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← Associated Studios

2025-08-31-accounts

Docusign Envelope ID: 7D867B49-0699-4813-BB78-53CEED9E94F8

Charity number 1152203

Associated Studios

Report and Financial Statements

for the year ended 31 August 2025

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

Docusign Envelope ID: 7D867B49-0699-4813-BB78-53CEED9E94F8

Associated Studios

Contents

Page
Reference and Administrative Details 1
Trustees' Report 2 - 10
Independent Examiners' Report 11
Statement of Financial Activities (including Income and Expenditure Account) 12 - 15
Balance Sheet 16
Notes to the Financial Statements 17 - 23

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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 India Lewis - Office Manager Laurie Hass-Sinclair - Office Admin Assistant Susan Kennedy - Freelance Finance Manager William Harris - Higher Education Consultant and HR Consultant Danielle Tarento - Production Manager

Patrons

Sir Tim Rice, Jeremy Irons, Danielle Tarento, Mike Dixon, Michael Attenborough CBE, Gloria Onitiri, 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

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.

Registered office

12 Silverton Road, London W6 9NY.

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Associated Studio

Trustee’s Report

The trustees present their report and the financial statements for the period ending 31 August 2025.

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

This has been a successful year at Associated Studios, and we welcomed our second cohort of students into our newly accredited 2-year accelerated BA in Musical Theatre Performance, with higher numbers than the previous year. We aspire to continue building on this annually and further our development by expanding our MA and BA cohorts whilst retaining small cohort sizes, which we believe are integral to training our students with integrity and excellence. These elements of our trajectory will not only expand our services to a broader range of potential students but also enhance Associated Studios' presence in the industry. Students will have access to more performance spaces, the tools they need to excel in their careers, and additional performance opportunities.

This year, we continued to consolidate our BA and MA Musical Theatre courses. The academic management of both courses has been excellent. Our relationship with Chichester University is proving extremely positive. Communication flows freely between our two institutions. We feel we have a similar ethos and are grateful to be so aligned.

Financial Review

The charity's financial position remains robust, though challenges persist due to the recent change in our accrediting University, and the move from Wolverhampton to Chichester University. Associated Studios has had to register with UCAS for the first time. This registration took some time, so Associated Studios courses were not visible throughout the standard application period. This issue will be resolved next year. This is the second year of a two-year transition period, which has been navigated successfully. As at 31 August 2025, the charity had reserves of £140,860 of which all were unrestricted. This is a healthy position and provides a vital safety net moving forward.

The Trustees reviewed remuneration for the Principal post and made no changes. The Trustees note that the Principal and CEO did not receive market-rate remuneration for the first ten years of operation, choosing to be rewarded appropriately only when income targets justified it. The Trustees note that the Principal has confirmed the Office Manager’s market-rate remuneration following a salary survey of comparable institutions.

Structure, governance and management

The Associated Studios was constituted as a charity on 29 May 2013. Before 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 activities of the original company were transferred to the charity with effect from 29 May 2013. The existing trustees appoint charity trustees.

Reserves Policy

It is charity policy to aim to keep a minimum of six months’ overhead/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

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Associated Studio

Trustee’s Report

relationships between established theatre practitioners and emerging talent, facilitating auditions and work in the UK and abroad.

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, private workspace where performers can create.

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 and BA(Hons) Musical Theatre (Professional Performance) validated by the University of Chichester.

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 period. The Associated Studios ran three main courses in the financial year 1 September 2024 to 31 August 2025

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 on understanding industry requirements and on 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 particular focuses 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. Performing takes regular and frequent practice and facilitates this in all our courses by keeping the number of participants strictly limited. Students build their confidence, are treated as individuals with specific needs and challenges, learn to accept failure, and have the chance to sing and perform solo daily. Students receive training in music, singing, performance craft, dance and intensive acting coaching.

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Trustee’s Report

Students discover and develop their unique selling point and 'castability'. Each performer receives unparalleled individual attention 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:

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Guest Musical Theatre Coaches:

"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.

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Trustee’s Report

ACTING WORKSHOPS & COURSES

Associated Studios offers Q&A sessions, seminars, and workshops with eminent directors, theatre practitioners, and performers throughout the year. Past seminars and 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.

2024 - 2025 HIGHLIGHTS AND NOTEABLE EVENTS

Associated Studios made great efforts to fulfil learning objectives and meet student expectations, and succeeded.

Highlights from this academic year include:

Several of our students secured work immediately on completion of their course including:

Anneketrien Wassenhove was cast as Carmencita/ 2nd cover Maria in Westside story NL.

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Trustee’s Report

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 Include:
Reece Richards Seaweed Hairspray UK Tour
Reece McKenzie Ensemble The Lion King West End
Paul Bruce The Barman Choir of Man Norwegian Cruise
Line
Colleen Rose Curran Christine (1st Cover) Phantom of the Opera West End
Lauren Woolf Ensemble I Should Be So Lucky UK & Ireland Tour
Gibsa Bah Banzai & Simba Cover The Lion King West End
Featured Ensemble The Book of Mormon West End
Ricardo Castro Heathcliffe Wuthering Heights Wise Children USA
Tour
Messenger Othello RSC
Swing Come From Away West End
Swing Motown West End
Melvin Le Blanc Ensemble Moulin Rouge West End
Ensemble Mamma Mia! Here Universal Pictures
We Go Again

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Trustee’s Report

Miss Lark Mary Poppins UK & Ireland Tour Swing Chicago Sydney Ensemble Evita West End Ensemble The Wizard of Oz Australia Tour Understudy Lina Singin’ in the Rain Australia Tour Schoolgirl/Ensemble Dusty Australia Tour An Ikette/Ensemble Tina: The Musical West End 1st La Chocolate Moulin Rouge West End La Cage Aux Folles Regents Park Theatre Swing Cats European Tour Performer Carnival Cruise Lines USA Cruise The Book of Mormon West End Ensemble Broken Wings Charing Cross Theatre Constable Jones Spider’s Web National Tour Lead Mamma Mia West End Swing Beautiful! West End Aaron Burr Hamilton West End Lola Kinky Boots West End Kevin T. Prior Come From Away Australian Tour Phillip Stuckey Pretty Woman Australian Tour Titanic Charing Cross Theatre Pietro Stiletto Charing Cross Theatre Swing Motown UK Original Tour Cover Curtis & Marty Dreamgirls UK Tour Vixen The Threepenny Opera National Theatre Motherland BBC Kashoggi We Will Rock You UK Original Tour Swing Buddy the Musical West End Elsa Frozen Disney Cruise Line Akila/Giles/Reporter Around The World In Grand Theatre 80 Days Blackpool

Rachael Ward

Emma Wilby Natorii Illidge

Shakeel Kimotho

Daniel Griesser Performer Daniel N’GuessLopez Swing Alex Kais Ensemble

Dominic McChesney David O’Mahoney

Simon Anthony Rhoden

Douglas Hansell

Charles Clark

Matt Kane

Toyin Ayedun-Alase

Adam Strong Cartier Fraser Charlotte Knight Justina Kehinde

Joanna Rennie

Alice Stokeo

Swing Chicago West End Swing/Dance Captain Elf, The Musical West End Jessie Seaton When The Boat The Customs House Comes In

Alice Stokoe Jamie Lambert Esme Sears

Erin Cornell Waylon Jacobs

Declan Egan

Adam J Bernard Claudia Kariuki

Understudy Sophie Performer Angela

Cover Grizabella Lafayette/Jefferson Cover Hermes Bob Gaudio Corny Collins Jimmy Early Ensemble/Midwife

American Idiot West End & UK Tour Mamma Mia West End Collabro Parade The Frogmore Papermill Cats Australian Tour Hamilton West End Hadestown West End The Jersey Boys West End Hairspray UK Tour Dream Girls West End Wicked West End

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Saori Oda Swing Miss Saigon West End Performer Madame Butterfly Royal Opera House Christina Modestou Anne Boleyn Six: The Musical West End Ensemble Shrek: The Musical UK Tour Ensemble Rent The Other Palace Amelia Adams-Pearce Lois Lane/Bianca Kiss Me Kate Welsh National Opera Kilke John Lead Vocalist The Summer Show Westcliff Theatre

Other Alumni News:

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, 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 in 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)

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"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)

The report was approved by the Board of Trustees on 7 January 2026 and signed on its behalf by:

==> picture [74 x 37] 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 2025, which are set out on pages 12 to 23.

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:

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

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

ꞏ state whether particular matters have come to my attention.

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:

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

ꞏ 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 [112 x 37] intentionally omitted <==

Richard Nelson FCCA Breckman & Company Ltd Chartered Certified Accountants

49 South Molton Street London W1K 5LH

7 January 2026

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Associated Studios

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 August 2025

Unrestricted
funds
Notes
£
Income and endowments from:
2
Charitable activities:
Studio - page 13
361,444
Total
361,444
Expenditure on:
Charitable activities:
Studio - page 14
439,999
Total
439,999
Net movement in funds:
Net (expenditure)
3
)
(78,555
Reconciliation of funds:
Total funds brought forward
219,415
Total funds carried forward
12
140,860		 2025
Unrestricted
Total
funds
£
£
361,444
378,969
361,444
378,969
439,999
476,388
439,999
476,388
)
(78,555
)
(97,419
219,415
316,834
140,860
219,415		 2024
Total
£
378,969
378,969
476,388
476,388
)
(97,419
316,834
219,415

The notes on pages 17 to 23 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 2025

Income from charitable activities
Studio income
Audition fees
Musical theatre
Workshops/one-off courses
Studio hire
Merchandise sales
Other income		 2025
£
1,838
346,520
550
10,204
1,478
854
361,444		 2024
£
1,260
365,685
2,333
9,263
428
-
378,969

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Associated Studios

Year ended 31 August 2025

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 15
Governance costs - page 15		 2025
£
6,200
59,040
60,932
6,961
888
4,688
72,371
7,105
7,715
2,019
227,919
201,669
10,411
439,999		 2024
£
7,000
69,432
64,164
8,072
1,688
5,010
61,944
3,522
7,571
2,017
230,420
239,174
6,794
476,388

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Associated Studios

Year ended 31 August 2025

Support and governance costs
Support costs
Office overheads
Rent
Rates
Light/heat
Telephone
Insurance
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
Travel/transport
Entertaining
Printing/postage/stationery
Subscriptions/licences
Sundries/bad debts
Professional/financial
Legal/professional
Bank charges
Governance costs
Bookkeeping
Accountancy
Consulting		 2025
£
8,945
878
579
981
954
6,611
8,094
3,569
-
117,355
29,024
9,259
4,512
398
72
1,644
3,010
5,680
-
104
1,631
3,600
5,180		 £
30,611
170,954
104
201,669
10,411
212,080		 2024
£
7,656
435
619
1,582
936
8,331
8,283
3,757
165
121,817
36,348
4,404
38,965
839
296
927
2,074
1,595
35
110
2,594
4,200
-		 £
31,764
207,265
145
239,174
6,794
245,968

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Associated Studios

Balance Sheet 31 August 2025

Notes
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank and in hand
Liabilities:
Creditors: amounts falling
due within one year
10
Net current assets
Total assets less current
liabilities
The funds of the charity:
Unrestricted funds
12		 2025
£
29,889
273,463
303,352
)
(173,299		 £
10,807
130,053
140,860
140,860		 2024
£
52,968
182,804
235,772
)
(32,153		 £
15,796
203,619
219,415
219,415

The financial statements were approved by the Board of Trustees on 7 January 2026 and signed on its behalf by

==> picture [74 x 37] intentionally omitted <==

Leontine Hass Trustee & CEO

The notes on pages 17 to 23 form an integral part of these financial statements.

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Associated Studios

Notes to the Financial Statements for the period ended 31 August 2025

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:

- 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.

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Associated Studios

Notes to the Financial Statements for the period ended 31 August 2025

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.

1.4. 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.

1.5. 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

1.6. 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.

1.7. 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.

1.8. 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.

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Associated Studios

Notes to the Financial Statements for the period ended 31 August 2025

1.9. 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.

1.10. 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 (expenditure) for the year is 2025 2024
stated after charging: £ £
Depreciation of tangible fixed assets 5,588 5,939
Independent examiners' remuneration
- Independent examination 3,300 3,900
- Other services 300 300

4. Trustees' emoluments and reimbursed expenses

Trustee Leontine Hass received a salary of £110,000 during the year for her services as artistic director (2024 - £101,667).

Leontine Hass was reimbursed £599 for a dishwasher purchase for the school on 19 August 2025.

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Notes to the Financial Statements for the period ended 31 August 2025

5.
Staff costs and numbers
Staff costs
Salaries and wages
Social security costs
Pension costs		 2025
£
117,355
9,259
4,512
131,126		 2024
£
121,817
4,404
38,965
165,186

One employee earned between £100,000 - £110,000 during the year (2024 - one employee earned between £100,000 - £110,000).

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 £114,403 (2024 - £140,184).

Staff numbers

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

up as follows:
2025 2024
Number Number
Administration 2 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 £4,512 (2024 - £38,965).

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.

20

Docusign Envelope ID: 7D867B49-0699-4813-BB78-53CEED9E94F8

Associated Studios

Notes to the Financial Statements for the period ended 31 August 2025

8.
Fixed assets - tangible assets
Fixtures/
Studio
fittings/
Musical
renovations
equipment
instruments
£
£
£
Cost
1 September 2024
20,186
18,347
12,978
Additions
-
599
-
31 August 2025
20,186
18,946
12,978
Depreciation
1 September 2024
10,092
12,645
12,978
Charge for year
2,019
3,569
-
31 August 2025
12,111
16,214
12,978
Net book values
31 August 2025
8,075
2,732
-
31 August 2024
10,094
5,702
-
9.
Debtors
2025
£
Trade debtors
2,657
Other debtors
17,650
Prepayments
9,213
Accrued income
369
29,889
10.
Creditors: amounts falling due
2025
within one year
£
Trade creditors
872
Other taxation/social security
109,922
Other creditors
2,034
Accruals
23,140
Deferred income (note 11)
37,331
173,299		 Total
£
51,511
599
52,110
35,715
5,588
41,303
10,807
15,796
2024
£
4,530
23,618
10,112
14,708
52,968
2024
£
5,072
-
-
5,616
21,465
32,153

21

Docusign Envelope ID: 7D867B49-0699-4813-BB78-53CEED9E94F8

Associated Studios

Notes to the Financial Statements for the period ended 31 August 2025

11. Deferred income

£

Balance at 1 September 2024
Amount released to incoming resources
Amount deferred in the year
Balance at 31 August 2025		 21,465
)
(21,465
37,331
37,331

Deferred income relates to prepaid course fees.

12. Unrestricted funds Brought Incoming Outgoing Carried
forward resources resources forward
£ £ £ £
General fund 219,415 361,444 )
(439,999		 140,860

13. Analysis of net assets between funds

Analysis of net assets between funds
General
funds
£
Fund balances at 31 August 2025
are represented by:
Tangible fixed assets
10,807
Net current assets
130,053
140,860		 Total
£
10,807
130,053
140,860

14. Financial commitments

At 31 August 2025 the company had total future commitments under non-cancellable operating leases as follows:

Due:
Within one year
Between one and five years
In over five years		 2025
£
83,520
361,920
-
445,440		 2024
£
69,600
348,000
23,200
440,800

22

Docusign Envelope ID: 7D867B49-0699-4813-BB78-53CEED9E94F8

Associated Studios

Notes to the Financial Statements for the period ended 31 August 2025

15. Related Party Transactions

There were no additional related party transactions that required disclosure during the year.

16. 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 2025 there were 5 members.

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