THE OXFORD SCHOOL OF DRAMA TRUST
ACCOUNTS FOR THE YEAR ENDED
31 AUGU8T 2023
INDEX
Pg98 1-5
Group Tru8tee8' report
Independent 8uditors' report
Consolal8d Slalemenl of financlal actlvlll88
Balance Sheet
statement of Cashkn¥8
Notes to the account8
Income and expendlture account
10-11
12
13
14-24
25
Company No. 3638842
Registered Charfty No. 1072770
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEE8' REPORT
Thi5 is the Twenty-fifth report of The Oxford School of Drama Trustee8 and covers the twelve months to
31 A[uSt 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Company number
3638842
Charity number
1072770
Regl•ter•d Offl¢•
8eaver Hou8e, 23-38 Hh0 Brldge Street, Oxford OX12EP.
Bankor•
Nation81 Weslmlnster Bank PLC. Oxford
Audltor•
Crit¢hleys Audit LLP, Beaver House. 23-38 Hythe Brkige Slreel, Oxford. OX12EP
Prlnclpal ¥ddr•s•
Sansomes Fami Sludlo8. Woodstock, Oxford, OX20 1 ER
Tru•teg•lDiro¢torn
Th8 tnistees of the Charlty are 8180 the company's dlrector8 for thè purpos88 of the Companie8 Act.
The TN8tee8, who $eNed throughout the year unless olher•v18e 8taled, were..
N Macaluso
A Millman
E Fuller Ireslgned 8 September 20231
S Stephens
F Feehan Iregigned 4 AprS12023)
T Bal(Jwin Ire¥4qned 11 Decembei 2023)
A By8m
C A Bradley
F Murr8y-Fu8nt88
M Ngild
H Dan¢e lappoinled 4 Apnl 20231
G Upton {appointed 4 Aprll 20231
Princlpal
Edward Hick8
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEES, REPORT ICONTINUEDI
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust Is governed by the provisions of rts m0randUrn and articles of association and the accounts
comply whh current statutory requirements and the Trust's governing document.
The Trustee5 have the power to appolnt addition81 people as Trustee bjl any Trusleas such appointed shall
only hold office until th8 following Annual General Meeting, where they can $8ek ffj•8lection.
New Truste8s are provided with a comprehensive pack of Informat*M about The Oxford School of Drdma
Trust, the conlenl of which conforms to the recommendallons of The Charity Commission. This includes..
Chanty Commisstran booklet CC3 The Essential Truste8." What you need lo know,, informatts)n on the
responslbillti89 of Trust8es- rnemorandum and artlcles of association,. accounts for last th8 years
incorporating Trustees, reports,. minutes of last three board meetings.. brief history of the School and
chronology of significant events- organi9alKJnal chart,. Gurrenl 5chwl prospectus., schedule of datas for further
meetlngs.. blographles of Trustee8 and dates of appointment., details of conlr8CtU81 obligations,. summary of
Trust's insurance policies including trugteeg. Ihbility insurance; details of any litigation presently belng
undertaken either by or agaln8t the Tru8t: delai15 of chanly's professional advisers, including solicltors,
b8nkers, extemal auditors; pollcy documents, including Risk Management information, Health and Safely
Policy, Equal Opportunillg8 Policy, Disabilrty Equalily Policy. Saf8guar(Jing Dignity & Respect Pollcy, Privacy
Policy, Envlronment81 Pollcy. ICT Policy, Dlsclpllnary Policy, Grlevance Policy.
The Trustees are In over811 control of the Trust and n8jer strateglc i8sue8. Day to day mana98menl of the
Trust is d8legal8d to the Prlnclpal.
K•y Manag•rn•nt Per•onnel Remun•ratlon
The pay and remunerallon of the charlly's key management personn81 Is re-evaluated annually. Every &5
years the Tru8lees undertake a comp8rallve analysis of th8 pay and mun01a110n of the key management
pet8onnel in 8lmllar organisalbns 88 a benchmark.
OBJECTIVE8 AND ACTIVITIES
The Oxford School of Drama Trust w85 founded In 1998 as a Company Llmf(ed by Guaranlae and a registered
charity to traln students for the actlng professDn. The School's slralegy 1$ to offer an education, as well as
vocallonal training. lo students from a wide range of social and edUtional backgrounds. For thig 930n it
has a policy of Ilmiling th& Intake of students to the School to ensure a hlgh and constant level of support, both
during and after training. Th6 lolal intake In September 2022 was 88 slLKlen18. The Trust has commilled and
hlghly qualified leaching and admini8trallve staff. The School employs four full-time and four part-time staff
and has up to thirty freelance tutors. The School 16 deemed Grade 1 'outslanding' by Ofsled and 'ex8mplary'
by Trinrty College London.
The Trust provides the following cour8eB:
One Year Diploma Sn Actlng Course
Three Year Dipbma in Acting course
Sbx-month Foundal#Jn Course in Actlng
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEES, REPORT {CONTINUEO)
PubllG Ben•flt
The Trustees have complied with the duly in section 17151 of the Charilles Act 2011 to have due regard lo
public benefit guidance published by the Charity Cornmission. The School aims is lo ensu that its courses
are open to all regardles5 of their background through its participation in the Govemmenl's Dance and Drama
Awards IDaDAI Scheme. The Scheme enable9 talented students to 8ccess financial assistsrs¢e to attend the
Threa year and One year COUTses at the School. provided that they are under the age of 24 and from
JU5eholds with a gross income of less than £g0.000. The amount of financial assistance students reN8
d6pends on thelr household income. Those In greatest need Iwilh a IK)u$ehold Income of les5 than £21.0001
pay nothing toward8 their course fee8 and can access a gr8nt to help with thglr Ilving costs. Those whose
household income 18 £85.000 - £90,000 pay £7.175 for thelr coutse fees. a reductlon of £10,675 on the
published rate. There 16 8 slKling scale of support for students between these Iwo in¢orne figures.
Sludents aged over 18 years who have some 1888 lo pay for their course can al80 acces5 an Advanced
Leamlng Loan of up to £7,395 towards the course f888.
Additlonally, the school has Ils own bursary prov181on includlng Sp8crf bur8anes earmarked for the Foundation
Cour88 aimed al anyone wf(h a household income un¢Jer £35k. and the One-year Ctrjrse aimed at anyone
over the age of 24 not eligible for Dad8 Wrth a hou8ehold Income under £35k. These measures along wlth
in¢re8slng the available 8udrtion walvefs are aimed to help ffjmove financlal bathers experienced by Some
appll¢gnts and Students.
In addition lo these $¢hem88 the school ha8 rt8 own Hardship Fund for those students exper18ncing financlal
drflicuttie5 and 1$ curranlly aiming to exp8nd tts bursary provision through increased development and
fundraising aGtivrty including applications lo Trust and Foundations.
The h0o1 outreach work has includ8d workshops and Q&A's both online and in person in the fo ol
workshops targeted at under-represented gfOilPS. Thls work is undertaken in partnershSp wllh staff, 8tudents,
and graduate actors. It Included Ilve sessions that ranged from, Ihe FDS Tr8lnlng Fair ILeeds} 500+, lo NYT-
P18ying Up (London) 50+ Thls year we have 81so held regKinal audlllon8 in Donc•sler ané Nawcaslle. Several
smaller activitles were also organised both online and In person In th8 fomi of presentations 81 schools and
Colleges, careers 8venls, Dr8m8 groups. open days and worksws for those interested in drama training. As
part of a partnership wSlh the National Satufday club we conlinued to offer free weekly drama Glasses lo local
children from low-income families. Then as part of a louT to local schools we offered workshops on
Shoke$peare. Publlc p8rformance$ took place al venues including The North W811 Ioxfordl, The New Diorama
(London), Soulhwark PLqyhouse (London). Lelcesler Square Thealre (London). the local Oxfordshire
community and 8 number of outdoor locations. In total playing lo an increased public audience of 3CwJO.
ACHIEVEMENTS AND PERFORMANCE
The graduates from the school have contlnued to have a suc¢essfiJl ye8r workSng on a range of productlons.
Theatre credits include To Kill a Mockingbird Iwest Endl, Vanya IWe5t End}. Lyon8sse Iwesl Endl. Glass
Menagerie (West End}, Standing At The Sky's Edge INalional Theatrel,My Brillianl Frlend [Natn81 Theatre},
Home, I'm Darling INatK)nal Theatre), Pandemonium (Soho Thealrel,The Merchant of Venlce 1936{RSC}. Two
PaleslinLgns Go Dogging (Royal Courtl, She Stoops To Conquer Iorange Tree), Arabian Nuhts (Bristol Old
Vi¢ Theatre), and A Mirror IAlmeid8 Theatre) amongst others.
On screen they could be Seen as significant or lead tharacters in Apple Tv's Slow Horses. Hilack,. Nethix's
Queen Chadolle, Shadow and Bone. Umbrella Factory, The Witcher.. Blood Origin, The Crown., BBC'S The
Clèaner, Call the Midwile, Eastenders.. ITV'S Granlchester, Emmerdale.. Sky's Brrtannia: HBO'S Gangs of
London.. Paramount's Halo,. Sarah Pooley's film Women Talking, Ridley Swll's Napoleon.
The graduating Three Year Course within 2 months of graduating
17 out of 20 svJned with agents {85Phl
18 out of 20 worked professionally or signed with an agent or both (W)%1
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEES. REPORT (CONTINUED)
Students and graduates winning or nominated for awards thls year include-
LIZZ AnnB Most Promising Newcomer Critics circ Theatre Awards. Best West End Debut The Stage Awards
Claire Foy ScTeen A¢lor$ Guild Awards IUSAI outstanding performance by a Gast in a motion picture. British
Independent Film Awards - Best Supporting Performance
8imuna Memon Olivier Awards- Actress in a supporting role in a musiGal
A¢mee Lou Wood wins BAFTA EE Rising Star Award
Yasemin Junqueira IThird Year student) finalist In the Student Spotlight Awards.
Emily Kathryn and Nye Occomore (Third year sludants) finali518 in BBC Carlelon Hobbs Award
Activltles
The School's Studanl Hardship Fund conllnued lo supwrt those in fln8ncLql dlfflculty. The number of students
needing support continues to in¢ffja8e. During the Autumn lem and Spring term twenty-slx award5 were mad8
lolalllng £6,200.
Plon$ for th• futurn
There were several key new appolntmenls made over the year Including the appolntmenl of a new Head of
Acting, a new Head of the Foundallon Course and Outreach, and a new Artlsllc Assoclale. The eontinualion of
an in-depth review ol the curriculum continued having slightly paused to allow for the new appointments but it
has resutted In the crnalion of new course books, a revised student Charter. and the Iri811ing of a new
assessment process. The Artistic Associate role is seen as a key 8ppoinlmant in helplng the school dlversify ils
choices of text, improve the dramaturgical offer lo students and help wilh the ¢re8llon of a new collaborallve
framework that builds on the 5th001's ethos of collaboration. The school has also worked on developing a new
fundraising strategy which included bringing In a consultant lo search and apply for variou8 Trust and
Found81ion¥, There was also some restructuring around Ihe adminlstrative team. The Five-year plan focusses
on four key area5 Oiversrfying, Safely, The Slu¢Jenl Experienca and Currlculum and addlllon81 chang9$ this
year to help Smprove these areas indude..
EDI training for st8ff and students through work wbth Tonic.
A compTehenslve 2417 service of support for students (Sludenl Assistance Programmel,
An expansion of the outreach work including developing a new ICPDI programme for teach8rs and
reinslaling regional audltions (including Doncaster and Newcastle),
Introducing new open Wedn85day curriculum thread as part of an enrichment type progr8mm8,
New scene Study thread that expands an¢J diversifies the cholces of text.
Increased number of performances.
Introdu¢ing new industry pr8Ctilioners lo OSD alongside developing current staff
Applying and succeeding in gaining funding lo improve our bursary provlsljn.
Other changes implemented over the year included the appointment of new Iruslees. the appointment of new
co-chairs, the ¢realion of various new Board Sutpcommitlees. the updating of various FX)licie5, the
appoinlmenl of new leaching staff {including a contlnued emphasis on developing new lulor5 of colour), the
creation of new online short courses and rebalancing of the curriculum. Moving ft)rward it's hoped other areas
will begin lo be addressed around fundraising. reba18ncing th& curriculum further, improving facilities.
introducing a new friend's scheme, improving communication. building awareness of Ihe school, looking at new
partnerships. expanding outreach and short courses, and making the school more accessible to more people
regardless of background. As the educational landscape is shifting11 Is hoped through this work the school can
build on its reputation but set new prionties lo create an even Stronger and sustainable future that allow tho
Trust lo continue lo provide an outstanding training for a small number of students from diversè backgrounds.
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEES, REPORT (CONTINUED)
FINANCIAL REVIEW
The charity achieved a Surplus of £19,350 In the y&ar. This Is made up of £8,981 in nstrICted funds and
£10.369 in restricted funds.
R•serve•
As al 31 August 2023. the charity's total funds were £1.264.454 of which £55.012 w89 represented by
restricted funds and £254.454 by destrjnaled fvnd8 (equal to the net 0k value of the ¢harbty's b8asehold
buiklingsl, leaving a ba18nce of £954.886 on general funds.
Thè Tru51ees conskler that r88erves ideally need to be 8ufflclenl lo cover exp8nditure for a perlod of
six months. This would equate lo approximately £600,000,
A8 at 31 August 2023, after h8ving designated funds lo reprosenl the investment in the new Theatre and
Libraryloffice Developmenl and for the 8am Development work8. there was a balance of £954.886 on general
funds. £259,660 of this was represented by the investment in Oxford School of Drama Limrted leavlng a
balance of free reserves of £695,220.
Rl•k Management Stal•m•nt
The Trust maintains risk management and other pollcies as li8ted in the Annual Retum. The Trustees consider
the princip81 risks and uncertainties affecting the charity are.,
Potential future changes in OADA ID8nc8 and Drama Awards} and ALL IAAIv8nced Leamer Loan)
funding arrangements.
Recruitment and retention of good quality staff and tutors.
Is8ue8 that may harm's the Charity repulatlon.
The rl8k management policy has baen expanded to cover tho are88 of risk recommended by the Charity
CommlssKJn'. governance and management, oper811onal, hnancial, environment and extemal, law and
regulation compliance. In addil•Jn, specific poli¢lgs cover complaints handling and Gonflicts of inleresls. The
Company keeps ri8k management under Continual review. and conducts a formal risk review once a year,
which is dSscussed and approved by the Trustees. Mapr rlsks are revlewed 8nd assessed. and control
8y31ems are establi$he¢J to manage those risks.
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the Annual Report and the financial 51alements In accordance with
applicable law and regulations.
Company law requires the trustees lo-prepare financial Statements for each financi81 year-. Under that law-the
Trustees hav8 elected to prepare the financial statements in accordance wllh United Kingdom Generally
Accepted Accounting Practice (United Klngdom Accounting Standards and applicable lawl. Under company
law th8 Trustees must not approve the financial slal8ments unless th&y are satisfied that they giva a true and
fair view of the State of affairs of the ¢harily and of the incorng resources and application of r850urces of the
charrty for that period. In preparing these financial Statements, the Iru5teBs arg requirad to..
select surtable accounting policies and then apply them consistently..
make judgements and aonting estimates that are reasonable and prudent.,
prepare the financial statements on the going concern basis unless il is inappropriate to presume that
the company will contlnue in operation.
The trustees are re$ssible for keeplng adequate accounting rewrds that are sufficient to show and expL9in
the chanty's transactions and disclose wrth reasonable aGcuraGy al any time the financial posrtion of the
company and enable them lo ensure that the financial staternent5 comply with the Companies Act 2006. They
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEES, REPORT {CONTINUED)
are also responsible for safeguarding the assets of Ihe tharity and hence for taking reasonable ste for the
prevention and detectn of fraud and other Irregularlties.
So f8r ag the Trustees are aware, there is no relevant audrt information linfomiation needed by the company's
auditor5 in connection with preparlng their report) of whh the (¥Jmpany's audrtors are un8ware', and
Each Tru9tee has tsken all the steps that he ought lo have taken as a dlrector in order lo make himself aware
of any relevanl audit infomiation and to establish that the wnpany's audrtors are aware of that inf0mlal.
Thls POrt Ikls been prepared In accordance with the Small Comp8ni88 Regim8 under S8Ctlon 41912} of Ihe
Companies Act 2006.
Thls rep)rt was approved
th8TfUSteeson.................
.Neild IT-rosteej
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF
THE OXFORD SCHOOL OF DRAMA TRUST
Oplnlon
We have audited the financial statements of The Oxford School of Drama Trust Ithe "Ch8rrtfl for the year
ended 31 August 2023 which comprise the Consolidated Sl8tement of Financial Activities, Balance Shaels, the
statements of Cash Flows, and notes to the financkgl statements. Including a summary of significanl
accounting wlicies. The financial reporting framework that has been applled in their preparation 15 applicable
law and Unrted Kingdom Accounting Standard8. including Fin8ncial Reporting Standard 102.. The Financial
Reporting Sl8ndard applicable in the UK and Republic of Ireland (Unfted Klngdom Gener811y Accepted
Accounting Praclicel.
In our opinion, Ihe tinancial statements.,
give a true and fair view of the slate of the group and Charlty's affairs 88 at 31 August 2023 and of th
group's income and expenditure for the year then ended-,
have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting
PractiC8',
have been prepared in accordance with th8 raquifemenls of the Companles Act 2006.
B4s18 for oplnlon
We conducted our atsdit in accordance with InleTnatlonal Standards on Auéiling {UKI {ISAs IUKII and
applicable law. Our responsibilities under those standards are further descrlbed in the ALsditor'5 resp)nsibilitl88
for the audit of the financlal slalements section of our report. We a independent of Ihe Charity in accordance
wllh the ethical requlrement5 Ih8t are relevant lo our audit of the financial slat&menls in the UK, including the
FRC'S Elhlcal Standard. and we have fulfllled our other ethical SpOnSIbl1111eS in accordance with these
requlrements. Wg believo that tho audrt evldence we have obtained is sufficient and approprle to provide a
b8sis for our oplnk)n.
Conclu8lon• rnlatlng to golng conc•rn
In auditing the finan¢lal 9t8tements, we have concluded that the Trustees, use of the going concem basis of
accounting In the preparallon of the financSal slatemenls is appropriate.
Based on the work we have perfomiad, we have not identrfied any material uncertainties relating lo events or
C4)ndilions that. individually or colleGtiv6ly, may ca51 significant doubl on the Tnjst's abillty lo continue as a
going concern for a perKMJ of al least twelve months from when the finan¢ial Statements are authorised for
issue.
Our resrM)n8ibilities and the re8pon8lbllitles of the Trustees with respect lo going con¢em are descrfbed in the
relevant secllons of this report.
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF
THE OXFORD SCHOOL OF DRAMA TRUST (CONTINUED)
othor Inlomiallon
The Iruslees are re$pinsible for the other information. The other infomialion comprises the infomiation
included in the annual r6port other than the financial statements and our audilorfs report thereon. Our opiniDn
on the flnan¢bl ststements does not cover the Other information and, except to the extent olherwlse explicrtly
staled In our rep)rt. we do not express any fomi of a8surance conclusion Ihereon.
In connectlon with our audit of the financial statements, our re8pon8ibilily Is to read the other information and,
In dothg so. consider whether the other information is materially inconsist8nt with the financial statements or
our knowledge oblained in the audit or otherwlse appears lo be malerlally misstated. If we identify such
material inconsistencies or apparent material misstalemenls, we are requlred lo deternine whether there is
material misslalement In the financial statement8 or a malerk31 misglatemenl of the other infornation. If, bas8d
on the work we have p&rfom8d. we conclude that there 18 a material mlg$latemenl of this Other informatlon. we
are requlred to report that fact.
We havè nothing to rgport in this regard.
Oplnlonj on olh•r matt•rn prnscrlb•d by the CompAnlo$ Acl 2006
In our oplnky), based on th8 Wort( undertaken In the course of the aud.
the infom)alion given in the trustee$, report {incorForaling the dire¢toryJ' report) for the fnanclal year for
which the financial sl8lemenl$ are prepared is conslslenl with the financlal slat&menls,' and
the Irustees, report lincorwrating th8 dlrector8' report) hève been prepared in accordance wkh
appllcable legal requlroments.
M•tt•f• on whlch w• ar• rnqulred to rnport by oX¢•Ptlon
In the Ilghl of the knowledge and und8r8tandlng of the company and Ils envlronment obtained In the
course of the audh, wé have not klentlfled malerfal mi881alernen18 In the tru8te8s' report.
We have nolhlng lo report in respect of the followSng matter8 in relation lo which the Companies Act 2006
requir88 us lo report to you if, In our oplnlon..
Sufficient accounllng records have not been kept.,
the financial statements are not in agreement with the accounting re¢ord5 and relums,.
certain dlsclosures of Irustee5' romuneration 8pecifieé by law are not made., or
we have nol obtained all the Infomiation 8nd 6xpl8nalions necessary for the purposes of our audit.
the trustees were not enlilled lo take advantage of the small companies, exempl)n8 in preparlng the
diffj¢tors' report and from the requ1ment lo prepare a slralegio report.
Responslbllitl88 of th• trusts•J
As explained mor8 fvlly in the trustees, responsibilities statement Iget out on page 51. tho trustees are
responsible for the preparation of the financial statements and for being satisfied that they give a true and falr
view, and for such intemal control as they detemiine is necessary to enable the preparation of financial
statements that are free from material mis51atement, whether due to fraud or etror.
In preparing the finan¢ial stalemenls, the Injstees are responsible for assessing the Charity's ability to continue
as a going concern, disclosing, as applicable, rnatters related lo going concem and uging the going concem
basis of accounting unless the trus188s either intend to liquidale the Charity or to cease operations, or have no
realistic altemalive tyJt to do so.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF
THE OXFORD SCHOOL OF DRAMA TRUST ICONTINUEDI
Audltor's r•sponslbllllles for th• audit of the financial •tst•m•nts
Our objectives ale lo obtsin ra8sonabl8 assurance about whether the financial statement¥ 8$ a whole are free
from material misstatement. whether due to fraud or error, ané lo issue an auditor's repjrt that Includes our
opinion. Reasona& assurance is a high level of assurance, but is not 8 guarantee that an aud(t conducted in
aGcord8nce with ISAS IUKI will always detect a material misslalement when exists. Misstatements can arise
trom fraud or error and are Conser8d malarial if. individually or in the aggregate. they could reason8bly be
exp8Cted to Influence the economic dècisions of users taken on th8 basB of these financial statements.
Irregularities. ClUdIng fraud, are instsncas of non-complianco with laws and regulat5. We design
procedures in line with our responsibilities. outlined above, lo delect malerial mlsstalemenls in Pect of
irregularilie5. Including fraud. The extent lo which our procedures are cepable of detecting irregularities,
including fraud, is detailed below:
the engagement partner ensured that the engagement team colloctively had the appropriate
competence. capabilitie8 and skills lo identlfy or recognise non-rAimpliance wrth applicable laws and
regulations..
W8 id8nlifled the laws and regulations appllcable to the wmpany through discussions whh dlrectors
and other management, and from our knowledge and experience:
we focused on 8pecMlc law8 and regulations lCh we considered may have a direct materkql effect on
the finan¢lal statemnts or the op8ratlon$ of th& company.
we assessed the extent of compllance with the laws and regulatlons idenlrfled above through meklng
enquiries of management and insp8cllng legal corffjspondence where applicable., and
identified laws and regulations were communicated withln the audit168m regularly and the team
remained alert to instances of non-compliance throughout th& audrt.
We 8sses8ed the suscepllbilrty of the company's financlal statements lo materlal mi8Statement, including
obtaining an und8rstanding of how fraud rnight occur. by..
making enquiries of management as lo where they considered there wa8 8usceptibility to fraud. thelr
knowledge of actual, suspected and alleged fraud; and
considering the intemal controls in place to mitig3te risks of fraud and non-compllance wlth laws and
regulallons.
To address the risk of fraud through management bias and override of contro15, WO..
perfomied 8nalytlcal procedures to identify any unusual or un8xpected reLalionships-,
tested N)urnal entries to idenlrfy unusual transactions-
asses88d whetherjudgements and assumptions made in det8miining the accounting estimates were
indicative of potential bias,. and
10
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF
THE OXFORD SCHOOL OF DRAMA TRUST (CONTINUED)
investigated the rationale behind snIficant or unusual transactions.
In response lo the risk of irr8gularMles end non-compliance wrth law8 8nd regulations, we desed procedures
which includ8d, but We not limited lo..
8gr8elng financial statement disclosures to underlying supporting documentation.,
reading the mlnules of meetings of those charged wNh governanc8'.
enquiring of manag8ment as to actual and potential litlgation and clalms;
reviewlng relevant correspon(ience.
There ar8 inherent limitalK)ns in our audit procedu$ de$crib8d at)ove. The rrKJre r8moved that law6 and
regulations are from financial transactions. the less likely il is that we would become aware of non-compllance.
Auditing standards a150 limit the audit procedures required to identify non-compllance wilh18ws and
gulations lo enquiry of the directors and other managernenl and the Inspectlon of regulatory and legal
correspondence, if any.
Material misslalemenls that arise due lo fraud can be hard8r lo detect than those that arise from emr as they
may involve deliberate concealment or collusion.
A further description of our r88ponsibilrtie5 for the audlt of the financlal statements is bcaled on the Flnanclal
Reporting Council's w8bsit& at.. www.frc.org.uklauditorsr8sponsibilities. Thbs descTlpllon lomis part of our
audttorfs report.
U•0 of our rnport
This report is made solely lo th8 Charity's members. as 8 body, in accordan with Chapter 3 of Part 16 of the
Companies Acl 2006. Our audrt work has been und8rtaken 80 that we might slale lo the Charity'8 membgrs
those matters we are required to 5ts1e lo them in an auditor's report and for no other purpose. To the fullest
extent permilled by law, we do not accept or assume resp)n$ibilily lo anyone other than the charY'S
memb8rs as a body. for our audit work, for this reFKJrt, or for the opinions wo have formed.
Robert Kirtland
Senior Slalutory Auditor
for and on behalf of Crilchleys Audit LLP
Slalutory Auditor
8eaver House. 23-38 Hythe Bridge Street.
Oxford, OX12EP
11
THE OXFORD SCHOOL OF DRAMA TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(Including Incomè and Expendlture Account)
FOR THE YEAR ENDED 31 AUGUST 2023
Total
Funds
2023
Totsl
Funds
2022
Unre8trlcted Rostrlctod
Fund8
Funds
INCOME FROM:
Donations and Legacies
98,713
98.713
48,250
Charitable •ctlvltle•
Drama School
1,466.240
1.466.240 1,370,885
Invo•tmonts - interest receivable
Total Incomo
57
LII 1419 790
EXPENDITURE ON.
Co•t• of ggnoradng fund•
Fundralsing costg
24.487
24,487
Charltable actlvltlo•:
Dram8 School
Tot•1 •xp•ndlturn
43
Net In¢om•ll•xp•ndlture)
12S,535)
44,885
19,350
112,6181
Tran8f6r8 behveen fvnd8
14
Net movement on fund•
8,981
10,389
19.350
112.6181
R•conclllatlon ol funds;
Tol81 fvnds brought fop•vard
Totsl fund• cafflod loard
12
THE OXFORD SCHOOL OF DRAMA TRUST
CONSOLIDATEO STATEMENT OF FINANCIAL ACTIVITIES
Ilncludlng Income and Expendituro Accounll
FOR THE YEAR ENDED 31 AUGUST 2022 Icomparatlves)
Total
Funds
2022
Unrgstrlcted R•strtct•d
Funds
Fund¥
Not•
INCOME FROM:
Donations and Lega¢ies
48,250
48.250
Charltable activi11o9
Drarna School
1,370,885
1,370,885
Inv•stment8 - int&rest receivable
655
65
Totsl Incomo
1371540
450 1419 7
EXPENDITURE ON;
Chadtable a¢tlvlllo8:
Drama School
Totsl •xpondllurn
N•1 Incomel{•xp•ndltur•l
3,108
115,7261
(12,6181
Transfer8 between fvnds
14
Net mov•m•nt on lund•
18.358
(30,976}
112,8181
Roconclllatlon of fund•;
Total fund8 brought fornvard
Total lund• urrf•d forward
13
THE OXFORD SCHOOL OF DRAMA TRUST
(company no: 3638642)
BALANCE SHEETS
AS AT 31 AUGUST 2023
Group
2023
Trusl
2023
Group
2022
Trust
2022
FIXED ASSETS
Intangible assets
Investments
Tangible assets
259,660
302,935
259,6PAI
26
500,000
261536
263
521.196
521,196
566,155
758,073
CURRENT ASSETS
Debtors
Cash at bank and In hand
64,131
1490 908
64,131
52,863
203,436
10
1.555.039
1,542.262 1,532.629
1,462.173
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
NeT CURRENT ASSET8
758.035
743.258
691,726
661.8e4
NET A88ETS
Fund•:
Unre8lricted funds..
General fund8
De8lgnated funds
967,663
254,556
954,886
254,556
959,940
253.298
1,121,996
253,298
13
Re8lrlcted fund8
14
44
These account
ved and aulhorised for i88ue by Ihe Tru51ee$ on
D i YSTEE)
14
THE OXFORD SCHOOL OF DRAMA TRLIST
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
Group
2023
Tru81
2023
Group
2022
Trust
2022
Nel Gash lusod In)Iprovlded by op•rntlng a¢tlvltlo8
95.019
308,418
150,6021
118,947
Ca•h flows fmm n•11n9 •ctlvltlo•
Purchase of tangible fixed asse18
Pureha58 of subsidiary
123,877) 129,0241
11.2201
11,2201
Ca•h (used Inl Inve•tlng acllvltles
183.8771 189,0241 161,220}
161,2201
{Decr•J•o}IlncreaJe In c•ih and c••h •qulval•nts In th•
y•ar
11,142
219,394 1111,8221
55,727
Cash and cash equlval•nts •t th• b•glnnlng of tho y•ar 479 766 a1 L737
591588 1203010
C••h ind cash oqulval•nt• at the ond ol the yaar
C••h provlded by operatlng a¢tlvltle•:
Nel movement In funds
Oeprecialion
Amortisalion and Impaimienl
1lncreaselldeca$e In debtors
Incr88s8lldecrease} in credRor8
19,350 (155,4831 112.8181
25,561
25,561
24,781
43,276
240,340
43,276
111,2881
139,305
17.2721 (136.1041
18100 fjQL95
49,000
23,787
Net cash lused Inllprovldod by op•ratlng actlvltl•s
Cash and ca•h •qulvalonts ¢on•l•t of:
Cash in hand
Notice d&posits (les5 than 1 year)
1,400,818 1.388.041 1.391,955 1,170,926
87
15
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023
ACCOUNTING POLICIES
G&n•ral Informatlon
This Company is a Chartlable Company Limited by guarantee Incorporated in Unlled Kingdom.
Oxford School of Orama Trust is a public beneflt entity. operating from Sansomeg Fam
studios, Wood¥toGk. Oxford. OX20 1 ER.
b)
Basis of proparatlon
The accounts have been prepared under the hi5toriG81 cost convention and in accordan with
the Charities (Accounts and Reports) Regulations and Statement of Recommended Practice
"Accounting and Repjrting by Charilles" (FRS 1021 and Ihe Companies Act 2006. These
financial sl8temenls have been prepared in accordance with Financial Reporting Standard 102
'The fin8ncl81 Reporting Standard appllc8ble In the UK and RepubliG of Ireland.
There are no unc8rtain118s about Ihe ¢harlty's ability to contlnue as a going con¢em.
The ¢on$olldated accounts Included the result of the Trust and its subsidiary The Oxford
School of Drarna Llmlted from the dale of acquisllk)n.
No parent company Statement of Finan¢lal Actlvilies 1$ presented 88 pemiitted by s408 of the
Companie¥ Act 2006. The n81 movemenl in funds attributable to the parent company before
Impaimient is £1155.483I12022.' £54,796).
Income
Income Includes fees for courses organised by the Trust, 0680claled fees, and deposll
interest. Income 18 included in the Income and expendlture account in the year lo ¥thlch the
income relates.
Income received in the year r8latlng to lemis 8lartln9 after the year end 1$ defer and
included as income in the accounts covering the per to which it relates.
Expondllurn
Expendlture Is recognised when a liabllily Is Incurred.
Charthble activltles include expenditure assoclated with the running of the courses provided.
Thls include8 toth the direct costs and Support costs relating lo this activity.
Governance costs include thos8 incurred in tha govemance of the charity and it8 a¥set¥ and
are prlmarily a550¢iat8d with constitutional and statutory requirernenls.
Support costs include central functlon. All of thes8 have been allOted to the princip81 activity
of the charity-
16
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDeD 31 AUGUST 2023 ICONTINUEDI
Funds stfucture
The charrty has a number of reslficled income funds lo account for situations where a donor
requires that 8 donation must be spent on a particular purFX)se or where funds have been
raised for a specific purpose.
All other funds are unr8stri¢ted income fvnds. The Trustees have set up the deslgnated funds
for the purpos6 of funding a new theatre. the libraryloffice development and barn development
works.
Int•nglbl• as••t• and amortiution
Intangible assets are orlglnally racognised as the valu6 of goodwill upon thelr purchase.
Amortisalion is provided to writa off the goodwill over 115 8xp8Cted useful economi¢ lrfe of 10
years.
Flx•d A•s•t Invo•tm•nt•
Investments are held al cost less any Impalrment in value. Following the latsnsfer of trade
from the subsidary company to the Tnjsl impaimlent has been processed so that the cost less
impalrmenl matches the goodwlll on cons014t10n.
h)
Tanglblo Ilx•d assots and dopr•clatlon
Depreciatlon 18 provided lo write off the c05t of tangible flxed a88ets over thelr expecled useful
lives al th8 followlng rale5.
Office equipment
Leasehold improvements
-25%
Length oflease
Operntlng loa••8
Renl818 due under operating leases are charged lo the Stal8ment of Financial Activities on an
a¢crual$ basis.
Ji
P•n•lon Colts
The charity operate$ 8 defined ¢ontritrJJlion ponsDn scheme. Contrlbutions are recognised as
an expen¥e when they fall due.
k)
C•¥h and Gash equlvalonts
Cash and cash equivalents incu¢Jes noli¢a accounts with a maturity of less than one year.
INCOME- OPERATION OF DRAMA SCHOOL
Trust
Limitsd
2023
2022
Course fee8
Less: bursaries awarded
Audition fees
Box office sales
student transport
Other Income
1,401,027
134,5161
19,680
14,266
42,280
1,401,027 1,296.435
134,5161
124,0001
19,680
20,372
14,266
9,660
42,280
42,273
17
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)
CHARITA8LE ACTIVITIES
Trust
Llmlted
2023
2022
A¢tlvlty.' Operatlon
of drama school
Sl8ff
Depreckqlion
Amortisation
Direct Cos1$
436,883
25,561
43,276
714,976
436,883
25,561
43,276
714.976
395.449
24,781
43,276
649,322
Support Costs
306
312 421
319 580
SUPPORT C08TS
Trust
Llmltsd
2023
2022
Leg81 and other fees
Finance
General office
Premises
Govemance costs - audrtors, remuneration
2,173
2,613
19,852
274,264
2,173
6,575
19,852
274,264
25,657
2,923
25,534
255,771
3,962
064
In addrf(ion the audltors received £1,824 {2022.' £2.6911 for other 8eThlce8.
8TAFF COSTS (EXCLUOING TUTORS)
2023
2022
Salaries 8nd wages
Employers national insurance
Pension costs
390,262
35,699
345,864
33,175
The average number of employ885 during the year was 812022.- 91.
2023
No
2021
No
Number of higher paid employees in bands of-
£60,001- £70,000
£70,001- £80,000
The charity's key management personn81 remuneration in the year (including employerfs nati)nal
insurance and pension 515) was £163.55712022'. £156,684).
18
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 ICONTINUEDI
INTANGIBLE ASSETS
Goodwlll on consolld•tion
Co8t or valuallon
Al 1 September 2022
At 31 Augusl 2023
Amortlsatlon
At 1 September 2022
ProvNJed in year
DisFM)8als
129.829
43.275
At 31 August 2022
Net book •mount
At 31 August 2023
At 31 Augu8t 2022
100% of shares In Oxlord Sthjol of Orama Llmrted IOSDI were purch88ed on 13 September 2019 for
£380,000 in cash and deferred conslderatlon 01 £140,000.
The goodwill was c81culaled 88 conslderalion1£g30,CM)01 less n81888e18 of OSD at the date of
acqui8ltion.
19
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENOED 31 AUGUST 2023 (CONTINUED)
INVESTMENTS
Shares In •ub•idi•ry undertaklng
Cost
At 1 September 2022 and 31 October 2023
Impaimient
At 1 Septemb8r 2022
Impainnent in the year
At 31 August 2023
Not book valu?
At 31 August 2023
At 31 August 2022
The Oxford School of Dram8 Llmltod IOSDI 18 a wholly owned 5ub8idlary l¢ompany numb8r:
19734521.
OSD'S reglstered offjca 18..
88aver House
23-38 Hhe Bddge Strèèt
Oxford
OX1 2EP
OSD provlousty undertook the foundation cour86 lof Oxford School of Drama durlng the yèar but now
h88 minlm81 activrty after the operatlon of the foundation cour88 wa8 transferred lo the Trust.
A 8umm8ry of its Iradlng re8uII8 and net 8S6els for Ihe year18 sPK)wn b81ow.
2023
2022
Proflt and1089 account
Tumover
Cost of $ale8
365,072
Gros8 profft
Administrative expenses
Other intere51 receivable end simllar Income
Taxation
240,193
1197,1591
114
15,1911
1,669
Nel incorne for the year
Balance Sh••t
Fixed assets
Current assets
Current liabilrti88
5,147
226,216
12.777
Net ass8ls
l income and expenditure for the subsidiary during the year is included within th6 consolidated
stalemeftt of financial activrties.
i a i a
ffj
uE20
21
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 {CONTINUEDI
DEBTORS
Group
2023
Trust
2023
Group
2022
Trust
2022
Trade debtors
Prepayments and #ccrued income
Amounts owed by group undertakings
Other Debl¢rs
41,575
22,556
41,575
22,556
23.755
27,296
20,380
27.296
155,760
10
CASH AT BANK AND IN HAND
Group
2023
Trust
2023
Group
2022
Trust
2022
Current Account
Deposits & C83h
52,438
41,948
127,029
108.966
11
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2023
Tru¥t
2023
Group
2022
Truit
2022
Tr8de Cffjditors
Olh8r creditors
Other taxation and 80Ci81 security
Accruals and deferred income
Deferred Conskleretton
39,206
88,400
9,885
661.513
39,206
88,400
9,885
661.513
13,383
105.704
10,625
651,211
7,811
101,800
10,625
620.273
12
DeFeRRED INCOME
Group
2023
Trust
2023
Group
2022
TruBt
2022
Balance a5 at 1 September 2022
Amount released lo income
Amount deferred in year
608,157
S77,219
568.910
337.126
{608,1571 1577,21 g} 1568.9101 1337.126)
630 618
608 157
577 219
Balance as al 31 August 2023
Oeferred inGome comprises income In advance for the following year's fees.
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 {CONTINUED)
13
DESIGNATED FUNDS
Loasehold
Improvom•nts
Group and Trust
A8 at 1 September 2021
Net expenditure
Transfer from general funds
247,406
(21.108>
As at 1 September 2022
N8t expenditure
Transfer from general funds
253.298
{21,970)
228
As at 31 August 2023
23
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)
14 RESTRICTEO FUNDS
Curront yoar
A5•t
Sgptembgr Income Expendlturn
2022
A8al
August
2023
Transfer
Student Hardship Bursariè8
Mhairi Armstrong 8ursary
Funrj
A.L.L Bursari88
Garfield We51on Foundation
62,165 19,633
2,383
18.699)
115.516)
67.583
2,383
119,sY)5) 59,080
143.1291
(3.9541
Tot81
Provloug year
A8at
Sfjptgmber Incomg Expendllure
2021
A•at
Augu•t
2022
Transfor
Sludenl H8rdshSp Bursarl08
Mhalri Armslrc•i9 Bursary
Fund
A.L.L 8ursarl6$
Gartleld We81on Foundation
68.187
2,383
15,340
{21,9621
600
62,165
2.383
110.2011 32.910
{42,0141
16001
{19.905)
Tot81
Mhalrl Amstrong Bursary fund Is moni88 recelved lo be used for student hardship.
The H8rd3hip Fund 18 moni8s received lo be u8ed for student hardshlp.
Advanced Leamer Loang - 8ursary fvnds available lo those students who have Advanced Leamer
Loans.
The Garfield Weston Foundatlon fund Is for talented 81udents facing 8ub¥l8nlial financlal hardship.
15
MEMBERS, LIABILITY
The Trust is limited by guarantee and does not have a share capitsl. The rnembers have undertaken
lo contribute a sum, not exceeding £1 each. to the assets of the trust in the event of rt being wound up.
24
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)
16
ANALYSIS OF FUNDS BALANCES BETWEEN THE NET ASSETS
Current year
D051gnated
G•noral Re8trl¢tsd Totsl 2023
Group
Fixed assets
Net current assets
Creditors.. amounts due over 1 year
254,556
266,640
701,023
521,196
756.035
55.012
Total
Tru$t
Fixed a8sets
Nel r#Jrrant 89S81s
Creditors- amounts due over 1 year
254,556
266,640
688.248
521,196
743.258
55,012
Total
De•lgnat•d
G•n•ral Ro•trl¢l•d Totsl 2022
Group
Flxed a88818
Nel current assets
Credltor8.' amount8 due over 1 year
253,298
312,857
647,083
586,155
691,726
44,643
Total
Dmlgnatsd
G•n•ral Re•lrlct•d Totsl 2022
Tr1
Fixed assets
Nel current assels
Credllors: amounts dua over 1 year
253,298
504.775
617.221
758,073
681,864
44.643
Totsl
17
TRANSACTIONS WITH RELATED PARTIES
As at 31 August 2023, Oxford School of Drama Llmlted Isubsidaryl owed the Trust £nll 12022:
£155.760)
A Byam ITrusleel was paid £539 12022: nil) for professional services provided In the year which 15
P8miilled by the Gharity's Memorandum of Association. No other trustees weived any mUneration in
erther y8aT.
No trustees recelved any reimburaement of expenses in either year.
25
THE OXFORO SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2022 ICONTINUEDI
19
COMMITMENTS UNDER OPERATING LEASES
at 31 August 2023 the total of th8 fijture mlnlmum lease payments under non-cancel18ble operatlng
leases 58 as follows..
2023
Land18ulldlng
2022
LandlBuilding
Not later than one yoar
Mole than one year and1086 than flve
Over five years
194.608
196,151
194,608
390,759
Total
Amount8 Paid in the yaar by the group under the18ases totalled £195.024 (2022.. £180.454).
THE OXFORD SCHOOL OF DRAMA TRUST
DETAILED UNRESTRICTED INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
2023
2022
INCOME
Coutse fees
Audition fees
Box office sales
Student transport
Grft-aid donation from gubsidiary
Other income
Interest received
1,401,027
19,680
14.266
42,280
17,875
23,503
944,935
15.669
9,660
26,135
57,335
24.684
96
EXPENDITURE
Cost of gen•rating fund•
Consultancy costs
24.487
Charltable actlvltl•s
Tutors
Audition costs
Student travel
Venue hire
Production costs
Production marketlng
Staff costs
Rent. rale$ and in8ur8nce
Heatlng 8nd Ilghting
M8rkeling
St8ff tralning
Staff travel
Ent8rtalnlng
Repairs and malnlenance
Cleanlng and housekeeping
Bufgary c08ts
Subscription
Bank charges
Short course programmes
Trinlty college registraliofl
D8precialion
Mlscellaneou5 offlce costs
Legal and professional
Other accountancy fees
Oulreach costs
General expenses
Govemance ¢osts18udll & accounlancy
283,696
29,163
78,153
22,883
99,303
1,318
436,882
210.119
10,975
38,931
9,467
5.627
307
22,517
30,653
17,250
7,877
2.613
1,424
17.875
25.561
20.056
2,173
30,777
2,790
8.695
215,352
16,560
53,349
13,940
86,799
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
11.262)
2.468
7.493
3,015
7,130
Industry research
Student services and support
Net expendf(ure
998
Net movement on unre8trlct&J funds
THE OXFORD SCHOOL OF DRAMA TRUST
ACCOUNTS FOR THE YEAR ENDED
31 AUGU8T 2023
INDEX
Pg98 1-5
Group Tru8tee8' report
Independent 8uditors' report
Consolal8d Slalemenl of financlal actlvlll88
Balance Sheet
statement of Cashkn¥8
Notes to the account8
Income and expendlture account
10-11
12
13
14-24
25
Company No. 3638842
Registered Charfty No. 1072770
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEE8' REPORT
Thi5 is the Twenty-fifth report of The Oxford School of Drama Trustee8 and covers the twelve months to
31 A[uSt 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Company number
3638842
Charity number
1072770
Regl•ter•d Offl¢•
8eaver Hou8e, 23-38 Hh0 Brldge Street, Oxford OX12EP.
Bankor•
Nation81 Weslmlnster Bank PLC. Oxford
Audltor•
Crit¢hleys Audit LLP, Beaver House. 23-38 Hythe Brkige Slreel, Oxford. OX12EP
Prlnclpal ¥ddr•s•
Sansomes Fami Sludlo8. Woodstock, Oxford, OX20 1 ER
Tru•teg•lDiro¢torn
Th8 tnistees of the Charlty are 8180 the company's dlrector8 for thè purpos88 of the Companie8 Act.
The TN8tee8, who $eNed throughout the year unless olher•v18e 8taled, were..
N Macaluso
A Millman
E Fuller Ireslgned 8 September 20231
S Stephens
F Feehan Iregigned 4 AprS12023)
T Bal(Jwin Ire¥4qned 11 Decembei 2023)
A By8m
C A Bradley
F Murr8y-Fu8nt88
M Ngild
H Dan¢e lappoinled 4 Apnl 20231
G Upton {appointed 4 Aprll 20231
Princlpal
Edward Hick8
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEES, REPORT ICONTINUEDI
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust Is governed by the provisions of rts m0randUrn and articles of association and the accounts
comply whh current statutory requirements and the Trust's governing document.
The Trustee5 have the power to appolnt addition81 people as Trustee bjl any Trusleas such appointed shall
only hold office until th8 following Annual General Meeting, where they can $8ek ffj•8lection.
New Truste8s are provided with a comprehensive pack of Informat*M about The Oxford School of Drdma
Trust, the conlenl of which conforms to the recommendallons of The Charity Commission. This includes..
Chanty Commisstran booklet CC3 The Essential Truste8." What you need lo know,, informatts)n on the
responslbillti89 of Trust8es- rnemorandum and artlcles of association,. accounts for last th8 years
incorporating Trustees, reports,. minutes of last three board meetings.. brief history of the School and
chronology of significant events- organi9alKJnal chart,. Gurrenl 5chwl prospectus., schedule of datas for further
meetlngs.. blographles of Trustee8 and dates of appointment., details of conlr8CtU81 obligations,. summary of
Trust's insurance policies including trugteeg. Ihbility insurance; details of any litigation presently belng
undertaken either by or agaln8t the Tru8t: delai15 of chanly's professional advisers, including solicltors,
b8nkers, extemal auditors; pollcy documents, including Risk Management information, Health and Safely
Policy, Equal Opportunillg8 Policy, Disabilrty Equalily Policy. Saf8guar(Jing Dignity & Respect Pollcy, Privacy
Policy, Envlronment81 Pollcy. ICT Policy, Dlsclpllnary Policy, Grlevance Policy.
The Trustees are In over811 control of the Trust and n8jer strateglc i8sue8. Day to day mana98menl of the
Trust is d8legal8d to the Prlnclpal.
K•y Manag•rn•nt Per•onnel Remun•ratlon
The pay and remunerallon of the charlly's key management personn81 Is re-evaluated annually. Every &5
years the Tru8lees undertake a comp8rallve analysis of th8 pay and mun01a110n of the key management
pet8onnel in 8lmllar organisalbns 88 a benchmark.
OBJECTIVE8 AND ACTIVITIES
The Oxford School of Drama Trust w85 founded In 1998 as a Company Llmf(ed by Guaranlae and a registered
charity to traln students for the actlng professDn. The School's slralegy 1$ to offer an education, as well as
vocallonal training. lo students from a wide range of social and edUtional backgrounds. For thig 930n it
has a policy of Ilmiling th& Intake of students to the School to ensure a hlgh and constant level of support, both
during and after training. Th6 lolal intake In September 2022 was 88 slLKlen18. The Trust has commilled and
hlghly qualified leaching and admini8trallve staff. The School employs four full-time and four part-time staff
and has up to thirty freelance tutors. The School 16 deemed Grade 1 'outslanding' by Ofsled and 'ex8mplary'
by Trinrty College London.
The Trust provides the following cour8eB:
One Year Diploma Sn Actlng Course
Three Year Dipbma in Acting course
Sbx-month Foundal#Jn Course in Actlng
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEES, REPORT {CONTINUEO)
PubllG Ben•flt
The Trustees have complied with the duly in section 17151 of the Charilles Act 2011 to have due regard lo
public benefit guidance published by the Charity Cornmission. The School aims is lo ensu that its courses
are open to all regardles5 of their background through its participation in the Govemmenl's Dance and Drama
Awards IDaDAI Scheme. The Scheme enable9 talented students to 8ccess financial assistsrs¢e to attend the
Threa year and One year COUTses at the School. provided that they are under the age of 24 and from
JU5eholds with a gross income of less than £g0.000. The amount of financial assistance students reN8
d6pends on thelr household income. Those In greatest need Iwilh a IK)u$ehold Income of les5 than £21.0001
pay nothing toward8 their course fee8 and can access a gr8nt to help with thglr Ilving costs. Those whose
household income 18 £85.000 - £90,000 pay £7.175 for thelr coutse fees. a reductlon of £10,675 on the
published rate. There 16 8 slKling scale of support for students between these Iwo in¢orne figures.
Sludents aged over 18 years who have some 1888 lo pay for their course can al80 acces5 an Advanced
Leamlng Loan of up to £7,395 towards the course f888.
Additlonally, the school has Ils own bursary prov181on includlng Sp8crf bur8anes earmarked for the Foundation
Cour88 aimed al anyone wf(h a household income un¢Jer £35k. and the One-year Ctrjrse aimed at anyone
over the age of 24 not eligible for Dad8 Wrth a hou8ehold Income under £35k. These measures along wlth
in¢re8slng the available 8udrtion walvefs are aimed to help ffjmove financlal bathers experienced by Some
appll¢gnts and Students.
In addition lo these $¢hem88 the school ha8 rt8 own Hardship Fund for those students exper18ncing financlal
drflicuttie5 and 1$ curranlly aiming to exp8nd tts bursary provision through increased development and
fundraising aGtivrty including applications lo Trust and Foundations.
The h0o1 outreach work has includ8d workshops and Q&A's both online and in person in the fo ol
workshops targeted at under-represented gfOilPS. Thls work is undertaken in partnershSp wllh staff, 8tudents,
and graduate actors. It Included Ilve sessions that ranged from, Ihe FDS Tr8lnlng Fair ILeeds} 500+, lo NYT-
P18ying Up (London) 50+ Thls year we have 81so held regKinal audlllon8 in Donc•sler ané Nawcaslle. Several
smaller activitles were also organised both online and In person In th8 fomi of presentations 81 schools and
Colleges, careers 8venls, Dr8m8 groups. open days and worksws for those interested in drama training. As
part of a partnership wSlh the National Satufday club we conlinued to offer free weekly drama Glasses lo local
children from low-income families. Then as part of a louT to local schools we offered workshops on
Shoke$peare. Publlc p8rformance$ took place al venues including The North W811 Ioxfordl, The New Diorama
(London), Soulhwark PLqyhouse (London). Lelcesler Square Thealre (London). the local Oxfordshire
community and 8 number of outdoor locations. In total playing lo an increased public audience of 3CwJO.
ACHIEVEMENTS AND PERFORMANCE
The graduates from the school have contlnued to have a suc¢essfiJl ye8r workSng on a range of productlons.
Theatre credits include To Kill a Mockingbird Iwest Endl, Vanya IWe5t End}. Lyon8sse Iwesl Endl. Glass
Menagerie (West End}, Standing At The Sky's Edge INalional Theatrel,My Brillianl Frlend [Natn81 Theatre},
Home, I'm Darling INatK)nal Theatre), Pandemonium (Soho Thealrel,The Merchant of Venlce 1936{RSC}. Two
PaleslinLgns Go Dogging (Royal Courtl, She Stoops To Conquer Iorange Tree), Arabian Nuhts (Bristol Old
Vi¢ Theatre), and A Mirror IAlmeid8 Theatre) amongst others.
On screen they could be Seen as significant or lead tharacters in Apple Tv's Slow Horses. Hilack,. Nethix's
Queen Chadolle, Shadow and Bone. Umbrella Factory, The Witcher.. Blood Origin, The Crown., BBC'S The
Clèaner, Call the Midwile, Eastenders.. ITV'S Granlchester, Emmerdale.. Sky's Brrtannia: HBO'S Gangs of
London.. Paramount's Halo,. Sarah Pooley's film Women Talking, Ridley Swll's Napoleon.
The graduating Three Year Course within 2 months of graduating
17 out of 20 svJned with agents {85Phl
18 out of 20 worked professionally or signed with an agent or both (W)%1
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEES. REPORT (CONTINUED)
Students and graduates winning or nominated for awards thls year include-
LIZZ AnnB Most Promising Newcomer Critics circ Theatre Awards. Best West End Debut The Stage Awards
Claire Foy ScTeen A¢lor$ Guild Awards IUSAI outstanding performance by a Gast in a motion picture. British
Independent Film Awards - Best Supporting Performance
8imuna Memon Olivier Awards- Actress in a supporting role in a musiGal
A¢mee Lou Wood wins BAFTA EE Rising Star Award
Yasemin Junqueira IThird Year student) finalist In the Student Spotlight Awards.
Emily Kathryn and Nye Occomore (Third year sludants) finali518 in BBC Carlelon Hobbs Award
Activltles
The School's Studanl Hardship Fund conllnued lo supwrt those in fln8ncLql dlfflculty. The number of students
needing support continues to in¢ffja8e. During the Autumn lem and Spring term twenty-slx award5 were mad8
lolalllng £6,200.
Plon$ for th• futurn
There were several key new appolntmenls made over the year Including the appolntmenl of a new Head of
Acting, a new Head of the Foundallon Course and Outreach, and a new Artlsllc Assoclale. The eontinualion of
an in-depth review ol the curriculum continued having slightly paused to allow for the new appointments but it
has resutted In the crnalion of new course books, a revised student Charter. and the Iri811ing of a new
assessment process. The Artistic Associate role is seen as a key 8ppoinlmant in helplng the school dlversify ils
choices of text, improve the dramaturgical offer lo students and help wilh the ¢re8llon of a new collaborallve
framework that builds on the 5th001's ethos of collaboration. The school has also worked on developing a new
fundraising strategy which included bringing In a consultant lo search and apply for variou8 Trust and
Found81ion¥, There was also some restructuring around Ihe adminlstrative team. The Five-year plan focusses
on four key area5 Oiversrfying, Safely, The Slu¢Jenl Experienca and Currlculum and addlllon81 chang9$ this
year to help Smprove these areas indude..
EDI training for st8ff and students through work wbth Tonic.
A compTehenslve 2417 service of support for students (Sludenl Assistance Programmel,
An expansion of the outreach work including developing a new ICPDI programme for teach8rs and
reinslaling regional audltions (including Doncaster and Newcastle),
Introducing new open Wedn85day curriculum thread as part of an enrichment type progr8mm8,
New scene Study thread that expands an¢J diversifies the cholces of text.
Increased number of performances.
Introdu¢ing new industry pr8Ctilioners lo OSD alongside developing current staff
Applying and succeeding in gaining funding lo improve our bursary provlsljn.
Other changes implemented over the year included the appointment of new Iruslees. the appointment of new
co-chairs, the ¢realion of various new Board Sutpcommitlees. the updating of various FX)licie5, the
appoinlmenl of new leaching staff {including a contlnued emphasis on developing new lulor5 of colour), the
creation of new online short courses and rebalancing of the curriculum. Moving ft)rward it's hoped other areas
will begin lo be addressed around fundraising. reba18ncing th& curriculum further, improving facilities.
introducing a new friend's scheme, improving communication. building awareness of Ihe school, looking at new
partnerships. expanding outreach and short courses, and making the school more accessible to more people
regardless of background. As the educational landscape is shifting11 Is hoped through this work the school can
build on its reputation but set new prionties lo create an even Stronger and sustainable future that allow tho
Trust lo continue lo provide an outstanding training for a small number of students from diversè backgrounds.
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEES, REPORT (CONTINUED)
FINANCIAL REVIEW
The charity achieved a Surplus of £19,350 In the y&ar. This Is made up of £8,981 in nstrICted funds and
£10.369 in restricted funds.
R•serve•
As al 31 August 2023. the charity's total funds were £1.264.454 of which £55.012 w89 represented by
restricted funds and £254.454 by destrjnaled fvnd8 (equal to the net 0k value of the ¢harbty's b8asehold
buiklingsl, leaving a ba18nce of £954.886 on general funds.
Thè Tru51ees conskler that r88erves ideally need to be 8ufflclenl lo cover exp8nditure for a perlod of
six months. This would equate lo approximately £600,000,
A8 at 31 August 2023, after h8ving designated funds lo reprosenl the investment in the new Theatre and
Libraryloffice Developmenl and for the 8am Development work8. there was a balance of £954.886 on general
funds. £259,660 of this was represented by the investment in Oxford School of Drama Limrted leavlng a
balance of free reserves of £695,220.
Rl•k Management Stal•m•nt
The Trust maintains risk management and other pollcies as li8ted in the Annual Retum. The Trustees consider
the princip81 risks and uncertainties affecting the charity are.,
Potential future changes in OADA ID8nc8 and Drama Awards} and ALL IAAIv8nced Leamer Loan)
funding arrangements.
Recruitment and retention of good quality staff and tutors.
Is8ue8 that may harm's the Charity repulatlon.
The rl8k management policy has baen expanded to cover tho are88 of risk recommended by the Charity
CommlssKJn'. governance and management, oper811onal, hnancial, environment and extemal, law and
regulation compliance. In addil•Jn, specific poli¢lgs cover complaints handling and Gonflicts of inleresls. The
Company keeps ri8k management under Continual review. and conducts a formal risk review once a year,
which is dSscussed and approved by the Trustees. Mapr rlsks are revlewed 8nd assessed. and control
8y31ems are establi$he¢J to manage those risks.
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the Annual Report and the financial 51alements In accordance with
applicable law and regulations.
Company law requires the trustees lo-prepare financial Statements for each financi81 year-. Under that law-the
Trustees hav8 elected to prepare the financial statements in accordance wllh United Kingdom Generally
Accepted Accounting Practice (United Klngdom Accounting Standards and applicable lawl. Under company
law th8 Trustees must not approve the financial slal8ments unless th&y are satisfied that they giva a true and
fair view of the State of affairs of the ¢harily and of the incorng resources and application of r850urces of the
charrty for that period. In preparing these financial Statements, the Iru5teBs arg requirad to..
select surtable accounting policies and then apply them consistently..
make judgements and aonting estimates that are reasonable and prudent.,
prepare the financial statements on the going concern basis unless il is inappropriate to presume that
the company will contlnue in operation.
The trustees are re$ssible for keeplng adequate accounting rewrds that are sufficient to show and expL9in
the chanty's transactions and disclose wrth reasonable aGcuraGy al any time the financial posrtion of the
company and enable them lo ensure that the financial staternent5 comply with the Companies Act 2006. They
THE OXFORD SCHOOL OF DRAMA TRUST
GROUP TRUSTEES, REPORT {CONTINUED)
are also responsible for safeguarding the assets of Ihe tharity and hence for taking reasonable ste for the
prevention and detectn of fraud and other Irregularlties.
So f8r ag the Trustees are aware, there is no relevant audrt information linfomiation needed by the company's
auditor5 in connection with preparlng their report) of whh the (¥Jmpany's audrtors are un8ware', and
Each Tru9tee has tsken all the steps that he ought lo have taken as a dlrector in order lo make himself aware
of any relevanl audit infomiation and to establish that the wnpany's audrtors are aware of that inf0mlal.
Thls POrt Ikls been prepared In accordance with the Small Comp8ni88 Regim8 under S8Ctlon 41912} of Ihe
Companies Act 2006.
Thls rep)rt was approved
th8TfUSteeson.................
.Neild IT-rosteej
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF
THE OXFORD SCHOOL OF DRAMA TRUST
Oplnlon
We have audited the financial statements of The Oxford School of Drama Trust Ithe "Ch8rrtfl for the year
ended 31 August 2023 which comprise the Consolidated Sl8tement of Financial Activities, Balance Shaels, the
statements of Cash Flows, and notes to the financkgl statements. Including a summary of significanl
accounting wlicies. The financial reporting framework that has been applled in their preparation 15 applicable
law and Unrted Kingdom Accounting Standard8. including Fin8ncial Reporting Standard 102.. The Financial
Reporting Sl8ndard applicable in the UK and Republic of Ireland (Unfted Klngdom Gener811y Accepted
Accounting Praclicel.
In our opinion, Ihe tinancial statements.,
give a true and fair view of the slate of the group and Charlty's affairs 88 at 31 August 2023 and of th
group's income and expenditure for the year then ended-,
have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting
PractiC8',
have been prepared in accordance with th8 raquifemenls of the Companles Act 2006.
B4s18 for oplnlon
We conducted our atsdit in accordance with InleTnatlonal Standards on Auéiling {UKI {ISAs IUKII and
applicable law. Our responsibilities under those standards are further descrlbed in the ALsditor'5 resp)nsibilitl88
for the audit of the financlal slalements section of our report. We a independent of Ihe Charity in accordance
wllh the ethical requlrement5 Ih8t are relevant lo our audit of the financial slat&menls in the UK, including the
FRC'S Elhlcal Standard. and we have fulfllled our other ethical SpOnSIbl1111eS in accordance with these
requlrements. Wg believo that tho audrt evldence we have obtained is sufficient and approprle to provide a
b8sis for our oplnk)n.
Conclu8lon• rnlatlng to golng conc•rn
In auditing the finan¢lal 9t8tements, we have concluded that the Trustees, use of the going concem basis of
accounting In the preparallon of the financSal slatemenls is appropriate.
Based on the work we have perfomiad, we have not identrfied any material uncertainties relating lo events or
C4)ndilions that. individually or colleGtiv6ly, may ca51 significant doubl on the Tnjst's abillty lo continue as a
going concern for a perKMJ of al least twelve months from when the finan¢ial Statements are authorised for
issue.
Our resrM)n8ibilities and the re8pon8lbllitles of the Trustees with respect lo going con¢em are descrfbed in the
relevant secllons of this report.
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF
THE OXFORD SCHOOL OF DRAMA TRUST (CONTINUED)
othor Inlomiallon
The Iruslees are re$pinsible for the other information. The other infomialion comprises the infomiation
included in the annual r6port other than the financial statements and our audilorfs report thereon. Our opiniDn
on the flnan¢bl ststements does not cover the Other information and, except to the extent olherwlse explicrtly
staled In our rep)rt. we do not express any fomi of a8surance conclusion Ihereon.
In connectlon with our audit of the financial statements, our re8pon8ibilily Is to read the other information and,
In dothg so. consider whether the other information is materially inconsist8nt with the financial statements or
our knowledge oblained in the audit or otherwlse appears lo be malerlally misstated. If we identify such
material inconsistencies or apparent material misstalemenls, we are requlred lo deternine whether there is
material misslalement In the financial statement8 or a malerk31 misglatemenl of the other infornation. If, bas8d
on the work we have p&rfom8d. we conclude that there 18 a material mlg$latemenl of this Other informatlon. we
are requlred to report that fact.
We havè nothing to rgport in this regard.
Oplnlonj on olh•r matt•rn prnscrlb•d by the CompAnlo$ Acl 2006
In our oplnky), based on th8 Wort( undertaken In the course of the aud.
the infom)alion given in the trustee$, report {incorForaling the dire¢toryJ' report) for the fnanclal year for
which the financial sl8lemenl$ are prepared is conslslenl with the financlal slat&menls,' and
the Irustees, report lincorwrating th8 dlrector8' report) hève been prepared in accordance wkh
appllcable legal requlroments.
M•tt•f• on whlch w• ar• rnqulred to rnport by oX¢•Ptlon
In the Ilghl of the knowledge and und8r8tandlng of the company and Ils envlronment obtained In the
course of the audh, wé have not klentlfled malerfal mi881alernen18 In the tru8te8s' report.
We have nolhlng lo report in respect of the followSng matter8 in relation lo which the Companies Act 2006
requir88 us lo report to you if, In our oplnlon..
Sufficient accounllng records have not been kept.,
the financial statements are not in agreement with the accounting re¢ord5 and relums,.
certain dlsclosures of Irustee5' romuneration 8pecifieé by law are not made., or
we have nol obtained all the Infomiation 8nd 6xpl8nalions necessary for the purposes of our audit.
the trustees were not enlilled lo take advantage of the small companies, exempl)n8 in preparlng the
diffj¢tors' report and from the requ1ment lo prepare a slralegio report.
Responslbllitl88 of th• trusts•J
As explained mor8 fvlly in the trustees, responsibilities statement Iget out on page 51. tho trustees are
responsible for the preparation of the financial statements and for being satisfied that they give a true and falr
view, and for such intemal control as they detemiine is necessary to enable the preparation of financial
statements that are free from material mis51atement, whether due to fraud or etror.
In preparing the finan¢ial stalemenls, the Injstees are responsible for assessing the Charity's ability to continue
as a going concern, disclosing, as applicable, rnatters related lo going concem and uging the going concem
basis of accounting unless the trus188s either intend to liquidale the Charity or to cease operations, or have no
realistic altemalive tyJt to do so.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF
THE OXFORD SCHOOL OF DRAMA TRUST ICONTINUEDI
Audltor's r•sponslbllllles for th• audit of the financial •tst•m•nts
Our objectives ale lo obtsin ra8sonabl8 assurance about whether the financial statement¥ 8$ a whole are free
from material misstatement. whether due to fraud or error, ané lo issue an auditor's repjrt that Includes our
opinion. Reasona& assurance is a high level of assurance, but is not 8 guarantee that an aud(t conducted in
aGcord8nce with ISAS IUKI will always detect a material misslalement when exists. Misstatements can arise
trom fraud or error and are Conser8d malarial if. individually or in the aggregate. they could reason8bly be
exp8Cted to Influence the economic dècisions of users taken on th8 basB of these financial statements.
Irregularities. ClUdIng fraud, are instsncas of non-complianco with laws and regulat5. We design
procedures in line with our responsibilities. outlined above, lo delect malerial mlsstalemenls in Pect of
irregularilie5. Including fraud. The extent lo which our procedures are cepable of detecting irregularities,
including fraud, is detailed below:
the engagement partner ensured that the engagement team colloctively had the appropriate
competence. capabilitie8 and skills lo identlfy or recognise non-rAimpliance wrth applicable laws and
regulations..
W8 id8nlifled the laws and regulations appllcable to the wmpany through discussions whh dlrectors
and other management, and from our knowledge and experience:
we focused on 8pecMlc law8 and regulations lCh we considered may have a direct materkql effect on
the finan¢lal statemnts or the op8ratlon$ of th& company.
we assessed the extent of compllance with the laws and regulatlons idenlrfled above through meklng
enquiries of management and insp8cllng legal corffjspondence where applicable., and
identified laws and regulations were communicated withln the audit168m regularly and the team
remained alert to instances of non-compliance throughout th& audrt.
We 8sses8ed the suscepllbilrty of the company's financlal statements lo materlal mi8Statement, including
obtaining an und8rstanding of how fraud rnight occur. by..
making enquiries of management as lo where they considered there wa8 8usceptibility to fraud. thelr
knowledge of actual, suspected and alleged fraud; and
considering the intemal controls in place to mitig3te risks of fraud and non-compllance wlth laws and
regulallons.
To address the risk of fraud through management bias and override of contro15, WO..
perfomied 8nalytlcal procedures to identify any unusual or un8xpected reLalionships-,
tested N)urnal entries to idenlrfy unusual transactions-
asses88d whetherjudgements and assumptions made in det8miining the accounting estimates were
indicative of potential bias,. and
10
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF
THE OXFORD SCHOOL OF DRAMA TRUST (CONTINUED)
investigated the rationale behind snIficant or unusual transactions.
In response lo the risk of irr8gularMles end non-compliance wrth law8 8nd regulations, we desed procedures
which includ8d, but We not limited lo..
8gr8elng financial statement disclosures to underlying supporting documentation.,
reading the mlnules of meetings of those charged wNh governanc8'.
enquiring of manag8ment as to actual and potential litlgation and clalms;
reviewlng relevant correspon(ience.
There ar8 inherent limitalK)ns in our audit procedu$ de$crib8d at)ove. The rrKJre r8moved that law6 and
regulations are from financial transactions. the less likely il is that we would become aware of non-compllance.
Auditing standards a150 limit the audit procedures required to identify non-compllance wilh18ws and
gulations lo enquiry of the directors and other managernenl and the Inspectlon of regulatory and legal
correspondence, if any.
Material misslalemenls that arise due lo fraud can be hard8r lo detect than those that arise from emr as they
may involve deliberate concealment or collusion.
A further description of our r88ponsibilrtie5 for the audlt of the financlal statements is bcaled on the Flnanclal
Reporting Council's w8bsit& at.. www.frc.org.uklauditorsr8sponsibilities. Thbs descTlpllon lomis part of our
audttorfs report.
U•0 of our rnport
This report is made solely lo th8 Charity's members. as 8 body, in accordan with Chapter 3 of Part 16 of the
Companies Acl 2006. Our audrt work has been und8rtaken 80 that we might slale lo the Charity'8 membgrs
those matters we are required to 5ts1e lo them in an auditor's report and for no other purpose. To the fullest
extent permilled by law, we do not accept or assume resp)n$ibilily lo anyone other than the charY'S
memb8rs as a body. for our audit work, for this reFKJrt, or for the opinions wo have formed.
Robert Kirtland
Senior Slalutory Auditor
for and on behalf of Crilchleys Audit LLP
Slalutory Auditor
8eaver House. 23-38 Hythe Bridge Street.
Oxford, OX12EP
11
THE OXFORD SCHOOL OF DRAMA TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(Including Incomè and Expendlture Account)
FOR THE YEAR ENDED 31 AUGUST 2023
Total
Funds
2023
Totsl
Funds
2022
Unre8trlcted Rostrlctod
Fund8
Funds
INCOME FROM:
Donations and Legacies
98,713
98.713
48,250
Charitable •ctlvltle•
Drama School
1,466.240
1.466.240 1,370,885
Invo•tmonts - interest receivable
Total Incomo
57
LII 1419 790
EXPENDITURE ON.
Co•t• of ggnoradng fund•
Fundralsing costg
24.487
24,487
Charltable actlvltlo•:
Dram8 School
Tot•1 •xp•ndlturn
43
Net In¢om•ll•xp•ndlture)
12S,535)
44,885
19,350
112,6181
Tran8f6r8 behveen fvnd8
14
Net movement on fund•
8,981
10,389
19.350
112.6181
R•conclllatlon ol funds;
Tol81 fvnds brought fop•vard
Totsl fund• cafflod loard
12
THE OXFORD SCHOOL OF DRAMA TRUST
CONSOLIDATEO STATEMENT OF FINANCIAL ACTIVITIES
Ilncludlng Income and Expendituro Accounll
FOR THE YEAR ENDED 31 AUGUST 2022 Icomparatlves)
Total
Funds
2022
Unrgstrlcted R•strtct•d
Funds
Fund¥
Not•
INCOME FROM:
Donations and Lega¢ies
48,250
48.250
Charltable activi11o9
Drarna School
1,370,885
1,370,885
Inv•stment8 - int&rest receivable
655
65
Totsl Incomo
1371540
450 1419 7
EXPENDITURE ON;
Chadtable a¢tlvlllo8:
Drama School
Totsl •xpondllurn
N•1 Incomel{•xp•ndltur•l
3,108
115,7261
(12,6181
Transfer8 between fvnds
14
Net mov•m•nt on lund•
18.358
(30,976}
112,8181
Roconclllatlon of fund•;
Total fund8 brought fornvard
Total lund• urrf•d forward
13
THE OXFORD SCHOOL OF DRAMA TRUST
(company no: 3638642)
BALANCE SHEETS
AS AT 31 AUGUST 2023
Group
2023
Trusl
2023
Group
2022
Trust
2022
FIXED ASSETS
Intangible assets
Investments
Tangible assets
259,660
302,935
259,6PAI
26
500,000
261536
263
521.196
521,196
566,155
758,073
CURRENT ASSETS
Debtors
Cash at bank and In hand
64,131
1490 908
64,131
52,863
203,436
10
1.555.039
1,542.262 1,532.629
1,462.173
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
NeT CURRENT ASSET8
758.035
743.258
691,726
661.8e4
NET A88ETS
Fund•:
Unre8lricted funds..
General fund8
De8lgnated funds
967,663
254,556
954,886
254,556
959,940
253.298
1,121,996
253,298
13
Re8lrlcted fund8
14
44
These account
ved and aulhorised for i88ue by Ihe Tru51ee$ on
D i YSTEE)
14
THE OXFORD SCHOOL OF DRAMA TRLIST
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
Group
2023
Tru81
2023
Group
2022
Trust
2022
Nel Gash lusod In)Iprovlded by op•rntlng a¢tlvltlo8
95.019
308,418
150,6021
118,947
Ca•h flows fmm n•11n9 •ctlvltlo•
Purchase of tangible fixed asse18
Pureha58 of subsidiary
123,877) 129,0241
11.2201
11,2201
Ca•h (used Inl Inve•tlng acllvltles
183.8771 189,0241 161,220}
161,2201
{Decr•J•o}IlncreaJe In c•ih and c••h •qulval•nts In th•
y•ar
11,142
219,394 1111,8221
55,727
Cash and cash equlval•nts •t th• b•glnnlng of tho y•ar 479 766 a1 L737
591588 1203010
C••h ind cash oqulval•nt• at the ond ol the yaar
C••h provlded by operatlng a¢tlvltle•:
Nel movement In funds
Oeprecialion
Amortisalion and Impaimienl
1lncreaselldeca$e In debtors
Incr88s8lldecrease} in credRor8
19,350 (155,4831 112.8181
25,561
25,561
24,781
43,276
240,340
43,276
111,2881
139,305
17.2721 (136.1041
18100 fjQL95
49,000
23,787
Net cash lused Inllprovldod by op•ratlng actlvltl•s
Cash and ca•h •qulvalonts ¢on•l•t of:
Cash in hand
Notice d&posits (les5 than 1 year)
1,400,818 1.388.041 1.391,955 1,170,926
87
15
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023
ACCOUNTING POLICIES
G&n•ral Informatlon
This Company is a Chartlable Company Limited by guarantee Incorporated in Unlled Kingdom.
Oxford School of Orama Trust is a public beneflt entity. operating from Sansomeg Fam
studios, Wood¥toGk. Oxford. OX20 1 ER.
b)
Basis of proparatlon
The accounts have been prepared under the hi5toriG81 cost convention and in accordan with
the Charities (Accounts and Reports) Regulations and Statement of Recommended Practice
"Accounting and Repjrting by Charilles" (FRS 1021 and Ihe Companies Act 2006. These
financial sl8temenls have been prepared in accordance with Financial Reporting Standard 102
'The fin8ncl81 Reporting Standard appllc8ble In the UK and RepubliG of Ireland.
There are no unc8rtain118s about Ihe ¢harlty's ability to contlnue as a going con¢em.
The ¢on$olldated accounts Included the result of the Trust and its subsidiary The Oxford
School of Drarna Llmlted from the dale of acquisllk)n.
No parent company Statement of Finan¢lal Actlvilies 1$ presented 88 pemiitted by s408 of the
Companie¥ Act 2006. The n81 movemenl in funds attributable to the parent company before
Impaimient is £1155.483I12022.' £54,796).
Income
Income Includes fees for courses organised by the Trust, 0680claled fees, and deposll
interest. Income 18 included in the Income and expendlture account in the year lo ¥thlch the
income relates.
Income received in the year r8latlng to lemis 8lartln9 after the year end 1$ defer and
included as income in the accounts covering the per to which it relates.
Expondllurn
Expendlture Is recognised when a liabllily Is Incurred.
Charthble activltles include expenditure assoclated with the running of the courses provided.
Thls include8 toth the direct costs and Support costs relating lo this activity.
Governance costs include thos8 incurred in tha govemance of the charity and it8 a¥set¥ and
are prlmarily a550¢iat8d with constitutional and statutory requirernenls.
Support costs include central functlon. All of thes8 have been allOted to the princip81 activity
of the charity-
16
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDeD 31 AUGUST 2023 ICONTINUEDI
Funds stfucture
The charrty has a number of reslficled income funds lo account for situations where a donor
requires that 8 donation must be spent on a particular purFX)se or where funds have been
raised for a specific purpose.
All other funds are unr8stri¢ted income fvnds. The Trustees have set up the deslgnated funds
for the purpos6 of funding a new theatre. the libraryloffice development and barn development
works.
Int•nglbl• as••t• and amortiution
Intangible assets are orlglnally racognised as the valu6 of goodwill upon thelr purchase.
Amortisalion is provided to writa off the goodwill over 115 8xp8Cted useful economi¢ lrfe of 10
years.
Flx•d A•s•t Invo•tm•nt•
Investments are held al cost less any Impalrment in value. Following the latsnsfer of trade
from the subsidary company to the Tnjsl impaimlent has been processed so that the cost less
impalrmenl matches the goodwlll on cons014t10n.
h)
Tanglblo Ilx•d assots and dopr•clatlon
Depreciatlon 18 provided lo write off the c05t of tangible flxed a88ets over thelr expecled useful
lives al th8 followlng rale5.
Office equipment
Leasehold improvements
-25%
Length oflease
Operntlng loa••8
Renl818 due under operating leases are charged lo the Stal8ment of Financial Activities on an
a¢crual$ basis.
Ji
P•n•lon Colts
The charity operate$ 8 defined ¢ontritrJJlion ponsDn scheme. Contrlbutions are recognised as
an expen¥e when they fall due.
k)
C•¥h and Gash equlvalonts
Cash and cash equivalents incu¢Jes noli¢a accounts with a maturity of less than one year.
INCOME- OPERATION OF DRAMA SCHOOL
Trust
Limitsd
2023
2022
Course fee8
Less: bursaries awarded
Audition fees
Box office sales
student transport
Other Income
1,401,027
134,5161
19,680
14,266
42,280
1,401,027 1,296.435
134,5161
124,0001
19,680
20,372
14,266
9,660
42,280
42,273
17
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)
CHARITA8LE ACTIVITIES
Trust
Llmlted
2023
2022
A¢tlvlty.' Operatlon
of drama school
Sl8ff
Depreckqlion
Amortisation
Direct Cos1$
436,883
25,561
43,276
714,976
436,883
25,561
43,276
714.976
395.449
24,781
43,276
649,322
Support Costs
306
312 421
319 580
SUPPORT C08TS
Trust
Llmltsd
2023
2022
Leg81 and other fees
Finance
General office
Premises
Govemance costs - audrtors, remuneration
2,173
2,613
19,852
274,264
2,173
6,575
19,852
274,264
25,657
2,923
25,534
255,771
3,962
064
In addrf(ion the audltors received £1,824 {2022.' £2.6911 for other 8eThlce8.
8TAFF COSTS (EXCLUOING TUTORS)
2023
2022
Salaries 8nd wages
Employers national insurance
Pension costs
390,262
35,699
345,864
33,175
The average number of employ885 during the year was 812022.- 91.
2023
No
2021
No
Number of higher paid employees in bands of-
£60,001- £70,000
£70,001- £80,000
The charity's key management personn81 remuneration in the year (including employerfs nati)nal
insurance and pension 515) was £163.55712022'. £156,684).
18
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 ICONTINUEDI
INTANGIBLE ASSETS
Goodwlll on consolld•tion
Co8t or valuallon
Al 1 September 2022
At 31 Augusl 2023
Amortlsatlon
At 1 September 2022
ProvNJed in year
DisFM)8als
129.829
43.275
At 31 August 2022
Net book •mount
At 31 August 2023
At 31 Augu8t 2022
100% of shares In Oxlord Sthjol of Orama Llmrted IOSDI were purch88ed on 13 September 2019 for
£380,000 in cash and deferred conslderatlon 01 £140,000.
The goodwill was c81culaled 88 conslderalion1£g30,CM)01 less n81888e18 of OSD at the date of
acqui8ltion.
19
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENOED 31 AUGUST 2023 (CONTINUED)
INVESTMENTS
Shares In •ub•idi•ry undertaklng
Cost
At 1 September 2022 and 31 October 2023
Impaimient
At 1 Septemb8r 2022
Impainnent in the year
At 31 August 2023
Not book valu?
At 31 August 2023
At 31 August 2022
The Oxford School of Dram8 Llmltod IOSDI 18 a wholly owned 5ub8idlary l¢ompany numb8r:
19734521.
OSD'S reglstered offjca 18..
88aver House
23-38 Hhe Bddge Strèèt
Oxford
OX1 2EP
OSD provlousty undertook the foundation cour86 lof Oxford School of Drama durlng the yèar but now
h88 minlm81 activrty after the operatlon of the foundation cour88 wa8 transferred lo the Trust.
A 8umm8ry of its Iradlng re8uII8 and net 8S6els for Ihe year18 sPK)wn b81ow.
2023
2022
Proflt and1089 account
Tumover
Cost of $ale8
365,072
Gros8 profft
Administrative expenses
Other intere51 receivable end simllar Income
Taxation
240,193
1197,1591
114
15,1911
1,669
Nel incorne for the year
Balance Sh••t
Fixed assets
Current assets
Current liabilrti88
5,147
226,216
12.777
Net ass8ls
l income and expenditure for the subsidiary during the year is included within th6 consolidated
stalemeftt of financial activrties.
i a i a
ffj
uE20
21
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 {CONTINUEDI
DEBTORS
Group
2023
Trust
2023
Group
2022
Trust
2022
Trade debtors
Prepayments and #ccrued income
Amounts owed by group undertakings
Other Debl¢rs
41,575
22,556
41,575
22,556
23.755
27,296
20,380
27.296
155,760
10
CASH AT BANK AND IN HAND
Group
2023
Trust
2023
Group
2022
Trust
2022
Current Account
Deposits & C83h
52,438
41,948
127,029
108.966
11
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2023
Tru¥t
2023
Group
2022
Truit
2022
Tr8de Cffjditors
Olh8r creditors
Other taxation and 80Ci81 security
Accruals and deferred income
Deferred Conskleretton
39,206
88,400
9,885
661.513
39,206
88,400
9,885
661.513
13,383
105.704
10,625
651,211
7,811
101,800
10,625
620.273
12
DeFeRRED INCOME
Group
2023
Trust
2023
Group
2022
TruBt
2022
Balance a5 at 1 September 2022
Amount released lo income
Amount deferred in year
608,157
S77,219
568.910
337.126
{608,1571 1577,21 g} 1568.9101 1337.126)
630 618
608 157
577 219
Balance as al 31 August 2023
Oeferred inGome comprises income In advance for the following year's fees.
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 {CONTINUED)
13
DESIGNATED FUNDS
Loasehold
Improvom•nts
Group and Trust
A8 at 1 September 2021
Net expenditure
Transfer from general funds
247,406
(21.108>
As at 1 September 2022
N8t expenditure
Transfer from general funds
253.298
{21,970)
228
As at 31 August 2023
23
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)
14 RESTRICTEO FUNDS
Curront yoar
A5•t
Sgptembgr Income Expendlturn
2022
A8al
August
2023
Transfer
Student Hardship Bursariè8
Mhairi Armstrong 8ursary
Funrj
A.L.L Bursari88
Garfield We51on Foundation
62,165 19,633
2,383
18.699)
115.516)
67.583
2,383
119,sY)5) 59,080
143.1291
(3.9541
Tot81
Provloug year
A8at
Sfjptgmber Incomg Expendllure
2021
A•at
Augu•t
2022
Transfor
Sludenl H8rdshSp Bursarl08
Mhalri Armslrc•i9 Bursary
Fund
A.L.L 8ursarl6$
Gartleld We81on Foundation
68.187
2,383
15,340
{21,9621
600
62,165
2.383
110.2011 32.910
{42,0141
16001
{19.905)
Tot81
Mhalrl Amstrong Bursary fund Is moni88 recelved lo be used for student hardship.
The H8rd3hip Fund 18 moni8s received lo be u8ed for student hardshlp.
Advanced Leamer Loang - 8ursary fvnds available lo those students who have Advanced Leamer
Loans.
The Garfield Weston Foundatlon fund Is for talented 81udents facing 8ub¥l8nlial financlal hardship.
15
MEMBERS, LIABILITY
The Trust is limited by guarantee and does not have a share capitsl. The rnembers have undertaken
lo contribute a sum, not exceeding £1 each. to the assets of the trust in the event of rt being wound up.
24
THE OXFORD SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)
16
ANALYSIS OF FUNDS BALANCES BETWEEN THE NET ASSETS
Current year
D051gnated
G•noral Re8trl¢tsd Totsl 2023
Group
Fixed assets
Net current assets
Creditors.. amounts due over 1 year
254,556
266,640
701,023
521,196
756.035
55.012
Total
Tru$t
Fixed a8sets
Nel r#Jrrant 89S81s
Creditors- amounts due over 1 year
254,556
266,640
688.248
521,196
743.258
55,012
Total
De•lgnat•d
G•n•ral Ro•trl¢l•d Totsl 2022
Group
Flxed a88818
Nel current assets
Credltor8.' amount8 due over 1 year
253,298
312,857
647,083
586,155
691,726
44,643
Total
Dmlgnatsd
G•n•ral Re•lrlct•d Totsl 2022
Tr1
Fixed assets
Nel current assels
Credllors: amounts dua over 1 year
253,298
504.775
617.221
758,073
681,864
44.643
Totsl
17
TRANSACTIONS WITH RELATED PARTIES
As at 31 August 2023, Oxford School of Drama Llmlted Isubsidaryl owed the Trust £nll 12022:
£155.760)
A Byam ITrusleel was paid £539 12022: nil) for professional services provided In the year which 15
P8miilled by the Gharity's Memorandum of Association. No other trustees weived any mUneration in
erther y8aT.
No trustees recelved any reimburaement of expenses in either year.
25
THE OXFORO SCHOOL OF DRAMA TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2022 ICONTINUEDI
19
COMMITMENTS UNDER OPERATING LEASES
at 31 August 2023 the total of th8 fijture mlnlmum lease payments under non-cancel18ble operatlng
leases 58 as follows..
2023
Land18ulldlng
2022
LandlBuilding
Not later than one yoar
Mole than one year and1086 than flve
Over five years
194.608
196,151
194,608
390,759
Total
Amount8 Paid in the yaar by the group under the18ases totalled £195.024 (2022.. £180.454).
THE OXFORD SCHOOL OF DRAMA TRUST
DETAILED UNRESTRICTED INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
2023
2022
INCOME
Coutse fees
Audition fees
Box office sales
Student transport
Grft-aid donation from gubsidiary
Other income
Interest received
1,401,027
19,680
14.266
42,280
17,875
23,503
944,935
15.669
9,660
26,135
57,335
24.684
96
EXPENDITURE
Cost of gen•rating fund•
Consultancy costs
24.487
Charltable actlvltl•s
Tutors
Audition costs
Student travel
Venue hire
Production costs
Production marketlng
Staff costs
Rent. rale$ and in8ur8nce
Heatlng 8nd Ilghting
M8rkeling
St8ff tralning
Staff travel
Ent8rtalnlng
Repairs and malnlenance
Cleanlng and housekeeping
Bufgary c08ts
Subscription
Bank charges
Short course programmes
Trinlty college registraliofl
D8precialion
Mlscellaneou5 offlce costs
Legal and professional
Other accountancy fees
Oulreach costs
General expenses
Govemance ¢osts18udll & accounlancy
283,696
29,163
78,153
22,883
99,303
1,318
436,882
210.119
10,975
38,931
9,467
5.627
307
22,517
30,653
17,250
7,877
2.613
1,424
17.875
25.561
20.056
2,173
30,777
2,790
8.695
215,352
16,560
53,349
13,940
86,799
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
11.262)
2.468
7.493
3,015
7,130
Industry research
Student services and support
Net expendf(ure
998
Net movement on unre8trlct&J funds
Management letter to the Board of Trustees of Oxford School of Drama
Year ended 31 August 2023
March 2024
Page | 1
Management Letter 2023
**----- Start of picture text -----**
|||
|---|---|
|Contents|
|Introduction ............................................................................................................................................ 3|
|Purpose of the document ...................................................................................................................... 3|
|Acknowledgements .................................................................................................................................. 3|
|Limitations ................................................................................................................................................. 3|
|Executive Summary .................................................................................................................................. 4|
|Further assistance ..................................................................................................................................... 4|
|Audit Status ............................................................................................................................................. 5|
|Areas of Audit Focus ................................................................................................................................ 5|
|Audit differences ..................................................................................................................................... 6|
|Trust: .......................................................................................................................................................... 6|
|Summary of adjusted differences from draft numbers provided by management .............................. 6|
|Summary of unadjusted differences in the final financial statements for approval ............................ 6|
|Limited: ..................................................................................................|Error! Bookmark not defined.|
|Summary of adjusted differences from draft numbers provided by management|Error! Bookmark|
|not defined.|
|Summary of unadjusted differences in the final financial statements for approval|Error! Bookmark|
|not defined.|
|Potential Control Weaknesses .................................................................................................................. 7|
|Matters arisen in previous years.............................................................................................................. 7|
|New matters arising in this year .............................................................................................................. 8|
|Proposed Letter of Representation ........................................................................................................... 9|
|Other audit matters ................................................................................................................................. 9|
|Detailed comments on the financial statements and audit opinion ..................................................... 9|
|Qualitative aspects of accounting practices ............................................................................................ 9|
|Judgements made by management ........................................................................................................ 9|
|Related parties .......................................................................................................................................... 9|
|Independence matters ........................................................................................................................... 10|
|Non-audit services provided and long involvement: ............................................................................ 10|
|Personal independence: ......................................................................................................................... 10|
|Serious incident reporting ...................................................................................................................... 10|
**----- End of picture text -----**
Page | 2
Management Letter 2023
## Introduction
## Purpose of the document
In accordance with our normal practice and the International Standards on Auditing (UK) 260, we are writing to draw your attention to various matters which arose during the course of our audit of your financial statements for the year ended 31 August 2023.
This letter includes an executive summary of the key findings below which are supported by the detailed sections thereafter.
The purpose of the audit is to enable us to express an opinion on the financial statements. Our audit included consideration of internal controls relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal controls. The matters reported are limited to those deficiencies that the auditor has identified during the audit and that the auditor has concluded are of sufficient importance to merit being reported to those charged with governance.
Our audit included obtaining sufficient and appropriate audit evidence to support our opinion. We use a variety of audit techniques to obtain audit evidence, including tests of design of controls; analytical review; verification of specific transactions and balances; and third party verification. We also assessed the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
Our audit involved a risk-based approach and included an examination of evidence on a sample basis. Because of the sample nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, there is an unavoidable risk that some errors and material misstatements may remain undiscovered. Any errors and irregularity identified have been included within this report.
## Acknowledgements
We would also like to take this opportunity of expressing our thanks to your staff for their assistance during the course of our audit and with the accounts preparation. A substantial amount of preparation work was required in order to be fully ready for the audit and we appreciate the efforts of the Sue Hadland, David Hadland and Liz Wilson.
## Limitations
Please note that this report has been prepared for the sole use of Oxford School of Drama Trust and it must not be disclosed to third parties, quoted or referred to, without our prior written consent. No responsibility is assumed by us to any other person or entity.
Page | 3
Management Letter 2023
## Executive Summary
We are pleased to attach our report and our key findings are summarised below.
- Audit report outcomes - unmodified Page 10.
- The number of audit adjustments identified and their impact. Page 6.
- The number of potential control weaknesses identified and their significance. Page 8.
- Any other matters of significance to be raised. Page 10.
- Any specific points within the proposed letter of representation. Page 10.
## Further assistance
Should Members of the Board of Trustees or management wish to ask any questions regarding the matters raised in this letter or if we can be of any further assistance, please contact Robert Kirtland.
## **Robert Kirtland FCA** Audit Partner
Email RKirtland@critchleys.co.uk ~~a~~ Telephone 01865 261100
Website
Find out more about Robert Kirtland by watching his introductory video
on www.critchleys.co.uk/Experts/Robert
Page | 4
Management Letter 2023
## Audit Status
Our audit is substantially complete. There have been no significant changes to our audit plan, dated 9 January 2024.
## Areas of Audit Focus
As detailed in our audit plan, dated 5 January 2023, we identified the following significant risk areas during our audit planning and have included a brief summary of the work carried out and our findings below.
||**Riskarea**|**Work carriedout**|**Conclusion**|
|---|---|---|---|
|1.|Fraud in relation to
revenue recognition|Income was tested via
proof-in-totals, as well as a
sample testing.
Additionally, cut-off was
checked via an after date
review.|No issues were noted during
testing that was undertaken.|
|2.|Undisclosed related party
transactions|The nominal ledger
provided was analysed to
ensure that all potential
related party transactions
were adequately disclosed.|£539 of payments to Trustee for
services provided were identified
(now disclosed). No issues were
noted during testing that was
undertaken.|
|3.|Potential for management
override of controls|Walkthrough tests were
undertaken to ensure that
controls were in place as
expected. Journals were
assessed for any unusual
activity. Impairment
adjusted (against Limited
company investment cost)
reviewed.|No issues were noted during
testing that was undertaken.|
|4.|Debtors reduced to
remove 2023/24 fees in
advance that had not been
paid as at the year end|Trade debtors and deferred
income was reviewed and
any corresponding income
was removed from both
areas of the accounts.|No issues were noted. Adjustment
was presentational and had no
effect on net assets or the surplus
in the accounts.|
|5.|Allocation of income or
expenditure to restricted
or designated funds|Fund workings were
checked to nominal ledger
to ensure allocations were
correct.|No issues were noted during
testing that was undertaken.|
Our audit procedures go beyond the above higher risk areas to cover material areas of the financial statements. No issues were noted during the procedures.
Page | 5
Management Letter 2023
## Audit differences
In the normal course of an audit, we can identify misstatements in the financial data provided to us at the start of the audit. Where individual errors or their aggregation exceed our materiality level of £39,768 we are required to modify our audit report if they are not adjusted in the final financial statements. For the interest of Board of Trustees and management, we have summarised both the errors that have been corrected and those that have not.
In accordance with ICAEW guidance on triviality limits for audit, we report all items exceeding 5% of the materiality, which for this year is £1,988.
## Trust:
## Summary of adjusted differences from draft numbers provided by management
|No.|Descriptionof error|Impacton SOFA|Impact on|
|---|---|---|---|
||||Balance sheet|
|||(£)|(£)|
|1.|Presentational – removal of amounts within|-|-|
||deferred income and trade debtors|||
|2.|Reallocate fundraising costs posted directly to|24,487|(24,487)|
||reserves|||
|TOTAL||-|-|
Summary of unadjusted differences in the final financial statements for approval
|No.|Descriptionof|Impacton SOFA|Impact on|Reason for|
|---|---|---|---|---|
||error||Balance sheet|not amending|
|||(£)|(£)||
|None.|||||
|TOTAL|||||
Page | 6
Management Letter 2023
## Potential **Control** Weaknesses
Your management is responsible for identification, assessment and monitoring of risk, and for developing, operating and monitoring the systems of internal control. Our audit procedures are designed primarily for the purpose of expressing an opinion on the financial statements and therefore do not constitute a full and detailed review of all aspects of the systems and controls and therefore cannot be relied upon to identify all actual and potential weaknesses. We have included a summary of the issues that we have identified below.
## Matters arisen in previous years
|Observation|Implications&risk|Recommendation|Management response|
|---|---|---|---|
|The declaration of interests form does not ask for a
list of close family members.|The declaration of interests form does not ask for a
There is a risk that some related parties are not
identified, which may mean Trustees have a conflict of
interest that is unknown and could mean that related
party transactions disclosures in the financial
statements could be materially misstated.|It is recommended that the declaration of
interests forms are updated again this
year and include a list of close family
members.||
|2023 update: The form asks for “Any interests of family members that may be considered to be a potential conflict of interest.” None were noted. If a full list of close family is not to be provided
then Trustees need to continue to consider their response to this question, erring on the side of disclosing item, particularly if close family are involved in profession or businesses of the type that
the charity could potentially work with in the future.||||
|During related parties testing, it was noted
that additional interests were identified
from Companies House that were not noted
on 3 Trustees’ declaration of interests.|There is a risk that some related parties are not
identified, which may mean Trustees have a conflict of
interest that is unknown and could mean that related
party transactions disclosures in the financial
statements could be materially misstated.|It is recommended that checks,
such as looking on Companies
House or Charity Commission, are
undertaken on declarations to
ensure they are complete. Trustees
to be reminded to ensure all
interests are listed|ensure they are complete. Trustees|
|2023 update: This point is maintained||||
Page | 7
Management Letter 2023
|Observation|Implications&risk|Recommendation|Management response|
|---|---|---|---|
|We note that no pay rise letters are being kept. Pay|There is a risk that potential claims could be made if|We recommend that pay rises are||
|rises are confirmed via a Sub-Committee meeting.|there are disputes about when the pay rise was|communicated via email or a pay rise||
|However, no records are kept of the employees’|communicated with employees, if there is no physical|letter, which includes the increased salary||
|current and new salaries. The percentage increases|current and new salaries. The percentage increases
evidence to trace.|and the date this will become effective.||
|are communicated to employees verbally.||||
|2023: We have observed no pay rise letter to staff in the current year. Summary of end pay maintained by management.|2023: We have observed no pay rise letter to staff in the current year. Summary of end pay maintained by management.|||
|New matters arising in this year||||
|Observation|Implications&risk|Recommendation|Management response|
|Nothing new in the current year.||||
New matters arising in this year
Page | 8
Management Letter 2023
## 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 to approve and sign the attached letter of representation to accompany the signed final financial statements. We draw your attention to the specific representations contained within point 9, otherwise the letter is routine.
## Other audit matters
## Detailed comments on the financial statements and audit opinion
Based upon our work carried out to date, and subject to no significant events occurring prior to the signing of the audit report, we anticipate issuing an unmodified audit report in your statutory financial statements.
## Qualitative aspects of accounting practices
We have no comments to make concerning the qualitative aspects of the Oxford School of Drama Trust’s accounting practices and financial reporting, including accounting policies, accounting estimates and financial statement disclosures.
## Judgements made by management
During the course of our audit we are required to review the main judgements or estimates made by management, which would have a material or significant impact on the financial statements. We have identified the following main judgement areas and our comments thereon.
Deferred income – based upon the fees for students already signed up for the next year. No issues noted.
Depreciation – depreciation policy consistent with previous years. No non-trivial errors were identified when recalculating depreciation.
Accrued income – an after date receipts review was undertaken. No missing accrued income was identified during this test. Accruals – based upon quotes, contracts and invoices. A sample was tested for accuracy and an after date payments review was undertaken. No issues noted from testing.
Cost apportionment between companies – based upon numbers of students on the 3 year and postgraduate courses compared to the total number of students within the school. Deemed reasonable.
Amortisation – goodwill is being depreciated over 10 years. Deemed reasonable. In charity impairment of investment now to match this.
## Related parties
The Trust/Company is required to disclose all related party transactions, per the Charities SORP/FRS102, within its financial statements. We have identified the following potential related party transactions:
- Intercompany recharges and intercompany balance at the year end
- £539 to A Byam for audition services
We have no comments to make over how the charity identifies related party transactions other than the points raised on page 8.
Page | 9
Management Letter 2023
## Independence matters
Non-audit services provided and long involvement:
We provide accounting and taxation services to the companies in addition to acting as auditors and Robert Kirtland has acted as Engagement Partner for more than 10 years. We wish to confirm to you that in our opinion the provision of such services and the continued involvement of Robert Kirtland as Responsible Individual do not affect our independence as the firm’s quality control procedures provide adequate safeguards in respect of the these matters. This consists of a review of the key sections of the audit files by a second Responsible Individual.
There is also informed management for the non-audit services.
## Personal independence:
All Critchleys Audit LLP staff must adhere to strict regulatory, professional and internal independence requirements related to investments or business relationships with clients. All staff must confirm such compliance on an annual basis.
## Serious incident reporting
All trustees are responsible for identifying and reporting, in a timely fashion, any serious incidents to the Charity Commission, in accordance with their requirements for all registered charities. Whilst our audit scope does not specifically require us to identify any such matters, we report to the members that there were no such actual or potential matters that came to our attention.
Page | 10
Management Letter 2023
## Charity sector update 2023
## **Being charitable amidst high inflation**
The charity sector is being stretched from all angles in the current economic climate. Soaring inflation and the cost-of-living crisis have seen demand for services increase, energy costs rise and pressure on salaries to ensure the best staff are attracted and retained. In addition, the cost-of-living crisis has seen a real term fall in disposable income which has reduced donations. All these factors mean that charities need to have a control on their finances to continue in operation.
The key for charities in this period is to ensure that the trustees understand the charity’s financial position. In addition, it is important that the trustees also consider cash flow implications and, in particular, periods where cashflow is squeezed.
What can a charity do to improve its financial position:
- Minimise costs – it may appear obvious, but it is worth reviewing whether there are any costs that can be reduced or cancelled if they are not necessary for the charity.
- Ensure that accurate budgeting and forecasting are completed on a timely basis. This will enable the charity to stay on top of their finances and help trustees make timely decisions.
- Review the charity’s reserves – Do you have funds in excess of your reserves policy which could be spent on charitable activities? Ensure that you review any restricted funds to make sure you are spending them in line with the donor’s wishes.
- Explore options to diversify your income streams – is it possible to reach out to other funders? Are there grants you are eligible for which you could apply?
## **Letters of support**
As the current economic conditions and cost of living crisis begin to bite for more and more organisations, a charity may be asked to provide a letter of support for its trading subsidiary as loss-making periods can quickly turn a healthy trading subsidiary insolvent. The Trustees should carefully consider the legal and regulatory requirements before issuing a letter of support, including:
- Whether the company’s trading is outside the charity’s objects as this may create the risk of using charitable funds for non-charitable purposes.
- Any financial support given to a subsidiary company should be considered on an arm’s length basis as it would with other investments.
- Will there be a return on their investment in the trading company or whether the trading company is no longer viable.
- Attention should be paid to the precise wording of the letter of support to ensure it is appropriate.
## **Charity Act 2022**
The latest tranche of Charities Act changes came into effect on 14 June 2023. These included:
- Simplified legal requirements that charities must comply with before selling, transferring or leasing land, and
- • new statutory powers to enable:
Page | 11
Management Letter 2023
- charities to spend a proportion or all of their permanent endowment fund without Charity Commission authorisation.
- charities to borrow up to 25% of the value of their permanent endowment fund without Charity Commission authorisation.
- charities that have opted into a total return approach to investment to use permanent endowment to make social investments with a negative or uncertain financial return
- the Charity Commission to direct a charity to stop using a similar, offensive or misleading name.
- `o` the Charity Commission to delay registration of a charity with an unsuitable name.
The next tranche of changes will come into effect in the Autumn of 2023 and these include:
- new rules on amending governing documents
- new provisions to place merged charities on the register for legacy purposes, thus removing the need to keep a ‘shell’ charity
More information is available at: charities act 2022 guidance for charities.
## **Rising interest rates**
In December 2021, the Bank of England’s office UK rate of interest was 0.1%. Since then, we have seen it steadily increasing to over 5% (August 2023) in an attempt to bring down inflation. Although this is bad news for much of UK economy, it does present an opportunity for those with money to deposit and, although not keeping pace with inflation, interest rates are now yielding meaningful returns. However, it’s worth shopping around rather than assuming your bank will pass on this higher interest rate, with fixed period deposits being the most fruitful.
## **Spring budget and charities**
The March 2023 budget seems a long while ago now, but it’s worth remembering that Jeremy Hunt announced over £100 million of support for local charities and community organisations. In addition, £10 million will be made available for suicide prevention organisations in England across 2023-24 to 2024-25 to support people experiencing suicidal thoughts or approaching a mental health crisis.
## **HMRC’s Charity Newsletter**
On 1 June 2023 the Charity Commission issued its first newsletter which can be accessed here. Topics covered include:
- Restriction of tax reliefs - any non-UK registered charities as of 15 March 2023, will continue to be able to claim tax reliefs until 5 April 2024. Thereafter these will be restricted to UK charities only.
- Charity compliance consultation – in April 2023 it was announced that HMRC will consult with the charity sector on tax reform to tackle non-compliance.
- Future of gift aid - HMRC is currently looking at how the Gift Aid service can be improved to minimise the administrative burden
## **Updated Charity Commission guidance**
Many of the recent updates have reflected changes introduced by the Charities Act 2022.
CC8 - Internal financial controls for charities
Updated guidance to help manage charity financial activity and make use of internal financial controls to reduce the risk of loss for the charity.
Page | 12
Management Letter 2023
## CC9 - Campaigning and political activity guidance for charities
Updated the guidance on what charities need to consider when campaigning or engaging in political activity including guidance about Elections and Referendums.
## CC11 - Trustee expenses and payments
Updated guidance on what a charity can pay trustees and what expenses trustees are entitled to.
## CC14 – Investing charity money – guidance for trustees
The Charity Commission has been redesigned to offer greater clarity and to give trustees confidence in making investment decisions that are right for their charity and updated to reflect recent legal and practice changes.
CC28 - Sales, leases, transfers or mortgages: what trustees need to know about disposing of charity land
The Charity Commission has updated its guidance on disposing of charity land assets and such transactions must be properly managed in the best interests of your charity. Unless the disposal falls into a very limited number of exemptions, you must also get the best terms you reasonably can. This guidance explains that if land is held solely by your charity you must follow the legal requirements of the Charities Act 2011 (as amended).
## CC29 - Conflicts of interest: a guide for charity trustees
Guidance updated on ability of charities to pay trustees in certain circumstances for providing goods to their charity using the statutory power.
## CC33 – Acquiring land
The Charity Commission has updated its guidance either to use within the charity or as an investment. Before land or property is bought trustees must make sure:
- the property suits the charity’s needs
- the price is fair and of market value
- they understand the legal obligations, such as planning restrictions
The guidance also goes onto explain when consent from the Charity Commission is required for a land transaction.
CC40 - Charity emergency appeals: starting, running and supporting charitable emergency appeals
Updated guidance about how to run effective emergency appeals and other ways to contribute to relief efforts including the simplified rules on failed appeals and what trustees need to do in these situations.
## CC20 - Charity fundraising: a guide to trustee duties
Updated guidance on what charities and their trustees need to consider when fundraising from the public including the simplified rules on failed appeals and what trustees need to do in these situations.
## **Charity Commission’s Digital Services**
From 31 July 2023, ‘My Charity Commission Account’ is the new way for trustees and charity contacts to access the Charity Commission’s online services. Charities can also authorise other people to use it, such as your accountant or lawyer.
This has been described as charities’ ‘front door’ into the Commission, through which any remaining Annual Returns for 2022 and all Annual Returns for 2023 onwards will be submitted, and the regulator’s wider digital services engaged with.
Page | 13
Management Letter 2023
Charities will have received an invitation directly from the Charity Commission. Find out more about it here.
Latest revision 11/9/23
Page | 14
Management Letter 2023