Bristol Old Vic Theatre School Limited (a company limited by guarantee) Report and Financial Statements Year ended 31 July 2020 Charity No. 900280 Company Registration No. 02430025 Bristol Old Vic Theatre School Limited CONTENT5 Page Legal and administrative Information Rèport of the Chair of the Trustees Report of the Members of Council Independent AudÉtoffs report 16-17 Consolidated statement of financ1al attivities 18 Cons91idated balance sheet Charity balan¢e sheet 20 Consolidated and charity cash flow statement 21 Notes to the financial 5tatement5 22-36 Chèrtty N¢. 9DQ289 Cornp2ny f£e￿$t￿tIOn No. 02430015 Brlstol Old Vic Theatre School Limited LEGAL & ADMINISTRATIVE INFORMATION Constitutio Bristol Old Vic Theatre School Liwnited is a charitable cofflpany limited by guarantee and a registered charity governed by its memorandum and articles of a550ciarion. Charity number 900280. Company number 02430025. The Members of the Council of Management Ithe Council) of the charitable company ale its tnJstees for the purposes of charity law. Members of Council The formal procedure for appointing and electing Members of Council (Direttorsl is set out in the regulations 3046 of tts Article5 of Association. The Chairman has always been appointeol by a process of consultation amongst Members of Council. L M Bowden (Chair of the Trustees) P C Baker l Boyle lappointed 4 November 20191 MJ Boddy (resig￿ed ￿ July 20201 J 5 Das (resigned on 9 March 20201 A W S Conner lappointed 6 April 2020} CMTEvans R A Foreman P Macquire-5amson DJ Marsh M A Ma55ey G W Stobart P A Tanner lappointed 4 November 20191 Secretary S C Payne Charity Name Brlstol Old Vic Theatre School Limiteé (also known as B0￿S) Senior Management Team Principal & CEO Finance Director Artlstlc Dlrector F E Purcell lappointed 3 August 20201 S C Payne J Stephens Registered office 1-2 Downside Road Cltfton Bristol B58 2XF Bankers The Royal Bank of Scodand plc 50152a Whiteladies Road Clifton ristol BS8 2NH 50licitors Womble Bond Dickinson 3 Temple Quay Temple Back East Bristol B51 6DZ Auditors Corrigan Accountants Limited TheTramshed 25 Lower Park Row Bristol BS1 5BN Charity NO. 9ooz80 Company Registrèbon No. 02430025 Bristol Old Vic Theatre School Limited REPORTOFTHE CHAIR OFTHETRUSTEES for the year ended 31 July 2020 CHAIR'S REPORT I'm writing this report in a year of huge uncertainty and tremendous change across the world, as the Impact of the Coronavirus pandemic continLtes. Of course, like everyone, the Bristol Old Vic Theatre School has been affetted, and further down this repory I will outline the impact and some of the measures that have been put in place. Firstly, a keyjob of the Board was to appoint a new Principal/CEO. Paul Rummer gave notice to retire this 5umrner after many years running the School successfully, inttlating and overseeing many changes during his time, expanofing the repertoire of courses and always brlnging a huge amount of dedication and passion to the role. After a rigorous multi-stage process spanning several rnonths, and one that inclLtded staff and studént ¢onsultatiOn5, the Trustees unanimously agreed to appoint Fiona Francombe IPurcell} who was préviously Direttor of the Bottleyard Studios in Bristol. Fiona took up the appointmentfull time in August and has seized the helm with confidence and vigour. There have also been some changes over the year to the membership of the board., former Charr David Halton stepped down as a trustee after serving the School for the maxrmum allDwed term. He has brought a tremendous amount of knowledge of Higher Education which will be missed. As a result of David's departure, Guy 5tob3rt Ivice Chairl took over as our nominated governor on Consetvatoire for Dance and Drama's ICDD51 Board of Governors. David Marsh stood down as Chair of the Finance Committee and again, Guy rook over this role. We also said farewell to Tru5teeJohn Das who has relocated to Birmingham. Whilst we said our thanks and farewell to some Trustees, we also welcomed several new appointments. Flip Tanner is an independenttheatre professional ancl brings a wealth of relevant and currentexperience of the industryto the school. He trained in stage managernent here so has come full circle. And employment lawyerjoanne Boyle has 31sojoined the Board offering valuable legal advice, not least during the appointment of the new PrincipallCEO. A third new member is Will Connor who is a business advisor and no doubt we will be leaning on his expertise heavily as the School look5 for sustainable new way5 to finance it in the f￿ure. Over the past year. there has been much change and uncertainty within the Con5eNatoire of Dance and Drama. with one of the current Schools giving formal notice to leave. Consequently, our Trustees eventually made the dtfficult decision to resign from CDD giwng three yèars, notice with effett from August 2020. We will remain wtthin CDD until summer 2023, butwe're now actively pursuing partnerships with other Higher Education Institutes. A5 this process is now undetway, Professor Martin Boddy (Pro Vice Chancellor, UWEI has stepped down as an attive Trustee of the School. Whi15t the UKwas sent into lockdown this year, all learning atthe School became online, practically overnight. Staff and students reacted quickly and flexibty to turn planned theatre performances. audrcions and showcases into those that could be reCO￿fIgUred to meet Covid19 ￿$trI(￿OnS. Learning continued and online Zoom sessions and digital media became the new norm. It was a delight to witness the talent energy and adaptability shown by students as gradu8ting showcases, numerous produttions and the exhibition of Costume, Design and Scenic Art students, work went online. And without doubt the future will continue to include a hlgher level of digital learning and performing than in the past. Another big global change has been the growing voice of the Black Lives Matter movement. The Trustees are supporting the School in implementing some changes in diversity and support for students of colour. There will also be some adaptions made to ensure the emotional wellbeing of staff and students. This new work will be alongside the normal committees required of a goveming body. plLJS one5 that cover estates and propety, student liaison meeting5, specialist areas such as film and television, theatre production, student support and wellbeing agents and castin& and marketing and recruitment. The Strategic planning group is also increasingly important to develop a shared vision for the Schc>ol's future. CharEty No. 9D0280 Cornpany RegIstr￿t￿n No. 02430025 Bristol Old Vic Theatre School Limited REPORT OF THE CHAIR OFTHE TRUSTEES for the year ended 31 July 2020 The School's collaboration with Bristol's Old Vic Theatre has been valuable this year. The School's Artistic Dirertorlenny Stephens continues her strong working relationship with its Artistic Direttor Tom Morris, and this has been evldent Sn the current uncertain climate for theatres where flexible ambitious projects are being developed to support both the School and the Bovt. The Patrons meeting tèkes place twice a year where the chairs, principals and 8rriStic dirèctors of both the School and the theatre meet to discuss collaborative ideas and decide whether future ones should have some extra funding. This all feeds into the city of Bristoys growing reputation as a centre of excellence for the arts. The School, being a srnall specialist drama school, remains vulnerable to the ever-growing challenges of being in higher education, particularly in such uncertain times. Reartions to the pandemic, changes to funding, the CDD and the financial challengesto students through rlsing living costs as well as meetingtuition fees, combined with growing political uncertainty provide great Ihallenges for the coming years. However, I feel confidentthe School is up to the tssk and wll continue to offer a high quality o)f training and value for money to our studènts. Lucy M Bowden November 2020 Charity No. 9D0280 company Registration NO. 02430025 Bristol Old Vic Theatre School Limited REPORT OF THE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2020 The Member5 of the Council of Managefflent (the Council) serving dLJring the year and since the year end werè a5 follows.. Member of Council rfrusteesl L M Bowden Ichair of the Trustees) P C Baker MJ Boddy J Boyle lappointed 4 November 20191 A W S Conner (Appointed 6 April 20201 15 Da5 (resigned 9 March 202011 CMTEvans R A Foreman P Macquire-samso D J Marsh M A Massey G W5tob3rt P A Tanner (Appointed 4 November 20191 The Members of the Councll are also members of the company. Each member's liability in respett of the guarantee is £1. Principal Artivities The organisation's principal actDlity Is to train students for careers in theatre, radio, telewsion and film on a varlety of course5. Review of business Both the level of attivity and the year-end financial posltion were satisfartory. A summary of the achievements and performance during the year a￿d its prDspett5 for the futurè are set out on pages 8 to 13 of this Report The Members of the Council wish to record their thanks for many generous contributions to the School's Special Funds from which grants are made to student5 during the year and for generous support of the Development Appeal. Strurture, Governance and Management The following corporate gcjvernance statement provides information aboutthe companys Ithe School'l sovernance 2nd legal Structure. Principles The School is committed to best prattice in all aspects of corporate governan￿. It endeavours to conduct its business in accordance with the seven principles published by the Committee on Standards in Public Life, namety selflessne55. integrty. objettivity, accountability, openness, honesty ancl leadership. Gc+verning dorument The School is a charitable company limited byguarantee and governed by its Memorandum and Articles of ￿SOcIatiOn dated 22 September 1989 as amended in December 2010. The Company is registered with the Charry ComFnission IregistratlDn number 9002801. Charity No. 900280 Company Aegistra￿On No. 0243D025 Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2020 The Council The bu51ne55 is managed by the Council, the Members of the Council being the companys directors for the purposes of company lawand the companys trustees for the purposes of charity law. Dayto day management of the business is delegated by the Council to the Senior Management Team. The Articles of Association state that Member5 of the Councll mayserve forthree year terms up to a maximum of three times. However, there Is a provision for an extension tn exceptional eircLtmstances for periods of one year at a time. The Chair is appointed by the Members of Council and may serve fDr up to two thrèe-year terms. In seletting Council Members consideration is given to the overall breadth of knowledge required of the School's Council. Council Members who are appointed already have knowledge of their profession or industries so do not require anytechnical training. However new Members receive the appropriate training documentation about becoming a charity trustee and company director and are given an induction by an existing Council Member. The Council is the governing body of the School. Within certain constraints the responsibility for financial affairs, borrowing5, investmenrs, buyin& sellin& leasing anol mortgaging propety, contracts and general business of the School is delegated to the Senior Management Team which comprises the Principal, Artistic Direttor and Finance Director. In cOnsU￿ation with senior members of staff the Principal produces the strategic plan of the School, for adoption by the Council. The Councll appoints the Principal. with the other Fnembers of the Senlor ManagementTeam being appointed by the Principal in consultation with the Council. The Council normally meets fourtimes a year at which thè Principal and Senior Management Team arè attendance. The Council ha5 two permanent sub committees, the Finance Cotnmittee and the Audit Committee, whilst a Nominations Committee comprises members of the Council. These Committees have written terms of reference. However, ad hoc committees are set up by the Council from time to time to advise the Council on speciflc questions. The pay of the Senior Management Team is prgvlded within note 6 below. All staff are rewewed annually and any pay increases are approved by the Finance Committee, such pay increases reflett a cost-of-liwng adjustment. The Principal's salary is reviewed by thè Council of Trustees and benchmarked against similar roles in charities of similar size (following a job evaluation exercise in 2012, no increase has been awarded other than the annual cost-of-living adjustments afforded in the budgets). The Members of Council examine the major risks that the School faces each financial year when preparlng and updating the straregic plan. The Company has developed systems to monitor and control these risks and to mitigate any impactthey may have on the School. These risks revolve around the level of the Schools financial support from the Office for Students IOfSI and student tuitlon fees. Audit Committee Counal's Audit Committee normally meets four times a year with the School's Princip81, Finance Direttor, other metnbers of staff as required and the internal and external auditors In attendance when appropriate. The School also has an intemal auditor. who also acts as an intern31 auditor to the Conservatoire for Dance and Drama ICDDI. The Audit Committee considers detailed reports from the intern31 and external auditors, which include recommendations forthe improvement of the School's system of internal control, tO8ether with management responses and impletnentation plans. This Committee also receives and considers reports from the Ofs, the Charity Commission, and the CDD as they affect the School'5 business, and monitors adherence to regulatory requirements. Further, this committee monitors the 5chool'5 major risks at each of its meetlngs. The Audit Cofflmittee is responsible for the charityls risk management policy which comprises.. A quarterly revlew of the principal risks and uncerrainties that the charity and r(s subsidiaries face., The establishment of policies. 5yStem5 and procedures to mitigate those risks Identified in the quarterly review-, and The implèmentatioA of procedures designed to minitnize or manage any potential impatt on the charity 5houldthose risks materialise. Charity No. 9D028o Company Re¥istratioTr NO. D2430025 Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OF THE COUNCIL OF MANAGEMENT for the year ended 31 July 2020 The trustees consider thatthe major risks facing the company at the end of 2019120, and suitable mitigatin8 Strategies, were: Risk Mitlgatlon Reduced public funding la long awaitecl ISTA review will be Work closely with CDD and UWE to gain HE sertor carried out by Of5 no earlier than 2021122 to allow time for intelligence. Ofs continues to provide the ISTA funding for consultation which may lead to reduced levels of fvndingi 2020121. Thls has allowed the charity time to reorganize its and change5 to government policy. expenditure and look for ways to increase other income. Ensure continued high standard of HE, high levels of student retention and graduate employment to dèmonstrate value for money of conservatoire training. Further develop non- credit bearing courses for young people and adults ro increase income and awareness of HE tr81ning courses. Increase focus on facilities hires to external user5 outside of normal workin8 hours. School being closed or partially c105ed due to the Covid19 The school has developed dètailed protocols to deal with staff P3ndemic. and students to minimise contatt and prevent the spread of the virus.. staggered attendance,- smaller student groups for face to faceteaching,. blended learnlng techniques developed during lockdown.. room numbers control.. two Covid19 supervisc)r roles to MOn￿Or above,. track and trace signing-in-, outbreak strategy. Reduttion in full retruitment of students tD offered courses due to perceived risks during the Covid19 pandemic and the The restrutturin8 of the marketlng department prowdes a resultant lack of applications from the wider sertions of focus on student recruitmenL nationally and intern8ti¢)nally. Society. Create c105e links with feedèr colleges locally and nationally. Dèvélop new higher education courses to broaden reach and portfolio. Hold open da5S to boost interest in the range of its courses and offer auditions in cities beyond Bristol. Reduction in range of performance venues. Develop strong links within Bristol's cultural settorand create opportunTties for collaborative working. This has included greater use of Bristol Old Vil5 new Weston Studio and co- producing work wtth BOVS Literary Department. The School is also developing new ways of perforrning under the lockdown regulations imposed by the national government. Finance Committee The Council's Finance Committee normally meets four times a year with the School's Principal, Finance Direttor and other members of staff a5 required in attendance. It reviews the School's financial arrangements and performance against budget, Including the School's fi'nanclal SErategy and annual budget. It also reviews the operation of the SchoDI'5 finance funrtion, the appointment of bankers and other financial professionals, together with personnel, preTnises and other matters of the School which require a financial consideration. PrFncipul& Chlef Executive Officer The Chief ExecLrtive and academic leader of the School is the Principal. She has a general responsibilty for ensuring that all funds are used properly and that in its actiwties the School achieves value for money. She atts as Accountable Officer for the School within the context of the ConseNatoire for Dance and Drarna. Ch3rtty No. 900280 CoFnpany Registration No. 02430025 Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2020 Internal Control Council has resF)onsibility for maintalning a sound system of Internal control that supports the achievement of the School's policies, aims and objectives, while safeguarding public and other fund5 and a55ets for which it is responsible. The system of internal control 15 designed to manage rather than eliminate the risk of failure to achieve policies. aim5 and objectives, and it can therefore provlde only 3 reasonable and not an absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify the principal risks to the achievement of the School's goals, to evaluate the nature and extent of those Asks and to manage them efficientty and effectively. Council's review of the effettiveness of the system of internal iontrol is inforrned by the School's management. who have the responsibility for the development and maintenance of the internal control framework, and by comments made by the internal and external auditors in their management letter and other reports. Council has conduded thatthe 5￿tern of internal control is appropriate to the present needs of the School. Register of Interests The School maintains a Register of Interests of Members of Council and Senior Officer5, which may be viewed by arrangement wlth the Company Secretary. Changes In FlxedAssets The movements in fixed assets duringthe year are set out in note 7 to the financial statements. The freehold premises at 1-2 Downside Road, and 3 Downside Road. Clifton, Bristol and Christchurch Studios. 38 Portland Street Clifton, BrEStol are owned by the School and provide 5Ultable accottjmodation for carrying on the business of the Theatre School. Care is taken to ensure thatthe prernises are properly maintained and that, where finances permit, necessary and up to date equipment is provided. Reloted Portles The charity owns the entire share capital of BOIThS Produttions Limited and BO￿5 Communication5 Limited which are trading subsidiaries of the charity. A summary of the trading Te5uIts of the Subsidiaries is set out in note 8 to the financial statements. Details of senior management remuneration are given in note 6. The senior management team is considered to be the key personnel as defined by FRS102. The School is part of the Conservatoire for Dance and Drama ICDDI. Establlshed in 2001, the CDD is a Higher Education Institution with a unique confederal strutture, comprislng six schools. All of these are small. speclalist institutlons with international reputations for high quality delivery of vocational dance, drama or circus training. The School receives a grant from Ofs through the CDD, which together with stuclent fees forms the main source of income for the School. A Member of the Council, currently the Chairman, sits on the Governing Body of the CDD and the Prinupal sits on the Conservatoire Executive Committee. As mentioned inthe Report of the Chair. the SchoDI gave notice to CDD of its intention to resign effettive at the end of July 2023. A revl¢w of the actlvltSes to furchor its charltable purposes for publlc ben@flt In planning all of the School's activities for the year the Council is mindful of thè need to provide public benefit. The School continue5 to increase the funds available for distribution to support student5 who face financial challenges during their training through events and performances that have taken place in Bristol and the West Country. Donations from indwiduals have been recelved to add the Schoo15 existing student support funds (including the Bristol Bursary, the Christopher Cazenove bursary fund, the Louise Plowrlght fund, the Doris Dlbden Fund and Rlchard Newitt Fund). Charfty No. 900280 CoThpany Reg15tration No. 02430025 Bristol Old Vic Theatre School Limited REPORT OF THE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2020 The School continues to present its public produttions in a wide range of accessible venues across Bristol at affordable prices. The School also continues to take tour5 to primary and junior schools, but olue to lock down the planned tour to provincial venues throughout the West Country in the summerterm had to be abandoned. The School has a strongyouth group, Activ8, developingtheatre skills for young people,. It runs a wide range of short courses for young people and adults overthe year in atting and film production, but agaln the summer plans were cancelled due to Covid19 restrittions. The School continues to be connetted to the BFI Academyschemethrough its annual eveninglweekend Film Production course foryoung people a8ed 16-18 from the local region. As part of the CDD the School 15 aware of its requiretnent ro be committed tc> ensuring tts attivities are forthe public benefit The CDD has arriculated the tore elements of its public benefit as rhe following.. producing exceptional artists who shape the ￿tUre of dance, drama and circus arts.. fostering talent and creativity through world-class vocational training., finding and nurturing the finest UK talent-, supporting the cultural infrastructure,. fueling development in the creative indLJStries,' and international leadership in dance, drama and circus arts. The CDD continues to keep the public benefit atthe heart of its artIv￿leS. Its approach to recruitrnent is to selert students on the basis of talent, irrespective of other fattors, and it ensure5 this by auditioning every student who meets the recruitment criteria. It Is committed to sharing good practice within its schools and the wider educational and cultural 5ertors. The CDD supports not only the Èducation of young art15ts, but a150 their continuing development. It extends 3 helping hand to artists throughDUt their careers by encouraging them to commission nèw works, The CDD and its schools continue to enhance the educational and cultural life of the UK. In 2016. the Conservatolre wa5judged to be world-leading in its fields of dance, drama and circus arts in an independent revlew commissioned by HEFCE,. in 2017 It was awarded Gold In the Teathing Excellence Framework. The School being one of CDD'S Member Schools plays its part in fulfilling the combined public benefit of the organisation. The School ensures therefore its objectives, aims and attivities are in line with CDD aims and strategic plan to ensure it is a150 for the public benefit. Further details of the School'5 attivities below explain howthe ch4rtyfulfi115 its objettives and all of the activities that provide public benefrt. The Schoovs object and aim 15 to promote, maintain, improve and advance education particularly by operating as a drama school operating a vocational education and training establishment to further the educatlDn and training of attors, stage managers, cjosigners, directors 2nd allied managemenL craft and technical skills and by the production of educational plays and the encDuragemenr of the art5 and also to present, promote, manage and produce such plays, dram8, comedies and other produttions to m8intain, improve and advance the education of the students or to encourage the arts. The School's strategies for achieving its stated object and aim of training students to the highest standard for careers in the arts and enterralnment industry indude promding a practical approach to acquiring specialist performance and technical skills, and providing student5 Wlth a wiole range of profe55ional 2nd vocationalty relevant performance and proofuction opportunities. The training operates In 3 producing house environment with all asperts of the School working to this ethos. All teachlng staff have a professional backgroLJnd in their subjett specialism and students train using industry standard sources. Significant attivities that contribute to the achievement of the obiertives include constant contatt with profe55ional artists and organi5atsons to ensure the CLJrrency of the curriculum, and the wide range of performance 8nd recording locations avallable to students to showcase their work. The School invests significant time and energy for final year students i preparing them for their future employment thus ensuring the School s outstanding graduate employment record. Charity No. 9Q0280 Company Registratlon Nts 02430025 Bristol Old Vic Theatre School Limited REPORT OF THE MEMBERS OF THE COUNCIL OF MANAGEMENT for the year ended 31 July 2020 Achlevèments and performances This h35 been another highly successful year for the School, ending the year with a total of 158 UKIEU students in training and wlth an additional 16 international students. This was up on the target af14 International students, butwas down against a target of 172 UKIEU srudents due to the Covid19 lockdown which meant that another 12 students who would have begun their courses in April could not attend. Postyè3r end these courses were rewritten and revalidated to allow all these students to attend a three term MA beginning in September 2020. The Charlty is satisfied wfch its performance in this area, hawng been able to adapt to the situation in a very short period of time. 66 UKIEU Students graduated in july 2020 128 from the Acting Courses and 38 from the Technical Cour5esl-, graduate employment was very encouraging across the board. The School continues to be highly regarded by employers,. in particularthis was evident from the increased interest in atting graduates by major casting directors as well as aaor5' agents. The range of graduate employmentfor attors extends across the theatre, film. television, radio and voico-over industries,. siJnilarly graduates from the technical anLI produttion courses find sustsined employment across the theatre, recorded media and more recently the animation industry. The School continually strives to increase contact wlth professional artists and organi5ations and believes it achieves this objettive, illustrated by an exceptional employment record of its students. The School contirlues to make a substantial contribulon to the cultural life of the City of 8rlstol and the South West Region and public performances of the School'5 production5 in publlc theatres remain very popular. The School has performed in a variery Df diverse public venues. The School believes its school tours reach in the region of 16,000 children in Bristol and the SLJrrounding area each yèar. During the year over 130 public theatre performances were given and during lockdown the School's final sumtner term productions were broadcast live ovèr the internet to reach a much wider audience than during normal time5. The portfolio of courses increased in the academic year to include an MA in Drama Wrtling (with 8 students) and an MFA in Voice Studies Iwith 2 stijdentsi. These courses added significantly to the creative community of the school. The International Acting programme moved from bèing an MA to an MFA. Time was also spent this year in developing rhe Design and the Directing MAS so that from September 2021 these will slightly increase in size Ito 6 stLJdents on each programme from 2021122 to 8 Dn each course in 202Y231 and all programmes will start in September (rather than some Starting at Easterl. These developments and alignments will allow us to create a master¥ level'hub. to enhance the student experience. The School's Artistic D1￿Ctor, Jenny Stephens, presented the following artistic programme during the year: The academic year 2019120 was very much a game of tso halves. The autumn and springterms were completed SLJccessfully nd very tnuch a5 planned, but Covid19 and the ensuing lockdown created challènges with plans having to adapt at rapi speed and continuously. There were many positive outcomes as well as frustrations during this time. Covid19 and BLM The spring into summer of 2020 was an astonishing time,. not only was the world hit by a pandemic the like of which has not been seen for a century. but also the rnurder of George Floyd in America at the hands of the police held impliiations that rippled through the Western world. Ourstudents'visceral re5ponseto this killing produced a response that hastened changes already happenlng w￿h1n the School. For a number of years, the School has been recruiting a rnore diverse student body- particularly in the fields of acknng and directing. The death of George Floyd led to a political reattiorl that included the tearing down the statue of slave trader Edward Colston in Bristol. We have supported our students in forming groups in the School to represent different identities and explore whatthis means to them,. 3 women's, group, an LGBTQ+ group and a'rep, group, Specifical￿focUSSed around heritage. The death of George Floyd crystalized their thoughts and feelings around race, herrcage and the specific training needs of a culturally diverse group of students. This will feed into developments of the CLJrriculum and the ethos of the School in coming months. Main Stage Productions In the autumn the School presented twts contrasting plays giving students across courses a range of opportunities. Earthquokes in Lc>ndon by Mike Bartlett is a contetnporary play exploring political themes, especially of polrtical manipulation Charity No. 9QQ289 Cotnpany Registration No. 02430025 10 Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2020 and dystopia. The technical requirements included video projection. complex lighting plot and an intricate sound track. This was a conteTnporary, edgy production. presented in Bristol Old Vic's studlo space and diretted by visiting theatre director Cressida Brown. Cressida went from us to direct at the Globe Theatre in Lonclon, and took the MA student from the Directing course who had assisted hèr on Eurthquqkes to be Dn placement as AD. This clearly demonstrates rhe pem)eable membrane that exists bètwèen the School and the industry, and how students are propelled into the industry through the contacts they make in the School. The other maln stage play in the autumn was a family play, a musical version of The Snow Queen directed by Head of Atting Courses PaLtI Clarkson. This wa5 a period piece and so gave technical and costume students a contrasting experience as well as providing a very appropriate showing opportunity forthe more musrcal final year acting students. The Snow Queen proved popular with School's audiences and is one way in which we connect with the comtnunity of Bristol and the South West. The spring term main Stage productions also prDved both popular and successfijl. With an exceptionally diverse cohor( it was incumbent Ljpon us to reflect that in the identifi'cation of BAME direttor5 and we were deli8hted that Nancy Medina, an award winning 8550ciate of thè National Theatre, was able to direct our produttion of The Luramie Project in the Bristol Old c Studio. Responding to student feedback the spring season. of which this play formed a parL wasfocused on the telling of 'queef Stories revofving around the appalling murder of a youn8 man due to a shocking hgmophobicattack in Laramie, Texas.. and an epic tsle set in the late 19th century HerNukedSkin investlgating the complex lives of womèn and the quest for emancipation both politlcal and Sexual. Students enjoyed these productions immensely and the professional and sensitive manner in which dirertors led these shows was a model for future productions. Touring Productions Middle year atting students, working in collaboration with by Production Arts students and costume students. presented a version of The Natlvlty Èn the autumn tèrm and two versions of Mucbeth in the spring term. These produttions always prove popular and tour into local schools. The tours reach thousand5 of local children and we have increasingty put an emphasis on perfoming in schools in more deprwed area5 of the city such as Hartcliffe and Easton. Tour5 into these areas are free or heavily subsidised. Film Produttion Aft5 Students spend a term in their middle year at Christchurch studi05 working on a range of film and audio rojects. These include making short animated films l¥vhere they generate the story and see the projects through from inception to screening) and making podcasts. Production Arts students can then choose to specialise in film in their final year and Spend subttantial amounts of time on this. Two short films were made in the auturnn and spring, with students in the final year of their Arting BA (Hon51 course. This yeaffs films were Tomorrow with a female DOP of East Asian heritage, Mari Yamamura and director Stuarr Napier. The secgnd film, PushaverlDoP Mike Foxl was wrltten and directed byfim Newton who created thefilm 5pecificallyforthé cast. Production Arts stuifents work on all other technical aspects of the filtn including script 5upeNision, first a55isting. location managing, souncl or editing. Costume students also enjoy working on the films. Acting students on the 2 year course under take short scenes rather than a film. This is the last ye3r that this will be the case as the two-year atting course has been suspended due to career development loans being stoppeé. Screen training for attors, awayfrom these film5 and 5cene5, include5 acting for camera, self-taping, ADR and motion capture. Teaching and Produrtions under Covid19 and Lockdown On 15th March 2020 it became clear that stLJdents needed to be sent home and the School closed to students. This was the beglnnlng of the last week of term. The following few weeks were navigated with difficulty as it was not clear how long the locked-dDwn situatlDn would continue. All teaching and producrion plans were in flux as we believed that we may be able to rehearse online but return to school to finish rehearsals and perform live. Thi5 proved not to be the case. except for the International MFAAcclng cohort. Charty No. 90928D Company Registration No. 0243OQ25 Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OF THE COUNCIL OF MANAGEMENT for theyear ended 31 July 2020 The impacr of the lockdown varied by course and the particularities of the cliscipline. MA Drama Writing students, for example, could continue their training online with little disruption, but for MA Scènie Art students there were major changes to their expettations. Showcase Final year actors. showcase was in final stages of rehearsal and should have been performed a few days later. This has been postponed,. a commitment to do a live showcase even after graduation has been made to these students. Fortunately, their monologues had been filmed and we were able ro successfully release these to industry professionals (agents and casting directors). Dlrec¢ors' Lab The next publlc performances that were programmed were small scale productions l&d by our Directing MA students. These should have been at The Wardrobe Theatre in Bristol. These projects all moved online in some form. One directing student in particular rose to the challenge and produied hi5 chosen play live via the plarform'Streamyard.com'. Flnal Term Grad shows Four new plays had been prDgrammed as the final temi productions- they were planned as a 'rep-style' season of wDrk in collaboration with Bristol Old Vi¢s Ilterary department. Through the tenacity and creativity of the School's film department we managed to getthree Df these online. Two were performed live from lockdown, with actors in their own homès, supporteol by Produttion Arts students runningthe broadcasts, having props. backgrounds and costumes having been sentto the attors. One of the other plays was created and edlted as a film. The flnal play proved too difficuEt to fully realise as the actors struggled w>th personal living circumstances. These artors all managed to gain agent representation so thèir industry launches were not 5everety compromised. This was more of a dlsappointment for the technical students working ors this projett as their hard work did not receive a public showing. West CountryTour The West Country tour rehearsed online for a few week5 until it was clear that it needed to be postponed at which point production arts students were redeployed onEo other projects. The middle year atting students had the extremely fortunate opportunity of working with Sally Cook50n la director of high national reputation). Thanks are due to S?Ily for her time and commitment which she gave free of charge to the School. The International MFA Production Rehearsals for Pericles, the MFA final production, were successfully moved online. This cohort of students were 5crongly impacted by the lockdown as it concerned a greater proporuon of their course than anyone else. including the one public Stage production they work on. It became clear that we would be able to produce this on stage, with no live audièncè but capturing it on film for broadcast. Covid-19 compliant ways of working were developed and adhered to as we welcomed students back after the end of main summer term. A new director was pur in place for the produttion as the original director was in the covid.19 vulnerable category. It is testament to the tenacity, dedicatlon and care of staff and students Iparricularly the film department) thatthis prolluttion wa5 successfully filmed at a local theatre Ithe Redgrave). Writérs. Bloc The fdA Drama Writerg showcase was successfully moved online, with actors in their own homes, and MA Dirertors and Produttion Arts students working across these plays. Teaching and student support through lockdown Charity No. 900250 company RegLstratTon No. 02430025 12 Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2020 The teaching staff worked with huge energy and dedication to ensure that students had a fulfilling educational experience during lockdown. Teaching of practical skills continued at a high level. This ranged from combat and dance for attor5 to sewing skills for thè costume students. Credit is due to the support 5tatr, many students were In need of increased mental health support as well as practical support during the term. Credit Is 81so due to the alumni of the school who generDusly worked with our students. Patrick Myles and Mark Puddle organised a huge array of masterclasses and talks wrth alumni land other professionals) across all of our disciplines.. James Cawood Iwriter and Head of Licencing for joseph Weinbergerl, Mark Puddle (fheatrè/Filrn ProdLtcerl, Patrick Myles IActorlDirectorlProducerl, Claire Murphy (West End Costume SupeNisorl, Charlotte Jones (Writer), Bob Crowley (Designer), lan Drysdale (Actor), Malcom SinclairlActorl. Sarah Alford-smith Istage Manager), Will Skeetlcostume Maker), Nicty Gillibrand (Designer), Megan joiner (Stage Automation), Jamie Ballard (Actor), Morgan Large {Designerl, Adrian Scarborough IArtorl. Tom Espiner IAttorl,John Marfarlane (Designer). Mari3nne Elliot (Director). Miranda Cromwell (Director), Charlie Cox (Actor). lan Duncan (Attorl, Freddie Huntington (Deputy Head of Show Royal Albert Hall), Bornoe Brown (Head of Sound Royal Albert Nalll, Richard Howell ILighting Designer), Andrèw Pollard (Writer), Greg Doran IArtistic Director R5CI, Anne McNulty (Casting Director). Jerry Knight Smith (Casting Director), Samantha Bond (Actor), Polly Findlay (Direttorl, Tamara Harvey IArriSV Oirecror Theatre Ctywdl, Adam Penford (Artistic Direttor Nottingham Playhouse), Orla Maxwell (Casting Dirertorl, NaDmie Harris IActorl. David Luff Icreative Direttor Soho Theatre), lan McKellen (Attorl, Clare Winfield1Scenic Artl, Chris Nayak (Attgrl, Ellena Vincent IALtorl. Roy Alexander Weise (Artistic Direttor Manchester Royal Exchangel, Orla Maxwell (Casting Direttorl, Sally Cheng (Actor). The School also appreciates the continued generosity of individuals, trusts and charitable foundations that have made significant donations to the School's scholarship funds, to help students with their fees and living cost5. This year the School recefrved scholarship monies amounting tD £67,99212019'. £78,595), and made grants of £60,09012Q19'. £51,570). The school would Ilke to thank the following charitable trusts for their continuing support of the school's work.. The Andrew Lloyd Webber Foundation Garfield Weston Founolation Spielman Charitable Trust Nisbet Family Charitable Trust The South Square TrLt5t The Patricta Routledge Charitable Trust The Sirlohn Gielgud Charitable Trust William and Katherine Longman Charitable Trust Financi41 review Income is £2,796.450. a decrease of 3.3% over the previous year12019.' £2,891,671). Expenditure 15 £2,691,7C)5, a decrease of 4.S% over the previous year12019'. £2,817,660). These figures reflett the reduced outward actlvity in the form Df public performances as well as the reduttion in costs relating thereto during the summer term when the school was in lock-down with all classes delivered on-llne until July. Net incoming resources for the year total £51,39312019'. incoming £1 00,4851. The main sources of funding of the School are the grant from the Office for Stuéents through the Conservatoire for Dance and Drama, the Tuition fees and Produrtion income and donètions for student support. The financial status of the School is considered to be sètisfattory bythe Council. Investment Pollcy The School take5 a cautious approach to investment of funds in thè current financial economic climate, and the Investment policy is reviewed atthe Finance Committee meetings. Charity NO. 900280 Cc>mpany Regi5tratlon No. 02430025 Bristol Old Vic Theatre School Limited REPORTOFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2020 The Council uses Rathbones Investment Management Ltd as investsnent managers for some of its restricted funds forstudent support. Other funds for student support and the Development Appeal are held In cash. Based on a medium risk tolerance the investments are managed to generate a return over time above the rate of inflatlon. Reserve5 Policy The Council has addressed the po11cy in respett of reserves for the benefit of the School's progress. The Student Fund was rlesignated to provide financial supporr for students who do notfall into the categories prescribed by some of the restritted scholarship funds. The Stability Fund was designated by the Council to allow the School to continue to operate for a full term and create a financial buffer should there bè a sharp fiscal downturn with signrficant loss of income. Based on the current years performance the apparent cost of one term would be much reduced by the effects of lock-down, however, due to the contrnued economic uncertainty in the current climate it is considered prudent to augment this fvnd by £60,OOD 12019.. £10,000). The Building Fund was designated tg recognise the need to reserve sufficient funds for the maintenance and improvement of the School's various sites. TheArtistic Fund has been created to enable the School to develop and research its produttion portfolio and provide 3 reserve for performing in new ways and at potentially more expensNe v@nues in and around Bristol. In 2020121 this will allow the School to trial a new way of working in the posr-Covid19 world by capturing staged performances on film for Ilve-streaming over the internet. Plans forfvture periods For 2020121 entry the School was pleased to redevelop the MfA in Professional Voicè Studies and the MAS in Drama Direrting and Performance Design in order to increase capacity and contain each course within one three term year where previous they have run over four term each. 2020121 will also see the launch of a new one year MA in Screen Atting. The succe55ful expansion of the undergraduate course in Costume for Theatre, Film and TV has also continued. The School 1$ 3150 mindful of the opportunities for Knowledge Exchange and from the Govemmenfs Industri31 Strategy to exploit it5 intellettual property and other assets to increase income, and through the CDDS Access and Participatic)n Plan to build links with schools and colleges in low participation neighbourhoods in the Bristol area. This vvill be incltjded in the review ancl writing of the School's nexrfive-year strategic plan12020.20251. Auditor A resolution to reappoint Corrigan Accountants Limiteol for the ensuing year will be proposed at the Annual General Meeting in accordance with 5￿tIOn 408 of the Companies Att 2006. Statement of membe￿ of Council's responsibllitie5 Members of Council are responsible for the charitable company keeping proper accounting records which disclose with reasonable accuracy at anytime the financial p051tion of the charitable company and the group and to enable them to ensure that the financial statements comply wlth the Companies Art 2006. Company law and the term5 and conditions of fundingfrom the Office for Students requirethe Members of Council to ensure that there are prep3red financial statements for each financial perlod whlch gNe a true and fair view of the stare of affairs of the charitable company and group and of the incoming resources and application of resources intludins Income & Expenditure of the charitable company and group for that period. In preparing rhose financial statements, Members of Council are required to.. Chartty No. 900280 Cotnpany ReOstration No. 024>0025 Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2020 selert the most appropriate accounting policies and then apply them consistently., obs2rve the tnethods and principles in the Charities SORP., make judgments and estimates that are reasonable and pruden¢ state wherher applicable UK accounting standard5 have been followed, subject to any material departures di5c105ed and explaineé in the financial statements., prepare the financial statements on a going concern basis, unless it 15 inapprgpriate to presume that the charitable company will continue in business. The Members of Council have taken reasonable steps to.. ensure that funds from the Office for Students are Ljsed only for thè purposes for which they have been given and any other conditions which the Funding Council may from time to time prescribe,. ensure that there are approprlate financlal and managernent contrDls in place to safeguard public ￿ndS and funds from other sources,. safeguard the assets of the School and to prevent and detect fraud; secure the economical, efficient and effective management of the School's resources and expenditure. The Member5 of Councll have referred to the guidance in the Charity Commission's general guidance on Public Benefit when revièwingthe Chartws aims and objectives and in planning the Charivs future activtties. In particular, the Kqembers of Council have considered how planned activities will contribute to the aitn5 and objective5 they have set. Dlrectorg declaration 50 far as the direttors are aware. there is no relevant information las defined by Section 418 of the Companies Act 20061 of which the companys audltor Ès unaware, and each direttor has taken all rhe steps that he ought to have taken as a direttor in order to make himself aware of any relevant audit inforrnation and to establish that the companys auditor is aware of that information. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Att 2006 relating to small companies. Approved on behalf of the Coun n 4 IJ￿￿￿.1 !Ibei' ig"0 L M Bowden Member of Council Charity No. 90028 Company Re8lstration NO. 02430025 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OFTHE COUNCIL OF MANAGEMENT OF BRISTOL OLD VIC THEATRE SCHOOL LIMITED for the year ended 31 July 2020 Opinton We have audited the flnancial statements of Bristol Old Vlc Theatre School Limited Ithe'charltable parent company) for thè year enders 31 july 2020 which comprise the Consolidated Ststement of Financial Activities. the Consolidated Balance SheeL the Charity Balance Shee¢ the Group and Charity Cash Flow Staterne￿t and notes to the financial statements, inclLJdin8 3 summary of signrficant 8ccountirtg policies. The financi31 reporting framework that has been applied in their preparation is applic8ble law and United Kingdom Accounting Standards, including Financial Reportin8 Standard 102, The Financial Reportingstandard appllcable in the UKand Republic of Ireland (United Kingdom Gener81ty Accepted Accountlr¢g Practicel. In our opinion the financlal staternents.. gpie a true and fairview of the statÈ of the group's and the cl￿rit8b1e parent cornpanys affairs as at 31 July 2020, and of the group's incoming resources and applic3tion of resource& including it5 income and expendlture, for the year then ended.. have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting PractiTr,' 3nd have been prepared in accordance with the requirements of the Companies Aff 2006. Opinion on other matters prescribed by the Office forstudents IOfSI Audit Code of PrattiTr and Research England In ouropinien, in 811 materlal respects.. funds from whatever source. admlnistered by Bristol Old Vic Theatre School Limlted for specific purposes durlng the year ended 31 July 2020, have been applied to those purposes and m8naged in accordance with relevant legislation,. fund5 provided by Otsand Research England have been applied in accordancewiththe rnemorandum of as5uran£e and accountabillty and any other terrn5 and conditions attached to them during the year ended 31 luly2020,' the reouirements of Ofs's accounts diwtion have been met, to th¢ extentthat they are applic3ble to the charitable parent company, B8$i5 for opinl¢n We conducted our audit in accordance with International Standards ort Auditing IUKI 115As IUKII and applicable law. Our responsibilities ur)der those star>darcJs are further described in the Auditols responsibilitie5 forthe audit of the financial statements settion of our report. We are independent of the charitable company in accordarnce with the ethical requirements that are relevantto our audit of t￿efIna￿Clal statements in the UK, includingthe FRC'S Ethical Stan(Jard. and we have fulfilled our other ethical responslbilities in accordarLce with these requirements. We believe that thÈ audit evidence we have obtalned is sufflcient and appropriate to provide a basts for our opinion. Conclusions relatlngto goingconcern We have nothing to report in respert Df the followlng matter5 in relation to which the ISAS IUKI requ[￿ us to reportto you where: the trustees, use of the gplng concern basis of accounting in the preparation of the financial statements Is not approprSate,' or the trustees have not d1sclos￿ in the financial 5taternents any identiffed materi31 uncertainties that may £aSt signiflcant doubt about the charitsble parent companJrfs 3bility to continue ro adopt the going concern basis of accounting for a period of at least twelve months from the date when the fin8nr1315tatements are authorised for issue. Other Information The tru5t¢es are responsible for the other information. The other information comprises the inforrnation included in the Report of the Mernbers of the Council of Managemeni otherthan the financial statements and ouraudltorfs reportthereon. Our opinion on thefinanci31 st3iements does not coverthe other information and, except to the extent otherwise explicitlystated in our report we do not exp￿55 any forrn of assurance conclusion thereon. In connettion with our audit of the financlal statements, our responslbility is to re3d the other Information an4 In doing so, CDnsider whether the other information is rnaterially inconsistentWlTh the financial statements or our knowledge obtained In the audit or Otherwise appears to bè materially misstated. If we identify such rn?terlal incon515tencies or apparent rn4teri31 misstatements, we are required to determine whether there is 8 material missratement in the financial statements or a tnaterial misstatemenr of the other information. If, based on rhe work we have perforrned, we conclude that there is a material mlsst3tement of thls other informatlon. we are required to report that fact. We have nothing to report in thi5 regard. Charity No. 900280 Comp3ny Registradon No. 92430025 REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OFTHE COUNCIL OF MANAGEMENT OF BRISTOL OLD VIC THEATRE SCHOOL LIMITED for the year ended 31 July 2020 Matters on whSch we are requlred to report by exceptlon We have nothing to report in respect of the following rnatters In relatlon to which the Charlties (Accounts and Reportsl Regu18tions 2008 require us to reFx>rt to you rf, in our opinion.. the information given in the financial statements Is inconslstent In any mater[31 respert with the Report of the Members of the Council of Management., Dr the charitable parent comp3ny has nor kept 8dequate accountin8 records,. or the financial statements are not in agreernentwith the accounting records and retums- or we have not recerved all the infonration and explanations we require for ouraudiL or thetrusteeswere not entitled to prepare thefinancial statements in accordance with the small companies regime andtake 8dv8ntsge Df the small companies exemption in prep3ringthe directors. report 3nd tzke advantZ8e of the small companles exemptlon from the requirement to prepare a strategic repo Responsibilities of trustees A5 expkined more fully In the Statement of Members of Council's responsibilitie5 Set out on page 14, the trustees (who are also the directors of the charitsble parent company for the purpose5 of company lawl are responsible for the preparation of the financi31 ststements for being satisfied thaithey gwe a true and fairview, and for such internal control as the trustees determine is necessary 10 enable the preparation of fln3ncial ststements that are free frtsm material rnisstaternenL whether due to fraud or error. In preparing the financi31 statement5, the tru5tee5 are responslble for assessing the 8roup's and charitable parent CDmpanl5 Bbility tci contlnue as a going concern, disclosing, a5 appIl￿ble. matters related to going concern 8nd using the going concern basis of accounting unless the trustees either Intend to liquidatÈ the charitsble company ortD cease operations, or have no realistic altemative butto do sp. AUdita￿S responsibilittes for the audit of the financlal statement$ Our objeciive5 are to obtain reasonable assurance aboutwhetherthe finzncial stzternents asa whole arefreefrom material rni55taternenL whether duetofr3ud or error, and to issue an audltols reportthèt includes our opinion. Reasonableassurance is a high level of as5uranEe, but is not 3 guarantee that an audit conducted In accordance with ISAS IUKI will 3lways detect a materi31 mi55tatement when it exists. Mi5Statements can arlse from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economlc decisions of users taken on the basis of these financial statements. A furrher description of our responsibilities forthe audit of the financlal starements is located the Financial Reporting Council's website at. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorts report Use of our report Thi5 report 15 m8de solely to the ¢harftable parent companys trustees. as a body, in accordance wlth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our auditwork has been undertaken SQ th4twe wight state tD the charitable parent companys trusreesthose matters we are required to state to them in an zuditDrfs reportand for no other purpose. To the fvllest extent permitted by18w, we do not accept or assume responsibility to anyone other than the charirable parent company the charitable parent cornpanys trustees as z body, fDr our audit work, for this report, or forthe opinion5 we h3ve formed. Stuart Crisp Bsc FCA Iseniorststutory Auofitorl For 2nd on behalf of Corri8an Accountant5 Utnited (Statutory 3uditor51 The Tramshed 25 Lower Park Row Bristol 8S1 58N Date..4 November 2020 Corrigan Aicountants Lirnited 15 eligible to act as an auditor in term5 of section 1212 of the Companies Act 2006. Charity No. 9Q028o Comp3ny Registration No. D2430025 Bristol Old Vic Theatre School Limited CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including an Income & Expenditure account) for the year ended 31 July 2020 Unrestritted 31-Jul 2020 Restrfrtecl Total funds Total funds 31-lul 31-lul 31-Jul 2020 2020 2019 Note INCOMING RESOURCES Donations and legacies Charit3ble activities Othertrading activities Income from invegments 648,676 2,049,219 11.232 2,331 66,545 715,221 2.049,219 11,￿2 20,778 823.323 1020.635 19.445 28,268 18.447 TOTAL INCOME 1711,458 84.992 2,796,45C> 2,891,671 RESOURCES EXPENDED Expenditure on rnislng funds Expenditure on ch8rit3ble activities Cost5 of commeraal trading 216 2,588,864 5,041 95,938 5,257 2.684,802 6.617 a80ZQ84 &959 TOTAL EXPENDITURE 2.590,726 100,979 1691,705 1817.660 Net incomellexpenditurel befo￿ investment gains 120.732 115.9871 104,745 74011 Net Iloss&sy8ains on investments 153.3521 153,3521 26,474 NETINCOME 120,732 169.3391 51.393 1W.485 Ton5fers between funds TOTAL FUNDS BROUGHTFORWARD 4759,040 Z230,994 6,99D,034 6,889.549 TOTAL FUNDS CARRIED FORWARD 4,879,772 Z161.655 7,041.427 6,990.034 The Statement of Financial Attivities includes 811 gains and losses recognlsed in the year. All incoming reSoU￿eS and resour£es expended derive from continuing operation5. The accompanying accountin8 pollcies and notes forrn an integral part of the financial statements. Charfty NO. 900280 Company RegistratiDn No. 0243002$ Bristol Old Vic Theatre School Limited CONSOLIDATED BALANCE SHEET as at 31 July 2020 cJN50i,IfiAfÈD BALAF4CÉ'5 Group Un￿St￿tted funds 2020 Group Restrlcted funds 2020 Group Yotal funds 2C120 Group Total funds 2LII 9 FIXED ASSFrs Tangible assets Investrnents 4,941.300 848,159 816,493 5,789,459 816,493 5,860,9rJ 874,887 TofAL FIXED A55¥rs 4,941.300 1,664,652 6,605,952 6,735,864 CURRENT ASSEFS Debtors Cash at bank and in-hand 66,116 517.177 66,116 1,014,180 103,240 1.189,983 497,003 583,293 497,003 1,080,296 1,293,2Z3 CREDITOR5'. amounts falllng due withln one year 1488,6511 1488,6511 1597.0651 NET CURRENT ￿SErs 497,OQ3 591,64S 696,158 Total assets le55 current liabilities 5,035,942 2,161.6S5 7.197,597 7,432,022 CREDITORS- amounts falling due after one y2ar 1156,1701 1156.17Ql 1441,9S81 TOTAL NET AssFrs 4,879.772 1161,655 7,OA1.427 6,990.034 FUNDS OFTHE CHARir( Restrirted income funds Unrestricted funds Revaluation reseNe 13 13 12 2.161,655 1161.655 1472,580 2,407.192 1230,994 2,351.848 2,407,192 2,472,580 2,407,192 TOTAL FUNDS 4.879.772 2.161.655 7.(U1.427 6.990.034 The trustees have prepared financial statements in accordance w¥th settion 398 of the Companies Act 2006 and sectic>n 138 of the Charlt(es Act 2011. These financial 5taternents are prepared in accordance with the speoal provisions of Part 15 of the Cotnpanies Att relatln8 t9 5rnall companies and conaitute the annual accounts required by the Companies Act 2006 and are for circulation to members c>f the cornpany. The accompanying accounting policies and notes foTTh an integral part of the rtnancial staternent5. The financial 51atements on 2 November 020 and slgne 16 to 36 were approved and authorised for issue by the MembeT5 of the Council on their behalf by L M Bowden, ernber o Council F E Purcell. Principal & CEO Charlty No. 900280 Company Reg15tradon No. a2430025 19 Bristol Old Vic Theatre School Limited CHARITY BALANCE SHEET as at31 July2020 Charity Unrestricted funds 202Q Charity Restritted funds 2020 Charity Total funds 2020 Charity Total funds 2019 FIXED I￿SET5 Tangible ¥ssets Investments 4,941,30LI 21,000 848.159 816,493 5.789.459 837.493 5,860,977 895.887 TOTAL FIXED Ass￿5 4,962.300 1,664652 6,626,952 6,756.864 CURRENT ASSErs Debtor5 Cagh at bank and in-hand 65.929 511.065 65,929 1,008,068 116,491 1.170,3 497.CQ3 576,994 497.003 1,073,997 1,286,814 CREDITORS.. amounts falling due within one year 10 1488,9221 148&9221 1597.2261 NEfcuRRENT AssFrs 88,072 497,003 585,D75 689,588 Total assets less current liabillties 5.050,372 2,161.655 7,211027 7.446.452 CREDITORS.. amounts falling due after one year TOTAL ￿SET5 1156,1701 1156.1701 1441.9881 4,894202 2.161,655 7,055.857 7,D04.464 FUNDS OFTHE CHARITr Resrritted income fund5 Unrestricted funds Revaluation reserve 13 13 72 2.161,655 2.161,655 2,487.010 2,407.192 I￿0.994 2,366.278 1407,192 1487,010 2,407,192 TOTAL FUNDS 48￿.202 2,161,655 7,055,857 7,004,4&1 Parent company's profit forthe year £ 120.rJ2 £169,339) £ 51.393 £ 100.485 The trustee5 have prepared financial statements in accordance with secrton 398 of the Companies Act 2006 and 5ettion 138 of the Charities Act 2011. These finanaal ststements are prepared in aCCo￿ance with the special provisions of Part 1 S of the Companies Att relating to small companie5 and constitute the annual accounts required by the CompaniesAct 2006 and are for clrculation to membets c>f the company. The accompanying accounting policies and note5 fonn an integral part of the financial ststements. The financlal statem vember 2020 2 on pages 16 to 36 We￿ approved and authorised for Issue by the Members of the Council Dn igned on their behalf by LMBO den, M mber of Council F E Purcell, Principal & CEO Charity No. 900180 Company Aegi#rat¥Jn No. 01430015 20 Bristol Old Vic Theatre School Limited STATEMENT OF CASH FLOWS & CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 July 2020 GROUP AND CHARITr CASH FLQW sfATEMENT Group 2020 Group 2019 Charity 2D20 Charity 2019 Notes Cash used in operatin8 activities al 133,168 113,875 146,716 100,536 Cash flows from investing artivities Interest Dividends Purch35e of tangible fixed assets 2,918 17,860 1412101 6.477 21,791 134007) 2,918 17,860 142.2101 6,477 21.791 fr1,0071 Cash used In investing activities Q1,4321 15,7391 121.4321 15.739} Cash flows from financing attivltles Repayment of borrtswing Mortgage Inte￿St (283,1011 14.4381 1131,5591 16,2841 1283,1071 14,4381 1131.5591 16,2841 Cash used in financing activities 1287.5391 1137.8431 Q87,5391 1137.8431 Decrease in cash in th¢ year Cash at the beginning of the year bl 1175,8031 1.189,983 129.707) 1,219.690 1162,2551 1,170,323 143,0461 1,213,369 Total cash at the end Df the year 1,014,180 1.189,983 1,008,068 1,170.323 al Reconclllatlon Df net mc)vement in funds to net cash flow from operating artivities Group 2020 Grr)up 2019 Charity 2020 Charity 2019 Net movement in funds before gains on investrnentg Dep￿ClarIOn Interest receivable Dividends recelvable Mcsrtgage int¢re5t Decrease/llnc￿ase) in debto Increaselldecreasel in creditors Adjustment for management charge5 taken from investment galns 104.745 113,729 12.9181 117,8601 4.438 37,124 1111,1321 S,042 74,011 111,043 16.4771 121.7911 6,284 79.092 1133,347) 5,060 104,745 113,729 129181 117,8601 4,438 50.562 1111.0221 5,042 74.011 111.043 16,4771 121,7911 6,284 65.654 1133,2481 5,060 Net cash used in opeTBting attlvif(es 133,168 113,875 146.716 100,536 bl Analysis of changes in debt At31 July 2019 Cash flows Other changes At31 July 2020 Cash at ba#k ènd In hand Debts due within one year Debts due after one year 1.189,983 183,0101 1441,9881 1175,8031 83.010 200,091 1,014.180 185,72n 1156.1701 185.727) 85,727 664,985 107,298 772,283 Chadty No. 9ooz8o Company Re81str?t￿n No. D243D025 21 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2020 ACCQUNTItyfj'POtsC1É5 (a) Basi5 of preparatlon The financial ststements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and republic of Ireland Icharities SORP IFRS 10211, the Financial reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Companie5 Act 2006. 8ristol Old Vic Theatre School Limttecl meets thè definition of a public benefit entity under FRS 102. ￿Sets ancl liabilitie5 are initially recognised at historical cox or transaction value unless otherwise stated in the relevant accounting policy notelsl below. (b) Preparatlon of the accounts on a going concern basls The charity reported a net cash outflow of £162,25512019: £43,046) for the yèar ar)d £175,803 12019.. £131.5591 on 3 group basis. The trustee5 are of the view that the continuation of the transitional relief afforded by Ots continuing HEFCES funding policy over the next year together with opportuntties for introducing further MA prograrnmes., the introduction of new short courses and Workshops for adults and young people,- and the exploitstion of the studio facilities at Christchurch will allow the charity to repay its liabilities as they fall due in the twelve month period from the clate of approval of these financial statements. (c) Group financial statements The financial ststements consolidate the results of the charity and Its wholly owned subsldlarles Bolfs Communications Limited and Boltfs Produthons Limited on a line-by-line basis. A separate Statement of F(nancial Activities (including an Income & Expenditure Accountl for the charity has not been presented because the charity has taken advanrage of the exemption afforded by section 408 of the Companies Att 2006. (d) Related parry transattions The charty has taken aofvantage of the exemption in FRSI 02 not to disclose transactions with group companies which are eliminated on consolidation in the group flnancial statements. (e) Fixed assets Fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of tangible fixed zssèts, less their estimated residual values, on a straight line basi5 over the expected useful economic lives of the assets concerned. Plant and equipment over the value of £5W is depreciated at 25% per annum. Smaller items of plant and equipmenr are written off in the year of acquisition. The charity has taken advantage of the transitional arrangements in the adoption of FRS102 by electing to report the charitys freehold land and buildings at their fair value as determined by professional chartered surveyors as at the éate of transition, being 1 August 2014, and to use this value as their deemed cost carried forwarLI at that date Isee Note 71. Under FRS 102, the School is required eath year to depreciate its freeholol propety. In managing the property care is taken to ensure that the premise5 are properly maintained to provide suitable accommodation for carrying on the bLJsiness of the Theatre School. Thèse maintenance costs are wrttten off in full in each yeals financial statèments. Charity No. 900280 Company Registration No. a2430025 22 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2020 The Members of Council consider the useftjl economic lives of the listed bu11dings to be at least SO years and on this basis (after excluding non-depreciable landl tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives as follo Freehold Land Nil Freehold Buildings 2 (fj Incoming resources Incoming resources are recognised in the financial Statements on the follovving ba5iS'. (i) Productions Inco)me from theatre admission fees is included in incoming resources in the period in which the relevant production tskes place. lil) Donations and grants Income from donations and grants, including c3Pital grants. is recognised whèn thé eharity hag èntitlèmènt to thé funds,. any performance condttions have been met,. tt is probable that the income will be received,. and the arnount can be measured reliably. (TTI) Tuition fees Fees receivable and charges for the services are accounted for in the period in which the senqees are provided. (g) Interest receivable Interest Is recognised on a receivable ba51S. (h) Operating leases Rentsls payable under operating lease5 are charged on a strai8ht-line basis over the lease term. Resources expended Expenditure is recogni5ed when there Is a legal or consrructwe obligation to make a payment to 3 third party. Contractual arrangements and pèrformance-related grants are recognised a5 goods or service5 are supplied. Other grant payments are recognised when a constructive obligation arises that results in the payment being unavoidable. Costs of generating funds are those costs incurrecl in attractingvoluntsry income. and those incurred in trading acttvities that raise funds. Charitable actNlties include both the dirett costs and support CQ5t5 re13ting to those activitie5. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. o.) Pension schemes The company operates a defined contribution pension scheme. The amount chargèd to thè SOFA in respert of pension costs is the contribution payable in the year. (k) Foreign currency translation Charity 900280 Company Registration No. 02430025 23 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2020 Monetary a55ets and liabilltles denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. TransattiDns in foreign currencies are recorded at the rate ruling at Ihe date of the transaction. Al differences are taken to the Statement of Financial Attivitiès. Fund accounting General funds are unrestritted funds which are av3ilable for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds compris@ unrestritted fund5 that have been set aside by the Trustees for particular purpose5. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted fund5 are funds which are to be used in accordance wtth specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The alm and use of each restricted fund is set out in the notes to the financial statements. (m) Investments Listed shares are valued at market value at the balance sheet date. Unlisted shares in subsidiarie5 are valued at cost. Unre31ised gain5 and losses represent the movement in markèt values during the year and are charged or credited to the statement of financial activities based on their markervalue at the year end. (n) Key management personnel The Members of the Council of Managemenr, who are the companys directors and charitys trustees, consider that the senior managementteam comprise5 the key management personnel of the School in charge of diretting and controllin& running and operating the School on a d2y to day basis. All Members of the CoLtncil of Management give their time freely and received no remuneration In the year. Detsils of Members of Councll of Management expenses and related parry transactions are disclosed in note 6 to the accounts. The pay of the senior tnanagemenr team is reviewed annually and may be increased in line with inflatio)n or average earnings. In wew of the nature of the charity, the trustees may benchmark the pay of the senior managemenc team gainst other schools of a similar size and nature. (o) Taxation The charty is exemptfrom tax on income and gains falling within section 505 of the Taxes Att 1988 or sertion 252 of the Taxation of Chargeable Gains Art 1992 to the extent that these are applied to Its charitabl@ objetts. Ip) Debtors Trade and other debtors are recognised at the settlement amount due after any trade dlscount offered. Prepayments are valLted at the amount prepaid after taking account of any trade discounts dLte. (q) Cash at bank and in hand Charity No. 900180 comp3ny Registr*ion No. 02430025 24 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2020 Cash at bank and cash in hand includes cash and short term highly liquid invÈstmènts with a short maturity of three months or Sess from the date of acquisition or opening of the deposit or similar aicount. (r) Creditors and provisions Creditors and provisions are recogni5ed where the charity has a present obligation resulting fvom a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obllgation can be measured or estimated reliably. Creditors and provisions are normally recognised attheir setdement amount after allowing for any trade discounts due. (s) Concessionary loans Bank loans and concessionary loans which are rèpay3ble in more than one year are initially recognised and measured * the amount received. The carrying amount is adjusted in subsequent years to reflert 3ny repayments and accrued Interest. (t) Inanaal instrumènts The charity only has finanual assets and financial liabilities of a kind that qualify as bas1c financial instruments. The related accounting poliiies are described above. LEGAL STATUS The charity 15 a company limtted by guarantee incorporated in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per rneTnber of the charity. Charrf(y No. 900280 Compèny Règistration No. 02430025 25 Bristol Old Vic Theatre School Limlted NOTES TO THE ACCOUNTS for the year ended 31 July 2020 ANALY515,QF'INCOME ,, .. Unrèstrfcted funds 2020 Restrittecl funds 2020 Total Unrestrftted funds funds 2020 2019 Restricted funds 2019 Total funds 2019 Donatlon5 & legacies Donation5 & glfts Gift aid Legacies Grants received from Ofs through CDD: CO￿ funcling Higher educatlDn innovation fund Researth fund Capital investment fund Widening participation grants Grants ￿ceiVed from BFI 5.315 48,296 1,249 53.611 1.249 17,501 750 545TI 1,658 72,078 530,090 54,450 33.732 1 5,344 9,745 530,090 54,450 33,732 15,344 9,745 17,000 553,726 151743 553,726 152,743 15,623 9,745 15.623 9.745 17,000 17.0 17,0 648,676 66,54S Charitable actlvitie5 715.221 750,088 73,￿5 8￿,323 stUd￿ts IUKIEU only) ConseNatoire 5cholarshlp 5cheme.' Tuition fee dlscounts Cash bursaries Students (non UKIEU intematyonall Auditions & interview fees Theatre skills, youth & adLJlt coutses Production income 1,489,845 1.489.845 7.353,768 1,353.768 (70,400) 351.628 101.125 99.642 77,379 [70.4001 351.628 101.125 99,642 T/,379 171.9151 351091 88,729 171,950 IL.087 C71.9151 351091 88,729 175.875 122,087 3,92S 1049.219 OthertTrding actlvities 2,049,219 1016.710 3,925 2.020,635 Box office charges Programme tsles Commercial hires & room rentals Other 1.009 1,262 10,968 6,206 1,009 1.262 10,968 6,206 7,378 3,854 7,378 3,854 11,232 Income from investments 11.￿2 19,445 19,445 Bank interest Dividend income 1331 587 17,860 1918 17,860 5,909 568 21,791 6,477 21.791 1331 18.447 20,778 5,909 22,359 28,268 TOTAL INCOME 2,711,458 84,9)2 2.796,450 2,792,152 99.519 2,891,671 Charfty No. 900280 Company Regstration No. 02430025 26 Bristol Old Vic Theatre school Limited NOTE5 TO THE ACCOUNTS for the year ended 31 July 2020 'ANALY51S OF EkpENDITUPE,. un￿stri￿ed funds 2020 Restricted funds 2020 Total Unrestricted funds funds 2020 2019 Restricted funds 2019 Total funds 2019 Expenditu￿ on raising funds Stsging fundraising events Invèstment management C05t5 216 216 5,041 216 1,341 5,Q160 1,557 5,060 5.041 216 5,041 5,257 216 6,401 6.617 Expenditu￿ Dn charitable activities Wages & salaries Visiting 5pecialisrs Teachin8 CQ5ts wridening partltipatycin & development Equipment & maintenance Productions Mad0025 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2020 ' C.REOITORS: AMOUNTS FALLING DUE WTHIN OfvEYÈAii Group 2020 Group 2019 Charity 2020 Charlty 2019 Trade creditors Other creditors PAYE & social security Accruals & defer￿ income Arnounts due to subsidiafies ank loans (see note 111 63,868 34.989 31.608 272,459 165,863 26,914 30,538 290.740 63.868 34.989 31,6f18 271459 271 85,727 165,863 26,914 30,538 29CI,740 161 83.010 85,727 83,010 488,651 597,065 488,922 597,226 Wthin creditors there was a b31ance of £56,56312019'. £117,639) in ￿SpeCt of fees receTved in advance of course5 taklng place. A balance of £117,63912019: £137,057) wa5 released in thè yearto the Statement of Flnancièl Activitie5. £REbiYoRS'. AMOUNTS FALLING DUE AF.TER MQRE THAN ONE YEAR Group 2020 Group 2019 Charity 2020 Charity 2019 Bank loans Prfvate loans 156.170 241,988 20),C()o 156,170 241,988 200,OC 156,170 441,988 156,170 41.988 Bank loons payable by instalments Induded withln current liabiltties 241,897 185.72 324,998 183,0101 241,897 185.7271 324,998 183,0101 156,170 241.988 156,170 241,988 Bank loan instalrnents due after five years The bank loan is wlth AIB Group IUKI plc and the pnncipal is charged at 0.875% above 3 rnonth LIBOR (currently 0.1409%) payable qu3rteEly in arrears. repayable in equal amounts overtwenty yeaw5 from March 2005 and Secu￿ by a first legal charge over the Downside Road properties. The unSecu￿d private loan wa5 provided intere5L free Until 31 December 2019 and was repaid during the year. ' REVALUATION RESERVE Group and charity 2C120 2019 At 1 August 2019 Revaltjation for the purpc>s25 of transition to FRS102 2.407,192 2,407,192 At 31 july 202Q 2,407.192 2,407.192 Char￿Y No. 90028D Comp3ny Registra￿On NO. 03430015 Bristol Old Vic Theatre School Limlted NOTES TO THE ACCOUNTS for the year ended 31 July 2020 RÈCONCILIATION OF MOVEMEf4TS IN FLJNDS . 2020 GenÈral Fund Capitsl Fund Student Fund Building Fund St3bility Fund Artistic Fun Reval'n Total Reserve Unrestrlcred At 1 August 2019 Incoming resources 569,895 IZ189 37.040 692,724 940,000 100,000 1407,192 4,759,040 1678,320 15,344 2,693,664 Resource5 expended Transfers 12,560,115) 160.(X)O I 110,717) 111001 12,572,932) 60,000 Revaluation At 31 Jltly 2020 628,100 16,816 691724 1,000,000 100,000 1407,192 4,879,772 2019 At 1 August 2018 539,043 8,449 642,724 93Q,(X)O 100.000 2.407.192 4.675,948 Incoming resources 2,747.906 10.619 2,758,525 Resources expended Transfers R￿aluatIOn 12,657,J541 160,0001 16,879 1 111,5001 12.675,4331 50.000 10,CK)O At31 July2019 569,895 12,189 37.040 692.724 940.OOD 10Ql,000 1407,192 4,759,040 The Council of Management has designated funds from the general resetrves forthe followlng puryjoses.. Student Fund - this fund has been deslgnated to provide additional 5UPPOrt forthe School's students over and above thase restricted funds provided for the Same purpose to support student5 facingfinancial dsfficulty. Building Fund - this fund is forthe long tem masntenance and itnprovement of the charity's f￿ehOld propenies. FDllowing the results of this year no transfer was made to this fund from the General Fund 12019.. £50,000). Stability FLJnd- thls fund is intended to provide a complete term's expenditu￿ in the event of a major1055 of Income. This yearfs figures equate to approximately £900.1J)O due to reduced attivity in the final temi during national lockdown, but due to the economic uncertainty in the current dimate a tTrnsfer of £60,000 has been made from General Funds this year12019-. £1 0,0001. Artistic Fund - this fund ha5 been deslgnated to enable the charity to research and develop its artistic programrne in support of its objetts. Cap£tal Fund - this fund represents the thè un-3mortised funds frDm HEFCE provided for the purchase of capital assets which are being deprèciated 8t 2S% per annum on a straght line basis. The Group General Fund includes negatlve resefves from the two Subsidiaries of £14,42912019: £14,4291 Charfty NIX 900280 Cotnp3ny Registr4tK)n NO. 02430015 32 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2020 CHARIIY.,ANEi tsRQ.iJp RÈSTR.ICTÉti FLINDS Schola￿hlP DevÈlopment Fund Appèal Special Grants Total Restyicted 2020 At l August 2019 1,353,030 I￿0.994 Incoming resources Resources expended Grants awarded 67,992 17.000 84,992 15,0411 117,0001 122,0411 I60,0￿) 160.0901 Gains/llossesl on investments 153,352 1 153,352 1 Amortisation lin line wirh building depreciation) 18,8481 118.8481 At 31 July 2020 1,302,539 859,116 2,161,655 Scholarshlp Development Fund Appeal Special Grants Total 2019 Restriaed At 1 August 2Q118 1,305,933 7.668 2.213,601 Incoming resources Resources expended Grants awarded 78,594 3,925 17,000 99,519 16,4011 114,7811 117,0001 138.1821 151,5701 151.5701 Gains on investments 26,474 26,474 Amortisation lin Ilne wlth building depreclarionl 118,8481 118,8481 At31 July2019 1,353,030 877.964 2,230,994 Scholarship Funds wère received from Outsiée cltsnor5 for the purposes of making awards to and provlding flnancial support for stu¢Jent5. Development Appeal Funds were r￿1ve¢1 from donations specifically forthe purpose of a ￿p1￿] proJett and represent the balan￿ of monies bein8 used to fit-out the link building. Charity No. 900280 Company Regi5tttion No. 02430025 33 Bristol Old Vic Theatre School Limited NOTE5 TO THE ACCOUNTS for the year ended 31 July 2020 2020 Scholarship Development Unrestricted Fund Appeal Funds BatsncÈs on the Ch3rity'sfund accounts are ￿p￿sented by.. Total Cash Bt bank and in hand 486.046 10.957 511,065 1,008,068 Tangible fixed assets at net book value Investments 848.159 4,941.300 5.789,459 816,493 816,493 Other current assets and liabllities (S￿,1631 1558.1631 At 31 July 2020 1,3Q1539 859,116 4,894.202 7,055,857 2019 Scholarship Developtnent Unre5trittecl Fund Appeal Funds Balancèson the Charty's fund accountsare reprèsented by.. Total Cash at bank ancl in hand 478.144 10,956 681.223 1.170.323 Tangible fixed assets at net book vs1(Je Investments 867,007 4993.970 5,860,977 874887 874.887 Other current assets and liabilities 1901,7231 1901,7231 At 31 July 2019 1,352.031 877.963 4,773,470 7,004.464 Wherè the above furlds are represented by underfylng bank ba13nces, these balanies are maintained In separate bank accounts where rhe donor has speclfirally ￿quested thls. In all other cases, the bank balances a￿ consolidated in orderto achieve the maximum return on the charlty's a55ets in term5 of interest receivable. LEASECOMMITMENTS Land & buildings 2020 Plant & machinery 2020 2019 2019 Cc)mmltments within one year 3Q.000 30,000 16.5Q3 16.503 Commitments between two and five yea Commitments after five years 120,￿0 120.000 41,2SO 55,401 52.500 81500 2.353 Total future commltment 202,500 232,500 57,753 74,257 The rental payments recognised as an expense in the yearwere £46,50312019.' £54,992). Charity No. 9Doz80 Cornpany Registration No. 01430015 34 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2020 NET INCQMEIjEXPÈbiDIT.URE) Group and charity Net incomallexpenditurel is stated after charying/lcreditingl.' 2020 2019 Depreciatlon - gwned a55ets Direttors. reMune￿t1on 113,729 111,043 Audit fees Audit 5eNi¢es 9,161 7,162 Tax seNices 900 Other services 1.SOO 1.500 Opernting leases- land and buildings Operating leases. equipment Mortgage interest payable 30,000 30.000 9,492 9,492 4,438 6,284 'FINANCIAL INSTRUMENTS . Financlal instruments meaSU￿d at amortised cost comprfse the loan financing form AIB Group IUKI and plt Bnd a private ltran. Group and charfty 2020 2019 Amounts payable fallin8 due within one year Amounts Pay3ble falling due within two to five years AmDunts payable f2lling due after five year5 85.727 156,170 83,010 443,988 241,897 524,998 The detalls of loan flnanclng a￿ given in note 11. The market dsk facing the charfty is that It Is wldely expecred that interest rates will rfse as the economy Improves. The Members of Counol conslder that the rlsk in Inte￿ rates having a material irnpart on the charity Is low. Charity No. 900280 company Registration No. 0243QQ25 35 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2020 RELATED PARTYTRANSACTIONS The Charfty IS 3 Mèmber of the conservatoi￿ for Dance and Drama ICDDI. The CDD receives higher education funding frorn the Ofs and distributes funding to the CDD Mernber Schools. The CDD is a separate legal entity and does not control the Chadty, but the Charity'5 activities are subject to an operating agreement and fin3nci31 memorandum. During the year, grant income receivable fmm the CDD was as follow% 2020 1019 Core funding Higher education innovation fund Res*rch fund Capital investment fund Widening participation graftts 530.090 $4,450 33.732 15,344 9,745 S53,726 152,743 15,623 9,745 643.361 731,837 2,Q20 2,L)19 Balance clue from thÈ ConseNatoire 4.493 Informatlon regarding trustees, expenses a￿d ￿mUneratIon is disclosed in note 6. ACCE55 & PARinCIPAT1014 During the year the Charity incUr￿d the following expenditure in persuance of CDD'S access and participation plan approved by Ofs's director of fair acces5 and participation. Access investment= out￿aCh work with schools and young people ,188 Financial supporr.. Support for current studenis lacadernic and pastorall Support for disabled students Hardship awards Support for progression fry)rn HE into employment 8,795 2,455 95,790 11,676 Staffing and admini#ration 63,018 linduded in total ￿lari¢s & wages- see note 61 2fy1.922 Charity No. 900280 Company Re¥str3tion NO. 02430025 36