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← Rose Bruford College Of Theatre And Performance

2025-07-31-accounts

Registered number: 00508616 Charity number: 307907

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee) GOVERNORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

VENTHAMS

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COLLEGE, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Governors|Jennifer|Sims,|Chair|(appointed|5|November|2013,|resigned|22|October|2025)| |Professor|Randall|Whittaker,|Principal|and|Chief|Executive|Officer|(appointed|1| |September|2023)| |Anni|Domingo|(appointed|1|March|2021)| |Professor|Brian|Lobel|(appointed|18|January|2022,|resigned|14|May|2025)| |Janet|Smith,|Chair|from|23|October|2025|(appointed|1|April|2022)| |Vivien|Goodwin|(appointed|5|May|2022)| |Michael|Paul|Whittaker|(appointed|24|November|2022,|resigned|14|May|2025)| |Sudeep|Basu|(appointed|1|December|2022)| |Bronwyn|Teasdale|(appointed|1|August|2023,|resigned|14|May|2025)| |Daryl|Burns|(appointed|1|August|2023)| |Mia|Matthews|(appointed|1|August|2023,|resigned|14|May|2025)| |Dr|Alexander|Thomas|Bols|(appointed|30|October|2023)| |Dr|David|John|Reid|(appointed|30|October|2023)| |Geraldine|Kelly|(appointed|1|December|2023)| |Helen|Fairfoul|OBE|(appointed|15|January|2024)| |George|Haydn|Tudor|Jones|(appointed|1|August|2024)| |Phoebe|Patey-Ferguson|(appointed|1|January|2025)| |Company|registered| |number|00508616| |Charity|registered| |number|307907| |Registered|office|Lamorbey|Park|Campus| |Burnt|Oak|Lane| |Sidcup| |DA15|9DF| |Independent|auditors|Venthams| |Chartered|Accountants| |Summit|House| |12|Red|Lion|Square| |London| |WC1R|4QH| |Bankers|HSBC|UK|PLC| |Kent|Commercial|Centre| |9|Rose|Lane| |Canterbury| |Kent| |CT1|2JP|

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

CHAIR'S INTRODUCTION FOR THE YEAR ENDED 31 JULY 2025

The Chair of the Governing Body presents her introduction for the year.

It is my pleasure to introduce this annual report on the academic year 2024/5, at Rose Bruford College. As | consider all that has been achieved in this period, | am both proud and impressed by the extent of the progress that has been made in just two years into Professor Randall Whittaker’s tenure as Chief Executive and Principal.

At a time when the sector as a whole and small specialist institutions in particular face significant financial challenges, the College’s finances are stabilising, as is evidenced in these accounts ~~.~~ This has been achieved through a clear strategic vision which has been fully supported by the governing body and by staff across the College ~~.~~ Led by a strong senior team, they have worked to maintain and improve standards whilst increasing recruitment and developing the curriculum offer. The profile of the College continues to gain strength ~~.~~ A dinner held at the House of Lords to celebrate our 75th anniversary was symbolic of this ~~.~~ This high ~~-p~~ rofile occasion was hosted by Councillor Baroness O'Neill of Bexley OBE ~~-~~ Leader of the Council. Attendees included dignitaries from government, and from the sector, the industry, and the community; alumni who are now leaders in their own fields; representatives of national arts organisations; those responsible for the regulation and development of Higher Education; local business leaders. All present were excited and inspired by the sense of transformation that promises an even stronger future for the College ~~.~~

The year saw the end of the term of office of Bernardine Evaristo as our President ~~.~~ She has been a wonderful ambassador for our work and has been actively involved with students throughout her tenure. | know she intends to stay connected to the College and we are very grateful for all she has done. She is succeeded by Ray Fearon, another high profile alumnus. Ray is a major actor on stage, screen and television, who has committed himself to finding time in his busy schedule to support and advocate for the College and its students.

| would like to thank my colleagues on the Board for their hard work and support this year ~~.~~ We are fortunate to have a wide range of expertise amongst our members and we are able to provide advice, challenge and support as appropriate within a positive and constructive environment. In a small institution we have the advantage of knowing the senior team well and this helps us to be both flexible and agile in our decision making within the framework of our statutory responsibilities.

As | stand down as Chair, having completed my term of office, | am pleased to see the College in a position that gives the promise of a very successful future provided the momentum that has been achieved continues ~~-~~ and there is every reason to believe that it will. Janet Smith will take over as Chair of the Board ~~.~~ Janet has been a governor for four years. She has had highly successful career in Further Education, as Principal of a group of colleges and as a specialist in quality and curriculum. She brings to the role significant expertise in governance, leadership and organisational management and she has the full support of the Board ~~.~~

Thank you to Professor Whittaker for his vision and exceptional leadership, to the senior team and to all the staff. You are to be congratulated on the achievements of this year, and with your continuing efforts, the College will continue to progress to the benefit of its current and future students.

‘bums

Jennifer Margaret Sims Chair of Governing Body

Date: 30 Oct 2025

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

CEO'S REPORT FOR THE YEAR ENDED 31 JULY 2025

Principal & CEO’s Introduction

It is my privilege to present the summary of Rose Bruford College’s Annual Audited Accounts for 2024/2025. In this, our 75th anniversary year, we are proud to report a year of progress, resilience, and renewed ambition ~~.~~

Financial Performance

The College is reporting a small surplus and remains cash ~~-p~~ ositive and debt ~~-f~~ ree, reflecting an improved financial position ~~.~~ This improvement is the result of careful financial stewardship and more data ~~-~~ informed decision ~~-~~ making ~~.~~ We remain acutely aware of the pressures facing the higher education sector and recognise that challenges persist ~~.~~ The improvement in our financial performance indicates that Rose Bruford College is building on stronger foundations. Targeted growth in student recruitment, modernised systems, and investment in people have strengthened our financial base and created a platform for sustainable future growth.

Institutional Achievements

This has been a year defined by creativity and achievement ~~.~~ Our staff were recognised nationally, achieving third place in the WhatUni Student Choice Awards for Teacher and Lecturer of the Year ~~.~~

Our alumni continue to demonstrate the global reach of a Rose Bruford education, with recent highlights including Jessica Gunning’s Emmy and Golden Globe wins, alongside the achievements of Sir Gary Oldman, Bernardine Evaristo, Michele Austin, Jessica Hung Han Yun, Sara Huxley, and many others. Their success speaks not only to the quality of our training but also to the College’s role in powering the UK’s creative economy, a sector that employs nearly one in five people in London ~~.~~

Our students, too, have excelled, gaining national recognition in technical theatre, lighting design, and performance. These outcomes reflect our mission to nurture bold, creative practitioners who make work that resonates locally, nationally, and globally ~~.~~

Advocacy and Sector Influence

We continue to be a strong and distinctive voice within higher education, championing access, innovation, and equity ~~.~~ From challenging traditional models of training to addressing barriers such as audition fees, Rose Bruford College has advocated for change that matters, for students, for the sector, and for society. Community and Sustainability We take seriously our role in enriching our local community while contributing to the global creative landscape. This year, we hosted community festivals, partnered with schools, and deepened relationships with local businesses. Work also began on our new campus building, which will transform student opportunities and reinforce our role as a cultural hub ~~.~~ At the same time, we have advanced our environmental commitments, from wildflower planting to biodiversity initiatives, ensuring our campus remains an inspiring place to learn, create, and collaborate.

Looking Ahead

Rose Bruford College enters the next phase of its journey from a position of greater financial strength and renewed confidence. Our priorities remain focused: to grow student recruitment sustainably, to enhance the student experience through investment in people and systems, to expand our profile in practice ~~-~~ based research, and to continue building our international reputation ~~.~~

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 JULY 2025

The financial statements presented to the Board of Governors reflect the results of Rose Bruford College(“RBC’”) for the year ended 31 July 2025.

Objectives and activities

a ~~.~~ Vision, Mission and Values

Our Vision

Fostering bold creativity and innovation to redefine artistic expression ~~.~~

Our Mission

We empower global artists through innovative research and training for positive societal impact ~~.~~

Our Values

3 ~~.~~ Cultivate Growth: Nurturing an environment that fosters personal and professional development, empowering individuals to unlock their full potential and make meaningful contributions ~~.~~

  1. Detail-Oriented Ambition: We uphold meticulous attention to detail, driven by an unwavering ambition to achieve excellence in all our endeavours ~~.~~

Achievements and performance

a. Financial Performance

The College's Statement of Comprehensive Income for the year to 31 July 2025 shows an overall surplus of £100,455 (2024: overall deficit £556,234) ~~.~~ The removal of actuarial adjustments amounting to a loss of £83,000 (2024: loss of £99,000), non ~~-~~ cash depreciation cost of £729,193 (2024: £778,302), net working capital movements of £580,613, (2024: £231,596) shows that the Group has an improved net cash generation of £249,035 ~~.~~ Please see note 24 ~~.~~

b. Financial review

Despite the increase in the student i ~~n-~~ take at our main campus for 2024/2025, the overall tuition fee income has seen a reduction from 2023/2024 predominately because of our decision in 2023 to cease operations at our Wigan campus with no new intake during the year. This reduction was offset by an increase in Grant income and by improvements in alternative sources of income (summer schools and ancillary) giving a total increase in income of £135,407 on 2023/24 ~~.~~

The key driver for the improved performance for the year has been a reduction in costs, in particular, non ~~-s~~ taff costs, which decreased by £641,100 over the period. In line with the Higher ~~-~~ Level Education Sector, grappling with pressures on student recruitment, ongoing cost control in this area will continue to be a major objective ~~.~~

The Group continues to invests in its staff with a marginal increase in staff costs of £190,425, and a marked increase in capital expenditure £332,437 reflecting the introduction of a new student record system, estate improvements, and IT expenditure generally ~~.~~ This led to a small drop in cash resources of £82,476 to net cash of £1,858,858. This is comfortably within the OfS liquidity requirements of the next 30 days ~~.~~

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Achievements and performance (continued)

c ~~.~~ Future Developments

We expect the downward pressure on students’ numbers to continue, coupled with the negative impact of inflation increases, future taxation rises and changes within the Higher Education sector. It is imperative the College responds both financially and operationally to improve its financial sustainability ~~.~~ As such, the College implemented a new strategy plan in 2024 for the three ~~-~~ year period to 2027 ~~.~~ There are 6 pillars and 16 KPI’s to the new strategy plan with Pillar 5 covering Financial Responsibility and Sustainable Growth ~~.~~

The objective of this pillar is to maintain fiscal health, exercise prudent financial management, and foster sustainable growth that supports Rose Bruford College’s long ~~-~~ term mission and visions ~~.~~ From a financial perspective, the two relevant KPls over this period will be the generation of a ~~3-~~ 5% surplus and the attainment of a minimum of 80 days liquidity ~~.~~ These will be measured at the end of this 3 ~~-~~ year strategy ~~.~~ As of 31 July 2025, the College is in a surplus 0 ~~.~~ 8% (KPI ~~3-~~ 5% surplus), with liquidity of 45 days (KPI 80 days) ~~.~~

The College will continue to invest in its infrastructure with the addition of a new site close to campus reducing the need for external venue hire and the introduction of a new financial system to improve reporting ~~.~~

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

(A Company Limited by Guarantee)

Financial review

a ~~.~~ Going concern

The College's activities, together with the factors likely to affect its future development, performance and position are set out above. The financial position of the College is set out in the above ‘Financial & Operational Review’ and stated in the primary accounting statements and the accompanying notes.

The College improved in financial performance in 2025 recording a surplus, compared to a deficit in 2024. It had a decrease of £82,476 in its cash resources post adjustment for non ~~-~~ cash items due to our investment in necessary capital expenditure ~~.~~ This decrease in cash reserves reflects a decision by the board in invest in capital projects to improve the infrastructure of the College ~~.~~

The College is working to reduce its cost base and, where possible, improve income through increased international student in take. Budgets for next year anticipate a deficit position with a drop in cash flow reserves reflecting further capital expenditure on several critical projects. The Board has reviewed budgets to 31 July 2026 and an estimated cash forecast to December 2026 ~~.~~ All these documents show the College having sufficient cash balances, with a reasonable margin of headroom above or in line with the OfS liquidity standard ~~.~~ Key cashflow management will be required in the peak funding months of January 2026 and April 2026, reflecting the receipt of SLC funding (50% in May 2026) and quarterly rent payments ~~.~~ Further work is in progress and will continue if required to reduce or mitigate any deterioration in its cost structure to maintain the positive cash generative position projected.

As discussed in the proceeding section on the principal risks, the College does face challenges, a primary risk being a failure to recruit to target for October 2026 and declining government funding support ~~.~~ Should this risk occur or increase, there will be a further strain on cash flow. Considering the mitigations, also noted above, and acknowledging the sensitivity of cash flows to these risks occurring, the Governors are satisfied that their impact is manageable ~~.~~ As mentioned, a new Strategy plan has been agreed, which, if the key objectives are achieved, will significantly improve the financial position the College ~~.~~

Therefore, having considered the above information, the Governors consider that it is appropriate for the College to prepare its Financial Statements on a going concern basis ~~.~~

b ~~.~~ Reserves policy

The accumulated revenue reserve of £5,492,423 (2024: £5,391,000) represents the net unrestricted funds at the College's disposal. Governors have set a target to maintain free reserves at as close a level as possible to three months of the Group's operating costs. Given that this is currently equivalent to approximately £3,600,000 reserves remain more than the agreed target.

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

c. Principal risks and uncertainties

Risk assessment and risk management arrangements continue to be reviewed by the College to safeguard corporate interests and reputation as part of its risk framework, risk register and the pillars of its Strategic Plan ~~.~~

The College has expanded its risk register reflecting the increasing impact of both external and internal pressures, agreed by the Audit and Risk Committee (“ARC”) and this is reviewed regularly by the College Executive Group (“CEG”) reporting to the ARC and the Board of Governors. The risk register identifies key risks, the likelihood of those risks occurring, their potential impact on the College and the actions being taken to reduce and mitigate the risks.

Outlined below are the College's current significant strategic risks, together with the mitigation measures in place ~~.~~

Risk number 1: Decline/Static Student Enrolment

The College needs targeted growth in student numbers to manage reduced funding from the Office for Students, increasing operational cost and only a marginal increase in the home student fee ~~.~~ This growth needs to be tilted towards International and postgraduate students due to the higher fee that can be charged. As a small specialist institution, without this additional income, the College's risks not having the resources necessary to maintain viability ~~.~~

Mitigation: Under the new Strategic Plan, the College's portfolio is subjected to review with the aid of external data analysis to improve the offering for both home, post graduate and international prospective students ~~.~~ Though improving the international offering is still underdeveloped at RBC with the competitive stable USA student sector remaining a key underdeveloped target market.

Risk number 2: Decline in Government Funding

Government funding is expected to decline over the forthcoming period and in particular, the specialist sector grant funding of £1m per year will cease within 2 years. The College remains heavily dependent on this funding ~~.~~

Mitigation: This College, like many other Higher Level education institutions is seeking to reduce and replace its reliance on Government funding. Key areas of growth remain the under developed overseas student market, Postgraduate and research opportunities, and the utilisation of the estate for ancillary income ~~.~~

Risk 3: Data Breach/Cyber security

Considering the increasing risk and sophistication of attacks within this area, coupled with the acknowledged need to improve IT systems generally, Cyber security and the financial implications of a data breach are a key risk area ~~.~~

Mitigation: As mentioned previously, the IT strategic plan is in progress, which is improving infrastructure, implementing training of staff and students, Cyber training and updating policies and processes which will mitigate risks in this area ~~.~~

Risk 4: Office for Student Regulations (“OfS”) and monitoring requirements

The College needs to have efficient systems in place to comply with all regulatory requirements and, in particular, compliance monitoring as a consequence of its degree awarding status achieved in 2017. Mitigation: The College has implemented a robust monitoring system to ensure compliance with all external regulations, continued programme approval and monitoring. Procedures will ensure that systems will be reviewed, analysed, and changed if appropriate.

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Risk 5: Student Life ~~-~~ duty of care, meeting student demands

The importance and visibility of student duty of care and the general student experience has grown significantly since COVID. The College needs to ensure procedures, policies and services are fit for purposes ~~.~~ Limited financial resources place constraints on how a small institution can respond in this area, so effective use is imperative ~~.~~

Mitigation: Significant staff changes have focused on developing essential skills, flexibility and responsiveness to emerging issues ~~.~~ Robust information gathering, training and the establishment of a single on site Student Life Centre to provide closer connection with students.

Structure, governance and management

a ~~.~~ Constitution

The College, incorporated in 1952, registered under the Companies Act 2006, as a company limited by guarantee without share capital. The College is a registered charity within the meaning of Part 3 of the Charities Act 2011 ~~.~~ The Governors are the Trustees for the purposes of the Charities Act 2011 and are Directors under the Companies Act 2006 ~~.~~

The principal activity of the College is the provision of higher education in theatre and related arts as a specialist College within the UK Higher Education sector. The College is primarily funded by grants from the Office for Students and tuition fee income from students.

In the event of the company being wound up, the liability of each member, who are the Governors, is limited to £2.

b. Charitable Status

As a registered charity there are many ways that the College provides benefits both to the wider public good and particularly to groups which might otherwise be excluded from higher education because of financial circumstances ~~.~~ Both the Chairs and Principal's report above demonstrate the range of activities undertaken during the year which impact both the general and local public, industry, disadvantage groups and the country as a whole. In setting and reviewing the College's objectives and activities, the Governing Body has had due regard to the Charity Commission's guidance on the reporting of public benefit and particularly to its supplementary public benefit guidance on the advancement of education.

c ~~.~~ Equal opportunities

Rose Bruford College is committed to promoting equality of opportunity in all areas of employment and study. We work towards an environment where all employees and students can develop to their full potential regardless of gender, disability, race, colour, marital status, ethnic origin, sexual orientation, age and religious or political affiliation. We aim to ensure current and future employees and students recognise Rose Bruford College as an organisation which demonstrates equal opportunities.

A key pillar of the new strategic plan is to cultivate a supportive, inclusive, and thriving community where all members feel valued, respected, and empowered to reach their full potential.

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Structure, governance and management (continued)

d ~~.~~ Employment of disabled persons

Applications for employment by disabled persons are always fully considered and guaranteed an interview, subject to meeting the selection criteria for the post. If existing employees become disabled every effort is made to continue their employment with the College and arrangements will be made for reasonable adjustments, support, and training as appropriate. It is the College's policy that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees ~~.~~

Disclosure of information to auditors

Each of the persons who are Governors at the time when this Governors' Report is approved has confirmed that:

Auditors

The auditors, Venthams, have indicated their willingness to continue in office ~~.~~ The designated Governors will propose a motion reappointing the auditors at a meeting of the Governors ~~.~~

Approved by order of the members of the board of Governors and signed on their behalf by:

SM Janet Smith Chair of Governors’ Date: 29 Oct 2025

Professor Randall Whittaker

Principal, Chief Executive and Accounting Officer

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

STATEMENT OF GOVERNORS' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2025

The Governors (who are also the directors of the College for the purposes of company law) are responsible for preparing the Governors’ Report and the 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. Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the College and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for Keeping adequate accounting records that are sufficient to show and explain the Group and the College's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the College 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 Group and the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities ~~.~~

Approved by order of the members of the board of Governors and signed on its behalf by:

SM Janet Smith Chair of Governors’ Date: 99 Oct 2025

Professor Randall Whittaker Principal, Chief Executive and Accounting Officer

Page 11

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL FOR THE YEAR ENDED 31 JULY 2025

Governors

The members who serve on the Board of Governors (the Board) during the year and up to the date of signature of this report are listed at the beginning of the report ~~.~~

The Board

The Board of Governors, the majority of whom are non ~~-e~~ xecutive, comprises people appointed under the Articles of Association ~~.~~ The role of the Chair of the Governors is separated from the role of Principal and Chief Executive ~~.~~ The matters specially reserved to the Board of Governors for decisions are set out in the Articles of Association, by custom and under the OfS Conditions of registration ~~.~~ The Board holds to itself the responsibility for ongoing strategic direction of the College, the appointment and dismissal of designated office holders and approval of major developments. It receives regular operational reports from the Chief Executive.

It is the Board's responsibility to bring independent judgement to bear on issues of strategy, performance, resources, and standards of conduct ~~.~~ The Board is provided with regular and timely information on the overall financial performance of the College together with other information such as performance against funding targets, proposed capital expenditure, quality matters and personnel-related matters such as health and safety and environmental issues ~~.~~

All Governors can take independent professional advice in furtherance of their duties at the College's expense and have access to the Clerk to the Board, who is responsible to the Board for ensuring that all applicable procedures and regulations are followed. The appointment, evaluation and removal of the Clerk to the Board is a matter reserved for the Board. A new Clerk to the Board was appointed during the year ~~.~~ The Board has a strong and independent non ~~-e~~ xecutive element and no individual or group dominates its decision ~~-~~ making process ~~.~~

The Board considers that each of its non ~~-e~~ xecutive members is independent of management and free from any business or other relationship which could materially interfere with the exercise of their independent judgement. There is a clear division of responsibility in that the roles of the Chair and Accounting Officer are separate ~~.~~

The Board meets on six occasions during the year and undertakes an annual development day ~~.~~ The Board conducts its business through committees ~~.~~ These committees are the Audit and Risk Committee, Governance and Nominations Committee, and Remuneration Committee ~~.~~ All these Committees are formally constituted, with Board approved terms of reference, and a membership of appropriately qualified and experienced people.

Audit and Risk Committee

The Audit and Risk Committee meet three times each year and provides a forum for reporting by the College's internal and financial statements auditors. This includes access to the Committee for independent discussion, without the presence of college management ~~.~~ The Committee also receives and considers reports from the main Higher Education funding and regulatory bodies as they affect the College's business ~~.~~ The College's internal auditors review the systems of internal control, risk management controls and governance processes in accordance with an agreed plan of input and report their findings to management and the Audit and Risk Committee ~~.~~

Management is responsible for the implementation of agreed audit recommendations and internal audit undertakes periodic follo ~~w-~~ up reviews to ensure such recommendations have been implemented ~~.~~ The Audit and Risk Committee also advise the Board on the appointment of internal and external auditors, and their remuneration for audit and non ~~-a~~ udit work, as well as reporting annually to the Board ~~.~~ The Principal and Chair are both excluded from membership of this Committee but attend at the discretion of the Committee Chair ~~.~~

Page 12

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

The Board has reviewed the key risks to which the College is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks ~~.~~ The Board is of the view that there is a formal ongoing process for identifying, evaluating, and managing the College's significant risks that has been in place for the year ended 31 July 2025 and up to the date of approval of the annual report and accounts. This process is regularly reviewed by the Board ~~.~~

Governance and Nominations Committee

The Governance and Nominations Committee meets twice a year and is principally responsible for the selection and nomination of any new Governor for the Board's consideration ~~.~~ During the year a process was undertaken to appoint a new Chair of the Board who will take up office on the 23 October 2025. The Committee also oversees Governor induction, training, development and evaluation and reviews of governance effectiveness ~~.~~

Remuneration Committee

The Committee's responsibilities are to make recommendations to the Board on the remuneration and benefits of the Principal and CEO as well as other senior post holders ~~.~~ The Committee complies with the Committee of University Chairs (CUC) Higher Education Senior Staff Remuneration Code. Neither the Chief Executive and Principal nor any other member of the executive is a member of the Committee ~~.~~

Details of remuneration for the year ended 31 July 2025 are set out in the financial statements ~~.~~

The Clerk to the Board maintains a register of financial and personal interests of the Governors. The register is available for inspection at the registered address, noted in the 'Legal and Administrative information’ section above ~~.~~

Appointments to the Board

All appointments to the Board of Governors are a matter for the consideration of the Board as a whole ~~.~~ The Governance and Nominations Committee is responsible for the selection and nomination of any new member for the Board's consideration.

The Board is responsible for ensuring that appropriate training is provided as required ~~.~~ Members of the Board are usually appointed for a term of office not exceeding four years and may serve for a second four ~~-~~ year term ~~.~~

Board performance

The Board undertakes an annual performance review through a survey of all Governors ~~.~~ The report on the assessment is discussed at the Board's annual development day.

Scope of responsibility and delegation

The Board is ultimately responsible for the College's 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 provide only reasonable and not absolute assurance against material misstatement or loss ~~.~~ The Board has delegated the day ~~-to-~~ day responsibility to the Principal, as Accounting Officer, for maintaining a sound system of internal control that supports the achievement of the College's policies, aims and objectives, whilst safeguarding public funds and assets.

These systems of internal control are required to be in accordance with the responsibilities assigned to him in the terms and conditions of registration for the period to 31 July 2025 between the College and the Office for Students (OfS). He is also responsible for reporting to the Board any material weaknesses or breakdowns in internal control.

Page 13

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Corporate Governance

The College endeavours to conduct its business:

The College is committed to exhibiting best practice in all aspects of corporate governance, and particularly the CUC Higher Education Code of Governance ~~.~~ We have not adopted and therefore have not applied the UK Corporate Governance Code ~~.~~ However, we have reported on our Corporate Governance arrangements by drawing upon the best practice available, including those aspects of the UK Corporate Governance Code we consider to be relevant to the higher education sector and best practice ~~.~~

The Governing Body recognises that, as a body entrusted with public funds, it has a particular duty to always observe the highest standards of corporate governance. In fulfilling its responsibilities, it takes account of the Higher Education Code of Governance, noting that the code foresees that institutions may adopt the code, whilst explaining non ~~-~~ compliance. In the opinion of the Governors, the College complies with the provisions of the Code ~~.~~

The Board of Governors, through its various committees, has continued to fulfil its responsibilities in setting policy and monitoring the performance of the College. The Board of Governors has formulated an ongoing process for identifying, evaluating, and managing the College's significant risks, which is regularly reviewed by the Board of Governors, and which accords with the internal control guidance in the UK Corporate Governance Code as deemed appropriate for higher education ~~.~~

Risk Management

System of internal control

The Board of Governors is accountable for internal control and therefore has responsibility for maintaining a sound system of internal control that supports the achievement of the College's Strategic plan, and for reviewing its effectiveness ~~.~~ The system of internal control is designed to manage rather than eliminate the risk of failure to achieve these strategic aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness.

The Audit and Risk Committee's role in this area is confined to a high-level review of the arrangements for internal control. The Board's agenda includes a regular item for consideration of risk and control and receives reports thereon from the College Executive Group and the Audit and Risk Committee ~~.~~ The emphasis is on obtaining the relevant degree of assurance and not merely reporting by exception ~~.~~ This is a regular area revisited throughout the fiscal year ~~.~~

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 ~~.~~ This includes:

Page 14

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness. It is based on an ongoing process designed to identify and prioritise the risks to the achievement of College 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 in Rose Bruford College for the year ended 31 July 2025 and up to the date of approval of the annual report and accounts.

The system of internal control is based on an ongoing risk management process designed to identify the principal risks to the achievement of the strategic aims and objectives; to evaluate the nature and extent of those risks; and to manage them efficiently, effectively, and economically ~~.~~ The system of internal control is underpinned by compliance with the requirements of the core Controls Assurance standards:

The College has an internal audit service, which was provided by Azets in this accounting period (2024 ~~-~~ RSM), conforms to the ‘International Standards for the Professional Practice of Internal Auditing’ and the ‘International Professional Practices Framework' (IPPF) as published by the Global Institute of Internal Auditors {IIA) ~~.~~ The work of the internal audit service is informed by an analysis of the risks to which the College is exposed, and annual internal audit plans are based on this analysis. The analysis of risks and the internal audit plans are endorsed by the Board on the recommendation of the Audit and Risk Committee ~~.~~

The appointed Internal Auditors provide the Board with a report on internal audit activity in the College at least annually. The report includes the internal auditors' independent opinion on the adequacy and effectiveness of the College's system of risk management, controls, and governance processes.

In accessing the level of assurance to be given, Azets have taken into account:

In their professional judgement as Internal Auditors, sufficient and appropriate audit procedures have been conducted and evidence gathered to support the basis and the accuracy of the conclusions reached and contained in this report.

in their opinion RBC has a framework of governance, risk management and controls that provides reasonable assurance regarding the effective and efficient achievement of objectives, except in the area of cyber security ~~—~~ training and awareness where we have provided limited assurance. Their recommendations have been accepted by the College and are in the process of being implemented.

Page 15

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Review of effectiveness

The Accounting Officer has been advised on the implications of the result of their review of the effectiveness of the system of internal control by the Audit and Risk Committee, which oversees the work of the internal auditor and other sources of assurance, and a plan to address weaknesses and ensure continuous improvement of the system is in place ~~.~~

The College Executive Group receives reports setting out key performance and risk indicators and considers control issues brought to their attention by early warning mechanisms, which are embedded within the departments and reinforced by risk awareness training. The College Executive Group and the Audit and Risk Committee also receive regular reports from internal audit and other sources of assurance, which include recommendations for improvement ~~.~~

Based on the advice of the Audit and Risk Committee and the Accounting Officer, the Board is of the opinion that the College has improved, but will continue to review its effective framework for governance, risk management and control, and it has fulfilled its statutory responsibility for "the effective and efficient use of resources, the solvency of the institution and the body and the safeguarding of their assets" ~~.~~

Going concern

In accordance with applicable law, United Kingdom Generally Accepted Accounting Practice and with the Articles of Association, the Governors of Rose Bruford College of Theatre and Performance are responsible for the administration and management of the affairs of the College, including ensuring an effective system of internal control, and are required to present audited financial statements for each financial year ~~.~~ After making appropriate enquiries, the Board considers that the College has adequate resources to continue in operational existence for the near future. In reaching this conclusion, it notes the measures that the College Executive Group has taken to address the strategic risks identified in the Operating and Financial Review ~~.~~ For this reason, it continues to adopt the going concern basis in preparing the financial statements ~~.~~ This judgement is discussed in more detail in the Going Concern section ~~.~~

Page 16

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

Opinion

We have audited the financial statements of Rose Bruford College of Theatre and Performance (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the College Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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 Auditors' responsibilities for the audit of the financial statements section of our report ~~.~~ We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Governors' 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 on the Group's or the parent 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 Governors with respect to going concern are described in the relevant sections of this report.

Page 17

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon ~~.~~ The Governors are responsible for the other information contained within the Annual 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 ~~.~~ 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion 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 our 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.

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

Responsibilities of trustees

As explained more fully in the Governors' Responsibilities Statement, the Governors (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 Governors 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 Governors are responsible for assessing the Group's and the parent 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 Governors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 18

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (CONTINUED)

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

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements ~~.~~ During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity ~~.~~

The following laws and regulations were identified as being of significance to the entity:

~~-~~ Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards and Tax and Pensions legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non ~~-~~ compliance were identified ~~.~~ However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error ~~.~~ As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK) ~~.~~

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.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 19

30/10/2025

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025

Restricted Restricted Unrestricted Unrestricted Total Total Total
funds funds
funds		 funds
2025 2025
2025		 2024
Note £ £
£		 £
Income from:
Funding body grants 4 ~~-~~ 2,414,980 2,414,980 2,139,206
Tuition fees 5 ~~-~~ 8,614,352 8,614,352 8,820,525
Investments 6 ~~-~~ 22,820 22,820 25,144
Other income
Total income
Expenditure on:		 7 3,500
3,500		 2,963,162
14,015,314		 2,966,662
14,018,814		 2,898,532
13,883,407
Interest Payable ~~-~~ (73,000)
(73,000)		 (64,000)
Charitable activities: 8
Staff Costs ~~-~~ 6,059,334 6,059,334 5,868,909
Depreciation ~~-~~ 729,193 729,193 778,302
Other Operating Expenditure 3,500 7,116,330 7,119,830 7,757,430
Other charitable activities ~~-~~ 2 2 -
Total expenditure 3,500 13,831,859 13,835,359 14,340,641
Net movement in funds before other
recognised gains/(losses) ~~-~~ 183,455 183,455 (457,234)
Other recognised gains/(losses):
Actuarial gains on defined benefit
pension schemes
Net movement in funds		 ~~-~~
~~-~~		 (83,000)
(83,000)
100,455
100,455		 (99,000)
(556,234)
Reconciliation of funds:
Total funds brought forward ~~-~~ 5,391,958 5,391,958 5,948,192
Net movement in funds
Totalfundscarriedforward		 ~~-~~
~~-~~		 100,455
5,492,413		 100,455
5,492,413		 (556,234)
5,391,958

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year ~~.~~

Page 21

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 JULY 2025

2025 2025 2024 2024
Note £ £
Fixed assets
Intangible assets 15 174,829 19,824
Tangible assets 16 8,697,607 9,186,018
8,872,436 9,205,842
Current assets
Debtors 18 1,288,514 1,100,253
Cash at bank and in hand 1,763,382 1,858,858
3,051,896 2,959,111
Creditors: amounts falling due within one
year 19 (2,147,057) (2,173,048)
Net current assets 904,839 786,063
Total assets less current liabilities 9,777,275 9,991,905
Creditors: amounts falling due after more
than one year 20 (4,284,862) (4,599,947)
Net assets excluding pension asset 5,492,413 5,391,958
Total net assets 5,492,413 5,391,958
Charity funds
Restricted funds 21 ~~-~~ -
General funds 21 4,797,413 4,686,958
Revaluation reserve 695,000 705,000
Total unrestricted funds 21 5,492,413 5,391,958
Total funds 5,492,413 5,391,958

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements ~~.~~

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

SSM Janet Smith — Chair of Governors’ Date: 29 Oct 2025

Professor Randall Whittaker Principal, Chief Executive and Accounting Officer

Page 22

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

COLLEGE STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2025

2025 2025 2024 2024
Note £ £
Fixed assets
Intangible assets 15 174,829 19,824
Tangible assets 16 8,686,918 9,181,480
8,861,747 9,201,304
Current assets
Debtors 18 1,064,448 922,748
Cash at bank and in hand 1,754,003 1,847,605
2,818,451 2,770,353
Creditors: amounts falling due within one
year 19 (1,816,862) (1,960,530)
Net current assets 1,001,589 809,823
Total assets less current liabilities 9,863,336 10,011,127
Creditors: amounts falling due after more
than one year 20 (4,284,862) (4,599,947)
Net assets excluding pension asset 5,578,474 5,411,180
Total net assets 5,578,474 5,411,180
Charity funds
Restricted funds 21 ~~-~~ .
General funds 21 4,883,474 4,706,180
Revaluation reserve 21 695,000 705,000
Total unrestricted funds 21 5,578,474 5,411,180
Total funds 5,578,474 5,411,180

Page 23

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

COLLEGE STATEMENT OF FINANCIAL POSITION (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

The College's net movement in funds for the year was £94,294 (2024 - £(693,101)) ~~.~~

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements ~~.~~

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

SSM Janet Smith Chair of Governors’ pate: 59 Oct 2025

Professor Randall Whittaker Principal, Chief Executive and Accounting Officer

Page 24

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1 ~~.~~ General information

Rose Burford College is a company limited by guarantee registered in England and Wales, registration number 00508616.

The College is also a registered charity with charity number 307907.

The College meets the definition of a public benefit entity under FRS 102.

2 ~~.~~ Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) ~~-~~ 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have also been prepared in accordance with the Statement of Recommended Practice: Accounting for Further and Higher Education 2019 (the 2019 FE HE SORP), the associated College Accounts Direction for 2024 to 2025 and the Office for Students Accounts Direction 2019 ~~.4~~ 1.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy ~~.~~

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the College and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis ~~.~~

The College has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements ~~.~~

The financial statements have been prepared using Sterling being the functional currency of the College ~~.~~

2 ~~.~~ 2 Going concern

The financial position of the College is set out in the above ‘Financial Review’ and stated in the primary accounting statements and the accompanying notes ~~.~~

Page 26

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2 ~~.~~ Accounting policies (continued)

2 ~~.~~ 3 Income

Recurrent Grants

The recurrent grants from the OfS, representing the funding allocation attributable to the current financial year are credited directly to the income and expenditure account ~~.~~

Tuition fees

Income from tuition fees is recognised in the period for which it is receivable and includes all fees chargeable to students or their sponsors.

Investment Income

Income from short ~~-~~ term deposits is credited to the income and expenditure account in the period in which it is earned ~~.~~

Donations and endowments

Donations with no restrictions are recognised in income when the College is entitled to the funds.

Capital grants

Government capital grants are capitalised, being held as deferred income, and recognised in income over the expected useful life of the asset, under the accruals method as permitted by FRS 102. Other capital grants are recognised as income when the College is entitled to the funds, subject to any performance related conditions being met.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2 ~~.~~ 4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit 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 ~~.~~ Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity ~~.~~ Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use ~~.~~

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs ~~.~~

All expenditure is inclusive of irrecoverable VAT ~~.~~

2 ~~.~~ 5 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at rates of exchange ruling at the reporting date ~~.~~

Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities ~~.~~

Page 27

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2 ~~.~~ Accounting policies (continued)

2 ~~.~~ 6 Intangible assets and amortisation

Intangible assets are initially recognised at cost ~~.~~ After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses ~~.~~

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on a straight line basis over 4 years ~~.~~

2 ~~.~~ 7 Tangible fixed assets and depreciation

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably ~~.~~

Tangible fixed assets are initially recognised at cost ~~.~~ After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method ~~.~~

Depreciation is provided on the following bases:

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2 ~~.~~ 8 Investments

Investments in subsidiaries are valued at cost less provision for impairment ~~.~~

2 ~~.~~ 9 Debtors

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

2 ~~.~~ 10 Cash at bank and in hand

Cash at bank and in hand includes cash and shor ~~t-~~ 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 ~~.~~

Page 28

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2 ~~.~~ Accounting policies (continued)

2 ~~.~~ 11 Liabilities and provisions

Liabilities 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 ~~.~~

Liabilities are recognised at the amount that the College anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation ~~.~~ Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre ~~-~~ tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost ~~.~~

2 ~~.~~ 12 Financial instruments

The Group 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method ~~.~~

2 ~~.~~ 13 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term ~~.~~

Page 29

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2 ~~.~~ Accounting policies (continued)

2 ~~.~~ 14 Pensions

Pos ~~t-~~ employment benefits to employees of the College are provided by the Teachers' Pension Scheme (TPS), the Local Government Pension Scheme (LGPS) and NEST. The TPS and LGPS are defined benefit schemes, which are externally funded ~~.~~ The NEST pension scheme is a defined contribution scheme.

The TPS is an unfunded scheme. Contributions to the TPS are calculated so as to spread the cost of pensions over employees’ working lives with the College in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by qualified actuaries on the basis of valuations using a prospective benefit method ~~.~~ The TPS is a mult ~~i-~~ employer scheme and the College is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis ~~.~~ The TPS is therefore treated as a defined contribution plan and the contributions recognised as an expense in the income statement in the periods during which services are rendered by employees.

The LGPS is a funded scheme. The assets of the LGPS are measured using closing fair values. LGPS liabilities are measured using the projected unit credit method and discounted at the current rate of return on a high ~~-q~~ uality corporate bond of equivalent term and currency to the liabilities ~~.~~ The actuarial valuations are obtained at least triennially and are updated at each balance sheet date ~~.~~

The amounts charged to staff costs, as incurred, are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments ~~.~~ Net interest on the net defined benefit liability/asset is also recognised in the Statement of Comprehensive Income and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations ~~.~~ The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses. Actuarial losses are recognised immediately in other recognised gains and losses. Actuarial gains are recognised to the extent that they are considered to be recoverable ~~.~~

The NEST scheme contributions are recognised as an expense in the income statement in the periods during which services are rendered by employees.

2 ~~.~~ 15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes ~~.~~ The costs of raising and administering such funds are charged against the specific fund ~~.~~ The aim and use of each restricted fund is set out in the notes to the financial statements ~~.~~

Page 30

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

3 ~~.~~ Critical accounting estimates and areas of judgment

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

The items in the financial statements where these judgements and estimates have been made include the estimation of the useful economic life of tangible fixed assets for the depreciation charge and periodic calculation of provisions.

Fixed assets are depreciated over their useful lives considering residual values, where appropriate ~~.~~ The actual lives of the assets and residual values are assessed annually and may vary depending on several factors. In r ~~e-~~ assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account ~~.~~ Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

The present value of the Local Government Pension Scheme defined benefit liability depends on several factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in the notes to the Financial Statements, will impact the carrying amount of the pension liability ~~.~~ Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at the balance sheet date ~~.~~ Any differences between the figures derived from the roll forward approach anda full actuarial valuation would impact on the carrying amount of the pension liability ~~.~~

4 ~~.~~ Funding body grants

Unrestricted
Total		 Unrestricted
Total		 Unrestricted
Total		 Unrestricted
Total
funds
funds
2025
2025
£
£
Grants
Office for Students ~~-~~ Teaching 1,364,316 1,364,316
Research England ~~- ~~Research 235,580 235,580
Office for Students ~~-~~ Other 500,000 500,000
Release ofdeferred Office for Students capital grants 315,084 315,084
2,414,980 2,414,980

Page 31

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

4 ~~.~~ Funding body grants (continued)

Unrestricted Unrestricted Total
funds funds
2024 2024
£ £
Grants
Office for Students ~~-~~ Teaching 1,493,726 1,493,726
Research England ~~- ~~Research 235,682 235,682
Office for Students ~~-~~ Other 50,000 50,000
Release of Office for Students deferred capital grants
359,798		 359,798
2,139,206 2,139,206
5~~.~~ Tuition fees
Unrestricted Total
funds funds
2025 2025
£ £
Home full-time undergraduate 6,210,850 6,210,850
Home full-time postgraduate 434,370 434,370
Home par~~t-~~time undergraduate 114,742 114,742
Home par~~t-~~time postgraduate - -
Overseas (non~~-~~EC) undergraduate 758,904 758,904
Overseas (non~~-~~EC) postgraduate 864,495 864,495
PhD 2,471 2,471
Non~~-c~~redit bearing course fees 228,520 228,520
8,614,352 8,614,352

Page 32

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

7 ~~.~~ Other incoming resources

Restricted
Unrestricted		 Restricted
Unrestricted		 Restricted
Unrestricted		 Restricted
Unrestricted		 Restricted
Unrestricted		 Total
funds funds funds
2025 2025 2025
£ £ £
Rent receivable ~~- ~~Campus ~~-~~ 122,170 122,170
Rent receivable ~~- ~~student residences ~~-~~ 1,814,584 1,814,584
ERASMUS, Turing and other misc~~.~~ grants ~~-~~ 99,875 99,875
Income from donations and legacies 3,500 ~~-~~ 3,500
Income from short courses and productions ~~-~~ 46,837 46,837
Catering services ~~-~~ 277,497 277,497
Other income ~~-~~ 602,199 602,199
3,500 2,963,162 2,966,662
Unrestricted Total
funds funds
2024 2024
£ £
Rent receivable ~~- ~~Campus 124,184 124,184
Rent receivable ~~- ~~student residences 1,836,851 1,836,851
ERASMUS, Turing and other misc~~. ~~grants 64,232 64,232
Income from donations and legacies 50 50
Income from short courses and productions 73,810 73,810
Catering services 306,266 306,266
Other income 493,139 493,139
2,898,532 2,898,532

8 ~~.~~ Analysis of expenditure on charitable activities Summary by fund type

Restricted Restricted Unrestricted Unrestricted
funds funds Total
2025 2025 2025
£ £ £
Support of the performing Arts 3,500 13,904,859 13,908,359

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

9 ~~.~~ Analysis of expenditure by activities (continued)

Analysis of direct costs

Support of Support of
the
performing
Total
Arts
funds
2025
2025
£
£
Staff costs 6,059,334 6,059,334
Academic departments 2,662,453 2,662,453
Academic services 91,352 91,352
Premises 2,488,368 2,488,368
Administration 1,328,068 1,328,068
Other expenses 549,591 549,591
Depreciation 729,193 729,193
13,908,359 13,908,359
Support of
the
performing
Total
Arts
funds
2024
2024
£
£
Staff costs 5,868,909 5,868,909
Academic departments 2,958,194 2,958, 194
Academic services 81,820 81,820
Premises 2,605,623 2,605,623
Administration 1,287,483 1,287,483
Other expenses 824,310 824,310
Depreciation 778,302 778,302
14,404,641 14,404,641
10~~.~~ Auditors’ remuneration
2025
2024
£
£
Fees payable to the College's auditor for the audit ofthe College's annual
accounts 26,400 26,400

Page 36

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

11 ~~.~~ Staff costs

Group Group Group Group College College College College College
2025 2024 2025 2024
£ £ £ £
Wages and salaries 4,751,949 4,694,453 4,395,734 4,347,253
Social security costs 532,543 476,436 498,802 448,159
Operating costs of defined benefit pension
schemes 774,842 698,020 766,080 691,798
Restructuring costs 60,636 188,187 60,636 188,187
6,119,970 6,057,096 5,721,252 5,675,397

Excluding the Principal (note 13), there were five (2024: seven) payments to staff as compensation for loss of office, totalling £74,966 (2024: £89,337) ~~.~~

The average number of persons employed by the College during the year was as follows:

Group Group Group Group College College College College College
2025 2024 2025 2024
No~~.~~ No. No~~.~~ No.
Tutorial 96 109 64 84
Administrative 42 47 40 45
Technical 7 9 7 8
Premises 25 22 8 3
170 187 119 140

The number of employees whose employee benefits (excluding employer pension costs) exceeded £100,000 was:

Group Group
2025 2024
No~~.~~ No.
In the band £100,001 ~~- ~~ £105,000 1 -
In the band £140,001 ~~- ~~ £145,000 ~~-~~ 1
In the band £145,001 ~~-~~ £150,000 1 -

Key management personnel members of the Senior Leadership Team, those persons having authority and responsibility for planning, directing, and controlling the activities of the College.

There are six (2024: six) key management personnel including the Accounting Officer in the year ~~.~~

Salaries totalling £626,370 (2024: £490,231) and pension contributions totalling £97,911 (2024: £88,720) giving total emolument of £724,281 (2024: £578,950) were paid to key management personnel in the year.

Page 37

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

12 ~~.~~ Governors’ remuneration and expenses

The Governors received no remuneration in respect of their services as Governors ~~.~~ During the year ended 31 July 2025, certain members of the College staff (excluding the Principal, see below) served as Governors and received remuneration (including benefits ~~-i~~ n ~~-~~ kind and pension contributions) for teaching and management services amounting to £63,212 (2024: £59,863) ~~.~~

Expenses were paid to, or on behalf, of no Board members (2024: ENil). In the prior year this represents travel and subsistence expenses incurred in attending Board, Committee meetings and events in their official capacity ~~.~~ No (2024: ENil) Independent Governors received renumeration, (2024: £Nil) in the prior year this was in respect of short terms visiting professional engagements undertaken at the College ~~.~~ No Student Governors (2024: Nil) received expense payment relating to course materials (2024: £Nil).

13 ~~.~~ Principal's emoluments

The total remuneration package for the principal is as follows:

2025 2024
£ £
Salary 149,100 142,000
Compensation for loss of office ~~-~~ -
Payments in lieu of pension contributions
~~-~~		 -
Pension contributions 42,762 35,992
191,862 177,992

On a full-time equivalents' basis, the salary payable to the Accounting Officer is 3 ~~.~~ 31 times (2024: 3.25 times) the median salary of £45,029 (2024: £43,717) excluding emoluments and 3 ~~.~~ 81 times (2024: 3.44 times) the median salary of £50,389 (2024: £51,752) including employer pension contributions and any other employee benefits ~~.~~

Page 38

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

14 ~~.~~ Access and Participation plan

2025 2024
£ £
Access investment 86,899 171,000
Financial support 158,670 164,000
Support for disabled students 102,933 13,000
Research & evaluation 44,740 19,000
393,242 367,000

The Access and Participation Plan can be found at: https:/Awww ~~.~~ bruford ~~.~~ ac ~~.~~ uk/about/outreach/

15 ~~.~~ Intangible assets

Group
Computer
software
£
Cost
At 1 August2024 254,671
At 31 July 2025 426,817
Amortisation
At 1 August2024 234,847
Charge for the year 17,141
At 31 July 2025 251,988
Net book value
At 31 July 2025 174,829
At31July2024 19,824

Page 39

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

16 ~~.~~ Tangible fixed assets (continued)

College

Long~~-t~~erm Long~~-t~~erm Long~~-t~~erm Leasehold Leasehold
leasehold
improvemen		 Other fixed
property ts assets Total
£ £ £ £
Cost or valuation
At 1 August2024 11,013,703 1,343,306 8,180,830 20,537,839
Additions 52,445 56,635 106,491 215,571
At 31 July 2025 11,066,148 1,399,941 8,287,321 20,753,410
Depreciation
At 1 August2024 4,813,511 342,510 6,200,338 11,356,359
Charge for the year 226,258 49,228 434,647 710,133
At 31 July 2025 5,039,769 391,738 6,634,985 12,066,492
Net book value
At 31 July 2025 6,026,379 1,008,203 1,652,336 8,686,918
At 31 July2024 2024 6,200,192 1,000,796 1,980,492 9,181,480

Land and buildings with a net book value of £6,026,000 (2024: £6,200,000) and a cost of £11,066,000 (2024: £11,014,000) have been partly funded from Treasury sources. Should these particular properties be sold, the College would either have to surrender the grants received to the Treasury or use them in accordance with the HEFCE Memorandum of Assurance and Accountability with the Higher Education Funding Council for England ~~.~~ The total exchequer interest in the estate at to 31 July 2025 is £2,040,000 (2024: £2,040,000).

17 ~~.~~ Fixed asset investments

The College's investments at the balance sheet date in subsidiary undertaking include the following:

Rose Bruford (International) Limited Registered office: Lamorbey House, Lamorbey Park, Sidcup, Kent, DA15 9DF Type: Limited by guarantee without share capital

Page 42

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

18 ~~.~~ Debtors

Group Group Group Group College College College
2025 2024 2025 2024
£ £ £ £
Due within one year
Trade debtors 369,819 437,015 330,600 379,365
Amounts owed by group undertakings ~~-~~ - ~~-~~ 46,773
Other debtors 536,613 400,922 531,520 397,889
Prepayments and accrued income 382,082 262,316 202,328 98,721
1,288,514 1,100,253 1,064,448 922,748
Creditors: Amounts falling due within one year
Group Group College College
2025 2024 2025 2024
£ £ £ £
Trade creditors 470,991 433,533 256,021 309,807
Amounts owed to group undertakings ~~-~~ - 27,455 -
Taxation and social security 134,631 113,058 120,876 93,277
Pension schemes 84,910 84,505 84,910 84,505
Other creditors 597,390 650,608 562,022 606,436
Accruals and deferred income 859,135 891,344 765,578 866,505
2,147,057 2,173,048 1,816,862 1,960,530

19. Creditors: Amounts falling due within one year

Deferred income relates to capital grants which are recognised as income over the life of the assets to which they relate.

There are fixed and floating charges over the assets over the College in favour of HSBC UK Bank PLC ~~.~~

20. Creditors: Amounts falling due after more than one year

Group Group College College College College
2025 2024 2025 2024
£ £ £ £
Deferred capitalgrants 4,284,862 4,599,947 4,284,862 4,599,947

Page 43

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ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

21 ~~.~~ Statement of funds (continued)

Statement of funds ~~-~~ prior year

Balance at Balance at
1 August Transfers Gains/ _ Balance at
2023 Income Expenditure in/out (Losses) 31 July2024
£ £ £ £ £ £
Unrestricted
funds
General Funds
~~- ~~all funds 5,233,192 13,883,407 (14,340,641) 10,000 (99,000) 4,686,958
Revaluation
reserve 715,000 - - (10,000) - 705,000
5,948,192 13,883,407 (14,340,641) - (99,000) 5,391,958
Summary offunds funds
Summary offunds funds ~~- ~~current year
Balance at 1 Transfers Gains/ Balance at
August 2024 Income Expenditure in/out (Losses) 31 July 2025
£ £ £ £ £ £
General funds 5,391,958 14,015,314 (13,831,859) ~~-~~ (83,000) 5,492,413
Restricted
funds ~~-~~ 3,500 (3,500) - - -
5,391,958 14,018,814 (13,835,359) ~~-~~ (83,000) 5,492,413
Summary offunds funds~~- ~~prioryear
Balance at
1 August Transfers Gains/ Balance at
2023 Income Expenditure in/out (Losses) 31 July2024
£ £ £ £ £ £
General funds 5,948,192 13,883,407 (14,340,641) - (99,000) 5,391,958

22. Summary of funds

Page 45

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

23 ~~.~~ Analysis of net assets between funds

Analysis of net assets between funds ~~-~~ current year

==> picture [465 x 382] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Total| |funds|funds| |2025|2025| |£|£| |Tangible|fixed|assets|8,697,607|8,697,607| |Intangible|fixed|assets|174,829|174,829| |Current|assets|3,051,896|3,051,896| |Creditors|due|within|one|year|(2,147,057)|(2,147,057)| |Creditors|due|in|more|than|one|year|(4,284,862)|(4,284,862)| |Total|5,492,413|5,492,413| |Analysis|of|net|assets|between|funds|-|prior year year| |Unrestricted|Total| |funds|funds| |2024|2024| |£|£| |Tangible|fixed|assets|9,186,018|9,186,018| |Intangible|fixed|assets|19,824|19,824| |Current|assets|2,959,111|2,959,111| |Creditors|due|within|one|year|(2,173,048)|(2,173,048)| |Creditors|due|in|more|than|one|year|(4,599,947)|(4,599,947)| |Total|5,391,958|5,391,958|

----- End of picture text -----

Analysis of net assets between funds ~~-~~ prior year year

Page 46

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

24 ~~.~~ Reconciliation of net movement in funds to net cash flow from operating activities

Group Group Group Group
2025 2024
£ £
Net
income/expenditure
for		 the
year		 (as per Statement of Financial
Activities) 183,455 (457, 234)
Adjustments for:
Depreciation charges 729,193 727,053
Pension costs less contributions payable (83,000) (99,000)
Decrease/(increase) in debtors (102,965) 335,942
Decrease in creditors (477,648) (567,538)
Net cash provided by/(used in) operating activities 249,035 (60,777)
25. Analysis ofcash and cash equivalents
Group Group
2025 2024
£ £
Cash in hand 1,763,382 1,858,858
Total cash and cash equivalents 1,763,382 1,858,858
26~~.~~ Analysis ofchanges in net debt
At 1 August At 31 July
2024 Cash flows 2025
£ £ £
Cash at bank and in hand 1,858,858 (95,476) 1,763,382
Debt due within 1 year (84,505) (405) (84,910)
1,774,353 (95,881) 1,678,472

Page 47

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

27 ~~.~~ Pension commitments

The College's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non ~~-t~~ eaching staff, which is managed by London Borough of Bexley ~~.~~ Both are defined benefit schemes ~~.~~ Employees of Rose Bruford (International) Limited are enrolled in a defined contribution pension scheme.

The pension costs are assessed in accordance with the advice of independent qualified actuaries ~~.~~ Prior to 31 July 2025, the latest actuarial valuation of the TPS related to the period ended 31 March 2016 and of the LGPS 31 March 2024 ~~.~~ A further valuation, relating to the period ended 31 March 2020 was published in October 2023 ~~.~~

There were no outstanding or prepaid contributions at either the beginning or the end of the financial year ~~.~~

Teachers’ Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Regulations 2010, and, from 1 April 2014, by the Teachers' Pension Scheme Regulations 2014 ~~.~~ These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary ~~-~~ aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership ~~.~~

Membership is automatic for teachers and lecturers, but they are able to opt out of the scheme ~~.~~

The Teachers’ Pension Budgeting and Valuation Account

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act 1972 and are paid by public funds provided by Parliament ~~.~~ The TPS is an unfunded scheme and members contribute on a 'pay as you go' basis ~~-~~ these contributions, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Act.

The Teachers’ Pensions Regulations 2010 require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases) ~~.~~ From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return ~~.~~

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years ~~.~~ The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The actuarial valuation of the TPS which applied during the year ended 31 July 2025 was carried out as at 31 March 2016 ~~.~~ The valuation report was published by the Department for Education on 5 March 2019 ~~.~~ The key elements of the valuation and subsequent consultation which applied during the year ended 31 July 2025 are

. new employer contribution rates were set at 28.68% of pensionable pay (including administration fees of 0 ~~.~~ 08%)

° total scheme liabilities for service to the effective date of £218.1 billion, and notional assets of £196.1 billion, giving a notional past service deficit of £22.0 billion . an employer cost cap of 10 ~~.~~ 9% of pensionable pay The revised employer contribution rate for the TPS was implemented from September 2019 ~~.~~

A full copy of the valuation report and supporting documentation can be found on the Teachers’ Pension Scheme website at the following location:

Page 48

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

27 ~~.~~ Pension commitments (continued)

https:www ~~.t~~ eacherspensions. ~~c~~ o. ~~u~~ k/news/employers/2019/04/teachers- ~~pe~~ nsions-v ~~a~~ luation- ~~re~~ port.aspx

The pension costs paid to the TPS in the year ended 31 July 2025 amounted to £720,191 (2024: £647,382), of which employer's contributions totalled £537,229 (2024: £471,408) and employees contributions totalled £182,962 (2024: £175,974).

FRS 102 (28)

Under the definitions set out in FRS 102 (28 ~~.~~ 11), the TPS is a mult ~~i-~~ employer pension plan ~~.~~ The College is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the College has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined ~~-c~~ ontribution plan ~~.~~ The College has set out above the information available on the plan and the implications for the College in terms of the contribution rates ~~.~~

Local Government Pension Scheme

The LGPS is a funded defined ~~-b~~ enefit plan, with the assets held in separate funds administered by the London Borough of Bexley Local Authority ~~.~~ The total contributions made for the year ended 31 July 2025 were £217,000 (2024: £286,000), of which employer's contributions totalled £161,000 (2024: £218,000) and employees’ contributions totalled £56,000 (2024: £68,000) ~~.~~ The agreed contribution rates for future years are 18 ~~.~~ 2% for employers and range from 5 ~~.~~ 5% to 12 ~~.~~ 5% for employees, depending on salary ~~.~~

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

At 31 July At 31 July At 31 July
2025 2024
% %
Discount rate 5~~.~~9 49
Future salary increases 4 4.1
Future pension increases 2.6 2.7
Inflationassumption 2~~.~~5 2.6
At 31 July At 31 July At 31 July At 31 July
2025 2024
Years Years
Mortality rates (in years)
~~- ~~fora male aged 65 now 21~~.~~5 21.4
~~- ~~at65 fora male aged 45 now 22.2 22.3
~~- ~~for a female aged 65 now 23~~.~~8 23.7
~~-~~at65 for a femaleaged45now 25~~.~~2 25.4

Page 49

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

27 ~~.~~ Pension commitments (continued)

The Group's share of the assets in the scheme was:

At 31 July At 31 July At 31 July At 31 July
2025 2024
£ £
Equities 4,415,000 4,459,000
Corporate bonds 3,389,000 3,044,000
Property 680,000 815,000
Cash and other liquid assets 178,000 96,000
Other 2,486,000 2,305,000
Totalfairvalue ofassets 11,148,000 10,719,000

The actual return on scheme assets was £643,000 (2024 - £761,000) ~~.~~

The amounts recognised in the Consolidated Statement of Financial Activities are as follows:

2025 2025 2024
£ £
Current service cost (140,000) (169,000)
Interest income 62,000 50,000
Total amount recognised in the Consolidated Statement of Financial
9
Activities		 ~~————— ~~————
(78,000)
(119,000)

Movements in the present value of the defined benefit obligation were as follows:

2025
£
Opening defined benefit obligation (9,305,000)
Contributions by scheme participants (56,000)
Benefits paid 420,000
Current service cost (140,000)
Interest cost (447,000)
Experience losses/(gains) on defined benefit obligations 1,409,000
Closingdefinedbenefitobligation (8,119,000)

Page 50

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

27 ~~.~~ Pension commitments (continued)

Movements in the fair value of the Group's share of scheme assets were as follows:

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----- Start of picture text -----
|||||| |---|---|---|---|---| |2025| |£| |Opening|fair value|of scheme|assets|10,719,000| |Interest|income|520,000| |Remeasurement|on|plan|assets|123,000| |Contributions|by|scheme|participants|56,000| |Administration|expenses|(11,000)| |Benefits|paid|(420,000)| |Contributions|by|employer|161,000| |Closing|fair value|of scheme|assets|11,148,000|

----- End of picture text -----

28 ~~.~~ Operating lease commitments

At 31 July 2025 the Group and the College had commitments to make future minimum lease payments under non ~~-c~~ ancellable operating leases as follows:

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----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Group|Group|College|College| |2025|2024|2025|2024| |£|£|£|£| |Not|later|than|1|year|1,103,066|1,103,066|1,103,066|1,103,066| |Later|than|1|year|and|not|later|than|5|years|3,309,198|3,309,198|3,309,198|3,309,198| |Later|than|5|years|23,256,308|24,359,374|23,256,308|24,359,374| |27,668,572|28,771,638|27,668,572|28,771,638|

----- End of picture text -----

The land and buildings commitment at 31 July 2025 relates to the thirty five year long lease arrangement with Purelake New Homes Limited for the 168 room student accommodation and teaching space at Christopher Court, Station Road, Sidcup, Kent from September 2015. These figures are derived using the 2024/25 confirmed rent payments and are subject to an annual increase equal to the Retail Prices Index ~~.~~

There are no other operating leases than land and buildings.

Page 51

ROSE BRUFORD COLLEGE OF THEATRE AND PERFORMANCE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

29 ~~.~~ Students’ Union

The Students’ Union is an independent unincorporated club or society ~~.~~

The intended main received a grant from the College of £8,000 (2024: £5,000). This is included with the Students’ Union total income of £26,136 (2024: £23,967). Student Union expenditure was £18,008 (2024: £23,424).

The Students' Union brought forward balances of £2,854 and carried forward balances of £10,981, a net increase of £8,128 ~~.~~ Additionally, the College incurred expenditure on behalf of the Students’ Union of £4,974 (2024: £1,330).

In accordance with the Education Act 1994, the Students’ Union is required to publish donations and affiliations to external organisations ~~.~~ There were donations to external organisations of £1,000 (2024: £Nil) ~~.~~ There was no affiliation paid to the National Union of Students this financial year (2024: ENil).

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30 ~~.~~ US Department of Education Financial Responsibility - Supplemental Schedule

In satisfaction of its obligations to facilitate students’ access to US federal financial aid, we are required by the US Department of Education to present the following Supplemental Schedule as part of the audited financial statements ~~.~~

The amounts presented within the schedules have been:

The schedules set out how each amount disclosed has been extracted from the financial statements ~~.~~ As set out above, the accounting policies used in determining the amounts disclosed are not intended to and do not comply with the requirements of accounting principles generally accepted in the United States of America ~~.~~

To support the Financial Statements for the year ended 31 July 2025:

Line item ~~-~~ related disclosures
Line item ~~— ~~related disclosures
Expendable NetAssets		 Year End
31 July
2025
~~ee~~		 Year End
31 July
2024
~~ee~~
~~ee~~ ~~ee~~
SOFP (Balance Sheet/Unrestricted
Income and Expenditure Reserve
Statement of Financial Position ~~— ~~Net
Reserves)
~~—~~ Unrestricted
assets withoutdonor restrictions
SOFP (Balance Sheet/Unrestricted
Revaluation Reserve
Statement of Financial Position ~~— ~~Net
Reserves)
assets without donor restrictions
SOFP (Balance Sheet/Restricted
Income and Expenditure Reserve _—Netassets with donor restrictions ~~—~~
reserves)
~~—~~ Restricted
Restricted in perpetuity
Related Party Transactions
Related Party transactions
Statement of Financial Position ~~—~~
Related party receivable and related
party note disclosure
Related Party Transactions
Related Party transactions
Unsecured related party receivable
SOFP (Balance Sheet/Non~~-c~~urrent
Note 16 tangible assets: software
Intangible assets
assets/ tangible assets)
costs/Net Book Value as at 31
July 2025
SOFP (Balance Sheet/Non~~-c~~urrent
Note 16 Tangible assets/ Net
Property, plantand equipment net
assets/Fixed assets)
Book Value as at 31 July 2025
(includes Construction in progress)
SOFP (Balance Sheet/Non~~-c~~urrent
Not applicable
Non~~-c~~urrent Investments
assets/investments)
SOFP (Balance Sheet/Provisions/Pension
Note 27 Pension
Statement of Financial Position ~~— ~~Past
Provisions
Schemes/Analysis ofchanges to
employmentand pension liabilities ~~—~~
the balance sheet/ Net Liability
Split of Pensions from short term
reanalysed in balance/Closing
creditors
Balance
SOFP (Balance Sheet/Provision/Other
Not applicable
Provisions ~~—~~ shot term employer’s
provisions)
benefit
SOFP (Balance Sheet/Creditors: amounts
Note 20 Creditors: Amounts falling _Line ofcredit forlong term purposes
falling due after more than one year
due after more than one year
Long term debt ~~— ~~for long term
purposes pre~~-~~implementation
Restricted expendable
Term endowments with donor
restrictions
Restricted Permanent
Net assets with donor restrictions:
restricted in perpetuit		 ~~ee~~
4,797,415
695,000
-
-
-
(174,829)
(8,697,605)
-
-
-
4,284,862
-
-
Expendable Net Assets 904,843 786,063

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----- Start of picture text -----
||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Year|Year| |Total|Expenses|and|Losses:|ended|ended| |31|July|31|July| |2025|2024| |Line|item|related|disclosures|Line|item|—|related|disclosures|Related|Disclosure|ee|eee| |Statement|of Comprehensive|Income|Total|expenditure|(not|including|Total|expenses|without donor|13,835,357|||14,340,641| |pension|provisions)|restrictions|-|Taken|directly|from| |Statement|of Activities| |Statement|of|Comprehensive|Income|(Loss)|on|disposal|of fixed|assets|Non|-O|perating|and|Investment|(gain)|-|-| |Statement|of|Comprehensive|Income|(Loss)/Gain|on|investments|Net|Investment|losses|-|-| |Statement|of|Comprehensive|Income|Actuarial|gain/(loss)|in|respect|of|Pension|related|changes|other than|net| |pension|scheme|periodic|costs|1,532,000|167,000| |Total|Expenses|and|Losses|12,303,357|||14,173,641| |Modified|Net Assets:|YearEnd|||Year End| |31|July|31|July| |2025|2024| |Line|item|—|related|disclosures|Line|item|—|related|disclosures|Related|Disclosures|[||£000||||£000||| |Statement|of|Changes|in|Reserves|Institution/Unrestricted|-|Statement|of|Financial|Position|—|Net|5,492,415|5,391,958| |Revaluation|reserve|assets|without|donor|restrictions| |Statement|of Changes|in|Reserves|Institution/Restricted|Statement|of|Financial|Position|—|Net|-|-| |assets|without|donor|restrictions| |Related|Party|transactions|Statement|of|Financial|Position|-|Secured|and|Unsecured|related|party|-|-| |Related|party|receivables|and|receivable| |Related|party|not|disclosure| |Related|Party|transactions|Statement|of|Financial|Position|-|Unsecured|related|party|receivables|-|-| |Related|party|receivable|and| |Related|party|not|disclosure| |Modified|Net Assets|5,492,415|5,391,958| |Year|Year| |Modified|Assets:|ended|ended| |31|July|31|July| |2025|2024| |Line|item|-|related|disclosures|Line|item|—|related|disclosures|Related|Disclosure|[||£000|||£000||| |SOFP|(Balance|Sheet)|Non|-c|urrent assets|total|+|Current|Total Assets|11,924,334|||12,164,953| |assets|total| |Related|Party|Transactions|Related|party|receivables|and|Secured|and|Unsecured|related|-|-| |Statement|of|Financial|Position|-|receivables| |Related|party|receivable|and| |Related|Party|Transactions|Related|party|note|disclosure|Unsecured|related|party|receivables|-|-| |Modified|Net Assets|11,924,334|||12,164,953| |Net|Income|Ratio|Year|Year| |ended|ended| |31|July|31|July| |2025|2024| |Line|item|—|related|disclosures|Line|item|—|related|disclosures|Related|Disclosure|[£000[| _|£000||| |Statement|of|Changes|in|Reserves|Unrestricted|Reserves/Change|in|Changes|in|Net Assets|Without|Donor|110,456|(546,234)| |Income|and|expenditure|reserve|-|Restrictions| |unrestricted| |Statement|of changes|in|Reserves|Unrestricted|Reserves/Change|in|Changes|in|Revaluation|Reserves|(10,000)|(10,000)| |Revaluation|Reserve| |Statement|of Comprehensive|Income|Total|Income/institution|Total|Revenue|and|Gains|14,018,814|||13,883,407| |Statement|of|Comprehensive|Income|(Loss)|on|disposal|of|fixed|assets|Sale|of fixed|assets|-|-|

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