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← Associated Studios

2023-08-31-accounts

DocuSign Envelope ID: 30099DDF-4379-42C1-BE45-1A97CA84D334

Charity number 1152203

Associated Studios

Report and Financial Statements

for the year ended 31 August 2023

Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH

DocuSign Envelope ID: 30099DDF-4379-42C1-BE45-1A97CA84D334

Associated Studios

Contents

Page
Reference and Administrative Details 1
Trustees' Report 2 - 8
Independent Examiners' Report 9
Statement of Financial Activities (including Income and Expenditure Account) 10 - 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Financial Statements 16 - 22

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Associated Studios

Reference and Administrative Details

Constitution

The organisation is a charitable incorporated organisation (CIO) under the Charities Act, registered charity number 1152203. PCDL registration number 21311 (Learning Provider List). The organisation's governing document is CIO - Foundation registered 29 May 2013.

Trustees

The trustees throughout the year and since the year end, were : Leontine Hass Rory Bremner - (Chair) Lord Patrick Lawrence Dr Christopher Stewardson David Williams

Principal Staff

Leontine Hass - CEO Hanna Marie - Office Manager Aimée Cupper – Office Manager Bruce Shimidzu - Freelance Finance Manager Scott Harrison - Senior Musical Theatre Consultant and Student Officer William Harris - Higher Education Consultant and HR Consultant Danielle Tarento - Senior Musical Theatre Consultant

Patrons

Sir Tim Rice, Jeremy Irons, Timothy West, Rory Bremner, Scott Alan, Rosalind Plowright OBE and Jeremy Herrin

Independent examiners

Breckman & Company Ltd, Chartered Certified Accountants, 49 South Molton Street, London W1K 5LH.

Bankers

Muntazeer Rajwani, Barclays Bank, 75 King Street, London W6 9HY.

Solicitors

Mike Farrell Business Legal Limited, 9 Holgrave Close, High Legh, Knutsford WA16 6TX.

Operation address

204 Latimer Road, London, W10 6QY, London, UK

Registered office

12 Silverton Road, London W6 8HJ.

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Associated Studios

Trustees' Report

Report of the Trustees for the year ended 31 August 2023

The trustees present their report and the financial statements for the year ending 31 August 2023.

Reference and administrative information set out on page 1 forms part of this report.

This has been a year of progression for Associated Studios. In the year to the 31[st] August 2023 Associated Studios sustained the same level of turnover as 2022. We aspire to keep building on this annually and further our development by expanding. Expansion will take the form of a new BA accelerated degree course and the revalidation of our already successful MA, which saw an increase in MA applicants this year. These elements of our trajectory will not only offer our services to a wider range of potential students, they will also enhance Associated Studios' presence within the industry. Students will have access to more performance spaces and the tools they need to excel in their careers alongside further performance opportunities.

In this financial year Associated Studios had to deal with a sewerage leak caused from blocked pipes in the behind neighbouring property. This resulted in warping and pitching of floorboards on the Ground floor creating the need for the flooring to be removed along with major plumbing and drainage works. This led to an insurance claim and refurbishment of the ground floor space. As a result, we had a loss of income from studio rental, and extra spaces had to be hired for Dance classes, which could not take place in the Studios. The refurbishment was completed mid-May in time for the Validation.

Remuneration for the post of Principal was reviewed by the Trustees and no changes have been made. The Trustees note that the Principal and CEO did not receive a market rate remuneration for the first ten years of operation, choosing to be rewarded appropriately only when income targets justified this. The Trustees note that The Office Manager market rate remuneration has been confirmed by the principal following sampling of salaries at comparable institutions.

Structure, governance and management

The Associated Studios was constituted as a charity on 29 May 2013. Prior to becoming a charity, it operated as a sole trader based at The Royal Academy of Music, LAMDA and The Riverside Studios from September 2007. It then operated as a not-for-profit limited company based at The Riverside Studios, London. All activity from the original company was transferred to the charity with effect from 29 May 2013. Charity trustees are appointed by the existing trustees.

Reserves Policy

It is charity policy to aim to keep a minimum of six months overheads/administration costs. The trustees plan to use some of the reserves for future capital projects. This includes investing in additional premises, sound, lighting and production equipment for a larger performance space/studio and computer/ IT equipment for growing student and staff numbers.

Principal Activity

The Associated Studios is one of Britain's leading Performing Arts Academies, offering training and professional development for musical theatre performers. Training by eminent and experienced theatre practitioners

The Associated Studios seeks to nurture students and provide them with top level training, career advice, industry expertise, support and opportunities. As an organisation we continually research industry trends and endeavour to offer programmes which address those needs, as well as developing relationships between established theatre practitioners and emerging talent, facilitating auditions and work in the UK and abroad. This year we moved away from our partnership with Wolverhampton University as they closed their performing arts department. On May 16 2023, Chichester University confirmed they would be re-validating our MA Musical Theatre Performance course and validated our new BA (hons) Musical theatre (Professional Performance) which is an accelerated degree. The University of Chichester has wonderful staff both in their

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Trustees' Report

performing arts departments and in the administration roles across the University. Their approach to education and the arts aligns beautifully with our ethos and we are positive about the future of this new partnership. We also began the application process for UCAS, with our objective being to complete this process early in the 23/24 academic year.

Professional development for performers

Associated Studios supports the careers of current professional actors, and Musical Theatre performers. Numerous participants are currently employed in theatre, television, West End shows, touring/regional productions and with various opera companies. Performers come to the studios for career advice, to address issues regarding vocal technique and confidence, to develop solo repertoire and to work on audition repertoire. Associated Studios provides a safe and private working space in which performers can work and develop.

Our courses are designed to refine and build on the performers' existing vocal, acting and dance skills. Our advanced courses are for performers who want to continue training or refocus their careers. Students work with well-known industry practitioners including directors, musical directors, casting directors, agents, writers, choreographers and performers.

Objectives and activities

a) to advance, improve, develop and maintain public education in, and appreciation of the arts including, but not limited to, the disciplines of acting, musical theatre, opera and commercial/popular music.

b) provision of workshops, masterclasses, new writing workshops, seminars, courses, full-time diplomas and an MA Musical Theatre Performance validated by Wolverhampton University.

c) Outreach work with universities and further education establishments and building links and partnerships with other theatrical/musical institutions.

Public benefit

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2). "Associated Studios offers the highest level of professional development and training" Neil Rutherford (Casting Director)

A review of developments, activities and achievements in this accounting year.

The Associated Studios ran three main courses in the financial year 1 September 2022 to 31 August 2023:

Musical Theatre Courses

MA Musical Theatre Performance (25 students plus 7 Advanced Diploma students) (2 Bursaries were awarded to this year group – one for 50% of the advanced Diploma fees and one bursary of £1450 (the MA Deposit))

1-Year Core Musical Theatre Diploma (10 students plus 2 part-time students)

Associated Studios had 42 full-time students in the year 2022-2023

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Trustees' Report

MUSICAL THEATRE COURSES AT ASSOCIATED STUDIOS

At Associated Studios we are passionate about Musical Theatre and have forged strong and trusted links with industry professionals over many years. We pride ourselves in understanding industry requirements and having strong links with a large and diverse group of experienced and generous practitioners ready to offer help and advice whilst students are studying with us, and afterwards. Vocal technique, vocal stamina and development are a particular focus at the studios, as is the actor's craft.

We assist students in developing a rigorous practice routine and in choosing and consolidating suitable repertoire covering all the genres they are likely to need for future auditions. We believe that performing takes regular and frequent practice and facilitate this in all our courses by keeping numbers of participants strictly limited. Students build their confidence, are treated as individuals with specific needs and challenges, learn to allow themselves to fail, and have a chance to sing and perform solo on a daily basis. Students receive training in music, singing, performance craft, dance and intensive acting coaching.

Students discover and develop their unique selling point and 'castability'. Each performer receives unparalleled individual attention in order to develop as a person and as an artist. Our members and alumni feature as leads, swings and ensemble in London's West End, regional and international productions.

"The Associated Studios has given me confidence, improved my vocal skills and introduced me to some of the best industry practitioners. It has confirmed my passion and prepared me for working in a competitive but thrilling business."- Jamie Lambert (Musical Theatre Singer/Member of Collabro)

THE ASSOCIATED STUDIOS MUSICAL THEATRE TEAM AND VISITING COACHES

Guest Acting Coaches include:

Michael Attenborough (former Artistic Director of the Almeida) o Jeremy Irons (Actor) o Dominic Cooke (former Artistic Director of the Royal Court) o Hugh Grant (Actor) o Lindsay Posner (Olivier Award Winning Director) o Joe Hill-Gibbins (Director and Associate Artist of the Young Vic) o Robert Fried (Acting Coach/Director) o Lorne Campbell (Artistic Director: Northern Stage & Co-Artistic Director

:Greyscale) o Maria Aitken (Actor and Author) o Phelim McDermott (Artistic Director: Improbable) o Natalie Ibu (Director) o Nigel Whitmey (Actor) o Anthony Clark (Director and Playwright) o Naomi Jones (Director) o James Kerr (Director) o Terry Johnson (Playwright and Director) o Timothy West (Actor) o Prunella Scales (Actor) o Jeremy Herrin (Artistic Director: Headlong) o Che Walker (Playwright and Director) o Melly Still (Olivier Award Winning Director) o Mike Alfreds (Director and Author) o Peter Kosminsky (BAFTA Award Winning Director, Writer and Producer) o Sir Patrick Stewart (Actor) o Marina Caldarone (Director) o Douglas Hansell (Actor) o Andrew Keates (Director) o Jason Riddington (Actor) o Stacey Jenson (Dialect Coach) o Andrew Keates (Director) o Doug Hansell (Actor) o Michael Fry (Director) o Hal Chambers (Director) o Max Reynolds (Director) o Andrew Pugsley (Director) o Kane Oliver-Parry (Director) oMartina Laird (Actress/ Director) o Orlando Seale (Actor) oNigel Whitmey (Actor) o Adam Meggido Actor/Director) o Harry Kershaw (Actor) o Phillip Pellew (Actor/Director/Improvision Expert) o Liam Reilly (Actor and Acting Coach)

Guest Musical Theatre Coaches:

Shane Collins (Agent) o Michael Harris (Boland & Reeve Agent) o Josh Boyd Rochford (Agent) o Nicholas Skilbeck (West End Musical Director and Supervisor: Gypsy, Charlie and the Chocolate Factory) o Neil Rutherford (Casting Director) o Paul Taylor Mills (Director) o Max Reynolds (Director) o Rosemary Ashe (Actor) o Graham Hubbard (Director) o Stuart Pedlar (International MD) o Ben Newsome (Casting Director) o Martin Dodd (Producer) o Michael Webborn (Composer & Musical Director) o Jordan Clarke (Musical Director) o Christie Lee Manning (Choreographer) o Ste Clough (Choreographer) o Sam Spencer-Lane (Choreographer) o David Lee (Choreographer) o Mitch Leow (Choreographer) o John Byrne (Careers & Marketing Advice) o Yvonne I'Anson (Careers and Marketing Advice) o Kathy Taylor - Jones (Vocal Coach) o Scott Harrison (Vocal Coach) o Laura Bangay (Musical Director) o Michelle Crooke (Choreographer) o Lucy Dungate (Choreographer) o Katy Lipson (Producer) o Danielle Tarento (Producer) o Gareth Valentine (Musical Supervisore) o David Penn (TV & Screen Director) o Ben Papworth (Musical Director) o Dean Austin (Musical Director) o Tim Jasper (Musical Director) o John Barr (West End Principal) o Jeremy Woodall (Mindfulness Coach) o Cressida Carre (Choreographer and Director) o Mark Turnbull (Actor and

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Voice Coach) o Hannah Benjamin (Voice Teacher/Coach) o Flynn Sturgeon (Musical Director) o Lucy Glover (Choreographer/Dancer) o Penny O'Connor (Alexander Technique Teacher) o Simone Niles (Mindfulness and Performance Mindset Coach) o Laura Glasner (LABAN Teacher and Movement Facilitator) o Lucy Aiston (West End Principal from 'Six' and Dancer) o Philip Comley (Choreographer) o Emily Orme (LABAN Teacher and Movement Facilitator)

"Without the bursary there would have been no other way I could have continued my development. I am so grateful for everything the course offered and I continue to work on the many topics discussed." - Julia Weatherley

ACTING WORKSHOPS & COURSES

Associated Studios offers Q & A’s, seminars and workshops with eminent directors, theatre practitioners and performers throughout the year. Past workshops have included Peter Kosminsky, Hugh Grant, Sir Patrick Stewart, Sir Richard Eyre, Sir Tim Rice and many more. Regular updates regarding upcoming workshops are posted on our website.

2022 - 2023 HIGHLIGHTS AND NOTEABLE EVENTS

Associated Studios makes great efforts to fulfil learning objectives and meet student expectations and did so successfully.

Highlights from this academic year include:

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Testimonials from Alumni:

Gibsa Bah (West End Performer – The Lion King/The Book of Mormon)

“Going to Associated Studios was one of the best decisions I've made to date! Thanks to AS I have been blessed to book 2 major West End shows. The teaching is incredible. I always felt challenged in the best possible way and felt safe to make mistakes which helped my growth. AS will forever have a massive place in my heart.”

Caspian Moyo (Musical Theatre Performer: Thriller Live):

"The bursary I received from Associated Studios was nothing short of a Godsend; it was an opportunity for me learn something different that would allow me to progress in my career. At the time I certainly was not able to afford training and being able to have a place free of charge was an absolute honour! It was a challenging experience however I knew that through the hurdles only good things would transpire. The bursary that AS gave me allowed me to walk into auditions and to be successful just by applying what I had learnt. All I had to do was turn up! Particularly, the care and attention that Leontine Hass showed me made the experience worth it above all. That woman inspired me greatly. I have been a cast member in the West End since attending AS. I am beyond grateful, and I am not done with Associated Studios."

Alice Stokoe (West End Principal)

'Leontine Hass has an incredible knack of understanding individual voices and knowing what needs to be done for them to improve. She explains things in a very clear, understandable way, meaning you come away from every lesson having learnt something new and invaluable. Having completed the part time Musical Theatre course at Associated Studios and also had individual coaching with Leontine my confidence has improved massively, and I would not hesitate to recommend them both.'

Emma Walsh (Opera Singer/Associated Studios Bursary Holder)

"Nothing could have prepared me for the sheer volume of talented performers, directors, conductors and tutors I worked with throughout my time on the opera course with Associated Studios."

Musical Theatre alumni successes:

With strong and trusted links to the world of Musical Theatre, Associated Studios' Musical Theatre graduates and members have worked in leading roles on London's West End, as well as in touring and regional productions in the UK, Europe and world-wide.

Below is a small selection of recent highlights. We are thrilled that the majority of our alumni continue their development with us between and during working engagements.

Alumni Successes

Colleen Rose Curran was offered 2[nd] cover Christine in Phantom of The Opera – West End during her final months as an Associated Studios student and has recently renewed her contract moving to first cover. Lauren Woolf has just completed her first UK & Ireland tour as an original cast member of the new musical – I Should Be So Lucky. Gibsa Bah has moved into his second West End contract in The Lion King as Banzai cover/Ensemble, previously he was cast in The Book of Mormon – West End as Featured Ensemble. Natorii Illidge has just completed her first professional contract in Tina Turner the Musical - West EndEnsemble/Ikette. Shakeel Kimotho - currently rehearsing for La Cage Aux Folles at the Regents Park Open Air Theatre for Summer 23, Shakeel has completed the European Tour of Cats as Swing. Reece McKenzie; Lion King UK Tour, Lead in Godspell in London & Commission for 'Do You Get Your Hair Permed' - Reece's 1-man show/cabaret, Shakeel Kimotho; Peter Pan in Norwich, Daniel Griesser; Carnival Cruise Lines, Daniel N'Guessan-Lopez; Swing in Book of Mormon West End, Alex Kais; Broken Wings at the Charing Cross Theatre, Kayla Noel-Hartley; Bedknobs and Broomsticks National Tour, Dominic McChesney; Spider's Web National Tour, David O'Mahoney; Lead Mamma Mia West End, Simon Anthony Rhoden; Lead Hamilton West End, Doug Hansell; Lead Come from Away Australia, Rachael Ward; Swing Chicago Sydney, Matt Kane; Swing Motown UK Nr 1 tour & Dreamgirls; Cover Curtis and Marty, Reece Richards; Swing Motown UK Nr 1 tour, Ricardo Castro; Swing Motown West End & Come From Away West End, Toyin Ayedun-Alase; The Threepenny Opera National Theatre & Motherland for the BBC, Adam Strong; Kashoggi, We Will Rock You UK Nr 1 tour, Cartier Fraser; Swing, Buddy the Musical West End, Charlotte Knight; Lead in Frozen Disney,

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Faye Ainley; Lead in Dick Whittington, Justina Kehinde; Lead in Around the world in 80's days, Vanessa Owen has founded 'Unite Theatre Projects, taking theatre regionally, Stephen Redwood has composed and written many brilliant things including his first successful Cabaret, Joanna Rennie; Sleepless, having finished as Swing in Chicago West End, Natorii Illidge; Thriller Tour, Alice Stokoe went into When the Boat Comes in after American Idiot and playing the lead Sophie in Mamma Mia West End, Tom Whalley is in Panto at Sunderland Empire and founded his own successful Panto Production Company Tom Whalley Pantomimes, Coleman James is on world tour with Choir of Man, Jamie Lambert and Elizabeth Jackson have founded Lambert Jackson productions and sold out many shows at Cadogan Hall. Jamie Lambert also stars in Collabro who have to date sold millions of records, Katie McHardy has become a successful singer songwriter, Amy Alexander got a role in Hollyoaks and other TV jobs, Ryan Lynch is performing in The Four Harps, Natalie Rushdie has starred with full orchestra at The Royal Albert Hall, Kayla Carter has been granted a bursary scholarship for the MA at the Royal Academy of Music, Bursary holders Reece Richards and Matt Kane were cast in Motown UK Tour, Bursary Holder Rico Castro was cast in Motown West End, Rachael Ward was cast in Evita The Musical, Aswintha Vermeulen was cast in Disney Hong Kong and 'On Your Feet', Bursary holder Melvin Le Blanc was offered a part in the remake of Mamma Mia, the musical feature film, Esme Sears was cast in Parade, Simon-Rhoden was cast as the lead 'Lola' in Kinky Boots West End, David O'Mahoney; Lead in West End production of Beautiful The Carole King Story, Rachael Ward recently played Bombalurina in Cats at the Theatre Mogador (Paris) and toured Australia in Singin'in the Rain. She is currently in The Wizard of Oz.

Erin Cornell recently covered pop sensation Delta Goodrem as Grizabella in the Australian Tour of Cats, Waylon Jacobs has been cast as a lead role in Hamilton. Douglas Hansell recently appeared in Titanic the Musical at Charing Cross Theatre, Declan Egan is starring in the West End production of Jersey Boys , Adam J Bernard is playing Jimmy Early in Dreamgirls, Claudia Kariuki is appearing in the West End production of Wicked, Adam Strong was recently Lead Vocalist on the Seabourn Cruise Ship, Saori Oda was in the West End production of Miss Saigon, followed by an appearance in Madam Butterfly at the Coliseum and cabaret performances, Christina Modestou recently appeared in the UK tour of Shrek the Musical and is about to open in Rent the Musical at the St James Theatre, Amelia Adams-Pearce; Lois Lane/Bianca in Kiss Me Kate for the Welsh National Opera, Joanna Rennie appeared in Elf the Musical at the Dominion Theatre and recently recorded a Music Video for Pulse Films, Gary Bland has been presenting his own highly successful cabarets in various venues including Mr Romantic: A Tribute to Johnny Mathis at the Edinburgh Fringe and Love and Hindsight at the Crazy Coqs, Aswintha Vermeulen is currently reviving her role in Lets Celebrate E.P for Europa Park Germany and also works as a singer for Close Act Theatre in her native Netherlands, Kilke John (formerly Kilke Van Buren) was recently Lead Vocalist in The Summer Show at Westcliff Theatre

David Mills recently spent time in Chicago where he appeared in cabaret and on returning to the UK continues to perform as a professional singer. Tom Whalley's credits include the world premiere the musical Camilla Yates and Hotel for Criminals and he is currently preparing for Aladdin at the Theatre Royal Bath. Fiona Olegasegarem is currently working with the Royal College of General Practitioners performing various roles in inter-action workshops

Camilla Yates played the title role in a student film, Angela, Princess Ana in Frozen production for Tinkerbelle Parties and can be seen in a Cystale Dishwasher Tablets advert.

Eliza Jackson and Georgi Mottram have joined forces and now present cabarets as Jackson and George, the Jazz Duet

Victoria Waddington recently appeared in Musical of the Year at the Lost Theatre, Hansel & Gretel and in cabaret. She has just directed Cinderella for the Colour House Theatre.

Stevi Ritchie continues to enjoy success following his appearance on X Factor and will star in pantomime at the Princes Theatre Clacton.

We have had 2 recent alumni; Kayla Noel-Hartley and Lya Luca who received the Lion King scholarship for further training at the Royal Academy of Music following their training at Associated Studios. Our members/graduates have gone on to work in all media - stage, television, film, radio, corporate functions and cabaret. Many of them, due to their training, have had the confidence to create their own work and produce high quality, entertaining cabaret. In this country they have appeared in productions such as Elegies for Angels, Punks & Raging Queens, Carousel Hello Again, Damn Yankees, Love Beyond,

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Muscavado, The Snow Queen, Dave the less than average Fairy, Sister Act, Phantom, The Baker's Wife, CBeebies Live: the Big Band, A Bright Room Called Day, The Return of the Soldier, Black Horse), NewsRevue, Life After Cabaret, Fame Parade, Sleeping Beauty, Aladdin and Cinderella.

Internationally members/graduates have appeared productions including The Snow Queen (Switzerland), Aladdin (UAE Tour), I, Salome (NYC), A Doll's House (Australia), Going Bush (Australia), Cats (Australia), and Little Orphan Trashley (Sydney Opera House).

"Associated Studios will prepare you for a competitive but thrilling business and inspire you as a performer. You will be working with brilliant practitioners who have an extraordinary wealth of knowledge." Sir Tim Rice (Patron)

"Associated Studios offers a brilliant selection of courses, master-classes and workshops for performers who can take advantage of some wonderful opportunities. Students will be nurtured, encouraged and supported as they prepare for the business. I, for one, am a fan!" Mike Dixon (Musical Supervisor)

FINANCIAL REVIEW

On 31 August 2023 the charity had reserves of £316,834 of which all were unrestricted.

The report was approved by the Board of Trustees on 28 June 2024 and signed on its behalf by:

==> picture [105 x 46] intentionally omitted <==

Leontine Hass Trustees & CEO

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Independent Examiner's Report to the Trustees of Associated Studios

I report on the accounts of the charity for the year ended 31 August 2023, which are set out on pages 10 to 22.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Association of Chartered Certified Accountants.

Having satisfied myself that the charity is not subject to an audit under charity law and is eligible for independent examination, it is my responsibility to:

· examine the accounts under section 145 of the 2011 Act;

· follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in, any material respect, the requirements:

  2. to keep accounting records in accordance with section 130 of the 2011 Act; and

· to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

==> picture [176 x 57] intentionally omitted <==

Graham Berry FCCA Breckman & Company Ltd Chartered Certified Accountants

49 South Molton Street London W1K 5LH

28 June 2024

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Associated Studios

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 August 2023

Unrestricted
funds
Notes
£
Income and endowments from:
2
Donations and legacies - page 11
36,390
Charitable activities
Studio - page 11
522,317
Investments
107
Total
558,814
Expenditure on:
Charitable activities:
Studio - page 12
509,889
Total
509,889
Net movement in funds:
Net income
3
48,925
Reconciliation of funds:
Total funds brought forward
267,909
Total funds carried forward
13
316,834		 2023
Unrestricted
Total
funds
£
£
36,390
40,890
522,317
518,287
107
-
558,814
559,177
509,889
413,443
509,889
413,443
48,925
145,734
267,909
122,175
316,834
267,909		 2022
Total
£
40,890
518,287
-
559,177
413,443
413,443
145,734
122,175
267,909

The notes on pages 16 to 22 form an integral part of these financial statements.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

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Associated Studios

Year ended 31 August 2023

Donations
Sundry income/ donations
Income from charitable activities
Studio income
Audition fees
Musical theatre
Workshops/one-off courses
Studio hire
Merchandise sales
Other income		 2023
£
36,390
936
514,786
1,800
3,333
1,104
358
522,317		 2022
£
40,890
1,600
498,150
445
15,323
1,357
1,412
518,287

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Associated Studios

Year ended 31 August 2023

Expenditure on charitable activities
Studio costs
Bursaries
Tutors
Production/equipment/other direct costs
PR/advertising
Website
Light/heat
Rent
Rates
Insurance
Depreciation of studio renovations
Support costs - page 13
Governance costs - page 13		 2023
£
20,100
90,864
46,481
807
)
(155
10,243
69,175
9,473
5,320
2,017
254,325
250,277
5,287
509,889		 2022
£
14,569
69,166
24,640
2,973
3,615
2,169
66,399
7,338
4,131
2,019
197,019
212,030
4,394
413,443

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Associated Studios

Year ended 31 August 2023

Support and governance costs
Support costs
Office overheads
Rent
Rates
Light/heat
Telephone
Insurance
Computer costs
Repairs/maintenance
Cleaning/maintenance
Depreciation of fixtures/fittings/equipment
Depreciation of musical instruments
Administration costs
Salaries
Freelance office staff
Social security costs
Staff pension costs
Staff welfare
Travel/transport
Entertaining
Printing/postage/stationery
Subscriptions/licences
Sundries/bad debts
Professional/financial
Consultancy fees
Legal/professional
Bank charges
Deficit on disposal of tangible fixed assets
Governance costs
Bookkeeping
Independent examination		 2023
£
8,550
1,171
1,266
1,137
658
-
33,043
4,653
3,096
165
90,000
44,312
6,400
42,200
-
484
837
720
1,623
6,616
2,894
82
103
1,687
3,600		 £
53,739
193,192
3,079
267
250,010
5,287
255,297		 2022
£
8,207
907
268
754
511
518
29,962
4,287
967
463
113,389
22,774
13,474
1,795
100
710
1,090
657
1,521
3,335
6,150
-
191
794
3,600		 £
46,844
158,845
6,341
-
212,030
4,394
216,424

13

DocuSign Envelope ID: 30099DDF-4379-42C1-BE45-1A97CA84D334

Associated Studios

Balance Sheet 31 August 2023

Notes
Fixed assets
Tangible assets
8
Current assets
Stocks
9
Debtors
10
Cash at bank and in hand
Liabilities:
Creditors: amounts falling
due within one year
11
Net current assets
Total assets less current
liabilities
The funds of the charity:
Unrestricted funds
13		 2023
£
709
75,415
292,176
368,300
)
(69,961		 £
18,495
298,339
316,834
316,834		 2022
£
623
40,528
326,615
367,766
)
(116,706		 £
16,849
251,060
267,909
267,909

The financial statements were approved by the Board of Trustees on 28 June 2024 and signed on its behalf by

==> picture [82 x 37] intentionally omitted <==

Leontine Hass Trustee & CEO

The notes on pages 16 to 22 form an integral part of these financial statements.

14

DocuSign Envelope ID: 30099DDF-4379-42C1-BE45-1A97CA84D334

Associated Studios

Cash Flow Statement for the year ended 31 August 2023

Notes
Cash flows from operating activities
18
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Net cash provided by investment activities
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning of the
reporting period
Cash at bank and in hand at the end of the
reporting period		 2023
£
)
(27,356
107
)
(7,190
)
(7,083
)
(34,439
326,615
292,176		 2022
£
137,797
-
)
(1,116
)
(1,116
136,681
189,934
326,615

15

DocuSign Envelope ID: 30099DDF-4379-42C1-BE45-1A97CA84D334

Associated Studios

Notes to the Financial Statements for the period ended 31 August 2023

1. Accounting policies

1.1. Basis of preparing the financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (issued October 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)).

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

1.2. Incoming resources

All incoming resources are included in the Statement of Financial Activities when:

- Donations and legacies

Grants/donations are recognised in incoming resources in the year in which they are receivable, except as follows:

16

DocuSign Envelope ID: 30099DDF-4379-42C1-BE45-1A97CA84D334

Associated Studios

Notes to the Financial Statements for the period ended 31 August 2023

- Charitable activities

Studio income - income from courses, fees and sundry other studio income is included in incoming resources in the period in which the relevant activity takes place.

Project specific funding - when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

1.3. Expenditure

All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when:

- Charitable activities

Studio costs - costs incurred in the running of the studio during the year.

- Support costs

The administrative and overhead costs associated with running the office from which the charity operates as well as governance costs. Support costs are wholly attributable to theatre production costs.

- Governance costs

Costs associated with the constitutional and statutory requirements of the charity.

1.2. Stock

Stock is valued at the lower of cost and net realisable value.

1.4. Pensions

The charity operates a defined contribution pension scheme. The pension charge represents the amounts payable by the charity to the fund in respect of the year.

1.5. Fund accounting

Funds held by the charity are:

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

1.6. Tangible fixed assets and depreciation

Individual fixed assets costing £500 or more are capitalised at cost.

Depreciation is provided at annual rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Studio renovations - Straight line over the life of the lease - Fixtures/fittings/equipment Straight line over 3 / 10 years Musical Instruments - Straight line over 4 years

17

DocuSign Envelope ID: 30099DDF-4379-42C1-BE45-1A97CA84D334

Associated Studios

Notes to the Financial Statements for the period ended 31 August 2023

1.7. Debtors

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

1.8. Cash at bank and in hand

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

1.9. Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.10. Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value, and subsequently measured at their settlement value.

1.11. Significant Accounting Estimates and Judgements

In determining the carrying amounts of certain assets and liabilities, the charity makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The charity's estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually. Further information about key assumptions concerning the future, and other key sources of estimation of uncertainty, are set out in the notes.

2. Incoming resources

The total incoming resources for the year have been derived from the principal activity undertaken wholly in the UK.

3. Net income for the year is 2023 2022
stated after charging: £ £
Depreciation of tangible fixed assets 5,278 3,449
Loss on disposal of tangible fixed assets 267 -
Independent examiners' remuneration
- Independent examination 3,600 3,600

18

DocuSign Envelope ID: 30099DDF-4379-42C1-BE45-1A97CA84D334

Associated Studios

Notes to the Financial Statements for the period ended 31 August 2023

4. Trustees' emoluments and reimbursed expenses

Trustee Leontine Hass as artistic director, received a salary of £90,000 during the year (2022 - £90,000).

The aggregated amount reimbursed to trustees during the year was £nil (2022 - £nil).

5.
Staff costs and numbers
Staff costs
Salaries and wages
Social security costs
Pension costs		 2023
£
90,000
6,400
42,200
138,600		 2022
£
113,389
13,474
1,795
128,658

One employee earned between £90,000-£100,000 during the year (2022 - one).

The key management personnel of the charity comprise the Trustees and the Senior Management Team. The total employee benefits of the key management personnel of the charity were £132,200 (2022 - £91,321).

Staff numbers

The average numbers of employees (including casual and part time staff) during the year was made up as follows:

up as follows:
2023 2022
Number Number
Administration 1 2

6. Pension costs

The company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £42,200 (2022 - £1,795).

7. Corporation taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

19

DocuSign Envelope ID: 30099DDF-4379-42C1-BE45-1A97CA84D334

Associated Studios

Notes to the Financial Statements for the period ended 31 August 2023

8.
Fixed assets - tangible assets
Fixtures/
Studio
fittings/
Musical
renovations
equipment
instruments
£
£
£
Cost
1 September 2022
20,186
15,083
12,978
Additions
-
7,190
-
Disposals
-
)
(6,156
-
31 August 2023
20,186
16,117
12,978
Depreciation
1 September 2022
6,058
12,692
12,648
On disposals
-
)
(5,890
-
Charge for year
2,017
3,096
165
31 August 2023
8,075
9,898
12,813
Net book values
31 August 2023
12,111
6,219
165
31 August 2022
14,128
2,391
330
9.
Stocks
2023
£
Stocks
709
10.
Debtors
2023
£
Trade debtors
7,055
Other debtors
41,565
Prepayments
26,795
75,415		 Total
£
48,247
7,190
)
(6,156
49,281
31,398
)
(5,890
5,278
30,786
18,495
16,849
2022
£
623
2022
£
8,255
26,047
6,226
40,528

20

DocuSign Envelope ID: 30099DDF-4379-42C1-BE45-1A97CA84D334

Associated Studios

Notes to the Financial Statements for the period ended 31 August 2023

11. Creditors: amounts falling due 2023 2022
within one year £ £
Trade creditors 872 872
Other taxation/social security - 1,002
Other creditors - 1,309
Accruals 9,692 5,200
Deferred income (note 12) 59,397 108,323
69,961 116,706
12. Deferred income £
Balance at 1 September 2022 108,323
Amount released to incoming resources )
(108,323
Amount deferred in the year 59,397
Balance at 31 August 2023 59,397
Deferred income relates to prepaid course fees.
13. Unrestricted funds Brought Incoming Outgoing Carried
forward resources resources forward
£ £ £ £
General fund 267,909 558,814 (509,889 ) 316,834
14. Analysis of net assets between funds
General Total
funds
£ £
Fund balances at 31 August 2023
are represented by:
Tangible fixed assets 18,495 18,495
Net current assets 298,339 298,339
316,834 316,834

21

DocuSign Envelope ID: 30099DDF-4379-42C1-BE45-1A97CA84D334

Associated Studios

Notes to the Financial Statements for the period ended 31 August 2023

15. Financial commitments

At 31 August 2023 the company had total future commitments under non-cancellable operating leases as follows:

leases as follows:
Due:
Within one year
Between one and five years
In over five years		 2023
£
69,600
17,400
-
87,000		 2022
£
69,600
84,100
-
153,700

16. Related Party Transactions

17. Liability of members

If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities. At 31 August 2023 there were 5 members.

18. Reconciliation of net income/(expenditure) to net cashflow from operating activities

Net income/(expenditure) for the
reporting
period
(as
per
the
statement of financial activities)
Depreciation
Dividends, interest and rents from investments
Deficit on the sale of fixed assets
(Increase) in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash outflow from operating activities		 2023
£
48,925
5,278
)
(107
267
)
(86
)
(34,887
)
(46,746
)
(27,356		 2022
£
145,734
3,449
-
-
)
(623
13,422
)
(24,185
137,797

22