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2023-07-31-accounts

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Charity number: 803577

THE BRIDGET ESPINOSA MEMORIAL TRUST

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TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

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THE BRIDGET ESPINOSA MEMORIAL TRUST

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CONTENTS

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Page
Reference and Administrative Details ofthe Charity, its Trustees and Advisers
Trustees’ Report 2-9
IndependentAuditors’ Reporton the Financial Statements 10 - 13
Consolidated Statement of Financial Activities 14
Consolidated Balance Sheet 15
Charity Balance Sheet 16
Consolidated Statement ofCash Flows 17
NotestotheFinancialStatements 18-37

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THE BRIDGET ESPINOSA MEMORIAL TRUST

a REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 JULY 2023

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY,AND ADMINISTRATIVE DETAILS OF THE CHARITY,ADMINISTRATIVE DETAILS OF THE CHARITY,DETAILS OF THE CHARITY,OF THE CHARITY,THE CHARITY,CHARITY, ITS TRUSTEES AND ADVISERSTRUSTEES AND ADVISERSAND ADVISERSADVISERS
FOR THETHE PERIOD ENDEDENDED 31 JULY 20232023		 a
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY,AND ADMINISTRATIVE DETAILS OF THE CHARITY,ADMINISTRATIVE DETAILS OF THE CHARITY,DETAILS OF THE CHARITY,OF THE CHARITY,THE CHARITY,CHARITY, ITS TRUSTEES AND ADVISERSTRUSTEES AND ADVISERSAND ADVISERSADVISERS
FOR THETHE PERIOD ENDEDENDED 31 JULY 20232023
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Trustees Y Rathbone
R M Fairbairn
Charity registered
number		 803577
Principal office C/O Lester Aldridge LLP
120 Moorgate
London
EC2M 6UR
independentauditors AdlerShineLLP
Chartered Accountants & Statutory Auditor
Aston House
Cornwall Avenue
N3 1LF
Bankers HSBC Bank Pic
16 King Street
CoventGarden
London
WC2E8JF

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THE BRIDGET ESPINOSA MEMORIAL TRUST

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ee eguaeeeeernnecenteees TRUSTEES’ REPORT FOR THE PERIOD ENDED 31 JULY 2023 ee

e ee ee The Trustees present their annual report together with the audited financial statements of the The Bridget Espinosa Memorial Trust for the period 1 September 2022 to 31 July 2023.

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 runs a diverse programme of courses within the specialist Performing Arts sector and maintains a contingency plan for blended learning in the event of another pandemic — maintaining the delivery of practical courses face to face but with academic learning online, to minimise physical contact.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2023

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Objectives and activities (continued)

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.

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, breaking down barriers for entry by way of the audition fee waiver scheme. UK and EU students (for 2020 /21, thereafter only those with settled status) 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 awarded are paid directly to the student.

London Studio Centre is supported by:

° The Leverhulme Trust - LSC has been successful in its bid for Leverhulme Arts Scholarship funding for the 3 year period 2022/23 to 2024/25; and

° The Wall Trust which awards scholarship support 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 levels 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 (2022 - nil) direct grants were awarded during the period.

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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—_—eS THE BRIDGET ESPINOSA MEMORIAL TRUST eee TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2023 er 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 period ended 31 July 2023 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.

The Trustees were very pleased to note the following comments from External Examiner Dr. Ann Nugent:

“Standards; curriculum organisation; content and so on all feel excellent.”

“Standards were rigorously upheld and, as last year, it was good to see some exceptionally high marks awarded across the modules. Assessment comments by tutors were concise and constructive — identifying weaknesses and acknowledging individual strengths so that the student would feel supported.” ‘It is a pleasure to work with London Studio Centre and to see high standards applied both by those who teach and those who learn, whether in a practical or theoretical context. The student achievements are generally (and rightly) high, with relatively few marks awarded at the lower end of the scale.”

And External Examiner Nicole Wellings:

“The programme at LSC continues to offer an exciting and industry-facing degree, fostering a student-centred environment dedicated to nurturing Specialist skills for a successful career in Theatre Dance.

“Overall, the well-designed curriculum, its aims and contents strive to empower students with essential knowledge, skills, and competencies, facilitating meaningful and effective learning experiences. The course content is consistently kept relevant and up to date”

“The programme's robust emphasis on vocational fraining is evident through its course content, strategically designed to equip students for successful eniry into their chosen industry. This is achieved by providing outstanding technical training and performance opportunities, all of which are underpinned by the principies of Safe dance practice. Additionally, the curriculum incorporates intellectually stimulating theoretical components and research elements to further enhance the students‘ understanding and analytical capabilities.”

“This year, the team encountered an unimaginably difficult and profound set of circumstances, that reverberated not only within the immediate lecturing team but throughout the entire staff at LSC. In light of these challenges, | feel compelled to acknowledge and commend the exceptional level of professionalism, resilience, and determination exhibited by the students. Their remarkable strength shone through as they brought the performances to life in Shrewsbury. Furthermore, | must express my admiration for the LSC team's unwavering Support and fortitude in steadfastly supporting the students during these trying times.”

In 2022/23, LSC made 115 (2022 - 118) Tuition Fee Scholarship and Widening Participation Fund awards, totaling £387,782 (2022 - £357,758).

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I THE BRIDGET ESPINOSA MEMORIAL TRUST EE _ TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2023 NNee ee Achievements and performance (continued)

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. i Our BA (Hons) Theatre Dance continuation is down from 93% to 86%, although this has been heavily influenced by dance injuries, with students likely to return upon recovery. In terms of completion, the proportion who have either qualified or are still studying has risen from 85% to 89%. Our Foundation Degree has seena slight drop in continuation, with only 90% of Y1 students finishing the year (down from 100% the year before, though the comparatively small cohort size gives a distorted percentage completion rate), however all Y2 students completed the programme. Our BA (Hons) Professional Performance (Top Up) retains its 100% completion rate.

The results of the annual National Student Survey remain consistently above benchmark.

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.

In 2023 graduates have joined, or performed with, the following distinguished companies: Phoenix Dance Theatre, Ballet Cymru, Matthew Bourne's New Adventures, KVN Dance Company, Glyndebourne Festival Opera, Yorke Dance Project, ZooNation, Scottish Ballet, English National Ballet, International Festival Ballet, international Classical Ballet of Ukraine, Valencia Dancing Forward and Ockham's Razor. Graduates are working for cruise companies including AIDA, MSC Cruises, P&O, Norwegian Cruise Lines, Princess Cruises, Celebrity Cruises and Royal Caribbean to name a Tew.

This academic year graduates also secured roles in a range of theatre productions including: Moulin Rouge, Mrs Doubtfire, Mary Poppins, Cabaret, Frozen, Noises Off, Wicked, We Will Rock You, The King and I, Guys and Dolls, Pacific Overtures, The House of Bernarda Alba, Bugsy Malone, Ain't Too Proud, Backstairs Billy, Matilda, Pretty Woman, The Phantom of the Opera, SIX and Shrek the Musical as well as Hollywood blockbusters and TV programmes including: Wonka, Barbie, Call the Midwife, The Crown, Our Son, Good Grief, Charlotte: A Bridgerton Story, Django, The Tower II: Death Message, Harlem, ITV's Big Bash, The Brit Awards, Strictly Come Dancing, plus a range of productions including commercial events and music videos.

Alongside the professional success London Studio Centre has sustained, a number of graduates have moved onto post-graduate work in 2023 that included PGCE's, and various MA's. Graduates are teaching across the UK and continue to create and choreograph their own work for companies.

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. al Page 5

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eee TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2023 eee Achievements and performance (continued)

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

After making appropriate enquiries, the Trustees have a reasonable expeciation 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.

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 £1,313,110 (2022 - £1,241,107) and restricted fund, the Doris Barry award of £723 (2022 - £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.

e. Financial risk management objectives and policies

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se TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2023 ai a

f. Principal funding

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

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).

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.

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TRUSTEES’ REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2023

Structure, governance and management (continued)

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.

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. A new post was created and successfully recruited (May 2023) — Head of Widening Participation and Engagement. This post leads on the institution's Widening Participation Strategy and cultivate effective partnerships working with schools, youth and community groups throughout Barnet and beyond and in locations linked to our touring productions, enabling LSC to increase participation of target groups, as identified in LSC’s Access and Participation Strategy.

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 of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They 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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THE BRIDGET ESPINOSA MEMORIAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2023

Disclosure of information to auditors

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

Auditors

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

A ed by order of the members of the board of Trustees and signed on their behalf by:[ne][HAG][bau][.] ‘ ;[G] TrusteeR M Fairbairn LL ee Date: yy BGé doje

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THE BRIDGET ESPINOSA MEMORIAL TRUST

ee INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BRIDGET ESPINOSA MEMORIAL TRUST

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Opinion

We have audited the financial statements of The Bridget Espinosa Memorial Trust (the ‘parent charity’) and its subsidiaries (the ‘group') for the period ended 31 July 2023 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 Ireland' (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

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 or the parent charity'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.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BRIDGET ESPINOSA MEMORIAL

TRUST (CONTINUED)

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Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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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i a THE BRIDGET ESPINOSA MEMORIAL TRUST renee INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BRIDGET ESPINOSA MEMORIAL TRUST (CONTINUED) ia

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.

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: * considered the nature of the industry and sectors, control environment and business performance; *made enquires of management about their own identification and assessment of the risk of irregularities; * performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; * reviewed minutes of meetings; * undertaken appropriate sample based testing of bank transactions; * identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance; * discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

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 Auditors’ Report.

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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 Auditor Statutory Auditors Aston House Cornwall! Avenue N3 1LF

Date: 31 May 2024

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 PERIOD ENDED 31 JULY 2023

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Restricted Unrestricted Total
funds funds funds Total
11 months 11 months 11 months funds
ended ended ended
31 July 31 July 31 July 31 August
2023 2023 2023 2022
Note £ £ £ £
Income from:
Othertrading activities 3 - 4,776,561 4,776,561 4,531,051
Total income - 4,776,561 4,776,561 4,531,051
Expenditure on:
Raising funds = 4,665,301 4,665,301 4,707,248
Total expenditure - 4,665,301 4,665,301 4,707,248
Net income/(expenditure) before
taxation - 111,260 111,260 (176,197)
Taxation 7 - (39,250) (39,250) 8,329
Netmovement infunds = 72,010 72,010 (167,868)
Reconciliation offunds:
Total funds broughtforward 723 1,241,107 1,241,830 1,409,698
Net movement in funds - 72,010 72,010 (167,868)
Totalfundscarriedforward 723 1,313,117 1,313,840 1,241,830

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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THE BRIDGET ESPINOSA MEMORIAL TRUST

aa aa aa aa aa
CONSOLIDATED BALANCESHEET
AS AT 31 JULY 2023
gp
gE
31 July 37 August
2023 2022
Note £ £
Fixed assets
Intangible assets 8 39,750 51,669
Tangible assets 9 680,106 800,028
719,856 851,697
Current assets
Debtors 11 4,108,335 5,224,640
Cash at bank and in hand 328,606 869,937
4,436,941 6,094,577
Creditors: amounts falling due within
year		 one 42 (3,558,788) (5,381,694)
Net currentassets 878,153 712,883
Total assets less current liabilities 1,598,009 1,564,580
Creditors: amounts falling due after more
than oneyear		 13 (194,169) (232,750)
Provisions for liabilities (90,000) (90,000)
Netassets excluding pension asset 1,313,840 1,241,830
Total netassets 1,313,840 1,241,830
Charity funds
Resiricted funds 16 723 723
Unrestricted funds 16 1,313,117 1,241,107
Totalfunds 1,313,840 1,241,830

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

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a pate 9“.0§¢ . Jol4 The notes on pages 18 to 37 form part of these financial statements.

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THE BRIDGET ESPINOSA MEMORIAL TRUST

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CHARITY BALANCE SHEET AS AT 31 JULY 2023

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31 July 31 August
2023 2022
Note £ £
Fixed assets
Investments 10 11,183 11,183
11,183 11,183
Current assets
Debtors 11 67 67
Cash at bank and in hand 782 837 :
849 898
Net current assets 849 898
Total assets lesscurrent liabilities 12,032 12,081
Total netassets 12,032 12,081
Charity funds
Restricted funds 16 723 723
Unrestricted funds 16 11,309 11,358
Totalfunds 12,032 12,081

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

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

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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 JULY 2023

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|||||||||| |---|---|---|---|---|---|---|---|---| |I| |11|months| |ended| |31|July|31|August| |2023|2022| |£|£| |Cash|flows|from|operating|activities| |Net cash|generated from|(used|in)|operating|activities|(461,075)|25,549| |Cash|flows|from|investing|activities| |Proceeds from|the sale|of tangible|fixed|assets|19,903|-| |Purchase of intangible|assets|-|(24,575)| |Purchase|of tangible|fixed|assets|(111,251)|(66,879)| |Net cash|used|in|investing|activities|(91,348)|(91,394)| |Cash|flows|from|financing|activities| |Net (repayment|of)/new finance leases|15,333|(4,563)| |HP|interest|paid|(1,592)|(998)| |Interest paid|(2,649)|(63)| |Net cash|provided|by/(used|in) financing|activities|11,092|(5,624)| |Change|in cash|and|cash|equivalents|in the|Period|(541,331)|(71,469)| |Cash|and|cash|equivalents|at the beginning|of the Period|869,937|941,406| |Cash and|cash|equivalents|at the end|of the|Period|328,606|869,937|

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

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Shih NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023 A 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

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.

At the period end, the Group has net assets of £1,313,838 (2022 - £1,241,830). 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.

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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et NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023 aee a a a 2. 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

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.

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.

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.

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————— ee , ,——————————————————————
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
----- End of picture text -----

2: Accounting policies (continued)

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 period 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 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.

Amortisation is provided on the following bases:

----- Start of picture text -----
Development expenditure - % not depreciated until brought into use
Computer software - 20%
Goodwill - 10%
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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.

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----- Start of picture text -----
nvOEEEEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
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2. Accounting policies (continued)

2.9 Tangible fixed assets and depreciation (continued)

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 - 10%

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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itt NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023 ee ee ea a a ee ee eee eee

  1. 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 ihe 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.

2.16 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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al NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023 ieea a ce ee

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.

2.18 Pensions

The Group operates a defined contribution pension scheme for its employees. A defined contirbution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once contributions have been paid, the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals asa liability in the Consolidated Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.19 Fund accounting

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

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

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

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SS a Ey

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

3. Income from other trading activities

Income from non charitable trading activities

Unrestricted Total
funds funds
11 months 11 months
ended ended
31 July 31 July
2023 2023
£ £
Sales 4,776,561 4,776,561
Unrestricted Total
funds funds
31 August 31 August
2022 2022
£ £
Sales 4,531,051 4,531,051

The auditors' remuneration amounts to an auditor fee of £15,000 (2022 - £12,000).

5. Staff costs

Group
11 months Group
ended
31 July 31 August
2023 2022
£ £
Wages and salaries 1,053,409 1,081,833
Social security costs 130,034 136,654
Contribution to defined contribution pension schemes 20,879 21,265
1,204,322 1,239,752

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eee NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

5. Staff costs (continued)

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

Group
11 months Group
ended
31 July 31 August
2023 2022
No. No.
Employees 53 58

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

Group
11 months Group
ended
31 July 31 August
2023 2022
No. No.
In the band £60,001 -£70,000 1 1
In the band £110,001 - £120,000 4 -
In the band £120,001 - £130,000 - 1
In the band £170,001 - £180,000 1 -
In the band £180,001-£190,000 - 1

Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of London Studio Centre Limited. Such persons have been defined as members of the Senior Management Group. Remuneration of key management personnel (excluding national insurance contributions) during the period is £502,217 (2022 - £523,499).

6. Trustees’ remuneration and expenses

During the Period, no Trustees received any remuneration or other benefits (2022 - ENIL).

During the Period, no Trustee expenses have been incurred (2022 - £NIL).

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eprint

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

7. Taxation

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|||||||||| |---|---|---|---|---|---|---|---|---| |11|months| |ended| |31|July|31|August| |2023|2022| |£|£| |Corporation|tax| |Current|tax|on|net|income/(expenditure)|for the|Year|39,250|(8,329)| |Taxation|on|net|income/(expenditure)|39,250|(8,329)|

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

The tax assessed for the Period is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

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|||||||||| |---|---|---|---|---|---|---|---|---| |11|months| |ended| |31|July|31|August| |2023|2022| |£|£| |Net|income/(expenditure)|before|tax|111,260|(176,197)| |Net|income/(expenditure)|multiplied|by the|standard|rate|of corporation|tax| |in|the|UK|of 25|(2022|-|19%).|27,815|(33,477)| |Effects|of:| |Expenses|not|deductible|for tax|purposes,|other than|goodwill|amortisation| |and|impairment|(4,436)|332| |Depreciation|for Year|in|excess|of capital|allowances|23,060|24,714| |Increase|or decrease|in|pension|fund|prepayment|leading|to|an| |increase/(decrease)|in|taxation|125|93| |Unrelieved|tax|losses|carried|forward|-|9| |Marginal|relief|(7,314)|-| |Total|tax charge|for the Year|39,250|(8,329)| |There|are|no factors|considered|likely to|affect|future|tax|charges.|

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Uj==}°=...

| cal

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

a

----- Start of picture text -----
8. Intangible assets
----- End of picture text -----

Group

Develop-
ment
expenditure
£		 Computer
software
£		 Goodwill
£		 Total
£
Cost
At 1 September 2022 26,295 39,732 411,181 77,208
At31 31 July2023 26,295 39,732 11,181 77,208
Amortisation
At 1 September2022 6,412 7,946 11,181 25,539
Charge fortheyear 4,635 7,284 - 11,919
At31 31 July2023 11,047 15,230 11,181 37,458
Net book value
At 31 July2023 15,248 24,502 - 39,750
At31 31August2022 19,883 31,786 - 51,669

Development expenditure relates to course developments in London Studio Centre Limited. These are amortised over 5 and 6 years as this relates to the course validation period which varies depending on which body a course was validated by.

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SS a

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

ee

ee ee

9. Tangible fixed assets

Group

Long-term
leasehold Plant and Motor Fixtures Office
property machinery vehicles and fittings equipment Total
£ £ £ £ £ £
Cost or valuation
At 1 September 2022 656,652 481,033 35,302 324,098 1,292,841 2,789,926
Additions - 6,393 36,078 - 68,780 111,251
Disposals - - (35,302) - - (35,302)
At 31 July2023 656,652 487 426 36,078 324,098 1,361,621 2,865,875
Depreciation
At 1 September 2022 414,161 438,017 35,302 298,899 803,519 1,989,898
Charge for the period
on owned assets 74,094 12,257 8,268 11,740 124,814 231,173
Charge for the period
on financed assets - - (35,302) - - (35,302)
At 31 July2023 488,255 450,274 8,268 310,639 928,333 2,185,769
Net bookvalue
At 31 July2023 168,397 37,152 27,810 13,459 433,288 680,106
At 31August2022 242,491 43,016 - 25,199 489,322 800,028

The net book value of the motor vehicles held under finance leases, included above, is £27,810 (2022: ENIL)

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NN

St NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

Nee

10. Fixed asset investments

Investments
in
subsidiary
companies
Charity £
Cost orvaluation
At
1 September2022		 11,183
At 31 July2023 11,183
Net book value
At 31 July2023 11,183
At31 August2022 11,183
Principal subsidiaries
The followingwas a subsidiary undertaking ofthe Charity:
Name Company Principal activity Class of —_Holding
number shares
London Studio Centre Limited 03787251 Provide educational Ordinary 100%
courses for students
ofdancing, drama and
musical theatre
The financial results ofthe subsidiary for the period were:
Name Income Expenditure Profitfor Netassets
£ £ the period £
£
LondonStudioCentreLimited 4,776,561 4,704,504 72,057 1,312,989

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to NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

11. Debtors

Group Group Charity Charity
31 July 31 August 31 July 31 August
2023 2022 2023 2022
£ £ £ £
Due aftermore than one year
Amounts owed by group undertakings - - - -
Other debtors 40,000 40,000 - -
40,000 40,000 - -
Due within one year
Trade debtors 2,459,691 3,870,784 - -
Other debtors 1,360,244 1,090,382 67 67
Prepayments and accrued income 248,400 212,126 - -
Tax recoverable - 11,348 - -
4,108,335 5,224,640 67 67

12. Creditors: Amounts falling due within one year

Group Group
31 July 31 August
2023 2022
£ £
Trade creditors 278,074 215,630
Corporation tax 27,902 -
Other taxation and social security 42,380 34,880
Obligations underfinance lease and hire purchase contracts 4,027 15,866
Other creditors 269,212 112,083
Accruals and deferred income 2,937,193 §,003,235
3,558,788 5,381,694

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.

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UEUEE ENE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

aTT 43. Creditors: Amounts falling due after more than one year

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|||||||| |---|---|---|---|---|---|---| |Group|Group| |31|July|31|August| |2023|2022| |£|£| |Net obligations|under finance|lease and|hire purchase|contracts|27,169|-| |Other|creditors|167,000|232,750| |194,169|232,750|

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Restated 2022 comparative following decision to reclassify portion of repayable registration fees as noncurrent from current.

14, Financial instruments

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||||||||| |---|---|---|---|---|---|---|---| |Group|Group|Charity|Charity| |31|July|31|August|31|July|31|August| |2023|2022|2023|2022| |£|£|£|£| |Financial|assets| |Financial|assets|measured|at|fair value| |through|income and|expenditure|328,606|869,937|782|831|

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

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SS a IIIT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
15. Deferred taxation
Group
31 July 31 August
2023 2022
& £
At the beginning of the period 90,000 90,000
90,000 90,000
----- End of picture text -----

The deferred tax liability is made up as follows:

----- Start of picture text -----
Group Group
31 July 37 August
2023 2022
£ £
Accelerated capital allowances (90,000) (90,000)
(90,000) (90,000)
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i

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023 lS eg

16. Statement of funds Statement of funds - Current Period

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|||||||| |---|---|---|---|---|---|---| |Balance|at|1| |September|Balance|at| |2022|Income|Expenditure|Taxation|31|July|2023| |£|£|a|£|£| |Unrestricted|funds| |General|Funds|1,241,107|4,776,561|(4,665,303)|(39,250)|1,313,115| |Unallocated|amounts|-|-|2|-|2| |1,241,107|4,776,561|(4,665,301)|(39,250)|1,313,117| |Restricted|funds| |Doris|Barry award|723|-|-|-|723| |Total|of funds|1,241,830|4,776,561|(4,665,301)|(39,250)|1,313,840| |Statement|of funds|-|Prior Year| |Balance|at|Balance|at| |1|September|31|August| |2021|Income|Expenditure|Taxation|2022| |£|£|£|£|E| |Unrestricted|funds| |General|Funds|1,408,975|4,531,057|(4,707,248)|8,329|1,241,107| |Restricted|funds| |Doris|Barry award|723|-|-|-|723| |Total|of funds|1,409,698|4,531,051|(4,707,248)|8,329|1,241,830|

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17. Summary of funds

Summary of funds - current Period

Balance at 1
September Balance at
2022 Income Expenditure Taxation 31 July 2023
£ £ £ £ £
General funds 1,241,107 4,776,561 (4,665,301) (39,250) 1,313,117
Restricted funds 723 - - - 723
1,241,830 4,776,561 (4,665,301) (39,250) 1,313,840
Summary offunds - PriorYear
Balance at Balance at
1 September 31 August
2021 Income Expenditure Taxation 2022
£ £ £ £ £
General funds 1,408,975 4,531,051 (4,707,248) 8,329 1,241,107
Restricted funds 723 - - - 723
1,409,698 4,531,051 (4,707,248) 8,329 1,241,830

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Restricted Unrestricted Total
funds funds funds
31 July 31 July 31 July
2023 2023 2023
£ £ £
Tangible fixed assets - 680,106 680,106
Intangible fixed assets ~ 39,750 39,750
Debtors due aftermore than one year - 40,000 40,000
Current assets 723 4,396,218 4,396,941
Creditors duewithin one year - (3,558,788) (3,558,788)
Creditors due in morethan one year - (194,169) (194,169)
Provisions for liabilities and charges - (90,000) (90,000)
Total 723 1,313,117 1,313,840

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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

I

  1. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Restricted|Unrestricted|Total| |funds|funds|funds| |31|August|31|August|31|August| |2022|2022|2022| |£|£|£| |Tangible fixed|assets|-|800,028|800,028| |Intangible|fixed|assets|-|51,669|51,669| |Debtors|due|after more|than|one year|-|40,000|40,000| |Current assets|723|6,053, 854|6,054,577| |Creditors|due within|one year|-|(5,381,694)|(5,387,694)| |Creditors due|in|more than|one year|-|(232,750)|(232,750)| |Provisions for|liabilities and|charges|-|(90,000)|(90,000)| |Total|723|1,241,107|1,241,830| |Reconciliation|of|net movement movement|in|funds to to|net cash cash|flow from from|operating|activities| |Group| |41|months|Group| |ended| |31|July|31|August| |2023|2022| |£|£| |Net|income/expenditure|for|the|period|(as|per|Statement|of|Financial| |Activities)|72,010|(167,868)| |Adjustments|for:| |Depreciation charges|231,173|279,340| |Amortisation|charges|11,919|13,002| |Decrease/(increase)|in|debtors|1,104,955|(411,611)| |Increase/(decrease)|in|creditors|(1,904,718)|366,541| |Taxation charge|39,250|(8,329)| |Corporation|tax paid|-|(46,587)| |Interest paid|4,241|1,061| |(Gains) on|disposal|of assets|(19,903)|-| |Net cash|provided|by/(used|in)|operating|activities|(461,073)|25,549|

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

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eee
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----- Start of picture text -----
SS SSSSSS
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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

Sm 20. Analysis of cash and cash equivalents

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Group Group
31 July 31 August
2023 2022
£ £
Cash at bank and in hand 328,606 869,937
Total cash and cash equivalents 328,606 869,937
Analysis of changes changes in net debt debt
At 1
September At 31 July
2022 Cash flows 2023
e £ £
Cash at bank and in hand 869,937 (544 ,331) 328,606
Finance leases (15,866) (15,330) (31,196)
854,071 (556,661) 297,410
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21. Analysis of changes changes in net debt debt

22. 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 £20,879 (2022 - £21,265). Contributions totalling £5,527 (2022 - £4,698) were payable to the fund at the reporting date and are included in the creditors.

23. Operating lease commitments

At 31 July 2023, the Group had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Group Group Charity
31 July 31 August 37 August
2023 2022 2022
£ £ £
Not laterthan 1 year 659,000 622,159 -
Laterthan 1 yearand not laterthan 5 years 713,917 1,544,318 -
1,372,917 2,166,477 -

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THE BRIDGET ESPINOSA MEMORIAL TRUST

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aia NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

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24. Related party transactions

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

During the period, the director and key manager of London Studio Centre Limited was N Espinosa. During the period, London Studio Centre Limited was charged £96,000 (2022 - ENil) for license fees by Bridget Espinosa's London Studio Centre Limited, a company under the common control of the director. At the period end, £1,359,159 (2022 - £1,084,978) was included in Other debtors 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.

As at 31 July 2023, London Studio Centre Limited owed £1 3,132 (2022: £998) to the director.

There were medical insurance charges during the period of £5,191 (2022: £4,755) relating to the director and £4,814 (2022: £4,469) relating to Nicola Espinosa (a member of the Senior Management Group, the governing body of London Studio Centre Limited).

25. Controlling party

The Charity is controlled by the Trustees.

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