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2025-08-31-accounts

London Film School Limited

Annual Report and Financial Statements

31 August 2025

Company Limited by Guarantee Registration Number 01197026 (England and Wales) Charity Registration Number 270302

London Film School Year ended 31 August 2025 Contents

Reports

Reports Reports
Reference and administrative information 1
Chair’s introduction 3
Governors’ report 5
Statement of corporate governance
and internal control 12
Independent auditor’s report 16
Financial statements
Statement of financial activities 19
Balance sheet 20
Statement of cash flows 21
Principal accounting policies 22
Notes to the financial statements 26-35

London Film School Year ended 31 August 2025 Reference and administrative information

Governors Greg Dyke (Chair)
Amanda Nevill CBE (Vice Chair)
Kemal Akhtar (resigned 13/03/2025)
Suzy Black
Neil Blair (appointed 06/03/2025)
Nicholas Humby
Olivier Kaempfer
Jane Lush (appointed 06/03/2025)
William MacPherson
Elinor Olinder (Student Governor resigned 05/12/2025)
Tony Chuka (Student Governor appointed 05/12/2025)
Anne Sheehan (appointed 06/03/2025)
Joan Watson
Sophia Wellington (Staff Governor)
Senior Leadership Team Chris Auty (Director and Chief Executive Officer)
Helen Wright (Chief Operating Officer)
Charis Coke (MA Filmmaking Course Leader)
Mark Prescott (Head of New Business & Training)
Kate Renwick (Director of HR)
Company Secretary Iain Thomson
Registered office 24 Shelton Street
London
WC2H 9UB
Telephone 0207 836 9642
Website www.lfs.org.uk
E-mail info@lfs.org.uk
Company registration number 01197026 (England and Wales)
Charity registration number 270302
Auditor HaysMac LLP
10 Queen Street Place
London
EC4R 1AG
Bankers Royal Bank of Scotland
London Drummonds Branch
49 Charing Cross
London
SW1A 2DX

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London Film School Year ended 31 August 2025 Reference and administrative information

Solicitors Shakespeare Martineau 1 Colmore Square Birmingham B4 6AA

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London Film School Year to 31 August 2025 Chair’s Introduction

Chair’s Introduction to Annual Report and Financial Statements, 31 August 2025

The past year has been remarkably successful for the London Film School in that we have achieved many of the ambitions the School has nurtured for many years. These include:

These additions reflect our commitment to evolving alongside the industry and ensuring that LFS continues to equip its students with the breadth of skills, vision, and creativity required to thrive in a global screen landscape.

I would like to pay tribute to the School’s management team, and particularly to our Director and Chief Executive Officer, Chris Auty, for achieving so much in a 12 month period.

I am equally delighted to welcome Helen Wright as our new Chief Operating Officer. Helen’s appointment strengthens the School’s leadership team, and I am confident that her expertise and energy will play a vital role in shaping the next phase of our development.

As ever, our alumni continue to be our proudest ambassadors. Their recognition on the world stage, from Cannes to festivals and awards across the globe, is a testament to the quality of the education and community we nurture at LFS. This year we have celebrated the achievements of alumnus filmmakers such as Carla Simón and Oliver Hermanus in competing for the coveted Palme d’Or, whose success underscores the enduring international impact of our School.

None of these milestones would have been possible without the extraordinary talent, dedication, and vision of our staff, students, and supporters. On behalf of the Board, I extend my thanks for their commitment to excellence and to the values of creativity, collaboration, and innovation that define LFS.

What all this means is that at a time when the higher education sector in Britain has been facing major issues leading to cuts in many universities, London Film School is one of the few institutions which has been expanding.

Looking ahead, we remain focused on our mission: to foster the next generation of bold, original storytellers and to ensure that London Film School continues to be a world-leading home for cinematic education and artistry. With strong leadership, expanded facilities, and a growing portfolio of courses, we face the future with confidence and optimism.

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London Film School Year to 31 August 2025 Chair’s Introduction

Financially, the School has worked with diligence to strengthen its position, ensuring sustainability and transparency in all areas. These accounts reflect both the resilience of our institution and our determination to build for the long term.

It is a privilege to serve as Chair during such an exciting period of growth and renewal. I look forward to working with my fellow Governors, staff, and supporters as we continue to shape a thriving future for London Film School.

Gregory Dyke

Greg Dyke Chair of the Board 27January 2026

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London Film School Year to 31 August 2025 Governors’ Report

The Governors present their annual report together with the financial statements of London Film School Limited for the year ended 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set out on pages 22 to 25 and comply with the charitable company’s memorandum and articles of association, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), section edition effective 1 January 2019.

The 2024-2025 financial year has been a period of significant progress and transformation for London Film School (LFS). Building on its reputation as one of the UK’s leading centres for postgraduate film education, the School has taken major steps to expand its facilities, diversify its academic offer, and strengthen its leadership team. These developments reflect LFS’s ongoing commitment to nurturing future generations of filmmakers and ensuring the School continues to thrive in a rapidly evolving screen industry.

The School’s achievements were also recognised externally, most notably through a feature in Screen International (March 2025), which highlighted LFS’s expansion, new leadership, and strategic vision. This coverage underscored the School’s position at the forefront of film education in the UK and beyond.

Objectives and Activities

The School’s principal purpose is the provision of professional-level training in the art, technique, production, and business of filmmaking and the wider film industry. Our core provision includes:

From September 2024 until August 2025 a total of 162 students graduated from the three MA programmes: 43 for MA Screenwriting, 86 for MA Filmmaking and 33 for MA International Film Business.

The School has offered 31 short course workshops for film and television professionals in the past year.

The School also offers an expanding programme of outreach projects, bringing filmmaking training and education to young audiences who could not normally access such opportunities for reasons of cost or geography.

The Governors confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the School’s objectives and aims and in planning future activities.

The School’s main objectives for the year were:

  1. To maintain and develop high quality teaching and learning outcomes, exporting bestpractice around the world and bringing new global perspectives to our pedagogy.

  2. 1.1. The School continues to be a member of CILECT (the International Association of Film and Television Schools) and its regional division GEECT (European Grouping of Film and Televisions Schools)

  3. To ensure LFS staff are enabled to support our goals and mission

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London Film School Year to 31 August 2025 Governors’ Report

Achievements and Performance

Campus expansion

A major highlight of the year was the long-awaited move into the new premises at Parker Street, marking a milestone in the School’s growth. This relocation provides modern, purposebuilt facilities designed to meet the needs of both staff and students, ensuring the School can deliver world-class teaching, production, and research opportunities.

Alongside the Parker Street move, extensive renovations have been carried out at the existing Shelton Street building. These upgrades have modernised teaching, cinemas and studio spaces, creating an integrated campus that enhances both the learning and creative environments. Together, these developments mark the largest investment in the School’s physical infrastructure in recent decades.

The School’s recent expansion into the London Borough of Camden has marked an important new chapter in its relationship with the local community. Since the move, LFS has worked to ensure tangible local benefit, including the introduction of an HR apprenticeship opportunity that prioritises Camden residents, supporting skills development, employment pathways, and engagement within the borough.

Senior leadership appointments

The year also saw important additions to the School’s senior leadership team. Helen Wright was appointed Chief Operating Officer in summer 2025, bringing with her a wealth of sector experience and operational expertise. In addition, two new academic appointments strengthened the leadership of LFS’s expanding course portfolio:

These appointments reinforce the School’s strategic direction and ensure continued excellence in both programme delivery and institutional management.

Launch of new courses

Reflecting its ambition to broaden the scope of specialist postgraduate study, LFS successfully launched two new Master’s programmes during the year: the MA Film Marketing and the MA Film Producing. Both courses were developed in close consultation with industry stakeholders to reflect current and future needs of the film sector. Both are validated by the University of Warwick.

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London Film School Year to 31 August 2025 Governors’ Report

The response from applicants has been extremely encouraging, with a significant number of applications received, underscoring the demand for these programmes and affirming LFS’s position as an institution of choice for aspiring film professionals.

Expansion of short courses

In addition to its postgraduate provision, LFS has continued to grow its short course portfolio, offering a wide range of training opportunities to filmmakers at different stages of their careers. This expansion has broadened the School’s reach and impact, providing accessible, highquality learning experiences for industry entrants, mid-career professionals, and international participants.

Outreach

It has been a transition year for LFS Outreach with the departure of our longstanding Outreach Manager following many years running our successful Saturday film club in our Shelton Street premises. With the recruitment of Charlotte Bill as the new Outreach manager we have been able to develop a more holistic Outreach Strategy which recognises our new context (with a new Parker Street premises and relationship with Camden) as follows:

LFS Outreach aims to nurture talent broaden horizons and inspire young people to have a life-long engagement and appreciation of film. Our activities will provide learning opportunities for young people from all backgrounds, helping them to participate in our industry as audience members or as part of the screen industries’ workforce. We will work with primary and secondary schools, college and community groups as well as with a wide range of industry organisations. We will actively work with Camden and their ‘Steam’ learning programme which will result in a number of local school visits to LFS from September ’25 onwards.

As a result we will be carrying out a number of pilot projects with local communities and organisations including Holborn Library, Coram’s Youth Group, the Dragon Hall Community Centre, The Crick Institute and the Donmar Warehouse.

Conversations With

The ‘Conversations With’ series bring leading filmmakers and industry experts to London Film School, offering students and staff a unique chance to engage, learn, and be inspired. These sessions provide insight into current industry practices, opportunities to connect with professionals, and a window into high-profile productions. Recent guests have included Mia Bays, Director of the BFI National Lottery Filmmaking Fund; Affonso Gonçalves, Editor; Christopher Andrews, Screenwriter; Dominique Green, Artistic Director of Dinard Film Festival; Stephen Frears, Director and Producer; and Eric Fellner, Producer and Co-Chair of Working Title Films.

Other achievements

During 2024–2025 we celebrated ten years of our MA programme in partnership with the University of Exeter, the MA in International Film Business, with alumni celebrations in both London and Exeter. The School also marked 21 years of the MA Screenwriting course, whose graduates have gone on to make a remarkable contribution to storytelling on screen.

The past year has brought further recognition of the extraordinary impact LFS alumni are making across the global industry. At the 2025 Cannes Film Festival, two of our alumni – Carla Simón and Oliver Hermanus – had their films selected for competition, a remarkable achievement that underlines the artistic excellence and vision nurtured here at LFS. We are also immensely proud to share that another alumnus, Simón Mesa Soto, has already seen his film chosen to represent his country in the Best International Feature Film category at the Academy Awards – a testament to the reach and influence of the stories that begin at this school.

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London Film School Year to 31 August 2025 Governors’ Report

We have also seen several graduates achieve remarkable individual milestones on the international stage. Leslie Lin was selected as a cinematography fellow for the prestigious CHANEL X BIFF Asian Film Academy, a 20-day programme held as part of the Busan International Film Festival. Aboozar Amini premiered his film Kabul Between Prayers at the Venice Film Festival in the main programme, Out of Competition. Zhannat Alshanova’s debut feature Becoming premiered at Locarno Film Festival, while Leticia Tonos’ AIRE, Just Breathe was officially selected for Sci-Fi London Film Festival 2025. Mireia Graell Vivancos produced The Fury , which screened in the Official Competition at SXSW London. These achievements underscore the global reach, ambition, and creativity of this graduating cohort.

The School was named one of the best film schools internationally by both The Hollywood Reporter and The Wrap magazines, noting senior appointments including Helen Wright.

The School also announced its new partnership with the Academy Nicholl Fellowships in Screenwriting, one of the world’s most prestigious and competitive screenwriting programmes run by the Academy of Motion Picture Arts and Sciences. This collaboration recognises the depth of screenwriting talent cultivated at LFS and represents a major opportunity for emerging UK writers to gain exposure on an international stage.

Financial review

A summary of the year’s results can be found on page 19 of the attached financial statements. Total income for the year was £7,885,192 (2024 - £7,470,179). Over two thirds of the tuition fee income is from the MA Filmmaking course. The London Film School received grant funding of £0.7m, from the Office for Students, in recognition as a World Leading Specialist Provider.

Total expenditure for the year amounted to £7,803,962 (2024 - £7,867,245).

The net movement in funds for the year was a surplus of £81,231 (2024 – deficit £397,066). There was a return to a surplus as the move to the new premises was completed in the prior year.

Reserves Policy and financial position

The reserves policy is to maintain unrestricted reserves appropriate to ensure financial stability, continuity of activities and effective management of risks. Governors will have regard to the School’s future plans, liquidity requirements, and proportionate contingency funds against unexpected adverse events. The reserves policy is continually kept under review.

On 31 August 2025, the School had total funds of £2,298,779 (2024 - £2,217,548). Included in total funds is an amount of £19,619 (2024 - £22,028) which is restricted. These monies have either been raised for, and their use restricted to specific purposes, or they comprise of donations subject to donor-imposed conditions. Full details of these restricted funds can be found in note 13 to the financial statements together with an analysis of movements in the year.

Unrestricted funds of the charity at 31 August 2025 amounted to £2,279,160 (2024 - £2,195,520). These funds include tangible fixed assets with a net book value of £2,110,608 (2024 – £1,692,660) which are needed for the School’s day-to-day operations. At the end of the financial year, the level of free reserves of the School stood at £168,552 (2024 - £502,860) which is a result of investment in the Fixed Assets. Our intention is to rebuild a free reserve of a minimum of £750,000 or one term’s operating costs to protect the interests of the school and its students.

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London Film School Year to 31 August 2025 Governors’ Report

Governance, structure and management

Constitution

London Film School Limited (“LFS” or “the School”) is a registered charity (Charity Registration No. 270302) and a company limited by guarantee (Company Registration No. 01197026). The charitable company’s memorandum and articles of association dated 20 January 1975 (as amended by special resolution of 21 July 1975 and 13 May 2008) are its primary governing documents.

Members’ liability

The liability of the members in the event of winding up is limited to 50 pence per member.

Governors

Some of the Governors of the School also constitute directors of the charitable company for the purposes of company law and trustees for charity law. This report is also a directors’ report as required by section 415 of the Companies Act 2006. The Governors who held office during the financial year and at the date of signing this report are set out on page 1.

Governors are appointed by election at the Annual General Meeting (AGM). The Student Governor is elected by students, and the Staff Governor is elected by the staff.

Members of the Senior Leadership Team, as set out on page 1, cannot be appointed as Governors of the School.

The size of the Governing Body is set between 8 and 25 Governors. Approximately one third of the Governing Body retire annually, by rotation in order of seniority, and can offer themselves for re-election at the AGM.

The Nominations Committee undertakes a skills analysis of the Governing Body and role profiles are agreed, against which the School recruits new Governors. Governors must have empathy with film and the creative industries. Newly appointed Governors receive a full induction to the School, bespoke to their needs. The Governing Body regularly holds an away day, joined by members of the Management Team.

Organisation

The Governing Body met seven times in the year, from 1st September 2024 until 31st August 2025.

Its governance structure includes four committees:

The Governing Body also receives minutes from the Academic Board as a line of sight on all academic matters.

The strategic priorities are focused on by the Director and the Senior Leadership Team. The day-to-day running of the School is delegated to the Chief Operating Officer and the Senior Leadership Team. See note 7 for disclosures about SLT remuneration.

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London Film School Year to 31 August 2025 Governors’ Report

Statement of governors’ responsibilities

The Governors (who are also directors of The London Film School Limited for the purposes of company law) are responsible for preparing the governors’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Governors confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Risk management

The Governors have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the School and its finances. The Governors believe that by monitoring reserves levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the School, they have established effective systems to mitigate those risks. Our keys risks include:

Regulatory Environment

As a registered Higher Education Provider under the Office for Students, LFS is subject to considerable regulatory oversight aimed at ensuring its courses offer high levels of quality and value for money. In order to ensure ongoing compliance with the regulatory environment the School has made further progress in reviewing and updating the School’s policy frameworks, with an emphasis on quality assurance, and regular internal monitoring and reviews.

LFS’ continued membership of CILECT, the confederation of international film schools, and also of Guild HE, ensures it has a supportive network of providers in the same field with whom to share and learn best practice.

LFS is also subject to considerable regulatory oversight from our validating partner the University of Warwick and delivery partner (for the MA International Film Business the

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London Film School Year to 31 August 2025 Governors’ Report

University of Exeter) to ensure that its courses offer a high level of quality and student outcomes.

Relationship with other organisations

In pursuit of its strategic objectives of building new connections, the School works with several organisations across screen industries, training partners and public bodies: including training partners such as the University of Exeter, University of Warwick, NAHEMI, CILECT, the Deutsche Film und Fernsehakademie Berlin (DFFB), and UGC Series Mania.

Screen industry partners such as Panalux, many film festivals, plus platforms including MUBI and Omeleto, support the distribution work of LFS’s fresh filmmaking talent around the world.

The appointment of the new head of New Business and Training has increased and expanded London Film School’s relationships and partnerships. These have included: A partnership with Sony around content creation, a partnership with the BFI around international partnerships, agreements and MOUs with international film commissions in India, Doha and Panama. A deal with the Middle East /Saudi/Egyptian conglomerate Rotana, and engagement with a number of other potential partners including international film schools, are both in hand.

Approved by the Governing Body and signed on its behalf by:

Gregory Dyke

Greg Dyke Chair of Governors Approved by the Governors on: 27 January 2026

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London Film School Year to 31 August 2025 Statement of corporate governance and internal control

Statement of corporate governance and internal control

The following statement is provided to enable readers of the annual report and financial statements of London Film School Limited to obtain a better understanding of its governance and legal structure. The statement covers the period from 1 September 2024 to 31 August 2025 and up to the date of the approval of the annual report and financial statements.

The School endeavours to conducts its business:

  1. Having due regard to the UK Corporate Governance Code 2024 in so far as it is applicable to the Higher Education Sector; and

  2. Complying with Office for Students on-going conditions or regulations and terms of conditions of funding as well as other regulatory responsibilities.

We have adopted the UK Corporate Governance Code. We have reported on our Corporate Governance arrangements by drawing upon best practice available, including those aspects of the UK Corporate Governance Code that we consider relevant to the Higher Education Sector.

The Governors recognise that the School, as a body entrusted with both public and private funds, has a particular duty to observe the highest standards of corporate governance at all times.

Legal Status

The London Film School is a Registered Charity and a Private Limited Company by guarantee without share capital.

The Governors confirm that they have due regard for the Charity Commission’s guidance on public benefit and that the required statement appears elsewhere within these financial statements.

Governors

The members who served as Governors during the year and up to the date of signature of this report are listed below.

Governor Appointed/Resigned
Greg Dyke (Chair)
Amanda Nevill (Vice Chair)
Kemal Akhtar Resigned 13/03/2025
Suzy Black
Neil Blair Appointed 06/03/2025
Tony Chuka (Student Governor) Appointed 05/12/2025
Nicholas Humby
Olivier Kaempfer
Jane Lush Appointed 06/03/2025
William MacPherson
Ellinor Olinder (Student Governor) Resigned 05/12/2025
Anne Sheehan Appointed 06/03/2025
Joan Watson
Sophia Wellington (Staff Governor)

Meeting procedures

Formal agendas, papers and reports are supplied to the Governors in a timely manner, prior to Governing Body meetings. Briefings are also provided on an ad hoc basis. Reports include overall financial performance of the School together with other information such as performance against funding targets, proposed capital expenditure, quality matters and personnel related matters such as health and safety issues. The Governing Body met 7 times

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London Film School Year to 31 August 2025 Statement of corporate governance and internal control

in 2024/25.

The Governing Body receives advice on the conduct of its business from five committees. Each committee has its own terms of reference which have been approved by the Governing Body. These committees are: Audit and Risk; Nominations; Remuneration; Relocation; and the Academic Board.

London Film School has a strong and independent non-executive element, and no individual or group dominates its decision-making process. The School considers that each of its nonexecutive members is independent of management and free from any business or other relationship which could materially interfere with exercise of their independent judgement. There is a clear division of responsibility in that the roles of the Chair and Accounting Officer are separate.

Appointment to the Governing Body

The Nominations Committee undertakes a skills analysis of the Governing Body and role profiles are agreed, against which the School recruits new Governors. New Governors must have empathy with film and creative art industries. Their induction includes a tour of the School, screenings and from time to time an away day attended by the Governing Body, the principal officers and the wider Management Team. An information pack about the School is also given to each new Governor.

Governing Body performance

The Governing Body has made a strong contribution to the improvements made in 2024/25 through the setting of challenging targets with regular scrutiny of performance. There is strong performance management at Governing Body meetings. The Governors provide robust scrutiny and challenge. Governors are pro-active in their oversight of the School and are involved in the planning and discharging of Governing Body business.

Committees

Audit and Risk Committee

The Audit and Risk Committee is responsible to the Governing Body in discharging its responsibilities for monitoring the integrity of the School’s financial statements, the effectiveness of financial controls with regard to internal risk assessment and the performance and objectivity of external auditors.

The members who served on the committee during the year and up to the date of signature of this report are listed below.

Governor

Governor Appointed/Resigned Nicholas Humby (Interim Committee Chair) From 31/07/2024 to 07/03/2025 Anne Sheehan (Committee Chair) Appointed 07/03/2025 William McPherson Joan Watson

The Audit & Risk Committee is responsible for the following:

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London Film School Year to 31 August 2025 Statement of corporate governance and internal control

Internal Control

Scope of responsibility

The Governing Body is ultimately responsible for the organisations’ system of internal control and for reviewing its effectiveness. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Governing Body has delegated the day-to-day responsibility to the Director & CEO, as Accounting Officer, for maintaining a sound system of internal control that supports the achievement of the organisations policies, aims and objectives, whilst safeguarding the public funds and assets. The Accounting Officer is also responsible for reporting to the Governing Body any material weaknesses or breakdowns in internal control.

The purpose of the system of internal control

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure and can only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of organisation policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place at the organisation for the year ended 31 August 2025 and up to the date of approval of the annual report and financial statements.

Capacity to handle risk

The Governors have reviewed the key risks to which the organisation is exposed, together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The Governors are of the view that there was a formal on-going process for identifying, evaluating and managing the School’s significant risks that had been in place for the year ended 31 August 2025 and up to the date of approval of the annual report and financial statements.

The risk and control framework

The system of internal control is based on a framework of regular management information, administrative procedures including the segregation of duties, and a system of delegation and accountability. It includes:

Review of effectiveness

The Accounting Officer delegates to the Chief Operating Officer the responsibility for reviewing the effectiveness of the system of internal control. The COO’s review of the effectiveness of the system of internal control is informed by:

There are no significant internal control weaknesses reported for the period.

The Senior Leadership Team receives reports setting out key performance and risk indicators and considers possible control issues brought to their attention by early warning mechanisms, which are embedded within the departments. The Senior Leadership Team and the Audit and Risk Committee also receive regular reports, which include recommendations for improvement.

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London Film School Year to 31 August 2025 Statement of corporate governance and internal control

The Audit and Risk Committee's role in this area is confined to a high-level review of the arrangements for internal control. The Governors’ agenda includes a regular item for consideration of risk and control and receives reports thereon from the Senior Leadership Team and the Audit and Risk Committee.

Based on above and reports by the Director & CEO, the Governing Body is of the opinion that the organisation has an adequate and effective framework for governance, risk management and control to manage the achievements of the School’s objectives for the year ended 31 August 2025 and it has fulfilled its statutory responsibility for "the effective and efficient use of resources, the solvency of the institution and the safeguarding of their assets”.

Regularity, propriety, and compliance

The School has considered its responsibility to notify the Office for Students of material irregularity, impropriety and non-compliance with Office for Students terms and conditions of funding.

We confirm, on behalf of the School, that after due enquiry and to the best of its knowledge, the Governing Body believes it is able to identify any material irregularity or improper use of funds by the School, or material non-compliance with terms and conditions of funding under the organisations financial regulations. As part of our consideration we have had due regard to our financial regulations. We confirm that no instances of material irregularity, impropriety or funding non-compliance have been discovered to date. If any instances are identified after the date of this statement these will be notified to the Office for Students.

Going Concern

Details on Governors’ going concern assessment are set out on pages 22 and 23.

Approved by the Governing Body and signed on its behalf by:

Gregory Dyke

Chris Auty

Greg Dyke Chris Auty Chair of Governors Director & CEO: (Accounting Officer) Date: 27 January 2026

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London Film School Year to 31 August 2025 Independent auditor’s report

Independent auditor’s report to the members of The London Film School Limited Opinion

We have audited the financial statements of London Film School Limited for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt or the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Governors' Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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London Film School Year to 31 August 2025 Independent auditor’s report

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' Report (which incorporates the directors' report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Matters on which we are required to report in respect of the Office for Students

In our opinion, in all material respects:

We have nothing to report in respect of the following matter in relation to which the Office to Students requires us to report where:

Responsibilities of trustees for the financial statements

As explained more fully in the Statement of Governors' Responsibilities statement set out or page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material

17

London Film School Year to 31 August 2025 Independent auditor’s report

misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Office for Students and Charity Law, health and safety, GDPR and employment law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011 and the Office for Students Accounts Direction.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to potential for management to post inappropriate journal entries and to manipulate accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.uk/auditorsresponsibilties. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Young Senior Statutory Auditor For and on behalf of HaysMac LLP 10 Queen Street Place Statutory Auditors London, EC4R 1AG Date:

2 February 2026

18

London Film School Year to 31 August 2025 Statement of Financial Activities

Income from:
Donations
Charitable activities
Investments
-
Miscellaneous income
Total income
Expenditure on:
Raising funds
Charitable activities
-
Provision of education
Total expenditure
Net movement in funds
Reconciliation of funds
Fund balances brought
forward 1 September
Fund balances carried
forward at 31 August		 Notes
1
2
3
4
6		 Unrestricted
funds
£

1
7,631,865
49,183
168,203
7,849,252
—

7,765,612
7,765,612
83,640
2,195,520

2,279,160		 Restricted
funds
£		 Year to
2025
Total funds
£
1
7,667,805
49,183
168,203
7,885,192
—
7,803,961
7,803,961
81,231
2,217,548
2,298,779		 Unrestricted
funds
£		 Restricted
funds
£
Year to
2024
Total funds
£

—
35,940
—
—		 —
7,179,927
80,092
126,453		 —
83,707
—

—		 —
7,263,634
80,092

126,453
35,940 7,386,472 83,707 7,470,179
—
38,349		 —
7,783,538		 —

83,707		 —
7,867,245
38,349
7,783,538		 83,707 7,867,245
(2,409) (397,066) —
(397,066)
22,028
 2,592,586 22,028
 2,614,614
19,619 2,195,520 22,028 2,217,548

There is no difference between the net movement in funds stated above and the historical cost equivalent.

All of the charitable company’s activities are derived from continuing operations during the above two financial periods. Income from charitable activities includes the Office for Students World Leading Specialist Provider funding.

The charitable company has no recognised gains and losses other than those shown above.

19

London Film School Year to 31 August 2025 Balance sheet

Fixed assets
Tangible fixed assets
Current assets
Debtors
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within
one year
Net current assets
Total assets less current liabilities
Creditors:amounts falling due after
more than one year
Net assets
The funds of the charity
Restricted funds
Unrestricted funds
-
General fund
Designated fund
-
Tangible fixed assets fund
Total funds		 Notes 2025
£		 2025
£
2,110,608
388,171
2,498,779
(200,000)
2,298,779
19,619
168,552
2,110,608
2,298,779		 2024
£
682,863
3,358,622
4,041,485
(3,016,597)		 2024
£
9
10
11
12
13
14

17		 526,038
2,338,558		 1,692,660
1,024,888
2,864,596
(2,476,425)
2,717,548
(500,000)
2,217,548
22,028
502,860
1,692,660
2,217,548

Approved by the governors and signed on their behalf by:

Gregory Dyke

Greg Dyke Chair of Governors

Approved on:27 January 2026 London Film School Limited Company Limited by Guarantee Registration Number 01197026 (England and Wales)

20

London Film School Year to 31 August 2025

Statement of cash flows

Cash flows from operating activities:
Net cash (used in)/provided by operating activities
Cash inflow from investing activities:
Investment income
Payments to acquire tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities:
Repayment of loan
Interest payable
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 September
Cash and cash equivalents at 31 August		 Notes
2025
£		 2024
£
A
B
B

**(16,258) **

479,352


49,183
**(742,352) **


80,092

(1,529,894)
**(693,169) **
(1,449,802)

(300,000)
(10,637)

(300,000)
(33,000)
(310,637)
(333,000)

(1,020,064)


3,358,622

(1,303,450)


4,662,072

2,338,558
3,358,622

Notes to the statement of cash flows for the year ended 31 August 2025

A Reconciliation of net movement in funds to net cash provided by operating activities

Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation
Investment income
Interest payable
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash inflow from operating activities		 2025
£		 2024
£
(397,066)
140,084
(80,092)
33,000
39,485
743,941
479,352
81,231
324,404
(49,183)
10,637
156,825
(540,172)
(16,258)

B Analysis of changes in net cash

Cash at bank and in hand
CBILS loan < 1 year
CBILS loan > 1 year
Total net cash		 2024
£
3,358,622
(300,000)
(500,000)
2,558,622		 Cash flows
£
(1,020,064)
300,000
—
(720,064)		 Non-cash flows
£

—
(300,000)
300,000
—
 2025
£
2,338,558
(300,000)
(200,000)
1,838,558

21

London Film School Year to 31 August 2025

Principal accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 August 2025 and are presented in sterling and are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) second edition effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the Governors and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

Assessment of going concern

The Governors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Governors have made this assessment in respect to a period of one year from the date of approval of these financial statements.

In the course of preparing these accounts the Governing Body have had regard to the School’s financial forecasts, including a series of ‘reasonable worst case’ scenarios such as shortfalls in student recruitment, overruns in capital project costs, and delay or cancellation of the launch of new course offerings. The likely impact of inflation on running costs and knock-on effects of cost-of-living pressures on operational matters including pay, recruitment and retention have also been modelled.

22

London Film School Year to 31 August 2025

Principal accounting policies

Assessment of going concern (continued)

Balanced against these downside pressures are improvements in several key aspects of the School’s operating environment. The award of World-Leading Specialist Provider status carries a significant funding commitment from the Office for Students. The move to Parker Street has been reviewed by the Relocation Committee on an ongoing basis through scenario modelling to ensure that the School has sufficient resources to meet its liabilities as they fall due. The outturn was an improvement on in-year forecasts and largely reflecting considerable improvements in financial control, monitoring and forecasting.

The Governing Body have concluded that there are no material uncertainties relating to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises grants and donations, tuition fees and charges, interest received and other income.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Income from charitable activities includes tuition fees and grants. The income is generally recognised in the period to which the fees or grants relate.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and includes attributable VAT which cannot be recovered.

Expenditure comprises the costs of charitable activities including expenditure on the provision of education and associated support and governance costs.

Tangible fixed assets

All assets costing more than £2,000 and with an expected useful life exceeding one year are capitalised.

Some depreciation rates changed on 1 September 2024.

23

London Film School Year to 31 August 2025

Principal accounting policies

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful life as follows:

Leasehold improvements - ten years Technical and Cinema equipment - ten years (previously five years) Fixtures, fittings and equipment - ten years (previously five years) IT and software - five years

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments.

Debtors

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

Financial instruments

The School only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the School and their measurement basis are as follows:

Financial assets – other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank – classified as a basic financial instrument and is measured at face value.

Financial liabilities – accruals and other creditors are financial instruments and are measured at amortised cost.

Pension costs

Contributions by the School in respect to a defined contribution pension scheme are charged to the Statement of Financial Activities in the period in which they are payable.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged on a straight-line basis over the lease term.

Fund structure

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

24

London Film School Year to 31 August 2025

Principal accounting policies

Designated funds comprise those resources which may be used towards meeting the charitable objectives of the School, but which have been set aside out of the general funds and designated for specific purposes by the Governors.

The tangible fixed assets fund comprises non-liquid funds represented by the net book value of tangible fixed assets.

The unrestricted general fund represents those monies which are freely available for application towards achieving any charitable purpose that falls within the School’s charitable objects.

25

London Film School Year to 31 August 2025

Notes to the financial statements

1 Donations

2025 Total funds: Donations
2024 Total funds:Donations
2 Income from charitable activities
Tuition fees and charges
Less: bursaries awarded
Grant income from the Office for Students
Grant from Leverhulme Trust
Tuition fees and charges
Less: bursaries awarded
Grant income from the Office for Students
Grant from Leverhulme Trust		 Unrestricted
funds
£
1
—
Unrestricted
funds
£		 Unrestricted
funds
£

Restricted
funds
£		 Total
funds
2025
£
1
—
2025
Total
funds
£
1 —
— —
Restricted
funds
£
6,944,495
(41,639)		 —
—		 6,944,495
(41,639)
6,902,856
729,009
—		 —
—
35,940		 6,902,856
729,009
35,940
7,631,865 35,940 7,667,805
Unrestricted
funds
£		 Restricted
funds
£		 2024
Total
funds
£
6,547,097
(82,160)		 —
—		 6,547,097
(82,160)
6,464,927
715,000
—		 —
4,744
78,963		 6,464,927
719,744
78,963
7,179,927 83,707 7,263,634

During the year ended 31 August 2025, two students (2024 – four students) received a bursary to support their tuition fees. The amounts shown above include £3,290 (2024 - £3,051) directly from the School, in 2025, and £32,588 (2024 - £78,963) from funding received from the Leverhulme Trust.

26

London Film School Year to 31 August 2025

Notes to the financial statements

3 Expenditure on raising funds
Unrestricted Restricted Total
funds funds funds
£ £ £
2025 Total Funds — — —
2024 Total funds — — —
4 Expenditure on charitable activities – provision of education
3
Expenditure on raising funds
Unrestricted
funds
£
Restricted
funds
£
2025 Total Funds
—
—
2024 Total funds
—
—
4
Expenditure on charitable activities – provision of education		 3
Expenditure on raising funds
Unrestricted
funds
£
Restricted
funds
£
2025 Total Funds
—
—
2024 Total funds
—
—
4
Expenditure on charitable activities – provision of education		 Unrestricted
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Restricted
funds
£		 Total
funds
£		 Total
funds
£
— — —
— — —
Direct costs
-
Staff costs
-
Visiting lecturers
-
Premises
-
Production allowances and costs
-
Repairs and technical maintenance
-
Depreciation (note 9)
-
IT costs
-
Marketing costs
-
Other costs
.- Studio & Space Hire
Support costs
-
Staff costs
-
Legal and professional
-
Other costs
-
Interest payable
-
Governance costs (note 5)
2025 Total expenditure		 Unrestricted
funds
£		 Restricted
funds
£		 2025
Total
funds
£
2,564,705
519,809
1,036,528
481,034
161,314
322,748
233,713
45,027
328,819
102,548		 13,156
2,666
5,317
2,467
827
1,656
—
—
1,687
526		 2,577,861
522,475
1,041,845
483,501
162,141
324,404
233,713
45,027
330,506
103,074
5,796,245 28,302 5,824,547
1,216,991
366,836
326,977
10,637
47,926		 6,242
1,882
1,677
—
246		 1,223,233
368,718
328,654
10,637
48,172
1,969,367 10,047 1,979,414
7,765,612 38,349 7,803,961

27

London Film School Year to 31 August 2025

Notes to the financial statements

4 Expenditure on charitable activities – provision of education (continued)

Direct costs
-
Staff costs
-
Visiting lecturers
-
Premises
-
Production allowances and costs
-
Repairs and technical maintenance
-
Depreciation
-
IT costs
-
Marketing costs
-
Other costs
-
Studio & space hire
Support costs
-
Staff costs
-
Legal and professional
-
Other costs
-
Interest Cost
-
Governance costs (note 5)
2024 Total expenditure
5
Governance costs
Audit and advisory fees
Other professional costs
2025 Total funds
Audit and advisory fees
Other professional costs
2024 Total funds		 Unrestricted
funds
£
2,373,381
519,186
476,699
461,642
217,231
138,533
237,786
68,826
565,837
853,388
5,912,509
1,171,130
269,142
329,181
33,000
68,576
1,871,029
7,783,538
Unrestricted
funds
£
41,087
6,839
47,926
Unrestricted
funds
£
26.584
41.992
68,576		 Unrestricted
funds
£
2,373,381
519,186
476,699
461,642
217,231
138,533
237,786
68,826
565,837
853,388
5,912,509
1,171,130
269,142
329,181
33,000
68,576
1,871,029
7,783,538
Unrestricted
funds
£
41,087
6,839
47,926
Unrestricted
funds
£
26.584
41.992
68,576		 Restricted
funds
£		 2024
Total
funds
£
26,571
5,812
5,337
5,168
2,432
1,551
—
—
6,335
9,554		 2,399,952
524,998
482,036
466,810
219,663
140,084
237,786
68,826
572,172
862,942
62,760 5,975,269
13,112
890
3,685
—
3,260		 1,184,242
270,032
332,866
33,000
71,836
20,947 1,891,976
83,707 7,867,245
Restricted
funds
£
211
35
246
Restricted
funds
£
453
2,807
3,260		 2025
Total
funds
£
41,298
6,874
48,172
41,087
6,839
47,926
Unrestricted
funds
£		 2024
Total
funds
£
27,037
44,799
71,836
26.584
41.992
68,576

28

London Film School Year to 31 August 2025

Notes to the financial statements

6 Net movement in funds

This is stated after charging:

Depreciation – owned assets
Operating lease rentals – Land and buildings
Operating lease rentals – Equipment hire
Auditor’s remuneration (including VAT)
. Statutory audit
. Other services
Staff costs (including visiting lecturers) (note 7)		 2025
£
324,404
579,761
57,391
30,420
4,200
4,323,569		 2024
£
140,084
148,727
245,953
28,200
3,960
4,109,190

7 Staff costs

Wages and salaries
Other staff costs
Social security costs
Pension costs		 2025
£
2,974,103
386,212
349,206
91,573
3,801,094		 2024
£
2,826,614
370,608
302,857
84,113
3,584,192

In addition to the staff costs disclosed above, the amount paid to visiting lecturers used by the School in year was £522,475 (2024 – £524,998).

Included in staff costs above, during the year, termination payments of £118,669 (2024: £114,989) were made.

The average number of employees, excluding visiting lecturers and temporary staff, during the year was as follows:

Provision of education
Academic staff
Support staff		 2025
Number
40
23
63		 2024
Number
39
18
57

29

London Film School Year to 31 August 2025

Notes to the financial statements

7 Staff costs (continued)

The number of employees who earned £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the year was as follows:

£60-001 - £65,000
£65,001 - £70,000
£70,001 - £75,000
£75,001 - £80,000
£80,001 - £85,000
£95,001 - £100,000
£105,001 - £110,000
£120,001 - £125,000
£135,001 - £140,000		 2025
Number
1
4
2
1
1
1
—
—
1
11		 2024
Number

3

2

—

—

—

1

1

1

—

8

During the year to August 2025 the key management personnel of the charity was reorganised. A Senior Leadership Team (SLT) replaced the Management Team to be in charge of directing and controlling, running and operating the charity with the governors. The members of the SLT are detailed on Page 1. The total remuneration (including taxable benefits and employer's pension contributions) of the key management personnel for the year was £665,179 (2024 – £1,093,077).

During the year, staff governors received remuneration only in relation to their roles as staff members. No member(s) of the governing body received any remuneration in respect of their services as governors during the year (2024 – £nil).

No expenses were reimbursed to the governing body members during the year (2024 - £nil).

Remuneration of Director and Chief Executive Officer

Basic Salary
Pension Contribution		 2025
£		 2024
£
146,526
440
146,966
135,200
1,174
136,374

The remuneration package of senior members of staff, including the Director and Chief Executive Officer, is subject to review by the Remuneration Committee who use benchmarking information to provide objective guidance.

The Director and Chief Executive Officer reports to the Chair of the Board, who undertakes an annual review of his performance against the School’s overall objectives using both qualitative and quantitative measures of performance.

30

London Film School Year to 31 August 2025

Notes to the financial statements

Chief Executive’s basic salary as a multiple of the median of all staff
Chief Executive’s total remuneration as a multiple of the median of all staff		 2025
£		 2024
£
2.98
3.01		 3.68
3.69

8 Taxation

The London Film School Limited is a registered charity and therefore is not liable to income tax or corporation tax derived from its charitable activities, as it falls within the various exemptions available to registered charities.

9 Tangible fixed assets

Tangible fixed assets
Cost
At 1 September 2024
Additions
Transfer
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Transfer
At 31 August 2025
Net book values
At 31 August 2024
At 31 August 2025		 Leasehold
improvements
and in
construction
£
401,753
516,832
276,328
1,194,913
—
117,854
4,605
122,459
401,753
1,072,454		 Technical
and Cinema
equipment
£
728,781
113,050
—
841,831
288,110
106,305
—
394,415
440,671
447,416		 Fixtures,
fittings and
computer
equipment
£		 Total
£
942,662
112,470
(276,328)		 2,073,196
742,352
—
778,804 2,815,548
92,426
100,245
(4,605)		 380,536
324,404
—
188,066 704,940
850,236 1,692,660
590,738 2,110,608

31

London Film School Year to 31 August 2025

Notes to the financial statements

10 Debtors
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
2,910
6,008
517,120
526,038		 2024
£
62,792
57,733
562,338
682,863

11 Creditors: amounts falling due within one year

11 Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income
Sundry creditors
CBILS Loan (see note 12)
Deferred income consists principally of fee income received in
advance
Deferred income at 1 September
Released during the year
Resources deferred in the year
Deferred income at 31 August
12 Creditors: amounts falling due in more than one year
CBILS Loan
Maturity of debt
CBILS loan repayable within one year
CBILS loan repayable between one and two years
CBILS loan repayable between two and five years		 2025
£
409,410
1,630,310
136,705
300,000
2,476,425		 2024
£
657,855
1,653,594
405,148
300,000
3,016,597
2024
£
2025
£
963,159
(963,159)
920,106		 853,308
(853,308)
963,159
920,106 963,159
2025
£		 2024
£
200,000 500,000
2025
£		 2024
£
300,000
200,000
-		 300,000
300,000
500,000
500,000 800,000

The CBILS loan was drawn down in full in April 2021 with a fixed interest rate of 2.42% per annum. The first year is interest and repayment free; the balance is then to be repaid over five years at £25,000 per month plus interest from May 2022. The bank has a debenture charge over the property and undertakings of the company.

32

London Film School Year to 31 August 2025

Notes to the financial statements

13 Restricted funds

The income funds of the School include restricted funds comprising the following unexpended balances of grants and donations to be applied for specific purposes.

Skillset Academy Fund
Adam Sedgwick Award
Leverhulme fund
Office for Students
Skillset Academy Fund
Adam Sedgwick Award
Leverhulme fund		 At 1
September
2024
£		 Income
£		 Expenditure
£		 Transfer
between
funds
£		 At 31
August
2025
£
5,692
5,010
11,326		 —
—
35,940		 —
—
(38,349)		 —
—
—		 5,692
5,010
8,917
22,028 35,940 (38,349) — 19,619
At 1
September
2023
£		 Income
£		 Expenditure
£		 Transfer
between
funds
£		 At 31
August
2024
£
—
5,692
5,010
11,326		 4,744
—
—
78,963		 (4,744)
—
—
(78,963)		 —
—
—
—		 —
5,692
5,010
11,326
22,028 83,707 (83,707) — 22,028

Office for Students fund

The Office for Students fund is restricted to supporting teaching through spend related to the delivery of course costs.

Skillset Academy fund

The Skillset Academy fund is restricted to the funding of bursaries for the Skillset Screen Academy Project, specific new teaching and associated overheads.

Adam Sedgwick Award

The Adam Sedgwick Award is restricted to the funding of a grant to help a graduating student after the completion of the course.

Leverhulme fund

The Leverhulme Trust has donated to this fund which is dedicated to applicants of high academic standard who could not otherwise continue their studies throughout the academic year and beyond without funding assistance.

33

London Film School Year to 31 August 2025

Notes to the financial statements

14 Tangible fixed asset fund

At 1 September
Net movements in year
At 31 August		 2025
£
1,692,660
417,948
2,110,608		 2024
£
302,851
1,389,809
1,692,660

The tangible fixed assets fund represents the net book value of the School’s fixed assets. A decision was made to separate this fund from the other unrestricted funds of the School in recognition of the fact that the tangible fixed assets are essential to the day-to-day operation of the School. The fund value, therefore, cannot be easily realised without jeopardising the ongoing operation of the School.

15 Operating lease commitments

At 31 August the School had the following future minimum commitments under noncancellable operating leases:

Operating lease payable:
Within one year
Within two to five years		 Equipment
2025
£
2024
£
—
—
—
—

—
—
 Land and buildings
2025
£
2024
£
252,308
89,400
1,196,209
—
1,448,517
89,400		 Land and buildings
2025
£
2024
£
252,308
89,400
1,196,209
—
1,448,517
89,400
89,400
—
89,400

16 Related and connected parties disclosure

The School paid £1,900 to a supplier for services provided during the year ended 31 August 2025 (2024 £840). The supplier is the partner of a Governor.

None of the Governors received any fee or expenses for their services to the School.

Note 7 details further disclosures.

34

London Film School Year to 31 August 2025

Notes to the financial statements

17 Analysis of Net Assets between funds

Fixed Assets
Net current assets
Long term liabilities
2025 Total
Fixed Assets
Net current assets
Long term liabilities
2024 Total		 Unrestricted
funds
£
2,110,608
368,552
(200,000)
2,279,160
Unrestricted
funds
£
1,692,660
1,002,860
(500,000)
2,195,520		 Restricted
funds
£
-
19,619
-
19,619
Restricted
funds
£
-
22,028
-
22,028		 2025
Total
funds
£
2,110,608
388,171
(200,000)
2,298,779
2024
Total
funds
£
1,692,660
1,024,888
(500,000)
2,217,548

18 Capital commitments

At 31 August 2025, there were commitments for capital expenditure contracted for, but not incurred, of £74,000 (2024: £0), principally relating to leasehold improvements.

35