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 Ac￿sS 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 eX￿llence, 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 p￿paring 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.
ObSe￿e 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 p￿SuMe 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
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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.
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