2022-08-31-accounts - The Oxford School Of Drama Trust

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THE OXFORD SCHOOL OF DRAMA TRUST ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 INDEX Page 1-5 Group Trustees, report Independent auditors, report Consolidated Slalemenl of financial activities Balance sheet Statement of Cashflows Notes lo the accounts Income and expendilijre account 10-11 13 14-24 25 Company No. 3638842 Registered Charity No. 1072770

THE OXFORD SCHOOL OF DRAMA TRUST GROUP TRUSTEES, REPORT This is the Twenty-third report of The Oxford School of Drama Trustees and covers the Iwelve months lo 31 August 2022. REFERENCE AND ADMINISTRATIVE DETAILS Company number 3638842 Charity number 1072770 Registered Officè Beaver House, 23-38 Hythe Bridge Street, Oxford OX1 2EP. Bankers National Westminster Bank PLC. Oxford Audltors Critchleys Audit LLP, Beaver House, 23-38 Hylhe Bridge Street, Oxford, OX12EP Princlpal addres$ Sansomes Farm Studios, Woodstock. Oxford, OX20 1 ER TrusteeslDirectors The Iruslees of the Charity are also the company's directors for the purposes of the Companies Act. The Trustees, who served throughout the year unless otherwise slated, We.. N Macaluso A Millman B A Cessay {resigned 7 April 20221 E Fuller D Lincoln (resigned 5 Dember 2022) S Stephens F Feehan T Baldwin A Byam C A Bradley F Murray-Fuenles M Neild Principal Edward Hicks

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 current sl8tulory requirements and the Trust's governing document. The Trustees have the power to appoint additional people as Trustee bul any Trustees suGh appointed shall only hold office until the following Annual General Meeting, where they can seek re-election. New Trustees are provided with a comprehensive pack of irrformatlon about The Oxford School of Drama Trust, the content of which conforms lo the recommendations of The Charity Commissign. This includes.. Charity Commission booklet CC3 The Essential Trustee.. What YOL¢ need to know,. information on the responsibilities of Trustees.. memorandum and articles of association,. accounts for last three years incorporating Trustees, reports., minutes of last three board meetings,. brief history of Ihe School and chronology of significant events,. organisalional charl,. CLJrrenl school prospectus," schedule of dates for further meetings,. biographies of Trustees and dales of appoinlmenl., details of conlraclual obligations,- summary of Trust's insurance policies including trustees, liability insurance., details of any litigation presently being undertaken either by or against the Trust,. details of charity's professional advisers, including solicitors, bankers, external auditors., policy documents, including Risk Management information, Health and Safely Policy, Equal Opportunities Policy, Disability Equality Policy. Safeguarding Policy, Data Policy, Environmental Policy. ICT Policy, Disciplinary Policy. Grievance Policy. The Trustees a in overall control of the Trust and consider slralegi¢ issues. Day to day management of the Trust is delegated lo the Principal. Key Management Personnèl Remuneratlon The pay and remuneration of the charity's key management personnel is re-evaluated annually. Every 3-5 years the Trustees undertake a comparative analysis of the pay and remunefation of the key management personnel in similar organisations as a benchmark. OBJECTIVES AND ACTIVITIES The Oxford School of Drama Trust was founded in 1998 as a Company Limited by Guaranloe and a registered charity to train students for the acting profession. The School's strategy is lo offer an education, as well as vocational training, to students from a wide range of social and educational backgrounds. For this reason il has a policy of limiting the intake of students lo the School lo ensure 3 high and constant level of support, both during and 2fler training. The lolal intake in September 2021 was 38 students. The Trust has commilled and highly qualified leaching and adminislralive staff. The School employs six full-lime and two part-lime staff and has up lo thirty freelance tutors. The School is deemed Grade 1 'oulslanding' by Ofsled and 'exemplary by Trinity College London. The Trust provides the followng courses.. One Year Diploma in Acting Course Three Year Diploma in Acting course

THE OXFORD SCHOOL OF DRAMA TRUST GROUP TRUSTEES. REPORT ICONTINUEDI Public Benefit The Trustees have complied with the duly in section 1715) of the Charities Act 2011 to have due regard lo public benefit guidance published by the Charity Comfflission. The School aim is lo ensure that ils courses are open lo all regardless of their background Ihrough ils participation in the Government's Dance and Drama Awards IDaDAI Scheme. The Scheme enables talented students lo access financial assistance lo attend courses al the School, provided that they are under the age of 24 and from householés with a gross income of less than £90,000. The amount of financial assistance students receive depends on their household income. Those in greatest need Iwilh a household income of less than £21,000} pay nothing towards their course fees and can access a grant to help with their living costs. Those whose household income is £85,000 - £90,000 pay £7,175 for their Gourse fees, a reduction of £8,500 on the published rate. There is a sliding scale of support for students between these two income figures. Students aged over 18 years who have some fees lo pay for their course can also access an Advanced Learning Loan of up lo £7,395 towards the course fees. The school also slashed it's audition fees lo help remove financial barriers experienced by some applicants and increased the available audition waivefs. In addition lo these schemes the School has ils own Bursaries for students and a Hardship Fund for those students experiencing financi81 difficulties. The school outreach work was seriously unéermined by Covid in recent years and some outreach work remained online but we were able to run workshops and Q&A's both online and in person in the form of workshops targeted al under-represented gfOUPS. This work is undertaken in partnership with staff, students and graduate actors. 11 included live sessions that ranged from, the FDS Training Fair (Leeds) 500+ to NYT- Playing Up ILonéonl 50+ Several smaller aclivilies were also organised both online and in person in the form of presentations al schools and colleges, careers events, Drama groups, open days and workshops for those interested in drama training. We also expanded our partnership with the National Saturday club offering free weekly drama classes lo local childTen from low income familie5. Then as part of a lour lo local schools we offered workshops on Shakespeare. Public performances took place al venues including The North Wall (Oxford), The New Diorama {London}, Soulhwark Playhouse (Londonl, Leicester Square Theatre ILondonl, the local Oxfordshire community and a number of outdoor location5. Vve played to a total public audience of 2,800. ACHIEVEMENTS AND PERFORMANCE The graduates from the School have continued lo have a successful year despite the knock on effec15 of Covid. Working for a range of companies, theatre credits include the Gielgud Theatre (Wesl End),The Globe (London), The King's Head (London), Sl Martin's (West Endl, Duke of York (Wesl Endl, The National Theatre, and The RSC amongst others. On the small screen they could be seen as regular or lead characters in Nelflick's Bridgerton, Sex Education, Shadow and Bone, Umbrella Factory, The Witcher.. Blood Origin,. BBC'S Call the Midwife, Casually, Killing Eve., ITV'S Granlchester, Emmerdale, No Return,. Sky's 8rilannia, Frayed, Temple, Wolfe,. HBO'S Gangs of London, Landscapers. In Film Infinite, Living, Seize Them, The Electrical Life of Louis Wain. Students and graduates winning or nominated for awards this year include.. Freddy Carler selected as one of Decider's 11 Rising Stars lo Watch For in 2022 Nicola Coughlan wins IFTA Rising Star Award Clare Foy wins Ernmy for best guest actress in a drama series Maimuna Memon wins The Stage Edinburgh Award Aimee Lou Wood wins BAFTA for best female comedy performance and wins the lan Chadeson award Luca Kamleh Chapman (Third year} is cast in a Royal Court production before graduating. Kieran Andrew and Bethany O, Halloran {Ihird ye2r sludenlsl finalists in BBC Carlelon Hobbs Award Vicky Wyanl (Third Year student) finalist in the Student Spollighl awards

THE OXFORD SCHOOL OF DRAMA TRUST GROUP TRUSTEES, REPORT (CONTINUED) A¢tivitigS The School's Sludenl Hardship Fund continued to support those in financial drficully. The number of students needing support continues to increase. During the Autumn term and Spring term twenty seven awards were made lotalling £7,700. The School's New Initiatives Fund supports graduates in creating new work, forming industry partnerships and presenting their work lo an audience both nationally and internnalionally. The School invites applications lo the Fund from recent graduates with some experience in the industry. The award was suspended during Covid and as it makes awards from the Fund every other year il did not run this year. Plans for the future Much of this year has involved the development of a new Five year plan and following the appointment of a Head of Acting the conlinualion of an in-depth review of the curriculum. Changes that were implemented over the year were focussed around Diversifying, Safety, IhÈ Sludenl Experience and Curriculum. This included the appointment of new Iruslees, the appointment of new co-chairs, the creation of various new subcomillees, a new sludenl support service, the updating of various policies, the appointment of new leaching staff (including an emphasis on developing new lulors of colourl. the creation of new online short courses, increasing the number of performance opportunities and refreshing elements of the curriculum. Moving forward it's hoped other areas will begin lo be addressed around fundraising, further improved sludenl support, improved communication for staff and students, building awareness, expanding outreach ané short courses, and making the school mofe accessible to more people regardless of background. Through this work the school can build on its repualion by selling new priorities that allow the Trust to continue lo provide an outstanding training for a small number of students from diverse backgrounds. FINANCIAL REVIEW The charity achieved a surplus of £70,521 on unreslricled funds in the year. As in previous years the majority of the income came from course fees. £70,521 is £85,771 Idelailed pagel less £15,250 transfer from reslricled for bursairies. Roserves As al 31 August 2022, the charity's total funds were £1,419,937 of which, £44,643 was represented by reslricled funds and £253,298 by designated funds (equal lo the nel book value of the charity's leasehold buildings). leaving a balance of £1,121,996 on general funds. The Trustees consider that reserves ideally need to be sufficient lo cover expenditure for a period of six months. This would equ8te lo approximately £500,000. As al 31 August 2022, after having designated funds lo represent the inveslmenl in the new Theatre and Libraryloffice Development and for the 8arn Development works, there was a balance of £1,121,996 on general funds. £500,000 of this was represented by the investment in Oxford School of Drama Limited leaving a balance of free reserves of £621,996.

THE OXFORD SCHOOL OF DRAMA TRUST TRUSTEES, REPORT ICONTINUEOI Risk Manag•m•nt Statamgllt The TTUSI maintains risk management and other polides as listed in the Annual Retufn. The Tiuslees consider the wincipal risks and uncertainties affecting the charity are.. Potentsal lulure changos in DADA (Dance and Drama Aw8rdsl and ALL IAdvan¢ed Learner Loan) funding arrang8ments', Recruitment and retention of good quality staff end lulors., Is$ues that may ham)'s the Charity reputation. The rfsk management policy has been expanded lo cover the areas of risk recommended by the Charlly Commission.. govern8n¢6 and management, operational. financial. environment and exlgrnal. law and rggulalion compllanco. In addition, 8peclfic policies cover ¢omplalnls handling and conflicts of interests, The Company keeps Tisk man8gemenl under Continual review, and conduc15 8 formal risk review onc& a year, which is discussed and approved by the Trustees. Major risks are revbewed and assessed. and control syslems are establSshed to rnanage thos8 risks. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees aw responsible lor preparing the Annual Rgpprt and the flnancial statements in accordance wKh applicable law and regulations. Company law requires the Iruslees tv prepare financial s¢&tements lor eaGh Ilnancial year. Under that18w tho Truslees have elected lo prepare the financial slalem6nts in accordance with Unlled Klngdom Generally Accepted Ac¢ounling Practice Iunlted Kingdom A¢counting Standards and applicabla 18wI. Under company law the Tru51ees must not approve the fvnan¢i81 statements unless thay are satisfied that they gNe a trug and fair view of the stale of affairs of ihB charity and of the incoming re50ur¢es and application of resources of the charity lor that pèriod. In preparing Ihgse financial slalemenls, the lluslees are requirèd lo.. select SLkilable aecounllng policies and then apply them consistentty- make judgemenls and aGcounts'ng eslim3les that are reasonablè and prudènl.. prepare the financial slalemgnts on the going concem basis unless it is inappropriate lo presum8 that Ihe company will continue in operation. The Iruslees are responsible for keeping adequole accounting records that are sufficient lo show and exp18in Ihts charity's transactions and disclose with reasonab18 accuracy al any lime the financi81 position of the company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the charity and hence for taking reasonable steps for the prevenlio)n and dele¢lion of fraud and other irregularllies. So far as the Trustees are aware, Ihere Is no relevant audit informatlon Ilnformalion needed by the company's audilors in connection with pwparing their rèport) ol whlch the company's audilois are unaware- and Each Truslea hay taken all the steps that he ought lo havo laken a5 a di18Ctor in order to make himself aware of eny relevant 8udit informatiorb and to eslablish th81 the ¢ompany'5 au(Jilors are aware of that infomiation. This report has bèen prepared in accordance with the Small Companies Reglme und8r Section 419121 of the Comp8ni6s Act 2006. o¥ 2022 Thi5 report was appfts d by theTrvsleg5 on......... rusleel

INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE OXFORD SCHOOL OF DRAMA TRUST Opinion We have audited the financial slalemenls of The Oxford School of Drama Trust Ilhe °Charily I for the year ended 31 August 2022 which comprise the Consolidated Statement of Financial Activities, Balance Sheets, the Slalemenls of Cash Flows, and notes lo the financi21 slalemenls, including a summary of significant accounting policies. The financial reporting framework th21 has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slalements.. give a true and fair view of the slate of the group and Charity's affairs as al 31 August 2022 and of the group's income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordan with International Standards on Auditing (UK) IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have oblair¢ed is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to going Goncern 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 slalements is appropriate. Based on the work we have performed, we have not idenltfied any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Trust'5 ability lo continue as a going concern for a period of at least e1Ve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OXFORD SCHOOL OF DRAMA TRUST (CONTINUED) Other inforniation The Iruslees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial s18lemenls does not cover the other information and, except lo the exlenl otherwise explicitly staled in our report. we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financ]21 statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsislellcies or apparent material misslalemenls, we are required to determine wttelher there is a material misstatement in the financial slalemenls or a material misslalemenl of the other information. If, based on the work we have performed, we conclude that there is a materi81 misslalemenl of Ihls other information, we are required lo report that fact. Vve have nothing to report in this regard. Opinions on othgr matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report lincorporaling the dlreclors, report) for the financial year for which the financial slalemenls are prepared is consistent with the financial slalemenls., and the trustees, report lincorporaling the directors, report) have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and ils environment obtained in the course of the audit, we have not identrfieé material misstalemenls in the trugtees, report. Vve have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us lo report lo you rf, in our opinion.. sufficient accounting records have not been kept., the financial slalemenls are not in agreement with the accounting records and return5,' Gerlain disclosures of trustees, remuneration specified by law are not made,. or we have not obtained a11 the information and explanations necessary for the purposes of our audrt. the trustees were not enlilled lo lake advantage of the small companies, exemptions in prep8ring the diiectors, report and from the requirement lo prepare a strategic report. Responslbilities of the trustees As explained more fully in the trustees, responsibilities statement Isel out on page Sl, the Iruslees are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary lo enable the preparation of financial statements that are free from malerial misstalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the Charity's ability to continue as a going concern. disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Iru51ees either intend lo liquidate the Charity or lo cease operations, or have no realistic allernalive but lo do so.

INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OXFORD SCHOOL OF DRAMA TRUST (CONTINUED) Auditor's rosponsibilitias for the audit of tha finanelal staternents Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due lo fraud or error, and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstalemenl when il exists. hAisslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could asOnablY be expecleé lo influence the economic decisions of users taken on the basi5 of these finanGial slatemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. Vve design procedures in line with our responsibilities, outlined above, lo delecl material misstalemenls in respect of irregularities. including fraud. The exlenl lo which our prodUreS are capable of detecting irregularities, including fraud, is detailed below= the engagement partner ensured that the engagement team collectively had the appropriate competence, capabililies and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the company through discussions with directors and other management. and from our knowledge and experience.. we focused on specffic laws and regulations which we considered may have a direct material effect on the financial gtalemenls or the operations of the company. we assessed the extent of compliance with the laws and regulations idenlrfied above through making enquiries of management and inspecting legal correspondence where applicable-, and identified laws and regulations We communicated within the audit team regularly and the team remained alert lo instances of llon-compliance throughout the audit. We assessed the susceplibilily of the company's financial statements to material misslalemenl, including obtaining an undefslanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility lo fraud, their knoedge of actual, suspected and alleged fraLJd', and considering the internal controls in place to miligale risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls. we.. performeé analytical procedure5 10 identify any unusual or unexpected relationships-, tested journal entries to idenlfy unusual Iransaclions., assessed whether judgements and assumptions made in determining the accounting eslimales were indicative of potential bias., and

INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OXFORD SCHOOL OF DRAMA TRUST {CONTINUED) investigated the rationale behind significant or unusual transactions. In response to the risk of irregulafilies and non-compliance wlh laws and regulations, we designed procedures which included, bul were not limited to.. agreeing financial statement disclosures lo undeflying supporting documenl81ion', reading the minutes of meetlngs of those charged with governance,. enquiring of rnanagemenl as to actual and potential liligalion ané claims-, reviewing relevant correspondenc8. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. ALJdiling standards also limit the audit procedures required lo identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence. if any. Material mis51alemenls that arise due lo fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 21.. wNw.frc.org.uklaudilorsresponsibililies. This description forms parl of our auditor's report. Use of our report This report is made solely to the Charity'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 slate lo the Ch8rily's members those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the Charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Robert Kirlland Senior Slalutory Atjditor for and on behalf of Crilchleys Audit LLP Stalulory Auditor Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP flr17cvY

10 THE OXFORD SCHOOL OF DRAMA TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditur& Account) FOR THE YEAR ENDED 31 AUGUST 2022 Total Funds 2022 Totsl Funds 2021 Unrestricted Restricted Funds Funds Note INCOME FROM: Donations and Legacies 48,250 48,250 51,329 Charitable actlvities Drama School 1,370,885 1.370,885 1,300,114 Invgstm•nts- interest receivable 655 655 500 Total income 1371540 250 1419790 1351943 EXPENDITURE ON; Charitable activities: Drama School 1368 432 63976 1432408 1310314 Totsl expenditure 1368 432 63 76 1426613 1310314 Net incomelloxpendlturel 3,108 115,7261 112.6181 41,629 Transfers between funds 15 Ngt rnovement on funds 18,358 130,9761 112,6181 41,629 Reconciliation of funds: Total funds brought forward 1 194880 75 619 1 270 499 1228 870 Total funds carried forward 57..aai 99

THE OXFORD SCHOOL OF DRAMA TRUST STATEMENT OF FINANCIAL ACTIVITIES Ilncluding Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2021 (comparatives) Total Funds 2021 Unrestrlcted Rgstricted Funds Funds Notg INCOME FROM: Donations and Legacies 51,329 51,329 Charitsblg activitles Drama School 1,300,114 1,300,114 Investments- interest receivable 500 500 Total incomè 1300614 1 351 943 EXPENDITURE ON. Charitabl8 actlvlties: Drama School 1251 740 1 310314 Total expgnditure 1251 740 1 310314 Net expenditura 48,874 {7,245) 41,629 Transfers between funds 15 Net movement on funds 70,874 129,2451 41.629 Réconclliation of funds., Total funds brought forward 1 124006 1228 870 Total funds carried forward

12 ThE OXFORO SCHOOL OF DRAMA TRUST (company no.. 36388421 BALANCE SHEETS AS AT 31 AUGUST 2022 Group 2022 Trusl 2022 Group 2021 Trust 2021 Noto FIXED ASSETS InlÈngible assets Inv6slmenls 302,935 346,212 500,000 500.000 280 639 Tangible assèts 263 220 566.155 758.073 632.993 780.639 CURRENT ASSETS Oeblors Cash al bank and in hand 52,863 203,436 1258 737 45.591 67,332 1591 588 JJIL10 10 1.532,629 1,462,173 1.636,997 1,270.160 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 840 903 800 309 939 673 NET CURRENT ASSETS 691,726 661,864 697,506 650,297 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 12 NET ASSETS Fund$: Unrestricted funds.. General funds Designated funds 959,940 253,298 1,121,996 253,298 920.474 274,406 1.020,911 274.406 14 Restricted funds Th8s8 ac¢ount approved and 8vlhorised for issue by the Trustees on ILD ITRUSTEE)

13 THE OXFORD SCHOOL OF DRAMA TRUST STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 Group 2022 Trust 2022 Group 2021 Trust 2021 Not cash (used inllprovided by opgrating aetivities (50,6021 116,947 348,627 60,792 Cash flows from Investing actlvltlas Purchase of tangible fixed assets Purchase of subsidiary 11,2201 11.2201 {18,4441 113,6531 {60.000) {60,0001 120,0001 120,0001 Cash generated byllused Inl investing actlvlties {61,220} {61,220} 138,4441 133,6531 (Decreaselllncreasg in cash and cash equivalents in th• year Cash and cash equivalènts at the beginning of the year Cash and cash equivalents at the end of the year 1111,8221 55,727 310,183 27,139 1 591588 1203 010 1 281405 1 175871 Cash provided by operatlng actlvitlQS- Net movement in funds Depreciation Amortisation Ilncreaselldecrease in debtors Increaselldecreasel in creditors 112,6181 41,629 24,781 23,791 43,276 43,276 {7,2721 1136,104} 113,3011 98 698 180264 253 232 49,000 23,787 73,994 22.823 19,5351 Net cash (used inllprovided by operating actlvitles Cash and cash equlvalents con8lst of.. Cash in hand Notice deposits (less than 1 year) 1,391,955 1.170,926 1,503,947 1,115,369 87811 2QlQlQ

14 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Ggnoral Information 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 Studios, Woodstock, Oxford, OX20 1 ER. bl Basis of preparatlon The accounts have been prepared under the historical cost convention and in accordance with the Charities (Accounts and Reports) Regulations and Slalemenl of Recommended Pradice Accounting and Reporting by Charities {FRS 1021 and the Companies Act 2006. These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The financial Reporting Standard applicable in the UK and Republic of Ireland. There are no uncertainties about the charity's ability lo continue as a going concern. The consolidated accounts induded the result of the Trust and ils subsidiary The Oxford School of Drama Limited fTom the dale of acquisition. No parent company Slalemenl of Financial Activities is presented as pemiilled by s408 of the Companies Act 2006. The nel movement in funds allributable to the parent company is £54,79612021.' £73,994}. Incomg Income includes fees for courses organised by the Trust, associated fees, and deposit intere51. Income is included in the income and expenditure account in the year lo which the income relates. Income re¢eived in Ihe year relating lo terms starling after the year end is deferred and included as income in the accounts covering the period to which it relates. d) Expenditure Expenditure is recognised when a liabllity is incurred. Charitable activities include expendilure associated with the running of the courses provided. This includes both the direct costs and support costs relating lo this activity. Governance costs include those incurred in the governance of the charity and ils assets and are primarily associated with conslitulional and slatulory requirements. Support costs include ntral function. All of these have been allocated to the principal activity of the charity.

THE OXFORO SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 (CONTINUED} Fund8 Structuro The charity has a number of reslricled income funds to account for situations where a donor reqUIS that a donation musl be spent on a particular puipose or where funds have been raised for a specific purpose. All other funds are unreslricled income funds. The Trustees have sel up the designated funds for the purpose of funding a new theatre, the libraryloffice development and barn development works. Intangiblè assets and amortisation Intangible assets are originally recognised as the value of goodwill upon their purchase. Amortisation is provided lo write off the goodwill over its expected useful economic life of 10 years. gl Flxgd Asset Investments Investmenls are held al cost less any impairment in value. h) Tangiblg fixèd assets and depreciation Depreciation is provided to write off the cost of tangible fixed assets over their expected useful lives al the following rates. Office equipment Leasehold improvements 25Q Length of lease Operating leases Rentals due under operating leases are charged lo the Statement of Financial Activities on an accruals bas1S. i) Penslon Cost$ The charity operates a defined contribution pension scheme. Contributions are recognised as an expense when they fall due. k) Cash and cash oquivalgnts Cash and cash equivalents incudes notice accounts with a malurity of less than one year. INCOME- OPERATION OF DRAMA SCHOOL Trust Limited 2022 2021 Course fees Less., bursaries awarded Audition fees Box office sales Siudenl transport Other income 944,935 115,250) 15,669 9,660 26,135 351,500 18,7501 4,703 1,2g6,435 {24,0001 20,372 9,660 42,273 1,232,795 {22,0001 27,760 10,943 20,785 26 631 16,138 16

THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 {CONTINUEDI CHARITABLE ACTIVITIES Trust Limited 2022 2021 A¢tlvSty: Operation of drama school Staff Depreciation Amortisalion Direct Costs 291.447 23,787 43,276 526,364 104,002 994 395,449 24,781 43,276 649,322 356,750 23,791 43,276 636,132 122,958 Support Costs 221 341 250 365 SUPPORT COSTS Trust Limitgd 2022 2021 Legal and other fees Finance General office Premises Governance costs- auditors, remuneratio 14,045 2,181 24,599 173,386 11,612 742 935 82,385 25.657 2,923 25,534 255,771 12,921 2,762 29,140 197,470 In addition the auditors received £2,691 (2021: £2,200) for other services. STAFF COSTS (EXCLUDING TUTORS) 2022 2021 Salaries and wages Employers national insurance Pension costs 345,864 33,175 314,396 30,917 The average number of employees during the year was 912021.- 81. 2022 No 2021 No Number of higher paid employees in bands of., £60,001 - £70,000 £70,001 - £80,000 The charity's key management personnel remuneration in the year (including employer's national insurance and pension costs) was £156,68412021.. £153,066).

17 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 (CONTINUED) INTANG18LE ASSETS Goodwill on consolidation Cost or valuation Al 1 September 2021 At 31 August 2022 Amortlsation Al 1 September 2021 Provided in year Disposals 86,5S2 43,276 Al 31 August 2022 Net l)ook amount Al 31 August 2022 At 31 August 2021 1000A of shares in Oxford School of Drama Limited IOSDI were purchased on 13 September 2019 for £360,000 in cash and deferred consideration of £140,000. The goodwill was calculated as consideration1£500,000} less nel assets of OSD at the date of acquisition.

18 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 {CONTINUEDI INVESTMENTS Shares in subsidiary undertaking Al 1 Seplernber 2021 Additions Disposals 500,000 Al 31 August 2022 The Oxford School of Drama Limited (OSD) is a wholly owned subsidiary (company number.. 19734521. OSD'S registered ofFiee is.. Beaver House 23_38 Hylhe Bridge Street Oxford OX12EP OSD undertook the foundation course for Oxford School of Drama during the year ended 31 August 2022. A summary of ils trading results and net assets for the year is shown below. 2022 2021 Profit and loss account Turnover Cost of sales 365,072 124 879 343,795 119 411} Gross profil Administrative expenses Other interest receivable and similar income Taxation 240,193 1197.1591 114 224,384 1163,2551 29 Nel income for the year ..3..92 Balance Sheet Fixed assets Current assets Current liabilities 5,147 226,216 6,141 403,384 Nel assets All income and expenditure for the subsidiary during the year is induded within the consolidated 51alement of financial activities.

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20 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDEO 31 AUGUST 2022 ICONTINUEDI DEBTORS Group 2022 Trust 2022 Group 2021 Trust 2021 Trade debtors Prepayments and accrued income Amounts owed by group undertakings Other Debtors 23,755 27,296 20,380 27,2g6 155,760 14,839 30,752 14,839 15,947 36,546 203 10 CASH AT BANK ANO IN HAND Group 2022 Trust 2022 Group 2021 Trust 2021 Current Account Deposits & Cash 127,029 1 352 737 108.966 1 149 771 143,880 120,540 1447 708 1 082 470 11 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2022 Trust 2022 Group 2021 Trust 2021 Trade creditors Other creditors Other laxalion and social security Accruals and deferred income Deferred Consideration 13,363 105,704 10,625 651,211 7.811 101,600 10,625 620,273 44,413 137,119 76,095 622,046 28,553 137,119 11,387 382,986 40 Q9 93W3 12 CREDITORS.. AMOUNTS FALLING DUE AFTER ONE YEAR Group 2022 Trust 2022 Group 2021 Trust 2021 Deferred Consideration 13 DEFERRED INCOME Group 2022 Trust 2022 Group 2021 Trust 2021 Balance as at 1 September 2021 Amount released lo income Amount deferred in year 568,910 {568,910) 337,126 400.941 375,441 1337,1261 {400,9411 1375,4411 577219 568 910 337 126 Balance as at 31 August 2022 12 Deferred income comprises income in advance for the following year's fees.

21 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 ICONTINUEDI 14 DESIGNATED FUNDS Leasehold improvement$ Total Group A5 al 1 September 2020 Nel expenditure Transfer from general funds 285,782 {19,9841 285,782 119,9841 As al 1 September 2021 Nel expenditure Transfer from general funds 274,406 121,108} 274,406 (21,108} As al 31 August 2022 Leasehold Improvements Total Trust As al 1 September 2020 Nel expenditure Transfer from general funds 285,782 119,9841 285,782 (19,9841 As al 1 September 2021 Nel expenditure Transfer from general funds 247,406 (21,1081 247,406 (21,1081 As al 31 August 2022 This represents the nel book value of the leasehold Improvements capilalised as fixed assets in the Trust.

22 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 (CONTINUED) 15 RESTRICTED FUNDS Current year Asat Septembor Income Expendlture 2021 Asat August 2022 Transfer Slud8nt Hardship Burs3ries Mh8iri Amstrong Bursary Fund A.L.L Bursarfes Garfield Weston Foundation 68,187 2,383 15,340 {21.9621 600 62,165 2,383 110,2011 32,910 {42,0141 {6001 119,9051 Total Previous year Asat September Income Expandlture 2020 Asat August 2021 Transfer Slud8nl Hardshlp Bursaries Mhairi Arrnstrong Bursary Fund A.L.L Bursaries Garfield Weston Foundation 64,628 7,253 13,707 19,5021 14,8701 {6461 68,187 2,383 {4.267) 37,622 {44,2021 646 {10,2011 Totsl Mhairi Armstrong Bursary fund is monies received to be used for sludenl hardship. The Hardship Fund is monies received lo be used for sludenl hardship. Advanced Learner Loans Loans. Bursary funds available lo those students who have Advanced Learner The Garfield Weston Foundation fund is for talented students facing substantial financial hardship. 16 MEMBERS, LIABILITY The Trust is limited by guarantee and does not have a share capitsl. The members have undertaken lo contribute a sum, not exceeding £1 each, lo the assets of the trusl in the event of il being wound up.

23 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 {CONTINUEDI 17 ANALYSIS OF FUNDS BALANCES BETWEEN THE NET ASSETS Current year Designated Ggneral Restrlcted Total 2022 Group Fixed assets Nel current assets CreditOTS.' amounts due over 1 year 253,298 312,857 647,083 566,155 691,726 44,643 Total Trust Fixed asse15 Nel current assets Creditors,. amounts due over 1 year 253,298 504,775 617,221 758,073 661,864 44,643 Total Prloryear Designatad Gengral Restrlcted Total 2021 Group Fixed assets Nel current asset$ Creditors.. amounts due over 1 year 274,406 358,587 621,887 632,993 697,506 75,619 Total Deslgnaled General Restrlcted Total 2021 Trust Fixed assets Nel current assets cditOrs.. amounts due over 1 year 274,406 506,233 574,678 780,639 650,297 75,619 Total 18 TRANSACTIONS TH RELATED PARTIES During the year ended 31 August 2020, the Trust purchased Oxford School of Drama Limited IOSDI. This was a related parly transaction as one of the Trust's previous Trustees IP Wilson-Smilh} was one of the former shareholders. At Ihe year ended 31 August 2022, £60,000 12021.. £120,000) of the deferred consideration Iwilhin creditors) was owed lo P Wilson-smiih. P Wilson-smilh resigned a8 a Trustee of Oxford School of Drama Trust on 23 June 2021. As al 31 August 2022. OSD owed the Trust £155,76012021.. £36,546). No trustees received any remuneration or reimbursement of expenses in either year.

24 THE OXFORD SCHOOL OF DRAMA TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 {CONTINUEDI 19 COMMITMENTS UNDER OPERATING LEASES As al 31 Augu512022 the total of the future minimum le2se payments under non-cancellable operating leases is as follows.. 2022 2021 Land18ullding LandlBulldSng Not later than one year More than one year and less than five Over five years 194.608 390.759 179,121 537,363 Total 5.2fiZ Amounts paid in the year by the group under the leases lolalled £180,45412021.. £140,621).

25 THE OXFORD SCHOOL OF ORAMA TRUST DETAILED UNRESTRICTED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDEO 31 AUGUST 2022 2022 2021 INCOME Course fees Audition fees Box office sales Sludenl transport Gifi-aid donation from subsidiary Other income Interest received 944,935 15,669 9,660 26,135 57,335 24,684 541 905,395 20,661 10.943 12.135 45.000 29.185 471 1078 939 1 023 790 EXPENDITURE Charitable activities Tutors Audition costs Student travel Venue hire Production costs Film and TV luilion Production fflarkeling Staff costs Rent, rates and insurance Healing and lighting Marketing Staff training Staff travel Entertaining Repairs and maintenance Cleaning and housekeeping Bursary costs Subscription Bank charges Short course programmes Trinity college registration Depreciation Miscellaneous Offi costs Legal and professional Other accountancy fees Outreach costs General expenses Governance costs laudil & accountancy feel 215,352 16,560 53,349 13,940 86,799 173,204 27,537 46,729 30,260 86,854 1601 9,780 283,359 107,959 4,695 4,507 12.643 614 19 15,066 16,716 3,200 6,405 1,962 14,417 291,447 134,225 8,088 9,007 10,781 1,770 1,205 13,613 20,081 5,000 5,667 2,181 3,859 15,533 23,787 11,655 14,045 18,266 (1,2621 2,468 16,100 22,823 14,607 5,532 16,909 7,835 998 963 920 552 Net movement on unreslricled funds

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Critchleys Avdit LLP Beaver House 23-38 Hythe Bridge Street Oxford OXI 2EP Management letter to the Board of Trustees of Oxford School of Drama T 01865 261100 www.crii¢hleys.co.uk Year ended 31 August 2022 March 2023 Management Letter 2022 Page l i

CRITCHLEYS Contents Introduction.....-.........................--..........................-................................-................................... Purpose of the document....................................................................................................... Acknowledgements................................................................................................................... Limitations Execvtive Summary...............................--........................-....-...................................................... Further assistance....................................................................................................................... Audit StatUS................................................................................................................................. Areas of Audit Focus.-.............................-.........................-....-..................................................... Audit differences...............................-.........................-....-............................................................ Summary of adjusted differences from draft numbers provided by managetnent........... Summary of unadjusted differences in the final finar)cial statements for approval............ Potential Control Weaknesses.................................................................................................... New matters arising in this year . Proposed Letter of Repre5entation............................................................................................. Other audit matters.................................................................................................................... Detailed comments on the financial statetnents and audit opinion.................................... Qualitative aspects of accounting practices.......................................................................... Judgements made by management ....................................................................................... Related parties........................................................................................................................... Independence matters ........................................................................................................... io Non-audit services provided and long involvement.. Personal independence-. Seriou5 incident reporting...................................................................................................... io Current and future i5sue5 in the sector.....................................................................................ii .10 .10 Management Letter 2022 Page12

CRITCHLEYS Introduction Purpose OF the document In accordance wilh our normal praciice and the Iniernaiional Srandards on Audiiing (UK and Ireland) 260, we are writing to draw your attention to variou5 tnatters which arose during the course of our 3udit ol your financial siatemenis for the year ended 31 August 2022. Thi5 letter iDclude5 an executive 5umm&y oFthe key findg5 below which are supported by the detailed seciions Ihereafter. The purpose of Ihe audit is to enable us to express an opinion on the financial siatemenis. Our audil Included consideration of internal controls relevant to the prep31ation ol the financi315tatement5 in order to design audit procedures Ihar ar& appropriaie in Ihe ¢ircvmsian¢es, bul noi for Ihe purpose of expressing an opinion on ihe effectiveness of Internal controls_ The matrers reponed are Iimiied 10 Ihose deficiencies that the audiior has identified during the audit and that the auditor ha5 concluded are of sufficient importance to merit being reporied to Ihose charged with governance_ Our audit included obtaining Sufficient and appropriate avdit evidence to 5UPPOrt our opinion. We use a variety of audit techniques 10 obiain avdit evidence, Including tesis of design ol controls.. analytical review,. verification of specific transactions and balance5,' and third party verification. We a150 asse55ed the accounting principles Used and significant esiimates made by management. as well as evalvaiing Ihe overall financial statement presentation. Our avdii involved a risk-based approach and included an examination of evidence on a sample basis. Because of the sample nature and other inherent limitatlOD5 of an audit, together with the inherent limitatlOn5 of any accounting and internal control sysiem, Ihere Is an vnavoidable risk rhai someerrors and maierial misstaiements may remain undiscovered. Any error5 and irregularity identified have been included within this report. Acknowledgements We would a150 like to take this opportunity of expressing our thank5 to your staff for their 8SSi5t3nce during the Course of our audit and with the account5 preparation. A sub51aDtial atnount ol prep3rati¢n work was required in order to be Fully ready for the audit and we 3ppreci3te the efforts of the Sue Had13nd, David Hadland and Liz Wilson. Limitations ple35e note that this report has been prepared for the 501e use of Oxford Schoc>l of Dratna Trust and Oxford School of Drama Limited and It must not be disclosed 10 Ihird parties, qvoied or referred to, without our prior written conseTri_ No responsibility is assvmed by us to any other person or entity. Management Letter 2022 Page13

CRITCHLEYS Executive Summary We are ple35ed to attach our report and our key findings are summari5ed below. Audii report ovtcomes unmodified Page io. The number of audit adjustments identified and their impact. Page 6. The number of potential control weakDe55e5 identified and their significance. Page 8. Any other matters o15ignificance to be raised. Page io. Any Specific points Within the proposed letter of repiesentatlgn. Page io. Further assistance should Mernber5 01 the Board ol Trust5 or management W15h to ask any questions regarding the matters raised in thi5 letter or if we can be ol any further assistance. please cotTrtact Robert Kirtland. Robert Kirtland FCA Audit Partner Email RKI Teleohone 01865 261100 Web51te Find out more abour Robert Kirrland by warching his introductory video on www.critchle s.co.uk erts Robert Management Letter 2022 Page14

CRITCHLEYS Audit Status Our audit is 5ubstaDtially cotnplete. There have been no significant change5 toour audit plan, dated 7 January 2022. Areas of Audit Focus A5 detailed in our audit plan, dated s January 2Q23, we identified the following significant risk are35 during our audit pl3Trning and have included a brief summary ol the work carried out and our finding5 below. Risk area Work caiiied out Conclusion Fraud in relation to revenve recognition Income wa5 tested via proof-ln-ioials. as well 35 a sample testing. Additionally. cut-off was checked vi3 arb after dale review_ No issues were noted during resting that was undertaken. Undisclosed related party transactions The nominal ledger provided w35 analysed to ensure that all poreniial related party transactions were adeqvarely disclosed_ Walkthrough iests were undertaken to ensure that controls were In place 35 expected. Journa15 were 3ssessed for any unusual activity_ The rnethod used to esrablish the solil of C05t5 between Ltd ompany and Trvsr was understood and reperformed to ensure reasonable. No issues were noted during testing that was undertaken. Potential For management override ol controls (including the split of cost5 beiween Ltd company and Trv5tl No issues were noted during testing that was undertaken. 4. Gift aid received from subsidiary It was ensvred rhat rhe £57.335 gift aid payment had been paid within g months of the year end. The gift aid payment was tnade within 9 rnonths of the year end. Debtors reduced to Trade debiors and remove 2022/25 fees in deferred income wa5 advance rhat had noi reviewed and any been paid as at the year corresponding income end was removed From borh areas of the accounts. No issves were noted. Adjustment wa5 presentational and had no eff&ct on net asseis or the Surplus in the account5. Management Letter 2022 P3gel s

CRITCHLEYS Allocation of income or Fund workings were expenditure to checked to nominal resiricted or designared ledger 10 ensure fund5 allocations were correct. No issues were noted during testing that was undertaken. Our audit procedures go beyond the above higher fisk are85 to cover rnateiial area5 of the financial statetnent5. No Issues were ftoied during the procedures_ Audit differences In the normal course of an avdil. we can Identify missiatements In the financial data provided 10 us ai the start ol the audit. Where individual errors or their aggregation exceed our m3teiiality level of £28,098 we are required to modify our audit report if they are not adjusted in the final financial st3temeDts. Foi the Interest of Board ol Trustees and managemeni. we have summarised boih Ihe errors thai have been orrected and those that have not. In accordance wilh ICAEW guidance on triviality Iimirs For avdii, we report all Iierns exceeding 5% of the materiality, which for thi5 year is £105. Trust: Summary of adjusted differences from draft numbers provided by marbagement Description of error lrnpact on SOFA lrnpact on Balance sheet Presentational removal of amovnis wiihin deferred Income and Irade debtor5 TOTAL Summary of unadjusted differences in the final financial statements for approval Description of error lrnpact on SOFA Impact on Balance sheer Reason For not amending Prepayment5 calculation errol 11,6501 1,050 Immaterial TOTAL 11.6501 1,650 Management Letter 2022 Page16

CRITCHLEYS Limited.. Summary of adjusted differences from draft numbers provided by management No. Description gf error lrnpact on SOFA lrnpact on Balance sheet 2021 lax underprovision moved to corporaiion tax Ip&ll from debtors si il Esiimaied 2022 corporaiion rax 4.105 14,1051 TOTAL 4,156 14,1561 Summary of unadjusted differences in the final financial statements for approval No. Description of error Impaci on SOFA Impacr on Balance sheet Reason for not amending None TOTAL Management Letter 2022 Page17

CRITCHLEYS Potential Control Weaknesses Your management is responsible for idenrilication, assessment and monitoring ol risk, and lor developing, operating and moniioring the systems of internal control. Our udit procedures are designed primarily lor the purpose ol expressing an opinion on the financial statements and therefore do not constitute a lull and detailed review ol all a5pect5 01 the systems and controls and therefore cannot be relied upon to identify all actual and potential weaknesses. We have included a summary ol the issves Ihat we have identified below. New matters arising in this year l)servation he decloraiion ol interests Form does not ask lor a list ol close Family members. Implications & risk here Is a risk that some related parties are not dentilied, which may mean Trustees have a onllict ol interest thoi is unknown and could ean Ihat related party rransaclions disclosures n the linJncial statements could be materially isstaied. Recommenclation t is recommended that the eclaiation ol interests forms are pdaled again th15 year and include 1st ol close family members. Management response During related parties testing, it was noted that additional Interests were identified from Companies House that were not noted on 3 Trustees, declaration ol interests. here 15 a risk that some related parties are nol dentilied, which may mean Trustees have a onllict ol Interest that Is unknown and could ean Ihat related party rransactions disclosures n Ihe Financial statements could be materially isstared. It is rècommended that checks, uch as looking on Companies House or Charity Commission, re undertaken on declarations o ensure they are complete. rustees to be reminded to nsure all interests are listed Management Letter 2022 Page18

CRITCHLEYS Proposed Letter of Representation In accordance with standard practice for such an audit and based on the work carried out to date, we will ask the Board of Trustees 10 approve and sign Ihe atrached leffer of representation 10 accompany Ihe signed final financial statements. We draw your attention 10 the specific representations contained wiihin point 16. otherlse the letter is routine. There 15 a separate representstion letter lor the directors to sign foi Oxford School ol Drama Mited Other audit matters Detailed comments on the financial statements and audit opinion Based upon our work carried oul to dale, and subjeci 10 no significani evenis occurring prior 10 Ihe signing of the audit report, we anticipate issuing an vnmodified audit report in your statutory financial siaiemenis. (lualitative aspects of accounting practices We have no comments ro make concerning the qvalitaiive aspects ofthe Oxford School of Drama Trust and Oxford School of Drama Ltd's accounting practices and financial reporting, Including accovniing policie5, accounting estimates and financial statement disc105ure5. Judgements made by management During the covrse of our audir we are required io review Ihe main jvdgemenis or estimates made by managemeni, which would have a maierial or significant Impact on the financial statements. We have Identified the following main judgemeni areas and our commews thereon_ Deferred income- based upon the fee5 for students already signed up for the next year. No i5sue5 noted. Depreciation- depreciation policy consi5teTrt with previous year5. No DoTrtrivial error5 were identified when recalculating depreciation. Accrued income- an after date receipts review was undertaken. No missing accrued income was identified during this test. Accru315 - based upoTr quote5. Contract5 and invoices. A sample was tested for accuracy and 3D after date payment5 review was undertaken. No issues noted from testiTrg. Cost apportionment berween companies- based upon numbers of siudents on rhe 3 year and p05tgraduate our5e5 compared to the total number 0, students within the school. Deemed reasonable. Amortisaiion- goodwill Is being depreciated over io years. D&emed reasonable. Related parties The Trust/coTrp3ny 15 required to disclose all related party transaclions. per the Charities SORp/FRSio2. within it5 financial statement5. We have idertified the following potential related party transaction5'. Intercompany recharges and Intercompany balance ai Ihe year end We have no comment5 to make over how the charity identifie5 related party transactions Other than the points raised on p3ge 8. Management Letter 2022 Page19

CRITCHLEYS Independence matters Non-3udit services provided and long involvement.. We provide accounting and taxation Services to the companies in addition to acting a5 3uditor5 and Robert Kirtland has acted as Engagement Panner for more than io years. We wish 10 confirm to you thai In our opinion the provision o15uch services and the continued involvement ol Robert Kirtland as Responsible Individual do nor affect our Independence as the firm's quality control procedures provide ad&quaie leguard5 in respect of the these matter5. This consists of a review ol the key 5ection5 01 the audit file5 by a second Responsibl& Individual_ There is also informed managemeni for the norFavdil services. Per50n31 independence.. All Critchleys Audil LLP siaff must adhere io siricr regulatory, professional and iniernal Independence requirement5 related to investment5 or bvsine55 relationship5 Wlth client5. All staff must confirm such compliance on an annval basis_ Serious incident reporting All tru5tee5 are re5pon5ible lor identifying and reporting, in a timely fashion, any serious incidents to the Chariiy Commission, In accordan wilh Iheir requiremenis for all regisiered charities. whilst our audit scope doe5 not specifically require u5 to identify any such matters, we report to the ernber5 that there were no such actual or potential matters that came 10 our atteniion. Management Letter 2022 Page l io

CRITCHLEYS Current and future issues in the sector We wish to draw your attention 10 Ihe Following item5 thai may be of interesi and we will be happy to discuss their impact on your specific situation in more detail. Covid-19 More ihan two years on from Ihe beginning of the global pandemic and we are in a very different place 10 where we have been. Some chaiities have experienced a reduction in income, whereas other5 have experienced unprecedenied demand for rheir services. and some have experienced boih In parallel. Uncertainty Still exists and some common themes need con5ideiation by the trustee5'. Your charity may still be on 3 journey of recovery. and it could be a slow one with all the increase5 to the cosi of living. Charitie5 have had to carefully maTrage their reserves. using them for exactly the purpose lor which they have been built for. However. are they now at such a depleted level gng concern of the charity could be ai risk? Has trade within your trading subsidiary returned? If not, hgw will you manage any costs incurred wiihin rhe subsidiary_ Have Covid grants been spent in line with the giant conditions? Will you be subject to any claw- backs? Charity Act 2022 On 24 February 2022, the Charitie5 Bill received Royal A55eDt and passed into law as the Charities Act 2022. The proposed changes have been designed to make life simr)ler for Irustees. to reduce Ihe regulaiory pre55ure5 and unnecessary bureaucracy, and to maxitni5e the benefit5 delivered by a charity. The key changes ol the Trew Charitie5 Act ale= It will be more straight orward to change a charity's governing documents. Charitie5 will be allowed to borrow up to 25% from a permanent endowment fund over a 20-year period without Charity Cotnmission permis510n. Charities will be able to access a wider pool o- professional adv150rs when selling land and there will be more Straightforward rule5 On the advice required. Trustees will be allowed 10 be paid for goods provided ro a charity in certain circumstances. There will be simpler and more proportionate iule5 on failed fund-raising appeals 311owing amount5 raised below [120 io be spenL on similar charitable purposes_ It 15 now down to the Charity Comtni5510n to implemept these change5. This will be a key priority foi the Chariiy Commission during 2022 and 2023 and provisions are likely to be brought Into force gradually between aututnn 2022 and autumn 2023. More information is available at= 22 Gift aid Frotn April 2024 the chancelk)r has announced plans to reduce Incoffle tax rates to 19%. Although we are talking about Income lax raies. this Is significant 10 charities as Il also redvces the amouni of gift aid for charitie5. In the Short term, there will be a three year tian51tioD period which will maintain gift aid at current rates up 10 April ?027_ Management Letter 2022 Page l li

CRITCHLEYS ESG More 3Trd more charities are adding Environmental Social and Goveinanee to their b03rd agend35 and ESG reporring wiihin Ihe annual accounts is evolving_ This typically covers a vast range of iopics demonsirating Ihe breadth ol opportunity for charities to engage with ESG. When embarking upon exploiing ESG, many charities find they are more progressed Ihan aniicipaied. Much ESG acriviiy will pr*exist within the organization, just not identified. Many charitie5 are choosing to report their ESG activity using metrics from within frameworks and suggesied methodologies to help with calcularions. however there Is no 51andard framework and with Ihe choices available coTre5 the challenge of cotTiparability. ahOUgh some common metllcs 3re Dow available. The Charity Governance Code The Charity Governance Code is emerging besi pralCe, pafticularly for medium and larger sized charities. The Charity Governance Code 15 an example of ways that iTrdirectly encourage charitie5 to think about their approach 10 ESG and Is a practical iool io help charities develop high standards of governance. Nore about the Charity Code can be found at.. h rp Ukraine Since the truly shocking invasion of ukraine ITr February 2022 the charity ComTri55ion has been regularly updaiing Irs guidance on.. Cash courieri ng Although the world is going increasingly contact-less charitie5 Still continue to raise significant sums of money In cash. Cash Is seen 10 be high risk In ierms of tefrorisi financing and money laundering_ Although Ihe Cotnmis5ion recognises that charitie5 that work internationally need to tnove money across boider5, C35h covriering Is considered to be a popular meihod of moving terrorist funds overseas from th& UK. Cash seizure powers have continued to be used regularly by law ep.forcernent and there has beep an incre35e specifically in sh seizures 5U5pected to be linked to terrorist financing. Once 3 charity's cash has been seized it C3n take 3 Significant amount ol time to Secure the return of this cash. often interrupting the operation5 of the charity. More information can be found at.. re ulator renews it5 fnessa e warnin charitie5 a ain5t the use ol c35h Trust and the charity sector The Charity CommissioTr ha5 published its annual charity Commission research on public trust in charities and what trvsiees Ihink abovl Iheir duiies and public expeciarions. The four areas of expecrations by the pvblic are: Thai a high proportion of charities, money is used for charitable aciivity That charities are making the impact they promise to make That Ihe way they go aboui making ihai Impaci Is Consisteni with Ihe spirit of 'charity' Thai all charilies uphold ihe reputation of charity In adhering 10 these This report also Includes Ideas on how to Inspire trusi for Ihe future. htt 355et5. Service. 0v.uk overrment IDad5 stem charit Commission Public trust In cFarities df loads attachment data 108 Management Letter 2022 Page112

CRITCHLEYS SaFeguarding Salegu3rdiDg continue5 to be a f(tus by the Charity Commission who has recently published 50me updated gvidancé on safeguarding In charities.. s uardin d tiesf rust&es. New IR35 rules from 6th April 2021 - Engaging workers who are not employees Where worker5 are engaged to carry out Specific projects or fvnctiolls for an organi5ation, tbey are often not treated as employees. and will be engaged as an Individual loff-payroll working). It continv&s to be ihe re5pon5ibility of the organi5ation to as5e55 whetber the worker 15 sell-employed. Where the worker 15 engaged Ihrough an Iniermediary (usually a personal s&rvice company), from 61h April mediunFsized and large organi5atiOD5 lincluding charities), will now be re5pon5ible foi tnaking thi5 asse55ment. All large and mediutTr si2ed chariiies should carry ovi a review oFany off-payroll workers which Ihey engage and carry out a formal assessment, a copy of which should be pa55ed to the worker5. intermediary. HNRC have advised that, when calculating charities, tuinover or incotne to determine whether the charity is large or medium-5ized. donations and grants should be excluded. Conversion to a charitable incorporated entity (CIO) Chariiable companies are now able to convert to CIO'S, meaning rhey can redvce the administrative burden of only having to report to the Charity Commission rather than both the Charity Commi55ion and Companies House. Another advantsg& Is thai smaller chariiies can swiich from accruals accovniing 10 receipis and payment5 3ccouTrting if they wish. This is only applicable In England and Wales. Cyber crime In the year to 31 March 2021 Action Fr3ud reported more than i(x)o fiaudulent crirne5 against chaiities. It 15 well known that frauds are underreported and the true extent is likely to be much higher. Many chaiitie5 consider the pandefflic to have exacerbated the potential lor fraud, with many efflployees Still working remotely and ViftU81 sign-off procedure5 in place. The Charity Commission 15 urging charities to sign up to Fraud Pledge h in which charities pledge to take Six practical actions to reduce the chaTrces of becoming a victim to fraud. SORP 2024/5 Now thai seems like a long way inio the fvture, bvl It will be here before we know Il_ We are expecting a draft SORP 50metime between July 2022 and July 2023 Wlth the final SORP to be ITr place for periods cornrnencing on or after i January 2024. &, for a March yearend charity this will not Impact Ihe accounis vniil 2o&s, bvt an early read 15 recommeTrded to identify the impacts on the comparative peiiod. As 3 head5-UP, it Is looking likely Ihat op&rating leases will Come on balance sheei" as per IFRS 10. Your new Charity Commission account The Charity Commission is becoming more aaive In Ihe way they will commvnicaie with Trustees. The first step 15 lor an individual charity Commission account to access services such as filing an annual return 01 changing a governing document_ Updares to Ihe daia held by the Charity Commission will be required and this will aid supporting trustees and understanding the scope and 5C31e of the charity sector. The first step is for the nominaied coniact persoft 10 check Ihe Informaiion currently held by Ihe Charity Commission_ Management Letter 2022 Page I