Charity number: 803577 THE BRIDGET ESPINOSA MEMORIAL TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
THE BRIDGET ESPINOSA MEMORIAL TRUST CONTENTS Page Reference and administratlve details of the charity, its Trustees and advisers Trustees, report Independent audltors. report on the financial statements 10-13 Consolldated statement of financial activities 14 Consolldated balance sheet 15 Charity balance sheet 16 Consolidated statement of cash flows 17 Notes to the flnancial statements 18-35
THE BRIDGET ESPINOSA MEMORIAL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees Y Rathbone R M Fairbairn Charity registered number 803577 Principal office CIO Lester Aldridge LLP Savoy Hill House Savoy Hill London WC2R OBU Independent auditors Adler Shine LLP Chartered Accountants Aston House Cornwall Avenue London N31LF Page 1
THE BRIDGET ESPINOSA MEMORIAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report together with the audited financial statements of the Charity for the year ended 31 July 2024. 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 linancial 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 IPB2)'. 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 achleving 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. All non-vocational courses are validated by Middlesex University for 2024125 onwards. Middlesex University BA (Honsl Theatre Dance MA Dance Performance MA Dance Producing & Management CertHE University for the Creative Arts {UCA) FdA Professional Dance Performance BA (Hons) Professional Performance (Top Up) PGCert Teaching Professional Theatre Dance MA Oance Education Vocational courses London Studio Centre Diploma One Year Specialist Programme One Year Professional Diploma- postgraduate d. Social investment policies The Trust is committed to providing access to individuals from all backgrounds, regardless of their financial or socio-economic circLsmstances. London Studio Centre actively creates opportunities and aims to reduce barriers to training for under-represented or disadvantaged groups as outlined in its AcsS and Participation Policy. Page 2
THE BRIDGET ESPINOSA MEMORIAL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Objectlves and activities (continued) 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 lo succeed as a performer, breaking down barriers for entry by way of the audition fee waiver scheme. UK and EU students (for 2020 121, 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 I grants I 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 2022123 to 2024125 with further funding awarded for the following 3 years., 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 CerFtre 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 Ihose 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 {2023 - 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 Ihe activities and expansion of London Studio Centre lo ensure Ihe Trust 15 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-tradilional 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. Page 3
THE BRIDGET ESPINOSA MEMORIAL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Achlevements and perfomiance a. Maln achievements of the charity The financial statements consolidate the affairs of the charitrfs 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 lo appoint the Board of Directors of London Studio Centre Limited. The results for the year ended 31 July 2024 are disclosed in Note 10 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.. "In general, the teaching exuded professionalism, kindness and understanding, And out of the corner of my eye, l occasionally witnessed a student with a problem being taken aside and given extra support.- 'The dancers in both companies perform with a powerful sense of purpose and wilh confidence in their shared knowledge and understanding, making it clear that they 'belong together,. "The module M503 Personal & Professional Development shows that the students are inspired by the practical teaching at LSC, and it is heartening to read how much they value their different classes. The knowledge of self that the students offer is good.. they are experts in self-direction. "I came away feeling extremely positive about the work of London Studio Centre. l also wondered how much the students are aware of the careers of their tutors, whose professional experiences are evident in the ways that they leach. This is what makes them inspiring. And External Examiner Nicole Wellings.. 'The BA HONS Theatre Dance programme at London Studio Centre conlinues to provide outstanding, industry focused [sicl training. "The range of marks observed demonstrates that the standard of student achievement contillues to be high and deserving of celebration. Practical work, continues to be executed with eXllence, showcasing the students, skills and artistry.. "There is a clear commitmenl to student-cenlred care, staff are dedicated to ensuring parity in assessments and emphasize industry readiness through authentic assessment methods" "It continues to be a pleasure to see the work of students at LSC and continue to see how London Studio Centre creates such a supportive academic community, dedicated to guiding students towards fulfilling their creative futures in dance. And External Examiner Karine Goudout.. "Overall, there is very clear interrogation of practice and Iheory for all the modules, providing the students with the opportunity to develop a full range of skills and knowledge that can be directly related land transferable} within the industry. I have viewed some excellent sludent work, and I congratulate the academic staff on their brilliant achievements this year.. 'lts brilliant to see a programme that underpins industry readiness and preparation as well as academic rigor and development, providing the student with advanced groundwork in enhancing a career in the arts management and producing sector." Page 4
THE BRIDGET ESPINOSA MEMORIAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Achievements and performance (continued) "The course should be commended for the ways in which it prepares postgraduate students for a portfolio career within the arts and creative sector in relation to business management and producing and feel the tools they developed for their assessment gives them direct 'real world, experience to prepare them (and draw from) when they enter the industry lor continue to develop in the industry given their placement areas}. In 2023124, LSC made 118 {2023 - 115) Tuition Fee Scholarship and Widening Participation Fund awards, totaling £431 ,62512023 £387,782). 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. Our BA (Honsl Theatre Dance continuation is back up to its normal level of 950/. Iwilh a blip to 86°/0 last year). In terms of completion, the proportion who have either qualified or are still studying has risen again from 89 % to 94°/o. Our Foundation Degree has seen an inconsistent rale of continuation, with 870/0 of Y1 students finishing the year {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 1000/. completion rate. The results of the annual National Student Survey remain consistently positive, with most categories achieving high above the sector benchmark. 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 al the New Wimbledon Theatre. In 2024 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, ZooNalion, Scottish Ballet, English National Ballet, and International Festival Ballet. Graduates are working for cruise companies including AIDA, MSC Cruises, P&0, Norwegian Cruise Lines, Princess Cruises, Celebrity Cruises and Royal Caribbean lo name a few. This academic year graduates also secured roles in a range of theatre productions including.. Hamilton, Bliss the Musical, Cabaret, Moulin Rouge, Kinky Boots, The Producers, Mrs Doubtfire, Why am I so single? Harry Potter and the Cursed Child, Mary Poppins, Cabaret, Frozen, Noises Off, Hello Dolly, Wicked, We Will Rock You, Guys and Dolls, The Merry Widow. Matilda, Pretty Woman, Cats, A Chorus Line, The Phantom of the Opera, SIX and Shrek the Musical as well as Hollywood blockbusters and TV programmes including.. Better Man, Wicked, Bridgerton, 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 2024 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. Page 5
THE BRIDGET ESPINOSA MEMORIAL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Achievements and performance (continued) d. Factors relevant to achieve objectives London StLsdio Centre has had a noticeable drop in applicants given the challenging financial environment all Higher Education is currently facing. Fundraislng actlvlties 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 Trusl deed, the charity has the power to make any investment which the Trustees see fit. Financial review . Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to Gontinue 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 maintairled at a relatively low level. Such a policy ensures that funds received are distributed on a limely basis for the uses specified in the Charity's purposes. At the year end the group had general fund reserves available of £824,864 (2023 £1,313,117) and restricted fund, the Doris Barry award, of £723 (2023 - £723). 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 Trustees consider the following course of action to be appropriate.. an annual review of the risks which the charity may face; 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. Page 6
THE BRIDGET ESPINOSA MEMORIAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Financial risk management objectives and pollcles 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., Gomprehensive 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)., delegation of authority and segregation of duties., director review of proposed and actual procurement; identification and management of other risks through the use of risk registers., and setting targets to measure financial and other performance. f. Principal funding The Trust does not actively fundraise but does from time to time receive donations from interested benefactors. g. Pricing pollcy 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 al 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 Constitution The Bridget Espinosa Memorial TrLSSt 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 lo the beneficiaries of the charity. b. Methods of appointment OT 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. Page 7
THE BRIDGET ESPINOSA MEMORIAL TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Structure, governance and management (continued) 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. f. Related party relationships The group has related party interests a5 disclosed in Note 23 to the financial statements. The Charity is the parent entity of the group by virtue of its 1 OOO/D interest in London Studio Cenlre 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. Page 8
THE BRIDGET ESPINOSA MEMORIAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Statement of Trustses. responsibilities The Trustees are responsible for pparing the Trustees. report and the financi81 statements in accordance applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi). 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 Ihat perlod. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently. ObSee the methods and principles of the Charities SORP {FRS 1021, make judgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards {FRS 102) have been followed. subject to any material departures disclosed and explained in the financjal statements.. prepare the financial statements on the going concern basis unless rt is inappropriate to pSuMe that the group will continue in business. The Twstees are responsible for keeping adequate accounting records that are sufficient lo show and explain the group and the charity's transactions and disclose with reasonable accuracy at any lime the fi'nancial position of the group and the charity and enable them to ensure that the financial statements comply wtth the Charits'es Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the asset$ of the group and the charty and hence for taking reasonable stsps for the prevention and detection of fraud and other irregularities. DlgcIo8uro of information to auditors Each of the persons who are Trustees at the lime when this Trustees, report is approved has confirnied that.. so far as that Twstee is aware, there is no relevant audit infomiation of which the charrtable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that Ihe charitable group's auditors are aware of that information. 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. Approved by order of the members of the board of Trusteeg and slgned on their behalf by.. .airbairn Date: Page 9
THE BRIDGET ESPINOSA MEMORIAL TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE BRIDGET ESPINOSA MEMORIAL TRUST Opinion We have audited Ihe financial statements of The Bridget Espinosa Memorial Trust (the 'parent charity,) and its subsidiaries (the 'group'l for the year ended 31 July 2024 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 lo 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 siatements.. give a true and fair view of the state of the group's and of the parent charity's affairs as at 31 July 2024 and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordanGe wilh United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducled our audit in accordance with International Standards on Auditing {UKI {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 Ihe 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 relatlng 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 Tnjstees with respect to going concem are described in the relevant sections of this report. Page10
THE BRIDGET ESPINOSA MEMORIAL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BRIDGET ESPINOSA MEMORIAL TRUST (CONTINUED) Other information The other information comprises the information included in the annual report other than the financial statement5 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 inforrmalion and, except to the extent olhetwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. 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 informalion, we are required to report that fact. We have nolhing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of Ihe following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements., or the parent charity has not kept sufficient accounting records., or the parent charity financial statements are not in agreement with the accoLsnting records and returns., or we have not received all the information and explanations we require for our audit. 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 liquidale the group or the parent charity or to cease operations, or have no realistic alternative but to do so. Page11
THE BRIDGET ESPINOSA MEMORIAL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BRIDGET ESPINOSA MEMORIAL TRUST (CONTINUED) Auditors, responslblllties 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. Misslatemenls 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 misstaternenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We identify and assess the risks of material misstatement of the financial statements, whether due lo fraud or error, and then design and perform audit procedures responsive lo those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstslement in respect of irregularities, including fraud and non- compliance with laws and regulations, we have.. 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 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 regulalions and made enquiries of any instances of non-compliance. The key laws and regulations we considered in this context included the UK Companies Act, Data Protection, Anli-Bribery, Employrnent Law, Health and Safety, and Money Laundering Act., discLsssed matters among the audit engagernenl 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 lo 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 misrepresentatson. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's webslte at: byww.frc.or .uklauditorsres onsibililies. This description forms part of our auditors, report. Page12
THE BRIDGET ESPINOSA MEMORIAL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BRIDGET ESPINOSA MEMORIAL TRUST ICONTINUEDI 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 slate lo the charity's trustees those matters we are required to stale 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 lo anyone other than the charity and ils trustees, as a body, for our audit work, for this report, or for the opinions we have formed. kile/ Lle Adler Shine LLP Chartered Accountants Statutory Auditor Aston House Cornwall Avenue London N31LF Date.. ? Jol 2915 Adler Shine LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 13
THE BRIDGET ESPINOSA MEMORIAL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Total funds 11 monlhs ended 31 July 2023 Restricted Unrestricted funds funds Total funds 31 July 2024 31 July 2024 31 July 2024 Note Income from: Other trading activities 4,474,046 4,474,046 4, 776,561 Total income 4,474,046 4,474,046 4, 776,561 Expenditure on: Raising funds 5,001,549 5,001,549 4,665,301 Total expenditure 5,001,549 5,001,549 4,665.301 Net (expenditure)lincome before taxation Taxation {527,503) 39,250 1527,503) 39,250 111,260 (39,250) Net movement in funds {488,2S3) 1488,253) 72,010 Reconciliation of funds- Total funds brought fotward Net movement in funds 723 1,313,117 {488,253) 1,313,840 1488,253) 1,247,830 72,010 Total funds carried forward 723 824,864 825,587 1,313.840 Page 14
THE BRIDGET ESPINOSA MEMORIAL TRUST CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Nots Fixed assets IntaTrgible assets Tangible assets 17.708 487,935 39, 750 680, 106 505,643 719,856 Current assets Debtors Cash at bank and in hand 11 4,389,965 107,773 4, 108.335 328,606 4.497.738 4,436,941 Creditors." amounts falling due within one 12 (3,907,078) (3,558, 788) Net current assets 590,660 878,153 Total assots less current liabilities 1,096,303 7,598,009 Creditors.. amounts falling due after more than one year Provisions for liabilities 13 1180,716) (90,000) (194, 169) (90, 000) Total net assets 825,587 1,313,840 Charfty funds Restricted funds Unrestricted funds 15 15 723 824,864 723 1,313,t11 T¢)tsl fvnds 825,587 1,313,840 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Fairbairn Date.. The notes on pages 18 to 35 form part of these financial statements. Page15
THE BRIDGET ESPINOSA MEMORIAL TRUST CHARITY BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Nots Fixed assets Investments 10 11,183 11.183 Current as88ts Debtors Cash at bank and in hand 11 67 67 782 777 849 Net current assets 849 Total assets less current Ilabllltles 12,027 12,032 Total net assets 12,027 12,032 Charity funds Restricted funds Restricted funds Unrestricted funds 15 15 15 723 723 723 11,304 723 11,309 Total funds 12,027 12,032 The financial statements were approved and authorised for issue by the Trustees arKI signed on their behalf by.. Fairbairn D*e'. ],,Ii IA, The notes on pages 18 t 35 form part of these financial ststements. Page 16
THE BRIDGET ESPINOSA MEMORIAL TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 11 months ended 31 July 2023 31 July 2024 Cash flows from operating activities Net cash used in operating activities (153,077) (461,075) Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 19,903 (60,155) (111,251) Net cash used in investing activities (60,155) (91,348) Cash flows from financing activities Net newllrepayments of) finance leases HP interest paid Interest paid (4,028) (1,592) (1,981) 15,333 (7,592) (2,649) Net cash {used in)Iprovided by financing activities (7,601) 11,092 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (220,833) (541,331) 328.606 869,937 Cash and cash equivalents at the end of the year 107,773 328,606 The notes on pages 18 to 35 form part of these financial statements Page 17
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General information The Bridget Espinosa Memorial Trust is a charity registered in England and Wales. The registered charity number is 803577 and the principal place of business address is clo Lester Aldridge LLP, Savoy Hill House, Savoy Hill, WC2R OBU. These financial statements are presented in Sterling (£), rounded to the nearest £1. The comparative financial statements represent the 11 month period to 31 July 2023. 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 1021 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 lo Ihe 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 Praclice 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 liabililies are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The consolidated statement of financial aclivities (SOFA) and consolidated balance sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 2.2 Going concern At the period end, the Group has net assets of £825,587 (2023 £1,313,840). 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 lo 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. Page 18
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 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 measL¢red 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 lo 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 undergraduate and post graduate 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 Ihe effective interest method. 2.4 ExpendltUTe All expenditure is inclusive of irrecoverable VAT. 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 activifies.. 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. 2.5 Government grants Government grants relating to tangible fixed assets are treated as deferred incorne 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. Page 19
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (continued) 2.6 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling al 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 wilhin 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 Intanglble assets and amortisatlon 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. Amortisalion 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.. Development expenditure over 5 or 6 years depending on the Validating University Computer software Goodwill 20 % 10 % 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 al 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. Page 20
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 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, as set out below. Depreciation is provided on the following basis.. Short-term leasehold propety Plant and machinery Motor vehicles Fixtures and fittings Office equipment straight line over the term of the lease 15% 250/. 15% 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 dale. 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 irnpairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl 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 Ihree months or less from the date of acquisition or opening of the deposit or similar account. 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 charily anticipates il 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. Page 21
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (continued) 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 recognitson 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 underlwng timing differences can be deducted. Deferred tax assets and liabilities are calculated at the lax rates expected to be effective at the time the timing differences are expected to reverse. 2.15 Financlal 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 subsequenuy measured at amortised cost using the effective interest method. 2.16 Finance leases and hlre 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 benefils 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 slatemenl of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. 2.17 Operating leases Rentals paid under operating leases are charged to the consolidated statement of financial activities on a slraight-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 and the pension charge represents the amounts payable by the group to the fund in respect of the year. 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 nol paid are shown in accruals as a liability in the consolidated statement of financial position. The assets of the plan are held separately from the group in independently administered funds. Page 22
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies {continued) 2.19 Fund accounting General funds are unrestricted funds which are available for use al 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 reslriclions imposed by donor5 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. Income from other trading activities Income from non charitable trading activities Unrestricted funds Total funds 31 July 2024 31 July 2024 Sales 4,474,046 4,474,046 Unreslricled funds 11 months ended 31 July 2023 Tolal funds 11 months ended 31 July 2023 Sales 4, 776, 561 4,776,561 Auditors, remuneration The auditors, remuneration amounts to an auditor fee of £16,200 (2023- £15,000). Page 23
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 staff costs Group 11 months ended 31 July 2023 Group 31 July 2Q24 Wages and salaries Social security costs Contribution to defined contribution pension schernes 1,159,147 141,999 23,581 1,053.409 130, 034 20,879 1,324,727 1,204,322 The average number of persons employed by the charity during the year was as follows.. Group 1 I months ended 31 July 2023 No. Group 31 July 2024 Employees 50 53 The number of ernployees whose employee benefits (excluding employer pension costs) exceeded £60.000 was: Group 1 I months ended 31 July 2023 No. Group 31 July 2024 No. In the band £60,001 - £70,000 In the band £70,001 - £80,000 In the band £110,001 - £120,000 In the band £120,001- £130,000 In the band £170,001- £180,000 In the band £180,001- £190,000 Key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activitie5 of London Studio Centre Limited. Such persons have been defined as mernbers of the Senior Management Group. Remuneration of key management personnel (excluding national insurance contributions) during the year is £559,97212023 £502,217). Page 24
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trustees. remuneralion and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 31 July 2024, no Trustee expenses have been incurred (2023- £NIL). Taxatlon 11 months ended 31 July 2023 31 July 2024 Corporation tax Current tax on nel (expenditurellincome for the year (39,250> 39,250 Taxatlon on net (expenditure}lincome {39.250) 39.250 The tsx assessed for the year is lower than {2023 - higher than) the slandard rate of corporation tax in the UK of 25 /0 (2023- 25%). The differences are explained below= 11 months ended 31 July 2023 31 July 2024 Net (expenditurellincome before tax (527,5031 111,260 Net {expenditurellincome multiplied by the standard rate of corporation tax in the UK of 25 (2023 . 25%). Effects of: (131,8761 27,815 Expenses not deductible for tax purposes, other than goodwill amortisation and impairment Depreciation for year in excess of capital allowances Short term timing difference leading to an increasel{decrease) in taxation Marginal relief 29,428 63,198 (4,436) 23,060 125 (7,314) Total tax charge for the year (39,2501 39,250 Page 25
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Intangible assets Group Development expenditure Computer software Goodwill Total Cost At 1 August 2023 26,295 39,732 11,181 77,208 At 31 July2024 26,295 39,732 11,181 77,208 Amortisation At 1 August 2023 Charge for the year 11,047 14,094 15,230 7,948 11,181 37,458 22,042 At 31 July 2024 25.141 23,178 11,181 59,500 Net book value Al 31 July 2024 1,154 16.554 17,708 At 31 July 2023 15.248 24,502 39. 750 Development expenditure relates to course development in London Studio Centre and is amortised over the course validation period of 5 or 6 years, dependent upon the Validating University. Page 26
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. Fixed asset investments Investments in subsidiary companies Charity Cost or valuation At 1 August 2023 11.183 At 31 July 2024 11,183 Net book value Al 31 July 2024 11,183 At 31 July 2023 11,183 Principal subsidiaries The following was a subsidiary undertaking of the charity.. Name Company Principal activity number Class of Holding Included in shares consolidation London Studio Centre Limited 03787251 Provide educational Ordinary courses for students of dancing. drama and musical theatre 1000/. Yes The financial results of the subsidiary for the year were.. Name Income Expenditure Loss for the year Net assets London Studio Centre Limited 4,474,046 4,962,292 (488,246) 824,743 Page 28
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11. Debtors Group 2024 Group 2023 Charity 2024 Charify 2023 Due after more than one year Other debtors 40,000 40,000 40,000 40,000 Due within one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable 2,690,049 1,413,489 243,414 3,013 2,459,691 1,360,244 248,400 67 67 4,389,965 4,108,335 67 67 12. Creditors: Amounts falling due within one year Group 2024 Group 2023 Trade creditors Corporation lax Other taxation and social securily Obligations under finance lease and hire purchase contracls Other creditors Accruals and deferred income 435,509 278,072 27,902 42,380 4,028 269,213 2,937,193 42,651 4,303 181,610 3,243,005 3,907.078 3,558, 788 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. Page 29
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 13. Creditors: Amounts falling due after more than one year Group 2024 Group 2023 Net obligations under finance lease and hire purchase contracts Other creditors 22,866 157,850 27,169 167.000 180,716 194, 169 14. Deferred taxation Group and charity 2024 At the beginning of the year Charge for the year 90,000 90,000 The deferred tax liability is made up as follows.. Group 2024 Group 2023 Accelerated capital allowances (90,000) (90,000) Page 30
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Statement of funds Statement of funds - current year Balance at 1 Augusl 2023 Balance at Taxation 31 July 2024 Income Expenditure Unrestricted funds General Funds 1 1,313,117 4,474,046 {5,001,549) 39,250 824,864 Restricted funds Restricted Fund 1 723 723 Total of funds 1.313,840 4,474,046 15,001,549) 39,250 825,587 Statement of funds - prior year Balance at I September 2022 Balanc8 at Taxation 37 July 2023 Income Expenditure Unrestricted funds General Funds 1 1,241,107 4, 776,561 (4. 665.301) (39,250) 1,313,117 Restricted funds Restricted Fund 1 723 723 Total of funds 1,241,830 4, 776,561 (4,665,301) (39, 250) 1,313,840 Page 31
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 16. Summary of funds Summary of funds - current year Balance at 1 August 2023 Balance at Taxation 31 July 2024 Income Expenditure General funds Restricted funds 1,313,117 723 4,474,046 (5,001,5491 39,250 824,864 723 1,313,840 4.474,046 {5,001,549> 39,250 825,587 Summary of funds - prior year Balance at 1 September 2022 Balance at Taxation 31 July 2023 Income Expenditure General funds Restricted funds 1,241,107 723 4, 776,561 (4, 665, 301) (39,250) 1,313,117 723 1,241,830 4, 776.567 (4, 665, 301) (39,250) 1,313,840 17. Analysis of net assets between funds Analysis of net assets between funds - current perlod Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Intangible fixed assets Debtors due afler more than one year Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 487,935 487,935 17,708 17,708 40,000 40,000 4,457,015 4,457.738 {3,907,078} (3,907,078) 1180,7161 (180,7161 190,000) (90,0001 723 Total 723 824,864 825,587 Page 32
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Restricled Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Intangible fixed assets Debtors due after more than one year Current assets Credilors due within one year Credilors due in more than one year Provisions for liabilities and charges 680, 106 680, 106 39, 750 39, 750 40, 000 40.000 4,396,218 4,396, 941 {3, 558, 788) (3,558, 788) (194, 169) (194, 169) (90,000) (90. 000) 723 Total 723 1,313,117 1,313,840 18. Reconciliation of net movement in funds to net cash flow from operating activities Group 11 months ended 2023 Group 2024 Net incomelexpenditure for the period (as per Statement of Financial Activities) (488,253) 72,010 Adjustments for: Depreciation charges Amortisation charges Decreasel{increase) in debtors Increaselldecrease) in creditors Interest paid (Gain) on disposal of assets Corporation tax received Taxation charge 252,327 237,173 22,041 11,919 1278,617) 1, 104,955 366,765 (1,904, 718) 3,573 4,24t (19,903) 8,335 {39,250) 39,250 Net cash used in operating activities 1153,079) (461,073) Page 33
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. Analysis of cash and cash equlvalents Group 2024 Group 2023 Cash at bank and in hand 107,773 328,606 Total cash and cash equlvalents 107,773 328,606 20. Analysis of changes in net debt At 1 August 2023 Cash flows At 31 July 2024 Cash at bank and in hand 328,606 (31,197) 1220,833) 4,028 107,773 (27,169) Finance leases 297,409 (216,805) 80,604 21. 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 adrninistered fund. The pension cost charge represents contributions payable by the group lo the fund and amounled lo £23,581 (2023 £20,879). Contributions totalling £6,402 (2023 - £5,527) were payable lo the fund at the reporting date and are included in the creditors. 22. Operating lease commitments At 31 July 2024 the group and the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Not later than 1 year Later than 1 year and not later than 5 years 864,000 96,000 659,000 713,917 960.000 1,372,917 Page 34
THE BRIDGET ESPINOSA MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 23. Related party transactions In the Trustees. opinion the Trust controls its trading subsidiary, London Studio Centre Limited. During the year, the director and key manager of London Studio Centre Limited was N Espinosa. During the year, London Studio Centre Limited was charged £NIL {2023 - £96,000) for license fees by Bridget Espinosa's London Studio Centre Limited, a company under the common control of the director. Al the year end, £1,407,822 (2023 £1 ,359,159) was included in other debtors in relalion 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 Centre Limited. As at 31 July 2024, London Studio Centre Limited owed £3,112 {2023'. £13,132) lo the director. There were medical insurance charges during the period of £6,16912023.' £5,191) relating to the director and £4,681 (2023.. £4,814) relaling to Nicola Espinosa (a member of the Senior Management Group, the governing body of London Studio Centre Limited). 24. Controlling party The charity is controlled by the Trustees. Page 35