## **THE ARTS EDUCATIONAL SCHOOLS** **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** Company Number: 00712444 Registered Charity Number: 311087 **THE ARTS EDUCATIONAL SCHOOLS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** **_____________________________________________________________________________________________** |**CONTENTS**|**Page**| |---|---| |Patrons, Governors, Officers and Advisors|1| |Trustees9 report|3| |Statement of corporate governance & internal control|22| |Independent auditor9s report|24| |Statement of financial activities|27| |Balance sheet|28| |Cash flow statement|29| |Notes to the financial statements|30| **THE ARTS EDUCATIONAL SCHOOLS PATRONS, GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 AUGUST 2024** **_____________________________________________________________________________________________** |**President**|Lord Lloyd-Webber|| |---|---|---| |**Vice Presidents**|Robert Powell|| ||David Grindrod|| ||Sharon D Clarke|| |**Patrons and Artistic Creatives**|Don Black, OBE|Mary King| ||Sir Matthew Bourne, OBE|Nigel Lilley| ||John Brant|Lynette Linton| ||Chrissie Cartwright|Robert Lindsay| ||Anthony Cherry|Lesley Manville| ||Bill Deamer|Stephen Mear| ||Janie Dee|Sir Trevor Nunn| ||Mike Dixon|Arlene Phillips| ||Anthony Drew|Mark Shenton| ||Nigel Havers|George Stiles| ||David Howe|Ian Talbot| ||Rachel Kavanaugh|Roy Williams| **The Governors and Trustees** Brian Brodie (resigned 22 December 2023) Joanna MacDonnell Ann Cottis Farida Mannan Stephen Denyer Robert Mathieson Cherry Dickins Ruth Mundy Simon Dowson-Collins (resigned 14 December 2023) Julie Spencer (resigned 8 July 2024) Benjamin Gudgeon Jennifer Wilkinson (resigned 23 November 2023) Brenlen Jinkens (resigned 3 December 2024) **Officers Principal** Julie Spencer (resigned 8 July 2024) Since 9 July the institution has been led by an Interim Executive Leadership Team comprising of Alexander Gillespie (Finance Director), Jonathan O9Boyle (Director of the School of Musical Theatre) and Peter Middleton (Interim Head Teacher) **Company Secretary** Alexander Gillespie **Registered office** Cone Ripman House 14 Bath Road London W4 1LY Website: www.artsed.co.uk 1 **THE ARTS EDUCATIONAL SCHOOLS PATRONS, GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 AUGUST 2024** **_____________________________________________________________________________________________** |**Auditors**|HaysMac LLP| |---|---| ||10 Queen Street Place| ||London| ||EC4R 1AG| |**Bankers**|Lloyds Bank Plc| ||St Mary9s Court| ||100 Lower Thames Street| ||London| ||EC3R 6HX| |**Insurance brokers**|Marsh Limited| ||Education Practice| ||Capital House| ||1-5 Perrymount Road| ||Haywards Heath| ||West Sussex| ||RH16 3SY| 2 **THE ARTS EDUCATIONAL SCHOOLS TRUSTEES9 REPORT FOR THE YEAR ENDED 31 AUGUST 2024** ____________________________________________________________________________ ## **REFERENCE AND ADMINISTRATIVE INFORMATION** The Arts Educational Schools (8the Trust9 or 8ArtsEd9) is a company limited by guarantee not having a share capital (company number 0712444) and is registered as a charity (registered charity number 311087). The Trustees and executive officers of the Charity are as listed on page 1. Particulars of the Trust9s registered office which is also the main place of business and details of the professional advisers are given on pages 1 and 2. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing Document** The Trust is governed by its Memorandum of Association dating from 1962, Articles of Association last amended in 2023. ## **Method of Recruitment and Appointment of Trustees** The Trustees of the Charity are the Trust9s directors for the purposes of the Companies Act. In accordance with the Articles, the Trustees of ArtsEd may recommend individuals to be appointed as new Trustees and the Members (i.e. those who are A level and BTEC combined %| |---|---| |A*- A|68| |A*- B|88| |A*- C|98| There were some excellent A level outcomes with 95% of grades awarded at A*-C (83% last year). There were some outstanding results, including a number of students who achieved at least one A*. ||2024
A level only%| |---|---| |A*- A|27| |A*- B|71| |A*- C|95| The BTEC Level 3 Extended Diploma has three main specialisms in the Performing Arts: Acting, Dance and Musical Theatre. There were some outstanding results in these vocational courses, where Distinction* (D*) is the equivalent to an A* at A level; Distinction (D) is an A grade; Merit (M) is a B grade. 69% of students achieved D*D*D* (A level equivalent of 3 A* grades), 94% achieved DDD or better (equivalent to AAA at A level), and all our BTEC students achieved at least DDM (AAB): |BTEC Result|A
Level
equivalent
grades|2024
BTEC only%| |---|---|---| |D*D*D*|A*A*A*|69| |D*D*D* - D*D*D|A*A*A*- A*A*A|77| |D*D*D* - D*D D|A*A*A*- A*A A|85| |D*D*D* - D D D|A*A*A*- A A A|90| |DDM|AAB|100| ## Year 11 Results In a year when ArtsEd had its largest number of GCSE entries, 100% of Year 11 students achieved 9-4 in Maths and in one English GCSE 98% of results were graded 9-4 (up 2% on 2019), and the percentage of grades 9-7 was 46% (up 3% on 2019). These results are extremely impressive - not only are they an improvement on 2023, but crucially they exceed the excellent pre-pandemic results of 2019, which were the School9s best results since GCSEs were reformed. |All GCSEs|2024 %| |---|---| |9 - 7|46| |9 - 4|98| ||| |Maths & English GCSE|2024 %| |Maths 9 - 4|100| |English(combined)9 - 4|99| 11 **THE ARTS EDUCATIONAL SCHOOLS TRUSTEES9 REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024** ## Destinations post Year 13 All our Year 13 students, who applied, achieved a place at their university of first choice, conservatoire, or institution of further training. This is a multi-talented year group, and many are now going on to leading institutions both in the UK and abroad and these are listed below; a number of students have gone straight into the performing arts industry: Further training courses include: - ACM 3 Academy of Contemporary Music - ArtsEd - Central London City and Guilds - Brighton Institute of Modern Music - Bird College - East 15 - Guilford School of Acting - Guildhall - International College of Musical Theatre - Institute of Arts Barcelona - Italia Conti - Laine Theatre Arts - London Academy of Music and Dramatic Art - London Studio Centre - Mountview - Royal Central School of Speech and Drama - The Oxford School of Drama - Trinity Laban Conservatoire of Music and Dance - Urdang ## University courses include: - Cardiff University - Central London City and Guilds - City, University of London - Exeter University - Liverpool Hope University - - LSBU 3 London South Bank University - Reading University - York University - Winchester University 12 **THE ARTS EDUCATIONAL SCHOOLS TRUSTEES9 REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024** ## **POST-18 PROVISION** As one of the UK9s leading centres of conservatoire education, ArtsEd is proud of its reputation as a provider of world-class, contemporary training. Our Musical Theatre course is consistently recognised as the best in the UK, and one of only a handful which can genuinely claim to produce 8triple threat9 performers. Our 3-year Acting course is leading the way in delivering a robust, inclusive, skills-based actor training, focusing on new thinking in response to the rapidly evolving world of the arts and culture. Based on a range of evidence, including graduate destinations, external reports, feedback from students and industry professionals, annual evaluation, and internal self-assessment, we believe our overall effectiveness to be outstanding. We report a variety of statistical data to the Higher Education Statistics Agency (HESA) including for the Destination of Leavers from Higher Education survey, which calculated that 100% of our graduates go on to work or further study. Our graduate destinations are outstanding. Each year ArtsEd graduates can be seen performing in commercial theatres in the West End and on tour, as well as appearing in television dramas and feature films. A number of regulatory, accrediting and validating bodies have oversight of our provision (both HE and FE), and reports from these provide assurance of the quality and relevance of our provision: - Extremely positive reports from City St George9s University, Trinity and graduate outcomes have confirmed DaDA funding for 2024/25. - During our Ofsted inspection (DADA HE Provision) we received general funds|||6,717,607|||7,299,987| |-
designated funds|||188,110|||188,110| |-
revaluation reserve|||4,020,000|||4,020,000| |Restricted funds|19||2,741,637|||2,893,984| |Endowment funds|20||1,344,903|||1,201,952| ||||----------------------|||----------------------| |**TOTAL FUNDS**|17||15,012,257|||15,604,033| ||||===========|||===========| The notes on pages 30 to 50 form part of these financial statements. The financial statements were approved and authorised for issue by the Trustees on 21 January 2025 and were signed below on its behalf by: **Farida Mannan Trustee, Acting Chair** **Jonathan O9Boyle Accountable Officer** 28 **THE ARTS EDUCATIONAL SCHOOLS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024** |**_____________________________________________________________________________________________**|**_____________________________________________________________________________________________**|**_____________________________________________________________________________________________**|**_____________________________________________________________________________________________**|**_____________________________________________________________________________________________**|**_____________________________________________________________________________________________**| |---|---|---|---|---|---| ||||**2024**||**2023**| ||**Note**|**£**|**£**|**£**|**£**| |**Net cash provided by**|22||813,590||773,484| |**operating activities**|||||| |**Cash flows from investing**|||||| |**activities**|||||| |Dividends||38,000||38,000|| |Interest income||97,943||56,173|| |Interest payable||(214,171)||(214,663)|| |Purchase of fixed assets||(370,824)||(154,543)|| |||------------------||------------------|| |**Net cash used in investing**|||(449,052)||(275,033)| |**activities**|||||| |**Financing activities**|||||| |Cash
outflows
from||(387,874)||(383,161)|| |repayments|||||| |||------------------||------------------|| |**Net cash (outflow) from**|||||| |**financing activities**|||(387,874)||(383,161)| ||||------------------||------------------| |**Change in cash and cash**|||(23,336)||115,290| |**equivalents in the year**|||||| |Cash and cash equivalents|||4,159,559||4,044,269| |at the beginning of the|||------------------||------------------| |year|||||| |**Cash and cash equivalents**|23||4,136,223||4,159,559| |**at the end of the year**|||||| ||||========||========| The notes on pages 30 to 50 form part of these financial statements. 29 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of Preparation of the Financial Statements** The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the 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 Statements are drawn up under the historical cost convention, with the exception of investments which are included at valuation. The Trust is a Public Benefit Entity registered as a charity in England and Wales, it was registered in 1962 (charity number: 311087). ## **Going concern** Having reviewed the funding facilities available to the Trust together with the expected ongoing demand for places and the Trust9s future projected cash flows and in addition having reviewed the potential impact of the cost of living crisis and uncertainty on the Trust9s finances, the Trustees have a reasonable expectation that the Trust has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the Trust9s financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements. ## **Group structure** A subsidiary called ArtsEd International Ltd (company number 11960873) was established on 24 April 2019. This subsidiary is now dormant and consolidated accounts are therefore no longer required. ArtsEd International Performing Arts Education LLC is limited by shares, of which The Arts Educational Schools owned 49%, until 1 September 2021, when the company was sold to the Dubai local management team for £1. Following the sale, the school no longer had control of the company. The company is now dormant. ## **Critical accounting judgements and key sources of estimation uncertainty** In the application of the accounting policies, the Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 30 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Trust9s financial statements. ## **Fees and Similar Income** Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the Trust against those fees, but including contribution received from restricted funds, are accounted for in the period in which the service is provided. Government grants are reported as fees or other grants as appropriate. ## **Donations, grants and legacies** Donations, grants and legacies are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable. ## **Investment income** Investment income from the investments and bank balances are accounted for on an accruals basis. The income from the invested endowment fund is wholly restricted. ## **Expenditure** Charitable expenditure and administration costs comprise direct expenditure including staff costs attributable to the activity and are accounted for on the accruals basis. Where costs cannot be directly attributed they have been allocated to the activities on a basis consistent with the use of resources. The Trust is unable to recover VAT incurred on expenditure accordingly expenditure is shown inclusive of any associated VAT payable. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Trust and include the audit fees and costs linked to the strategic management of the Trust. ## **Fund accounting** Unrestricted funds comprise resources available to the Trustees to be applied for any purpose within the objects of the Trust. Restricted funds comprise donations for purposes restricted by the wishes of the donor. Endowment funds arise when the donor has expressly provided that the gift is to be invested and only the income of the fund may be spent. These funds are sub-analysed between those where the Trustees have the discretion to spend the capital (expenditure endowment) and those where there is no discretion to expend the capital (permanent endowment). The Charity has one permanent endowment fund, and no expendable endowment. The fund is managed by the investment managers on a total return basis. This means that the funds are invested to maximise the return on investment without regard as to whether that return is in the form of income from dividends or interest or capital appreciation (where the market value of the investment increases). The investment managers each year release a set amount of that return for spending on bursaries for Musical Theatre students. Revaluation reserve comprises total revaluations in the deemed cost of the properties. Designated funds are funds that the Trustees have earmarked for a particular purpose or use without restricting or committing the funds legally. 31 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **Pension** The Trust makes pension contributions to defined contribution pension schemes on behalf of certain employees. These contributions are held in a separately administered fund. ## **Operating leases** Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. ## **Fixed asset investments** Investments are a form of basic financial instrument. Fixed asset investments are initially recognized at their transaction value and are subsequently measures at their fair value (market value) as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. ## **Financial instruments** Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. ## **Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid deposit accounts. ## **Debtors** Fee and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. A specific provision is made for debts for which recoverability is in doubt. ## **Creditors and provisions** Creditors and provisions are recognized where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognized at their settlement amount after allowing for any trade discounts due. 32 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **Depreciation** Tangible fixed assets are stated at cost or deemed cost, net of depreciation and any provision for impairment. Tangible fixed assets costing greater than or equal to £500 are capitalised and stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value of each asset on a straight-line basis over its expected useful life, as follows: Freehold buildings 2% per annum Computer equipment 33.33% per annum Furniture and fittings 10% - 50% per annum Motor vehicles 25% per annum Building & theatre refurbishment 2% - 10% per annum The valuation of freehold land and buildings on transition to FRS 102 at 1 September 2014 has been taken as the deemed cost. ## **2 INCOME FROM DONATIONS AND LEGACIES** ||**Unrestricted**|**Restricted**|**Endowment**|| |---|---|---|---|---| ||**Funds**|**Funds**|**Funds**|**Total**| ||**2024**|**2024**|**2024**|**2024**| ||**£**|**£**|**£**|**£**| |Donations|25|159,121|-|159,146| ||----------------|----------------|----------------|----------------| ||25|159,121|-|159,146| ||========|========|========|=========| |**_Comparative analysis_**||||| ||**Unrestricted**|**Restricted**|**Endowment**|| ||**Funds**|**Funds**|**Funds**|**Total**| ||**2023**|**2023**|**2023**|**2023**| ||**£**|**£**|**£**|**£**| |Donations|36,210|184,547|-|220,757| ||----------------|----------------|----------------|----------------| ||36,210|184,547|-|220,757| ||========|========|========|=========| |**GRANT AND FEE INCOME**||||| ||||**2024**|**2023**| ||||**£**|**£**| |Fee income from other bodies|||865,977|920,967| |Fee income for taught awards|||3,368,698|3,399,343| |Fee income from non-qualifying courses|||5,866,978|5,849,857| ||||----------------|----------------| ||||10,101,653|10,170,167| ||||========|========| ## **3 GRANT AND FEE INCOME** 33 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **4. INCOME FROM CHARITABLE ACTIVITIES** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**Funds**|**Funds**| ||**2024**|**2023**| ||**£**|**£**| |**Fees income**||| |Fees receivable|10,542,566|10,592,476| |Bursaries and discounts|(440,913)|(422,309)| ||---------------------|---------------------| ||10,101,653|10,170,167| ||---------------------|---------------------| |**Other income**||| |Studio, theatre hire and classes|206,471|175,451| |Audition and registration fees|61,289|61,735| |School productions|93,482|97,001| |Catering|88,768|87,691| |Bar income|11,896|11,854| |Theatre tax relief|250,000|230,000| |Other income|78,482|87,385| ||---------------|---------------| ||790,388|751,117| ||---------------|---------------| ||10,892,041|10,921,284| ||==========|==========| 34 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** |**5.**|**ANALYSIS OF TOTAL EXPENDITURE**||||| |---|---|---|---|---|---| |||**Staff**|**Other**||| |||**Costs**|**Costs**
|**Depreciation**|**Total**| |||**2024**|**2024**|**2024**|**2024**| ||**Raising funds:**|**£**|**£**|**£**|**£**| ||Fundraising
|49,465|4,606|-|54,071| ||**Charitable activities**||||| ||Teaching costs
|4,847,141|493,229|32,782
|5,373,152| ||Welfare costs
|1,021|406,595|-
|407,616| ||Premises costs
|512,580|859,029|700,759
|2,072,368| ||Productions costs
|571,515|134,445|-
|705,960| ||Grants, awards and prizes
|-|213,952|-
|213,952| ||Support costs
|1,299,939|1,472,772|3,842
|2,776,553| ||Finance costs
|-|318,185|-
|318,185| |||--------------------|--------------------|--------------------|--------------------| |||7,232,196|3,898,207|737,383
|11,867,786| |||--------------------|--------------------|--------------------|--------------------| |||7,281,661|3,902,813|737,383|11,921,857| |||==========|==========|==========|==========| ||**_Comparative analysis_**||||| |||**Staff**|**Other**||| |||**Costs**|**Costs**|**Depreciation**|**Total**| |||**2023**|**2023**|**2023**|**2023**| ||**Raising funds:**|**£**|**£**|**£**|**£**| ||Fundraising|63,794|11,890|-|75,684| ||**Charitable activities**||||| ||Teaching costs|4,773,764|571,893|45,677|5,391,334| ||Welfare costs|2,000|405,821|-|407,821| ||Premises costs|459,946|1,002,899|690,321|2,153,166| ||Productions costs|525,590|134,470|-|660,060| ||Grants, awards and prizes|-|229,426|-|229,426| ||Support costs|993,511|1,184,259|3,843|2,181,613| ||Finance costs|-|233,398|-|233,398| |||--------------------|--------------------|--------------------|--------------------| |||6,754,811|3,762,166|739,841|11,256,818| |||--------------------|--------------------|--------------------|--------------------| |||6,818,605|3,774,056|739,841|11,332,502| |||==========|==========|==========|==========| 35 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **6. ANALYSIS OF SUPPORT COSTS** All costs included in charitable activities are direct costs with the exception of support costs of schooling which comprise: ## **7.** |hich comprise:||||||| |---|---|---|---|---|---|---| ||**General**|
**Governance**||**General**|**Governance**|| ||**support**|
**costs**|
**Total**|**support**|**costs**|**Total**| ||**2024**|
**2024**|
**2024**|**2023**|**2023**|**2023**| ||**£**|
**£**|
**£**|**£**|**£**|**£**| |Staff costs|1,261,918|
38,021|
1,299,939|956,846|36,665|993,511| |Administrative|604,229|
1,041|
605,270|578,280|2,777|581,057| |costs||||||| |Professional costs|827,833|
-|
827,833|562,873|-|562,873| |Audit remuneration|-|
26,820|
26,820|-|29,400|29,400| |Bank charges|12,849|
-|
12,849|10,929|-|10,929| |Depreciation|3,842|
-|
3,842|3,843|-|3,843| ||----------------|
---------------------|
---------------------|----------------|---------------------|---------------------| ||2,710,671|
65,882|
2,776,553|2,112,771|68,842|2,181,613| ||========|
==========|
========|========|==========|========| |**NET MOVEMENT IN**|**FUNDS**||||**2024**|**2023**| ||||||**£**|**£**| |**Net movement in funds is stated**||**after charging:**||||| |Operating leases 3 equipment|||||56,420|71,978| |Depreciation of tangible fixed assets 3 owned by|||the charity||737,383|739,841| |Interest costs|||||214,171|214,663| |Auditors9 remuneration 3 audit|||||30,000|26,820| |Auditors9 remuneration 3 other|||||9,000|15,870| ||||||==========|==========| ## **8. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL** ## **Staff Costs** |**Staff Costs**||| |---|---|---| ||**2024**|**2023**| ||**£**|**£**| |Wages and salaries|6,500,620|6,086,243| |Social security costs|564,706|529,932| |Pension costs|203,015|189,108| |Apprenticeship levy|13,320|13,322| ||---------------------|---------------------| ||7,281,661|6,818,605| ||==========|==========| 36 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **Trustees9 remuneration and expenses** The charity trustees were not paid and did not receive any benefits from employment with the Trust in the year (2023: £nil). Trustees were reimbursed expenses of £1,041 for travel to/from meetings and subsistence during the year (2023: £2,764). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil). ## **Key Management Personnel** The key management personnel of the charity comprise the trustees and the Senior Leadership Board listed on page 5. The total employee benefits of the key management personnel were £791,336 (2023: £820,329). ## **STAFF NUMBERS** The average headcount employed by the charitable company during the year was as follows: ||**2024**|**2023**| |---|---|---| ||**Number**|**Number**| |Principal and management|8|8| |Domestic|15|15| |Facilities/IT/Library|15|15| |Finance|4|4| |Production|11|11| |Administration|15|13| |Teaching staff|147|151| ||----------------|----------------| ||215|217| ||========|========| ## **HIGHER PAID STAFF** The number of staff whose basic salary exceeded £60k per annum during the year was as follows: ||**No. of Staff**|**No. of Staff**| |---|---|---| ||**2024**|**2023**| |£60,000-£64,999|4|4| |£65,000 - £69,999|1|-| |£70,000 - £74,999|-|2| |£75,000 - £79,999|2|1| |£85,000 - £85,999|1|-| |£105,000 - £109,999|1|-| |£110,000 - £114,999|-|1| |£150,000 - £154,999|-|1| |£190,000 - £194,999|1|-| ||----------------|----------------| ||10|9| ||========|========| Pension contributions totaling £33,024 (2023: £23,756) were made on behalf of 10 (2023: 9) of the above employees. 37 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **PRINCIPAL9S REMUNERATION** The total remuneration package for the Principal during the year was as follows: ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Julie Spencer (until 9 July 2024)||| |Basic salary|113,382|113,300| |Pension contributions|4,997|3,067| |Other taxable benefits|180|191| |Payment in lieu of notice|80,000|-| ||----------------|----------------| ||198,559|116,558| ||========|========| The Principal9s remuneration package is set by reference to similar organisations and is approved by the Board following a recommendation from the Chair. There is an annual appraisal with the Chair and Deputy Chair when targets are set for the ensuing short, medium and long term together with a discussion and assessment of the achievements in the period under review. The Principal9s (head of provider) total remuneration is 4.88 times (2023: 3.28 times) the median total remuneration of staff, where the median total remuneration is calculated on a full-time equivalent basis for the total remuneration by the provider of its staff. Following the resignation of the Principal on 9 July 2024, the Trustees appointed an Interim Executive Leadership Team, consisting of the Finance Director, the Director of the School of Musical Theatre and the Headteacher of the Day School and Sixth Form, to lead the institution until a new Principal was recruited. The aggregate remuneration in the period from 10 July to 31 August was: ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Executive Leadership Team (from 10 July 2024)||| |Basic salary|39,741|-| |Pension contributions|1,478|-| |Other taxable benefits|98|-| ||----------------|----------------| ||41,317|-| ||========|========| ## **SEVERANCE PAYMENTS** The total amount of severance payments for the year was £126,465 (2023: £76,000) to 3 individuals (2023: 1). 38 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **9. RELATED PARTY TRANSACTIONS** Trustees made donations of £3,563 to the School (2023: £3,462). There were no other related party transactions. ## **10. PENSIONS** The charity makes contributions to defined contribution pension schemes on behalf of certain employees. The charge for the year was £203,015 (2023: £189,108). At the year end, there was an amount payable of £29,047 (2023: £30,632). ## **11. SUBSIDIARIES** The charitable company has two subsidiary entities: ArtsEd International Limited (registered in the England and Wales), Company number 11960873 and ArtsEd International Performing Arts Education LLC (known as ArtsEd Dubai) (registered in Dubai) which is based in Dubai. Both entities are now considered dormant. ## **ArtsEd International Limited** ArtsEd International Limited is limited by shares, of which The Arts Educational Schools is the sole Shareholder. It was incorporated on 24 April 2019. The company provides educational services internationally. During the year the Company did not trade. This company is dormant. The income and expenditure of Arts Ed International Limited for the year ended 31 August 2024 was: ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Turnover|-|-| |Cost of sales|-|-| ||-------------------|---------------------| ||-|-| ||==========|===========| |The assets and liabilities of Arts Ed international Limited at 31 August 2024 were:||| ||**2024**|**2023**| ||**£**|| |Fixed Assets|-|-| |Debtors|109,974|109,974| |Creditors|(109,974)|(109,974)| ||-------------------|-------------------| ||-|-| ||==========|==========| 39 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **ArtsEd International Performing Arts Education LLC** ArtsEd International Performing Arts Education LLC is limited by shares, of which The Arts Educational Schools owned 49%, until 1 September 2021, when the company was sold to the Dubai local management team for £1. Following the sale, the school no longer had control of the company and it has subsequently been excluded from the consolidation. The company is dormant. The income and expenditure of ArtsEd Dubai for the year ended 31 August 2024 were: ||**2024**|**2024**| |---|---|---| ||**£**|**£**| |Turnover|-|-| |Cost of sales|-|-| |Admin costs|-|-| ||-------------------|-------------------| ||-|-| ||==========|==========| The assets and liabilities of ArtsEd International Performing Arts Education LLC at 31 August 2024 were: ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Cash|-|-| |Debtors|-|-| |Creditors|-|-| ||-------------------|-------------------| ||-|-| ||==========|==========| 40 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** |**12.**|**TANGIBLE**|**Freehold**|**Furniture**|**Computer**|**Motor**|**Building,**|**Assets under**|**Total**| |---|---|---|---|---|---|---|---|---| ||**FIXED ASSETS**|**land and**|||**vehicles**|**studios &**|**construction**|| |||**buildings**||||**theatre**||| |||**£**|**£**|**£**|**£**|**£**|**£**|**£**| ||**Cost or deemed**|||||||| ||**cost**|||||||| ||At 1 September|6,600,000|2,149,018|671,615|30,228|15,762,024|241,840|25,454,725| ||2023|||||||| ||Additions|-|353,002|17,822|-|-|-|370,824| |||---------------------|---------------------|------------------|--------------|--------------------|--------------|--------------------| ||At 31 August|6,600,000|2,502,020|689,437|30,228|15,762,024|241,840|25,825,549| ||2024|||||||| |||---------------------|---------------------|-----------------|-------------|--------------------|---------------|--------------------| ||**Depreciation**|||||||| ||At 1 September|1,660,512|1,766,001|636,943|22,224|2,198,898|241,840|6,526,418| ||2023|||||||| ||Depreciation|97,000|130,918|32,782|3,842|472,841|-|737,383| ||charge for the|||||||| ||year|||||||| |||---------------------|---------------------|----------------|-------------|--------------------|---------------|--------------------| ||At 31 August|1,757,512|1,896,919|669,725|26,066|2,671,739|241,840|7,263,801| ||2024|||||||| |||---------------------|---------------------|----------------|------------|--------------------|---------------|--------------------| ||**Net Book Value**|||||||| ||At 31 August|4,842,488|605,101|19,712|4,162|13,090,285|-|18,561,748| ||2024|||||||| |||==========|========|========|======|========|=======|==========| ||At 31 August|4,939,489|383,016|34,673|8,003|13,563,126|-|18,928,307| ||2023|||||||| |||=========|========|========|======|========|=======|==========| ## **13. INVESTMENTS** ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Fair value brought forward at 1 September|1,264,238|1,275,546| |Gain/(loss) on revaluation of investments|142,951|(11,308)| |Investment income retained|38,000|-| ||-------------------|-------------------| |Fair value as at 31 August|1,445,189|1,264,238| ||=========|=========| 41 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **14. DEBTORS** |||**2024**|**2023**| |---|---|---|---| |||**£**|**£**| ||Trade debtors|2,427,568|2,380,996| ||Prepayments|325,821|219,682| ||Other debtors|277,736|273,992| |||-------------------|-------------------| |||3,031,125|2,874,670| |||=========|=========| |**15.**|**CREDITORS: amounts falling due within one year**||| |||**2024**|**2023**| |||**£**|**£**| ||Bank loan (note 16)|421,949|409,708| ||Trade creditors|422,073|221,784| ||Other creditors|1,595,047|1,566,789| ||Accruals|585,248|511,347| ||Deferred income|3,832,161|3,328,776| |||--------------------|--------------------| |||6,856,478|6,038,404| |||==========|==========| Included within other creditors is an amount of £133,527 (2023: £139,300) relating to taxes and social security. |**CREDITORS: amounts falling due in more than one year**|**2024**|**2023**| |---|---|---| ||**£**|**£**| |Bank loan (note 16)|5,184,222|5,584,337| |Deferred income|83,328|-| ||--------------------|--------------------| ||5,267,550|5,584,337| ||==========|==========| |**ANALYSIS OF DEFERRED INCOME**|**2024**|**2023**| ||**£**|**£**| |At 1 September|3,328,776|3,270,803| |Released to income in the year|(3,328,776)|(3,270,803)| |Deferred in the year|3,915,489|3,328,776| |At 31 August|--------------------|--------------------| ||3,915,489|3,328,776| ||===========|===========| Deferred income consists of fees income received in advance. Deferred income of £83,328 (2023: nil) relates to a period of greater than one year. 42 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** |**16.**|**BANK LOAN: classification of amounts falling due within one year**||| |---|---|---|---| ||**and more than one year**|**2024**|**2023**| |||**£**|**£**| ||Bank loan|5,184,222|5,584,337| |||==========|==========| ||Wholly repayable within five years|2,170,599|2,109,508| ||Wholly repayable within more than five years|3,435,572|3,884,537| |||--------------------|--------------------| |||5,606,171|5,994,045| ||Less: Included in current liabilities|(421,949)|(409,708)| |||--------------------|--------------------| ||Amounts included above|5,184,222|5,584,337| |||==========|==========| There are two 15 year loans with Lloyds Bank plc secured by a charge over the assets of the Charity. One loan for £6,000,000 is at a fixed rate of 2.97% the second for £1,000,000 is at a rate of the Bank of England base rate plus 2.2%. These loans were made available to provide funding for the new studio block that was completed in November 2020. ## **17. ACCUMULATED FUNDS** ||**Opening**||||**Gains &**|**Closing**| |---|---|---|---|---|---|---| ||**Fund**|**Income**|**Expenditure**|**Transfers**|**losses**|**Funds**| ||**2024**|**2024**|**2024**|**2024**|**2024**|**2024**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Unrestricted general||||||| |funds|7,299,987|10,990,009|(11,572,389)|-|-|6,717,607| |- revaluation reserve|4,020,000|-|-|-|-|4,020,000| |Designated reserves||||||| |- bursaries|188,110|-|-|-|-|188,110| ||---------------------|-------------------|---------------------|------------------|-----------------|---------------------| |Total unrestricted|11,508,097|10,990,009|(11,572,389)|-|-|10,925,717| |funds||||||| |Restricted funds|2,893,984|197,121|(349,468)|-|-|2,741,637| |Endowment funds|1,201,952|-|-|-|142,951|1,344,903| ||---------------------|-------------------|---------------------|------------------|-----------------|---------------------| |Total funds|15,604,033|11,187,130|(11,921,857)|**-**|142,951|15,012,257| ||===========|==========|===========|=========|=========|===========| The general fund is the unrestricted reserves after allowing for all designated funds. The designated fund has been set up for the provision of bursaries. 43 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## _**Comparative analysis**_ |**_omparative analysis_**||||||| |---|---|---|---|---|---|---| ||**Opening**||||**Gains &**|**Closing**| ||**Fund**|**Income**|**Expenditure**|**Transfers**|**losses**|**Funds**| ||**2023**|**2023**|**2023**|**2023**|**2023**|**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Unrestricted||||||| |general funds|7,259,064|11,013,667|(10,973,084)|340|-|7,299,987| |- revaluation|4,020,000|-|-|-|-|4,020,000| |reserve||||||| |Designated reserves||||||| |- bursaries|188,110|-|-|-|-|188,110| ||---------------------|-------------------|---------------------|------------------|-----------------|---------------------| |Total unrestricted|11,467,174|11,013,667|(10,973,084)|340|-|11,508,097| |funds||||||| |Restricted funds|3,031,195|222,547|(359,418)|(340)|-|2,893,984| |Endowment funds|1,213,260|-|-|-|(11,308)|1,201,952| ||---------------------|-------------------|---------------------|------------------|-----------------|---------------------| |Total funds|15,711,629|11,236,214|(11,332,502)|**-**|(11,308)|15,604,033| ||===========|==========|===========|=========|=========|===========| 44 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **18. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ||**General**|**Revaluation**|**Designated**|**Restricted**|**Endowment**|**2024**| |---|---|---|---|---|---|---| ||**Funds**|**Reserve**|**Reserves**|**Funds**|**Funds**|**Total**| ||**2024 £**|**2024 £**|**2024 £**|**2024 £**|**2024 £**|**£**| |Tangible fixed assets|12,364,267|4,020,000|-|2,177,481|-|18,561,748| |Investments|-|-|-|62,286|1,382,903|1,445,189| |Net current assets|(379,110)|-|188,110|501,870|(38,000)|272,870| |Long Term Liability|(5,267,550)|-|-|-|-|(5,267,550)| ||-----------------|-----------------|------------------|-------------------|-------------------|------------------| |At 31 August 2024|6,717,607|4,020,000|188,110|2,741,637|1,344,903|15,012,257| ||=========|=========|==========|==========|==========|==========| ## **Comparative Analysis** ||**General**|**Revaluation**|**Designated**|**Restricted**|**Endowment**|**2023**| |---|---|---|---|---|---|---| ||**Funds**|**Reserve**|**Reserves**|**Funds**|**Funds**|**Total**| ||**2023 £**|**2023 £**|**2023 £**|**2023 £**|**2023 £**|**£**| |Tangible fixed assets|12,593,060|4,020,000|-|2,315,247|-|18,928,307| |Investments|-|-|-|62,286|1,201,952|1,264,238| |Net current assets|291,264|-|188,110|516,451|-|995,825| |Long Term Liability|(5,584,337)|-|-|-|-|(5,584,337)| ||-----------------|-----------------|------------------|-------------------|-------------------|------------------| |At 31 August 2023|7,299,987|4,020,000|188,110|2,893,984|1,201,952|15,604,033| ||=========|=========|==========|==========|==========|==========| 45 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **19. ANALYSIS OF MOVEMENTS IN RESTRICTED FUNDS:** ||**Balance at**||||**Balance at**| |---|---|---|---|---|---| ||**1 September**||||**31 August**| ||**2023**|**Income**|**Expenditure**|**Transfer**|**2024**| ||**£**|**£**|**£**|**£**|**£**| |ALW Foundation|2,315,247|-|(137,766)|-|2,177,481| |The ArtsEd Student Fund|27,677|-|(4,482)|-|23,195| |The
ArtsEd
Scholarship|10,995|40,705|(65,462)|13,762|-| |Fund|||||| |Bursary fund|20,566|-|-|-|20,566| |Capital campaign|397,872|-|-|-|397,872| |Chris Hornby Fund|7,086|4,784|(2,500)|-|9,370| |The CMF Scholarship Fund|1,085|-|-|-|1,085| |Guildford Academic|1,327|-|-|-|1,327| |Associates|||||| |Leverhulme Trust|-|99,750|(98,100)|-|1,650| |Restoration levy|40,778|-|-|-|40,778| |Spencer Will Trust|1,091|-|-|-|1,091| |TAP|7,636|-|-|-|7,636| |Graham Martin Memorial|4,111|-|(2,500)|-|1,611| |Excellence Award|13,933|38,000|(38,658)|-|13,275| |Friends Giving|44,580|13,882|-|(13,762)|44,700| ||-------------------|------------------|-----------------|----------------|-------------------| ||2,893,984|197,121|(349,468)|-|2,741,637| ||=========|==========|==========|=========|=========| -The Andrew Lloyd Webber Foundation donated £3.5million to the Schools to fund a major refurbishment project. The funds were received in the three years ended 31 August 2012, 2013 and 2014. The money was spent to improve four key areas: the main theatre, costume storage, the film and television studios and disabled facilities. At the end of October 2013 when the work was virtually complete, the expenditure was transferred to fixed assets and from that date is being depreciated and included under expenditure. - The ArtsEd Student Fund- This was set up to accommodate student hardship. - The ArtsEd Scholarship Fund is used to provide scholarships. - The Bursary Fund is used to provide bursaries. - The Capital Campaign is used to help fund the project build. - The Chris Hornby Fund was created to award an annual scholarship to a Musical Theatre student. - The CMF Charitable Trust donated towards a scholarship for a Musical Theatre student. - Leverhulme Trust made a donation for the provision of higher education bursaries. - The donation from Guildford Academic Associates is for a bursary fund for the Musical Theatre students. - The restoration levy arose from a £1 charge on every box office ticket (during the period of the studio redevelopments) which was put towards maintenance of the building. - The Spencer Will Trust donated £5,000 towards equipment for the Film and TV department. - The TAP fund consists of donations made to the Charity by the Day School and Sixth Form parent9s association, to be applied towards hardship purposes. - Excellence Award: a donation of £1,000,000 was made in 2015-16 which is to be used to provide awards for exceptionally talented Musical Theatre students. - The Graham Martin Memorial Fund is a bursary fund for HE students. - The Friends Giving fund is a bursary fund for HE students. 46 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **20. ANALYSIS OF MOVEMENTS IN ENDOWMENT FUNDS:** ||**Balance at**|**Income**|**Expenditure**|**Gains and**|**Balance at**| |---|---|---|---|---|---| ||**1 September**|||**losses**|**31 August**| ||**2023**||||**2024**| ||**£**|**£**|**£**|**£**|**£**| |Musical Theatre|1,201,952|-|-|142,951|1,344,903| |bursary fund|||||| ||----------------------|---------------------|--------------------|-------------------|----------------------| ||1,201,952|-|-|142,951|1,344,903| ||==========|==========|==========|=========|==========| |**_Comparative_**|||||| |**_Analysis_**|||||| ||**Balance at**|**Income**|**Expenditure**|**Gains and**|**Balance at**| ||**1 September**|||**losses**|**31 August**| ||**2022**||||**2023**| ||**£**|**£**|**£**|**£**|**£**| |Musical Theatre|1,213,260|-|-|(11,308)|1,201,952| |bursary fund|||||| ||----------------------|---------------------|--------------------|-------------------|----------------------| ||1,213,260|-|-|(11,308)|1,201,952| ||==========|==========|==========|=========|==========| ## **21. CAPITAL COMMITMENTS** At 31 August 2024, capital expenditure contracted for but not provided in these accounts amounted to nil (2023: £nil). 47 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **22. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOWS FROM OPERATING ACTIVITIES** ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Net movement in funds|(591,776)|(107,596)| |Depreciation charges|737,383|739,841| |(Gains)/losses on revaluation of investments|(142,951)|11,308| |Interest receivable|(97,943)|(56,173)| |Interest payable|214,171|214,663| |Dividends receivable|(38,000)|(38,000)| |(Increase)/decrease in debtors|(156,455)|(250,364)| |Increase/(decrease) in creditors|889,161|259,805| ||------------------|------------------| |**Net cash provided by operating activities**|813,590|773,484| ||=========|=========| ## **23. ANALYSIS OF CHANGE IN NET DEBT** |**ANALYSIS OF CHANGE IN NET DEBT**||||| |---|---|---|---|---| ||||**Movement**|| ||||**between**|| ||**At**||**due within**|**At**| ||**1 September**||**and after**|**31 August**| ||**2023**|**Cash flows**|**one year**|**2024**| ||**£**|**£**|**£**|**£**| |Cash at bank|4,159,559|(61,336)|-|4,098,223| |Cash held within investments|-|38,000|-|38,000| |Debt due within one year|(409,708)|387,874|(400,115)|(421,949)| |Debt due after one year|(5,584,337)|-|400,115|(5,184,222)| ||--------------------|-------------------|--------------------|--------------------| ||(1,834,486)|364,538|-|(1,469,948)| ||==========|==========|==========|==========| ## **24. COMMITMENTS UNDER OPERATING LEASES** At 31 August 2024, the charitable company had future minimum lease commitments under non-cancellable operating leases as set out below: ## **Assets other than land & buildings** |||**2024**|**2023**| |---|---|---|---| |||**£**|**£**| |Within|1 year|34,978|41,488| |Within|2 3 5 years|39,473|29,014| |||--------------|--------------| |||74,451|70,502| |||=======|=======| 48 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **25. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE 2023 FINANCIAL YEAR** |||**Unrestricted**|**Restricted**|**Endowment**|**Total**| |---|---|---|---|---|---| |||**Funds**|**Funds**|**Funds**|**Funds**| |||**2023**|**2023**|**2023**|**2023**| ||**Note**|**£**|**£**|**£**|**£**| |**INCOME FROM:**|||||| |Donations and legacies|2|36,210|184,547|-|220,757| |**Charitable activities**|||||| |Fee income|3|10,170,167|-|-|10,170,167| |Other income|4|751,117|-|-|751,117| |Investment income||56,173|38,000|-|94,173| |||------------------|------------------|------------------|------------------| |**TOTAL INCOME**||11,013,667|222,547|-|11,236,214| |||------------------|------------------|------------------|------------------| |**EXPENDITURE ON:**|||||| |Raising funds||(75,684)|-|-|(75,684)| |Charitable activities||(10,897,400)|(359,418)|-|(11,256,818)| |||-----------------|-----------------|-----------------|-----------------| |**TOTAL EXPENDITURE**|5|(10,973,084)|(359,418)|-|(11,332,502)| |||------------------|------------------|------------------|------------------| |**NET INCOME / (EXPENDITURE)**||40,583|(136,871)|-|(96,288)| |**BEFORE INVESTMENT (LOSSES)**|||||| |Net (losses) on investments||-|-|(11,308)|(11,308)| |||------------------|------------------|------------------|------------------| |**NET INCOME/ (EXPENDITURE)**||40,583|(136,871)|(11,308)|(107,596)| |**BEFORE TRANSFERS**|||||| |Transfers||340|(340)|-|-| |||------------------|------------------|------------------|------------------| |**NET MOVEMENT IN FUNDS**||40,923|(137,211)|(11,308)|(107,596)| |Funds brought forward at 1|||||| |September||11,467,174|3,031,195|1,213,260|15,711,629| |||-------------------|-------------------|-------------------|-------------------| |**TOTAL FUNDS AT**|||||| |**31 AUGUST**||11,508,097|2,893,984|1,201,952|15,604,033| |||=========|========|=========|=========| 49 **THE ARTS EDUCATIONAL SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **26. COMPARATIVE ANALYSIS OF MOVEMENTS IN RESTRICTED FUNDS FOR THE 2023 FINANCIAL YEAR:** ||**Balance at**||||**Balance at**| |---|---|---|---|---|---| ||**1 September**||||**31 August**| ||**2022**|**Income**|**Expenditure**|**Transfer**|**2023**| ||**£**|**£**|**£**|**£**|**£**| |ALW Foundation|2,453,013|-|(137,766)|-|2,315,247| |The ArtsEd Student Fund|36,175|-|(8,498)|-|27,677| |The ArtsEd Scholarship Fund|3,807|62,788|(55,600)|-|10,995| |Bursary fund|20,566|-|-|-|20,566| |Capital campaign|397,872|-|-|-|397,872| |Chris Hornby Fund|5,182|4,404|(2,500)|-|7,086| |The CMF Scholarship Fund|1,085|-|-|-|1,085| |Guildford Academic|1,327|-|-|-|1,327| |Associates|||||| |Leverhulme Trust|1,088|94,812|(99,544)|3,644|-| |Restoration levy|40,778|-|-|-|40,778| |Spencer Will Trust|2,338|-|(1,247)|-|1,091| |TAP|7,404|232|-|-|7,636| |Graham Martin Memorial|6,811|300|(3,000)|-|4,111| |Excellence Award|23,463|38,000|(47,530)|-|13,933| |Friends Giving|22,569|22,011|-|-|44,580| |The Green Roof Fund|7,717|-|(3,733)|(3,984)|-| ||-------------------|------------------|-----------------|----------------|-------------------| ||3,031,195|222,547|(359,418)|(340)|2,893,984| ||=========|==========|==========|=========|=========| Please refer to note 19 for details of each of the restricted funds. 50