## LAMDA Limited
(A company limited by guarantee)
Annual Report & Financial Statements
For the year ended
31 July 2022
Company number 364456
Charity number 312821 London Academy of Music & Dramatic Art
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Legal and administrative information** For the year ended 31 July 2022
## **Contents**
|_Section_|_Page reference_|
|---|---|
|Legaland administrative information|3 - 4|
|Chairman's introduction|5|
|Principal’sreport|6|
|Trustees'report|7 - 21|
|Corporate Governance|22 - 24|
|Statement ofTrustees' responsibilities|25|
|Independent auditors' report to the members|26 - 29|
|Group statement of financial activities|30|
|Group balance sheet|31|
|Balance sheet -LAMDALimited|32|
|Cashflow statement|33|
|Accounting policies|34 - 38|
|Notes to the financial statements|39 - 57|
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Legal and administrative information** For the year ended 31 July 2022
## **Legal and administrative information**
## **Status**
The organisation is a charitable company limited by guarantee, Incorporated on 20 December 1940, and registered as a charity on 3 March 1963. The Office for Students is the regulator for the Higher Education charities.
**Governing Document**
The company was established under the Articles of Association which established the objects and powers of the charitable company (as amended by Special Resolutions on 21 June 2018, 13 February 2020 and 23 July 2020).
**Board of Trusses / Directors**
All members of the Board served throughout the year and the date of this report, with the exception of Mark Cornell who resigned in February 2022 and the student representatives, Daniel Bradley, who resigned in July 2022 and was replaced as student representative in September 2022 by Jazz Jenkins. In addition, Vik Sivalingam, a staff trustee was appointed to the Board in March 2022.
All are considered to be independent and non-executive (except as otherwise noted).
|Chairman|Rt. Hon. Shaun Woodward|(2 & 6)|
|---|---|---|
|Vice Chair|Tom Chandos|(2, 4,5 & 6)|
||Sarah Habberfield|(1,3 & 6)|
|Trustees|Shamez Alibhai|(2 & 5)|
||Matt Applewhite|(2 & 4)|
||Olga Basirov|(2 & 5)|
||Mark Cornell_(Resigned February 2022)_|(2)|
||Prof Mohammed Dastbaz|(3 & 4)|
||Leah Harvey|(3)|
||Joanne Hirst|(4)|
||Patricia Hodge OBE|(2 & 6)|
||Thomas Laing-Baker|(6)|
||Prof April McMahon|(3)|
||John Owen CMG MBE DL|(1)|
||Jemma Redgrave|(3)|
||Prof Carole-Anne Upton|(1 & 3)|
||Helen Wright|(5)|
|Staff Trustee|Vik Sivalingam_(appointed March 2022)_|(3)|
|Student Representative|Daniel Bradley_(until July 2022)_|(3)|
|Clerk to the Board|Justine Stephenson||
|Secretary|Andy Riggs||
|Patron|HRH Princess Alexandra, the Hon. Lady Ogilvy KG GCVO||
|President|Benedict Cumberbatch CBE||
|Vice-President|Dame Janet Suzman DBE||
The President and Vice-President are invited to attend board meetings in an advisory, nonvoting capacity.
## **Committees**
(1) = Audit and Risk (2) = Development (3) = Education (4) = Exams
(4) = Exams (5) = Finance
(6) = Nominations, Remuneration & Human Resources
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Legal and administrative information** For the year ended 31 July 2022
Registered with the Charities Commission (registration number 312821)
**Registered Office** 155 Talgarth Road London W14 9DA **Auditor** Haysmacintyre LLP. 10 Queen Street Place, London EC4R 1AG **Bankers** Barclays Corporate Banking, PO Box 13699, Birmingham B2 2FS C.Hoare & Co 37 Fleet Street, London EC4P 4DQ **Solicitors** Harbottle & Lewis LLP Hanover House, 14 Hanover Square, London W1S 1HP Bates Wells & Braithwaite 10 Queen Street Place, London EC4R 1AG
## **Officers for the year 2021-22**
## **Interim Director**
Jocelyn Prudence _(up to 12[th] September 2022)_
**Interim Director of Commercial Development** Georgina Firmin
**Director of Development & Alumni Relations** Lyndel Harrison
**Interim Director of Finance and Estates** Andy Riggs
**Executive Dean of the Drama School** Will Wollen
## **Head of Technical Training**
Rob Young
**Head of Student and Academic Services** Ian Warren
## **Head of Examinations**
Andy Pitts
**Website** www.lamda.ac.uk **Twitter** @LAMDAdrama **Facebook** www.facebook.com/LAMDAdrama **YouTube** www.youtube.com/LAMDAchannel **lnstagram** www.instagram.com/lamdadrama/
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Chairman’s report** For the year ended 31 July 2022
## **Chairman’s Introduction**
This has been a challenging yet ultimately successful year for LAMDA. Our students and alumni continue to be prolific across film, theatre and television production, both nationally and internationally, making an essential contribution to the Creative Industries across the world.
We have returned to in person teaching, and a full set of productions through the year. Covid restrictions have been eased in line with national guidance.
One of the tangible positive outcomes of the pandemic and associated lockdowns has been the need to stream some work for online viewing. Significantly this has allowed us to not only maintain but bolster our relationship with US industry. US eligible actors have been signed by American Management viewing livestreams of the UK Showcase.
Another year of dedication and attention to the needs of our students in the Drama School and Technical Training resulted in 28 public productions of excellent quality produced in our three theatres at Talgarth Road. Former LAMDA students once again achieved numerous industry honours and awards. Success in the field of screen and audio was particularly gratifying and reflective of investment in this area over a number of years. LAMDA Examinations rebounded from the low levels of the last two years. In the UK and overseas our partners continue to tell us of the major boost a course of study resulting in achievement of a LAMDA examination grade can give to the confidence and ambition of children and young people, regardless of whether or not they aspire to a career in the creative arts.
Financial performance improved significantly during the year, with a £1.5m increase in exams income, returning to pre-pandemic levels, and a return to a net surplus for the year of £30k. Also there has been a growth in operating cash inflows of £649k.
I would like to thank the Board of Trustees for their unstinting support throughout the year. We bade farewell to Mark Cornell in February together with Professor April McMahon in September 2022. We are especially pleased to welcome to the Board Vik Sivalingam as a staff trustee.
We remain grateful to our many donors and supporters, particularly those individuals, trusts and foundations supporting students through scholarships and bursaries. This remains a critical part of LAMDA's commitment to ensure our training is accessible to everybody regardless of financial circumstances. Without financial support, many talented young people would not have the opportunity to train in their chosen field. Other donors have also supported critical aspects of our work. Our patrons and friends continue to support the core work of LAMDA to enable our mission to train exceptional artists of every generation to be fulfilled.
Benedict Cumberbatch CBE and Dame Janet Suzman DBE have continued to show outstanding support and commitment to LAMDA. They, the Trustees, and LAMDA staff and students as a whole came together at the end of the year to produce the successful LAMDA Gala, raising over £260,000 for the Academy.
In October 2022, Professor Mark O’Thomas joined as Principal and CEO, and we are excited about the future development of LAMDA with Mark. I wish to express my gratitude to Jocelyn Prudence who has been interim Director for her passion, wisdom and expertise in leading the organisation in transition.
## **The Rt Hon Shaun Woodward Chairman**
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Principal’s report** For the year ended 31 July 2022
## **Principal’s Report**
The year has seen a shift away from the restrictions around Covid, to face-to-face teaching and inperson performances.
The successes of the graduating year of 2022 are particularly impressive, given that the students’ experience has been challenging in learning through the pandemic, with 43% of the graduating cohorts of the BA and MFA Professional Acting secured at least one agent meeting, and, by the summer of graduation, 89% of the BAs and 78% of MFAs had secured representation. Additionally, industry jobs have been booked on prestigious projects by as-yet unsigned Graduating Actors in a few short months. 2022 Graduates have already commenced filming lead or series regular roles on highprofile Netflix and HBO series, some securing lead roles.
Within the following report are details of awards won by alumni during this year, and also some of the roles secured by students, including **Arsema Thomas** in _Bridgerton_ (Netflix), **Imani Yahshua** ( _Sex Education_ , Netflix) and **Ami Tredrea** in her stage debut in _The 47[th]_ at the Old Vic.
We have had the first graduation of LAMDA accredited degrees at the Lyric Hammersmith in October 2022.
Exams have had a successful year, rebounding from lower activity in the last two years, with an increase in income of £1.5m, and an increase of 26% of exams taken. The peak months of activity, May – July, have seen the greatest number of learners for many years.
We have strongly returned to activity in North America, with a masterclass tour and in person auditions held.
During the year we have completed the pay and grading review project, and have assimilated staff to a revised single pay spine which came into effect from 1[st] August 2022.
As the new Principal and CEO, I join LAMDA at a threshold moment, moving out of the challenges of the last two years of the pandemic and moving forward with purpose and ambition, looking to prioritise the growth in LAMDA Examinations and international applications, as well as striving for an inclusive, diverse and inspiring environment at the school.
**Professor Mark O’Thomas Principal and CEO**
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
## **Trustee’s Report**
The members of the Board, 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 2022.
## **Principal Activities**
Founded in 1861, LAMDA is the oldest drama school in the UK, offering exceptional vocational training to actors, stage managers, technicians, directors and designers. In addition to six validated degree programmes, LAMDA offers a Foundation Diploma and a number of validated semester and short courses.
LAMDA Examinations complements the work of the Drama School, through which LAMDA offers a drama and communications-based syllabus leading to accredited and non-accredited awards in the UK and overseas.
LAMDA Enterprises Limited operates as LAMDA's trading subsidiary. From 1 August 2019 LAMDA has been directly regulated by the Office for Students as a standalone Higher Education Provider, having terminated our previous agreement with the Conservatoire for Dance and Drama.
## **Objects of the charity**
The objects of the charity, as expressed in its Articles of Association, are to advance education for the public benefit, in particular by maintaining and carrying on an Academy, College, School or Examinations Board where students may receive a sound education and tuition in dramatic arts, music and all their branches, embracing both practice and theory.
## **Our vision**
LAMDA believes that the dramatic arts have the power to transform lives.
We seek out, train and empower exceptional dramatic artists and technicians of every generation so they can make the most extraordinary impact across the world through their work.
Our examinations in drama and communications inspire people across the globe to become confident, authentic communicators and discover their own voice.
## **Our mission**
LAMDA will be a diverse and engaged institution in every sense, shaping the future of the dramatic arts and creative industries and fulfilling a vital role in the continuing artistic, cultural and economic success of the UK. As an independent Higher Education provider with degree awarding powers and rooted in the art and craft of ensemble-based theatre and film, we will deliver excellence and innovation across all our courses. Our graduates will be courageous change-makers, engineers of the impossible and leaders in their field, making their impact in the creative industries across the world. Through the expansion and diversification of our examinations and qualifications portfolio we will broaden our global reach; empowering more people of all ages to realise their full potential.
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
## **Public Benefit**
The Trustees have considered the Charity Commission’s guidance on public benefit. LAMDA believes that the arts, and the best training, should be accessible to everyone; students are recruited from as wide a range of backgrounds as possible and selected on the basis of talent, passion and the ability to learn, regardless of social, educational or financial circumstances. Examinations is also a key element in the delivery of LAMDA’s public benefit, with the number of UK candidates registered for regulated and non-regulated examinations. In 2021-22 LAMDA examined 106,000 learners. This was an increase of 26% on learners assessed in 2020-21.
## **Widening Access to Higher Education**
LAMDA is committed to ensuring that its training is accessible to all, regardless of social or economic circumstances. LAMDA has a number of substantial measures in place to widen access to Higher Education and create pathways to our training for those from underrepresented groups such as low-income backgrounds, new to higher education or from a Black, Asian or Minority Ethnic (BAME) background.
We deliver targeted workshops and activities across London and the UK through LAMDA's Pathways Programme. These initiatives also include regional auditions, audition fee-waivers, bursaries for the Foundation Diploma and an extensive scholarship programme.
## **LAMDA Scholarships & Bursaries Scheme**
In 2021/22, 33% of the student body on the three undergraduate courses received scholarship or bursary support. Overall, 24% of LAMDA students received support across the degree and foundation courses; a 2% increase on 2020-2021 Scholarships.
The face of LAMDA cohorts is changing, with more students from under-represented groups. This reflects progress against the Access and Participation Plan but entails a greater proportion of students requiring additional financial support. Currently, LAMDA only provides scholarships to students on degree courses, except for two fee-waivers for the Foundation course.
During the 2021/22 financial year, we received £599,155 in restricted scholarship income, including £24,700 for our Fulbright Scholar via the American Friends of LAMDA and £206,333 from a legacy donation to support bursaries at LAMDA. A total of £455,932 was awarded to students in named scholarships and general bursaries.
- 70 students received support through LAMDA’s Scholarships & Bursaries Scheme.
- Some students received multiple awards, with a total of 54 named scholarships awarded (including external awards). 23 named scholarships (totaling £142,450) were awarded to incoming students. 16 students in their penultimate years of training continued to receive scholarships or were awarded new scholarships (totaling £96,250), while 30 students in their final years of training continued to receive scholarships or received final year scholarships (totaling £217,232). 7% of these awards were paid directly to the student by the donor.
- The average scholarship value in 2021/22 was £6,612 (not including access and student hardship awards).
- 18 awards (£6,878.34) were given through the Student Hardship Fund, with an average value of £382.
- 67 (£87,000) students received an Access Award in 2021/22.
LAMDA's Access and Widening Participation Programme connects with and supports young people who are under-represented in the arts and may not have access to drama school through a series of targeted outreach programmes and activities. Key target groups include those who are:
- People from low-income backgrounds and areas where participation in higher education or the arts is low (POLAR Quintiles 1-2)
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
- People who are 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 (NEET)
- Schools and colleges with a high number of students eligible for Pupil Premium
The majority of the work carried out was targeted at young people aged 16-25 who are underrepresented 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 Esmee Fairbairn Foundation has enabled the department to continue to employ an Access and Widening Participation Officer, allowing the team to deliver a higher volume of work locally and regionally.
## **Access and Widening Participation**
Despite the pandemic, LAMDA continued to build on an already extensive programme of work to ensure that our training is accessible to all, regardless of social or economic circumstances.
We have retained the low audition fee and reduced further the cost of recall auditions. Targeted workshops and activities for relevant groups across London and the UK continued through LAMDA's Pathways Programme, mainly (though not exclusively) through remote delivery. Interview/audition fee-waivers continued, as did the bursary programme for the Foundation Diploma and an extensive scholarship programme (detailed elsewhere). Live streaming of LAMDA's public productions ensured we could continue to reach targeted groups who might previously have received funded tickets for live shows.
We connect with and support young people who are under-represented in the arts and may not have access to drama school through a series of targeted outreach programmes and activities. Key target groups include those who are:
- People from low income backgrounds and areas where participation in higher education or the arts is low (POLAR/IMO 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 (NEET)
- • Schools and colleges with a high number of students eligible for Pupil Premium
The majority of the work was targeted at young people aged 16-25 who intersect across one or more of these categories, as they remain under-represented in HE and in the arts.
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LAMDA SHAKESPEARE IN SCHOOLS TOUR
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
In autumn 2021, students on the second year MFA Professional Acting toured _Romeo & Juliet_ and _A Midsummer Night’s Dream_ , to 7 London secondary schools, based in Hammersmith and Fulham, Kensington & Chelsea, and Lambeth. We also hosted 2 schools and 1 Pathways partner (the NYT’s Stepping Up group) for performances back at LAMDA. Each performance for the schools was followed by a workshop or Q&A session, led by the LAMDA students. The productions were directed by Matt Hassall and Fumi Gomez, and the assistant directors were recent graduates from the MA Directing course. The technical teams were made up of six students on LAMDA’s BA (Hons) Production and Technical Arts for Stage and Screen, while production and logistical support was provided by staff from the Access and Widening Participation (AWP) team and the Drama School.
The tour reached nearly 700 young people, packing in 14 performances and 19 workshops across just one week. It serves a variety of functions: engaging with our local community; engaging with young people in less affluent areas to raise aspiration; support the KS4 and KS5 English curriculum; giving LAMDA students experience of performing and running workshops in educational settings; providing an enjoyable theatre experience for young people. The comments and feedback were overwhelmingly positive, and also provide a rich source of data for planning future AWP activities.
## **PATHWAYS**
The LAMDA Pathways programme is aimed at young people aged 16-25 who face barriers to drama school training, Higher Education and careers in the arts. We aim to engage young people who meet at least one of the following criteria:
- Low household income (<£43,000)
- Black or from the Global Majority
- D/deaf or disabled
- Care leavers or care experienced
- Live in areas of low participation in Higher Education (POLAR 4, Quintiles 1&2)
Nearly all of our activities are targeted at places where these groups intersect. LAMDA’s OfS Access and Participation Plan (APP) forms a sub-set of this work, and the access part of the APP is directed at the same target groups.
Pathways has always attracted funding from a range of trusts and foundations, on top of the core OfS budget. Most recently, the Portal Trust have awarded LAMDA significant funding for a three-year project focused squarely on boosting interest and access to our production and technical arts provision.
The AWP team at LAMDA have continued to develop excellent long-term working relationships with schools 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 organisations included self-tape and audition prep work, sessions on screen acting, introductions to actor training and new sessions on production and technical arts. The Graduate Ambassador scheme continued to supply high quality staff for AWP workshops and events. Each partner organisation is offered a range of activities to engage with, both at their home base, but also in groups or hubs either at LAMDA or on a regional basis elsewhere in the UK.
## **OUTCOMES**
A total of 107 young people who attended a workshop went on to apply for a course at LAMDA, and 5 offers were made.
Three individuals (13% of new UK entrants) who accepted an offer on the BA (Hons) Professional Acting in 2022 came directly through Pathways.
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
## **Academic Achievements**
The Class of 2022 are the first to go through our own degree awarding ceremony, with our degrees being conferred by our new Principal, Prof. Mark O’Thomas, at a graduation ceremony at the Lyric Theatre Hammersmith in October 2022. LAMDA's degree awarding powers started from 1st August 2021.
Below is a summary of results:
- Undergraduate degree results remained very strong. On the BA (Hons) Professional Acting, 61% of graduates were awarded a 1st class degree, with the remainder all receiving 2:1s. Of the graduates who completed the FdA Production and Technical Arts (Stage & Screen) 56% achieved a Distinction, with most of the remainder receiving a Merit. On the BA (Hons) Production and Technical Aris top-up, 50% of graduates received a 1st.
- Postgraduate results were also very robust. Of the MFA Professional Acting group, 54% achieved a distinction, while 83% of the smaller MA Directing cohort passed with a Distinction, with the remainder receiving a Merit. Of the MA Classical Acting graduates, 25% earned a Distinction, with 52% receiving a Merit.
- At pre-degree level, four students from this year’s Foundation Diploma progressed to our BA (Hons) Professional Acting, as well as one Foundation student from 2020-21, and many others were offered places at other drama schools.
Graduating students continue to sign with leading agencies such as ITG, Conway van Gelder Grant, Accelerate and 42. 97% of the graduating cohorts of the BA and MFA Professional Acting secured at least one agent meeting, and, by the summer of graduation, 89% of the BAs and 78% of MFAs had secured representation. Additionally, industry jobs have been booked on prestigious projects by as yet unsigned Graduating Actors in a few short months. 2022 Graduates have already commenced filming lead or series regular roles on high-profile Netflix and HBO series.
One of the tangible positive outcomes of the pandemic and associated lockdowns has been the need to stream some work for online viewing. Significantly this has allowed us to not only maintain but bolster our relationship with US industry. US eligible actors have been signed by American Management viewing livestreams of the UK Showcase.
In addition, each year we commission and produce a series of original short films to give the actors and production students the experience of working for camera on location, as well as providing valuable digital assets. This year the films, in a new 30-minute format, were shown to an industry audience at a special screening at Riverside Studios. LAMDA is clearly retaining its international reputation in the film industry, as (once again) _The Hollywood Reporter_ ranked us as the top UK Drama School (#6 in the world) in its annual list.
## **Production and Technical Arts**
LAMDA's public stage productions are staffed and run by students on the Production and Technical Arts Course. This course prepares the students for careers in production across all art forms - while the training at LAMDA is focused on theatre productions, the skills learnt are transferable across the entertainment industry. Each year the Production and Technical Arts students undertake placements to gain valuable experience in the workplace. This year one student was nominated for an Off West End Award for Best Lighting Design while still on their student placement.
Public productions at LAMDA are overseen by a student Production Manager, supported by full student Stage Management teams. The scenery is designed by a visiting professional designer, but constructed in our scenic workshops in Bermondsey, by a mix of 1st and 2nd year students. Lighting is designed by a 2nd or 3rd year student, and then rigged, focused and operated by 1st year students. The sound is also designed and operated by students. The opportunity for the students to work across three well-equipped theatres allows them to develop their skills and knowledge to a very
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
high standard, preparing them for successful careers in the industry. Students also have the opportunity to work on our films, learning about film production on the job.
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
## **Awards**
## **2021**
## _**Primetime Emmy Awards**_
Outstanding Limited or Anthology Series Winner: _The Queen’s Gambit_ , featuring **Harry Melling**
## _**SXSW Film Festival**_
Grand Jury Prize Winner of Best Short: _Play It Safe_ , starring **Jonathan Ajayi** (graduated 2018)
## _**BAFTA Scotland Awards**_
Best Actor in a Film Winner: Amir El-Masry (graduated 2013) for Limbo.
## _**Black British Theatre Awards**_
Best Director Award For A Play Or Musical Nominated: **Tinuke Craig** (graduated 2010) for _The Color Purple_
Best Supporting Female Actor In A Play Nominated: **Rosalind Eleazar** for _Uncle Vanya_
Book and Lyrics Recognition Award Nominated: LAMDA’s Lead Practitioner (Singing and Music) **Annabel Mutale Reed**
## _**BIFA (British Independent Film Awards)**_
New Talent Awards Nominated: **Jordan Peters** (graduated 2017) and **Elliot Edusah** (graduated 2017) have been longlisted for their roles in _Pirates_
Best British Short Nominated: _Play It Safe_ , starring **Jonathan Ajayi** (graduated 2018)
Best Actress Nominated: **Ruth Wilson** for _True Things_
Best British Independent Film Nominated: _Boiling Point_ , featuring **Jason Flemyng**
Best International Independent Film Nominated: _First Cow_ , starring **Orion Lee**
## _**RTST Sir Peter Hall Director Award**_
Runner-up: **Nathan Crossan-Smith** (graduated 2014)
## **2022**
**Benedict Cumberbatch** was nominated in the Best Actor category at the BAFTAs and Oscars for his role in _Power of the Dog_ , for which he has also won Actor of the Year at the London Critics’ Circle Film Awards.
**Leah Harvey** were nominated for the Best Actress category at the BAFTAs for their role in Foundation, Apple TV+.
## _**Offies Awards**_
**Jack Sunderland** (graduated 2016), won the Company Ensemble Award for _DJ Bazzer’s Year 6 Disco_ .
## _**WhatsOnStage Awards**_
**Hugh Coles** (graduated 2017), won the award for Best Supporting Performer In A Male Identifying Role In A Musical at the WhatsOnStage Awards for _Back to the Future: The Musical_ . The show also won Best New Musical.
**Tabitha Piggott** (graduated 2020), Production Manager nominated for 2022 Best Off West End Production, WhatsOnStage Awards, and won two Off West End Awards.
## _**Ian Charleson Awards**_
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
**Jonathan Ajayi** (graduated 2018) nominated for _Hamlet_ at the Young Vic.
## _**Olivier Awards**_
**Rebecca Frecknall** won for Best Director for _Cabaret_ , which also picked up the award for Best Musical Revival and swept the awards for Acting in a Musical.
**Habib Nasib Nader** won Best Supporting Actor for _Life of Pi_ .
Our alumni were also involved in winning productions, including **Anna Maxwell Martin** and **Laura Howard** (Assistant Lighting Designer) for _Constellations_ , Hugh Coles for _Back To The Future: The Musical_ , and Tabitha Piggott (Production Manager) for _Old Bridge_ . **Niamh Gaffney** worked as Associate Sound for _Cabaret_ , which won the Best Sound Design award.
## _**Emmy Awards**_
**Brian Cox** was nominated for Outstanding Lead Actor in a Drama Series for his role in _Succession_ .
**Harriet Walter** earned two nominations: for Guest Actress in a Drama Series (for _Succession_ ) and Guest Actress in a Comedy Series (for _Ted Lasso_ ).
## _**The Stage Debut Awards**_
**Hugh Coles** was nominated for Best Performer in a Musical and Best West End Debut Performer for _Back to the Future: The Musical_ .
**Kemi-Bo Jacobs** was nominated for Best Writer for _All White Everything But Me_ .
## _**The Stage Edinburgh Awards 2022**_
**Samuel Barnett** was named as the recipient of The Stage Edinburgh Awards 2022 for _Feeling Afraid As If Something Terrible Is Going to Happen_ . The show played at Edinburgh Fringe throughout August 2022.
## _**Tony Awards**_
**Matt Doyle** won the Best Featured Actor in a Musical award for _Company_ . **Gabby Beans** was nominated in the Best Leading Actress category for _The Skin of Our Teeth_ .
## _**Critics Circle Theatre Awards**_
**Stuart Thompson** (Most Promising Newcomer for _Spring Awakening_ )
**Ben Daniels** (Best Actor for _The Normal Heart_ )
**Rebecca Frecknall** (Best Director for _Cabaret_ ) were amongst the winners at the 2022 Critics Circle Theatre Awards.
**Graduating Students in 2022**
## _**BA Professional Acting**_
**Amber Grappy.** _The Baby_ , HBO. _Wrecked_ , Euston Films. Currently working on Netflix, _Nevermore._
**Angela Jones.** Awarded the Best Actor for Stage Award at the 2022 Spotlight Prize.
**Emma Shipp** . Professional stage debut at the Almeida Theatre in _The House of Shades_ .
**Ami Tredrea.** This year made her professional stage debut in _The 47th_ at the Old Vic. Performing in _The Crucible_ at The National Theatre from September. Television credits include _Three Body Problem_ (Netflix). In July won the 2022 Constellation Creatives Drama Student Bursary, which encourages and promotes greater participation and representation of British East and South East Asian (BESEA) actors on stage and screen.
**Imani Yahshua** . _Sex Education_ , Netflix.
## _**MFA Professional Acting**_
**Arsema Thomas** . Awarded the leading role of Lady Danbury in the new _Bridgerton_ series (Netflix).
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
## **LAMDA Exams**
2021-22 saw a reduction in the impact of COVID and the UK come out of lockdown. Although we continued to assess all international customers remotely, our UK customers have returned to teaching learners in-person and booking in-person assessments. The result has been that LAMDA exceeded the budget for candidate fees but did not hit budget for additional income lines including Courses and Workshops and Publications. Overall, LAMDA Exams income was £5.29 against a budget of £5.43 (-£43k or 0.8% below budget). Income was 40% higher than the previous COVID-impacted year (2020-21) and resulted in an increase of £1.5m.
Due to the return to in-person examinations, Examiner expenses (travel and accommodation) increased for UK assessments. Examiner expenses for international assessments remained low, but online assessments create additional administrative burden and increased the expenditure on staff resource.
## **Volumes**
In 2021-22 LAMDA examined 106k learners. This was an increase of 26% (84k learners) in the previous COVID-impacted year (2020-21). Learner numbers were 12% lower than the last preCOVID year 2018-19 (120k) and feedback from key customers is that they are seeing learner numbers returning to pre-COVID volumes. We have therefore budgeted for 110k learners in 2022-23 and will continue to monitor volumes throughout the year.
## **Development**
LAMDA is grateful for the generous financial contributions from charitable trusts, individuals and organisations towards its scholarship programmes, activities, and capital developments. When a donor makes a commitment to LAMDA, we adhere to the Institute of Fundraising’s current Code of Fundraising Practice and to Charity Commission guidelines.
The fundraising climate has improved slowly post-pandemic as live events could be held and donors returned to the LAMDA shows, face-to-face meetings and West End events. Trusts and Foundations continue to have more specific priorities, and many await the new Director of LAMDA starting and a refreshed strategy and hence supportable activities being developed.
The biennial LAMDA Gala was highly successful raising above the target of £250,000 with contributions to unrestricted activities that support the school and our students and specific pledges for scholarships.
Our award-winning partnership with Audible UK continues to develop as they support our creative collaboration and scholarships.
## **Individuals**
The ability to meet with individual donors and potential donors is vital to maintaining and growing individual donations. The return of events has enabled a renewal of engagement with supporters and cultivation activities. The majority of current donors to the membership and patrons programmes continue their support with only those experiencing financial difficulties withdrawing. The recent LAMDA Gala was an effective cultivation event with over 100 new people introduced to LAMDA, many of whom committed to staying in touch, supported scholarships and paid up to £25,000 for auction prizes showing a commitment to the cause (and the exclusive experiences with LAMDA alumni on offer). This bodes well for growing the Patrons membership long term and growing the scholarship portfolio.
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
Philip and Christine Carne closed their trust and are continuing as individuals to support scholarships, the MA Directors Programme and special projects amounting to circa £30,000.
## **Trusts & Foundations**
In June the Portal Trust awarded LAMDA a significant three-year grant to support Pathways Workshops dedicated to young people interested in technical arts. In addition, two scholarships for those coming through the programme have been provided.
The Fidelity UK Foundation gave their final tranche of restricted funding (£6,480) towards LAMDA’s ICT development programme.
Finally, LAMDA received over £264,200 from Trusts, in addition to grants from Individuals, to support the scholarship programme, as referenced in the Scholarships & Bursaries section of these accounts.
## **Knowledge Exchange**
LAMDA is part of Research England’s Knowledge Exchange Framework (KEF) Arts Cluster, where we score in the top 10% for Public & Community Engagement, Skills, Enterprise & Entrepreneurship, and Working with Business. Through our Knowledge Exchange Strategy, LAMDA aims to deliver the following:
## **Aim 1** _**To make drama and the performing arts inclusive and accessible for all**_
LAMDA will strive to ensure equal access to the performing arts through proactive access and widening participation programme which will form part of every employee’s objective. Its community and public engagement programme will not only reach the local community, but those communities less engaged with the arts, to create an inclusive drama school which provides equal opportunities to those from disadvantaged backgrounds and underpins the culture capital of the UK.
## **Aim 2** _**To lead the creation of knowledge in drama and the performing arts**_
LAMDA will encourage academic, collaborative and applied research, which will focus on understanding and developing leading-edge teaching practices and harnessing the power and impact of the creative arts on society and the business community.
## **Aim 3** _**To inspire creative entrepreneurs of the future**_
LAMDA will provide its students with the skills and tools to be creative entrepreneurs, building sustainable portfolio careers that leverage their knowledge and expertise to contribute and feed the creative economy and societal good.
## **Aim 4** _**To embed a culture of Knowledge Exchange**_
LAMDA will enhance its culture of Knowledge Exchange across the organisation, from staff, teachers, students and partners to collaborate and share its knowledge and expertise for social and economic benefit, fuelling creative industries and contributing to the growth of the creative economy.
## **Aim 5** _**To make our world-leading facilities available to people and business**_
LAMDA will harness the value of its world-leading campus and facilities as an asset for learning, developing the opportunity to work with business and the community, and for the public benefit, in order to embrace the arts and extend the arts agenda.
LAMDA sits on the Hammersmith & Fulham Industrial Strategy Board, is part of the West London Creative Enterprise Zone (forging collaborations between industry and HE particularly within the film and screen sector), is a member of GuildHE and the Knowledge Exchange Concordat.
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
## **AFLAMDA**
The American Friends of LAMDA continues to 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/Fulbright Scholarship. The Patrons programme was severely debilitated by the loss of events due to Covid and there has not been a return to the US visits yet.
## **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 - 31st July 2021.
## **EMPLOYEE BY DISABILITY**
**----- Start of picture text -----**
EMPLOYEE BY DISABILITY
8
7
7
6
5
4
4
3
2
2
1 1 1 1
1
0 0 0
0
**----- End of picture text -----**
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
## **EMPLOYEE BY ETHNICITY**
## **Ethnicity**
**----- Start of picture text -----**
Other mixed background
Mixed White & Asian
Mixed White & Black African
Mixed White & Black Caribbean
Chinese
Other black background
Black or Black British Caribbean
Black or Black British African
Other Asian background
Asian or Asian British Bangladeshi
Asian or Asian British Pakistani
Asian or Asian British Indian
White
0 20 40 60 80 100 120 140 160
**----- End of picture text -----**
## **88% of LAMDA’s workforce is white**
## **12% of LAMDA’s workforce belong to the global majority**
## **EMPLOYEE BY GENDER**
The below chart shows staff breakdown by gender. LAMDA’s workforce is 35% male, 65% female and nil other category
**----- Start of picture text -----**
EMPLOYEE DISTRIBUTION BY GENDER
70%
60%
50%
40%
30%
20%
10%
0%
Male Female Other
**----- End of picture text -----**
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
## **Value For Money**
As a member of the London Universities Purchasing Consortium, LAMDA seeks to utilise appropriate Framework agreements where possible. Where this may not be practicable (e.g. for specialist works), the Academy ensures that all goods and services procured are subject to competitive quotes and tender processes, in accordance with expenditure levels set out in its Financial Regulations.
## **Financial Review 2021-2022**
This is the first year of recovery coming out the pandemic, returning to a small surplus (including restricted activity), after two years of deficit. The most significant change has been the increase in exams fees to pre covid levels.
A summary of LAMDA's consolidated income, expenditure and out-turn for the year is provided below:
|**Income**
**Expenditure**
**Surplus/(Deficit)**
**For the Year**
**Reserves at year-**
**end (after transfers)**|**2022**
**Unrestricted**
£000s
**12,671**
**12,693**
**(22)**
22,592|
**Restricted**
£000s
**743**
**691**
**52**
431|**2021**
**Unrestricted**
£000s
10,237
(11,381)
(1,143)
22,568|
**Restricted**
£000s
686|
|---|---|---|---|---|
|||||(607)|
|||||78|
|||||426|
LAMDA's key financial performance measure in any year is the surplus or deficit arising from its unrestricted activities. Restricted income will over time be fully expended but the matching of income and expenditure will not necessarily occur within the financial year. This is particularly the case where restricted income is received towards the end of the financial year. Surpluses on restricted income will be reversed in the following financial year as it is expended. This review therefore concentrates mainly on the unrestricted results for 2021-22 with comparisons to 202021.
The general fund deficit before funds transfers in 2021-22 was -£22k (2020-21 -£1,143k).
## **Income**
Unrestricted income in 2021-22 was £12,671k compared with £10,237k in 2020-21, an increase of £2,434k.
## _Tuition fees and education contracts_
Undergraduate and postgraduate courses continued through the year, being taught face to face utilising Covid safety measures and online. Fee income for these year-long courses increased by 5.7% to £4,827k (2021-22, £4,553k). The accredited Shakespeare summer course returned with income of £220k (2020-21, nil). Overall, there has been an increase in undergraduate income, £2,568k (2020-21, £2,306) and postgraduate income, £1,656k (2020-21, £1,460k)
Income from other non-accredited courses were lower than the previous year (2021-22 £601k,
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
## 2020-21 £787k).
## _**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 grants for our students, and we received from them £61k in teaching grant, plus £17k capital grant (total 2021: £143k).
The Higher Education Innovation Fund (HEIF) is allocated to higher education bodies based on their interactions with the wider community and the value they contribute to the local, national and international economies from their higher education work. The HEIF grant from Research England has increased to £1,523k (2021: £1,551k).
## _**Other income**_
The largest change in income generation has been with examinations, with the majority of exams returning to pre-pandemic levels. The income increased by £1.5m from the previous year to £5.46m (2020-21 £3.75m). Overall other income increased, predominately due with the rise in exam fees, to £5.84m (2019-20 £4.1m).
## _**Donations and legacies**_
The highlight of the year for donations, was the second fundraising ball to be held by LAMDA, in June 2022. This raised £260k, and brought an overall increase in donations and endowments of £410k, to £1,134k (2021: £801k). Restricted funds, included in these totals, increased to £74k (2021: £686k).
## **Expenditure**
Unrestricted expenditure in 2021-22 totalled £12,693k (2020-21: £11,380k), an increase of 11.5%. This was the result of the increase in costs of running exams in line with the growth in exams income, together with greater other delivery costs, with all activity returning to the building.
Staff costs decreased to £4,650k (2021: £5,079k). The reasons for this include a reduction in teaching staff costs to £1,843k (2021: £2,405k), and a reversal in the holiday pay accrual with a £135k swing (2022 (£92k), 2021 £43k).
LAMDA auto-enrols its staff in a defined contribution pension scheme administered by Aviva plc and therefore does not have any of the financial risks arising from large deficits in defined benefit schemes.
Other operating costs funded from unrestricted sources increased by £1.7m to £6.6m (2021: £4.9m). This results from increased costs in exams of £655k, Drama School of £318k, and central costs of £318k, reflecting the increased activity in the year, particularly the return of exams income to pre-pandemic levels.
Expenditure from restricted funds totaled £690k (2021: £607k) of which the majority (£538k) was financial support for students (2021: £514k).
## **Balance Sheet**
The key changes to the balance sheet reflect the return to a break-even position with the increase in exams income, and an increase in the year-end short-term deposits and cash in hand to £2.4m, an increase of £645k. (2021 £1.75m).
LAMDA's consolidated working capital position has moved into net current assets (£549k) compared to net current liabilities of the previous year end of £6.4m. At the last year end a bank
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Trustee’s report** For the year ended 31 July 2022
covenant was breached which led to restating the loans as repayable within one year. This has now been reverted, with the loans split between repayable within one year, and falling due in more than a year.
Total reserves increased to £23,024k (2021: £22,993k), of which £21,041k is held as a designated fund for building works.
## **Future Outlook**
Student recruitment for September 2022 has been strong, and the growth in exams income is forecast to continue. The outlook on the cost base is challenging with the cost-of-living crisis and rise in base rates set to impact the next financial year and beyond. This will also impact students, and staff, as the cost of living in London increases.
In October the OfS awarded LAMDA a capital grant of £1.9m which will used to invest in virtual production, audio and screen, and LED lighting for the theatres. This will lead to new courses both accredited and short courses.
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Corporate Governance** For the year ended 31 July 2022
## **Corporate Governance**
LAMDA is committed to best practice in all aspects of corporate governance. It endeavours to conduct its business in accordance with the well-established Seven Principles of Public Life (the Nolan Principles) and with the Higher Education Code of Governance issued by the Committee of University Chairs, as revised in September 2020 (the CUC Code). It also takes account of other codes or good practice as appropriate, including those from the Charity Commission. These principles and the expectations of the CUC Code are reflected in the Terms of Reference for the Board of Trustees, the governing body of LAMDA.
As the governing body of LAMDA, the Board of Trustees is responsible for the finance, property, investment and general business operation of LAMDA and for setting the strategic direction of LAMDA whilst ensuring the sustainability of the organisation. There are 17 independent members of the Board of Trustees plus one student trustee and one staff trustee. The Board of Trustees met seven times during the year.
The Board of Trustees is responsible for the employment of the Principal/Director who in turn is supported by the senior management team. Executive management of LAMDA is delegated on a day-to-day basis to the Director and Executive Director.
The Director is responsible for the strategic direction of LAMDA and works with the Board of Trustees to shape and define the vision of the organisation. They exercise considerable influence over the development of LAMDA's ethos and strategy and, supported by the Executive Senior Management Team, are responsible 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 delegated some of its supervisory powers to sub committees to monitor ongoing performance in key business areas. During the year there were 6 sub committees - Development, Education, Examinations, Finance, Audit & Risk & Nominations, Remunerations and HR. The decisions and recommendations of these committees are formally reported to the Board of Trustees. These committees are formally constituted with written terms of reference that are reviewed regularly specifying membership of the committee and the required number of independent Trustees. The Chair of each committee is elected from the independent Trustees.
## **Appointment and induction of Trustees**
Job descriptions for Trustees and for the chair have been agreed by the Nominations, Remuneration & HR committee. This committee is responsible for advising on the appointment of new Trustees, (including appropriate advertising and interview procedures), and making recommendations to the Board. Potential candidates are evaluated and considered to ensure that a balance of relevant experience and skills is maintained on the Board.
New Trustees receive a board induction pack, tours of the building and induction meetings with the Chairman, the Director and relevant members of the Senior 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 according to need.
## **Executive management**
Executive management of LAMDA is delegated on a day-to-day basis to the Director, who is the chief executive officer. The Director is responsible for the strategic direction of LAMDA and works with the Board of Trustees 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 Executive Senior Management Team, is responsible for operational management of the organisation. The names of senior officers who served during the year are listed on page 3
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Corporate Governance** For the year ended 31 July 2022
## **Funding and regulatory environment**
In Spring 2021, LAMDA gained teaching degree awarding powers, and now validates its own courses. LAMDA currently operates six full-time higher education courses:
- Foundation Degree Production & Technical Arts: Stage & Screen
- BA (Hons) Production & Technical Arts (top-up)
- BA (Hons) Professional Acting
- MA Classical Acting for the Professional Theatre
- MA Directing
- MFA Professional Acting
Through its Examinations department, LAMDA is also an Awarding Organisation, which comes under the UK regulated bodies for this area of its operations. Graded examinations are offered in Communication (Speaking Verse and Prose, Reading for Performance, Using Spoken English, Speaking in Public); Performance (Acting, Devising Drama, Miming); Musical Theatre; Group examinations (Group Recital, Choral Speaking, Group Acting, Group Devising, Group Musical Theatre); a Certificate in Speech and Drama: Performance Studies (PCertLAM) and a Diploma in Communication, Speech and Drama Education (LSDE).
## **Statement of Internal Control**
The Board of Trustees who are the directors of LAMDA Ltd have responsibility for ensuring a sound system of internal control supports the aims, policies and objectives of LAMDA whilst safeguarding public and other funds and assets for which it is responsible.
Arrangements for internal control are based on an ongoing process designed to identify and manage the principal risks to the achievement of the aims, policies and objectives and evaluate the likelihood 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 management team. The register must be updated at least three times per year. It considers the areas of risk and their mitigation in order that the Audit & Risk Committee may advise the Board of Trustees and the senior management team. The Committee will consider carefully how much risk can reasonably be taken with regard to a particular situation or initiative.
The Audit & Risk Committee is a sub-Committee of the Board of Trustees and is responsible for reviewing the effectiveness of internal control systems and to approve any additions and amendments to those systems as necessary. The Committee meets at least four times per year.
The Chair of the Committee submits a report at every Board of Trustees' meeting.
LAMDA engages independent internal auditors to report on selected areas of internal control and in 2019-20, internal audits were carried out on key financial controls, student mental health and data governance, risk management and IT strategy, services, and security. The auditors concluded that the control frameworks for student mental health, data governance and IT strategy, services and security provided satisfactory assurance, but that they could provide only limited assurance for key financial controls and risk management. The weaknesses identified in financial controls related to lack of formal follow up with budget holders over management accounts variances, incomplete record keeping on some reconciliations and delays in issuing purchase orders. Management has committed to improvements in these areas and has now implemented more regular formal meetings with budget holders and tighter controls over the issuing of purchase orders and record keeping over reconciliations. Internal auditors noted that management had made good progress in implementing the recommendations made in previous audits. The internal audit report was received by the Audit & Risk Committee.
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Corporate Governance** For the year ended 31 July 2022
## **Board & Committee Meetings**
The Board of Trustees met seven times during the year.
Much of the Board's detailed work is delegated to LAMDA's six sub-committees, namely: Development; Education; Examinations; Finance; Audit & Risk; Nominations, Remuneration & HR. Recommendations of these committees are made to the Board for discussion and approval at its meetings.
The respective responsibilities of these committees are as follows:
**Development** Working with the development team to help identify fundraising opportunities to ensure that possibilities are maximized and explored.
**Education** Considering HE matters on behalf of the Board of Trustees, including the long-term strategy in relation to the future development of Higher Education.
**Examinations** Reviewing and accepting regulatory compliance/self-assessment reports and advising on business strategy and development of LAMDA's qualifications syllabus.
**Finance** Reviewing the quarterly and annual results and presenting the annual budget for Board approval. **Audit & Risk** Ensuring that LAMDA operates under an appropriate and robust risk management regime and has adequate arrangements for ensuring economy, efficiency and effectiveness.
**Nominations,** Advising on Trustee appointments and Board composition, staff **Remuneration & HR** remuneration and HR policies, setting the salary of the Director
The Board has agreed terms of reference for all committees and the majority of members on each committee are trustees. External members with specialist expertise may be co-opted, provided that trustees remain in the majority.
Approved by the Board on 17[th] November 2022 and signed on its behalf by
The Rt Hon Shaun Woodward Chairman
Prof Mark O’Thomas Principal and CEO
Lord Tom Chandos Director
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Corporate Governance** For the year ended 31 July 2022
## **Statement of Trustees' responsibilities for the financial statements**
The Trustees, who are also directors of LAMDA Ltd for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year and not approve the financial statements unless they are satisfied that the financial statements give a true and fair view of the state of the affairs of the Charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the year then ended.
In preparing those financial statements which give a true and fair view, the Trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles of the Higher Education SORP.
- make judgements and estimates that are reasonable and prudent.
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charitable company will continue on that basis.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable Company's website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.
Each of the directors, who held office at the date of approval of this Trustees' Report, has confirmed that there is no information of which they are aware which is relevant to the audit but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are made aware of such information.
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Group Statement of Financial Activities (including income and expenditure account)** For the year ended 31 July 2022 The notes on pages 34 – 57 form part of these accounts
## **Independent Auditors’ Report To The Members of LAMDA Limited**
## **Opinion**
We have audited the financial statements of LAMDA Ltd for the year ended 31 July 2022 which comprise the Consolidated Statement of Financial Activities, the Group and Company Balance Sheets, the Consolidated statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
• give a true and fair view of the state of the group and charitable company’s affairs as at 31 July 2022 and of the group’s and charitable company’s net movement in funds, including the income and expenditure, for the year then ended; and
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
• have been prepared in accordance with the requirements of the Companies Act 2006 and the Office for Students Accounts Direction.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report (incorporating the strategic report). Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Group Statement of Financial Activities (including income and expenditure account)** For the year ended 31 July 2022 The notes on pages 34 – 57 form part of these accounts
we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
· the information given in the Trustees’ Report (incorporating the strategic report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
· the strategic report and directors’ report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and directors’ report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the charitable company; or
• the charitable company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of trustees’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
## **Matters on which we are required to report in respect of the Office for Students**
In our opinion, in all material respects:
• funds administered by the charitable company for specific purposes during the year ended 31 July 2022, have been applied to those purposes and managed in accordance with relevant legislation;
• funds provided by OfS, UK Research and Innovation (Including Research England), the Education and Skills Funding Agency and the Department for Education have been applied in accordance with the terms and conditions attached to them during the year ended 31 July 2022; and
We have nothing to report in respect of the following matters in relation to which the Office for Students requires us to report where:
· grant and fee income, as disclosed in the notes 1 and 2 to the accounts, has been materially misstated
· expenditure on access and participation activities for the financial year has been materially misstated
## **Responsibilities of trustees for the financial statements**
As explained more fully in the Statement of Trustees’ Responsibilities statement set out on page 26, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group’s and charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
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LAMDA Limited (Limited by guarantee) and Subsidiary Company **Group Statement of Financial Activities (including income and expenditure account)** For the year ended 31 July 2022 The notes on pages 34 – 57 form part of these accounts
but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the Office for Students and the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the potential for management to post inappropriate journal entries and to manipulate accounting estimates. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Reviewed minutes of committee meetings held;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted with large values, unusual descriptions or referencing known related parties; and
- Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
3
28
LAMDA Limited (Limited by guarantee) and Subsidiary Company **Group Statement of Financial Activities (including income and expenditure account)** For the year ended 31 July 2022 The notes on pages 34 – 57 form part of these accounts
Richard Weaver Senior Statutory Auditor For and on behalf of Haysmacintyre LLP, Statutory Auditors
- .
10 Queen Street Place London EC4R 1AG
Date: 21 December 2022
3
29
LAMDA Limited (Limited by guarantee) and Subsidiary Company **Group Statement of Financial Activities (including income and expenditure account)** For the year ended 31 July 2022 The notes on pages 34 – 57 form part of these accounts
## **Group statement of financial activities (including income and expenditure account)**
|**Notes**
**Income**
Tuition Fees and
education contracts
1
Funding Body Grants
2
Other income
3
Donations and
Endowments
3
Investment Income
4
**Expenditure**
Staff costs
5
Other operating
Expenses
6
Depreciation
8
Interest and other
finance costs
**Total**
Net surplus/(deficit)
for the year before
funds transfers
Funds transfers
18
Net surplus/(deficit)
for the year after
funds transfers
Fund balances
brought forward at 1
August
Funds balances
carried forward at 31
July|**Unrestricted**
**funds**
**£’000**
4,827
1,613
5,837
391
3
12.671
**£’000**
4.651
6,587
1,246
209
**12,693**
(22)
458
436
1,069
1,505|**General funds**
**Designated**
**funds**
**£’000**
-
-
-
-
-
-
**£’000**
-
-
-
-
-
**-**
(458)
(458)
21,498
21,040|**Restricted**
**funds**
**£’000**
-
-
-
743
-
743
**£’000**
-
691
-
-
**691**
52
-
52
426
478|**Total funds**
**2022**
**£’000**
4,827
1,613
5,836
1,135
3
13,414
**£’000**
4,651
7,278
1,246
209
**13,384**
30
-
30
22,994
23,024|**Total funds**
**2021**
**£’000**
4,287
1,735
4,100
802
-|
|---|---|---|---|---|---|
||||||10,923|
||||||**£’000**
5,079
5,519
1,221
170|
||||||**11,989**|
||||||(1,065)|
||||||(1,065)|
||||||24,059|
||||||22,994|
The group statement of financial activities has been prepared on the basis that all operations are continuing operations. The statement of financial activities includes all gains and losses recognised in the year.
3
30
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Group Balance Sheet** For the year ended 31 July 2022
## **Group Balance Sheet**
|**Notes**
**Fixed assets**
Intangible assets
8
Tangible assets
9
investments
**Current assets**
Stock
12
Debtors
13
Short term deposits and cash in
hand
**Current liabilities**
Creditors: amount failing due
within one year
14
**Net current assets /**
**(Liabilities)**
Total assets less current
liabilities
Creditors: amounts falling due
after more than one year
15
**Net assets**
**_Funds_**
Restricted funds
19
Designated funds
19
Property fund
General unrestricted funds
19
**Total charity funds**|**2022**
**£’000**
**52**
**1,156**
**2,394**
**3,602**
**(3,053)**|**2022**
**£’000**
**341**
**27,926**
**28,267**
**549**
**28,816**
**(5,792)**
**23,024**
**431**
**21,041**
**1,552 **
**23,024**|**2021**
**£’000**
33
696
1,748
2,476
(8,913)|**2021**
**£’000**
563
28,867|
|---|---|---|---|---|
|||||29,430
(6,437)|
|||||22,994
-|
|||||22,994|
|||||426
21,498
1,069|
|||||22,994|
The net result of LAMDA Ltd as a single entity was £26,891
Approved by the Board on 17[th] November 2022 and signed on its behalf by:
The Rt Hon Shaun Woodward Chairman
Professor Mark O’Thomas Principal and CEO
Lord Tom Chandos Director
3
31
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 For the year ended 31 July 2022
## **LAMDA Limited Balance Sheet**
|**Notes**
**Fixed assets**
Intangible assets
8
Tangible assets
9
investments
**Current assets**
Stock
12
Debtors
13
Short term deposits and cash in
hand
**Current liabilities**
Creditors: amount failing due
within one year
14
**Net current assets /**
**(Liabilities)**
Total assets less current
liabilities
Creditors: amounts falling due
after more than one year
15
**Net assets**
**Funds**
Restricted funds
19
Designated funds
19
Property fund
General unrestricted funds
19
**Total charity funds**|**2022**
**£’000**
**50**
**1,156**
**2,317**
**3,523**
**(2,984)**|**2022**
**£’000**
**341**
**27,926**
**28,267**
**539**
**28,806**
**(5,792)**
**23,014**
**431**
**21,041**
**1,542**
**23,014**|**2021**
**£’000**
30
746
1,688
2,464
(8,908)|**2021**
**£’000**
564
28,867|
|---|---|---|---|---|
|||||29,431
(6,443)|
|||||22,987
-|
|||||22,987|
|||||426
21,498
1,063|
|||||22,987|
The net result of LAMDA Ltd as a single entity was £26,891
Approved by the Board on 17th November 2022 and signed on its behalf by:
The Rt Hon Shaun Woodward Chairman
Professor Mark O’Thomas Principal and CEO
Lord Tom Chandos Director
3
32
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Group Cashflow Statement** For the year ended 31 July 2022
## **Group Cashflow Statement**
|**Notes**
**Cash flows from operating activities operating**
**profit/(loss) for the year**
**Adjustments for:**
Depreciation
Amortisation of Intangible assets
Interest income shown in investing activities
Interest paid on long-term loan
Profit on disposal of fixed assets
Interest income
(increase)/decrease in stock
(increase)/decrease in debtors
(Decrease)/increase in short term creditors
**Cash from operations**
**Cash flows from investing activities**
Interest income
Proceeds from sale of equipment
Payment to acquire tangible fixed assets
Payment to acquire intangible fixed assets
**Cash provided by (used in) investing activities**
**Cash flows from financing activities**
Interest payments
Repayments of amounts borrowed
New secured loans
**Increase/(decrease) in cash and cash equivalents**
**in the year**
Cash and cash flow equivalents at the beginning of
the year
Total cash and cash equivalents at the end of the
year|**2022**
£’000
**30**
**1,018**
**228**
**-**
**209**
**-**
**(3)**
**(20)**
**(460)**
**340**
**1,342**
**3**
**-**
**(77)**
**(5)**
**(79)**
**(209)**
**(408)**
**-**
**(618)**
**649**
**1,748**
**2,394**|**2021**
£’000
(1,065)|
|---|---|---|
|||1,031
190
-
170
-
-
4
69
119|
|||518
-
-
(82)
-|
|||(82)
(170)
(250)
1,500|
|||1,080
1,516
232|
|||1,748|
3
33
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Accounting Policies** For the year ended 31 July 2022
## **Accounting Policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Higher Education Institutions registered as charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102, issued March 2018) - (Charities SORP (FRS 102)), and the Companies Act 2006.
LAMDA Limited meets the definition of a public benefit entity under FRS 102-and therefore has applied the relevant public benefit requirements of FRS102.
The financial statements are prepared in accordance with the historical cost convention unless otherwise stated in the relevant note to the financial statements.
## **Preparation on a going concern basis**
The trustees consider that there are no material uncertainties about LAMDA's ability to continue as a going concern. A five-year plan has been prepared up to July 2024 which forecasts a return to surplus over the period. The plan has been shared with LAMDA's bankers and LAMDA expects that it will continue to meet the covenants in the long-term loan agreement which is described in Note 15. The review of the position, reserves and future plans gives the trustees confidence that LAMDA remains a going concern for the foreseeable future.
## **Basis of consolidation**
The results of LAMDA Limited's wholly owned subsidiary undertaking - LAMDA Enterprises Limited - have been consolidated in the financial statements. More details of the subsidiary are disclosed in Note 11.
## **Accounting judgements and estimates**
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Management will also consult with appropriate professional advisers when necessary to determine estimated income and expenditure.
The key estimates and assumptions in the financial statements are:
## _Useful economic lives of tangible and intangible assets_
The annual depreciation charge for tangible assets and the amortisation charge for intangible assets are sensitive to changes in the estimated useful economic lives of the assets so these are re-assessed annually and amended when necessary to reflect current estimates.
LAMDA has applied to the Quality Assurance Agency for Higher Education to be granted degree awarding powers and costs in 2021 have been capitalised as an intangible asset on the assumption that it will be granted the right to award its own degrees.
3
34
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Accounting Policies** For the year ended 31 July 2022
## _Theatre tax relief_
The tax claim for 2021-22 has been estimated based on a detailed calculation prior to submitting the claim to HMRC.
## **Recognition of income**
Income is recognised once there is an entitlement to income, it is probable that income will be received and the amount of income receivable can be measured reliably.
## _Tuition Fees_
Tuition fees represent all fees chargeable to students or their sponsors, received and receivable, which are attributable to the current accounting period net of discounts. The cost of any fees waived by LAMDA Limited is deducted from tuition fee income. Bursaries and scholarships are accounted for gross as expenditure and not deducted from income.
## _Donations and Legacies_
Donations and gifts are included in full in the Statement of Financial Activities when there is entitlement, probability of receipt and the amount of income receivable can be measured reliably.
## _Gifts in kind_
Gifts in kind represent assets 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 price the charity would otherwise have paid for the assets or the Trustees best estimate of this value.
## _Grants_
Grants are recognised in full in the statement of financial activities in the year in which the charity has entitlement to the income, the amount of income receivable can be measured reliably and there is probability of receipt.
Grants received to fund capital expenditure are recorded as restricted income and transferred to General Funds when spent.
Grants and donations are only deferred when the donor has imposed conditions that must be met before LAMDA Limited has unconditional entitlement.
## _Income from charitable activities_
Income is recognised from charitable activities as earned when the related services are provided. Income is recognised from other trading activities as earned when the related goods are provided.
## _Investment income_
Investment income is recognised on a receivable basis once the amounts can be measured reliably.
## _Expenditure_
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, ii is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
3
35
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Accounting Policies** For the year ended 31 July 2022
Costs of raising funds are those incurred in attracting voluntary income and in fundraising activities.
Expenditure on charitable activities includes all costs related to the awarding of grants and the costs of Drama School and Examinations.
## _Irrecoverable VAT_
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred only in the case of fixed assets, but to a separate general ledger code for all other expenditure.
## _Allocation_
Expenditure is allocated and apportioned into various categories. Direct costs are allocated to each activity, as are costs that can be directly apportioned to each activity. Support costs relating to central services including management and administration are allocated to service areas on the basis of either floor area or gross expenditure.
## _Operating leases_
Rental charges are charged on a straight-line basis over the life of the lease.
## **Investments**
Investments are a form of basic financial instruments and are initially shown in the financial statements at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.
Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between 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.
## **Fixed assets**
Fixed assets are stated at cost or deemed cost (donated valuation at estimated fair value) less accumulated depreciation and impairment losses. Assets costing more than £2,000 (inclusive of VAT) are capitalised.
Fixed assets are not depreciated or amortised until they are brought into use.
Depreciation and amortisation are calculated to write off the costs of the fixed asset on a straight-line basis over their useful economic lives as follows:
|Freehold buildings|50 years|
|---|---|
|Repairs to freehold buildings (upon the nature of the repair)|50 years or 10 years|
|Plant and Machinery|10 years|
|Office and theatres fixtures, fittings and equipment|10 years|
|Studio and stage equipment|3 years|
|Computers and IT equipment|3 years|
|Intangible fixed assets|5 years|
Freehold land is not depreciated.
3
36
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Accounting Policies** For the year ended 31 July 2022
Intangible fixed assets comprise Cloud based IT software, Office for Students (OfS) registration and Degree Awarding Powers application developments.
## **Creditors and provisions**
Creditors and provisions are recognised where LAMDA has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
## **Debtors**
Short term debtors are measured at transaction price, less any impairment.
## **Stock**
Stock is carried at the lower of purchase cost and net realisable value.
## **Cash at bank and in hand**
Cash at bank includes current and deposit accounts which are immediately available. Cash in hand is petty cash floats.
## **Foreign currency**
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are recorded at the rate prevailing at the date of the transaction. All differences are recognised in the Statement of Financial Activities.
## **Financial instruments**
All financial assets and liabilities are basic financial instruments as defined in FRS 102. Basic financial instruments, including trade and other debtors and creditors, are initially recognised at transaction value and subsequently measured at their settlement value.
## **Funds**
Unrestricted funds are donations and other income received or receivable. These funds may be used at the discretion of the trustees towards meeting LAMDA's charitable objectives.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
Restricted funds are those funds which are to be used in accordance with specific instructions imposed by the donor or trust deed.
## **Employee benefits**
## _Short term benefits_
Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.
## _Employee termination benefits_
Termination benefits are accounted for on an accrual basis in accordance with FRS 102.
## _Pension scheme_
LAMDA operates a defined contribution pension scheme for the benefit of its employees to which
37
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Accounting Policies** For the year ended 31 July 2022
LAMDA contributes. The assets of the scheme are held independently from LAMDA in an independently administered fund. The pensions costs charged in the financial statements represent LAMDA's contributions payable during the year.
## **Legal status**
LAMDA Limited is limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
38
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements** For the year ended 31 July 2022
## **Notes to the financial statements**
## **1. Tuition Fee income**
|**Income from Higher Education Courses**
Home/EU students – undergraduate BA courses
Overseas students – undergraduate BA courses
Accredited Shakespeare summer course
Semester courses
**Total undergraduate**
Home/EU students – postgraduate course
Overseas students – postgraduate courses
**Total postgraduate**
Total
Income from other courses
Non accredited short courses
Foundation courses
Total
Total tuition fee income|2022
£’000
**1,253**
**432**
**220**
**662**
**2,568**
**940**
**718**
**1,658**
**4,225**
**200**
**402**
**602**
**4,827**|2021
£’000
1,269
433
95
263|
|---|---|---|
|||2,059
709
948|
|||1,658|
|||3,717|
|||168
402|
|||570|
|||4,287|
## **2. Grant and related income**
|Office for Students Teaching
Grant
Higher Education Innovation Fund
(Research England)
Office for Students capital grant
Office for Students hardship fund
DHSC Covid Testing Grant|**Unrestricted**
**funds**
**£’000**
**61**
**1,523**
**17**
**12**
**-**
**1,613**|**Restricted**
**funds**
**£’000**
**-**
**-**
**-**
**-**
**-**
**-**|**2022**
**£’000**
**61**
**1,523**
**17**
**12**
**-**
**1,613**|2021
£’000
126
1,551
17
12
28
1,735|
|---|---|---|---|---|
These grants are all from government funds.
39
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
## **3. Income from donations, legacies and trading activities**
|**Voluntary income**
Donations
Legacies
**Other income**
Examinations and related
activities
Trading activities, events and
functions
Student accommodation
Miscellaneous income
Land and rental income
Theatre tax relief
Audition Fees
Writeback of previously accrued
income
Internal income|**Unrestricted**
**funds**
**£’000**
**391**
**-**
**391**
**5,247**
**104**
**178**
**3**
**23**
**171**
**111**
**-**
**-**
**5,837**|**Restricted**
**Funds**
**£’000**
**545**
**198**
**743**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2022**
**£’000**
**937**
**198**
**1,135**
**5,246**
**103**
**178**
**3**
**23**
**171**
**111**
**-**
**-**
**5,836**|2021
£’000
604
198|
|---|---|---|---|---|
|||||802|
|||||3,750
69
25
41
16
112
83
3|
|||||4,100|
**4. Investment income**
|Bank interest receivable
**Prior Year**
Bank interest receivable|**Unrestricted**
**funds**
**£**
3
Unrestricted
funds
£
-|**Restricted**
**funds**
**£**
-
Restricted
funds
£
-|**Designated**
**fund**
**£**
-
Designated
fund
£
-|**2022**
**£**
**3**|
|---|---|---|---|---|
|||||2021
£
**-**|
40
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
## **5. Staff costs and employees**
|**2022**
**No. FTE**
Drama School
**45.4**
Examinations
**51.3**
Fundraising
**2.2**
Trading Activities
**1.6**
Management and administration
**23.2**
**123.7**
The average number of employees (full and part time during
the year was as follows:
**219.2**
**2022**
**£’000**
Staff costs for the above persons are analysed as follows:
Wages and salaries
**4,215**
Social Security
**390**
Pension costs
**138**
Redundancy payments
**-**
Holiday accrual
**(92)**
**4,651**
Staff costs (for the above persons) are analysed as follows:
**2022**
**£’000**
Drama School
**1,843**
Examinations
**1,309**
Fundraising
**162**
Trading Activities
**16**
Management and administration
**1,321**
**4,651**
In 2022 no employee received basic pay in excess of £100,000 (2021: 1)
Renumeration of the acting principal from
12th September 2021
**2022**
**£**
Basic Pay
**80,488**
Pensions contributions
**3,464**
**83,952**
Remuneration of the Director was as
follows:
Basic Pay
**50,738**
Pension contribution
**3,464**
**54,202**||**2021**
**No. FTE**
46.1
48.2
2.3
1.0
27.0|
|---|---|---|
|||124.7|
|||176.6
2021
£’000
4,39
422
155
47
63|
|||5,079|
|||2021
£’000
2,405
1,303
111
3
1,256|
|||5,079|
|||2021
£
-
-|
|||-|
|||105,931
5,366|
|||111,297|
The Directors basic salary was 130,526. This was 3.8 times the median of staff basic pay (2021: 3.0 times) and the total remuneration for the post for the year was £136,527 (2021 £111,297) with was 3.9 times the median of staff total remuneration (2021: 3.0 times).
41
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
The remuneration of the Director was and is determined by the Board of Directors acting on recommendations from the Nominations and Remunerations Committee.
The key management personnel comprises the senior management team and is made up of the following positions within the organization:
|•
Director
•
Director of Development and Alumni
Relations
•
Head of Examinations
•
Director of Finance
•
Executive Dean of the Drama School
•
Head of Student and Academic
Services
**2022**
**£**
Salaries
**387,880**
Employer national insurance contributions
**48,165**
Employer pension contributions
**17,240**
**453,285**
Average annual salary of key management personnel (headcount)
**66,328**
**6.**
**Other Operating Expenses**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2022**
**£’000**
**£’000**
**£’000**
Examinations
**1,940**
**-**
**1,940**
Drama School
**1,543**
**109**
**1,652**
Student support
**138**
**538**
**676**
Commercial activities
**376**
**-**
**376**
IT and Facilities
**1,256**
**44**
**1,300**
Central costs
**1,334**
**-**
**1,334**
**6,587**
**691**
**7,278**|•
Director
•
Director of Development and Alumni
Relations
•
Head of Examinations
•
Director of Finance
•
Executive Dean of the Drama School
•
Head of Student and Academic
Services
**2022**
**£**
Salaries
**387,880**
Employer national insurance contributions
**48,165**
Employer pension contributions
**17,240**
**453,285**
Average annual salary of key management personnel (headcount)
**66,328**
**6.**
**Other Operating Expenses**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2022**
**£’000**
**£’000**
**£’000**
Examinations
**1,940**
**-**
**1,940**
Drama School
**1,543**
**109**
**1,652**
Student support
**138**
**538**
**676**
Commercial activities
**376**
**-**
**376**
IT and Facilities
**1,256**
**44**
**1,300**
Central costs
**1,334**
**-**
**1,334**
**6,587**
**691**
**7,278**|2021
£
561,785
68,943
26,254|
|---|---|---|
|||656,982|
|||82,112
2021
£’000
1,071
1,093
860
309
1,052
664
5,050|
||||
42
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
The figures include the following expenditure to support all students in financial hardship, and to encourage the widest pool of applications to LAMDA:
|Bursaries and scholarships
Welfare and medical support
Access & participation and Outreach programme
Audition fee waivers
Bursaries and scholarships
Welfare and medical support
Access & participation and Outreach programme
Audition fee waivers|Unrestricted
expenditure
£’000
**53**
**77**
**69**
**3**
**202**
Unrestricted
expenditure
£’000
97
96
69
3
265|**2021-22**
Restricted
expenditure
Total
£’000
£’000
**520**
**573**
**7**
**84**
**10**
**79**
**-**
**3**
**537**
**739**
2020-2021
Restricted
expenditure
Total
£’000
£’000
445
542
21
117
13
82
-
3
479
745|**2021-22**
Total
£’000
**573**
**84**
**79**
**3**|
|---|---|---|---|
||||**739**|
||||745|
## **Access and participation plan expenditure**
|Access investment (including salaries)
Hardship funds
Financial support to students|**2022**
**£’000**
**75**
**5**
**306**
**386**|2021
£’000
57
-
188|
|---|---|---|
|||245|
The access and participation plan relates to home full-time undergraduate students only
## **7. Movement in net income for the year**
|After Charging:
Depreciation
Loss on disposal of fixed assets
Operating leases – land and buildings
Operating leases – other
Auditors remuneration
Audit
Other services
Expenses reimbursed to trustees|**2022**
**£’000**
**1,246**
**-**
**86**
**-**
**37**
**6**|2021
£’000
1,221
-
86
-
35
6
-|
|---|---|---|
No expenses were reimbursed to trustees in the current year (nil in 2021). No trustee received remuneration in the current or prior year.
43
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements** For the year ended 31 July 2022
## **8. Intangible assets**
_Group and Company_
|**Cost of valuation**
At 01 August 2021
Additions
Disposals
**At 31 July 2022**
Depreciation
At 01 August 2021
Charge for the year
Disposals
**At 31 July 2022**
Net book value
At 31 July 2022
At 01 August 2021|**Exams**
**&**
**Student**
**Records**
**Systems**
**£’000**
725
5
-
**730**
485
145
-
**630**
**99**
240|**OfS**
**Registration**
**Development**
**Costs**
**£’000**
143
-
-
**143**
57
29
-
**86**
**57**
86|**Website**
**Develop**
**ment**
**£’000**
81
-
-
**81**
31
16
-
**47**
**34**
50|**Degree-**
**Awarding**
**Powers**
**Costs**
**£’000**
188
-
-
**188**
-
38
-
**38**
**150**
188|**Total**
**£’000**
1,137
5|
|---|---|---|---|---|---|
||||||**1,142**|
||||||573
228
-|
||||||**801**|
||||||**341**
564|
## **9. Tangible assets** _Group and company_
|**Cost or Valuation**
At 01 August 2021
Additions
Reclassification
Disposals
**At 31 July 2022**
**Depreciation**
At 01 August 2021
Charge for the
year
Reclassification
Disposals
**At July 31 2022**
**Net book value**
**At 31 July 2022**
At 01 August 2021|**Freehold**
**land &**
**buildings**
£’000
30,042
21
-
**30,063**
3,199
602
-
-
**3,801 **
**26,263**
26,843|**Plant &**
**Machinery**
£’000
2,778
-
-
-
**2,778**
1,242
278
-
-
**1,520**
**1,258**
1,536|**Office, studio,**
**& production**
**equipment**
£’000
732
9
**723**
324
71
-
-
**395**
**328**
408|**IT**
**equipment**
£’000
364
65
-
**429**
284
67
-
-
**351 **
**77**
80|**Total**
£’000
33,916
86
9|
|---|---|---|---|---|---|
||||||**33,993**|
||||||5,049
1,018
-
-|
||||||**6,067 **|
||||||**27,926**
28,867|
An independent valuation by Avison Young Ltd (commissioned by Barclays Bank) provided a market value of the freehold property in Talgarth Road, London of £28.4m as at 4 February 2021.
44
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
## **10. Investments**
|Listed securities at cost
Less: provision for impairment in value
Unlisted subsidiary at cost
Cost or valuation at 31 July|**2022**
**£’000**
**46**
**46**
**46**|**Group**
2021
£’000
46
-
46
46|**2022**
**£’000**
**46**
**300**
**346**|**Company**
2021
£’000
46
-|
|---|---|---|---|---|
|||||46
300|
|||||346|
## **11. Net income from Trading Activities of LAMDA Enterprises Limited**
LAMDA Limited owns the whole of the issued shared capital of LAMDA Enterprises Limited. The company is registered in England and gifts its taxable profits to LAMDA Limited via gift aid. From January 2017, the company has resumed trading, and therefore the results and balance sheet of the company has been consolidated with LAMDA Limited.
|Turnover
Net operating expenses
Operating profit
Payment under gift aid
Profit on ordinary activities after taxation
Profit brought forward
Retained profit brought forward into the consolidated accounts all
relates to external trading
The share capital of LAMDA Enterprises is held by LAMDA Limited|**2022**
**£’000**
**55,970**
**(52,596)**
**3,374**
**-**
**3,374**
**6,395**
**9,769**
**300**|2021
£’000
24,371
(24,751)|
|---|---|---|
|||(380)
-|
|||(380)
7,675|
|||7,295|
|||300|
## **12. Stock**
|Examinations stock
Bar Stock|**Group**
**2022**
2021
**£’000**
£’000
**50**
30
**2**
2
**52**
32|**Company**
**2022**
2021
**£’000**
£’000
**50**
30
**-**
-
**50**
30|**Company**
**2022**
2021
**£’000**
£’000
**50**
30
**-**
-
**50**
30|
|---|---|---|---|
||||30|
## **13. Debtors**
|Trade debtors
Other debtors
Other taxation and social security
Prepayments and accrued income
Amount owed by subsidiary|**2022**
**£’000**
**242**
**24**
**382**
**508**
**1,156**|**Group**
2021
£’000
147
58
210
281
-
696|**2022**
**£’000**
**242**
**24**
**382**
**508**
**1,156**|**Company**
2021
£’000
147
58
210
281
50
746|
|---|---|---|---|---|
45
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
## **14. CREDITORS: amounts falling due within one year**
|Deferred income
Trade creditors
Accruals
Taxation and social security
Other creditors
Amount owed to subsidiary
Loan repayable (note 14)|**Group**
**2022**
2021
**£’000**
£’000
**1,188**
1,017
**644**
395
**276**
472
**127**
120
**185**
76
**-**
-
**633**
6,833
**3,053**
8,913|**Company**
**2022**
2021
**£’000**
£’000
**1,186**
1,017
**638**
394
**277**
470
**126**
119
**184**
75
**(61)**
-
**633**
6,833
**2,984**
8,908|
|---|---|---|
## **Analysis of Deferred income**
|At 01 August
Acquired
Released
**At 31 July**|**Group**
**2022**
2021
**£’000**
£’000
**1,017**
964
**1,188**
1,017
**(1,017)**
(964)
**1,188**
1,017|**Company**
**2022**
2021
**£’000**
£’000
**963**
963
**1,186**
1,017
**(963)**
(963)
**1,186**
1,017|**Company**
**2022**
2021
**£’000**
£’000
**963**
963
**1,186**
1,017
**(963)**
(963)
**1,186**
1,017|
|---|---|---|---|
||||1,017|
Deferred income includes course fees, exams income and hoardings income received in advance
## **15. CREDITORS: amounts falling due after more than one year**
||Group||Company||
|---|---|---|---|---|
||**2022**|2021|**2022**|2021|
||**£’000**|£’000|**£’000**|£’000|
|Barclays Bank plc|**4,668**|5,000|**4,668**|5,000|
The Barclays bank loan is for ten years maturing in December 2026 which may be renewed for a further eight years. The repayment profile of the loan capital has been calculated on an eighteen-year amortisation profile of £333,333 payable on a quarterly basis. Interest is also payable quarterly and is on a floating rate basis 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% until 31/12/2024. Barclays have a charge against the property held by LAMDA as security for this loan.
As at the balance sheet date at 2021, one of the covenants related to the bank loan was breached. Subsequent to the 2021-year end, Barclays signed a covenant waiver. At the date of approval of the financial statements, the loan covenant test is fully met, and it is the trustee’s expectation that this will continue going forward.
46
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
## **Loan details: repayable as follows:**
|Within one year (note 13)
Within two to five years
Over five years|Group
**2022**
2021
**£’000**
£’000
**333**
5,333
**1,667**
-
**3,000**
-
**5,000**
5,333|Company
**2022**
2021
**£’000**
£’000
**333**
5,333
**1,667**
**3,000**
**5,000**
5,333|Company
**2022**
2021
**£’000**
£’000
**333**
5,333
**1,667**
**3,000**
**5,000**
5,333|
|---|---|---|---|
||||5,333|
LAMDA Ltd took out an additional Covid Business Interruption Loan (CBIL) in March 2021. The loan is for £1.5m, repayable within five years. Repayments and interest payments began in March 2022.
## **CBIL details: repayable as follows:**
|Within one year (note 13)
Within two to five years
Over five years|Group
**2022**
2021
**£’000**
£’000
**300**
1,500
**1,125**
-
**-**
-
**1,425**
1,500|Company
**2022**
2021
**£’000**
£’000
**300**
1,500
**1,125**
-
-
**1,425**
1,500|Company
**2022**
2021
**£’000**
£’000
**300**
1,500
**1,125**
-
-
**1,425**
1,500|
|---|---|---|---|
||||1,500|
## **Summary loan details: repayable as**
|Within one year (note 13)
Within two to five years
Over five years|**Group**
**2022**
2021
**£’000**
£’000
**633**
6,833
**2,792**
-
**3,000**
-
**6,425**
6,833|**Company**
**2022**
2021
**£’000**
£’00
**633**
6,833
**2,792**
-
**3,000**
-
**6,245**
6,833|**Company**
**2022**
2021
**£’000**
£’00
**633**
6,833
**2,792**
-
**3,000**
-
**6,245**
6,833|
|---|---|---|---|
||||6,833|
As at the balance sheet date, one of the covenants related the bank loan was breached. Subsequent to the year end, Barclays agreed to sign a covenant waiver and this waiver was received on 14th January 2022. At the date of approval of the financial statements, the loan covenants are no longer being breached and it is the trustees expectation that there will be no breaches at the 2022 year end date.
## **16. Operating leases**
|Within one year
Within two to five|**2022**
**£’000**
**87**
**89**
**176**|2021
£’000
90
91
181|**2022**
**£’000**
**87**
**89**
176|2021
£’000
90
91
181|
|---|---|---|---|---|
The land and buildings relate to Druid Street, Bermondsey and 2 railway arches at Stamford Brook.
47
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements** For the year ended 31 July 2022
## **17. Capital and Reserves**
The company is limited by guarantee and does not have share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. At 31 July 2022 there were 18 members (2021: 17), who were all trustees.
No reconciliation of movements in shareholders' funds has been prepared as the company has no shareholders.
## **18. Reconciliation of funds and movements on reserves**
## _**Group**_
|**Restricted**
**funds**
Bursary fund
Hardship
AFLAMDA
Production
Programme
support
Pathways
LAMDA
Genesis
Network
Capital
repairs and
renewals
**Un-**
**restricted**
**funds**
General
fund
**Designated**
**fund**
Property
fund
Total funds|**Balance**
**at 01**
**August**
**2021**
**£’000**
295
7
-
24
12
30
59
426
**1,069**
**21,498**
**22,994**||**Income**
**£’000**
**599**
**1**
**78**
**47**
**11**
**-**
**6**
**743**
**12,671**
**-**
**13,414**||**Expenditure**
**£’000**
**(467)**
**(7)**
**(32)**
**(109)**
**(10)**
**(22)**
**(44)**
**(691)**
**(12,693)**
**-**
**(13,383)**||**Net Income/**
**Expenditure**
**£’000**
**132**
**(6)**
**47**
**(62)**
**1**
**(22)**
**(38)**
**52**
**(22)**
**-**
**30**|**Transfers**
**£’000**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**458**
**(458)**
**-**||**Net**
**Movement**
**In Funds**
**£’000**
**132**
**(6)**
**47**
**(62)**
**1**
**(22)**
**(38)**
**52**
**436**
**(458)**
**30**|**Balance at**
**31 July**
**2022**
**£’000**
**427**
**-**
**47**
**(38)**
**13**
**8**
**21**|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||**478**|
||||||||||||**1,552**
**21,041**
**23,024**|
48
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements** For the year ended 31 July 2022
## _**Company**_
|**Restricted**
**funds**
Bursary fund
Hardship
AFLAMDA
Production
Programme
support
Pathways
LAMDA
Genesis
Network
Capital
repairs and
renewals
**Un-**
**restricted**
**funds**
General
fund
**Designated**
**fund**
Property
fund
Total funds|**Balance**
**at 01**
**August**
**2021**
**£’000**
295
7
-
24
12
30
59
426
1,063
21,498
22,987||**Income**
**£’000**
**599**
**1**
**79**
**47**
**11**
**-**
**6**
**743**
**12,655**
**-**
**13,398**||**Expenditure**
**£’000**
**(467)**
**(7)**
**(32)**
**(109)**
**(10)**
**(22)**
**(44)**
**(691)**
**(12,633)**
**-**
**(13,323)**||**Net Income/**
**Expenditure**
**£’000**
**132**
**(6)**
**47**
**(62)**
**1**
**(22)**
**(3)**
**52**
**22**
**-**
**74**|**Transfers**
**£’000**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**458**
**(458)**
**-**||**Net**
**Movement**
**In Funds**
**£’000**
**132**
**(6)**
**47**
**(62)**
**1**
**(22)**
**(38)**
**53**
**479**
**(458)**
**74**|**Balance at**
**31 July**
**2022**
**£’000**
**427**
**-**
**47**
**(38)**
**13**
**8**
**21**|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||**478**|
||||||||||||**1,542**
**21,041**
**23,014**|
49
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
## **Reconciliation of funds and movements on reserves (continued)**
|**Prior year**
_Group_
**Balance**
**at 01**
**August**
**2020**
**Restricted**
**funds**
**£’000**
Act Now!
fund
110
Bursary
fund
74
Hardship
5
AFLAMDA
Production
Programme
support
19
Pathways
24
LAMDA
Genesis
Network
31
Capital
repairs and
renewals
85
348
**Un-restricted**
**funds**
General fund
1,755
**Designated**
**fund**
Property fund
21,956
Total funds
24,059|**Income**
**£’000**
551
10
51
5
1
-
68
686
10,237
-
10,237||**Expenditure**
**£’000**
(367)
(78)
(56)
-
(13)
(1)
(94)
(608)
(11,381)
-
(11,989)|**Net income/**
**expenditure**
**£’000**
185
(67)
(5)
5
(12)
(1)
(26)
78
(1,143)
-
(1.065)|**transfers**
**£’000**
-
-
-
-
-
-
-
-
458
(458)
-||**Net**
**Movement**
**in funds**
**£’000**
185
(67)
(5)
5
(12)
(1)
(26)
78
(686)
(458)
(1,065)||**Balance**
**at 31 July**
**2021**
**£’000**
295
7
-
24
12
30
59|
|---|---|---|---|---|---|---|---|---|---|
||||||||||426|
||||||||||1,069
21,498|
||||||||||22,994|
50
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
## _Company_
|**Restricted**
**funds**
Act Now!
fund
Bursary
fund
Hardship
AFLAMDA
Production
Programme
support
Pathways
LAMDA
Genesis
Network
Capital
repairs and
renewals
**Un-**
**restricted**
**funds**
General fund
**Designated**
**fund**
Property
fund
Total funds||**Balance**
**at 01**
**August**
**2020**
**£’000**
110
74
5
19
24
31
85
348
1,755
21,956
24,059|**Income**
**£’000**
551
10
51
5
1
-
68
686,021
10,227
-|**Expenditure**
**£’000**
(367)
(78)
(56)
-
(13)
(1)
(94)
(608)
(11,370)
-
(11,978)|**Expenditure**
**£’000**
(367)
(78)
(56)
-
(13)
(1)
(94)
(608)
(11,370)
-
(11,978)|
|**Net income/**
**expenditure**
**£’000**
185
(67)
(5)
5
(12)
(1)
(26,267)
78,134
(1,143)
-
(1.065)|**transfers**
**£’000**
-
-
-
-
-
-
-
-
458
(458)
-|**Net**
**Movement**
**in funds**
**£’000**
185
(67)
(5)
5
(12)
-
(26)
78
(685)
(458)
(1,065)||**Balance**
**at 31**
**July**
**2021**
**£’000**
295
7
-
24
12
30
59|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||426|
||||||||||||1,063
21,498
22,987|
||||10,913||(11,978)|||||||
51
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements** For the year ended 31 July 2022
## **Restricted funds**
The restricted funds are held for the following purposes:
|**Act Now! Fund**|Income generated by a dedicated fundraising|
|---|---|
||campaign to provide funds for the redevelopment|
||of 155 Talgarth Road.|
|**Bursary Fund**|Funds given to help students with fees and living expenses.|
|**Hardship**|An emergency fund to support students who suffer|
||unexpected, short term financial difficulties. This fund cannot|
||be used for fee payments.|
|**AFLAMDA**|AFLAMDA (The American Friends of the London Academy|
||of Music and Dramatic Art (LAMDA), Inc). Funds raised to|
||provide bursaries to students studying at the Academy.|
||Shaun Woodward is a director of AFLAMDA.|
|**Production Programme Support**|Funds for sponsorship and programme development in|
||furtherance of the learning experiences of LAMDA|
||students.|
|**Brian Tilston Award**|Annual award for highest scoring candidate passing the|
||gold award for speaking verse and prose.|
|**Pathways**|Funds from John Lyon's Charity for outreach into the local|
||community targeting young people from diverse|
||backgrounds with a view to pursuing training and|
||employment in creative industries over 2 years.|
|**Genesis LAMDA Network**|Funds from Eranda Rothschild to support LAMDA|
||graduates find gainful employment.|
|**Designated funds**||
|**Property Fund**|Net book value of freehold land and buildings at 155|
||Talgarth Road less loans taken out against these assets.|
52
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements** For the year ended 31 July 2022
## **19 Analysis of net assets between funds**
|**Group**
Fixed
assets
Investments
Net
current
assets
£’000
£’000
£’000
Restricted
funds
-
431
Designated
fund
21,041
Unrestricted
funds
7,225
46
118
28,266
46
549
**Company**
Fixed
assets
Investments
Net
current
assets
£’000
£’000
£’000
Restricted
funds
-
431
Designated
fund
21,041
Unrestricted
funds
7,225
346
108
28,266
346
539
**PriorYear**
**Group**
Fixed
assets
Investments
Net
current
assets
£’000
£’000
£’000
Restricted funds
426
Designated fund
21,498
Unrestrictedfunds
7,932
-
(6,863)
30,569
46
(6,437)|**Group**
Fixed
assets
Investments
Net
current
assets
£’000
£’000
£’000
Restricted
funds
-
431
Designated
fund
21,041
Unrestricted
funds
7,225
46
118
28,266
46
549
**Company**
Fixed
assets
Investments
Net
current
assets
£’000
£’000
£’000
Restricted
funds
-
431
Designated
fund
21,041
Unrestricted
funds
7,225
346
108
28,266
346
539
**PriorYear**
**Group**
Fixed
assets
Investments
Net
current
assets
£’000
£’000
£’000
Restricted funds
426
Designated fund
21,498
Unrestrictedfunds
7,932
-
(6,863)
30,569
46
(6,437)|Long
term
liabilities
£’000
(5,792)
(5,792)
Long
term
liabilities
£’000
(5,792)
(5,792)
Long
term
liabilities
£’000
|Long
term
liabilities
£’000
(5,792)
(5,792)
Long
term
liabilities
£’000
(5,792)
(5,792)
Long
term
liabilities
£’000
|Total
£’000
**431**
**21,041**
**1,552**
**23,024**
Total
£’000
**431**
**21,041**
**1,542**
**23,014**
Total
£’000
**426**
**21,498**
**1,069**
**22,994**|Total
£’000
**431**
**21,041**
**1,552**
**23,024**
Total
£’000
**431**
**21,041**
**1,542**
**23,014**
Total
£’000
**426**
**21,498**
**1,069**
**22,994**|
|---|---|---|---|---|---|
|||||||
||(6,437)||||**22,994**|
53
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
|**Company**
Restricted funds
Designated fund
Unrestrictedfunds|Fixed
assets
£’000
21,498
7,932
30,569|Investments
£’000
-|Net
current
assets
£’000
426
(6,869)
(6,443)|Long
term
liabilities
£’000|Total
£’000
**426**
**21,498**
**1,063**|
|---|---|---|---|---|---|
||||||**22,987**|
## **20 Taxation**
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purpose.
## **21 Related Parties**
Under FRS102 section 33, LAMDA has taken advantage of the exemption not to disclose transactions with wholly owned subsidaries.
Shaun Woodward is a director of American Friends of LAMDA (AFLAMDA). John Owen is a Trustee of Fidelity UK
£29,223 donations were received from trustees personally in 2022 (2021: £2,150).
## **22 Financial Instruments**
|**Financial assets**
Financial assets measured at fair value
through profit or loss
**Financial liabilities**
Financial liabilities measured at amortised
cost||Group
**2022**
2021
**£’000**
£’000
**2,636**
1,895
Group
**2022**
2021
**£’000**
£’000
**644**
242|Group
**2022**
2021
**£’000**
£’000
**2,636**
1,895
Group
**2022**
2021
**£’000**
£’000
**644**
242||Company
**2022**
2021
**£’000**
£’000
**2,559**
1,835
Company
**2022**
2021
**£’000**
£’000
**638**
242|Company
**2022**
2021
**£’000**
£’000
**2,559**
1,835
Company
**2022**
2021
**£’000**
£’000
**638**
242|
|---|---|---|---|---|---|---|
||||||||
||||||||
||||242|||242|
Financial assets measured at fair value through profit or loss comprise cash at bank and trade debtors. Other financial liabilities measured at amortised cost comprise trade creditors.
54
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
## **24 Income and Expenditure breakdown – unrestricted income and expenditure**
|**Tuition Fees and education contracts**
Income from Higher Education
Income from Short Courses
**Funding Body Grants**
Teaching Grant
Other grants
**Other income**
Job retention scheme
Exam fee income
Other exam income
Audition fee income
Student accommodation
Commercial income
Lettings
Theatre Tax Relief income
Writeback
Inter-Company charges
Other earned
**Donations and Endowments**
Trusts and Foundations
Patron schemes
Individual donors and alumni
Legacy donations
Events and performances, miscellaneous
Gift Aid
Corporate giving
Miscellaneous donations
Bank interest received
Total income|Group
**2022**
2021
**£’000**
£’000
**3,745**
3,761
**1,082**
5256
**4,827**
4,287
**61**
126
**1,552**
1,609
**1,613**
1,735
0
**5,228**
3,734
**19**
16
**111**
83
**178**
25
**89**
70
**23**
16
**172**
112
**-**
3
**18**
41
**5,837**
4, 100
**10**
26
**16**
19
**23**
29
**0**
0
**271**
7
**10**
6
**61**
3
**391**
116
**3**
0
**12,671**
10,237|Group
**2022**
2021
**£’000**
£’000
**3,745**
3,761
**1,082**
5256
**4,827**
4,287
**61**
126
**1,552**
1,609
**1,613**
1,735
0
**5,228**
3,734
**19**
16
**111**
83
**178**
25
**89**
70
**23**
16
**172**
112
**-**
3
**18**
41
**5,837**
4, 100
**10**
26
**16**
19
**23**
29
**0**
0
**271**
7
**10**
6
**61**
3
**391**
116
**3**
0
**12,671**
10,237|
|---|---|---|
|||4,287|
|||126
1,609|
|||1,735|
|||0
3,734
16
83
25
70
16
112
3
41|
|||4, 100|
|||26
19
29
0
7
6
3|
|||116
0|
|||10,237|
55
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
## **24 Income and Expenditure – unrestricted (continued)**
|**Expenditure**
**Staff costs**
Permanent staff wages and salaries
Permanent staff National Insurance
Permanent staff Pension costs
Short-term contract teaching staff wages and salaries
Short-term contract teaching staff National Insurance
Short-term contract teaching staff pension
Casual staff
Redundancy costs
Total staff costs
**Non-pay costs**
**Other operation costs**
**Exam costs**
Examiners
Exam costs
**Drama School and student costs**
Productions
Rent of workshops and rehearsal spaces
Academic and curriculum costs
Fee paid freelancers
Accommodation expenditure
**Student support costs**
Bursaries and scholarships
Student support and access|**2022**
**£’000**
**3,392**
**372**
**129**
**3,893**
**322**
**17**
**9**
**348**
**409**
**0**
**4,651**
**1,032**
**907**
**1,939**
**899**
**87**
**28**
**357**
**171**
**1,543**
**53**
**85**
**138**|2021
£’000
3,619
397
143|
|---|---|---|
|||4,159
452
25
11|
|||488
387
45|
|||5, 079
882
402|
|||1,284
759
43
104
294
25|
|||1,225
98
106|
|||204|
56
LAMDA Limited (Limited by guarantee) and Subsidiary Company Company number 364456 **Notes to the Financial Statements**
For the year ended 31 July 2022
## **24 Income and Expenditure – unrestricted (continued)**
|**Income generation**
Cost of sales
Marketing and recruitment
Development activities
**IT and facilities**
IT
Telephone and internet
Cleaning and waste
Rates and utilities
Equipment and maintenance
Premises costs
**Central costs**
Printing and postage
Insurance
Legal and consultancy
Subscriptions
Travel and subsistence
Governance and regulation
Employee support and training
Bad and doubtful debts
Finance costs
Irrecoverable VAT
Other staff costs
Miscellaneous
Internal costs transfers
Depreciation
Total operating costs excluding restricted expenditure|**2022**
**£’000**
**38**
**253**
**85**
**376**
**514**
**22**
**211**
**195**
**291**
**21**
**1,256**
**63**
**113**
**259**
**61**
**19**
**100**
**2**
**2**
**58**
**417**
**253**
**16**
**(28)**
**1,335**
**1,246**
**6,586**|2021
£’000
15
102
30|
|---|---|---|
|||147
448
23
149
154
214
43|
|||1,035
47
96
253
57
7
64
2
16
57
317
118
7
(25)|
|||1,016
1,221|
|||4,911|
57