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 De￿mber 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 pro￿dUreS 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
kno￿edge 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
reqUI￿S 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.

u<< < 0<0

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
c￿ditOrs.. 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

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 De￿mber 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 pro￿dUreS 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
kno￿edge 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
reqUI￿S 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.

u<< < 0<0

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
c￿ditOrs.. 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

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 find￿g5 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 Trust￿5 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 £1￿05.
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.
other￿lse 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 g￿ng 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. a￿hOUgh some common metllcs 3re Dow available.
The Charity Governance Code
The Charity Governance Code is emerging besi pra￿lCe, 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
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