2021-07-31-accounts

LAMDA LAMDA Limited (A company limited by guarantee) Annual Report & Financial Statements For the year ended 31 July 2021 Company number 364456 Charity number 312821 London Academy of Music & Dramatic Art Page 101 $2

LAMDA Contents Page Legal and administrative information 34 Chalmian's introduction 5-6 Director's report Trustees, report 10-23 Statement of Trustees. responsibilities 24 Independent auditors, report to the members 25-27 Group statement of financial aetlvitles 28 Group balance sheet 29 Balance sheet- LAMDA Llmlted 30 Cashflow statement 31 Accountlng policies 3245 Notes to the flnanclal statements 36-53 P8ge 2 of 52

LAMDA Lnniled Wh￿ted by guarantee) sUb￿￿18ry ¢rynpany L¢9al and admlnlstratlv& Inforniallon For the y88T 8nding 31 Juty 2021 status The organisation is a charitabte company limited by guarantee. incoTporated on 20 Decemtw 1940 and registered as a charity on 3 March 1963. The offi￿ for Students is the regulator for the Higher Education charib"es, The company was establisheA under the Articles ofAssociation which estsblished the objects and powers of the charttable company (as amended by s￿la] Resolutions on 21 June 2018. 13 February 2020 and 23 July 2020). Governlng Document Board of TrusteeslDlrector6 All members of the Board seThed throughout the year and to the date of this rep￿, with the exception of the sludenl representatives, John Paul Wagner Hersted who resigned in July 2021 and was replaced as student representative in September 2021 by Daniel Bradley. All are consider8d to be independent and non-executive (ex￿pt as oihemilse noted). Chairnian Rt. Hon. Shaun W¢)adward {2 & 6) Shamez Alibhai12 & 5) Matt Applewhite12 & 41 Olga Basirov12 & 5) Tom Chandos (Vice Chair)12, 4,5 & 6) Mark Cornell121 Prof Mohammed Dastbaz {3 & 4) Sarah Habberfield (Vice Chair)11,3 & 61 John Paul Wagner Hersted (studenl representative- to July 2021) Joanne Hlrst {41 Patricia Hodge OBE12 & 61 Tromas Laing-Baker11 & 61 Prof April McMahon131 John Owen CMG MBE DL {1) Jemma Redgrave131 Prof Carole-Anne Upton {1 & 3} Helen Wright (5) Clerk to the Board of Tnjstees Justine Stephenson Secretary Karen Di Lorenzo (resigned 1511112021, Andrew Riggs appointed 15111120211 Patron HRH Princess Alexandra, the Hon. Lady Ogilwy KG GCVO President 8ened￿l Cumbert)atch CBE VicfrPresident Dame Janet Suzman DBE The President and Vice-President are invtied to attend board meetings in an advisory, notFvoting capacity. Committee member. (3) Audit and Risk, Development, Education. Remuneration & Human Resources Exams, Finan￿, Nominations, Règistared wich the char￿.?$ com[n￿s1on Itegi5trabon number 3128211 Page 3 of S2

LAMDA Lirnited Iuffthd by guwanleel and Subsldlary CoMp￿Y L•gal and admlnlstratlve Inf0m￿tIon For thé yéar ￿dIng 31 Juty 2021 Registered Offlce 155 Talgarth Road London W14 9DA Auditor Haysmacintyre LLP. 10 Queen SlJeet Place, London EC4R 1AG Bankers 8arGlays Corporate Ban￿ng, PO Box 13699, Birmingham B2 2FS C Hoare & Co 37 Fleet StreeL London EC4P 4DQ Solicitors Harbothe & Lewts LLP Hanover House, 14 Hanover Square, London W1 S 1HP Bate5 Wdls & Braithwaite 10 Queen Street Place, London EC4R 1AG Offi¢¢rn for Ihe year 202(k21 Dire¢tor Executive Director Sarah Frankccffi (Resigned September 2021), Jocelyn Pnjdence {August 2021 and from September 2021 as interim Director) Peter Holliday (Resigned August 2021 } Georgina Firmin Lyndd Harrison Sue Rivers IAug-Dec 2020) Paul Rowlett {Jarn-April 2021) Wll Wollen April 2021 Rob Young lan Warren SLte Rivers IContracÈ finish&J Aug 20201 Richard Scandrell (Resigned Aug 20201 Gg)rgina Firmin IAug 2020-July 2021) Andy Pitts Karen Di Lorenzo Director of Commercial Development Director of Development & Alumni Relations Executive Dean of the Drama schc￿l Head of Technical Training He¥1 of Student and Academic Serw(*s Project Manager HEI Head of Marketing & Communications Head of Examinations Head of Finan Webslts.. vMv.larnda.ac.uk Twtter: @LAMDAdrama www.facebcok.comlLAMDAdrama Facfrbook: YouTube: www.youtube.comlLAMDAchannel w￿w.instagram.C0m￿arndadraMal Instsgram: Page 4 of $2

LAMDA Llmlted Oimited by gu8rant881 d subsldlary coftwany Dlre¢torfs report F￿￿&year￿dIng 31 July 2(R1 Chalmian's Introduction In common with every organi5ation wor1dv￿de, COV1[￿19 had a signtficanl impact on LAMDA for the second half of 2019-20. wfth its effects fett directly from February 2020. As a result. 2020-21 has been dominated by our strateg￿, operational and tactical measures to deal wth the effects and continued ri8ks associated with COVID. Despite these challenges, LAMDA continues to sustain long-temi financial improvements, ensuring the Academy's viability- whilst continuing to deliver on issues of Diversity, Inclusion and Anti RaGism. The granting of Degree Awarding Powers IDAPS) by the Office for StL￿ents {OfS), on 1st August 2021, is a major milestone toward8 our vision of a truly irKlependent worfd-class institubon. In LAMDA Exams, an arrTbitious plan to respond to the chalenge of COVID by making the fundamental change to Remote Online Assessments IROAI as a viable option for many leamers was made a reality and its continued operallon is fftflected in the posthve financial results in this rewrt and Ihe satisfaction of many thousands of clildren and young people: have seen iheir hard ￿￿[k and dedicated study recognised by a LAMDA award. Operationally LAMDA has continued to force the pace.. retuming to live training following the Spring 2020 lockdown and Continuing to errfJage students wth as much face-to-kn training as possible, whilst providing ¢omprehensive online student engagernent and reaching a wde public afid professional audience through rapid developments in live streaming of productions. T8Ctically, this ha8 been achieved by providing a COVID stture leaming environment and working wth the student and staff todies to produce workable resF)onses to Changes in govemment COVID pdicy, and deal in a timely and focused way wth COVID cases, as and when these have (¢curred. It has not been all plain sailing To maintain necessary levels of cash availabilily in a continuing harsh and unpredictable financial environment 8 major restructure was undertaken. These measures, whilst incredibly challenging to implernent, gave sufficient Confiden￿ in the long-tern financial viability of our operating model lo enable a Coronavirus Business Conb'nuity Loan IC-BIL) to be granted by our bank. After several months of scrutiny by the Ofs, the restructure and the financial forecasts it gave rise to meant that the Ofs had sufficienl confidence lo be able tr) make the annour￿ment of DAPS in April 2021. The 'aftershocks' of the restructure ￿ltinue to reverL*rate. A [￿)r ouicome in the National Student Survey of our final year undergraduate studenls is now the subject of detailed action planning to ensure U)at we are listening to our students in setting and meeting their expectations. In April 2021, Wll Wollen ber2me the first substantive Execub've Dean of the Drama School and his appointment, coupled wth the inJ￿tiOn of a cohort of new staff brings the energy, Experience. and expertise thal we are ￿nfident VAII add￿sS issues raised by the NSS, Other significant senior slaffing changes included the resignation of Director Sarah Frankcom in the summer of 2021 and Executive Director Peter Holliday's departure to a rtrew role in August 2021. Jocelyn Prudence joined LAMDA in the late summer and took up the reins of Acting Director in September 2021, while the search for the new Director remains underway. I would like t¢ express my SIn￿re thanks to Ihe ouigoing senior leadership for their hard work rJLtring an unprecedented time for LAMDA, and all the team for helping ensure stability during this transitionary period. Paga S of 52

LAMDA Llmlt8d Illmw by guararfwl and sub51dl8ry wmpany DIreCto￿8 rBport Forthe year 31 Juty 2021 A revised Strategic Plan was launched in March 21721, wth an excibng programme of expansion of LAMDA Exams envisaged, along with new course offers proposed wthin Ihe Drama School. This approach sets fim parameters for budget planning for the coming year and gives us much to look forward to. This report demonstrates that LAMDA has risen to the unprecedented challenges of the pandemlts. It remains only for me to express my sincere gratitude to everyone in the LAMDA family has Contribut￿ to a truly collective effort lo respond positively in such challenging circumstances. Tho Rt Hon Shaun Woodward Chalrman Pag8 6 of52

LAMDA Llmltgd Oimited by guar¥rteel and sUb￿diary comp8ny Dlrectofs rèport For year endlng 31 2021 Director's Report In his Foreword. the Chair has raptured the scale and Significan￿ of the work we have engaged in durin9 academic and financial year 2020-21. The following is a record of the activity undertaken during each quarter.. August-O¢tobor. LAMDA was one of the first institutions to relum to 'live' training after the March 2020 lockdown, returning lo fa￿-t(pface teaching from 291h June 2020. There was a huge amount of work to catch up on, after a Herculean effort al the end of the 2019-2D acadamic year to ensure that strmlents caught up on any missed work and graduated. Ex8m$ staff conb'nued throughout to plan to introduce Remoie Online Assessments IROAI as a response to the closure of face-tfrface examinations. 2019-20 had seen a c£4.2m r&u¢tion in proiecled income due to COVID. However, after cost ￿dUCtIOnS and conlro5s, and growng income vtherever we coukl. we ended with a net deficit of £1.7m. We therefcire started the current year wlh great financial uncertainty and reliance on a £1.Sm overdraft facility. We hoped for a Bank or C-BIL loan lo give greater financial certainty for the year, but lasl summer this wa5 very far from certain. The final approval of DAPS wa5 also not in ￿ght, a detemiinatton having been delayed by the Ofs trcause of LAMDA'S financial Un￿rtaInty. Againsl Ihis unrtain and precarious financial backdrop, we continued the consultation on how L4MDA should restructure. The discussion vrith slaff reptesent8tNes lasted into September at which point the Board of TnJstee5 approved the restructure prorx)sals. Meanwhile further difficult conversations were taking place about Racism which led lo Global Majority students and alumni, dernonslraling extraordinary courage in describing th￿r experien¢&s and thereby laying the ground for extensivg WDrk on developing a new approach to Anti-Racism at LAMD Following a gradual retum to School from the end of June, and measure8 Put in place to institute a 'COVIt SecLJre' environment, we had the first case of COVID on 3rd SeptemlH. followed by 4 more in October. We dealt wlh each of these effectively. working closely wth Hammersmith and Fulham Public Health to develop and implement our contingency F4ans. November- January.. Followng the October Cases at LAMDA we implemented a'circuit breav, in consultation with Hammersmith and Fulham Publ￿ Health, with a greater reliance on online learning. As a result of this, the London Public Exams had to be Gancelled. We reiurned to the building on 9th November, wth a mixture of online and in-person teaching, and final year students conb'nuing their preparations for the December programrne of live performances. A second national lockdown was annou[￿ed by the Prime Minister from 5th Novem￿ unts'l 2nd December. Higher Education was expected to continue operating but we were a5kwJ to make our own 'infoffned decisions,. The universities minister publicly encouraged the sector not to relum to online leaming. We continued,. doing our best to manage a confusing policy silualion.. keeping Talgarth Road COVID safe and doing our best lo make online learning the best experience for students that rt ¢ould be. LAMDA student5 were sent home eadier than planned as part of the Governmenvs scheme to gel all students home for Christmas. Once more, there was a huge effort made by staff and their tremendous Ilexibility allowed productlDns fo be staged on time. It is of credit to the Drama School, that we were able to compensate for the lack of live audiences wth the adoption of INe streaming.. which in a short space of time has become an established practice at LAMDA, providing studerrts with excellenl industy exFerience of Itve-streamed theatre. Discu8sion8 with the Ofs about finanaal viability and stsbility gNerb the major reduction in Exams income ¢onb'nued over this period. Meanwhile in December, UK Visas and Immigration (UKVI) conducted a snap audit of our visa application and tnonitoring procedures and records. The restructu￿ continued, with PTASS moved into the Drama Sthool and appointments were made to the new structure during the Autumn Temi. Other key devek>pments included the establishment of a Curriculum Revlew frdmework and appointment of a Student Wellbeing Officer. Pago 7 of 52

LAMDA LlmFt6d Ilimlled by wwpnteel and 8ubsldSary eonwany Dlrectorfs roport For Iheye8rendNJ 31 JLIY 21Y21 As wag the case across the Gountry, many of oursbJdents vieTe coping with the psycholcyJical effects of lockdown and learning online. Many also struggled financially due to prolonged unavaiLabilily of work to finance their study and living costs. We set up the Student Mental Health and Wellbeing Fund, and thanks to the incredible generosty of our supporters we were able io hugely increase the specialised wellbeing and financial supp)rt for our siudents. The prolongation of COVID led us lo postpone revalidation of the MFA and review of Foundation Year (now complete} to the coming year. and work started to review the ffinanaal pcts5tson and consider ￿al LAMDA'S longer temi strategy might look like. February - Aprll" Students returned to live training on 8th March after the newyear loKkdown. with LAMDA making its voice heard wlth letters lo Ministers and by collectively lobbying, particularfy through GuildHE. To help build the case for risk- managed tr￿NIng, LAMDA was one of the first institutions to instigate asyrnptomatic testing using Lateral Flow Tests ILFTs} thanks lo sterling work undertaken by Ihe Estates Team. Private Centre Exams retumed in March in line with schocls being rei)pened and LAMDA Public Examinations reopened in April. However, continu& bss of Exarns, income fijrther impacted on financials and as a result revenue proj'ections tor the year were reduced by ¢£900k. Following review of the new structure Partnerships & Extemal Relations meryed wth the Development Department to create a single division. Elsewhere after the turbulence of two interim Executive Deans in the Drama School we were delighted to make the ￿rmanent appc4ntment of Wll Wollerk in April. AS we entered April 2021, we at last started to * a pickup in student r￿TtMent, 2nd in Exams numbers. We began to work wlh Hammersmith and Fulham Borough Council and LAMDA joined their Industrial Strategy Board. Rodney Cotb'er once again Conducted a SLtccessfiJl North America lecture series, online, thereby establishing an altemalive means of promoting LAMDA to more US instilutions wthout the need for extensive I￿ve1. The period saw the recommencemernt of Exam ￿ntre growth in China and on 21st April we were informed by Ofs that following approval of our C-BIL loan, fijll Degree Awarding Powers would be granted from 1 st August. SMT completed work on refreshing the strategic plan. which was agreed by the Board of Trustees in March, laying ihe foundation for annual planning and budgeting for 2021-22. May- July- In this final quarter of the year, we moved to at home testing for COVID, enabling us to retum the Common Room to the students. Signs of recovery continued ￿th a substsnlial improvernent in LAMDA Examinations bookings to a posltion ahead of February's income re-forecast Therewas also a fijrther pick up in PTASS applications and shortcourse tx)okings. Applications for longlHE courses were sKJnificandy up on the previous year although. understandably in the first year of EU students paying inlemational fees. EU applications were down. A third of applicants reported mental health difficulties Global maionty students made up c.20% of UK HE acting applicants, t￿t 400/0 of walls, indicating the continuing success of our outreach work, such as providing workshops on training at drama schcx)I for underrfepresented groups. The Board of Trustees signed off an Annual Operation Plan and budget in JLJne. There are still significant uncertainties around income {Exams ongolng recovery, HEIF and institutional fur￿]ng for World Class provision}, but we have a plan that reflects LAMDA'S refreshed stralegy. Rules on COVID were relaxed for theatres from 17th May. meaning we were able to welcome back a live audience, albeit socially distsnced, for the first time in over a year to our graduakn'ng students, productions. Despite the remaining government restrictions being lifted in July. LAMDA decided lo maintain COVID secu practice, with some specified relaxations - to protect our summer short course provision as the Delta variant continued to spread, especially In Hammersmith and Fulham. Paga 8 0152

LAMDA Llmltèd Illmlted tyouarante¢l and 8ubsidlary cotnpany DIrKto￿$ roport Fcf the Year￿01r￿ 31 JLIY 2021 Meanwhile we had a further outbreak of COVID in June and it wa3 huge credit to students and staff that they responded so well ta this. By working in partnership with the Borough Public Health team lo get students and staff PCR tested and vaccinated we were able to appear to keep the number of cases telow double figures. As consequence, we were delighted that Hammersmith and Fulham agreed, after seeing our assessment of risks. to allow Diploma Day to proceed in person as planned. We are proud of many things that have happened during these Challenging b'mes but are particularly pleased that 220/0 of our students received financial support a¢ros$ degree and foundation courses and also, that our work with LAMDA'S A￿sS and Wideniry Participation Pr¢)Jramme supported so many potential stu¢Jenis from disadvantaged areas. Our students continue to amaze and ddight us and they have displayed incredibla resilience and demonstrated outstanding levels of creabwty, ensuring Ihal industry interest in LAMDA graduates remains as strong as ever. This year has seen continued progress in our evolution as an institution. Whilst financial challenges remain, we finished the year in a far mre c8rtain position than we started IL As we start the new academic cycle, I would like lo express my gralilude to the Board of Trustees for their support, and to our students and staff for all that has been achieved this past year. Jocelyn Prudencè Interim Director Page 9 of 52

LAMDA LIMIt￿ Iurrit8d tyguaranteel antl $ubsldlary Company TrusteBs' report for th$ y•ar •nd•d 31 July 2021 The members of the Boa￿, who are directors for the purposes of the Companies Act and are trustees for the purposes of the Charities Act, submit their annual report and financial statements for the year ended 31 July 2020. PRINCIPAL ACTIVITIES Found&Y in 1861, LAMDA is the oldest drama school in the UK offering exceptional v¢xalional training to aclors, stage managers, technicians, directors and designers. In a(klihon to six validated degree programmes, LAMDA offers a Foundation Diploma and a numter of validated semester and sh(xt courses. LAMDA Examillations complements the work of the Drama School, through which LAMDA offers a drama and ¢ommunications-based syllabus leading to accredited and non-accredited awards in the UK and overseas. LAMDA Enterprises Limited operates as LAMDA'S trading gubsidiary. From 1 August 2019 LAMDA has been directty regulated by the Office for Students as a stand-alone Higher Education Provider, having terminated our premous agreement the Conservatoire for Dance and Drama. Objects of the charity The objects of the charity, as expressed in its Arb'cles of Association. are to advance education for tle public benefit, in particular by maintaining and carrying on an Academy, College, School or Examinations Board wher8 students may receive a sound educalic)n and tuition in dramatic arts, music and all their branches, embracing both practi￿ and theory. Our vision LAMDA bglieves that tha dramatic arts havg the p(xYerto ￿nSf0m7 lives. We s&ek out, t￿in and empower ex¢eptional dJ7matlG artists and techrpicians of every gene￿tIOn so they can make lh8 most gxtraordinary impact across the wortd Èhmugh Iheir wort. Our examinations in drama and communrations inspirn people across the globe to b8com8 confident, authentic commUn￿atOrS and discover their own voicg. Ourmi88ion LAMDA will be 8 diverse and 8ngaged inshtulion in every sense. shaping fhe future of the drdmatic arts and creative industries and fulfilling a vital role in the continuing artistic, cultural and econom￿ success of thg UK. As 8n ind6p8ndenl H￿her Education ptDvidgr with degree awaRYing p(yNers and rooted in the art tsraft of ens&mbl8-bas&dtheatre and film, we will deliver9x￿lle￿ce andinrpOvat￿n acn)ss allourcourses. Ourgraduates will be cour8geous change-makers, engineer3 of the impossible 8nd leade￿ in their T￿ld, making theirimpacl in th8 creafve indust178s across the Wofld. Thrt)ugh th8 expansion and dIVe￿￿1c&t10n of our 6xaminAtions and qualifications portfolio we will broaden ourglobal reach.. 8mpow8ring nK)re people of all 8g&s lo roalise thgir full potential. PUBLIC BENEFIT The Trustees have considered the Chartty Cornrniss￿n's guidance on public benefit. LAMDA believes that the arts, and the best training, str¢uld be accessib￿ to everyone,. students are recruited from as wide a range of backgrounds as possible and selected on the basis of ialenL passion and the ability lo learn, regardless of social, educational or financial circumstance5. Examinations is also a key element in the delivery of LAMDA'S public benefit, with the number of UK candidates registered for regulated and rK)n-regulated examinations. In 2020-21 LAMDA examined 83,998 leamers. This was an increaseof630/0 on leamer assess￿1 in 2019-20, bul a deC￿aSe the previous non-COVID year (2018-191 of 44%. Page100152

LAMDA Llmlted Iumited ty guaranieel and subsidl8ry G(NmP•y Trusteès, rèport for the yeargnded 31 July 2021 WIDENING ACCESS TO HIGHER EDUGATION LAMDA is committed to ensuring that ils training is ac￿SIble to all. regard￿$$ of social or economic oircumstances. LAMDA has a number of substantial measures in place to wden access to Higher Education and ¢re8te pathways to our training for those from under-represented groups such as low-income backgrounds, new to higher education or from a Bla¢K Asian or Minority Elhnic (BAMEI background. We deliver targeted workshops and activities across London and the UK through LAMDA'S Pathways Programme. These initiatives also include regional audits"ons, audition fee-waivers, bursaries for the Foundation Diploma and an extensive scholarship progr8mme. LAMDA Scholarships & Bursarleg Scheme In 2020121, 35% of the student bcKly on the three undergraduate courses received scholarship or bursary support. Overall, 22% of LAMDA students reC￿d support across the degree and foundation courses. The LAMDA cohort is changing, with mor8 Students from under-represented groups. This reflects progress against the Access and Participation PL4n but entails a greater proporbon of students requiNn9 additional financial support Currently, LAMDA only provides xholarships to students on degree Courses, except for iwo fee-waivers for the Foundation course. During the 2020121 finanaal year, we weived £550,990 in restricied scholarship income, including £23.900 for our Fulbright Scholar via the American Friends of tAMDA and £198.250 from a legacy donation to support bursaries al LAMDA. A total of£470,564was abrdrded to students in named Scholarships and general bursaries. 62 students received support thK)ugh LAMDA'S Scholarships & Bursaries Scheme, %thich indudes the General Bursary Fund. Some students received multiple awards. V￿th a total of 54 named scholarships awarded {InclLKling external awards). 24 named scholarships {totaling £179,166) were awarded to incoming stLKlents, while 31 studenls in their penultimate or final years of training continued to receive scholarships or rewved final year scholarships (totaling £240.8981. 30A of ￿ese awards were paid directly lo the Student by the t*snor. 19 awards (lot81ing £50,500) were made from the General Bursary Fund. In addition to the £470.564, tuition fee bursaries w￿e awarded for students on the Foundation Diploma Itotsling= approx. £26.794) The average sd)olarship value in 2020121 was £7.626 {not including general bursaries and student hardship awards) 27 aw3rds (£26,738) were made through the Student Hardship Fund. with an average value of £990. 371£55,8001 students r￿1ved an Access Award in 2020121 LAMDA'S Access and Widening Participaion Programme connects and supports young p￿pIe are under-represented in the arts and may not have aC￿sS to drama schtr)I through a series of targeted outreach programmes and activities. Key tsrget groups include those who are". People from low-income bockgrounds and areas where participation in higher education or tho arts is low (POLAR Quintsles 1-21. Page11 ttf62

LAMDA Llmltod ILlry1t￿ by guor8Dieel d subsidlary eornpany Twst•os' report for the y•ar onded 31 July 2021 People who are from the Global Majority Young people living wth a disability Young people who are care leavers Young people who are not in education, employrnent or training INEEn Schools and colleges a high number of Students eligible for Pupil Premium The majority of the work carried out was targeted at young people aged 16-25 are Under-￿preSen1ed in Higher Education and in the arts. Across England and Wales we engaged a total of 842 young people in our delivery. Continued funding from the Esmèe Fairbaim Foundakn'on has enabled the department to continue ID employ an Access and Wdening Participation Officer. allo￿ng the team to deliver a higher volume of work IC￿allY and regionally. ACCESS AND WIDENING PARTICIPATION Despite the pandemic. LAMDA continued to build on an already extensive progmmme of work io ensure that our training is accessible lo all, regardless of social or economic circumstances. Despite the financial pressures on the organisati¢Jn, we retained the low audition fee and reduced further the cost of recall auditions. Targeted wotttshops and ath'vities for relevant groups across London and the UK continued through LAMDA'S Pathways Programme. mainly (though not exclusively) throLfjgh remote delivery. Interviewlaudilion fee-waivers continued, as did the butsary programme for the Foundation Diploma and an extensive scholarship programme (detailed elsewhere). LNe streaming of LAMDA'S public productions ènsured we could continue lo reach targeted groups who mtght prewously have received fiJnd￿ tickets for live shows. We connect wlth and support young people ￿0 are under-represented in the arts and may not have access lo drama school through a series of taryeted outreth prcgrarnrnes and activib"es. Key target groups include those who are.. People from low income backgrounds and areas where participats.on in higher education or the arts is low (POLARIIMD Quintiles 1-2). People from the global majority Young people living with a disability Young people who are care leavers Young people who are not in education. employment or training INEET> SchcM)Is and colleges wth a high number of students eligible for Pupil Premium The majority of the work was targeted al young people aged 16-25 who inthect across one of more Df these categorie5, as they remain Under+reF￿esented in HE and in the arts. Across England and Wales we engaged just Dver 1,000 youNJ people in our delwery. LAMDA SHAKESPEARE IN SCHOOLS TOUR We live streamed Shakespeare ￿ays., Much Ado AtM)ut Nothing and The Tempest. to three London secondary schools, mosl based in Hammersmith and Fulham. and one school in Bimingham. We also toured the produckn'on of Much Ado About Nothing to one school in the local area and FErformed in their outdoor theatre space in line with COVID-19 restrictions. A workshop led by the LAMDA students followed e￿h performance for the schools. The productions were performed by the second-year students on LAMDA'S MFA Professional Acting course and W￿re directed by LAMDA staff_ The technical teams were made up of six students on LAMDA'S BA (Honsl Production and Technical Arts for Stage and Screen course. WORKSHOPS The AWP team al LAMDA have continued to develop eX￿lIent lory-lemi working relationship5 Wth schwls and youth arts organisations all over England and Wales, from The Gower to Stockton and from Croydon to Bolton. Workshops delivered for and with these organisalions included self-taFe and audition prep work, sessions on screen acting. intr(xluctions to actor training and new sessions on production and technical arts. The Graduate Ambassador scheme conlinud to suppty high quality staff for AWP workshops and events. This year we delivered 47 events for our parlners- neady one every week- and worked with 383 young people. Page 12 of52

LAMDA Llmlted I￿rnited by guarant8el and Subs￿1￿ry ¢(Knwy TNBlg98' r8POrt for ¢he year gnd•d 31 July 2021 OUTCOMES A total of 115 y(iung people who attended a workshop went on to ap￿Y for a course at LAMDA, and 8 offers were made. Of the 12 key targets in LAMDA'S APP for 20-21. nine were met or exceeded, alld the remaining three were'near rnisses,. Great pr(gress has teen made in planning, running and evaluating our AWP worf(, and this has been matched by improvements in data quality. ensuring that we are rta¢hing the rigtrt groups and the right individuals. ACADEMIC ACHIEVEMENTS Despite the continuing context of the pandemic. our siudents and staff continued to surprise and amaze us ￿th their resilience and creativity. There is no doubt that the hardest period for students was caused by the enforced I￿kdOWn in the eady months of the Spring Terrn 2020, and the timing of this was a contributing factor to our drop in student sats'sfaction as measured by Ihe National Student SuNey which was relea8ed at the same lime. All learning outcomes were met," perfornances and film shc(Jts, wtth some agile rescheduling, went ahead,. and some adaptations that were made for pandemwelated reasons led to some wonderful innovation. particularfy in some of the students self-crealed, work whid) saw creative collaborntions take place between students in different time zones and continents. Audience ¢apacities were limited k*c8use of social distancing, but LAMDA moved nimbly to live-streaming, to ex¢ellent industy response, and we wll continue to make use of thi8 technology in the fLrture. In April 2021 we were infom)ed by the Office for Students that LAMDA had met its criteria lo ￿ granted Full Degree Awarding Powers. In recent years, our degrees have been awarded by the University of Kent. LAMDA'S degree awarding powers started from 1 st August 2021. This authorisation, which includes the supplementary power to aulhorise other institutions to grant awards on our tehalf, recognises the quality of LAMDA'S training and will build on our history and repL￿atIc￿l. Below is a summary of results.. Degree results remained very strong in 2020-21. Overall, there were around 10% fewer awards at 1st class I distinction level than the previous year, which indicates a le￿rn lowards the norm seen over the past five years. Across all our HE provision, all but one SiL￿ent athieved Iheir original tsrget exit award, to the considerable credit of all the teaching and support staff, as well as to the students themselves of course. On the BA (Hons) Professional Acting, 77% of grayuates were awarded a 1 st clas8 degree, with the rernainder all receiving 2.'1s. Of the graduates who comFAeted the FdA Production and Technical Arts (Stage & Screen) 50./0 achieved a Distinction, with most of the remainder receiving a MeriL On the BA {Honsl Producb"on and Technul Arts topup.. 75% of graduates received a 1 St. Postgraduate resulis were also very robust Of the MFA Professional Actin9 group, 590/0 achieved a distinction, vthile 80.10 of the smaller MA Directing cohort passed wrf(h a Dists"n¢tion, with the remainder receiving a Merit. On the MA Classical Acting. 52% of graduates eamed a Distinction, wlh all the remainder receiwng a Merit. At pre.degree level, four Students from the Foundation Diploma progressed to our BA (Honsl Professional Acting, and many others were offered places at other drama schools. Industry interest in LAMDA graduates remains very strong. Perhaps unsurprisingly, given the panderni¢, 2021 saw lower levels of Graduating BA AGlors signing wtthin the academic year, bul by the end of the year, two thirds had $ecured representation, and we continue to have of new signings Half of the MFA actors have signed with either a UK or American Rep with ￿rne securing impressive USA management Ibecause of streamed work and Showcase). The class of 2tr21 are already making an impact.. for instance, De￿Mbtrr 2021 saw one self- represented actor cast in their first West End production, a further signing wth an agency and a LAMDA BA grad making the final winning 10 of Wamer Brothers, prests"gious global lalent search. Pagè13of52

LAMDA Llmlt•d (Llmtted ty g￿rantee) and SUb￿dIsry comp Trustees. report for thè yoar ènded 31 Juty 2021 In addition, each year we commission and prcKluce a series of original short films. These are shot on location and written, directed and edited by industry professionals. sin￿ 2011, our films have teen viewed over 60,000 bmes online in nearfy 100 countries arKI 8ttracted the interest of agents and casting d1￿ctOrS in the UK and overseas. It was pleasing to see in June that LAMDA s intemational reputation is alive and well in the film industry, when we were listed (again) as the topranked UK Drama School (#6 in Ihe wortdl in The Hollywood Reporter's annual list. Production and Te¢hnl¢al Art8 All of LAMDA'S public stage productions are staffed and run by students on the Production and Technical Arts Course. This course prepares the studenls for careers in prOductiC￿ across all art foms- while th8 training at LAMDA is focussed on theat￿ pr1)dU￿10ns. Ihe skills leamt are transfe￿able across the entertainment industry. Each year the Produotion and Technical Arts students undertake pla￿ments to gain valuable experience in the workplace. Each production at LAMDA is overseen by a studenl Producticn Manager, supwrted by full Stage Management teams. The scenery is designed by a visiting professional designer. but constructed in our scenic workshops in Bermondsey. by a mix of 151 and 2. year students. L￿htIng 15 designed by a 2. or 3rt year student, and then rigged, focussed and operated by 1 $1 year studenls. The sound is also designed and operated by students. Thg opportunity for the students lo work auoss three well equip@ theatres allows them to develop their skills and knowledge lo a very high standard. preparing them for successful careers in the indu81ry. LAMDA Exams Government reslri¢lions in response lo the continued spread of COVID in 2020-21 impacted LAMDA Exam8. ability to conduct in-person assessments for much of the year. This included the cancellation of Public Centre events in November-De¢emker 2020 and all irFperson events in January-April 2021. In order to assess as many leamers as possible. retain revenue aThJ meet customer demand, we increased the volume of Remote Online Assessments (ROAS) and provKled addrtional cJJstomer guidance and support for this transition. However, we found that many customers either F(SStponed LAMDA leaching or decided to wail until in-per5on assessments were available again to examine their leamers. This meant that we had a large backlog of learners who wanted to be assessed when restrictions were lifted from March and into Summer 2021. The transition of leamers between assessment meth￿s, the ￿stpOneMent of examination events and customer demand in¢reased the volume of refunds and transfer C[￿lit vouchers we needed lo process. Many of the transactions were exiremety complex as we split cohorts across different sessions. removed the minimum fee requirement and worked hard to assess as many leaTners as FK)ssible. Additionally, due to ongoir)g S￿la1 distancing fftquirements, we intrThJuced an extra S minut&8 bètween each in- person assessment to reduce the volume of customers at exarnination events. This was in line with the additional 5 minutes conb'llgency time between exams that we applied to ROA sessions, used to resolve technical issues and enab5e Examiners to ensure remote venLJes were suitable. The extra time betrfftn exams reduced the number of leamerg and income per session by an average of 280h. The impact of COVID in 2020-21 therefore reduced the number of leamers we Could assess, when they were assessed, how they were assessed and presented complex customer refund issues. Overall, LAMDA Exams income for 2D20-21 was £3.75m. Page 14 0152

LAMDA Llmitsd IUMW tygLkneel and $ub8idlary ¢￿panY Trusts68' report for tha ygar endod 31 July 2021 Volumes In 2020-21 LAMDA examined 83,998 kearners. This was an increase of 63% on karner assessed in 2019-20, but a decrease in the previous non•COVID year1201 &19) of44%. DEVELOPMENT Dgvelopment fundralslng approach and perfomiance LAMDA is grateful for the generous financial contributions from charitable trusts, individuals and organi8ations towards its scholarship programmes, acb'vities, caprtal developments. lthen a donor makes a commitment lo LAMDA, we adhere to the Instilute of Fundraising's current CcKle of Fundraising Practice and lo Charity Commission guidelines. The fundraising climate has been difficult with the challenges of the pandemic as many of LAMDA'S tradition81 Trusts and Foundations changed their funding priorities and Individu￿ donors had many competing prioritigs. We made the decision nDt to run an ewgen¢y fundraising campaign las theatres did seeking urgent supporti as it would be de-stabilising to current and pro$F￿liVe Students of LAMDA. The decision was to maintain all our contacts, provide online events where possible and research any possible sources offunds. We have also seen an increased focus of donors wishing to supwrt speafic OLrt¢omes which d￿reaSeS unrestricted fvndraising but has been beneficial in enabling the delivery of certain projects and inibatives. We have an award-winning partnership wtth Audible UK Continue to support our creative collaboration and scholarships. Indlvlduals Maintaining and growing individu21 donations relies on ￿lationShip managemenc ￿nefItS delivery and cultivation events. These were all severeSy compromised with an inabiltty to hold events at LAMDA or in iheatre5. The majority of current donors to the membership and patrorts programme$ Continued their support wth only those experiencing financial difficulties wthdrawng. We were unable to host cults"vation events, making ￿a¢hIng out to potential new donors challenging. The Mental Health and )Nellteing Fund campaign provided a plaffmn to reach out to individuals for 8UPPOrt with the match funding provided by an individual's family trusL This raised £22,CN)O and is ongoing. Manny and Brigitta Davidson continued their support donats'ng £25.000 to improve live-StfEaming capability. Trusts & Foundations Page 15 of52

LAMDA Limited (Liffited byguaranleel d subsldiary CDtnpany TrustOe8' mport for thg ygargndgd 31 Juty 2021 The Old Possum's Practical Trust continued their supp)rt of New Wnting at LAMDAwth the third tranche of their three-year grant and were joined by the Garrick Trust in supwrting the programme. The Carne Trust also ¢ontinued support of the MA Dirocling Programme. The Enterprise Arts Trust gave £500 to hdp wth audition fee waivers, in particular for those who take part in Palhways workshops. The Fidelity UK Foundation gave their second tranche of restricted funding 1£12,9601 towards LAMDA'S ICT development programme. After rescheduling the LAMDA Mi5hMash Fesiival IforApril 2022) and carying forward the prewoug yearts fvnds once again, alumna Emily Carewe carried on fundraising and secured a £20,000 grant from the Genesis Foundation, with the first tranche of £5,000 arriving thi5 financial year. The Genesis Foundation also provided a generous donation towards artist develOpt￿nI at LAMDA. Finalty, iAMDA received over £335,000 from Trusts. in addition to grants from IndNiduals, to support the scholarship programine, as referenced in the Scholarships & Bursaries sects'on of thege accounts, Knowledge Exchange LAMDA took part in the first tteratton of Research EThJland's KnovAedge Exchange Framework (KEF) as part of the Arts Cluster, where we scored in the top 10UA for Public & Community EngagemenL Skills, Enterprise & Entrepreneurship, and Working wth Busines8. Having gained independence from the Conservatoire ft)r Dance and Drama ICDDI in July 2019, LAMDA is dassed as a 'new institution,. ThroLtgh its Kr￿wledge Exchange Strategy, LAMDA aims to deliver the follwng.. Aim 1: To make drama and the perfomilng artg Inclu81ve and acc95sibl¢ for all LAMDA will strive to ensure equal a¢￿$$ to the Ferforming arts through 8 proactive access and wdening Participation programme which wll form part of every emF￿0yee's objective. Its community and public engagement programme wll not only reach the local community. but those communibes less engaged with the arts, to create an inclusive drama school which provides equal optothnib&8 to those from disadvantaged backgrounds and underpins the culture cawtal of the UIL Alm 2: To lead thg creation of knovAedge in dramo and the perfomilng arts LAMDA wi51 encourage academic, collaborative ar)d applied research. which will focus on understanding and developir)g leading-edge teaching practices and hamessing the Fower and impact of the creative arts on Society and the business community. Aim 3: To Insplre creative entrepreneurs of the futu LAMDA will provide its studen15 With the skills and tools to be creative entrepreneurs, building sustainable portfolio careers that leverage their knowledge and expettise to contribute and feed the creative economy and societal gocxl. Atm 4: To ambed a culthre of Knowledge Exchange LAMDA will enhance its culture of Kn￿edge Exchange across the organisalion. from staff, teachers, students and partners lo collaborate and Share ils kn￿edge and expertise for s￿181 and economic benefit, fuelling Creative industries and contributing to the growth of the creative economy. Aim 5: To make our world4gadlng facillues available to people and business LAMDA will harne5S the value of its wortd-leading campus and facilities as an assel for learning. developing the opportunity to work with business and the community, and for the public tenefit, in order to embrace the arts and extend the arts agenda. LAMDA sits on the Hammersmith & Fulham Industrial Slralegy Board. is part of the West London Creative Enterprise Zone (forging colla￿ratIonS be￿n industry and HE particulady within the film and screen gectorl, Pagè 16 of $2

LAMDA Llmited (Limlled by guaranleel and 5ubsidi8ry company Trustees, report for the year ended 31 July 2021 is a partner with the Actors Touring Theatre IATC} on the Weston Jerwood Creative Bursary Programme, and a member of the Knowledge Exchange Concordat. Donations and legacies The pandernic has e￿ated great challenges for maintaining and growing the donor base, additionally donor preferen￿ has been for funds lo be restricted which caused a fall in unrestricted income lo £116k12020.. £124kl. Restricted funds increased lo £686k12020." £678kl. This included a legacy which has realised £200k and when finalised will be circa £300k. AFLAMDA The American Friends of LAMDA continues tr) support American students attending LAMDA through donations from US trusts and individuals, primarily to support Scholarships including the endowment for the Fulbright John Wood Award. The Patrons programme was severely debilitated by the loss of events due to Covid. Diversifying LAMDA'S Staff The following charts show breakdown of staff numbers in terms of ethnicity, disability, and gender. The figures are for staff employed at LAMDA during the period 1 August 2020 - 31 sl July 2021. D15ABIUTY GEN¥)ER We regard this breakdown as a baseline from which we will work lo increase the proportion of staff with protected characteristics lo more closely reflect the student body, which is itself changing lo one of significantly increased diversity. VALUE FOR MONEY As a member of the London Universities Purchasing Consortium, LAMDA seeks lo ulilise appropriate Framework agreements where FX)ssible. Where this may not be practicable le.g. for specialist works), the Academy ensures that all goods and services procured are subject to competitive quotes and tender processes. in awordance with expenditure levels set out in ils Financial Regulations. FINANCIAL REVIEW 2020-21 This is the second financial year lo be significantly impacted by the Covid-19 pandemic. The national lockdowns in November and January and other restrictions, impacted the main activities In different ways. The main reductions being for the spring semester and summer schools, where there was a recjuced appetite from international students lo travel to London to study. The largest impact. as for the previous year, was with the examination income. In March we secured a Government Covid C-BIL loan with our bankers, Barclays for £1 5m. This has increased working capital, and substanti211y contributed lo the balance sheet cash value1£1,748k, 2019-20 £232kl. P8ge170152

LAMDA Llmltsd (Umlt8d ty gLBranteel and subsldlary coThwny Trustees, report for th• yèar ondod 31 July 2021 The overall result Is a second-year deficit, impacted by CoMd-19. of £1.(E5m (19120 -£1.786m). A summary of LAMDA's consolKlated income, expenditure and out4um for the year is provided below.. 2021 2020 Unrestrict Unreslrirled Re8triLttsd £OOOs £OOOs £CN)Os £OOOs Income 10,237 9,788 678 Expenditure (11,381) {607) (11.5481 1703} Surplu81{Deflclt> for the Year 11,1431 78 (1,760) 126) Reserves at year- gnd (after transfgrg) 22.568 426 23,711 LAMDA'S key financial performance measure in any year is the surplus or deficit arising from its unrestricted activities. Restricted income will over b'me be fully expended but the matching of income and expenditure wi51 not necessarily occur within the financial year. This is particulady Ihe case where restricted income is received towards the end of the financial year. Surrluses on restricted income wll tse reversed in the following financial year as it is expended. This review therefore concertrates mainly on the unrestsicted deficit for 2020-21 with comparisons lo 2019-20. The general fund deficit Ixfore funds transfers in 2021>21 was -£1.1143k {201￿20 -£1,760kl. Income Unrestricted income in 202￿21 was £10.237k compared wth £9.788k in 201 ￿20, an increase of 5.0'/0. Tuition f88s and eduGalion confwts Undergraduate and postgraduate courses Continued Ihrough the year, being laught fxe to face utilising Covid safety measures and online. Fee income for these year4ong courses increased by 13.￿ to £3.5m I201￿20 £3.Om. The accredited semester course saw a reduction in income as wedominalely inlemational students ¢hose to cancel or delay their studies.12020-21 £262k: 2019-20 £743kl. Summer Short cwrses were also impacted, a reAuction again in intematiortral students, in spite of the opening up of restrictions from April in England. 12020-21 £168k, 2019-20 £385k)- Funding Body Grants As a result of our move to independence from the Conservatoire for Dance and Drama, this has been the second year in which we have received grant funding direct from the Office for Students and Research England. The Office for Students has continued to provide teaching grnnts for our students. and we received from them £126k in teaGhiTrg granL plus £17k capital grant (total 2020- £149k}. The Higher Education Innovation Fund {HEIFI is allocated to higher education ixjdies based on their interactions with the wider community and the value they contribute to the I(￿1, national and international e¢onomie$ from their higher education work. The HEIF grant from Research England has increased to £1,550k (2020: £1,350kl. otherincome Page180152

LAMDA Llmltèd (Llnlted by guHr3nel and subsidiary company Trusteos, report for tho yèar ended 31 Juty 2021 The largest impact on income generats.on has bn wtih examinations. wth the majorrty of exams ocGurring in e last threg months of the financial year. The income irueased by 480/0 from the previous year to £3.75m {2019-20 £2.53m), though this wa$ signfficanlly lower than originally budgeted. Overall other income increased, predominately due with the rise in exam fees, to £4,100k12019-20 £3,606kl. Don8tlDns and lega￿￿$ The pandemiG has created great challonges for maintaining and growing the donor base. Additionally, donor preference has been for funds to be restricted which caused a fall in unrestricted income to £116k {2020.' £124kl. Restricted funds increased to £686k12020.' £678kl. This IndUd￿ a legacy which has realised £200k 8nd when finalised will be ¢ir¢a £300k. Expendlture UnrestriGted expenditure in 2020-21 totalled £11.380k12019'. £11.549kl, a decrease of 1.50kn. This was the result of ongoing cost reductions from the pausing of examinations and commercial operations, and ongoing cost control. Staff costs de￿EaSed to £5,079k (2020: £5.825kl. The reasons for this include a reduction in teaching staff costs to £1,578k12020= £1,786kl follo¥Mng the restructure in 2020. which is in line wth a reduction in teaching staff numbers trom 52.2 FTE to 46.2 FfE. Redundancy costs relating lo the restructure were £47k in 2021 mpared lo £200k in 2020. Additionally, the cost of *aff on furfough was nil in 2021 12020.. £423k - this was largely offset by grant income from HMR&C, which is induded as income in these accounts). LAMDA aut(>enrols its staff in a defined Contribution pension scheme administered by Avtva plc and therefore does not have any of the financial risks arising ft￿rn large deficits in defined beneftt scheme5. other operatlng cost8 funded from unrestricted sources increased by £0.6m to £4.9m12019-20. £4.3m). This results from increased costs in exams, Drama Schwl, and ￿ntral costs, reflecting the increased activity in the year. Expenditure from restricted funds totalled £479k (201￿20.. £647k) of b¥knich the majority {£445kl was financial support for siudents (2019.. £488kl. BalanGe Sheet The key changes on the balan￿ sheet reflect the loss of profitability trom examinations and commercial a¢tiwlies as a result of Covid, and the impact on cash and resetves to finance the resulting in-year deficit. During ltte year a £1.5m C-BIL loan was secura with Barclays, and drawn down in March 2020, and is reflected in the year end cash balance. It was dsfficult lo accurately forecast the exam income during the summer period. The concentration of the examination Iransacts'ons in the last three months of the financial year. In addition, there were a large volume of deferrals of individual exams. This led lo a reduction of exam in¢x)me Nthich was only fvlly known after the year end. As a result, one of the bank covenants was breached: and accordingly the long-tem loans have for 2020- 21 been shown as $hort-term liabilities. Prior the signature of these accounts Barclays has approved a covenant waiver. At the date of approval of the financial statements, the loan covenants are no longer being breached and it is the trustees, ex￿tstion that there will be no breaches at the 2022 yearond date. a) LAMDA'S consolidated working capita position (current assets less current liabilities} at 31 July 2021 was negative £6,437k12020. negatNe £1,260kl, due to the restatement ofthe long-term108ns. Page 19 of62

LAMDA Llmlt•d iilmw ty guaranll and subs￿lary compgny Trustees, report fortho y•Ar gndod 31 July 2021 bl Within current assets, the bank F)sition on 31 July 2021 was £1,748k12020: £233kl, an increase of £1,515k. cl Total reseNes redu￿1 to £22,993k (2020.. £24,059kl. of which £21,498k is held as a designated fund for building works, FUTURE OUTLOOK In July 2021 the Board agreed a breakeven bLKlget for 2￿21-22, based on prudent assumptions alJ)ut the resumption of examinations activity and income, and student numbers. Indications in autumn 2021 are that these prudent assumptions should be met and despite the ongoing challer)ges of the impaGt of the pandemic, we now forecasl growing profitability for the folk)wng years as we fore¢asl a retum of our summer short course business and a return to previous growth trajectories in examinatson income. P¥Je 20 of52

LAMDA Llmlted IUmEted ty gU8ranleel and Eubsid18ry company Trustso$' r•port for thè yoar onded 31 July 2021 CORPORATE GOVERNANCE LAMDA is cornmitted lo best practice in all aspects of CQTPOFate g0veman￿. It endeavours to conduct its business in accordance with the wellslablished Seven Princ5ples of Public Life (the Nolan Principles} and Mlllh the Higher Education C¢)de of Governance issued by the Committee of University Chairs: as revised in September 2020 Ithe CUC Code). 11 also takes a¢count of other codes or good practice as appropriate, i￿luding those from the Charrty Commission These prinCip￿S and the expectations of the CUC Code are reflected in the Terms of Referen￿ for the Board of Trustees, the goveming ly)dy of LAMDA. As the goveming body of LAMDA: the Board of Trustees is reSp)nsi￿e for the finance, F￿0pety, investment and general business operation of LAMDA and for setknng the strategic direction of LAMDA whilst ensuring the sustainability of the organisation. There are 16 independent members of the Board of Trustee5 plus one student trustee. The Board of Trustees met six times during the year. The Board of Trustees is responsible for the employment of the PrincipaVDirector who in turn is $upporf(ed by the senior managerneNI team. Executive management of LAMDA is delegated on a day-ttrday basis to the Director and Executive Director. The Director is resFKJnsible for the strategic direction of LAMDA and worf(s wth the Board of Trustees 10 shape and define the vision ol the organisation. They exer&se Considerable influence over the developrnent of LAMDA'S ethos and strategy and, supwrted by the ExecutNe Senior Management Team, are resFK)nsible for operational management of the organisation. The names of senior officers who served during the year are listed on page one. In order to ensure good governance, the Board of Trustees has further deated some of its supervisory PDwers to sub committees lo monitor ongoing perfomance in key business areas. During the year there were 8 sub committees-Development, Education. Examinations, Finan￿, Audit & Risk & Nominations, Remunerations and HR. The decisions and recommendations of these committees are formally reported to the Board of Trustees. These committees are f0m￿llY conslituled wth written terms of reference thal are reviewed regularly specrfying membership of the committee and the required number of independent Tnjstees. The Chair of each cornmittee is elected from the independent Trustees. Appointment and induction of Tru8tees Job descriptions for Trustees and for the chair have been agreed by the NoTninations, Remuneration & HR committee. This committee is responsible for &fvsing on the app)intmenl of new Trustees, (including appropriate advertising and interwew prccedures), and making recommendations to the Board. Potential candidates are evaluated and considered to ensure that a balance of releVantexF￿rience and skills is maintained on the Board. New Trustees receive a board induction pack. tours of the building and induction meetings Wlth the Chairman, the Director and relevant members of the Sen￿r Management Team. Time is also spent with the Senior Management Team to equip new Trustees with appropriate information and oversight necessary to fulfil their obligations. Training is offered ￿Ording to need. Executlve management Executive management of LAMDA is delegat￿ on a day-ttrday basis to the Director, who is the thief executive officer. The Director is responsible for the stralegic direction of LAMDA and works with the Board of Tru51ees to shape and define the vision of the organisation. The Director exercises considerable influence over the development of LAMDA'S ethos and strategy and, supported by the Execvtive Senior Management Team, is Pagè 210152

LAMDA Llmltod (Limited lryguarantsEI and sUb￿diery CQtnpy Trustses. rgport for the year ènded 31 July 2021 responsible for operational management of the organisation. The names of senior who served during the year are listed on page 1. Fundlng and regulatory envlronrnent In Spring 2021, LAMDA gained teaching degree awarding powers. and nowvalidate5 its own courses. LAMDA currently operates six full-time higher ￿juCation courses: Foundation D￿ree Production & Technical Arts.. Stage & Screen BA (Honsl Production & Te¢hni¢al Arts {topupl BA IHon$l Professional AclirvJ MA Classical Acting for the Professional Theatre MA Directing MFA Professional Acting Ifirst intake started Sept 20181 Through its Examinations depathent, LAMDA is also an Avrarding Organisation, vthich comes under the UK regulated bodies for this area of its operal'ons. Graded examinations a￿ offered in Communication (Speaking Verse and Prose, Reading for Perfomiance, Using Spoken English. Speaking in Publicl.. Perfomiance IAGting, Devising Drama, Mimingl., Mugul Theatre., Group examinations (Group Recital. Choral Speaking, Group Acting, Group Devising, Group Musical Theatre),. a certif￿ale in Speech and Drama: Perfomiance Studles IPCertLAMI and a Diploma in Communication. Speech and Drama Education ILSDE). STATEMENT OF INTERNAL CONTROL The Board of Trustees who a￿ the direckns of LAMDA Ltd have resFonsibility for ensuring a sound system of internal control supports the aims, policies and objectives of LAMDA whilst safeguarding public and other fvnds and assets for which it is responsible. Arrangements for internal control are based on an ongoing prccess designed to identify and manage the principal risks lo the achievement of the aims, policies and objectives and evaluate the likelihc#)d and impact of those risks becoming a reality. A risk register is maintained and reviewed at every meeting of the Audit & Risk Committee and regularly by the senior managementteam. The register must ￿ updated at least three times per year. 11 considers the areas of risk and their mit'gation in order that Ihe Audit & Risk Committee may advise the Board of Trustees and ihe senior management team. The Committee will consider carefully how much risk can reasonably be taken wth regard lo a particular siiuation or initiative. The Audit & Risk Committee is a 8ub-Committ of the Board of Trustees and is responsible for reviewing th8 effectiveness of internal control systems and tr) approve any additsons amendrnents to those systems as necessary. The Committee meets at least four times per year. The Chair of the Committee submits a reFQrt at every Board of Trustees, meeting. LAMDA engages independent intemal auditors to report on ser￿ted areas of intemal control and in 2019-20, intemal aLKlits were carried out on key financial controls, student mental health and data govemance, risk management and IT strategy, services, and security. The auditors concluded that the control frameworks for student mental health, data govemance and IT strategy.. semces and Security provided sattsfactory assurance, but that they could yovide only limited assurance for key financial controls and risk management The weaknesses idenkn'fied in financial controls related to Lqck of fomial follow up wth budget holders over management ￿Lbnts variances. incomplete record keeping on some reconciliations and delays in issuing purchase orders. Management has committed to improvements in the$e areas and has now implemented more regular formal meetings with budget holders and I'ghter controls over the issuing of purchase orders and record keeping over reconciliations. Intetnal auditors noted that management had made good progress in implementing the recommendations made in previous audtts. The irrtemal audit report wa5 re￿iVed by the Audit & Risk Committee. Page 22 of52

LAMDA UM1t￿ IUMW bygu&ankno1 and subsk1lary￿rrtTry TFustse8' roport forth&year•nd•d 31 July2021 BOARD AND COMMirrEE DAEETJNG8 The Board of Trustees mat 8even Ilmos durfNJ th¢ year. Much of the B￿rd'S detailod work k del8gabJ to LAMDA'S 8tx su&committees, namèty.. Development., Educallon., Examln'ons', Finance: Audlt& Risk; Nominatir￿, Remuneration & HR. Recommendatlons Dfth&sa commitie88 are made to th8 8oard for discussion and 8pproval at rts meotwy. Tha rOs￿￿tiVe respon￿bIlitits of these txmmitteos are as foll￿$.. Development Worklng wfth tho devèknFMnent t8am to help Id8n¥fy f￿￿￿￿1￿1ng OF)POrtunities to ensuTr that FM)38ib￿rtle8 are m￿MiSed and exp]ored. consi￿1ng HE matters on ￿hell0f Ihe Board of Trustegs. In¢luding thé lOn￿terM skngy tn relailon to developmgnt of HIgtr￿r Education. R6v16wng ?ctwtlng rfjgui8Wc￿wnp1Ia￿I8eIf-a$$Osfftnt reports and advising on businttss Strategy aThJ davelopment of L4MDA's qualificatlons syllabu5. Revwing th8 quarterty arS annv81 results and rAe8entiThJ the annual budggtfor Boa￿ approval. EduGatlon Examlnatltsns FlnanGe Audh & Rlsk Ensudng that LAMDA operate8 under an appropriate and rcJust r18k- management r8gmè and has adequate arrangements for enwing o￿nOMY. effi(xgncy and effècti￿89s. Nomlnations, Adwsirrfj on Trustee 8PPtxntrnents and Boanl composition, staff R•muneratlon HR remunerat•)n and HR rKdKies, setty the salary of the Director. The Board has agreed tsrm of reference for aN cNnmittees and th8 majority of Mem￿18 on gach comttlea are trustees. Extemal members wilh speeialist exwtise may be (xyjted, provid￿ that twstses remaln In the majority. Approv8d by the Board on 20th J8nuary 2022 and ned on its b8haWby The Rt Hon Shaun Woothiard Jocelyn Prudenc8 Page 23 (Sf 52 Lord Tom Chandos

LAMDA Llmlted (￿Mi[￿d by w8rante81 a[￿ Eubsidiary ump8ny Trust89s' r•port forth8 y8ar •nd8d 31 July 2021 Chairman Interim Diwtor Director Statement of Trustees. responsibilities for the finan¢lal ststements The Trustees, who are also directors of LAMDA Ltd for the PUTWJse of¢ompany k3w, are responsible for preparing the Trusl88s' Repart and the accounts in accordan￿ wth applicable law and United Kingdom Accounting Standards (unit￿ llngdom Gener8lly A￿pied Accounbng Practice}. Company law requires the Trustee$ to preyare financial statements for exh financial year and not approve tho financial statements unless they are sab"sfied that the fin8nual statements give a true and fair view of the stale of the affairs of the Charity as at the balance sheet date and of its incoming resources at￿ application of resources, including in¢ome and expenditure. for the year then ended. In preparing those financial statements which give a true and fair wew. th8 Trustee5 strK)uld follow best practice 8nd: select suitable accounting policies and then apply them Lx)nsistenUy, observe the methods and principles of the Higher Education SORP., make judgements and estimates that are reasonable and prudent, slate whether applicable ￿oUnting standards and statements of recommended practice have been followed, subjecl to any material departures disdosd and explained in the financial statements,. prepare the financial statements ¢)n the going con￿rn basis unless it is inappropriate to assume that the charitable company wll continue on that basis The Trustees are responsible for keeping accounting re¢ords vthich disclose ￿th reasonable accuracy at any time the financial F)OSition of the charitable company and Nthich enable them to ensure that the financial statements comply with the Companies Act 20D6. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevenlion and delection of fraud and other irregularities. The Trustees are responsible for the rna1ntenan￿ and integrity of the corporate and finaneial infomiation included on the charitable Company's website. Legislation in the United Kingdom goveming the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions. Each of the directors, who held Offi￿ al the date of approval of this Trustees, Rewrt, has confirmed thal there is no information of which they a￿ aware which is relevanl to the audit bul of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and lo establish that the auditors are made aware of such infom)ation. Pag8 24 of 82

L4MDA Lknlted IUrTrled ty guardntsel and 8ubsldlary ¢￿panY Independent Audltor¥' Reportto thp lknb•r5 of LAMDA Umlted for the year ended 31 Juty 2021 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LAMDA LIMrrED Opinlon We have audited the financial statements of LAMDA Limited for Ihe year ended 31 July 2021 which comprise the Consolidated Statement of Financ4al Activities: the Group and Company Balance Sheets, the CDnsolidated Statement of Cash Flow5 and the notes to the financial state￿nts, induding a summary of significant xcounting policies. The financial reporting frarnework thal has been applied in their pffparation is applicable law and United Kingdom Accounting Standards. including Financial ReF￿rtITrg Standard 102 The Financi81 Reporting Standard applicable in th& UK and R8public of Irsland (United Kingdom GeneralSy A¢￿pted Accounting Practice). In our opinion, the financial ststements-. give a true and fair view of the gtate of the group's and the parEnt chaitable company's affairs as al 31 July 2021 and of the group's net movement in funds. induding the income and eX￿nditUre. for the year then ended., have been properly prepared in accordance with unit￿ Kingdom Generalty A(￿epted Accounting Prxtice., and have been prepared in accordan￿ with the requirements of the CompanTres Act 2006. Basi8 for opinion We conducted our audit in accordance wth Irtsrnational Standards on Audits'ng {UK) IISA$ IUK)) and applicable law, Our responsibilities under those standards are fijrther descrited in the Auditorfs responsibilities for the audit of the financial stslements section of our reporL We are independent of the group in accordance wth the ethical requirements that are relevant lo our audit of the financial statements in the UK including the FRC'S Ethical standard, and we have fulfilled our other ethical responsiknlities in a(￿rdance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appr(¥)riale to provide a basis for our opinion. Rfjsponsibilltie8 of trustges for the financial statements As explained more fully in the Statement of Trustees, Responsibilities on page 29, the Tmstees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial ststements and for being satisfied that they gNe a true and fair view, and for such intemal control as the trustees determine is necessary to ￿able the preparation of finanaal statements that are freè from material misstatement, whether due to fraud or error. In preparing the financial stalemenls, the trustees are responsib￿ for assessing the group's and the parent charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of ￿oUnting unless the trustees either intend to liquidate the group or the parent charitable company or to ceage operations, or have rK) realistic altemative bul to do so. Auditorf8 re8ponslbilities for the audit of the finandal statements Our objectives are to obtain reasonable assurance atK>ut sthether the financial statements as a whole are free from material missL8lemenl, whether due to fraud or error, and to issue an auditor's report that inclLJdes our opinion. Reasonable assurance is a high level of assurarKe t￿11 is not a guarantee that an audit conducted in accordance with ISAS IUKI will a￿VayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, Ir￿1VIduallY or in the aggregate, they could reasonably be exFecled to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilib'es for the audit of the financi￿ Statements is locat￿ on the Financial Repolting Council's website aL" wvrn.frc.org.uklaudltotsrespon8ibilitses. Conclu51ons rglating to golng concem We have nothing to report in respect of Ihe foll￿ng matters in relation to which the ISAS {UK} require us lo report to you where.. the tNsl*s' use of the going concern basis of atxxjunting in the preparation of the financial ststements is not appropriate-, or the trustees have nol disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent charitable c(xnpany's abilty to continue lo adopt the Page ￿ of $2

LAMDA LThilgd Iumttad by guaiarteel ¥nd subsidlary company Independent Audltorn, Report to thè M$mbors of LAIADA Llmlted for the yo8r anded 31 July 2021 going concern basis of a￿oUntIng for a periTrJ of at least months from the date when the financial slalements are aLrthorised for issue. Other Infomiatlon The trustees a￿ responsible fcKthe other informatb)n. The other infomMtion comprise5 the information included in the Trustees, Report. Our opinion on the financial sfatomenls does not Cover the other infomwtion and, except to the &xtgnt otherwise expI￿ltIY staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial sLements. ¢)ur ￿spOnSIbl1rtY ts lo read the other infomation and, in doing so, consider whether the olher infomialion is malerialty inconsistsnt wrf(h the financial statements. or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we idenlfy such material inwnsistencies or apparent material misstatements, w2 are required to detemiine whether there is a m8leri81 misslalernent in the financial stslements or a material misstatement of the other infomiatK>n. If. based on the work we have performed, wè n¢lude that there is a material misstatement of thi5 other infornation. we are required ID report that fact. We have nothing lo report in this regard. Opinions on other mattgrs prèscribed by the Companles Act 2006 In our opinion, based on the work undertaken in the CQUTSe of the aLKlit'. the infrjmiation given in the Trustees Report (whth incorporates the strategic report 8nd the directors, report) for the financial year forwhith the financial statements are prepared is ￿nsIStent with the financial slalemenls., and the Trustees. Report (which incorporates the str&egK report and the directors, report) has been prepared in acwrdance with applicable legal requirements. MatterJ on whlch we arn r8qulred to report by exception In the light of tha knowledge and understanding of the group and the parent charitable wmpany and its environment obtained in the course of the audit, wg have not klentffied material misstslemenls in th8 Trustee5' Report {which incorporates the strategic report and Ihe directors. reporti. We have nothing lo report in respect of the folkprtlng matters in relation to which the Companies Act 20(6 requires us to report to you rf, in our opinion.. adequate accounting ￿cordS have not been kept by the parent charilable comp8ny', or the parent charitable company financkgl ststements are not in agreement wrth the accounting records and retums., or certain disclosures 0ftruste￿. reMUneral￿n spe¢[f￿d by ￿ are not mad&', or we havè not received all th& information and explanations we Nuire for our audiL other matters prescribed by the Office for Students We have nothing to report in respect of the following matters in relation to which the Office for Students {'OfS'I requires us lo report to you in Regulatory advi￿ 9.. Accounts direction rf, in our opinion. in all material respects.. Where applicab18, funds from whatever source administered by the provider frjr specrfic purposes hava been properly applied to those pU￿oseS and managed in accordance with relevant legislation., Where applicable, funds provided by ors, UK Research and Innovation lincluéing R8s&arch Englandl, the Education and Skills Funding Agency and the Depattnent for Education have been applied in accordance with the relevant 18mis and conclitions-, The requirements of Ofs's accounts direction have been nt. The providers grant and fee income, as disclosed in the accounts. has boen materialty misstated. The providers expenditure on access and partiapation activities for the financial yoar ha5 been materialty misstated. Use of report This report is made $0Sely to the charitable company's m8mb8rs. as a body. in accordance with Chapter 3 of Part 16 of the Companies Ad 2006. Our audit woik has b￿n undertaken so fhat we might state lo the charitable company's members those matters we are required 19 slate to them in an Auditorfs report and for no other putpose. To the fullest extent pemiitted by law, we do not ￿pt or assurnF> responsibilty to anyone other than the charitable company and the charitsbl& companys members as 8 body. for our audit work, for this report. or for Iho opinions we have formed. Pagg 26 of52

LAMDA Limited (Urnited by Buaranteel and subsidiary Cirnpany Independent Auditorn, Rèport to tha mam￿￿& of LAMDA UMit•d for ti)e year end& 31 July 2021 Richard Weaver Senior Slatulory Audiior For and on bohalf of Hay5mxintyre LLP, Statutory Auditors 26 January 2022 10 Queen Street Place London EC4R 1AG Page 27 of 62

LAMDA Limited Ilimrted by Guaranteel and 5ub5idiary company Grtsup Ststsmènt of Finanelal a¢tIvitI￿ lin¢luding In¢om• #nd exp0ndl￿re a¢¢0￿￿t) For the y8ar ending 31 July 2021 The notes on pages 4(k55 fomi part ol tr￿se a(￿￿nts [G￿er&I Funds] un￿trICted D961gnatgd Restrl¢ted Total funds funds 2021 Tot￿ bJnd5 2V20 In¢ome: Tultion Fee5 and educatj'on conlraets FuTrJing B￿Y Gmnts Other income Dunalions and EndowrT In￿B5th￿nt Income 4.28S.5rJ 1.734.712 4.1(M).15 116.tr29 4,286,523 1,734,712 4,100.15B 802.OSO 4,552,917 1,499,723 3,￿￿,135 e01,428 5.842 686,021 1￿237,422 886,0 10,923.443 10.466.045 Expendlture: Staff cost5 Other (y8rabng Ew8nse8 Dop￿Clat￿n Interest and 0￿r finance c05t5 5,079,105 4,911.1 1.220,646 170,020 5,079,105 4S18,939 1.220.046 170,020 5,825,303 5,049,904 1,232,443 144.273 607,886 Total 11.380 824 007,886 11988.710 12,251,923 Net Surpluslldèficltl for the year before funds trartsfers 11.143,402) 457,￿1 78,1 11,(185,2671 11,785.8791 Funds trart5fers {457,5611 N81 Surpluslldeficltl for the y8#r aftor lund$ trangfers fj85.841 457.561 78.135 1,065.267 1.785,879 Fund balanc85 brought forward at 1 Augl￿t Fund balances carrled forward at 31 July 1,755.188 21.￿,91> 21A98.358 347,965 426.100 24,059.072 25,844.950 24,OS9,071 e group statenEnt olf.nanclal actiM￿ has been prepar￿ on the basls that all q)eAti(¥￿ A￿ eontlnulng operations. Tre state[￿nt of financial aCt￿ltieS indudE5 all gains arKI losses rEcogni￿j in the year. Paga 28 0152

LAMDA UmltadlUn•a bywernntsel C•rwrrts30¥ Qroup B8laN0 8heot Forthe yeaTendlrvJ 31Juty 2021 Flx•d a•48ts Intangab￿ ts5rt8 T￿gI￿￿e 3,572 753.287 2D,SIO.S11 10 30.W,244 Doblors 12 31.63• 1.748JBJ 1475.973 ¢urr•htllobllJth• Crothtorv. Smuntfdiw 1.033.1 14 911017) (2.293,33BI Iw,e44) 11.2&11721 09,072 C(trkn.' amnts 18ll￿ nfiye 145 18 347 Dé¥lgnotOd fund8 21,966,91È 18 1,765,18& Totsl Charfty Fuhd Ih&ThrtT6s￿l￿L￿)A0A LW 88 a ld£1.(He8w. d￿￿￿£1.78&87Bj . •wov&J by IkTrwt The RL Hon. 8ho Chal Lovd ChaAdor re(4tsrpnd Cha￿ClthB Pago ￿of52

LAMDA Llmlted (Uryd tygua￿￿OI c4jx￿rynuner?644S6 Forth8 y8arond8d 31 July 2021 Thg notes on pages 4fr55 lom) wt Oft￿ ￿nts 2020 Frxod wets Ivtanal￿¢ 48set8 Tary￿18 w8ts 503,572 2U66.83ts 345 7W387 21615,911 10 29M.741 ,589,544 stock DgblorJ 8hort I0[￿￿￿￿t8 and calh 12 19 818,203 171.430 1.010.586 l.W,315 Currnnt Ilabllltlps 14 Net ctirrqnl IlabllldeB rotal o•gt8 ¢urront n•bNltreo (238fj,83¢1 IW.334 gBTJ09 11267.24BI 29,3D2,296 CrOth￿ dve after rfVX8 y88r 15 24.052.20 Fundg RMtrl¢t•d fund# 18 547, Do8lwthd 21,055,918 G￿0181 ￿n￿trIcted trjnd I,U62,%1 1,740.41 Ttstal Charity Fut)d• 24,052,29& Apprw•Y Th• Chakrn 7homaB Chandts [Mr•￿and Chbk Dfth• Flnanoe ￿t￿l￿￿te& P29e 30 of 52

LAMDA Llmlt•d (Llrited by gu8ranteel Conyarty nLrf*r364456 For the ygar ended 31 July 2021 The notss on page5 40.55 fonn part of1hese actawrrts Group Cashfiow Statoment For tho y•ar •ndod 31 July 2021 Ncle8 2021 2020 Caeh fflows from oporatlng ￿￿¥11109 Opgratlng proNVI10551 for th• yMr Adlustmont3 for. Depreo41i AmDrtisation of IntarYJitrAe assets Inler8sI incorrts in irNesting acbwt InlÉrast pald on k)ng-tèmi lo Profit on dlsposal oftsd assets Ilnctyase)l¢Je¢oase in sto Ilntt8aseldacreasa In d8blor8 IDecreasellincrea5e in Éhort codito C88h Irom op8r8t6ons 1.OJO.932 189,715 1,048,813 185.830 15,8421 144.273 170,tJ20 193295 272.839 (494,367) 517,764 C88h flow8 from Invostlng actlvltlo Interest incorr ProcÉ8ds from sale of 8qulpment ymenl lo a￿ul[e tangible fixed assets Pay￿nt to acquire 1ntarolb￿ fikBd assets Cash provided by (used In) InVas￿n9 aGtMIIo8 5,842 181,¥501 Ill8.￿) 254.294 1367,LXI81 181,8501 Cash flow5 frorn firwnclng 0r¥vl¥os Inlere$t paym8n RepayTTEnls ofamwnls bo[rov￿d New $e¢ured bar 170.0201 12gJ,c¥)01 1144.2731 1166,66n 1,079.980 1310,9401 Increas￿Ide¢re￿I fn cash arKI Gosh •quival¢nts In thè yèar 1,515.894 11.172,315) Cash and cash equvalenls at ￿ginnI￿j of the yaar 23lSty) 1,404.815 Total Gash Ga¥h e4ul¥algrrts atthe •rKI of thè yoar 1.748.394 232.STr) Page 31 of52

LAMDA Llmltod ILKnited by g￿rantee nd subsidary ¢omp8ny A¢¢ounting pollcles For tP￿ y8ar onded 31 July 2021 The principal accounting wlicies adopted, judgements and key source9 of estimation uncertainty in the preparation of the financial statements are as follows-. Bas18 of proparation The financial statements have been yepared in ￿(X)rdance th Accounting and Reporting by Charities., Statement of Recommended Practice applicable lo Higher Education Institthions registered as charities preparing their ac¢ounts in accordance wth the Financial Reporting StarKlard applicable in the UK and Republic of Ireland (FRS 102, is$L￿d March 20181- (Cha[￿eS SORP IFRS 102)), and the Companies Act 2006. LAMDA Limited meets the definition of a wblic benefit entity under FRS 102-and the￿fOre has applied the relevant public beneflt requiremer¢ts ol FRS102. Thg finanGial gtatements are prepared in xcordance with the historical cosl convention unless otherwse stated in the relevant note lo the financia statements. Preparation on a golng concern basis The trustees ¢onsider that there are no material uncertainties alxM]t LAMDA'S ability to continue as a going concern. A f ve-year plan has been prepared up to July 2024 ￿Ech forer29ts a reium to surplus over the period. The plan has been shared w(ch LAMDA'S bankers and LAMDA exFeCts that itwill continue to meet the covenants in the long-term loan agreement which is described in Note 15. The review of the position, reserves and futu plans gives the trustees confidence that LAMDA remains a going concern for the foreseeable future. Basis of consolldatlon The results of LAMDA Limited's wholly subsidiary undertaking- iAMDA EnterFxises Limited- have been consolidated in th8 finaniaal statements. More details of the subsidiary are disclosed in Mote 11. Accounting ludgom8nts and estimates In preparing the9e financial statements. management has made judgements, estimates arbd assumptions that affect the application of the accounting policies and the retx)rted assets, liabilTties. income and expenditure and the disdosures maée in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including exFeCtations of fv￿re events that are Èelieved to be reasonable under the circumstan￿. Managementwll also consult appropriate professional advisers when necessary to dete￿Ine estimated income and expenditure. The key estimates and assumptions in the financial statements are.. Useful econom￿ Iwes of tangible and intangible assets The annual depreoialion charge for tsngible assets and the amorlisation charge for intangible assets a sensitive to changes in the eslimated useful economic lives of the assets so these are re4assessed annually and amended when necessary lo reflect current eslimales. LAMDA has applied to the Quality Assurants Agency for Higher Education to ￿ granted degree awarding powers and costs in 2021 have been capitalised as an intangible asset on the ￿UMptIon that it will be granted the right to award its own degrees. Theatre tax The tax claim for 2020-21 has been esb'mated based on previous tax claims and theatre prcductions over the past three finanaal years. Recognltlon of Income Income is r￿n]Sed once there is an entsdement to income. 5t15 probable that income will be received and the amount of income recewable can be Measur￿ reliably. P8g6 32 0152

LAMDA Llmlt•d (Limlled ty guarantee} and subsId1￿ coryany Accounting pollcles For th& year 31 July 2021 Tuition Fees Tuition fees represent all fees charyeable to students or th￿r SFXJllS(X5, reretved and re￿1Vable, which are attributable to the currenl accounting period net of discounts. The cost of any fees waived by LAMDA Limited is deducted from tuition fee income. Butsaries arKI scholarships are accounted for gross as expenditure and not deducted from income. Donations and Legacies Donation8 and gifts are included in full in the staten￿nt of Financial A¢tivtties when there is entitlement. probability of receipt and the amount of inwne r￿1Vable can be measured reliably. Gifts in kind Gifts in kind represent as5els donated for distribution or use by the charity. Assets given for distribution are recognised as income only when distributed. Assets given for use by the charity are recognised when receivable. Gifts in kind are valued at the pn￿ the charity would Other￿Se have paid for the assetg or the Trustees best estimate of this value. Grants Grants ar8 recognised in full in the statement of financial acbvibes in the year in whth the charity has entiltement to the income, the amount of income re￿Vable can te measured reliafrAy and there is probability of receipt Grants received lo fvnd capital e%pendrtU￿ are recorded as restncted income and transferred to General Funds when spent Grants and donations are only deferred when the donor has imposed condiliong that must be met before LAMDA Limited has unconditional entitlement Income f￿M charitable activities Income is recognised from charrtable ?cttMlies as eamed %then the related services are provided. Income is recognised from other trading acttvities as eamed when ihe rdated gocxls are provided. Investmont income Investment income is recognised on a receivable basis once Ihe amounts can be measured reliably. Expendlture Expenditure is ￿cognIsed once there is a legal or ¢onstNthe obligation lo make a payment to a thiré party, it is probable that settlement wll be required and the amount of the obligation can be measured reliably. Expenditure Is classiff ed under the following actiwty headings". Costs of raising fvnds are those incurred in attracting v(Auntary income and in fundraising actwities. Expenditure on charitable actNities inclLvJes all costs related lo the awarding of grants and the costs of Drama School and Examinab'ons. I￿9c0Verab1e VA T Irrecoverable VAT is charged as a cost against the actiwty for which the expenditure was incurred onty in the case of fixed assets, but to a separdte general ledger ctxle IDr all othet expendibJre. Allocation Expenditure is allocated and apportioned into various categories. Direct costs are all¢xated to each activity, as are costs that can direcdy 8PPOrtioned to each acbvtty. SupFK)rt (x)stS TElating to central Services including management aftd administration are allocated to setvitE areas on the basis of either floor area or gross expenditure. Operating le8S8S Rental charges are Charyed on a straight4ine basis over the lrfe of the lease. Page 33 of 62

LAMDA Llmlted guarntteel 8thsidiary Gompary Accoundng pdielè# For the year ended 31 July 2021 Investments Investments are a forrn of basic financial irbstruments and are inibally sh￿vn in the financial statements at mathet value. Movements in the market values of investments are shown as unrealised gains and losses in Ihe statement of Financi￿ Activttses. Profits and losses on the realisation of investments a￿ shown as realised gains and losses in the Statement of Financial Activitvas. Realised gains and k)sses on investments are Cakulat￿ be￿een sales proceeds arKI their opening carying values or their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the differents ￿tween the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Flxed a88ets Fixed assets are stated al cost or deemed cost (donatod valuation at estimated fair value) less accumulated depreciation and impairment losses. Assets cosb'ng more than £2,000 linclusTve of VAT) are capitalised. Fixed assets are not depreciated or amorbsed unlil they are brought into use. Depreciation and amortisation are calculated lo write off the Costs of the fixed asset on a straight-line basis over their useful economic lives as follows.. Freehold buildings Repairs to freehold buildings (upon the nature of the repair) Plant and Machinery Office and Ihealres fixtures, fittings and equipment Studio and stage equipment Computers and IT equipment Intangible fixed assets 50 years 50 years or 10 years 10 years 10 years 3 years 3 years 5 years Freehold land is not depreciat￿. Intangible fixed assets comprise Cloud based IT sorfft￿. Office for Students {OfS) registration and Degree Awarding Powers application developments. Crgditors and prov181ons Creditors and provisions are recognised where LAMDA has a present obligation resulb.ng from a past event that 11 probably result in the transfer of ￿ndS to a third paty and the amount due to settle the obligation Gan be Measu￿ or eskn'maled reliably. Debtors Short term debtors are measured at tran5aGb"on price, less any impainnent. Stock Stock is carried at the lower ot purchase cost and net realisable value. Cash al bank and in hand Cash at bank includes ourrent and deposit accountswhich are immediately awailable. Cash in hand is petty cash floats. Page 34 01 $2

LAMDA Llmltod ILknited guardnteel and sub51dlary conwany Accounting policie5 For the year ended 31 July 2021 Forelgn currency Monetary assets and liabilities derK)minated in foreign currencies are translated into sterting al the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are recorded at the rale prevailing at the dale of the transaction. All differences are recognised in the Statement of Financial Activities. Flnanclal inslrumonts All financial assets and liabilibes are basic financial instruments as defined in FRS 102. Basic financial instruments, including trade and other debtors and creditors. are Inib'dly re(y)gnised at transxtion value and subsequer)tly measured at th￿r settlement value. Funds Unrestricted fvnds are donations and other income received or re￿￿atrIe. These funds may bg Used al the discretion of the trustees towards meeting LAMDA'S charItat￿e objectives. Designated funds are urtrestr￿ted fuThJs eamiarked by the trustees for parbcular purposes. Restricted funds are those funds which a￿ io i* used in ￿)rdance sp￿ffic instructions imposed by the donor or trust deed. Employge benefits Short tomi ben￿lts Short tem benefits including holiday pay are rwnised as an expen8e in the period in which the seNi¢e is received. Employee tsrnilnatlon beneflts Termination benefits are accounted for on an ac¢rual basis in accordan￿ FRS 102. Pension scheme LAMDA operates a defined contrtbulion pension scheme ￿ Ihe benefit of its eTnployees to which LAMDA contributes. The assets of the scheme are held independenlly from LAMDA in an independenuy administered fund. The pensions costs charged in the finanaal statements represent LAMDA'S contributions payable during the year. Logal slatus LAMDA Limited is limf(ed by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee 1$ limited to £1 per memter of the charity Page 35 0162

LAMDA Limited (LI￿ted ty guarantee) 2nd subsldiary compary Notès to the flnanclal 8tatgmgnts Fgr thg yaar 6nd&J 31 July 2021 Tultlon Faè IThcDmé Incomo from Hlgher E+Ju¢4tioD Courty¢¥ onlEU students- undergraduatp BA c(XmS rgeas students- Und￿radUate BA tAxJtsÈs Ac¢rÈdited Shakpeare 5un¥rr ¢otUse Semestercourse8 Totsl undorgr￿u8ts 1.269.149 431694 ¥740 262.809 1,176.429 386,492 742,￿0 2,3Q5.872 2.059,292 Horn6lELI stLKlents- po$tgryddu8ie cow88S 709.3Q2 Overseas 5tuden15" PQStwu* ciHKses ￿26¥ Total po8tgraduote 4.187 1.067.561 1,460,277 TDtal 3.766,148 In¢orno from othèr cour8OB Non 8GNediied short cowses Fwnd8tim Goursos I￿,121 401.650 384.859 401.910 Totsl fj69.671 788,789 Total T￿[110￿ Fw Incom• 4 552 917 Grant and Tg14t•d Im¢¢m• d5 fund5 2020 Offlce foi $￿eT￿ts T88chlng Grant 9her Educalw IntKvabon Fund IR8search Ewl Offee for StLMlents c3Pita grdnt Office for Stt￿ents hETdstrip DHSC COV￿ Te5tiw Granl 126.12B 1.550,797 17.395 11.931 28.463 1.734.712 126.126 1.550.797 17.396 11,931 138.289 1,350,119 13,315 1734,712 1.499,723 These wants are al tom gthfrrwrent tmtl5. Page 36 of $2

LAMDA Llmited ILkn1￿￿ by guwanteel and S￿8￿d￿ary company Notss to the ff nanclal 8tat•monts For tho y¢ar ended 31 Juty 2021 Incom8 from donAttoTh8, 1oga¢l•s and tradln# a¢tMtles Unreslricted fund5 R8$kn￿e tund$ 2021 2020 Voluntary Income Oonations LegwGYaS 116.028 487,771 198,250 603,799 198,260 801,428 116,028 686.021 802 049 801,428 Other Incomè E¥amlnatlons and relat￿ actwite5 Trading acti*ili88, events fvn¢tior Student acconwnodation Mi5GEllaneou$ In¢crtne L8nd and rental Income Theatr8 Tax relief Audltion Fees Writebs¢k of prwgujly accrued ir￿rne Intern￿ in¢ome Furtough rebate from HMRC 3.750.167 69,522 24,994 41.328 16,492 112.215 3,750,167 69,622 2,530,146 180,016 193,424 30,164 39,737 118,340 111,995 6,576 41.328 16.492 112,215 82,688 2,752 37 2.752 37 398,737 3,806,135 4.1fy).195 4,1NJ,196 Inv88tmont income Unrestrkthd funds Designated fund fijnds 2021 Bank interest rgCoNth8 Prior Ygar Un￿$tricted fvrKIs ReStr￿t9d funds Desunated fund 2020 Bank iDtereg1 ￿Ce￿a￿ 5.842 5.842 Page 37 of 52

LAMDA Limit8d (Limitèd by 9U8ranteel and subsidiary company Notes to the flnanclal Statements For the year ended 31 July 2021 5 Staff costs and employee8 2021 No. FTE 2020 No. FTE Drama S¢hool Examinations Fundraising Trading Activities Management and administration 52.2 33.3 48.2 27.0 28.8 124.7 120.7 2021 2020 The average number of ernployees lfijll and part-tlmel durlng the year was as follows.. 176.6 196.0 2021 2020 Sl8ff costs for the above persons are analysed as follows.. Wages and salaiies Social Security Pension costs Redundancy payments Holiday Accrual 4,391,712 421,615 155,124 47,392 63,282 5,079.105 4,936,091 474,835 171,174 200,000 43,203 5,825,303 The redundancy cost of £47,39212020.. £200,0001 a￿ costs ol a restructuring programme which was agreed by the Board of Tiustees on July 23 2020 and completed in January 2021, Staff costs In 2020-21 included £432,578 paid lo Staff on furlough. 2021 2020 Staff c05t8 (for the above persons) a￿ analysed as follows.. Drama Scttool Examinations Fundraising Trading Actwities Management and administration 2,405.043 1,303,134 111,630 2,933 1,256,365 5,079,105 2,958,376 1,046,174 259,902 89,864 1,470.987 5,825,303 In January 2021 the staffing structure of the Diama Department was redesigned to increase the number of staff on permanent fixed hours conliacts and lo ￿duce the number of teaching staff on hourly paid employment contracts, while also bringing in more freelance specialists. Freelance costs are ￿pOrted withln other operational costs and are not included here. Page 38 of S2

LAMDA Limited ILimltsd by guaranteel and subsldiary company Notes to the financial statements For the year ended 31 July 2021 5 Staff costs and employees Icontinuedl In 2021 one employee received basic pay in exces5 of £100.00012020.' 01. 2021 2020 Remuneration of the Acting Principal from August 12019 to November 5 2019 was as follow5.. Aug-Nov 2019 23,987 1,313 25,300 Basic Pay Pension contributions Nov 19- Jul 2020 Remuneration of the Director was as follows.. 2021 Basic Pay Ptrnsion contributions 105,931 S,366 111.297 85,852 3,000 86.852 The Directof s basic Salary was £105,000 from September 2020 12020.'£109,840 equivalent for Principal and Acting Principall. This was 3.0 titne5 the median of staff basic pay 12020." 2.7 times) and her total remuneration was £111,29712020 £114,152) which was 3.0 times the median of staff lolal remuneration12020.' 2 5 limes). The remuneration of the Director and Acting Principal was and 15 determined by the Board of Directors acting on re¢ommendations from its Nominations and Remuneration Committee. The key management personnel comprises the senior rnanagemenl team and 1$ m8d8 up ol the following positions ithin the oigani5alion.. Director Director of Partnerships and Extern81 Relations Executive Director Director of Development and Alurnni Relations Head of Exarninalions DI￿￿0[ of Finance Executlve Dean of the Drama School The composition ol the senior management has changed since 201&20. when 10 Senior staff were members of the senior rnanagemenl leaffl.. Director Executive D1￿ctOr Project Manager HEI He8d of Examinations Head of Finance Dire¢tor of Development & Alumnl Relations Director of Business Development Head of Student and Academic Seivices Head of Technical Training Head of Drama School 2021 2020 Salaries Ernployer national insurance contribullons Employer pension conlribulion5 Compensation payment Legal expenses 561,785 68,943 26,254 786,848 97,859 35,148 656,982 919,855 Average annual salary of key management personnel Ihead¢ounti 82,112 71,532 Page 39 01 S2

LAMOA Urniled IUmi18d by guar8nleel and subsidiary ttonyany Notas to th• financlal statements For tho year etKkd 31 July 2021 8 Other Operatlng Exp•ns•• Un￿tr￿￿d 'nds Restricted funds 2021 2020 Exarninations Drama school Student support Commercial activrtB8 IT and facilities Central costs 1,283,874 1,225.218 203.926 146,883 1.034,867 1.016.465 1,283,874 1,225,217 717,586 148.883 1.128,894 1.018,486 1,070,562 1,092,905 860,146 309.805 1,052,4Q8 $64,078 513.660 94,227 4,911,053 607,887 5618 939 5,049,904 The figur&8 Include the followlng expendlture Io 8￿pF￿0rt skndents In Ilnanclal hard8hlp, and to èneourage the wldest pool of applI￿ltIonS to LAIKIA.. 202tH1 R&ftFcfr8d gXP8nditu ex￿nthtu Total Bursaries and 8elo18rshlps Welfare and medical support Accx8 and participation and outreach pwramw Audition reg WalVgT5 97,500 95,973 68,976 444. T84 21,473 11278 642.284 117.447 82.254 265 293 479.535 744,B29 201940 UnfPStrict8d expendrtur8 R8strtct8d 8XPBnditu Total 8ursaries and scholarships Welfare aThJ medical 8UPPQrt Ac¢Èss and participation and outreaL programft Audition fee wawers Capftal expendrture to enhance physirAI arxessibilrty 454.815 543,315 88,232 155,925 5,692 88.232 32.320 5.692 123.605 578 420 T￿,585 7 Movement In net I￿ome for the year 2021 2020 After Chargiry.. Dep￿CIall0n Loss on disposal of fixed assets OperatirNJ leases- a￿1 buiklirus Operating leases- otFEr Auditors remu*ration ALNJil Other Serwces Eyper69s reimbu15ed lo tntstees 1.220.646 1,232,443 85,769 88.770 34,940 5.750 24,290 3,960 exper￿eS were reimbLTsed to tr(stees in t￿ cwrert year {2019: nill. Tr￿Stee ￿e1Ved reMu￿ratIon in thè cwrent or Pr￿)r year. Pag8 40 of 52

LAMDA Limited (Litniied by guarantee) subsidiary cornpany NotOS to the financlal statements For the year ended 31 July 2021 B Intangible aSSBt$ Group snd Comp8ny Examln&tlon8 & Student Record System5 Web51te Do¥elopm8llt Doyree- Awardin9 Powers Costs Total Registratlon D0Volopm8nt Costs Cost or valLbation At 01 August 2020 Addition5 DisposaL8 724.589 143.371 80,614 187.735 1.136.309 At 31 July 2021 724 $89 143.371 80.614 187735 1.136,309 DepreGiatyon Al 01 Augusl 2020 Charge for Ihe year Disposals 339.704 144.918 28.674 28,674 14,644 16.123 383.022 189.715 At 31 July 2021 484.622 57.348 30,767 572.737 Not botsk valuo At 31 July 2021 239,967 86,023 49.847 187,735 563,572 At 01 Augusl 2020 384,885 114,697 65,970 187.735 753,287 9 Tgngible as$èts Group and Gompany Fro?hold land and bulldlng8 Plant & 1￿chInery OflicE, studlo, & productlon equipmwt IT oqulpmgTrt Total Cost or valuatlon Al 01 August 2020 Additions Reclassification Disposals 30.041.266 690 2,766,051 12,442 698,941 33,081 327.892 35,637 33,834,150 81,850 At 31 July 2021 30.041,956 2,778,493 732 022 36J,529 33,916,000 Deprgciatyon Al 01 August 2020 Charge for the year 2.599.137 599,769 965,333 277,020 251,253 72.909 202,516 81,234 4,018,239 1,030,932 Disposa15 At 31 July 2Q21 3,198,906 1,242,353 324.q62 283,750 5,049.171 Net book valuo At 31 July 2021 26,843,050 1.S36.140 407,860 79,780 28,866.830 At 01 Au9usI 2020 27.442,129 1.800.718 447,68B 125.376 29.815,911 An independent valuation by Awson Youny Lld. Icomrnissioned by Barclays B8nkl pro¥ided a market of the freehold Property i Talgarth Road, Lofjdon of £28.4 rnillion as al 4 Febmary 2021. P8ge 41 0152

LAMDA Limited ILimiteLI by guaranteel snd subsid18ry cofflp3ny Notes to the financial statements For the ye8r ended 31 July 2021 10 Investmènts Group Company 2021 2020 2021 2020 Listed securities at cost Less" prowsion lor impairrnent in value 46 46 46 300 Unlisted subsidiary at C051 Cost or valuation at 31 July 300 46 46 346 346 11 Net Income from Trading Activities of LAMDA Enterprlses Llmlted LAMDA Limited owns the whole of the issued share capital of LAMDA Enleiprise5 Limited. The company is règistered in England and gifts ils 18x3ble profits to LAMDA Limited via gift aid. From January 2017. the company has resumed trad1ng, and therefore the re5uV(5 and balance sheet of the company has been consolidated wth LAMDA Limited. 2021 2020 Turnover Net operating expenses Operating profil Payment under gift aid Profit on ordinary actiwties after taxation Profil brought forward Retained profit carried forward 24,371 24,751 13801 127,662 113,3821 14,280 113.3801 13801 7,675 6,775 7,675 The profit brought into the ¢onsolidated accounts all relates to external trading. The share capital of LAMDA Enterprises is held by LAMDA Limited 300 300 12 Stock Group Company 2021 2020 2021 2020 Examinations Stock Bar Stock 29,853 1,785 31,638 29.853 6.216 29,853 29.853 29.853 29,853 13 Debtors Group Company 2021 2020 2021 2020 Trade debtor5 Other debtors Other tax81ion and soGial security Prepayrnenls and acerued income Amount owed by subsidiary 146,911 57,699 210.000 281,332 146.679 57,699 210,000 281,332 50.464 35,678 124, 120 284,516 319,115 54,876 818,303 124, 120 284,516 319,115 695.942 746,174 Page 42 of 62

LAMDA Limited (Limited by guaranleel and subsidiary company Note8 to the financial statements For the year ended 31 July 2021 14 CREDITORS-. amounts falling due within ono year Group Company 2021 2020 2021 2020 Deferred incom8 Trade creditors A¢¢ruals Taxation and Social security Other ¢feditors Amount owed to subsidiary Loan ￿paYable (note 141 1,017,315 394,639 472,111 119,610 75,609 963,727 242,484 477,901 138,076 137,818 1.016.808 394,115 469,711 118,605 76,109 963,220 242,484 474.901 138.391 134.505 8,833.333 8,9t2,616 333.333 2.293.338 6,833,333 8,907,681 333,333 2,286,834 Analy818 of Delerred Income GTOUP tsmpany 2021 2020 2021 2020 At 01 August Acquired Released 963,727 1,017,316 1963,7271 1,017,315 1.316.381 963.727 11,316,381) 963,727 983,220 1,016.808 19fj3.2201 1,016.B08 1,313,624 963,220 11.313,6241 983.220 At 31 July Defe￿d income includes course fees. exam in¢ome and hoardings income received in advance. 16 CREDITORS: amounts falling dutr after more than one year Group Company 2021 2020 2021 2020 Barclays Bank plc 5,000,000 5,250,000 5.000,000 5,250,000 The Ba￿lay$ bank loan is for ten years maturing in De￿mber 2026 which may be renewed for a furthar eight years. The repayment profile of the loan capital ha5 been calculated on an eighteen year amortisation profile of £333.333 p2yab1e on quarterty basis Interest is also payable quarterly and is on a floating rate b88iS With a current margin of 2.05?￿ above 3 month LIBOR. The margin up to December 2018 was 2.25%. From December 2019 the rate was fixed at 2.945%. B&rclay5 have a charge against the property held by LAMDA a8 se¢urity for this loan. As al the balance sheet dale, one of the covenant8 rela18d the bank loan was breached. Subsequent to the year end. Barclay5 agreed to sign a covenant waiver. At the date of approval ol the financial statements, the loan ¢ovenants are no longer being breached and it is the Iruslees expectation that there will be no breaches al the 2022 year end date. Loan details.. repayable as follows.. Group ompany 2021 2020 2021 2020 Within one year Inole 141 Within two to five years Over 5 years 5,333,333 333,333 1.866,687 3,583,333 5,583.333 5,333.333 333,333 1,866.667 3.583.333 5,750,000 5,333,333 5.333.333 LAMDA Ltd took out an additional Covid Business Interruption Loan ICBILI in March 2021. The loan Is for £1.5m. repayable wthin five years. Repayments and Inte￿$t payments are due from March 2022. Page 43 of 52

LAMDA Limited ILimiled by guarantsel and subsldiary company Notes to the financial ststem9nts For the year ended 31 July 2021 CBIL details.. repayable a8 foll£>w$'. Group company 2021 2020 2021 2020 Within one year (note 141 Within two lo five year5 Over 5 y8ars 1,500,000 1,500,000 1,500,000 1,500,000 Summary loan details.. repayable 0$ 2021 2020 2021 2020 Within one year (note 141 Within two lo five year5 Over S years 6,833,333 333,333 1,668.687 3,583.333 6,833,333 333,333 1.866,667 3,583,333 6.833.333 5.583.333 6,833.333 5.583.333 As at the ba1anee sheet dale. one of the covenant5 related the bank loan was breached. Subsequent to the year end, Barclays agreed to sign a covenant waiver 8nd this waiver wa$ re￿I￿ed on 14th J2nuary 2022. At the date of approval of the financial statements. the loan covenants are no longer being breached and it 15 the tru5t£e5 eypectalion that th8re will be no breaches at th6 2022 year end dal8. 16 Operating lease8 2021 2020 2021 2020 Within one year Within two to five years 90,313 90.871 181.183 89,178 89,736 178,914 The land and buildings relate to DruKI Street. Bermondsey and 2 railway arches at Stamford Brook. 17 Capital and R959rv85 The company 15 limited by guarantee and doe$ not have $hare ¢apital. Ea¢h member gwes a guarantee to ¢ontribule a sum, not exceeding £1, to the cornpany should it b8 wound up. At 31 July 2021 there were 17 memb&rs12020.. 171, who We￿ all trustees. No ￿cOnc111at1on of mov8ment$ in shareholders. funds has been prepared as the company ha5 no shareholders. Page 44 01 $2

LAMDA Limited (Limited by guarantee) and subsidiary company Notes tts the linancial statements For the year 8nd8d 31 July 2021 18 Rqconclllatlon of funds and rn<>vqrn•nts on N•t rn0￿ment In lunds Not 5ncomel •xpen￿ltUro August2020 In¢om• Ewvnd5tur0 Tr4nsfqpJ Rpslrlrtpé funds Bursary fund 110,U99 73.994 4,988 551.439 10.492 184.573 187.4281 14.9691 181,573 294,672 6,568 (77.9181 155.59B) AFLAMDA(Th8P¥nerlcaN FA8nds ofthe L￿d0￿ AC￿￿￿TY olmus ar￿ tyamii¢Art ILAMDAI. Itsc) Prod￿Cl[0n programmB SUPPOrt Palthyays LAMDA Gen8sls Natv c￿la1 rgp and renvwa 18.803 24.005 23.8OJ 112.5e61 (7121 1.2271 112.0681 {12.0É61 30.2 S.2VS 57. f2e.2671 347.985 I￿7.B 78.134 Unr•strlct•d funds ￿￿￿ra1 fvnd 10.237.421 111.380.8241 11,143,403> 457,561 (685.842) 1,069,346 D•slanatsd thnd 21.955,82 1457.561} 21N98,259 Total lund 24.0$9.073 10.923.442 11.988.71 jl 22.9gJ.103 Cornwy Not rnovqrnpnt In fund Net Incornpl Bxppndltur B&l¥nco al 31 July2021 Augvsl202Q In¢¢m• Expendltur• Trans￿rg Re¥trfrtpd fundg 110.099 73.994 4.989 551.439 10.492 5D.630 1386.8881 184.573 187.4281 1B4,S73 294.fj12 $.$ ar&&hlp AFLfvMDAifh•knertcan ofthe L(￿d0￿ Ac￿e￿￿of Muslc and Dramaii¢AM ILAMDAI. P[0￿CtI￿ &uppon P&lhways LAFJDA Nbiy Caprta 18PFAr8 and r8nwls 155.5981 14.SÉ8) t8.EQ3 24.009 s.oou 5.000 112.( (712) 126.28n 23.603 112.5881 112.0881 JQ.299 59.Q1B 8S.295 67.960 347.96 688.021 607.087 78,134 78.134 426,099 Unrnstrlctod fund &￿eral fun 1.748.412 10.227.08 457.561 1,062,?51 O•slonaiéd thnd tsWiyfLd 2f.855.92 1457.5611 21.496,359 T¢i•l lund$ 24.052.297 (11.977,997 1,064.88e 1.064.888 22 98T.409 Page 45 of 52

LAMDA Limited ILimiled by guarantee) and 5ubsitliary company Notes to the financial statements For the year ended 31 July 2021 Prlor Y•4r N¢t In¢¢m PApvndltur¢ Tr4n$fvr& movom•nl In funds 31 July 2020 NWI fvnd 3eo,10s 36,429 12,692 1454.8151 (22.959> (74.712) 110,098 73,994 4,9e8 H&rd3hip PFLANIDA trhe Afflencan FriEAd& oiine ￿￿¢mY o(Mu5 ond orama1￿ An ILAklOAI. Incl ProducI￿Tr SUPPDrt Bdan Tilst￿ a¥ Po81ry Aw¥d Paihwtys LAMDA Gene919 Netw? CgpilBI Teprg rel)￿$ 80.$24 4.96 4.988 30,533 (21,93U) 14. 1123.6051 119.445) 148,0591 17,e03 18,803 14.90D) (13.1051 24.005 25.458 25.( 8$,2 85.285 85,26 373.WI 6TT.597 703.433 25.83 347.965 UnroBtrSctod fund¥ G$)9r￿ 150.955 9.788.448 It1.090.9281 11.302.481> 2.WK.714 i.eiM.233 1.755.114 D•slgn4t•d tsnd Ptopertyfund 25,320,193 14$7,5611 12.906.714) 13.364.275> Ytstsi fun#$ 25844.949 10.468.045 12.251.922 I.7￿.878 24059 OY1 TranBl•r N•t mov•mMt I Incomo Expondhur A¢t t￿! ￿nd uf$4ty runa Hwoship AFLAMDA IThB FfiÈnd$ ¢tlh¢ LondOTh A¢al¢my and OiamalicAM ILAklOAI. Inrl pr￿Uc110￿ pIogr￿me SUPPOrt TilstoTr £w￿d Palhways LMIDA Gtnasis NttWD 184.811 60.524 380.103 58.429 12.892 1454.8151 122.95 (7.7241 13,470 4,968 13.470 73.994 4,96B 1.000 39.533 17.503 17.803 14.9M) <73.1051 5.sss .2US 50.500 25.orK) 133.340 (T3.105J 5.555 8S.285 14,005 25.456 148.0551 373WJ1 677.597 (25.83 25.e38 347.gBS UnrpstrlGtpd fundj Gwgr81 bn 1U.18 9.749.30Y 111.051.790) 11.302.481) 2.￿￿.714 t.6D4.233 Doslgnatsd fuffld Property fund ZS,320,193 1457,5fj11 457 5611 13,3B4.2751 21,955,918 Total fundq 25,¥J8,174 10,42S.906 1,785,878 24 061 X6 Page 46 of $2

LAMDA Limited (Limited ty guarantee) nd $ub$¢diary company Not08 to the financ1￿ 8tatoments For the year ended 31 July 2021 Re8tricted funds The restricted fvnds are held for the followng purwses: Act Nowl ￿nd Income g8nerated by a dedicated frjndraising campaign lo provide furKls for the redevelopment of 155 Talgarth Road. Funds given to help studerrts with fees and INing expenses. An emergency fund to support students th suffer unexpected, short temi financkal difficulties. This fvnd cannot be used for fee payments. Funds raised lo provide bursaries to sludents studying at the Academy. Shaun WoK)dward is the dIr￿tOr of AFLAMDA. Bursary fund Hardship AFLAMDA Production programme suppjrt Funds for SFX)nsorship and Fwramme developrnenl in fvrtherance of thé leaming experi￿CeS of LAMDA student5. Annual award for highest scoring candidate passing the gold award for speaking verse and prose. Funds from John Lyon's Chanty for outrt&h into the llxal community targeb'ng young people from diverse backgrounds wth a view to pursuing training and employment in the creative industries over 2 years. Funds from Eranda Rothschild to SUp￿t LAMDA grdduales find gainful employment Brian Tilston award Pathways Genesis LAMDA Network Deslgnatod fund Property fund Net took value of freehold land and buildings at 155 Talgarth Road less loans taken out 48inst ihese assets. Pogo 47 of62

LAMDA L1rn1ted (Limited by guafanteel and subsidiary Company Notes to the financlal statement5 For the year endèd 31 July 2021 19 Analysis of not assets betr￿￿n funds Nel c￿r￿nt assets Long terffl Fixed assets Inve$tmenl$ To181 Group Restricted funds Designated fund Unr&stricted fijnds 426,099 426.099 2t,498,3S9 1,069,346 22,993,804 21,498.369 7.932.043 29.430.402 16,862,743) 6,436,644 Company Restricted funds Designated fund unr&Str￿ted funds 428,099 426,099 21,498,3Sg 1,062.951 21.498.359 7.932,043 346 16.869,4381 6,443.339 29.430.402 346 22,987.409 Prlor Year Nel curr&nt assets Long tsmi Fixed assets Inv&51ments Total Group Restricted fund$ Designat8d fund un￿str5¢ted fvnds 347.965 347,965 21.955,919 1,755.188 24,059,072 21.955.919 8.613.279 30.569,198 46 11.608.137) 1,260,172 15.250.000) 5,250.000 46 ompany Restricted funds Designated fund un￿$t[Icted fvnds 347.965 347,965 2t,955,918 1,748,413 24,052,296 21.955.918 8,613,280 30,569,198 346 11,615,213) 15,250,000) 346 a1,267,2481 ￿5.250,000 20 Taxation The charity is e￿Mpt from ¢orporalion tax 85 all its income is charitable and 1$ applied for charrtable purpose. Page 48 of 52

LAMDA Limited (Limited by guarantee) and subsidiary comp8ny Note$ to the flnanclal ststem8nts For the year enclecj 31 July 2021 21 Rolatsd Partle8 Under FRS102 $eclbn 33. LAMDA has 18k8n advantage of the gxempllon not to disc105e Iransaclions wllh wholty owned subsidarie8. Shaun Woodward 58 a dlwtorof knerfcan Fri8nd8 of LAMDA IAFLAhlDAI. John Owen Is a Trustee of Fidelity UK £2,150 don8tion8 were racslved Irorn trust888 parsonalty In 202012020.. £5,600). 22 FlnanGl•l Instrumor Group ompafiy 2021 21Y20 2021 2020 Flnanclal a58•t Flnan¢ial ossèt$ mea8ur8d at fairvalua Ihrtsugh profil or1088 ￿1￿304 Flnanclal Ilablll¢lo* Flnanck811&8blllles mea$ured at arrnrb88d cost 394 639 394115 Financlal assets m8asur8d atfair value through profit or Ioss coTry)ri5e cash at bank and trado debtor5. 0lherfinanc#al liabllitres mea$urgd at amortised cost comprfse trade credi¢orB. Page 49 of 52

iAMDA Limit￿ I￿￿ted by guarani881 d Èubsidiary cotnpany Nots8 to tho finanttlal ststerngnts For the year end￿ 31 July 2021 Income and Expendi￿re bre8kdown- unro•trl¢t•d incorne and expendlture Group 2021 2020 T￿[￿on F•#8 #nd 8du¢otlon contracts Incom8 fvom Higher Educ8tiDn Inc0rn8 from short courses 3,7W.&53 525.670 288.523 3,425,108 1,127.￿9 4,661917 Fundlng Body Grants Teaching Grant oth•r grafrts 126,126 1,fjOB.586 1.734.712 149,604 1.499,723 Othèr in¢offle Job retention sch8rn8 Ey2m fee incoma Othw exam incoffle Audthon fse St￿l￿nt a￿0Mm[￿lat¥jn Coffl[￿rGIal inco Lettings Theatre Tax R￿￿y incorno Writeback Inter-company chargès other partK 395,737 2,523,201 3,n4.042 16,125 82.688 24,994 69,522 16.492 112,215 2,752 37 111,¥a5 193,424 172.174 23.246 11&340 6.576 4.100,196 3.581.802 Donation8 and Endowments Trusts and Fou￿latiOnS Patrons 6¢hemes Individual dOn￿S and ￿u[mI Legacy donations Events and parformances, ￿lSce12r￿US Grft Ab Corporate giving Mi$celL3neous ¢*)nations 25,500 19093 29,028 26,188 26,895 5,575 30,C 22.470 25,720 116.029 123,831 Bank intwest recwv& S,842 Total Incom 10.237,459 .764.116 Page 50 of52

L4MDA Limited (Llffdbd ty gu¥anteel and subsldlary company Nots3 to the flnanclal ststsm•nts For the year ènded 31 Juty 2021 24 In¢omè and Exp•ndithre- unrnstrlcted Icontlnuadl 20 2020 Exp8nditur& Staff costs P8miaMnl staff wages and ¥atarie$ Perm?￿nI ¥1off Natk)nal Insuran( Pemiafftnl Staff Pen6ion costs 3.618.723 396,912 143.524 4159.160 3.474,233 375,202 131,n3 3.981,108 Short-tarm contract 18achin9 Staff Wdges and salaries Short-term ¢ontra¢t leaching staff nalonal ￿lsUraNce Short-tsrm contrad teachtyig staff pènsion 451.630 24,703 11,8IKJ 48T.933 926,072 73,583 27,989 I,OZ7.644 Casual siaff 386,V20 183.913 Furlough staff waps and salar Furlough siaff N$b'Dnal Insurance Furlough 81aff Pension costs 395.07$ 26.050 431578 REdur¥Jancy cos15 45.392 200.￿)0 Total staff rx)8ts 6,079,105 5.825.303 Non-pay costs othor oporaung costs Exam Costs Examin8r8 Eyam costs 881.520 402.354 1,283.874 593,271 477.291 1.070.562 Drama School and studenttosts Produdion5 Rent ofworkshops 8TrJ rehearsal spa Academic and curriculum rn5t5 Fe6 Polé fr¢eLancers Aceornmodat￿n tYP8nditUT8 758,668 43,221 103,785 294,549 24.994 1,2Z5.21 564.298 50,654 183.133 105.220 187.670 1.070,97S StudeNt support costs Bur8arkeS and scholarships Student support and access 1C6.428 203.9Z6 174643 Page 51 of 52

LAMDA Limited ILffilbJ ty wantl and 8uNdlary comp8￿Y Notes to the flnanc1218tstemantB Forthe year ended 31 July 2021 24 Incom8 and Ewdlture- unr88trlctod {contlnuedl Income ger￿ration Cost of8al8S arkèling and recrultffnt Dèvelopment acliwties 15,178 101,593 30.113 146.883 51075 1.187 61.542 309,805 IT and facllltl88 447.812 481,¥23 Tg18phong 8nd Intgrngt Cleaning wasts Rale5 and utiliti& Equpmènt and Ma￿t￿8￿C4 PNrTMses costs 149.1gg 153.780 217,833 162,6( 174,023 204,487 47,520 1.052,4t 1,034,667 Central cogts Intlng 2nd postage Insurance Legal and consutta Subscriptions Trawal arKI Subsist￿t8 Governance and ￿gUratien Ernployee suppcrt and tianlNJ bad 2nd doubttul debts Flnanc8 CO81$ Irr8coverab18 VAT Other staff costs Misc*llan•o Intern￿ costs transÈr6 47,497 95.679 252,745 58.832 e6.859 78.652 114,182 50,148 16.e81 54.784 4.250 29,385 64,457 2,442 16,1WJ 57.091 317.283 118.2T7 6.687 276,761 51,832 12,999 146.550 W,078 1.016.485 D8pr8ciation 1,2XI.646 1.232.443 Total operalry oisls wtricw e4￿rtl￿e 4,911.053 4346,471 Page 52 of 52