company will continue In operation. The truslws aro re8pon8ible for keeping adequate accounting record8 that 810 suff￿lent lo show and explain the charity's Iransaclion$ and dis¢lose with reasonable accuracy al any lime the financial position of Ihe cornpany and en8ble them lo ensure that the financlal Statements ¢omply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the Charity and hence for taking re850nable step$ for Ihe prevention and detection of fraud and other Irmularilig5. So far as the Trustees are aware, there 18 no rèl¢vanl audit inforrnalion linformation needed by the c¢Jmpany' 8udilorg In connection with preparing their report) ol which the cornpany's auditors are unawarè, and Each Trusta8 h8S taken all the st8PS that he ought lo have taken as a dlrector in order lo mak8 hirnsell awaro of any relevant audit Information and to establish that the company's auditors are aware of thal informalS0n. This report has been piepar&l in accordan¢e wlh the Small Cornpanies Regime under Sèction 419121 of the Companies Act 20W. Thi5 report was appi¢ved by the Trustees on 16 March 2021 P Wi150n-Smith ITrusleel INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OXFORO SCHOOL OF DRAMA TRUST Oplnlon We have audited the financial statements of The Oxford Scfv)ol of Drama Trust Ilhe 'Charity'l for the year ended 31 August 2020 which comprise the Consoldiated Slalemenl of Financial Aclivilies, Balance Sheets, the Statements of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preParat￿n is applicable law anij Unrted Klng¢Jom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunrted Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. giv& a true and falr view of the state of the group and Charity's affalrs 88 at 31 August 2020 and of the group's incoma and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Acc8Pted Accounting Practice; have been prepared In a¢cordance with the requirements of the Companies Act 2006. B491s for oplnlon W8 conducted our audit in accordance with Inlemalional Standards on Auditing IUKI {ISAs {UKII and applicable law. Our responsibilitie5 under those standards are further described In the Auditor's responsibilities for the audit of the financi81 statements section ol our report. We are independent of the CharKy In accordance wllh the ethical requ1￿MentS that are rel8vant lo our audbt of the financial slalemenls In tho UK. including the FRC'8 Elhlcal Standard, and we have fulfilled our other ethical responsibililles in accordance wi(h these requirem8nls. We believe that the audit evldence we have obtained is sufficient and approprlate to provide a basis for our oplnion. Con¢luslons relatlng to golng con¢orn We have nothlng to rep)rt In respect of th& following mallers in relation to whi¢h the ISAS IUKI require u8 10 report lo you Whe￿.. the Iruslees, use of the going concem basis of accounting in the pr8paralk)n of the fin8ncial slal8menls Is not appropriate.. or the trustees have not dL8close¢ in the financlal statements any Idenllfled material uncertainties that may cast significant doubl aLK)ul the Charity's ability lo continue to adopt the goSng concern b8sis of accounting for a period of al least twelve months from the dale when the finan¢o1 slalemenls are authorlsed for issue. INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OXFORD SCHOOL OF DRAMA TRUST (CONTINueDI Other infomiatlon The truslees are responsible for the other infomialion. The other information comprises the infomialion included in the annual report other than the financi81 statements and our auditor'5 report Ihereon. Our opinion on the financi81 ststemenls does not cover the other information and. except lo the extent olherwlse explicitly slated in our report, we do not express any form of assurance conelusion thereon. In connection with our audit of the financial slatemenls, our r8sponsibilily is lo reaé the other Information and, in doing so, consmler whether the other information is materially inconsislenl with the financ181 Statements or our knowledge obtained in the audit or otherwise appears lo be malerkglly mi$stsled. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material mi5slalement in the financial Statements or a material misstalemenl of the other information. If, based on the work we have performed. we conclude that there is a material misstalémenl of this other infomialion. we are required to ￿port that fact. We have nothing lo r8Wrt In Ihkg regard. Oplnlons on other mattar8 pr•scrlbod by th• Companlos Act 2006 In our opinion, based on tt)e work undert8ken in the course of the audit.. the Infom)alion glven in the Iruslees, report lincorporaling the directors, report) for the flnancial y8ar for which the financial statements 8re prepared Is Gonsislent with the financial slalemenls., and the Iruslees, report lincorporaling the directors, report) have bean prepared in accordance with appllcable18gal requiremant5. Matters on whl¢h ￿ are r•qulr•d to report by •x¢•ptlon In the Ilght of the knowledge and understanding of the company 8nd its envlronmenl obtained in the course of the 8udit, we have not idenlifled malarial misstatements in the Iruslees, report. We have nothing lo report in respect of the following mallers in relation lo whlch the Companies Act 2006 requires us to r8POrt lo you if, in our oplnion: sufficient accounting records have not been kept: the financial statements are not in agreement with the accounllng rewrds and relums.. certain dtsclosures of truslees, remuneration specrfied by law are not made., or we have not obtained all the informalK)n and explanations necessary for the purposes of our audit. the Iruslees were not entitled lo tske advantage of the small companies, ex8mplA￿S In pieparing the directors, report and from the requirement lo prepare a slialeglc report. INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OXFORO SCHOOL OF DRAMA TRU8T (CONTINUED) Rosponslbllltles of the Iruslee8 As explained more fully in the trustees, responsibilitieg statement lset out on page 51, the tnjstees are sponsible for the preparation of the f nancial slalements and for being satisfied that they give a true an¢J fair view, and for such inlemal control as they delemine is necessary lo enabl8 the preparat*)n of financial statements that are free from material misslatemenl. whether due to fraud or error. In preparlng the flnancial 3talemenls. the trustees are responslble for assessing the Charity's abilrty lo conllnue as a going concem. disclosing, as applicable, matters related to going coneein and using the going concem basis of accounting unless the trustee9 either intend to liquidate the Charity or lo cease operations, or have no realistic all8rn81ive bul to do so. Audltor's r•8pon$lbllltles for tha audit of the flnanclal $t•t•rnont• Our obledlves are to obtain r8890nable assurance about whether the financial stslemenls a5 a whole are free from material misstalemenl. whether duo lo fraud or error. and to issue an auditor's ￿port that includes our oplnion. Reasonable assurance is 8 high18vel of 8gsurance, but is not a guar8nlee Ihal an audlt conducted In accordance with ISAS IUKI will always delect a material misstatement when il exists. Misslatemenls can arls8 from fraud or error and are ¢onsidered malerwl If, individually or in the aggregate. they could reasonably be expected to influence the economic decislons of users taken on the basts of these financ￿1 stalemenls. A further descriplh)n of our r&sponsibilrtles for the audit of the flnancial stsl6menls is located on th8 Finandal Reporting Council's website at.. www.frc.org.uklauditorsresFx)nsibililles. This description fomis part of our audilor's report. of our report This rewrt 18 made solely lo Ihe Charity's members, as a body. in accord8nce with Chapter 3 of Part 16 of the Companies Act 2006. Our audll work has been undertaken so that w& might stale to the Charity's members thos8 matters we are required lo Slate lo them in an auditor's report and for no other purpose. To th8 fullest exlenl permitted by law, we do not accept or assume responsibillty to anyone other than the Charity's members as a body, lor our audlt work, for Ihts report, or for the opinions we have Iofmed. Robert Kirtland Senior Stslulory Audltor for and on behalf of Crilchleys Audit LLP Slalutory Auditor Oxford THE OXFORD SCHOOL OF DRAMA TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncluding Incomo and Expendlture Account) FOR THE YEAR ENDED 31 AUGUST 2020 Total Funds 2020 Total Funds 2019 Unr•strlctod Restrlctod Funds Funds Note INCOME FROM: Donatfons and Legacles 45.126 45.126 56.772 Charitsble actlvltl88 Drama School 1,259,518 1.259.518 930.201 Invostments - interest receivable Totsl Income EXPENDITURE ON; Charltable a¢tlvltle•: Drama School 05 61 Totsl •xp•ndlture 1 107870 LQLL66 Net Incom•l(•xpendltur•l 153,666 124.9331 128,733 172.5471 Transfets between funds 15 Not mov•rnenl on fund• 171,416 142.683) 128,733 172,5471 Ro¢onclllatlon ol fundB; Totsl funds brought forward 952590 JLZ LLI llL2684 Total funds carrlod forward 10 THE OXFORD SCHOOL OF DRAMA TRUST STATEMENT OF FINANCIAL ACTIVITie8 Ilncluding Income and Expenditure A¢¢ounti FOR THE YEAR ENDED 31 AUGUST 2019 {Gomparallvesl Total Funds 2019 Unrestrlcted Ra$tri¢lod Funds Ftsnd$ Notg INCOME FROM.. Donations and Legacies 56,772 56.772 Charltablo actlvities Orama School 930.201 930,201 Investm•nts - inleresl recelvable Totsl Incomo EXPENDITURE ON: Charltablo activltie8.' Drama School Total •xpendlture 57 N•t •xpendltur• 172.1861 3611 172.5471 Transfers between fvnds 15 092 N•1 movement on funds 174,2781 1,731 172.5471 Roconclllatlon of fund8: Total funds brought forward 8 14581 Total funds ¢arrl•d forward THE OXFORD SCHOOL OF DRAMA TRUST (company no: 36388421 BALANCE SHEETS AS AT 31 AUGUST 2020 Group Trust Group & Trust 2019 2020 2020 FIXEO ASSErs Intangible assets Invgslments Tan9ible assets 389,488 500,000 681,616 789,810 303,852 CURRENT AsseTS Debtors Cash al bank and in hand 17,4S1 42,957 224,456 10 1,298,e56 1,218,828 1,400,215 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR NET CURRENT AsseT8 607,254 567,132 796,285 CREDITORS.. AMOUNTS FALUNG DUE A￿ER ONE YEAR 12 NET ASSETS Ja2a,87Q -uoo.12z Fund•: Unrestricted fund8'. General lund$ Oesignaled ￿ndS 838,224 285,782 906.296 285,782 654,028 298,584 14 Restricted funds 15 Th060 accounts wero apprpved and authorl8ed for i8¥u• by the Trustees on 18 March 2021 P WLSON-SMITH ITRUSTEEI 12 THE OXFORD SCHOOL OF DRAMA TRUST STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 Group Trust Group & Trust 2019 2020 2020 Not cash lusod Inllprovlded by operatlng actlvllies 123,868 369,573 12CKI.1631 Cash Ilows from Inv8stlng actlvltloj Purchase of tangible fixed assets Cash acquired with subsidiary Purchase of subsidiary 111.6911 501,205 360 000 {9,461) 12,3361 000 Cash generatod byl{u8•d Inl investlng actlvStl•s 129,514 1369,4611 (2.3361 IDecroasellln¢roaso In cash and cJ¥h equival•nts in the y•ar Cash and Gash equlvalents at the beglnnlng of the year Cash and cash equlvalent8 at the •nd ol tho yoar 105.646 112 1202.4991 75 175 LLL59 1378 258 Cash pwovldgd by oyratlng actlvltle•: Nel movement in fijnds Depreciation Amortisalion Decreaselllncrease} in debtors Increaselldecreasel in creditors 128.733 23,913 43,276 185,962 196,805 23,503 172,547) 25.152 181.499 (186.531) 234 Net cash {u••d Inllprovlded by operatlng actlvltl•s Cash and cash equlval•nts con•lst of.. Cash in hand Notice deposits (less than 1 yearl 1,192,428 1.088.714 1.089,124 13 THE OXFORD SCH¢)OL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES Ggnoral Informati¢)n This Company is a Charitable Company Limited by guarantee incorporated in United Kingdom. Oxford School of Drama Trust is a public benefit entity. operating from Sansomes Farm Sludi08. Woodstock, Oxford, OX20 1 ER. bl Basls of proparatlon The accounts have been prepared under the historical cost ¢onvenlion and in aGGordance wtth the Charities (Accounts and Reports) Regulations and Statement of Recommended Practice "Accounting and Reporting by Charities. IFRS 1021 and the Companies Act 2006. These financial statements have been prepared in accordance with Financial Rèporting Standard 102 'The financial R6porting Standard appIl￿ble in the UK and Rewblic of Ireland. There are no uncertainties about the charity's ability lo contlnue a$ a going concern. The consolidated accounts included the result of the Trust and ts subsldiary The Oxford School of Drama Limited from the dale of acquisition. No parent Company Slalement of Financial Activilyès is presented as permilled by $408 of the Companies Ad 2006. The net movement in funds attributsble to the pa￿nI company is £196,80512019'. £172,547>). Incom• Incom8 IncliJd8s fees for courses organised by the Trust, as50cialed fees. and deposit interest. Income is included in the income and expenditure account in the year lo which the incorne relate8. Inmme recelved In the year relating to lem$ starting after the year end is deferred and included as income In the 8ccounts covering the perth to which it relates. dl Exp•ndlturo Exp8nditure Is ￿cognISed when a liabllliy is InCur￿d. Charitable actlvilies include expenditure associated w￿h the njnning of tho courses provided, Th+5 includes both the direct costs and support costs relating lo this arlivity, Governance costs include those incurred in the govemance of the charity and Ils assets and are primarily associated wlth conslttulional and slalulory requirements. Support costs includ8 central fvn¢lv)n. All of these have been allocoted lo the principal aclivrty of the chanty. 14 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED) Funds 8tructur• The charity has a number of restricted income funds to account for situalions where a donor requires that a donation musl be spent on a particular pu￿)Se or where funds have been raised for a specific purpose. All other fvnds are unrestricted income funds. The Trustees have Sel up the designated funds for the purpose of hjnding a new theatre, the libraryloffic& development and bam development Inlanglbl& a$••t$ and amoritsallon Intangible assets ar8 oryinally recognised as the value of goodwill upon their purchase. Amortlsalion is provtrjed lo write off the goodwlll over ils expected useful economlc Ilfe of 10 years. gl Flx•d A¥•et Inv••tm•nts Inv831menls are held at ¢ost less any impalrment in value. h) Tangible flxfrd a8••t8 and d•pro¢lallon Depreciation is provided to write off the cosl of tanglble fi'xed assets over Ihelr expected useful lives at the following rates. Office equipment Leasehold improvements 2511/0 Length of lease Oporatlng l•a•oJJ Rentals due under op8ratlng leases are charged lo the Statement of Financlal AclSvilies on an accruals basi5. J) P•nglon Co•ts The charity operates a defined conlrlbutKM penslon scheme. Contributlons are recognised as an expense when they fall due. C4•h and cash oqulvalents Cash and cash equivalents inc#Jdes notice accounts with a maturity of lèss than one year. INCOME- OPERATION OF DRAMA SCHOOL Trust Llmltsd 2020 2019 Course fees Less.. bursaries awarded Audrtion fees Box office sales Student transport COVID-19 Business Support Grant Other income 830,640 117,7501 27.025 323,000 1,153.640 {17.750) 36.212 816,700 9.187 41,099 14,236 26,909 21,633 25,000 13.720 35,353 25,000 15 THE OXFORO SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 {CONTINUEDI CHARITA8LE ACTIVITIES Trust Llmltod 2020 2019 Tru81 Activity: Opgration of drama school Staff Depreciation Amortisalion Dired Costs Support Costs 249,635 23.503 43.276 439,756 1,276 409 339.911 23.912 43.276 515.608 360,302 25,152 75.852 500.702 SUPPORT COSTS TruBt Llmlted 2020 2019 Legal and other f&8s 6,225 Finan¢ 1.847 General office 24,614 Premises 135,189 Govemance costs - auditors. remuneration ￿1￿7 8,464 600 1,931 68.613 14.689 2,447 26,547 203,802 22,016 2,338 28,303 118,085 In addrtion the auditors received £2,43112019: £7,484} for other services prOV￿ed to the Trust. STAFF COSTS (EXCLUDING TUTORS) 2020 2019 Salaries and wages Employers national insurance Pension costs 295,299 27.701 310,072 32,358 87 The average number of employees during the year was 812019.. 71. 2020 2019 No Number of higher paid employees in bands ofr. £60,001- £70.000 £70,001- £80,000 £80,001- £90.000 The charity's key management personnel remuneration In the year lin¢luding employerfs national insurance and pension costs) was £149,935 {2019.. £224,856). 16 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED) INTANGIBLE ASSETS Goodwlll on consolldation C05t orvaluatlon At I September 2020 Arlsing on acquistion In the veèr Inote 71 Disposals 432,764 At 31 AuBust 2020 Amortlsatlon At I September 2019 Provided in year Disposals 43,276 At 31 August 2020 Net book amount At 31 August 2020 At 31 August 2019 1000h of shares in Oxford School of Drama Limlted IOSDI were puT¢hased on 13 September 2019 for £360,000 in cash and deferred consideration of £140,000 The goodwill was calculated as ¢onslderation1£500,000118$s net assets of OSD at the dale of acquisition. Net Ais•ts at tho dato of acqulslllon Tangible Assets Debtors Cash 81 Bank Creditors 498 178,230 501,205 17 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED) INVESTMENTS Sharo$ In subsldiary und•rtaking At 1 September 2019 Additions Disposals 500,000 At 31 August 2020 The Oxford Schoo5 of Drama Limited IOSDI is a wholly owned subsldlary (company number.. 19734521. OSO'S registered office Is.. Beaver House 23-38 Hythe Bridge Street Oxft)rd OX12EP OSD undertakes the Foundation Course for The Oxford School of Drama Trust. A summary of ils trading results and nel assets for the year is shown below. 2020 Proflt and1088 account Tumover Cost of sales 345.907 Gross profil Administrative expenses Other Interest recèivable and slmilar incom& Taxatbn 233,304 1159,4461 572 Nel Income for the year Balanc• Sho01 Fixed assets Current assets Current liabilities 2,318 110,955 Net assets All income and expenditure for the subsljiary during the year is included wllhln the consolldaled stslement of financial aclivilies. u<25 % Q23 24 Company No. 3638842 Reglstered Charity No. 1072770 THE OXFORD SCHOOL OF DRAMA TRUST GROUP TRUSTEES, REPORT This Is the Twenty-second report of The Oxford School of Drama Trustees and covers the twelve months to 31 Augu812020. REFERENCE AND ADMINISTRATIVE DETAILS Company number 3638842 Charity number 1072770 Registered Offl¢¢ Beaver House. 23-38 Hythe Brfdge SITeel. Oxford OX12EP. Banker8 National Westminster Bank PLC. Oxford Audltor8 Crilchleys Audit LLP, Beaver House. 23-38 Hythe 8rldge Street, Oxford, OX12EP Prlnclpal Jddrg81 Sansomes Farm Studios, Woodstoek, Oxford, OX20 1 ER Tru•t••slDlreclor• The trustees of the Charity are also the company's directors for the purposes of the Companies Act. The Trustees, who served throug￿￿1 the year unless othe￿iSe staled. were.. D C L Elheringlon resigned 10 December 2019 N Macaluso A Millman R L Scott - resigned 10 December 2019 P Wilson-smith D Bzampi N Raine B A Cessay E Fuller - appointed 10 December 2019 P Kendall - appointed 10 December 2019 D Llncoln - appointed 10 December 2019 Principal E Hi¢ks - from 19 August 2019 THE OXFORD SCHOOL OF DRAMA TRUST GROUP TRUSTEES, REPORT (CONTINUED) STRUCTURE. GOVERNANCE AND MANAGEMENT The Trust is governed by the provisions of its memorandum and articles of association and the accounts comply with currenl statutory requirements and the Trust's goveming document. The Trustees have the wwer to appoint addrtional people as Trustee bul any Trustees such apwinled shall only hold offlce until the followlng Annual General Meeting, where they can seèk ffj-elecI￿n. New Tnjstees ar8 provided wrth a comprehenslve pack of information about The Oxford School of Drama Trust, the content of which conforms to the recommendations of The Ch8rity Commission. This includes. Charity Commissw)n booklet CC3 The Essential Twslee.. What you need lo know., information on the responsibilities of Twslees.. memorandum and articles of as50cialion,' accounts for last thre8 years Incorporating Trustees, reports,- minut8s of last three board meetings., brief history of the School and chronology of signifiGanl events- organisalional chart., current school prospectus: schedule of dales for fvrther meetings,. biographies of Tiuslees and dates of apwintment. delai15 of contractual obligations.. summary of Trust's insurance policies includlng trustees, liabillty insurdnce,. details of any lilvJalion pregenlly belng undertaken eilh8r by or against the Trust; delalls of charity's professional advisers. including 501icllors. bankers, external auditors., policy documents, Including Risk Management information. Health and Safety Policy, Equal Opportunill88 Policy, Disability Equality Policy, Safeguarding Pollcy, Data Pollcy, Environmenlal Policy, ICT Policy, Discipllnary Poll¢y, Grl8vance Policy. The Twsle8s are in overall control of the Tru8t and consid8r strategi¢ issues. Day to day rnanag¥ment of the Trust is dalegal8d lo the Principal. Koy Managemgnt P•r•onno1 Remun•ratlon The pay and remuneration of th8 charlly's key management personnel is re-8valualed 8nnually. Every 3-5 years the Trustees undertake a comparative analy515 of Ihg pay and remuneration of the key management personnel in simi18r organisations as a benchmark. OBJECTIVES AND AcTrvmES The Oxford School of Diama Trust was founded in 1998 as 8 Company Llmlled by Gu8ranle8 and a registered charlly to train students for the acting profession. The School's strategy Is lo offer an education. as well as vocational tralning, lo Students from a wide range of social and educallonal backgrounds. For this reason il has a policy of limiting the Intske of students lo the School to ensure a hlgh and constant level of support, both during and after training. The lotsl intake In September 2017 was 38 students. The Trust has committed and highly qualified leaching and adminrslratlve s18ff. The School employs six full-lime and two part-lime staff and has up lo Ihlrty freelance lulors. The School Is deemed Grade 1 'outs18nding' by Ofsled and 'exemplary' by Trinity College London. The Tnjst provides the following courses: One Year Diploma in Acting Cours9 Three Year Diploma In Acting Gourse THE OXFORD SCHOOL OF DRAMA TRUST GROUP TRUSTEES, REPORT (CONTINUED) Publlc Ben•flt The Trustees have complied with the duly In section 1715) of the Charities Act 2011 to have due regard to public benefit guKlance published by the Chadty Cornmiss￿n. The School aim is to ensure that ils Courses are open lo all regardless of their background through ils participation in the Gov8mmenl's Oance and Drama Awar(1s IDaDAI Scherne. The Scheme enables talented students to access financial assistance lo attend courses al the School, provided that they are under the age of 24 and from households with a gross income of less than £90,000. The amount of flnancial assistance students receive depends on their hovsehold Income, T￿￿5¢ in greatest need Iwilh a household income of less than £21,0001 pay nothing towards their course fees and can access a grant lo help with their living costs. Those whose household incom8 is £85.000 - £90,000 pay £7,175 for Ihelr Course fees, 8 reduction of £8,500 on the published rate. There is a sliding scale ol support for stud8nts between these two incorne figures. Students aged over 18 years who have soma fees lo pay for thelr course can also access an Advanced L&aming Loan of up to £7.395 towards the course fees. In a￿d￿lon to these schemes the School has ts own Hardship Fund for those students experienclng financial difflojllies. The School undertak83 Outreach work in the fomi of workshops targeted at under-represented groups, e.g. sludenls from minority ethnic groups. Thls year two new outreach slles were id&nlified in Oldham and Wolverhampton. In addition 4 regional audilK)n days were planned In Oldham, Wolverhampton, Stoke and Lijlon. This work is undertaken in partnership with staff and graduate actors bul due lo the Pandemlc a lol of IhLs activity was moved online. In addillon, il all8nd5 and makes pr88enlalions al school and college careers event8, Drama groups, hosting open days and workshops for those Interested in drama Irainlng. The Pandemic did affect the number of Public performances the school was able lo do, but perfomiances look place online and at venues including The Playground Theatre In London and Ioc81 Oxfordshlre community and school venues and a number of outdoor localK)ns. Where audience8 were not permitted the perfomances were fllmed or moved online. ACHievEMENTS AND PERFORMANCE The gra(Juales from the School have continued lo have a suc¢e$$ful year. Wortlng for a range of companles, theatre credrts Include the Almeida, the Globe, Hampslead Theatre, The Old Vlc, Pain8s Plough, Regent's Park Theatre. RSC, The Vaults, Theatre 503. As well appearing in the Wesl End they have also appeared across the regions including Grand Opera House in 8eWasl. Liverpool Everyman, Newbury Walermill Theatre, S811sbury Theatre and Theatre Royal York, On the small screen they could be seen as regular or lead characters in Netflix's Sex Education, Th8 Crown, Shadow and Bone,. BBC'S Kllllng Eve. The Trial of Chrl8tine Keeler, Inside no.9, Salisbury Poisonings, Call the Midwife. Casually,. ITV'S Bancroft, Baghdad Central, Slicks and stones. Manhunt. McDonald and Dodds, Emmerdale. Invisible: Sky's 8ritannia, Frayed, Temple.. HBO'S Gangs of London,. Alibi's We Hunt Together. In Film Ihgy could be seen In The Socret Garden. Viclorla Bav151er's County Lines, Working Title's adaptation of Jane Auslen's Emma. students and graduates winning or nominated for awards this year include.. BAFfA Cyrnru Awards.. Winner Celyn Jon•9 for ITV'S Manhunt BAFTA Elevate.. Rhoda Ofori-Attah 81FA Breakthrough Producer.. Nominee Charity Wakefiold UK The81￿ Awards-. Nominee Faye Castalow ft)i Leopoldstadt The Stsge Award for outstanding performers.. Vvinner Richard Gadd Baby Rginde8r. Idsh Tim&s Theatre Awards- winner Aoibhgann Mccann for her portrayal of Blanche Dubor THE OXFORD SCHOOL OF ORAMA TRUST GROUP TRUSTEES, REPORT (CONTINUED) Acllvltle8 The School's Sludenl Hardship Fund continued to support those in finan¢ial difficulty. The number of students needing support continues to increase. During the Autumn term Ihlrteen awards were made tolalling £3,450 and in Spring eighteen awards were made lolalling £4,700 The School's New Ini118tives Fund support8d graduates in creallng new work, formlng industry partnerships and presenting their work lo an audience both nationally and inlernnalionally. The School invites applications lo the Fund from re￿rtI from recent gracluales with some experience in the industry. It makes awards from the Fund every other year. The following graduates were awarded funds.. Dominic Crisp £400 James Metey8r(J £350 Willy Hudson £800 Olivia Foan £250 Callum McGulre£750 Nina Georgleff £550 Malmuna Memon £500 Oxford School of Drama Limltod In thls year the Trust acquired the The Oxford School of Drama Limited for a consideration of £500,000. The Oxford School of Drama Limited is a trading subsidiary of the Charitable Tru51. It Is responslble for the 6 month Foundation Course In Acting and in future years is likely lo manage new activity such as Short Courses. It wlll glft aid Ils profi'ts lo the Charitable Trust. Plans for the futur& In 2020-21 the Board of Trustees is looking lo expan(t and to inGrea5e the diverslty ol ils memb8rship. As il look5 to the future under a new Principal, the School's S8nior Management Team 1$ being restructured to include a new post IHead of Aclingl. This new Structure will allow the school lo review its activities and set new priori118s Ihat can build on the best of the schools, Iraéilions while being prePa￿d for the future. The Senior Management team will now Include Edward Hicks Principal, Liz Wilson Executive Director, Klrsly McFarland Head ol Courses and Georgina Sowerby, Head ol Acting. The Trust plans lo ¢ontinu8 to provide an outstanding Iralning for a small number of students from diverse backgrounds. FINANCIAL REVIEW The charity achieved a surplus of £239,488 on unrestricted funds in the year. As in previous years the m8Jorlly of the Income came from course fees. Reserves As at 31 August 2020, the charity's total fund3 were £1,296,942 of which, £104,864 was represented by reslri¢ted funds and £285,782 by designated funds (equal to the not book value of the Gharily's leasehold ildingsl, leavlng a balance of £906,296 on general funds. The Trustees consider that reserves ideally need to be suffi¢ienl to cover expenditure for a period of Six months. Thi8 woukj equate lo approximately £5TrJ,000. As al 31 August 2020. after having designated funds to repres8nl Ihe investment in the new Theat￿ and Libraryloffi'ce Development and for the Bam Development works, there was a balance of £906,296 on general funds. £500.000 of this was represented by the inveslfflent in Oxford School of Drama Limlted leaving a balance of fre& reseNes of £406.296. THE OXFORD SCHOOL OF DRAP41A TRUST TRUSTEES, REPORT ICONTINUEDI Rlsk Management Statement The Trust maintains ri8k management and Other policies as lisltsl in the Annual Return. The Trusloes consider the principal risks and uncertainties affecting the charity are". Potential future changes in OADA IOan¢e and Drama Awardsl lunding arrangements Recruilmenl and rglenlion ol good quality staff ond lulofs Issues that may harm's Ihe Charity reputalNJn Thg risk management pollcy has been expanded lo cover the areas ol risk recommended by thè Charity Comm15sion.' govoinance and management, operats'onal, financial, environment and external, law and regulation Compl1an￿ In additlDn. specific Policies covar complaints handling and conlllcts ol inleresls. Thè Company keepB risk manag8m•nt under Continual r&view, and ¢onduc18 a formal risk review onc8 a year, which is discussed and approved by the Trustees. Major risks are reviewed and as$e$$ed. and control systems are established lo manage thos• risks. STATEMENT OF TRUSTEES, RESPONS181LITIES The Trustees a￿ responsible for preparing the Annual Report and the fina￿131 statements In accorda￿@ with applicable law and regulation8. Company law require8 the Iruslees to prepar* financial statements lor each financial year. Under that law the Trusleos have elected lo prèpare Ihe financial stalemenly in accordance with Unrted Kingdom Generally Accépted Accounts'ng Pra¢llce (United Kingdom Aecountsng Stsndards and applicable lawl Under company law the Tru81ee8 mu81 not approve th8 financial slalements unless they are 8alislied that they give a true and fair view ol th8 slate of affairs ol the charity and of the incorning resources and applicabon of rewJrces of Ihg charlly lor that perico In preparing these financial slaléments. the tru51ees ar8 required lo.. 8elecl Buitablo accounting policies and then apply Ih•m con818lenlly'. make iudgemenls and accounting eslimale5 Ihal are reasonable and prudent., prepare the financial slatem8nls on the goin9 Goncern ba8is unless il 16 Inapproprialo lo presume that the company will continue In operation. The truslws aro re8pon8ible for keeping adequate accounting record8 that 810 suff￿lent lo show and explain the charity's Iransaclion$ and dis¢lose with reasonable accuracy al any lime the financial position of Ihe cornpany and en8ble them lo ensure that the financlal Statements ¢omply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the Charity and hence for taking re850nable step$ for Ihe prevention and detection of fraud and other Irmularilig5. So far as the Trustees are aware, there 18 no rèl¢vanl audit inforrnalion linformation needed by the c¢Jmpany' 8udilorg In connection with preparing their report) ol which the cornpany's auditors are unawarè, and Each Trusta8 h8S taken all the st8PS that he ought lo have taken as a dlrector in order lo mak8 hirnsell awaro of any relevant audit Information and to establish that the company's auditors are aware of thal informalS0n. This report has been piepar&l in accordan¢e wlh the Small Cornpanies Regime under Sèction 419121 of the Companies Act 20W. Thi5 report was appi¢ved by the Trustees on 16 March 2021 P Wi150n-Smith ITrusleel INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OXFORO SCHOOL OF DRAMA TRUST Oplnlon We have audited the financial statements of The Oxford Scfv)ol of Drama Trust Ilhe 'Charity'l for the year ended 31 August 2020 which comprise the Consoldiated Slalemenl of Financial Aclivilies, Balance Sheets, the Statements of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preParat￿n is applicable law anij Unrted Klng¢Jom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunrted Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. giv& a true and falr view of the state of the group and Charity's affalrs 88 at 31 August 2020 and of the group's incoma and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Acc8Pted Accounting Practice; have been prepared In a¢cordance with the requirements of the Companies Act 2006. B491s for oplnlon W8 conducted our audit in accordance with Inlemalional Standards on Auditing IUKI {ISAs {UKII and applicable law. Our responsibilitie5 under those standards are further described In the Auditor's responsibilities for the audit of the financi81 statements section ol our report. We are independent of the CharKy In accordance wllh the ethical requ1￿MentS that are rel8vant lo our audbt of the financial slalemenls In tho UK. including the FRC'8 Elhlcal Standard, and we have fulfilled our other ethical responsibililles in accordance wi(h these requirem8nls. We believe that the audit evldence we have obtained is sufficient and approprlate to provide a basis for our oplnion. Con¢luslons relatlng to golng con¢orn We have nothlng to rep)rt In respect of th& following mallers in relation to whi¢h the ISAS IUKI require u8 10 report lo you Whe￿.. the Iruslees, use of the going concem basis of accounting in the pr8paralk)n of the fin8ncial slal8menls Is not appropriate.. or the trustees have not dL8close¢ in the financlal statements any Idenllfled material uncertainties that may cast significant doubl aLK)ul the Charity's ability lo continue to adopt the goSng concern b8sis of accounting for a period of al least twelve months from the dale when the finan¢o1 slalemenls are authorlsed for issue. INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OXFORD SCHOOL OF DRAMA TRUST (CONTINueDI Other infomiatlon The truslees are responsible for the other infomialion. The other information comprises the infomialion included in the annual report other than the financi81 statements and our auditor'5 report Ihereon. Our opinion on the financi81 ststemenls does not cover the other information and. except lo the extent olherwlse explicitly slated in our report, we do not express any form of assurance conelusion thereon. In connection with our audit of the financial slatemenls, our r8sponsibilily is lo reaé the other Information and, in doing so, consmler whether the other information is materially inconsislenl with the financ181 Statements or our knowledge obtained in the audit or otherwise appears lo be malerkglly mi$stsled. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material mi5slalement in the financial Statements or a material misstalemenl of the other information. If, based on the work we have performed. we conclude that there is a material misstalémenl of this other infomialion. we are required to ￿port that fact. We have nothing lo r8Wrt In Ihkg regard. Oplnlons on other mattar8 pr•scrlbod by th• Companlos Act 2006 In our opinion, based on tt)e work undert8ken in the course of the audit.. the Infom)alion glven in the Iruslees, report lincorporaling the directors, report) for the flnancial y8ar for which the financial statements 8re prepared Is Gonsislent with the financial slalemenls., and the Iruslees, report lincorporaling the directors, report) have bean prepared in accordance with appllcable18gal requiremant5. Matters on whl¢h ￿ are r•qulr•d to report by •x¢•ptlon In the Ilght of the knowledge and understanding of the company 8nd its envlronmenl obtained in the course of the 8udit, we have not idenlifled malarial misstatements in the Iruslees, report. We have nothing lo report in respect of the following mallers in relation lo whlch the Companies Act 2006 requires us to r8POrt lo you if, in our oplnion: sufficient accounting records have not been kept: the financial statements are not in agreement with the accounllng rewrds and relums.. certain dtsclosures of truslees, remuneration specrfied by law are not made., or we have not obtained all the informalK)n and explanations necessary for the purposes of our audit. the Iruslees were not entitled lo tske advantage of the small companies, ex8mplA￿S In pieparing the directors, report and from the requirement lo prepare a slialeglc report. INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OXFORO SCHOOL OF DRAMA TRU8T (CONTINUED) Rosponslbllltles of the Iruslee8 As explained more fully in the trustees, responsibilitieg statement lset out on page 51, the tnjstees are sponsible for the preparation of the f nancial slalements and for being satisfied that they give a true an¢J fair view, and for such inlemal control as they delemine is necessary lo enabl8 the preparat*)n of financial statements that are free from material misslatemenl. whether due to fraud or error. In preparlng the flnancial 3talemenls. the trustees are responslble for assessing the Charity's abilrty lo conllnue as a going concem. disclosing, as applicable, matters related to going coneein and using the going concem basis of accounting unless the trustee9 either intend to liquidate the Charity or lo cease operations, or have no realistic all8rn81ive bul to do so. Audltor's r•8pon$lbllltles for tha audit of the flnanclal $t•t•rnont• Our obledlves are to obtain r8890nable assurance about whether the financial stslemenls a5 a whole are free from material misstalemenl. whether duo lo fraud or error. and to issue an auditor's ￿port that includes our oplnion. Reasonable assurance is 8 high18vel of 8gsurance, but is not a guar8nlee Ihal an audlt conducted In accordance with ISAS IUKI will always delect a material misstatement when il exists. Misslatemenls can arls8 from fraud or error and are ¢onsidered malerwl If, individually or in the aggregate. they could reasonably be expected to influence the economic decislons of users taken on the basts of these financ￿1 stalemenls. A further descriplh)n of our r&sponsibilrtles for the audit of the flnancial stsl6menls is located on th8 Finandal Reporting Council's website at.. www.frc.org.uklauditorsresFx)nsibililles. This description fomis part of our audilor's report. of our report This rewrt 18 made solely lo Ihe Charity's members, as a body. in accord8nce with Chapter 3 of Part 16 of the Companies Act 2006. Our audll work has been undertaken so that w& might stale to the Charity's members thos8 matters we are required lo Slate lo them in an auditor's report and for no other purpose. To th8 fullest exlenl permitted by law, we do not accept or assume responsibillty to anyone other than the Charity's members as a body, lor our audlt work, for Ihts report, or for the opinions we have Iofmed. Robert Kirtland Senior Stslulory Audltor for and on behalf of Crilchleys Audit LLP Slalutory Auditor Oxford THE OXFORD SCHOOL OF DRAMA TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncluding Incomo and Expendlture Account) FOR THE YEAR ENDED 31 AUGUST 2020 Total Funds 2020 Total Funds 2019 Unr•strlctod Restrlctod Funds Funds Note INCOME FROM: Donatfons and Legacles 45.126 45.126 56.772 Charitsble actlvltl88 Drama School 1,259,518 1.259.518 930.201 Invostments - interest receivable Totsl Income EXPENDITURE ON; Charltable a¢tlvltle•: Drama School 05 61 Totsl •xp•ndlture 1 107870 LQLL66 Net Incom•l(•xpendltur•l 153,666 124.9331 128,733 172.5471 Transfets between funds 15 Not mov•rnenl on fund• 171,416 142.683) 128,733 172,5471 Ro¢onclllatlon ol fundB; Totsl funds brought forward 952590 JLZ LLI llL2684 Total funds carrlod forward 10 THE OXFORD SCHOOL OF DRAMA TRUST STATEMENT OF FINANCIAL ACTIVITie8 Ilncluding Income and Expenditure A¢¢ounti FOR THE YEAR ENDED 31 AUGUST 2019 {Gomparallvesl Total Funds 2019 Unrestrlcted Ra$tri¢lod Funds Ftsnd$ Notg INCOME FROM.. Donations and Legacies 56,772 56.772 Charltablo actlvities Orama School 930.201 930,201 Investm•nts - inleresl recelvable Totsl Incomo EXPENDITURE ON: Charltablo activltie8.' Drama School Total •xpendlture 57 N•t •xpendltur• 172.1861 3611 172.5471 Transfers between fvnds 15 092 N•1 movement on funds 174,2781 1,731 172.5471 Roconclllatlon of fund8: Total funds brought forward 8 14581 Total funds ¢arrl•d forward THE OXFORD SCHOOL OF DRAMA TRUST (company no: 36388421 BALANCE SHEETS AS AT 31 AUGUST 2020 Group Trust Group & Trust 2019 2020 2020 FIXEO ASSErs Intangible assets Invgslments Tan9ible assets 389,488 500,000 681,616 789,810 303,852 CURRENT AsseTS Debtors Cash al bank and in hand 17,4S1 42,957 224,456 10 1,298,e56 1,218,828 1,400,215 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR NET CURRENT AsseT8 607,254 567,132 796,285 CREDITORS.. AMOUNTS FALUNG DUE A￿ER ONE YEAR 12 NET ASSETS Ja2a,87Q -uoo.12z Fund•: Unrestricted fund8'. General lund$ Oesignaled ￿ndS 838,224 285,782 906.296 285,782 654,028 298,584 14 Restricted funds 15 Th060 accounts wero apprpved and authorl8ed for i8¥u• by the Trustees on 18 March 2021 P WLSON-SMITH ITRUSTEEI 12 THE OXFORD SCHOOL OF DRAMA TRUST STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 Group Trust Group & Trust 2019 2020 2020 Not cash lusod Inllprovlded by operatlng actlvllies 123,868 369,573 12CKI.1631 Cash Ilows from Inv8stlng actlvltloj Purchase of tangible fixed assets Cash acquired with subsidiary Purchase of subsidiary 111.6911 501,205 360 000 {9,461) 12,3361 000 Cash generatod byl{u8•d Inl investlng actlvStl•s 129,514 1369,4611 (2.3361 IDecroasellln¢roaso In cash and cJ¥h equival•nts in the y•ar Cash and Gash equlvalents at the beglnnlng of the year Cash and cash equlvalent8 at the •nd ol tho yoar 105.646 112 1202.4991 75 175 LLL59 1378 258 Cash pwovldgd by oyratlng actlvltle•: Nel movement in fijnds Depreciation Amortisalion Decreaselllncrease} in debtors Increaselldecreasel in creditors 128.733 23,913 43,276 185,962 196,805 23,503 172,547) 25.152 181.499 (186.531) 234 Net cash {u••d Inllprovlded by operatlng actlvltl•s Cash and cash equlval•nts con•lst of.. Cash in hand Notice deposits (less than 1 yearl 1,192,428 1.088.714 1.089,124 13 THE OXFORD SCH¢)OL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES Ggnoral Informati¢)n This Company is a Charitable Company Limited by guarantee incorporated in United Kingdom. Oxford School of Drama Trust is a public benefit entity. operating from Sansomes Farm Sludi08. Woodstock, Oxford, OX20 1 ER. bl Basls of proparatlon The accounts have been prepared under the historical cost ¢onvenlion and in aGGordance wtth the Charities (Accounts and Reports) Regulations and Statement of Recommended Practice "Accounting and Reporting by Charities. IFRS 1021 and the Companies Act 2006. These financial statements have been prepared in accordance with Financial Rèporting Standard 102 'The financial R6porting Standard appIl￿ble in the UK and Rewblic of Ireland. There are no uncertainties about the charity's ability lo contlnue a$ a going concern. The consolidated accounts included the result of the Trust and ts subsldiary The Oxford School of Drama Limited from the dale of acquisition. No parent Company Slalement of Financial Activilyès is presented as permilled by $408 of the Companies Ad 2006. The net movement in funds attributsble to the pa￿nI company is £196,80512019'. £172,547>). Incom• Incom8 IncliJd8s fees for courses organised by the Trust, as50cialed fees. and deposit interest. Income is included in the income and expenditure account in the year lo which the incorne relate8. Inmme recelved In the year relating to lem$ starting after the year end is deferred and included as income In the 8ccounts covering the perth to which it relates. dl Exp•ndlturo Exp8nditure Is ￿cognISed when a liabllliy is InCur￿d. Charitable actlvilies include expenditure associated w￿h the njnning of tho courses provided, Th+5 includes both the direct costs and support costs relating lo this arlivity, Governance costs include those incurred in the govemance of the charity and Ils assets and are primarily associated wlth conslttulional and slalulory requirements. Support costs includ8 central fvn¢lv)n. All of these have been allocoted lo the principal aclivrty of the chanty. 14 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED) Funds 8tructur• The charity has a number of restricted income funds to account for situalions where a donor requires that a donation musl be spent on a particular pu￿)Se or where funds have been raised for a specific purpose. All other fvnds are unrestricted income funds. The Trustees have Sel up the designated funds for the purpose of hjnding a new theatre, the libraryloffic& development and bam development Inlanglbl& a$••t$ and amoritsallon Intangible assets ar8 oryinally recognised as the value of goodwill upon their purchase. Amortlsalion is provtrjed lo write off the goodwlll over ils expected useful economlc Ilfe of 10 years. gl Flx•d A¥•et Inv••tm•nts Inv831menls are held at ¢ost less any impalrment in value. h) Tangible flxfrd a8••t8 and d•pro¢lallon Depreciation is provided to write off the cosl of tanglble fi'xed assets over Ihelr expected useful lives at the following rates. Office equipment Leasehold improvements 2511/0 Length of lease Oporatlng l•a•oJJ Rentals due under op8ratlng leases are charged lo the Statement of Financlal AclSvilies on an accruals basi5. J) P•nglon Co•ts The charity operates a defined conlrlbutKM penslon scheme. Contributlons are recognised as an expense when they fall due. C4•h and cash oqulvalents Cash and cash equivalents inc#Jdes notice accounts with a maturity of lèss than one year. INCOME- OPERATION OF DRAMA SCHOOL Trust Llmltsd 2020 2019 Course fees Less.. bursaries awarded Audrtion fees Box office sales Student transport COVID-19 Business Support Grant Other income 830,640 117,7501 27.025 323,000 1,153.640 {17.750) 36.212 816,700 9.187 41,099 14,236 26,909 21,633 25,000 13.720 35,353 25,000 15 THE OXFORO SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 {CONTINUEDI CHARITA8LE ACTIVITIES Trust Llmltod 2020 2019 Tru81 Activity: Opgration of drama school Staff Depreciation Amortisalion Dired Costs Support Costs 249,635 23.503 43.276 439,756 1,276 409 339.911 23.912 43.276 515.608 360,302 25,152 75.852 500.702 SUPPORT COSTS TruBt Llmlted 2020 2019 Legal and other f&8s 6,225 Finan¢ 1.847 General office 24,614 Premises 135,189 Govemance costs - auditors. remuneration ￿1￿7 8,464 600 1,931 68.613 14.689 2,447 26,547 203,802 22,016 2,338 28,303 118,085 In addrtion the auditors received £2,43112019: £7,484} for other services prOV￿ed to the Trust. STAFF COSTS (EXCLUDING TUTORS) 2020 2019 Salaries and wages Employers national insurance Pension costs 295,299 27.701 310,072 32,358 87 The average number of employees during the year was 812019.. 71. 2020 2019 No Number of higher paid employees in bands ofr. £60,001- £70.000 £70,001- £80,000 £80,001- £90.000 The charity's key management personnel remuneration In the year lin¢luding employerfs national insurance and pension costs) was £149,935 {2019.. £224,856). 16 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED) INTANGIBLE ASSETS Goodwlll on consolldation C05t orvaluatlon At I September 2020 Arlsing on acquistion In the veèr Inote 71 Disposals 432,764 At 31 AuBust 2020 Amortlsatlon At I September 2019 Provided in year Disposals 43,276 At 31 August 2020 Net book amount At 31 August 2020 At 31 August 2019 1000h of shares in Oxford School of Drama Limlted IOSDI were puT¢hased on 13 September 2019 for £360,000 in cash and deferred consideration of £140,000 The goodwill was calculated as ¢onslderation1£500,000118$s net assets of OSD at the dale of acquisition. Net Ais•ts at tho dato of acqulslllon Tangible Assets Debtors Cash 81 Bank Creditors 498 178,230 501,205 17 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 (CONTINUED) INVESTMENTS Sharo$ In subsldiary und•rtaking At 1 September 2019 Additions Disposals 500,000 At 31 August 2020 The Oxford Schoo5 of Drama Limited IOSDI is a wholly owned subsldlary (company number.. 19734521. OSO'S registered office Is.. Beaver House 23-38 Hythe Bridge Street Oxft)rd OX12EP OSD undertakes the Foundation Course for The Oxford School of Drama Trust. A summary of ils trading results and nel assets for the year is shown below. 2020 Proflt and1088 account Tumover Cost of sales 345.907 Gross profil Administrative expenses Other Interest recèivable and slmilar incom& Taxatbn 233,304 1159,4461 572 Nel Income for the year Balanc• Sho01 Fixed assets Current assets Current liabilities 2,318 110,955 Net assets All income and expenditure for the subsljiary during the year is included wllhln the consolldaled stslement of financial aclivilies. u<25 % Q