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2020-08-31-accounts

Charity number: 803577

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THE BRIDGET ESPINOSA MEMORIAL TRUST

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TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

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THE BRIDGET ESPINOSA MEMORIAL TRUST

CONTENTS

Page
Reference and administrative details ofthe Charity, its Trustees and advisers 1-2
Trustees’ report 3-10
Independent auditors’ report on the financial statements 11-13
Consolidated statement offinancial activities 14
Consolidated balance sheet 15
Charity balance sheet 16
Consolidated statement of cash flows 17
Notestothefinancialstatements 18-37

THE BRIDGET ESPINOSA MEMORIAL TRUST TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020 Tru¥t••• Y Ralhbone R M Falrbalm Page 1

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THE BRIDGET ESPINOSA MEMORIAL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020

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Charity registered
number 803577
Principal office C/O Lester Aldridge LLP
120 Moorgate
London
EC2M 6UR
Independent auditors Adler Shine LLP
Chartered Accountants
Statutory Auditors
Aston House
Cornwall Avenue
N3 1LF
Bankers HSBC Bank Plc
16 King Street
Covent Garden
London
WC2E8JF

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THE BRIDGET ESPINOSA MEMORIAL TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2020

The Trustees present their annual report together with the audited financial statements of the Charity for the Year 1 September 2019 to 31 August 2020.

Objectives and activities

a. Policies and objectives

The principal objectives of the Trust are to run the London Studio Centre and to raise funds which are to be used to fund scholarships to students attending the conservatoire for training in dance, drama and other theatrical activities carried on by the Group. In addition the Trust provides financial assistance in respect of courses at the London Studio Centre for the advancement and education of students at the centre. The Trustees ensure that the educational courses are available to deserving students to enhance their education and to provide benefit to the wider theatre and ballet based communities.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)'.

The Group relies on fees from students to cover its operating costs. In setting fees, careful consideration is given to scholarships and bursaries for talented students unable to pay their fees.

b. Strategies for achieving objectives

The Trust seeks to continue to meet its charitable objectives by the careful stewardship of its investment in the trading subsidiary.

c. Activities undertaken to achieve objectives

London Studio Centre's primary course is the ‘BA Hons Theatre Dance’ degree validated by Middlesex University. Alongside this London Studio Centre runs the purely vocational three year ‘London Studio Centre Diploma’, a specialised 'One Year Professional Diploma’ post graduate course, a ‘One Year Specialist Programme’ and a one year ‘Foundation Course’. September 2019 saw the commencement of the ‘MA Dance Producing & Management’ course, also validated by Middlesex University. London Studio Centre's response to the Covid-19 Pandemic was swift, thorough and gained approval from Middlesex University, moving all provision online for the remainder of the academic year, allowing the continuation of both the BA (Hons) Theatre Dance and MA Dance Producing and Management to the end of their academic years and enabling final year students to complete their courses and graduate. London Studio Centre's handling of the situation was praised by Middlesex University and External Examiners.

London Studio Centre has used the experience gained from online provision together with staff and student feedback to contribute to the blended learning and contingency planning for 2020/21.

d. Social investment policies

The Trust is committed to providing access to individuals from all backgrounds, regardless of their financial or socio-economic circumstances. London Studio Centre actively creates opportunities and aims to reduce barriers to training for under-represented or disadvantaged groups as outlined in its Access and Participation Policy.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Objectives and activities (continued)

e. Grant-making policies

The Trust is committed to supporting talented students regardless of their background. Our policy is to never turn away someone who has the potential to succeed as a performer.UK and EU students are eligible for support from Student Finance, specifically tuition fee loans. Additionally, maintenance loans, maintenance grants and bursaries are available to UK students. Overseas students are not eligible for UK Government support, though many receive finance through their own country, for example Norwegian students are usually in receipt of Lanekassen funding. The tuition fee loan from the Student Loans Company is paid directly to the conservatoire towards the tuition fees, whilst all maintenance loans/grants/bursaries are paid directly to the student.

London Studio Centre is supported by The Leverhulme Trust, which has awarded a sum over a 3 year period from 2019/20 to 2021/22 for allocation to students and The Wall Trust which awards scholarship support, via audition, to the neediest and most talented musical theatre students to enable them to continue training. A number of London Studio Centre students are also supported by a range of charities which fund students directly.

London Studio Centre supports students in financial need by providing a Tuition Fee Scholarship scheme for those students receiving the higher level of maintenance awards, determined by household income. The scholarship is a maximum of £3,000 per student (dependent upon the level of maintenance support assessed) which is awarded against their tuition fees. LSC is also proud that income generated through performances and other ventures, finances a Widening Participation Fund which awards tuition fee bursaries to students from under-represented areas who require additional financial support.

No (2019 - nil) direct grants were awarded during the year.

f. Main activities undertaken to further the Charity's purposes for the public benefit

The Trustees continue to oversee the activities and expansion of London Studio Centre to ensure the Trust is able to provide support to aspiring future performers.

London Studio Centre is committed to providing outreach to educational establishments and dance and theatre communities in order to attract and identify talented young people from a non-traditional sector. LSC also runs an emerging talent scheme which identifies and supports aspiring dancers and musical theatre artists in order to break down unnecessary barriers to professional training opportunities.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

eee eS OO eee SSS 0——— NN a a TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Achievements and performance

a. Main achievements of the Charity

The financial statements consolidate the affairs of the Charity's trading subsidiary, London Studio Centre Limited, which provides dance educational courses to students. The Charity controls London Studio Centre Limited by virtue of its power to appoint the Board of Directors of London Studio Centre Limited. The results for the year ended 31 August 2020 are disclosed in Note 11 of these financial statements.

The benefits of the Trust's work are the delivery of a degree education to students and nurturing the talent of future performers. The Trustees are pleased that the achievements set out below demonstrate the ongoing success of the London Studio Centre in spite of the pandemic.

The Trustees were very pleased to note the following comments on London Studio Centre’s good practice from the External Examiners

In 2019/20, LSC made 129 (2019 - 128) Tuition Fee Scholarship and Widening Participation Fund awards, totalling £334,607 (2019 - £315,667).

b. Key performance indicators

The success of London Studio Centre’s graduates in the performance industry remains high, as evidenced by the review of activities below.

The results of the annual National Student Survey remain consistently above benchmark, despite the unpredictable end to the academic year.

London Studio Centre’s (BA Hons) Theatre Dance progression rates fell slightly in first year students (85%) passing and proceeding to the next year and was likely impacted by COVID. Progression and completion rates for second and third year continued to be excellent (94.3% and 97.6% respectively).

Student achievement remained excellent with no students failing the programme at any level of study.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Achievements and performance (continued)

c. Review of activities

One of the major differences between the London Studio Centre conservatoire and other professional training programmes is that London Studio Centre provides extensive professional training experiences within the final year of the course. The students’ training culminates in tours specialising in Musical Theatre, Contemporary Dance, Jazz Theatre Dance and Classical Ballet, each ending with a show in London. The first and second year students have a range of performance platforms showcasing all genres, most notably the Spring Showcase in March at artsdepot and the end of year show which usually takes place at the New Wimbledon Theatre. Unfortunately the first COVID lockdown prevented all shows from taking place in theatre venues from March 2020, however through collaboration between students & staff a ‘Digital Dance Overture’ was created by editing together individually filmed student sections of work choreographed as larger performance pieces.

In 2020 100% of London Studio Centre's students successfully graduated - 94.39% with either a First Class or Upper Second class division (or Distinction/Merit-Plus)

Our 2020 graduates have joined/performed with the following distinguished companies despite the devastating effect of the pandemic on the performance industry: SETanztheater, Mannheim National Theatre, Celebrity Cruises, JV2, Royal Caribbean Cruises, Stage Entertainment International, Rubicon Dance Company, 2Dance Company and Warner Leisure Hotels. Graduates were also seen in a range of Hollywood Blockbusters, films and TV shows including Captain Marvel, Battle Sibulation, Trapped 2 The Times, Matilda for Netflix and productions by Bafta in conjunction with EE as well as performing as a backing dancer for artist Tallia Storm. They join the ranks of London Studio Centre’s alumni regularly seen performing on stage and screen.

Alongside the professional success London Studio Centre has sustained, a number of graduates have moved onto post-graduate work in 2020 that included PGCE's, and various MA's. Graduates are teaching across the UK and continue to create and choreograph their own work. LSC also provided graduates with the opportunity to complete a Level 4 teaching qualification with bbodance, in this fourth year 7 graduates took up the opportunity

d. Factors relevant to achieve objectives

London Studio Centre continues to receive large numbers of applicants for its courses, ensuring maintenance of the income streams which fund the awards made by the Trust.

e. Fundraising activities and income generation

The Trust does not currently actively fundraise but does, from time to time, receive donations from interested benefactors.

f. Investment policy and performance

Under the Trust deed, the Charity has the power to make any investment which the Trustees see fit.

Financial review

a. Going concern

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After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

b. Reserves policy

The Trustees have established a policy whereby both unrestricted and restricted funds are maintained at a relatively low level. Such a policy ensures that funds received are distributed on a timely basis for the uses specified in the Charity's purposes.

At the year end the group had general fund reserves available of £1,357,386 (2019 - £1,319,869) and restricted fund, the Doris Barry award of £723 (2019 - £723).

c. Material investments policy

The only investment the Trust currently is its investment in the trading subsidiary, London Studio Centre Limited.

d. Principal risks and uncertainties

The Trustees have examined the major strategic, business and operational risks and confirm that systems have been established so that necessary steps can be taken to lessen these risks.

. the establishment of systems and procedures to mitigate those risks identified in the plan; and . the implementation of procedures to minimise any potential impact on the Charity should any of those risks materialise.

e. Financial risk management objectives and policies

The Trust has confidence in London Studio Centre’s system of internal financial control which is based on a framework of regular management information and administrative procedures. In particular, it includes: ° The Company's financial procedures; ° Comprehensive budgeting and monitoring systems with an annual budget and periodic financial reports which are reviewed and agreed by the Senior Management Group (the governing body within LSC which reports to the trustees);

f. Principal funding

The Trust does not actively fundraise but does from time to time receive donations from interested benefactors.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

SS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

g. Pricing policy

Following the Browne Report in October 2010 Higher Education Council of England funding was phased out therefore new students entering a course at London Studio Centre are required to fund the full tuition fee for the course (supplemented by the tuition fee loan from the UK Government).

The Tuition fees are set having regard to the cost of professional provision at conservatoire level which provides a high staff to student ratio, higher than normal contact hours between staff & students, large studio, theatre and lecture spaces and specialist equipment, in order to ensure the course is fit for purpose; to supply educated artists for modern theatre.

HEFCE has commissioned specialist reviews to establish costs of specialist vocational courses. Funding levels have been agreed by HEFCE to cover the overheads of delivering high quality conservatoire level education and training.

Structure, governance and management

a. Constitution

The Bridget Espinosa Memorial Trust is a registered charity, number 803577, and is constituted under a Trust deed dated 5 June 1990 and deed of amendment dated 19 June 1998.

The Trust was established by donations from benefactors. The Trust currently has a trading subsidiary, London Studio Centre Limited, which provides educational dance courses to the beneficiaries of the Charity.

b. Methods of appointment or election of Trustees

The management of the Group and the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The Trustees are appointed by the Board of Trustees who are elected under the terms of the Trust deed.

c. Organisational structure and decision-making policies

The Trustees meet regularly to agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance.

d. Policies adopted for the induction and training of Trustees

The Board keeps the skills requirement for the Trustee Body under review. If a new trustee is required they are identified by discussion with a wide range of parties. The ultimate decision on selection is a matter for the Board of Trustees.

The induction process for any newly appointed Trustee comprises a meeting with the Board of Trustees to discuss the Charity's investments, the grant making process and the powers and responsibilities of the Trustee board.

e. Pay policy for key management personnel

Trustees of the charity are not remunerated for their services, which are provided on a voluntary basis. The remuneration of the director of the subsidiary is set by the Trustees and reviewed annually.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

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nS TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Structure, governance and management (continued)

f. Related party relationships

The group has related party interests as disclosed in Note 25 to the financial statements.

The Charity is the parent entity of a group by virtue of its 100% interest in the London Studio Centre Limited.

Plans for future periods

The Trust will continue to make grant awards in accordance with the charitable objectives dependent upon the availability of resources. The Trustees continue to implement its objectives through the use of its trading subsidiary, London Studio Centre Limited.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial Year which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position Actof the2011, Groupthe andCharitythe Charity(Accounts andandenableReports)them Regulationsto ensure that2008 theandfinancialthe provisionsstatementsof complythe Trust withdeed.the CT h aritiesey are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

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THE BRIDGET ESPINOSA MEMORIAL TRUST

SSS TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

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Auditors

The auditors, Adler Shine LLP, were appointed as auditors and have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Api yo of the members of the board of Trustees and signed on their behalf by: RM Fairbairn ae (Trustee) Date: DA. OS. 9092

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THE BRIDGET ESPINOSA MEMORIAL TRUST

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BRIDGET ESPINOSA MEMORIAL TRUST

Opinion

We have audited the financial statements of The Bridget Espinosa Memorial Trust (the ‘parent charity’) and its subsidiaries (the 'group') for the Year ended 31 August 2020 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of lreland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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THE BRIDGET ESPINOSA MEMORIAL TRUST

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BRIDGET ESPINOSA MEMORIAL TRUST (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 the parent charity'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 parent charity or to cease operations, or have no realistic alternative but to do so.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BRIDGET ESPINOSA MEMORIAL TRUST (CONTINUED)

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Adler Shine LLP

Chartered Accountants Statutory Auditors

Aston House

Cornwall Avenue

N3 1LF

Date: 24 March 2022

Adler Shine LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020

Restricted Unrestricted Total Total
funds funds funds funds
2020 2020 2020 2019
Note £ £ £ £
Income from:
Other trading activities 3 - 4,422,368 4,422,368 4,659,900
Other income 4 - 52,001 52,001 -
Total income - 4,474,369 4,474,369 4,659,900
Expenditure on:
Raising funds . 4,390,543 4,390,543 4,559, 160
Total expenditure - 4,390,543 4,390,543 4,559,160
Net income before taxation - 83,826 83,826 100,740
Taxation 8 - (46,309) (46,309) (40,990)
Net movement in funds - 37,517 37,517 59,750
Reconciliation offunds:
Total funds brought forward 723 1,319,869 1,320,592 1,260,842
Net movement in funds - 37,517 37,517 59,750
Totalfundscarriedforward 723 1,357,386 1,358,109 1,320,592

The Consolidated statement of financial activities includes all gains and losses recognised in the Year.

The notes on pages 18 to 37 form part of these financial statements.

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a a
CONSOLIDATED BALANCE SHEET
AS AT31AUGUST2020
— = ——
2020 2019
Note £ £
Fixed assets
Intangibleassets 9 6,315 §,715
Tangible assets 10 1,247,230 1,484,844
Current assets 1,253,545 1,490,559
Debtors 12 5,188,804 §,291,302
Cash atbankand in hand 745,033 157,900
5,933,837 5,449,202
Creditors: amounts falling due within one
year 13 (5,718,844) (5,504,468)
Netcurrentassets/ llabilites 214,993 (55,266)
Total assets less current liabilities 1,468,538 1,435,293
Creditors: amounts falling due after more
thanoneyear 14 (20,429) (24,701)
Provisions for liabilities (90,000) (90,000)
Net assets excluding pension asset 1,358,109 1,320,592
Total netassets 1,358,109 1,320,592
Charity funds
Restricted funds 17 723 723
Unrestrictedfunds 17 1,357,386 1,319,869
Totalfunds 1,358,109 1,320,592

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

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R bairn a
(Trustee) mf
Date: JA.OS. aL
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The notes on pages 18 to 37 form part of these financial statements.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

ee
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CHARITY BALANCE SHEET
AS AT 31 AUGUST 2020
2020 2019
Note £ £
Fixed assets
Investments 11 11,183 11,183
11,183 11,183
Current assets
Debtors 12 67 67
Cash atbank and in hand 876 876
943 943
Net current assets 943 943
Total assets less current liabilities 12,126 12,126
Net assets excluding pension asset 12,126 12,126
Total net assets 12,126 12,126
Charityfunds
Restricted funds 17 723 723
Unrestricted funds 17 11,403 11,403
Totalfunds 12,126 12,126

The Charity's net movement in funds for the Year was £NIL (2079 - ENIL).

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tr ancial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
R M Fairbairn ga
(Trustee) .
Date: LE. Hs. Doae
The notes on pages 18 to 37 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020

2020 2019
£ £
Cash flows from operating activities
Net cash used in operating activities 611,748 (85,219)
Cash flows from investing activities
Proceeds from the sale of intangible assets - 2,300
Purchase of intangible assets (1,200) (5,715)
Purchase oftangible fixed assets (69,203) (188,489)
Government grants received 52,001 -
HP interest paid (1,579) (345)
Net cash used in investing activities (19,981) (192,249)
Cash flows from financing activities
Interest paid (652) (1,699)
Proceeds from new hire purchase contracts (3,982) 28,684
Netcash (used in)/provided byfinancing activities (4,634) 26,985
Change in cash and cash equivalents in theYear 587,133 (250,483)
Cash and cash equivalents at the beginning ofthe Year 157,900 408,383
Cash and cash equivalents at the end of the Year 745,033 157,900
Thenotesonpages18to37formpartofthesefinancialstatements

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THE BRIDGET ESPINOSA MEMORIAL TRUST

aAT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. General information

The Bridget Espinosa Memorial Trust is a charity registered in England and Wales. The charity number and principle address can be found on the information page of these financial statements.

2. Accounting policies

2.1 Basis of preparation of financial statements

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

The financial statements have been prepared to give a ‘true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Bridget Espinosa Memorial Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated ona line by line basis.

Thefollowingfinancialprincipalstatementsaccountinghavepoliciesbeenhavepreparbe e nd applied:in Pounds Sterling, rounded to nearest £1. The

2.2 Going concern

At the year end the group has net assets of £1,358,109 (2019: £1,320,592). Based on the Charity's current business model there will be sufficient profits and cash flow available going forward. For this reason the Trustees believe that the financial statements should be prepared on the going concern basis.

The Trustees have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has not had a significant impact on the group's operations. In response to the COVID-19 pandemic, the Trustees have performed a robust analysis of forecast future cash flows of the subsidiary taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.

Based on these assessments and having regard to the resources available to the entity, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

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eems NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

  1. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations and legacies:

Income from donations is recognised as income when these are receivable. When donors specify that donations are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is recognised as income to restricted funds when receivable.

Other trading activities: Other trading activities represent turnover from its trading subsidiary London Studio Centre Limited which comprises tuition fees for degree and foundation courses charged to the students by academic terms. Income is recognised for academic terms falling within the year.

Amounts received from performances are recognised on receipt or where there is certainty of future receipt and the value can be measured reliably.

Income from investments and interest:

Income from investments and interest is recognised using the effective interest method.

2.4 Expenditure

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

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

All expenditure is inclusive of irrecoverable VAT.

Expenditure recognition:

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Expenditure on charitable activities: Grants awarded are accounted for when payments are due.

Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. Accounting policies (continued)

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

2.6 Foreign currencies

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

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

Exchange gains and losses are recognised in the Consolidated statement of financial activities.

2.7 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Financial Activities. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Group operates and generates income.

2.8 Intangible assets and amortisation

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

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

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

The estimated useful lives are as follows:

Amortisation is provided on the following bases:

Development expenditure . % not depreciated until brought into use Goodwill : % 10 years

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/
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———_——_aQ4Ga_F__COCUClS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

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THE BRIDGET ESPINOSA MEMORIAL TRUST

2. Accounting policies (continued)

2.9 Tangible fixed assets and depreciation

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

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

Depreciation is provided on the following basis:

Long-term leasehold property - over the term of the lease Plant and machinery ~ 15% Motor vehicles - 25% Fixtures and fittings - 15% Office equipment - 15%

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities.

2.10 Investments

|

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

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

2.11 Debtors

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

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

SSSSSSSSSSS——SSSSSS9890¢°0 LS em RR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. Accounting policies (continued)

2.13 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

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

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

2.14 Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

2.15 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.16 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

Soe NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2), Accounting policies (continued)

2.17 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic have been recognised on a systematic basis over the periods that the change in lease payments is intended to compensate. This is conditional on:

2.18 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the Year.

2.19 Fund accounting

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

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

Investment income, gains and losses are allocated to the appropriate fund.

  1. Income from other trading activities

Income from non charitable trading activities

----- Start of picture text -----
Unrestricted Total
funds funds
2020 2020
£ £
Sales 4,422,368 4,422,368
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Page 23

THE BRIDGET ESPINOSA MEMORIAL TRUST

a’

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

3. Income from other trading activities (continued)

Income from non charitable trading activities (continued)

Sales

Unrestricted Total
funds funds
2019 2019
£ £
4,659,900 4,659,900

4. Other incoming resources

Unrestricted Total Total
funds funds funds
2020 2020 2019
£ £ £
Other operating income 52,001 52,001 -

5. Auditors’ remuneration

The auditors' remuneration amounts to an auditor fee of £12,000 (2019 - £12,000).

6. Staff costs

Group Group
2020 2019
£ £
Wages and salaries 1,147,333 1,079,433
Social security costs 112,857 112,327
Contribution to defined contribution pension schemes 18,283 14,287
1,278,473 1,206,047

The average number of persons employed by the Charity during the Year was as follows:

Group Group
2020 2019
No. No.
Employees 46 43

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THE BRIDGET ESPINOSA MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

6. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Group|Group| |2020|2019| |No.|No.| |In|the|band|£120,001|- £130,000|1|1| |In|the|band|£170,001|- £180,000|1|1|

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

The total amount of employee benefits received by key management personnel of London Studio Centre Limited during the year is £184,302 (2019 - £180,314).

7. Trustees’ remuneration and expenses

During the Year, no Trustees received any remuneration or other benefits (2019 - ENIL).

During the Year ended 31 August 2020, no Trustee expenses have been incurred (2019 - ENIL).

8. Taxation

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2020|2019| |=|£| |Corporation|tax| |Current|tax|on|net|income|for the|Year|51,994|40,489| |Adjustments|in|respect|of|previous|periods|(5,685)|501| |Taxation|on|net|income|46,309|40,990|

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THE BRIDGET ESPINOSA MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

8. Taxation (continued)

The tax assessed for the Year is higher than (20179 - higher than) the standard rate of corporation tax in the UK of 19% (2019 - 19%). The differences are explained below:

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2020|2019| |£|£| |Net|income|before|tax|83,826|100,740| |Net|income|multiplied|by the|standard|rate|of|corporation|tax|in|the|UK|of|19| |(2019|-|19%).|15,927|19,141| |Effects|of:| |Non-tax|deductible|amortisation|and|impairment|of|goodwill|114|-| |Expenses|not|deductible|for tax|purposes,|other than|goodwill|amortisation| |and|impairment|1,326|14,580| |Depreciation|for|Year|in|excess|of|capital|allowances|29,246|6,841| |Increase|or|decrease|in|pension|fund|prepayment|leading|to|an| |increase/(decrease)|in|taxation|(304)|428| |Total|tax|charge|for the|Year|46,309|40,990|

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There are no factors considered likely to affect future tax charges.

Page 26

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THE BRIDGET ESPINOSA MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

|

9. _ Intangible assets

Group

Develop-
ment Goodwill Total
£ £ £
Cost
At 1 September 2019 5,715 11,181 16,896
Additions 1,200 - 1,200
At 31 August 2020 6,915 11,181 18,096
Amortisation
At 1 September 2019 - 11,181 11,181
Charge forthe year 600 - 600
At 31 August 2020 600 11,181 11,781
Net book value
At 31 August 2020 6,315 - 6,315
At 31 August 2019 5,715 - 5,715
Charity

The Charity has no intangible assets.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

10. Tangible fixed assets

Group

Long-term
leasehold Plant and Motor Fixtures Office
property machinery vehicles and fittings equipment Total
£ £ £ £ £ £
Cost orvaluation
At 1 September 2019 628,908 438,170 35,302 308,294 1,183,421 2,594,095
Additions 27,744 9,076 . 15,449 16,934 69,203
At 31 August 2020 656,652 447,246 35,302 323,743 1,200,355 2,663,298
Depreciation
At 1 September 2019 171,670 276,776 8,826 221,346 430,633 1,109,251
Charge for the Year 80,831 59,532 8,825 37,594 120,035 306,817
At 31 August 2020 252,501 336,308 17,651 258,940 550,668 1,416,068
Net book value
At 31 August 2020 404,151 110,938 17,651 64,803 649,687 1,247,230
At31 31August2019 457,238 161,394 26,476 86,948 752,788 1,484,844

Charity

The Charity has no tangible fixed assets.

Page 28

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THE BRIDGET ESPINOSA MEMORIAL TRUST

|

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

11. Fixed asset investments

Investments
in
subsidiary
Charity companies
£
Cost or valuation
At 1 September 2019 11,183
At 31 August 2020 11,183
Net book value
At 31 August 2020 11,183
At 31August2019 11,183

Page 29

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-

THE BRIDGET ESPINOSA MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

12. Debtors

Group Group Charity Charity
2020 2019 2020 2019
£ £ £ £
Due after more than one year
Amounts owed by group undertakings - - a w
Other debtors 40,000 40,000 - .
40,000 40,000 - -
Due within one year
Trade debtors 3,591,237 3,731,316 - -
Other debtors 1,343,219 1,306,992 67 67
Prepayments and accrued income 214,348 212,994 - .
5,188,804 5,291,302 67 67

13. Creditors: Amounts falling due within one year

Group Group
2020 2019
£ rat
Trade creditors 529,567 416,242
Corporation tax 51,994 40,489
Other taxation and social security 29,960 35,733
Obligations under finance lease and hire purchase contracts 4,273 3,982
Other creditors 17,999 26,696
Accruals and deferred income 5,085,051 4,981,326
5,718,844 5,504,468

The group's bankers have a debenture including a fixed charge over all present freehold and leasehold property; a first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and a first floating charge over all assets and undertaking both present and future.

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

Group Group
2020 2019
£ £
Net obligations under finance lease and hire purchase contracts 20,429 24,701

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THE BRIDGET ESPINOSA MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

| 15. Financial instruments

----- Start of picture text -----
Group Group Charity Charity
2020 2019 2020 2019
£ £ £ £
Financial assets
Financial assets measured at fair value
through income and expenditure 745,033 157,900 876 876
----- End of picture text -----

Financial assets measured at fair value through income and expenditure comprise cash in hand and in bank.

----- Start of picture text -----
16. Deferred taxation
Group and Charity
2020 2019
|
|At the beginning of the year 90,000 90,000
90,000 90,000
The deferred tax liability is made up as follows:
Group Group
2020 2019
£ E
Accelerated capital allowances (90,000) (90,000)
(90,000) (90,000)
----- End of picture text -----

Page 32

THE BRIDGET ESPINOSA MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

17. Statement of funds

Statement of funds - current Year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|1|Balance|at| |September|31|August| |2019|Income|Expenditure|Taxation|2020| |£|£|£|£|£| |Unrestricted|funds| |General|Fund|1,319,869|4,474,369|(4,390,543)|(46,309)|1,357,386| |Restricted|funds| |Doris|Barry award|723|.|-|-|723| |Total|of funds|1,320,592|4,474,369|(4,390,543)|(46,309)|1,358,109| |Statement|of funds|-|prior|Year| |Balance|at|Balance|at| |1|September|31|August| |2018|Income|Expenditure|Taxation|2019| |£|£|£|£|£| |Unrestricted|funds| |General|Funds-|all|funds|1,260,119|4,659,899|(4,559,159)|(40,990)|1,319,869| |Restricted|funds| |Doris|Barry award|723|-|-|-|723| |Total|of funds|1,260,842|4,659,899|(4,559,159)|(40,990)|1,320,592|

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

Page 33

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THE BRIDGET ESPINOSA MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

18. Summary of funds

Summary of funds - current Year

Balance at 1 Balance at
September 31 August
2019 Income Expenditure Taxation 2020
£ £ £ £ £
General funds 1,319,869 4,474,369 (4,390,543) (46,309) 1,357,386
Restricted funds 723 - - - 723
1,320,592 4,474,369 (4,390,543) (46,309) 1,358,109
—————— ———! eECOO>—== ——————————J
Summary offunds- priorYear
Balance at Balance at
1 September
2018		 Income Expenditure Taxation 31August
2019
£ £ £ £ £
General funds 1,260,119 4,659,899 (4,559,159) (40,990) 1,319,869
Restricted funds 723 . - - 723
1,260,842 4,659,899 (4,559,159) (40,990) 1,320,592

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

|

|

|

Restricted Unrestricted Total
funds funds funds
2020 2020 2020
£ £ £
Tangiblefixed assets - 1,247,230 1,247,230
Intangible fixed assets - 6,315 6,315
Debtors due aftermorethan oneyear - 1,376,259 1,376,259
Current assets 723 4,557,303 4,558,026
Creditors due within one year - (5,719,292) (5,719,292)
Creditorsdue inmorethan oneyear
Provisions for liabilities and charges		 -
-		 (20,429)
(90,000)		 (20,429)
(90,000)
Total 723 1,357,386 1,358,109
=== =——SS—*== ———

|

Page 34

OOSs

THE BRIDGET ESPINOSA MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds- prior period

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Endowment|Restricted|Unrestricted|Total| |funds|funds|funds|funds| |2019|2019|2019|2019| |£|£|£|#| |Tangible|fixed|assets|-|-|1,484,844|1,484,844| |Intangible|fixed|assets|-|-|5,715|5,715| |Debtors|due|after|more|than|one|year|(1,292,563)|-|1,332,563|40,000| |Current|assets|1,292,563|723|4,115,916|5,409, 202| |Creditors|due|within|one|year|-|-|(5,504,468)|(5,504,468)| |Creditors|due|in|more|than|one|year|-|-|(24,701)|(24,701)| |Provisions|for|liabilities|and|charges|-|-|(90,000)|(90,000)| |Total|-|723|1,319,869|1,320,592|

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

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

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Group|Group| |2020|2019| |£|iE| |Net|income|for|the|period|(as|per|Statement|of|Financial|Activities)|37,517|59,750| |Adjustments|for:| |Depreciation|and|amortisation|307,417|319,725| |Interest|paid|2,231|2,044| |Loss/(profit)|on|the|sale|of|fixed|assets|-|(2,300)| |Decrease/(increase)|in|debtors|102,399|(404,034)| |Increase/(decrease)|in|creditors|202,680|(42,347)| |Taxation|charge|46,309|40,990| |Corporation|tax|paid|(34,804)|(59,045)| |Government|grant|(52,001)|.| |Net cash|provided|by/(used|in)|operating|activities|611,748|(85,217)|

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

Page 35

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THE BRIDGET ESPINOSA MEMORIAL TRUST

CO aaaaSaSa9o9sSsSsSS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

21. Analysis of cash and cash equivalents

Group Group
2020 2019
£ £
Cash in hand 745,033 157,900
Total cashandcashequivalents 745,033 157,900

22. Analysis of changes in net debt

At 1
September New finance At 31
2019 Cash flows leases August 2020
£ £ £ £
Cash at bank and in hand 157,900 587,133 - 745,033
Finance leases (28,683) - 3,981 (24,702)
129,217 587,133 3,981 720,331

23. Pension commitments

"The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £18,965 (2019 - £12,512). Contributions totalling £3,740 (2019 - £3,002) were payable to the fund at the reporting date and are included in the creditors.

24. Operating lease commitments

At 31 August 2020 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group Group Charity Charity
2020 2019 2020 2019
i £ £ Pa
Not later than 1 year 677,000 677,000 677,000 677,000
Laterthan 1 year and not later than 5 years 2,560,000 2,597,000 2,597,000 2,597,000
Laterthan 5 years - 640,000 - 640,000
3,237,000 3,914,000 3,274,000 3,914,000

Page 36

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THE BRIDGET ESPINOSA MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

25. Related party transactions

In the Trustees’ opinion the Trust controls its trading subsidiary, London Studio Centre Limited.

During the year, a director and key manager of London Studio Centre Limited was N Espinosa. During the year the London Studio Centre Limited was charged £250,000 plus VAT (2019 - ENil) by Bridget Espinosa's London Studio Centre Limited in Licence fees. At the year end £1,336,259 (2019 - £1,292,563) was included in prepayments in relation to licence fees for the use of intellectual property relating to the courses required to deliver the London Studio Centre's programme of education. owned by Bridget Espinosa's London Studio Limited.

A Trustee of Bridget Espinosa Memorial Trust, R Fairbairn, is a partner of the firm of solicitors, Lester Aldridge. Legal fees inclusive of value added tax totalling £25,400 (2019 - £22,879) were charged during the year in relation to the group's activities. At the year end the group owed Lester Aldridge £18,029 (2019 - £2,982).

Payments to Trustees are permitted by the terms of the Trust deed.

| |

26. Controlling party

The Charity is controlled by the Trustees.

|

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Page 37