2021-07-31-accounts

Bristol Old Vic Theatre School Limited (a company limited by guarantee) Report and Financial Statements Year ended 31 July 2021 Charity No. 900280 Company Registration No. 02430025

8ristol Old Vic Theatre School Limited CONTENTS Page Legal and administrative information Report of the Chair of the Trustees Report of the Members of Council 5-16 Independent Auditovs report 17-19 Consolidated staternent of financial activities 20 Consolidated balance sheet 21 Charity balance sheet 22 Consolidated and charity cash ffow statement 23 Notes to the financial statementg 24-38 Charity Nty. 900280 Cornpèny Reg￿￿tion No. 03430025

Eristol Old Vic Theatre School Limited LEGAL & ADMINISTRATIVE INFORMATION Constltutlon Bristol Old Vic Theatrè Sthool Limited is a charitable company limited by guarantee and a rÈgistered charity govemed by its memorandum and articles of association. Charity number 900280. Company number 02430025. The Member5 of the Council of Management (the Council) of the charitable company are Its trustees for the purposes of charity18w. Members of Council The formal procedure for appointing and elerting Ndernbers of Council IDirettor51 is set out in the regulations 3046 of its Articles of Association. The Chairrnan has always been appointed by a process of consu￿8tion amongst Members of Council. L M Bowden (Chair of the Trustee51 P C Baker J Boyle AWS Conner CMTEvans R A Foreman P Macquire-samson D J Marsh Iresigned 5luly 20211 M A Massey A L Onuora lappointed 3 November 2020, resigned 5luly 20211 G Wstobart PATanner Secretary M Playle lappolnted 2 November 2020, resigned 29 September 20211 D Lawton (appointed I S November 20211 Charity Name Bristol Old Vic Theatre School Limited (also known as Bovrsi Senior ManagementTeam principal & CEO Finance DÈrettor F E Purcell (appointed 3 August 202CII S Payne Iresigned 31 October 20201 M Playle (appointed 2 Novembèr 2D20, resigned 31 August 20211 D Lawion (appointed 13 September 20211 J stephens Artistic Dirertor Registered Office 1-2 Downside Road Clifton Bristol 8S8 2XF Bankers The Co-Oper3tive Bank plc PO Box 250 Skelmersdale WN86V Solicitor5 Womble 8ond Dickinson 3 Temple Quay Temple Back East ristol BSI 6DZ Audit¢rs Corrigan Accountsnts Limite¢Y rhe framshed 25 Lower Park Row Bristol B51 5BN ChèrityNO. 900280 Company Registration No. 02430025

Bristol Old Vic Theatre School Limited REPORT OFTHE CHAIR OFTHETRUSTEES for the year ended 31 July 2021 CHAIR'S REPORT The Coronaviru5 pandemic cast a dark shadow over the last academic year but despite that 8OVTS staff and students rose to the challenges and BOIfjS continued to provide practical training in a conservatoire environment with the inevitable highs and lows. a result of further lockdowns dLJring the academic year. leaming at Bovfs had a difficult trajettory. The year started with socially-distsnced teathing in person whÈnever possible. with smaller cohort5 and measures in place to be able to continue safely. Some subjects Irnusic, singing, voicel had to remain online due to Government restrictions. The second national lockdown in November 2020 required perfcirm&nces of Heddu and Farfrom the Madding Crowd to very quickly change from performing to live audiences to being live-streamed. The third lockdown at the start of January 2021 saw learnlng having to continuè online until the Governrnent raised restrictions for performing arts to, once again. resume in-person with similar restrictions to the start of the year. Bovfs continues to prove Its communal strength and determination and, apartfrom on@ cohory all OUT StudÈnts passed the module OLJtcomes for the year. The outstanding module. Childrens Theatre, could not be achieved due to understandable restrirtions around going into schools. and wll be picked up in the next academic year. My first acknowledgemént must therefore. be to all the staff of BOIryS for their commitmen[ resilience. good humour and dedication not only to our students but also to each other. The Trustees could not have askèd for more. This was the first full year for Fiona Francombe as Principal and CEO. It would not be an under5tatemenr to say that this tlme has been a baptism of fire. Fiona has not only navigatÈd Bovrs successfully through these stormy seas but she has also been looking to the horizon and making a real difference as we wrestle with our shon medium 2nd long term Strategic plans. These are indeed challengingtimes notjust because of the pandemic but also the financial environment that we anticipate wi15 flow from the 8overnmenYs rèview of funding for Hlgher Education that is ongoing. But these challengeg have also given us an opportunity to think deeply about what we do and how we do it and what is special about Bovfs and we intend to use these challenges as an opportunty to set OLJr course appropriately. And 31though this postdates our year end we are very pleased that David Lawton has joined us as Financè Director. He is already making a real difference and is an important P3rt of the Senior Management ream wth Jenny St8phens and together with fiona Francombe we 3re confident we have the ri8hi m3nagèment team in place to help us plan and execute on our p5ans when they arè finalised oluring 2022. The membership of the Board changed during the year,. former Chair of the Finance Comrnittee, David Marsh, 5tepp2d down 3S 3 trustee after serving the School for the maximum allowed term. David brought a tremendoug amount of wisdom and business acumen which will be missed. Guy Stobart (Vice Chairl continued his roles as both our nominated governor on Ctsnservatoire for Dance and Drama's ICDD'S) Board of Governors and as Chair of the School's Finance Committee. Ruth Forem3n continued her role as Chair of the Audit Committee. We also welcomed Theatre School alurnnus Aaron Anthony as a member of the Board, who Served a brief term. The Board wll during the nextyear review its governance and rnembership which may entail an expansion of the Trustee membership and to continue with succession planning as part of the routine review of members, terms of office. Over the past year there has been cc>ntinued change within the Conservatoire of Dance and Drama, inclLJding the resignation of the Chair of the Board and the Chief Executive Officer. All six member schools have resolved to leavè CDD, with a15 apartfrom BOWtS seeking self-registration as Higher Education Institutions in their own right. Dependant on all CDD schools achieving registration as HEI'5 (the outcome of which will not be know until the spring of 202213nd SO￿5 having confirmed its future arrangements with UWE, CDD will ce85e operation with effert from 315t July 2022 and a winding up process will begin. CDD has however functioned very effertively during this period with considerable positive co113boration across the member schools. Having made the decislon in Spring 2020 to leave CDD, the 8OIThS Board had already begun actively pursuing the possibility of partnerships with other Higher Education Institutions to replace CDD and announced in Spring 2021 that its preferred partner would be UWE sristol, Bovrs's current validating body- Senior colleagues at UWE Bri5ToI and key members of BOVTS staff have held a number of meeting5 to work on the arrangementsfor the deeper partnership from August 2022. The OITi¢e for students has been kept informed over progress and contratt conclusion Is anticipated for CharityNO. 90ty380 Compary Regi4ratiOll No. 0¥30025

Bristol Old Vic Theatre School Limited REPORT OFTHE CHAIR OFTHETRUSFEES for the year ended 31 July 2021 Spring 2022. 1 would like to thank everyone involved at both institutions for theirtime, positivity and attitude to making those meetings so prodLJrtiv@. It is a sure sign that the partnership will continue to grow and become a mutually enhancing plarform for all students and Staff. The tumultuous year had an enduring effect on some members of staff and the end of the aczdemic year s3w several valuÈd colleagues leave the School. Paul Clarkson (Head of Acting) left the Spring after seven years in-post in order to spend more timè with his family and grandchildren. Aix Abram Istage Management tutor) left after her five year tenure to resume her freelance c3reÈr, this time in television. Cathy Stewart (Head of Scenlc Artl has left to take time to reflect on her next career dirertion after twelve yèars at the School. Parn Rudge (Head of Music & Singing) left the School after seventeen years to, like Paul, spend more time with her grandchildren and to pursue è porrfolio career. Chloe Masterton IHèad of Drama Directing) left to continue her freelance career. We cannot thank all of them enough for their cornmitmènt and contribution to BQIryS and wish them all the very best for their varied. rewarding 3nd well-deseroed futures. stsff leaving also her31ds staff arriving and opportunities to reflecL FollDwing Paul Clarkson's departure ènd a fu5 recruitment process, Paul Chestellon (previously Head of Acting Cour5esl was promoted to the Directorof Acting courses role, which he has assumed V￿[￿ vigour. Other roles wère filled over the sumrner and will be confirmed in the next report The Trustees continue to support the School in implementing changes in diversity and support for Students 9f colour. This work will also widen to include those living with neuro-diversity and those considering their gender and sexua5ity. Further support has been dedicated to ensuring the emotional wellbeing of stsff and students. All this work continues alongside the normal Committees required of a governing body, plus ones that cover estates and property. Student liaison meètinus, speciaSist areas such as film 3nd tèlèvision, theatre produrtion, student support and wellbeing, agents and casting, and marketing and recruitment. The stratègic planning group is also increasingly important to dÈvelop a shared vision for the School's future. Thank you to everyone for theirvarious contributions. Bovts's collaboration with Bristol's Old VicTheatre has, once asain, been valuablè thisyear. The School's ArtlStit Direttor lenny Stephens continues her strong working relationship with Bowf5 Artistic Director Tom Morris, and this has been cruci81 in the current uncertain climate for theatres and flexible but ambitious projects are being developed to support both the School and the Bowf. The Patrons meeting tske5 place twice a year where the chairs, principals and artistic directors of both the School and BOVF meet to discuss collaborative ideas and decide whether future ones should have some extra funding. This all feeds into the city of Bristol's growing rÈputstion as a centre of excellènce for the art5. Bovrs, being a small specialist drama school, remains vulnerable to the ever*rowing challenges of being in higher education, particularty in such uncertain times. Reattions to the pandemic, changes to fundin& the end of CDD and the financial challengesto student5through rising living costs as well as meeting tuition fees, combined with growing political uncertainty PTovide both challenges but also opportunities for the comingyears. However, I feel confident the SchDoI is up to the task and will continue to offer a high quality of training and value for money to our Students and ctsntinue to make a valuable contribution to the (Featwe arts both in the UK and internationally. Guy Stobèrt Nice Chairl On behalf of Lug M Bowden (Chairl Charty No. 900280 Compèny Regi5trati¢n No. 0243Q025

Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OF THE COUNCIL OF MANAGEMENT forthe year ended 31 July 2C121 The Members of the Council of Management Ithe Councill serving duringthe year and Since the year end were as follows.. MÈmber of Council (Trustees) L M Bowden (Chair of the Trustees) P C Baker J Boyle AWS Conner CMTEvans R A Foreman P M8cquire-Samson D J Marsh (resigned 5 July 2021) M A Massey A L Onuora (appointed 3 November 2020, resigned 5 July 2021) GWStob3rt P A Tanner Th2 Member5 of the Council arè 3150 members of the company. Each mèmbers liability in respett of the guarantee is £1. Principal Artivities The organisation's princip313Etivity is to train students for careers in theatre. radio, tElevi5ion and film on a variety of courses. Review of business Both the level of attivity and the year-end financial pogition were satisfattory. Asummary of the achievements and performance during the year and its prospects for thè future are set out on pages 10 to 16 of this Report. rhe f4Aembèrg of the Council wish to record their thanks for many generous contributions to the School's Special Funds from which grants are made to students during the year and for generous support of the DevelopmentAppeal. Strutture, Governance and Managernent The follc>wing corporate governance statement provides information about the compan15 Ithe School'l governance and legal strutture. Principles The SchDoI is committed to best prattice in all aspects of corporate governance. It ende8vours to conduct its business in accordance with the seven principles published by thÈ Committee on Standards in Public Life. namely selflessnes5, integrity, objettivity, accountability. openness, honèsty and leadership. Governing document The Sihool Is a charitsble company limited by guarantee and governed by its Memorandum and Articles of Nssociatlon dated 22 September 1989 as amended in Decembor 2010. The Company is registered with the Charity Commission (registration number 90028DI. ChartyNo. 9OD28D Company Regigts%tion No. 0¥30025

Bristol Old Vic Theatre School Limited REPORTOFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2021 The Council The business is managed bythe Council, the Members of the Council beingthè companys directors forthe purposes of cornpany law and the comp3nYs irustees for the purposes of charity law. Day to day management of the business is delegated by the Council to the Senior ManagementTeam. The Artlcles of Association state that Members of the Council may serve for three-year terms up to a maximum of three times. However, there is a PrO￿510ft for an extension in exceptional circumthnces for periods of one year 8t 3 time. The Chair is appointed by the Members of Council and may 5eNe for up to No three-year terms. In selecting Councll Mèmbers consideration is given to the overall breadth of knowledge required of the School's Councll. Council Members who are appointed already have knowdedge Of their profession or industries so do not réquire any technic31 training. However new Members receive the appropriatè training documentation about becoming 8 charity trustee and comp3ny director and are given an induttion by èn existing Council Member. The Council is the governing body of thè School. Within certain con5traintS the re5ponsibi5ity for financial affairs. borrowings, investments, buying, sellin& leasing and mortgaging propèrty, contracts and general business of the School is delegated to the Senior Management Team which comprises the Principal, Artistic Dirertor and Finance Direttor. In consultation with senior members of stsff the Principal produces the strategic p13n of the School, for adoption by the Council. The Council appoints the Principal, with the other members of the Senior Management Team being appointed by the Principal in CDnsultation with the Council. The Council normally meets four times a year at which the Principal and Senior Management Tearn are in attendance. The Council has two pèrmanent sub committees, the Finance Committee and the Audit Committee. whilst a Nominations Committee comprises member5 of thè Council. These Committee5 have written terms Of reference. However, ad hoc committèes are set up by the Council frotn time to time to advise the Council on specific questions. The pay of the Senior Management Team is provided withln note 6 below. staff are reviewed annually and any pay increases are approved by the Finance Committee, such pay increases reflect a cost-of-living adjustment. The Principal's salary is reviewed by the 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 rhe major ris￿ that the School faces each financial year when preparing and updating the strategic plan. The Company has developels s)￿teMS to monitor and contro5 these risks and tts mitigate any impact they may havÈ on the School. These risks reVO￿e around the level of the School's financial support from the Office for Students IOfSI and student tuition fees. Audit Committee Council's Audit Committee norm311y meets four times a year with the School's Principal, Financè Director, other members of staff as required and the internal and erternal auditors in attendance when appropriate. The School also has an internal auditor. who also acts as an internal auditor to the Conservatoire for Dance and Drama ICDDI. The Audit Committee consider5 detailed reports from the internal and external auditors, which include recommendations for the improvement of the School'5 Wgtem of internal control, togethèr with management resptsns￿ and implementation plans. This Comrnittee also receives and considers repo￿ frorn the Qts, the Charity Comrnission, and the CDD as they affert the School's business, and monitors adherence to regulatory requirernénts. Further, this committeè monitors the Schotsl's major risks at each tsf its meetings. The Audit Cornmittee is responsible forthè charitys risk management policy which comprises.. A quanerly review of the principal risks and uncèrtainties thatthe charity and its subsidiaries face,. The establishment of policies, systems and procedures to mitigate th05e rists identified in the quarterly review,. and The implementstion of procedures designed to minimlze or manage any potential imp3tt on the charity should those risks materialise. Charity No. 9002So Company Registration No. 0243OD25

Bristol Old Vic Theatre School Limited REPORTOFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2021 The trusiees consider thai the major risks facing the company at the end of 2020/21. and suitable mitigating strategies, were: Risk Mitigatiork Reduced public funding la long awaited ISTA review will be Work closely with CDD and UWE to gain HE sector intelligence. carried out by Ots along with the Schools move away from OE continuesto provide the ISTAfundingfor 2021122. This has CDD may lead to reduced levels of funding) and changes to allowed the charty time to reorsanize its expenditure and look government poliry. for ways to increase other income. updating fwe year forecast to model impact of changes such as loss of i¥fA funding. Ensure continued high stsndard of HE. high leve15 of gLudent retention and graduate employment to demonstrate value for money of conservatoire training. Further develop non-credit bearing courses for young people and adults to increase income and awareness of HE training cOu￿e5. Increase focus on facilities hires to external users outside of normal working hours. SchDoI being 1105ed or partially closed due to the Covid19 The schoDI has devèloped detailed protocols to deal with staff pandemic. and students to minimise contart and prevent the spread of the virus.. stagge￿d attendance,. smaller student grDUPS for face to face teachin& blended learning techniques developed during lockdown- room numbers control,. one Cowd19 supeNisor role to monitor above- outbreak strategy. The restructuring of the marketing department provides a Reduction In full recruirment of students to offered courses focu5 on student recruitmenL nationally and internationally. due to perceived ris￿ during the CDvid19 pandemic and the Create close Sinks with feeder co51eges locally and nationally. resultant lack of applications from the wider secrions of Devèlop nèw higher education courses to broaden reach and Society. porrfolio. Hold open days to boost interest in the range of its o)urses and offer auditions in cityes beyond Bristol. IT system5 fail to provide re50urces needed for teaching, An IT Working Group. led by FD and containing membèrs of learning and administration of the School teachlng and administrative sLaff has been established to update and implèment IT strategy in conjunction with current IT Contractor. This straTegy includes prioritisation of artions to mltisate risL including hardwarÈ, software and staff training Finunce Committee The Council's Finance CommittEe normally meets four tlmes a year with the Schoovs Principal, Finance Director and other members of staff a5 required in attendance. It reviews the School's financial arrangements and performance against budget, including the School's financial strate&J and annual budget. It alsts reviews the operation of thÈ School's finance function, the appointment of bankers and other financial professionals. together with personneS. premises and other m8ttÈrs of the School which require 2 financial consideratlon. Principal & ChielExecutive officer The Chief Executive and academlc leader of the School is the Principal. She has a general responsibiliry for ensuring that all funds are used properly and that in its activities the School achieves value for Tnoney. She atts as Accountable Officer for the Schtsol within the context of the Conservatoire for Dance and Drama. CharityNo. 900280 Company Registration NO. 02430025

Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2021 Inrerntsl Control Council has responsibility for maintaining a sound gysrém tsf internal control that supports Ehe achievement of the School's policies. aims and objective5, while safeguarding public and other funds and assets for which it ig rèsponsible. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objertives. and it can therefore prowde only a reasonable and not an absolute assurance of effettiveness. The system of internal control is based on an ongoing process designed to identifythe principal risks to the achievement of the School's goals, to Èvaluate the nature and extent of those risks and to manage them efficiently and effectively. Council's review of the effectiveness of the system of intern21 control is informed by the School's management, vrfho have the responsibility for the development and maintenance of the internal conirol frameworl and by comments made by the internal and extem81 auditors in thÈir management letter and other reports. Council has concluded that the system of internal control is appropriate to the present needs of the School. Registerof Interests The School maintsins a Register of Interests of Mernbers of Council and Senior Officers, which may be viewed by arrangement ith the Company Secretary. Chonges in FixedAssets The movements in fixèd assets during the year are set out in note 7 to the financial ststements. The freehold premises at 1-2 Downside Road, and 3 Downside Road, Clifton. Bristol and Christchurch Studios. 38 Portland Street, Clifton, Bri5tDI are owned by the School and providè suitable accommodation for carrying on the business of theTheatre School. Care is tsken to ensure that the premises are properly maintained and thaL where finances permiL necessary and up to date equipmènt Is provided. Related Porties The charity owns the entire Share capital of Bovfs Productions Lirnited and BOWS Communications Limited which are trading subsidiaries of the charity. A summary of the tr3ding results of the subsidiaries is set out in notè 8 to the financial siatements. Details of senior management remuneration ar& givèn in note 6. The senior mènagement team is considered to be the key personnel as defined by F￿102. The School is part of the ConseNatoire for Dance and Drama ICDDI. Establishèd in 2001, the CDD 15 a Higher Education Institution with a unique confederal stmcture, comprising six schools. All of these are small, specialisL institutiDns with international reputationi for high quality delivery ofvocational dance. drama or circus training. The School receives a 8rantfrom Ofs through the CDD, vrt)ich together with student fees form5 the main source of income for the School. A Member of the Council, currently the Chair of the Finance Cornmittee, sits on the Governing Body of the CDD 3nd the Principal sits on the Conservatoire Executive Comrnittee. As mentioned in the Report of the Chair. the school gave notice to CDD of its intention to resign effettive atthe end ofluly 2022. A review of the activities to further its charitablÈ purposes for pubSic benefrt In planning all of the School's 3Ctivitie5 for the year the Council is mindful of the need to PfDvide public benefiL The School continues to increase the funds available for distribution to 5UPPOrt students who face financial challenges during Iheir training through events and perforrnances that have taken place in Bristol and thé West Country. Donation5 from individuals have been received tts add the School's èxisting student support funds (including the Bristol Bursary. the Chrisropher Cazenove bursary fund, the Louise Plowright fund, the Doris Dibden Fund and Richard N￿ltt Fund). The School ctsntinues to pre52nt its pubSic productions in a widè range of accessible venues across Brigtol at affordable prices. Due to Covid restrittions, the school could not tour to primary and junior schools and instead presented two productions online for those audiences. The planned tour to provincial venues throughout the west country in the summer terrn had to be abandoned. The School also continue5 to take tours to primary and junior schoo15, but due to lock down the planned tour to prDvina31 venues throughout the West Country in the SummerTerm had to be abandoned. The School has a strong youth (h3rity No. 9OD28o Company Reglstration ND. ts2430025

Bristol Old Vic Theatre School Limlted REPORT OFTHE MEMBERS OF THE COUNCIL OF MANAGEMENT for the year ended 31 July 2021 group, Attiv8, developing rheatre skills for young people,. it runs a wide range of short courses for young people and adults over the year in acLing and film production, which were, for thè m05t part delivered online due to Covid restrictions, the except(on being the Summer course which was run in person. Tne School continues to be connected to the BFI Academy scheme through its annual evening/weekend Film ProductiDn course foryoung people aged 16-18 from the local region. A5 part of the CDD the School is aware of its requirementto be committed to ensuring its artivities are for the public benefit The CDD has articulated the core elements of its public benefit as the ft)Ilowing'. producing exceptional artists who shapÈ the future of dance, drama and circus arts., fostering talent and creativity through world-class vocational training., flnding and nLJrturing the finest UK talent,. supporting the cultural infr3Structure', fueling development in the creative industries,. and international leadership in dance, drama and circus 8rts. The CDD continues to keep the public benèfit atthe heart of its artivities. Its approach to recruitment 15 to Select students on the basis of talent, irrespective of other factors, and it ensures 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 sectors. The CDD supports not only.the education of young artists, but also their continuing development. It extends a helping hand to artists throughout their careers by encouraging them to commig5ion new work5. The CDD and its schools continue to enhance the educational and cultural life of the UK. In 2016, thè ConseNatoire wasjudged to be worfd-leading in its fields of danie, drama and iircus art5 in an independent review commissioned by HEFCE,. in 2017 it was awarded Gold in the Teaching Excellence Framewor The School being one of CDD 5 Member Schools plays its part In fulfilling the cornbined public benefit of the organisation. The School ensures therefore its objectives, aims and attwities are in line with CDD aims and strategic plan tD ¢n5ure it is also for the public benefiL Further dètsils of the School's activitie5 below explain howthe charity fulfills its objectives and all of the activities that provide public benefiL The School's object and aim 1> to promote, maintain, improvÈ and advance education particularly by operating as a drama school operating a vocational education and training establishment to further thÈ Èducation and training of actors. stage managers, designers. direttors and allied management, craft and technical skills and by the production of educational plays and the encouragement of the arrs and also to preseni promotè, manage and produce such plays, drama, comedies and other produrtions to maintain, 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 entertainment industry include promding a practical approach to acquiring specialist performance and technical skills, and providing students with a wide range of profe55ional and vocationally relevant performance and production opportunities. The training operate5 in a producing house environment with all aspects of the School working to this etho5. The students learn through doing, and this 15 evident in all aspetts of their day-to-day training. All ttaching stsff have a professional background in their subjecL specialism and students train using industry standard rèsotjrces. Significant artiviti&s that contribute to the achsevement of the objettives include constsnt contstt Wlth professional artysts and organisations to ensure the currency of the curriculum, and the wide range of performance and recording locations available to students to showcase their work. The School invests significant time and energy for fin81 year students in prÈp3ring them for their future employment thus ensuring the School's outstanding graduate employment record. The School's Princip31 has continued her involvement in the Brlsrol One City strategy, which includes participating in the biannual One City Gatherin& as well as being a member of the One City Culture Board. The Culture Board champions, Charty No. 900280 Company Relistration No. o¥30025

Bristol Old Vic Theatre School Limited REPORTOFTHE MEMBERS OFTHE COUNCILOF MANAGEMENT for the year ended 31 July 2021 initiates and drives projertg within Bristol that contribute to a susLainable, inclusive and growing culture & creative sector from which all will benefit. The School has revisèd its vision statement.. Bristol Old Vic Theatre School will contlnue to be an exemplar in modern internation41 drama training. preparing exceptional young professiona15 to forge thelr Careers in tomorrows creative industrie5. and has also refrÈshed its values: Belong: we are sincere, we accept uniqueness and we adapt to include everyone who is part of our diverse and welcoming cultural community- Challenge with a safety neL we are always learning in a practical and dynamic way., treating and collaboratlng within a fonuard-looknng, safè and caring enwronmenL Identify greattalent: we look to all backgrounds and cornmunities to find the creative potentlal who wi15 join us in setting the tone for excellence In our Industry. Inner confidence.. we are proud of OL4r expertise and passionate about passing it on to the next generation Df industry professionals, knowng theywill make 3 difference. Work produrtively & properly.. we are efficient respectful and collaborative and Ljnderstand that everyone needs down-time. Achievements and pèrformances This ha5 been 8nDther highly successful year for the School. ending the year with a total of 178 UKIEU students in training and with an additional 15 international students,. a total of 193 students. This was up on both thé target of 14 international students and thè target of 172 UKIEU students. The latter is due in part to the successFul revalidation of MA Drama Direrting nd MA Performance Design to three-term courses with recruitment of 8n additional four studènts to begin in September 2020 in response to this re-modelling. The Charity is satisfied with its pérformance in this area, having been able to adaptto the situation quickly to ensure all accepted students could comrnence their MA course beginning in September 2020. New MA courses launched in the 2019-20 academic year successfully reCrU￿ed their second intakes, with four and seven students graduating in JLAIY 2021 from MFA Professional Voice Studies and MA Dram3 Writing, rèspectiveSy. A full cohort of four students Stayed on to complete the BA (Honsl year in Costume, which was particularly promising as the top-up had not run in the previous academic year 2019-20. In total, 68 UKIEU students graduated in July 2021 114 froni the acting courses) and S4from the technical and production courses1,- graduate employment was very encouraging across the board. The School continues to be highly regarded by employer5,' in particularthis was evident from the increased interest in atting graduates by major casting directors aswell as artors, agents. Graduate employmentfor graduates from actin& technical and production courses extends primarily across film and television work, which is indicative of the position of 3 performing art5 industry recovering from the pandemic. The School continually strive5 to increase contact with professional artists and organisations and belleves it achieves this objertive, illustrated by an exceptional employment record of its Students. The School continually wlshes to> makè a substantial contribution to the cultural life of the City of Bristol and thè South west Region. Unfortunately, the continued lockdowns and local restriction5 mèantthat our Students had to adapt to work in differentway as public performances of the School's produotions in public theatres were much less possible. Innovative Wa￿ of exhibiting the School's work included the Autumn Terrn 2020 production of Hecld(J at the Old Vic Theatre. Originally rehearsed to be performed in front of an audience. all concerned had to switch at short notice to working on a production that was Iwe-streamed by over 1,200 households over its four performances. Nssuming a conservative estimate of two people watching per household, the average size of the digital audience for each performance was six times greater than that of the average live audience for the Autumri 2019 show. Thi5 reach is something the School will 3spirÈ to achiewng in future, whilst balanclng the training needs of all Students concèrned. ChaTityNO. 9Q0280 Cotnpany Registration NO. 02430025 10

-ristol Old Vic Theatre School Limited REPORTOFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2021 Delivering vocational training during a pandemic has been a cèlèbration and a challenge in eqLJal measure, and a learning curve for ourtutors in particular. They. as well as all School staff, are to be commended for their resilience. pètience, strength and commitmÈnt to the students. The portfolio o)f CoU￿eS established and realigned in the previous year worked well throughout the year, with the MA Hub a particular highlight. Collaboration between directors, writers and dèsignÈrs realized some extraordinary work, both prDjett- based and within produrtions such as thè Direttors, Cuts blocL The School's Artistii Direttor,lenny Stephens, presented the following artistic prtsgram during the year= The acadernic year 2020121 was è challenging one due to the Covid-19 pandemic and the disruption that this caused. Itwas also very different to the normal rhythm of worK and Ihe sorts of produttlons we nomially undertake. Staff and students worked with creativity and flexibility to rise to the challenges, tc> experiment and to learn. Although perfoTming arts students were allowed to learn in-per50n during the autumn term we had social distancing measures in place and, because of cases in our school comrnunity, we went to on-line teaching for a period in ottober/November. The springterm was subsLantially disrupted land this at short notice from thÈ govèrnment who applied the ban to in-person teaching to performance arts courses with a matter of a few daF notitel. Students could undertake in- person teaching for the Summer term, but still with social distsncing and with restraints on our performances. Although there were many frustrations, there were some Very PQSltrie aspects to the creative ways the school rose to the challenges. We were helped by having a smallerthan usual final year cohort of atttsrs114 instead of 28185the effert of moving to all BA (Honsl Acting students being on 2 three-year COLJrge Irather than half being on a two-year course) washed through. Theatre Productlons The autumn temi 5how5 for final year atting students land others including produttlon arts and costume students) were plannec5 to happen in person. Because Bristol Old Vic ThèatrÈ was unable to run its planned programme, we werÈ able to put our produttion of HÉddu13daptèd from IbgÈn by Lucy KirkwoDdi onto the theatre'5 rnain stage. The other half of the fin31 year acting cohorr performed in an adaptation of For From The Mudding Crowd at the Redgrave Theatre. again, supported by students on other courses. For a while it wasn't clear if we would be able to have 2 live audience so preparèd to INe stream performances. which we did very successfully Iwthout live audiences preselltl. Production Arts students fulfilled roles such as camera operators and vision mixers, and it meant thatthe performances garnered critical attention Ifor instance a review in The Stage newspaper for Heddul and enhanced industry interest (for instance, agents). Thèse wer& complex, multi-cam events which stretched zll students involved, gimng enhanced learning opportunities. In the autumn term, we would normally tour a show especially for children into local primary schools- this was not posslble in the autumn of 2020- and the leaTning objectives assoiiated with this tour arè plannèd to be picked up in the autumn 2021 term. We stsrted the sprlng term planning to undertake three productions with our final year aciors but, with two working days to go. received the nev￿ that performing arts students were no longer exempt from lock-dovm rules. This was particularly frustrating as most students had already returned to Bristol after the Christmas break to resume their studies but were now not allowed into our rehearsal rooms. It was immediately clearthat students did not want to move these produttions online", the major challenge being that they couldn't work in the same space together but had to rehearse and perform in their own hotnes or student accommodation. In response to this we called a student conference for all final year students (undergraduate and post graduate) who were involved in public facing produttionsthatterm. The result was that we decided to create a season of student-led devised work for digiia5 (rather than Iwel presentation. We brought In a devising specialist (Evan Lordan of Conflictèd Thèatre Company) to support this work. Four original pieces were successfully Ireated especially for digital distribution. Although this fulfilled learning objèctivés land challenged students to be flexible and responsivel itW45 an experience that some found dEfficult. Some directing students were disappointed not tts èssist professional direcrors. and frustrated that they were dEV15in& for some this was a skill that they had come to thé school with so felt that they were not developing. Charity NO. 900280 Company Re￿str*I0￿ NO. a2450025

Bristol Old Vic Theatre School Limited REPORTOFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2021 Spending less time on th￿e Spring productions meantthat we had more time to spend on the final year showcase- and with audience5 Still notallowed into venues, we live streamed duologues from Bristol Old Vic Theatre studio. This w3s an extremely successful projert, with acting students very much appreoating The experience and the professlonal exposure that this gave them. Production Arts students have becorne adept at the camera operating, vision mixing and preparing for a future that has every likelihood of including digital capture and distribution of perforrnance. Middle year actors should have been touring into schools with Theatre in Education productions but the lockdown meant that this was not possible. Instead, the produttions werÈ taken online, with students rehearsing and performing In their own ccommodation. This was challenging for most people involved, and there was no opportunity to perform multiple times In different spaces. nor engage with a live audience (which would have happened in the normal course of events). The filmed productions were of a high st3nd3rd, showed the students well and students lacross courses) passed the required modules, but there are experiÈnces that the students have missed, and skills that they wll need to develop further during their final year of training with us. In the summer term all students were allowed back into school to resume their in-person training and to work together. This was a great relief for all. Class sizes remained small Iro ensure social distsncingl althoLJgh this put an additional strain or teaching staff. The gummer term was busy with prtsduttions.. in the first couple of Wee￿ we mounted streamed productions from our directing students. This was a season of contemporary worK streamed from the Wardrobe Theatre. The MfA Acting students performed froilus ondcressidrj at the Redgrave Theatre,. thi5was thefirst produttion of the acadèmic yearto have a live audience. WÈ filmed the produrtion lin front of the live audience) meaning that industry professionals and also family and friends abroad were able to see the production. This was particularly importantas the MfA is for International students, and many of their families were unable to travel to sèe thèm. The second-year acting students land other produttion students) should have undertaken a West Country Tour, but venues were still ncit booking in productlOn5 SO, with students, agreemenr we programmed a site-specific piece written especiallyfor them. Absolute Scenes by Timothyx At3ckwas performed at Motion, a night club in the centre of town. There was 3 large and young audience for the show.. a development from the audience who would normally attend one of our West Country Tours Iwhich tends to be older and more traditional theatre goersl. This was the first time the cohort performed in front of a live audience. rhe Graduating show forthe final year artors was The Three 5eogulls, adapted from dtfferentversions of Chekovs The Seagull by Sally Cookson. Sally is an internationally recognised director and this was a high profile, creative produrtion at Bristol Old Vic. It wa5 eKtremely well revieweol in the National press (including five stars from The Tèlegraphl. This was a wonderful final procluction of the year for all of our students.. giving them tspportunities to work with a world class director and have their work recognisèd. Film Production The film department was very busy durin8 the year as stsff and students specialising in film turned their tslents to filming theatre productions, and digitally made drama. Two films were made with final year acting students including one which was 3 commission. Forthe commission, we asked for submission5 frorn local writers (via our MAWriting graduates and Bristol Old Vic etcl and we commissioned recent graduate Maddie Beautyman. A third film was made for training our Produttion Arts students. Exhlbltlon and Showcases The showcasing of students'work continued this year lin person) with an exhibition of Design and Costume studenwwork at the M Shed on Bristol's Harbourside. The Writers, Bloc, Duf showcase of extr3cts of work from our MA Writers, wa5 compromised this year. Work was meant to be shown to a small inviiecl audience of industry professiona15 at Bristol Old Vic Studio. Unfortunately, we had a cluster of cases of Covid 19 at this time Uuly 2021150 we filmed the pieces and intend to screen them at a later date. Charty No. 900280 Company FiÈgiStration No. ou50025 12

Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OFTHE COUNCILOF MANAGEMENT for the year ended 31 July 2021 In person Showcasing of graduating artors tODk place in lateluly atThe Criterion Theatre, and the 2021 acting graduates were joined by most of the acting graduates for 2020. To achieve this, we took iehearsal rooms in London for a couple of days before the event and rehearsed all perforrllers. It was a successful evenL although slightly less well attended than in most USLJal years. The MfA Atting siudents12020 Graduates who had remained in the UK as well as the 2021 Graduates) were showcased to the industry in September. at the Leicester Square Theatre. Teaching and student support through lockdown The teaching sLaff worked with hugè ènergy and dedication to ensure that students had a fulfilling educatlonal experience throughout the year. Teaching of practical sknlls continued at a high level, some of this was online, sometimes plans having to change at quiTr short n(>tyce. This ranged from combat and dance for actors to sewing skills for the costume srudents. Graduates and Alumni Our high-profile alumni continue to havè impa¢ Naomie Harries plays Miss Moneypenny in No fime To Die, Olivia Colman nd Josh O'connor won the lead actress ènd lead actor awardg at the Emmys for th2ir role5 in The Crown. Ita (YBri@n has gained wide rÈcognition for her pioneering work the rolè of Intima￿ Coordinattsr (developing the Intimary on Set Guidelines, and working on productions such as l Muy Destroy You, Sex Educotiun and Normal People). Recent graduates have also been having great success. Produttion Art5 graduates are working in various roles across the and fi'lm industries inclLJding prop making Indiana Jones, working in the art department on Coronation Street edit assistantfor the BBC and making independent short films. All recent costume graduates arè working in the industry- for instance as a maker on the TV Sunditon, on the fllm Enolu Holmes2, on MDtildL7 at Pinewood studios, on the new mar￿e1 and at Bristol Old Vic Theatre. This yeaffs dirèctors have all been working-, Rachel Walsh was of the first recipients of the inaugural Victoria Wood Bursary and became an Associate Dirertor at Norrhern Stage, one graduate is directing at the Pleasance ThEatre in Londo and another 15 an Assistant Direttor on a production at MAC in Birmingham. ￿though the Voice Studies MA has only been runnin8 two years the alumni are already busy, for instanct, teaching at Western Academy for Performing Art5 among other drama schools and dialect coaching on films. The Writing MA is also only two years old but graduates are alre3dy having impacts For instance, Pearl An(Jrews Horrigan is attending long-term meetings on EastEnders and working on a stage adaptstion forTaunton Srewhouse, India Peppe won a new writing award and her playwill be staged at RADA nexf year. She has also been granted fundingto open a new theatre in Archway- The Bomb Fattory. George 83iley won PPTA Standing Ovation Aw3rd for his play Ttthered. though it has been a challenging tirne, virtually all the 2021 acting students received high-level representation frorn very well-rèspected agents, many had worked within a few Wee￿ of graduating. Tessa Wong filmed Midsomer Murders and has bèen cast in season 2 of BBC'S drama The Capture, Dewi Wykes had worked in theatre and filmed the 88Cl8ritbox series Ihe Sister Bonrfoce Mysteries three graduates had been cast in plays at Bristol Old Vic, Michael Drake had been cast in a feature film Frteguard, and Eliza smith had filmed an EP150de of Doctors. Much of the 2020 acting graduates work has been on screen Rory Grant in Pistol directed by Danny 8oyle, Oenzel Baidoo in Channel 4s Screw, Eva O'Hara is a regular on Hollyooks, Akshay Khanna and Kiera Lester are both in BBQAmazon series Chloe (starring alumni Billy Howle and Erin Dohertyl, Seb Orozco has been at the Royal Court as well as in the Alex Rider series and Masters of the Ar. Nancy Farino ha5 been filming Whirlwind for Apple *, Emer Heauey Show Trial for BCC, and Pedro Leknder CitBdel for Amazon. The School also appret13tes the CDntinued generosity of individua15, trusts and charitable foundations that have made significant donations to the Schoovs scholarship funds, to help 5tudpnts wth their fee5 and living costs. This year the School received scholarship monie5 amounting to £61,08912020- £67,9921, ènd made grants of £56.07212020.' £60,090). The school would like to thank the following charitable trusts for their continuing support c)f the school's work.. Spielman Charitable Trust Nisbet Family Charitable Trust The South Square Trust Charw No_ 9ooISo Company Reg￿tratIon No. 0¥30025

ristol Old Vic Theatre School Limited REPORT OF THE MEMBERS OF THE COUNCIL OF MANAGEMENT for the year ended 31 July 2021 The Patricia Routlèdge Charitable TrusL Willigm and Katherine Longman Charitsble Trust Financial revtew Income is £3.020,118 an increase of 8.0% over the previous year12020'. £2,796,450). Expenditure is £2,939,658, an increase of 9.2% over the previous year12020.. £2.691,7051. These figures reflect an increase in grant funding from the Office for Students through the Conservatoire for Dance and Drama. Net incoming resources for the year total £176,34312020'. incoming £51,393). The main sources of funding of the School are the grant from the Office for Students through the Consetvatoire for Dance and Drama. the Tuition fees and Production income and donations for student support The flnanci81 status of the Sihool is considered r() be satysfacttsry bythe Council. Investment Poli The School takes a cautious approach to investmènt of funds in the current financial economic climate, and the investment policy is rÈvi&wed at the ¥inance Committee meèting5. The Council uses Rathbones Investment Management Ltd as investrnent managers for some of its restricted funds for Student support. Other funds for student 5UPPQrt and the Developrnent Appeal are held in cash. Based on a medium risk tolerance the investments are managed to generate a retum over time above the rate of inflation. Reserves Pollcy The Council has addFe5sed the policy in rÈspÈrt of reserves for the benefit of the School's progress. The Student Fund was designated to pro%ryde financial support for students who do not fall into the ¢ate8ories prescribed by some of thÈ restritted scholarship funds. The Stability Fund was designated by thè Council to allow the School to continue to operate for a full term and create a financial buffer should there be a sharp fiscal downtum wth significant10ss of income. The Buildirtg Fund was deslgnèted to recognise the need to resetve sufficient funds for the maintenance and improvement of the School's various sites. The Artistic Fund was been created to enable the School to develop and research its produrtTOn POrtFolio and provide a reserve for performing in new way5 and at potentially more expensive venues in and 3fDund Bristol. Plans forfuture periods For 202112022 entry the School has added an MA in Screen Acting. The School has increased capacity across Mfa in Professional Voice Studies & Performance Design. Addrfcionally, all three years of the BA Hon5 Acting Course are now at increased levels of 28 Students per year, as previously forecasted. Bristol Old Vic Theatre School is currently engaged in a rigorou5 multi-yearfinancial planning process whlch15 being dr￿en by a variety of issues p£rtlcu13rlythe change5 thatwill result from the School leaving CDD and the percelved loss of I￿AfundIng that will occur as a result The School is currendy in advanced talks with UWE which should be completed, with an agreement signed, by the end of March 2022 and the intention is that from 202212923 onwards UWE will take on the role cUrren￿Y performed by CDD in addition to its current role tsf validating the School's degrees. ChaTity No. 900280 CompBny Re¥strntion No. o¥30025

Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OFTHE COUNCILOF MANAGEMENT for the year ended 31 July 2021 Auditor A resolution to reappoint Corrigan Accountants Limited for the ensuin8 year will be proposed at the Annual General Mèeting In accordance with section 408 of the Companies Act 2006. statemÈnt of Members of Council's responsibilities Members of CDuncil are responsible for the charitable company keeping proper accounting records which disclose with reasonable accurecy at any time the financial position of the charitable company and the group and to enable them to ensure thatthe fi'nancial statemènts comply with Ihe Comp£nies Att 2006. Company13w alld the terms and conditions of funding from the Office for Students require the Members of Council to ensure that there are prepared financial statenients for each financial period which give a true and fair vièw of the state of affair5 of the charitable company and group and c>f the incoming resources and application of resources including Income & Expenditure of the charitable company and group for that period. In preparingthose financial ststements. Members of Council are required to.. select the most appropriate accounting policies and then apply them Consistent￿., observe the methods and principles in the Charitie5 SORP,. makejudgments and estimates that are reasonable and prudent state whether applicablè UK accounting stsndards have been followed, subject to any material departures clisclosed and explained in the financial statements., prepare the financial statements on è golng concern ba515, unless it Is inappropriate to presume that the charitsble company will contlnue in business. The Memb¢r5 Qf Counul have taken reasonable steps to: ensurÈ th3t funds from the Office for Students are used only for the purposes for which they have been given and any other conditions which thE Funding Council may from time to time pre5cribe,' ensure that there are appropriate financial and managÈment controls in placè to safèguard public funds and funds from other 50urces,' safeguard the assets of the School and to prevent and detectfraud,. secure the economlcal, effic1ent and effettive management of the School's resources and expenditure. The Members of Council have referred to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing the Charitys airn5 and objectives and in planning the Charitys future actiwtlE5. In particular. the Members of Counci5 have CDnsidered how planned activitiE5 will contribute to the aim5 and objertives they have Set Charity NO. 900280 Company Registtstion No. 02450025

Bristol Old Vic Theatre School Limited REPORT OFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2021 Directors. declaration So far as the diretttsrs are aware, there is no relevant information las defined by Settion 418 of the Companiég Art 20061 of which the comp3nYs auditor is unaware, and each director has taken all thè steps that they ought to hav2 taken as a director in order tL¥ make themself aware of any rèlevant audit information and to establish that the cgmpanls auditor is aware c>f that information. This report ha5 been prepar4d in accordance with the special provislons of Part 15 of the C¢mpanies Act 2006 relating to small CDmpanie5. Approved on behalf of the Council on 15 November 2021 G Wstobart Member of Council Chaitty No. 900280 COTnpany Registration No. 02430025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE COUNCIL OF MANAGEMENT OF BRISTOL OLD VICTHEATRE SCHOOL LIMITED for the year ended 31 July 2021 Opinion We havè atsdited the financial statements of Bris¢ol Old Vlc Thearre School Llmlced Ithe'parent charitable comp8n5113nd its subsidiaries (the 'groupJ for the year ended 31 july 2021 whiEh compr15e the Consolidated Sratement of Financial Actlwtles, the Consolidated Balance SheeL the Charity Balance Sheet, the Group 3nd Charity Cash Flow Starement and notes to Ihe financial statements, including significant accountlng policies. The financial reportin8 framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, includin8 Financial Reporting Standard 102, The Hnancial Reportin8 Stanclard applicable in the UK and Republic of Ireland (United Kingdorn Generally Accepted Accountin8 Pratticel. In our oplnlon the financial scatÈrnents'. give 3 true and faIrvi￿ of the ststÈ of the group's and the parent charitable companls affairs as at 31 july 2021. 3nd of the group's incoming r￿OUr￿ and application of resources. including its income and expenditure, fortheyearthen ended., have been properly prepared in accordancewith UniTrd Kinsdorn Gener3llyAccepted Accounting Pra(Dce,' and have been prepared in accordance with the requirempnts of the CampaniesArt2006_ Opinion on other matters prescribed by the Officeforstudents IOfSI Audit Code of Practice and Research Englar¢d In our opinion. in all material respects.. funds from whatever source, 8dministerÈd by Bristol Old ific Theatre School ￿MIt￿d for specrfit purpDses duringthe year ended 31 July 2021, have bèen applled to those purposes and managed in accordancewith relevant legilation- funds provided byots 8nd Research England havÈ bÈÈn appliÈd inaccordancewth the memarandum of assurance and accountabillty nd any otherterm5 and COnd￿on5 attached to them duringthe year ended 31 July 2021,. The requirements of Ots's atcounrs direction have been MÈL to the extentthatthey are applicableto the charitable parent company. Basisfor opinion We conducted our audit in accordance with Internarional Standards on Audidng IUKI IISAS IUKI and applic8ble law. Our responsiblllties under those standards areftJrth&r described in the Auditrjfs responsibilitie5 for the audit of the financial statements section of our reporr. We are independent of the charitable company in accordance with the ethlcal requiremerlts that 3re relevantto ouraudit of the financial Statements in the UK, includin8the FRC'S Ethical Standard, and we have fulfilled our oth￿r Èthical rÈsponsibilities in accordance with these requlrements. We belleve that the audit evidence we have obtalned Is sufficlEnt anLI appropriate to prowde a basis for our opinion. Conclusions relatingto going concern In audlting the financial ststements, we have concluded that the trustees, use of the going concern basls of accoLJnting in the preparation of the financial statements is appropriate. Based on the work vve have performÈd, WÈ havÈ not identifled any material uncertainties relatingto events or conditions that. individually or collectrvely, may cast significant dtsubt on the group's or parent charitable companys ability to contlnue as è going concern for a peritsd of at least twelve months from when the financial statements are authorised for issue. Our responsibilities ancl the resptsnsibilities of the trustees with respect to going concern are described in th* relevant sèctlons of this report. Other information The other information comprises the information included in the RÈporc of the Members of the Council of MènagemenL other than the financlal strternents and our auditorfs report the￿orn. Thetrustees are responsible forthe other inform8tion contained within the annual report Our oplnion on the financial statements does notcLwerthe other Information and, excepttothe extent otherwise expliciily stated in our report we do not express any forTn of assurance concluslon thereon. Qur responsibility 15 to read the other Inforrnètion an(l. in doin8 su, con5idÈrwhetherthe other information is marerially Inconsistentwith the fin3nci31 srètemertts or our knowledge obtained in Ihe course of the audit or otherwise appears to be materially migst3ted. If we idendfy such materi61 inconsistencies or apparent m3teria5 mlsstaternents,we are required to determlnewhetherthis 8pie5 rise to a mèterial misstatement in thefinancial ststements themSefv￿. If, based on the work we have performed, we conclude that there is a materfal misstatement of this othÈr informatlon. we are required to report that fatt. We have nothingttr report in thls regard. CharityNo. 900280 Company Reg￿atIon No. 0243f>025

REPORT OFTHE INDEPENDENT AUDITORSTO THE MEMBER5 OFTHE COUNCIL OF MANAGEMENT OF BRISTOL OLD VIC THEATRE SCHOOL LIMITED for the year ended 31 July 2021 Matters on whichwe are required to report by exceptlon We have nothing to reptsrL in rÈspert of the following matters in relatlon to which the Char￿# Act2011 requires us to reportto you if. in ouropinion.. adequate accounting records have notbeÈn kept bythe parent ch3ritsblÈ company, orreturn5 adequate for our audit have not been recep#ed from branches notvisited by us.. or thÈ p8rent Ihariiable cornpanls financial ststements are not in agreementwiLh the accounting records and returns,. or cerrain disclosures of dirèctorg remunerarion specifled by law are not made.. or we have not received 311 the informatlon and explanation5 we ￿quIre for our audi¢ or thetru5teeswere not 2nttUed to prepare thefinènci31 statements in accordance with rhe5mall cornpJnies rÈgime and take advantage of the stnèll companies expmption in preparing the diTrttors' report and take advanta8e of the small cornpanie5 exemption from the requirernentto prepare 3 strate8ic report. Responsibilltie5 pf trustees As explained more in the Ststement of Members of Council's responsibilities set out on paEe 14. th2 trustees Iwho )rÈ also the dirertors of the parent chariuble ctsmp8ny for the purposes of company lawl are rèsponsible for the preparation of the financial statements and for being satisfied thatthey gple a true and kirview. and for such In￿M01 control as thetrustees detsrminÈ is necessary to enable the preparation of financial statements that are freefrom matÈrial misStatemenL whether due to fraud or error. In preparinE thÈ financial statements. rhe trustees are responsible for è5sessing the grouls and parent ch8rit3ble comp3nls ability fo ontinue ￿ a goin8 toncern, disclosing, as applicable, matters related tt> goin8 concern and using the going concern basis of accounting unlessthetrustÈes either intend toliquidatÈ th&group or parentch3ritablÈ company orio cease operations, or have no realisticaltematr¢e butto do so_ Auditorfs responsibilitiEs forthe audit of the financlal statement5 We hawe been appointed audltorunder section 1510f thÈ Charities Act 201 l and report in accordance with ths ACL Our Ob￿e￿iveS are to obtain ￿aSonable assurance aboutwhetherthefinanci31 statementsas a whole 8rÈ free from materlal misstatement, wfeth@r duetofraud orerror, and to issuè an auditors reportthat inclucle5 Quropinion. Reasonable assurance isa high level of a5sur8nce, but Is not a 8uarantse that an audbt condutred in accordance with ISA5 IUKI vfflll always derèct 8 material misstatement when it exists. Misstatrments can arise froTn fraud or error and are considered material if, individually or in thE aggregate. they could reasonably be expecce(S to Influence the ecollomli decigons of userstaken on the basis of thÈse financial staternen IrregUlar￿e$, including fraud, are instsnces of non-compliancÈ wlth laws and re8ui8tiuns. We design Procedures in line with our responsibilf(ies, outlined above, to deiett material mTrsst3teTnents in respett of irregularities. incSudinB fraud. The exrent to which our procedures are capable of detetting irresularfities, includingfraud is detsiled below.. We obtained an Under￿ndIng of the le8al and ￿gUlatOry frameworks applicable to the group and parent charitable company and thÈ sertor ID which they operètè. We ubtained an understanding of how the group and parent chèrltable company is complying wth those legal anLI rÈ8ulatory frameworks by making enquiriesto mana8emenL We assessed the su5ceptibillty of the financial ststements to materi81 misstaTrmeni including how fraud mlght occur. Audit procedures performed byrhe engagemenr team inEluded.. identifj4n8 and a55essingthe design effertiveness of controls rnanagernent has in plaeeto preventand detectfraud., understandinghowthose charged withgovernance considered andaddre55edthe potential foroverrideofcontrols orother inappropriate influence over thefinancial reporting process.. Challe￿ng assumptions 8ndjudgernents made by tnanagement in its significant accountlD8 esJmates', idenufyry'ng andtesting joumal entrfes, in particularany unusual joumèl entries,. 3rd asses5ingthe eKLent of compliance vrith the relevant lay￿ and regulauons. Because ofthe inherent Ilmltatlons of an audit, there is a rfiskthat we wll not detett all irregularitie5, including those leadlng to a material misstatement in the financi31 statemert￿ or non-complian￿ with re8ulatyon. ThE risk increases rhe more that compliance Wbth a18w or re8u13tion is removed from rhe events and trans¥tlon5 refletted in the finzncral statÈments, as we wlll be I￿S likety to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurrfn8 due ro fraud rather than error, as fraud involv intentional concealment. forgery, collusion, omission or mi5representstion. Afurther descriptlon of our responsibilities is availablè on the Flnancial Reporting Council'swebsit2 at.- http￿1wIth.frc.0r8.VkIQUr- WOrklAudiUAud￿-aTh￿-asSllr8rtc￿st3ndards-and-8uldance1st3ndèrd5-?nd￿UL￿on¢trfor-èud1tor$IAudkt0rs-respo￿5ibiIities-fOr- audlUDescriptlOTFof-auditors-responsibllities-for-audft.8spx. Thls description forms p3rtof ourauditofs report CharityNo. 9OD280 CompaTYy Re￿￿rat￿)n NO. Q243tr025

REPORT OF THE INDEPENDENT AUDtroRS TO THE MEMBERS OF THE COUNCIL OF MANAGEMENT OF BRISTOL OLD VIC THEATRE SCHOOL LIMITED for the year ended 31 July 2021 Use of our report This rÈport is made so1&￿tOthe charitable parentcornpanystrustees, as a body, in accordance wth Part4 of the CharltiÈS (Accounts and Reports) Regulations 2D08. Our audltwork has been undertaken so thatwe might state tothe charitable parenr compÈnKs trustee5 those tters WÈ are reouired to state to thÈm in an 3uditofs report and for tto other purpo*È. To the fullest extenr permitted by Law, we do not accept or assume responsibility to anyone other than the charitable parent company and the charitable parent compaws Trustees as a body, for ourauditwork, for this reporL orfor the opinions we have fortned. Stuart Crisp Bsc FCA ISeniorStstutOryAuditorl For and on behalf of Corrlgan Accountants Limltrd Istrtutory auditors) The framshed 2S Lower Park Row Brfstol E5158N Datè.. 2 December 2021 Corrigan Accountants ￿rnIted is ellgible 10 act as an auditor in term5 of section 1212 of the Comp3niesAtt2006. CharltyNo. 90028LTr Comp3ny RegistTrtion Ne. 02430025

Bri9tol Old Vic Theatre School Limited CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES (including an Income & Expenditure account) forthe year ended 31 July2021 Unrestritted Restritted Total funds Tot31 funds 2021 2021 2021 2020 Note SNCOMING R￿OuRCEs Donations and legall Charttable attivities Othertrading activities Income from invexments 831,352 2,071,647 39,792 15.13 898.142 2.071.647 39,792 10.537 715,L1 2.049.219 I1.￿2 20.778 15.674 TOTAL INCOME 1937.6S4 82,464 3.020.118 2,796ASO RESOURCES ￿PENDED Expenditure on oisingfund5 Expenditure on ch3rltable attivlties Costs of commercial trading 216 2,839,861 1577 5,084 91,920 5,300 2,931,781 ZS77 s,￿7 1684802 TOTAL EXPENDITURE 2,842,654 97.004 2.939,658 1691.705 Net incomellexpenditurel before invettm@ntEains 95,ofA) 114,5401 80,460 104,745 Net IIDssesYgains on investments 95,883 9S.883 153,3521 NET INCOME 95,000 81.343 176.343 51.393 T￿nSfer$ between funds YOTAL FUNDS BROUGHT FORWARD 4,879.772 2.161.655 7.041.427 6,950,034 TOTAL FUNDS C4RRIED FORWARD 4974,T12 I241￿8 7.217.770 7,041,427 The Staiement of Financial Activities includes all gains and10sses recogni5ed in theyear. All incoming ￿SoUrceS and r￿OUrceS expended d@rive from continuing operations. The accompanying accounting pollcles and notes fomi an iniegral part of the financ131 statements. Chartty No. 900280 Company R%istration No. 02430025 20

Bristol Old Vic Theatre School Limited CONSOLIDATED BALANCE SHEET as at 31 July 2021 Group Lknre5tritted nds Group Rèstrftted roup Totsi funds 2021 GrDUP nds 2021 fvnds 2020 FIXED￿5￿￿5 ran8ible a￿ets InvesErnents 4,861371 829311 7,292 5.691.682 907,292 5.789.459 816,493 TOTALFIXEDA55Ers 4862371 1.731603 6.598,974 6.605.9 CURRENT Assgrs Debtors Cash atbankand In-hand 47,588 1,019A40 47,588 I.525￿5 6&116 1.014,180 50&395 1,067,028 50&395 1.571423 1.08Q296 CREDITOPS'.amountsftlIingduev￿rhIn oneyear 1671762) 16717621 148&6511 NE[CURRE￿ ASS 394.2f $06,395 9￿,667 591.rA5 Totalasset5 le￿ current liabilities S.￿￿637 1241998 7A99,635 7,197.597 CREDITOR5'.èmuntsfallingdueaftwoneyear 1281.8641 1281.S641 1156.1701 TOTAL NEfNssErs 4974 1242.998 7,217.771 7.041.427 FUNDSOFTHECHARITY R￿tri￿ed incomelunds unTesLrtied￿nds Revaluation r￿er￿e 1241998 1241998 1567580 1407.192 1161.655 Z4n5 2,407,192 Z567,580 1407.192 TOTAL FUND5 4.974772 124998 7.J7.Tr0 7,041,427 The truste& h￿@ prepared finanual statements ill ècrord3Dce sectlon 398 of Ihe cornpani￿ Art 2C06 and 5ecEion 138 of the ChantSes Att 2011.Th ffnanual Statements are prepared In accordance ￿1th the spÈci)I provslons of Part 15 of the compani￿ ALt reiins to small CDtnpani&5 and constirute the 8nnual accountsrequired bythÈ coM￿nIeSAtt 20C6and areforurcuktionto m￿berS0ftht(ornpany. Treaccomponyingaccount￿gPclIC￿sand noteslorm an integral part ofthefinanaalstatemen The fin3ncialsiarement50n page520to 38were approved and authtsris￿for Lwe ty the Membery ofthe Councilon and 5Bned onthelrbehalf by 15 November2021 GWStob3rt, Metnberofcounc FE Purc&L Principal&CEO Charlty No. 900280 Cornpany Re¢ration NO. 0243OQ25

Bristol Old Vic Theatre School Limited CHARITY BALANCE SHEET as at 31 July 2021 Chorty Unrestricted funds 2Q21 Charity Restri(te funds ority Tot nds 2D21 Charity Total funds 2020 FIXEDA5sErs Tangib￿ assets Investments 4.861371 21.0 829,311 907.292 5.691.682 92&292 &789A59 7A93 TOTAL FIXED￿SET5 4.881371 I,n&603 &619.974 &626.952 cuRRENT￿ErS Deblo Qsh arbank and in-hand 5D,091 1.517.033 65.929 T,￿8,068 1,01Q638 I.CéO,729 6,>5 1,567.124 1,0Th997 cREDITo￿..8M0￿ntsfil1lngd￿e￿Ltb1rn oneyear 10 16n,0￿) 167iml 1488.9221 NETOJRRENTK&s¥rs 387.6 506J95 894C61 58S075 Total a￿ets lesscurrent liabilitl 5271,C67 1241998 7.514065 7,211027 CREDITO￿..￿￿0untsfaII1rnSdueatterOney￿ar 1281.8641 1156,1701 TOTAL NEfASSETS 4989.203 Z24z998 7,231201 7.055￿7 FUN05 OFThE CHARIT( Resrdcted Incomefvnd5 UnrÈtr&ted fun15 Rev31uatiort resèrve 13 13 12 1241998 3241998 581010 1407.192 1161.655 1487,010 2.407.192 2,58ZOIO 1407.192 TOTAL FUNDS 49B9.202 12418 7,055A57 Parentcornpany's profftfortheyeèr £81,343 £ 176.343 £ 51.393 Tr& trustees h￿e prepar￿ financBI sr3tem&nts Sn èccordènce s￿tIon 39B Df the CDmpanie5 Att 2W6 and settion 138 ofthe ChaTitE5 Art 2011. These nanclal statements are prepartry In accordancè with the speci41 provsions of Part 15 of rhe Companies Att rekting to m811 companies and consritutethe annual accountsrequired bythe CompanEsAtEkn6and areforcirculationro membe￿Ofthe(omP&￿y. Theèccompanyins accDUntinspoliaes3nd not￿fOrM an integral part ofthefinancSal statement5. Trefinanc￿l swements on page520to 38wereapproved and authorsed forissJe by the Membersofthe Council on igned on t be￿￿bY 15 November2021 GWStobar¢ MembÈrofCounol F E Purcdl, Principal &CEO charity No. 900280 CompawRegtsttstion No. 02430025 12

Bristol Old Vic Theatre School Limited fATEMENT OF CASH FLOWS & CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 July 2021 GROUP AND CHARITY CASH FLOW ¥FATEMEMr Group 2021 Group 2020 Charity 2021 Charity 2020 Notes Cash used in opeoting attivities 351.942 133,168 349.252 146,716 Cash flows from investing activities Interest Dividerids Purchase of tangible fixed atsets 15,1051 15,642 113.1741 2,918 17,860 142,2101 15.1051 15,642 113,1741 2,918 17.B60 142,2101 Cash used In inwestlng altivities 12.63 QY.4321 Q,63n P1.4321 Cash flows from flnancing activitles New loans 2SO.C 185,8511 11,7991 250.000 185,8511 11.7991 Repayment of borrowing Mortgage lnier￿t Q83.1011 144381 P83,1011 144381 Cash received from l used in finanong attivities 161350 1287,5391 162,350 1287,5391 Increase I Ideireasel in c￿h in the year Cash at the beginning of rhe year bl 511,6 1.014,180 1175.8031 1,189,983 508,965 1,008,068 I162.￿5> 1,170.323 Total cash at th¢ end of the year 1,525,￿$ 1.014.180 1.517.033 1,008,068 al Reconuliation of net movement in funds to net cash flow from operating artivlties Group 2021 Group 2020 Charfity 2021 Charfty 2020 Net movement in funds before gains on investments Depreciètion Interest Rceivable Dividends recgvable Morrgage interest Decreasellincre￿eI in debtDrs lrtcre8sel1dec￿ase1 in creditors Adjustment for management chat8egtsken from investment gains 80,460 110,951 5,105 115,6421 1,799 18,528 145,657 104,745 113.729 IZ9181 117,8601 4438 37,124 80,460 110,951 5,105 115,6421 1.799 15.838 145.657 5.084 104.745 113.729 12,918) 117.8601 4,438 50,562 5.041 5,041 Net cash usecl in oper*ing activities 251,912 133,168 349,252 146,716 bl Analysis of changes in debt At 31 july 2020 Cash flows Other hartges At 31 july 2021 Cash at bank arid in hand Debts due wlthin one year Debts due after one year 1.014.180 185,72n 1156,1701 511,6 85,727 Q49,&161 1,525,￿5 11241821 1281,8641 11241821 124.1 347.506 1,119.789 Chaftty No. 900280 Company Re￿￿trat￿)Th No. 0243¢025 23

Briup financial statements. Fixed assets Fixed a55ets are initially recorded at C05L Oepreciation is calculated so as to writè tsff the cost of tangible fixed assets, less their estimated residual values, on a str3ight line basis over the expected useful economic lives of the assets concerned. (e) Plant and equipTnent L>V2r the value of £1,QDO is depreciated at 25% per annum. Srnaller items of plant and equipment are written off in the year of acquisition. The charity has taken advantsge of the transition313rrantsèrnents in the adoption of F￿102 by electing to report the charitys frèehold land and building5 attheir fair value as determined by professional chartered suNeyors as at the date of transition, being l August 2014, and to Use this value as their deemed cogt carried forward at that date (see Note 71. Under 102, the School is required each year to depreciate rc5 freehold property. In managing the propety care is taken to ensure that the premises are properly maintained to provide suitsble 3ccommDdation for carrying on the business of the Theatre School. These malntenance costs are written off in full in each years financi81 ststements. Charity No. 90028 CoTnpany RegiSb7tlon No. 02439025 24

Brirtol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2021 The Members of Council conslder the useful économic lives Df the listed buildings to be at least 50 years and on this basis (after excluding non-depreciable lané) tangible fixed assets are depreciated on a straight-line basi5 over their estimated useful livÈs as follows Freehold Land Nil Freehold Buildlngs 2% (f) Incotning resources Incoming resources are recognised in the financial statements on the following basis- (i) Produrtions Income from theatre admission fees is included in incoming resources in the perlod in which the relevant production takes place. (li) Donations and grants Income from donations and grants, including capital grants, is recognised when the charity has entitlementto the funds., any performance conditions have bèen met it is probable thar the income will be received,- and the amount can be measured reliably. (Illl Tuition fees Fee5 receivable and charges for the services are accounted for in the period in whlch the ser4qces are provided. (g) Interest receivable Interest is recognised on a receivable basi& (h) Operating leases Renta15 payable under operating leases are charged on a straight-line basis overthe lease term. Resources expÈnded Expenditure is recogii Ised when there is a legal tsr con5trurrive obligation to rnake a payrnent to a third party. Contrattual arrangements and performanee-related grants are recognised as goods or services are supplied. Other grant payTnents are recognised whèn a constructive obligation arises that results in the payment being unavoidable. Costs of generatingfLJnds are those costs incurred in attrattingvoluntary incDme, and those incurred in trading actiwties that raise funds. Charitable activities include both the dirert costs and support costs relating to those attivities. Govemance costs include those incurred in the governance of the charity and Its assets and are primari5y associated with constitutional and statutory requirements. ti) Pension schemes The company oper3te5 a definèd contribution pension scheme. The amount charged to the SOFA in respert of pension costs is the contribution payable in the year. (k) Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are tTan51ated into Sterling at the rates of exchange ruling at the balanie sheet date. Transactions in foreign CLJrrencies are recorded at the rate ruling at the date of the ty3nsaction. Al differences are taken to the Statement of Financial Activities. Charity No. 90tr280 CoTnP3ny Re¥stratiOn No. 02430025

Bri%tol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2021 Fund accounting General funds are unrestricted funds which are available for USÈ at the discretion of the trustees in furtherance of the general objectives of the charity and whlch have not been designated for other purposes. Designated funds comprise unrestricted funds 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 funds are funds which are to be used in accordance with specific restrirtions imposed by donors or which have been raised by the charity for particular PLJrposes. The cost of raising and administering such funds are charged againstthe specific fund. The aim and use of each restricted fund is set out in the notes to the financial staiements. Im) Investments Listed shares are valued at marketvalue at thÉ balance ghèèt date. Unlisted shares in subsidiaries are valued at C95t. Unrealised gains and losses represent the movement in market values during the year and are charged or creditÈd to the statement of financial artivitie5 ba52d on their market value at the year end. (n) Key management personnel The MÈmbÈrs of the Council of Man3gemenL who are the iompanjls directors and charitys tmstees, consider that the senior managementtearn comprises thè key management personnel of the School in Ih2rge of direrting and controlling, running and operating the School on a day to day basis. All Members of the Council Df Management give their time freely and received no remuneration in the year. Details of Members of Council of Management expens￿ and related pary transattions are discloged in note 6 to the accounts. The pay of the senior management team is reviewed annually and may be increased in line with inflation or average earnings. In view of the nature of the charity, the trustees may benchmark the pay of thÈ senior management team against other schools of a similar size and nature. (o) Taxation The charity is exempt from tax on Income and gains falling within section 505 of the Taxes Act 1988 or settion 252 of rhe Taxation of Chargeable Gains Act 1992 to the extentthat these arè applied to its charitable objects. Ip) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amtsunt prepald after taking account of any trade discounts due. (q) Cash at bank and in hand Cash at bank and cash in hand include5 cash and Short term hlghly liquid investmènts with a short Tnaturity of three rnonths or less from thè date of acquisition or opening of the deposit or similar account. Ir) Creditors and provlslons Charity NO. 9Q0280 Company RE￿5t[￿tIon No. 02430025

Brietol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2021 Creditors and provisions are recognised where the charity has a present obligation resulting from a pèst event that will probably result in the tron5fer of fund5 to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised 3ttheir settlement 2mount after allowingfor any tradè discounts due. (s) Concessionary loan5 Bank103ns and concessionary loan% which are repayable in rnDre than one year are initially recognised and mèasured at the amount recewed. The carrying amount is adjusted in subsequent years to reflect any Tepayments ancl accrued interesL (t) Financial instruments The charity only has financial assets and financial liabilityes of 3 kind that qualify as basic financial instruments. The related accounting policies are described above. A.L'.5fAT,US.~ ' The charity is a company limited by guaranteè 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 member of the charity. Charrty No_ 900280 compary Regisu*ion N¢. 0¥30015 27

Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2021 UnrestNced funds 2021 Restricted funds 2021 Total Unrestrftte funds funds 2021 2020 Restritted funds 2020 Totsi funds 2020 Donations & legècies Donations & 8lfts Glft aid Legacies Grants recelved from Ofs throu8h CDD.. Coro funding Hlgher education innovation fund Research fund Capital investment fund Widening participation grants Grants received from 8FI Z674 45,415 48,089 5,315 48,296 1,249 53,611 1,249 715,108 83,082 71S108 83,082 4.375 21.013 9,475 17,COO 530,0 54,450 33.n2 15.344 9,745 530.090 54,450 33,732 15,344 9,745 17,(k)O 4.37S 21.013 9,475 17,000 17,000 831,352 66,790 898,142 648,676 66.545 715.221 Charftable attpiiti Students IUKIEU only) Conservatoire scholarship scheme.. Tuition fÈ& discounts Cash bur￿￿e5 Students Inon UKIEU intemationall Auditions & inteNiew fees Theatre skills, youth & adult COu￿e5 Produrtion income 1,697,075 1,697,075 1,489,845 1,489,845 19&6001 389, 53,548 29,817 198.6CQI 389.235 53,548 29,817 572 0,4001 351.628 101,125 99,642 77,379 C70,4WI 351,628 101.1 99.642 77,379 1071,647 2.071.647 1049.219 2.049,219 Othertrading attivitie5 Box office charg ProgTrmme sales Commercial hires & room rentals Other 1140 37,652 1140 37.652 7.378 3,854 7,378 3.854 39,792 39,792 11.232 11,222 Income from investments Bank interest Dlvldend income 15,137) 15,1051 15,642 1331 587 17,860 2,918 17.860 15,E42 15.137 15,674 10.S37 1331 18,447 20,778 TOTAL INCOME 2,937.654 82,464 3,020,118 1711,458 84,992 2,796.450 Charfty NO. 9?0289 CDtnpanyRegi5tration No. 02430025 28

Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2021 .AIii4L:Y4$1SilF'EKPWiiITOft.E.;' Unrestritted funds 2021 Restrficted fund5 2021 rotal Unrestrftted funds funds 2021 2020 ResEriCEed fund5 2020 Total funds 2020 ExpÈnditure on rydising funds stag￿ng fundraising events Investtneni management costs 216 216 5,084 216 216 5,041 5,084 5,041 216 5,300 216 5,041 s,￿7 Expenditu￿ on charltable attivities Wage5 & salarfes Visitin8 specialists Teaching costs Widening partlclpation & ￿￿elOPMent Equiprnent & maintenance Productions arketing & pubSicity Telephone Stationery, printing & post Tr3vel & entertalninB Audltionslinternfitsvs Sundry costs Insurance Rent, raies & water Light & heat Cleaning Repairs & maintenance Mortgagc interest nk interest Depreciation Grants awarded Govemance c05t5 1.476.548 227,302 9B,260 29,970 84,436 181,5 47,147 7,1 ,7S6 1,629 68.7 80,228 28,535 81,456 1.476.548 227,302 91260 46,970 84436 181,505 47,147 7,104 33.756 1,389,598 184,822 60,116 86.451 74371 190,627 65,876 8,5 35,508 4,641 41,EAO 18,OSI 26,W6 78,600 43,156 65,080 93,490 4,438 3.629 94.881 Z1CA) 17.210 1.389.598 184822 60,116 101,205 74.371 190.627 65.876 8,5rs 35,508 4.641 41,640 1&051 26.006 78,600 43,156 65,080 95.n6 4.438 3,629 113.729 62.190 17,210 17.000 14,754 68,723 80.228 28,535 81,456 28,623 131.540 92.￿0 1,799 4120 110,951 61,872 3&417 131,540 91860 1,799 4120

Z103 5.800 36,417 2,246 18,848 5&072 18.848 60,090 1839,861 91,920 2,931,781 1588.864 95,938 Z684802 Costs of commercial trading 2,577 1577 roTAL EXPENDITURE 18Q654 97.004 1939.657 1590.n6 100.979 2,691.705 Analysis of governance costs auditors fees legal & professional 13,625 22792 13,6 22,792 11.561 &649 11.561 S.649 36,417 36,417 17,210 17,210 Chèrity No. 900280 Company Registration No. 02430025 29

Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2021 Unrestritted funds 2021 Re5Elltted f￿ndS 2021 Total Unrestricted funds funds 2021 2020 Restritted funds 2020 Total funds 2020 GrDs5 Income 2,937,6S4 3,020,118 2,711,458 84.992 Z796,450 Surplus ifjossl forthe year 9S,O 81,343 176.343 120,T32 169,3391 51,393 Group employmenT COSts- all employees 2021 2020 Wa8es & saS8rfes Social securlty Costs Pension costs (defined contribution sihetnel 1,284,gJ8 1.206,079 126,733 119,707 65,2Q7 63,812 Total ttaff costs 1,476.548 1.389,598 Dne employee received employee beneflts (excluding employer pension costs) between the band £70,000 and £79,99912020.. onel- Mo other employee eamed more than £60,000 per annum this year Dr lastyear. The total employee benefits (excluding employer pension costs? pald to senior mana8emenL i.e. the key management personnel, during the yearwas f209.377. Q020.' £1741701 No membe￿ of the Council were reimbursed fortravel expenses during the period 12020.. £3551. There were no payments made to related parties of any Members of couricil12020= £1.1931. No remuneration, benefits or pension contributions have been paid to oron behalf of the Members of the Council. The numberof petsons employed by the charity and the group during the period was 4812020= 451. The number of personnel employed by the chaffjty and the group during the period on an TfE basls (which do￿ Dot include vlsltlng 5pecialistsi Is analysed below.. 2021 2020 No. Teachirig and produttlon Administration 21 13 12 CharityNo. 90O2S0 Compapy RÈgiStr3tion NO. Q2430025

Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2021 Downside Road Downside RDad Link Portland Street Freehtsld land and buildin85 Total Valuationlc05t at 1 August 2020 Additions 1,750,000 1,4CO.OCO 1.960.451 1,050,L 6,1￿,451 At 31 July 2021 1,750.OW 1,400,000 1,960.451 1,050.0 6,160,451 Depreciation at 1 Au8USt 2020 Chaoe forthe year 78,000 13,0 71000 196,045 84WO 430,045 39,209 14,000 78,209 At31 July 2021 91,0 98,0ts) 50&254 Net bookvalue at 1 August 2020 1.6710 1.328,000 1,764.406 966,OCO 5,730,406 At 31 july 2021 Forthe purpow of trat￿ltion ro FRS102thefreehold land and buildings known as 1.2 and 3 Downside Road, Clifton. Bristol were revalued on an existing use b85is as at 31 july 2014 by Ader Kin& Charterèd SuNèyors at £1,750,0￿ and £1,400,000 respectively. The freehold land ancl buildings at 38 Porfand stre2L Clrfton, 8rfstol were valued on an existing use b3sls on 31 july 2014 by Alder ￿ng, Cha￿e￿￿ SuNeyots ai£1,050,aoo. The new Llnk Building has been valued at cost since the costswere incuffed afterthe date of transldon to FRS102. Stage Film Computer Box Office equipment eqtxipment equipment equipment 1,659,0 1,316,000 1,Th,197 951000 5,651197 Plant & qulpment Total Cost At 1 August 2020 114,S70 120,535 289,549 Additions 11,859 1.315 13,174 Dispo%ls At 31 july 2021 126,429 121.850 301n3 Dopreciation At I AU2ugr 2020 Chargefortheyear Disposals At31 luty 2021 102,750 45,101 82.645 0,496 8.911 5.059 18,752 32.742 111,681 50,160 101,397 263.￿8 N2t book value At 1 Augu* 2020 11.820 37,B90 59.053 At 31 July 2021 Total tangible fixed ¥sets At l August 2020 14.748 4284 20.453 39,485 5.789.459 At 31 july 2021 5,691,682 Charity No. 90028ts Company Regstrètion No. 0243Q025

Bri%tol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2021 D Dibden Fund R Newitt 2021 Total 2020 Tot31 Gmup Fund Unit trusts & listed share at tnarket value Cash held by inVe￿ment managers for reinvestment 436.773 36.579 408,257 25,683 845,030 62,262 710,623 105,860 473,352 433,940 )7.292 816,493 Charity 2021 2020 unit trus￿ & listed shares at market value Investrnents in subsidiary companies 907,292 21,OCK) 816.493 21,000 928.292 837.493 Bo￿ Produttions Limited * 2021 2020 Net a￿ets 4.589 4,589 Bo￿ Productlon5 Limited did noi trade durln8 the year. BOW[5 Cornmunications Limit￿ * 2021 2020 Net assets 1,981 1,981 *The Charfty owns ION of the share capital uf both Bowrs Produttlons Ltd and Bow￿ Communications Ltd, both of whose gisEered offices a￿ at 1-2 Downslde Road, Clifton, 8ri5rol BS8 2XF, their company numbers are 02528810 and 05598315 pettively. There was no slgnificant trading attivlty in eithersubsidiary in theyear. -DEBT.OR&:: DEBTORS Group 2021 Group 2020 Chafity 2021 Charity 2020 Amounts falling due within one year. Trade debtors Other debtors Prepayments & accrued income VAT Theatre Tax Relief Arnounts due from subsiLliafies 187 6,421 40,551 429 726 17.140 47.416 834 539 17,140 47,416 834 6.421 40.551 429 2,690 47,&88 66.116 50,091 65.929 ChartyNo. 900280 Campany Registration No. 02430025

Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2021 Group 2021 Group 2020 Cha￿ty 2021 Charity 2020 T￿de creditors Othercreditor5 PAYE & social secullry AccrJ8ls & deferred incom Amounts dut to sub5idi3ries eank loans (see note 111 115.407 13,342 66.026 353.8 ,868 34.989 31,608 271459 115.407 13,342 66.026 353.806 271 124,182 63,868 34.989 31,608 271459 271 124.182 85.727 85.727 671763 488,651 673.034 488,922 Wlthin creditor5therÈ was a balance of £151041 12020.. ¥6,563) In respecr of fe￿ recÈivÈd In advantr of cour5e5 taking place. A bal&n￿ of £56.563 P020'. £117.6391 was rele￿e￿ in the yearto the Staternent of Finanthèl Activities. Group 2021 Group 2020 Charity 2021 Chariry 2020 nk loans Pdvate103ns 281,864 156,170 281,864 15&170 281,264 156,170 281,864 156,170 Bank loans payable by in513lments Included within Cu￿nt Ilabilities 406.046 11241821 241,897 185,72T) 40&046 1124.182) 241.897 185.72 281,8fv1 156.170 281.864 156.170 Bank loan instalments due afterftveyears 12.500 11500 The￿ are two b3nk loan5. Treflrst Iswith AIB Group IUKI plc and the principal is ch&ryed at 0.875% above 3 month LIBOR (currèntly 0.07113%1 payable quarterty in arre3￿. repayable in equal awunts avertrNenty years from March 2005 and secured by a fI￿r leg81 ch3rge overthe Downside Road properties. The second bank lozn of £250.00012020'. nil) w8Staken out with RBS underthe Govèmmeni backed CBILS scheme. No intÈrest is p3yable in thefirst 12 months but Is then chaiged at 20996 abDve base tste (currently 0.1%). Repayments Start In NovernbÈr 2021 on 3 monthly basis over a five yearperfod. REVALuATioMFiEggRIiF Group 3nd charity 2021 2020 At 1 A¥gu¥c 2020 Rev31uation forthe purposes of trèn*tion to FRS102 1407.192 1407,192 At 31 July 2021 Z4)7.192 1407.192 Ch3fity No. 9OD280 Comp?ny Rtystr3t￿fi NQ. 024y0025 33

Brirtol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS forthe year ended 31 July 2021 GIIoLfvPiU.￿ipÈS[Wi￿E,U:F.U.￿D%,,4.,- 2021 General Fund Student Fund Building Fund Stablllty Fun Artisti Rev31'n Total ReseTve Unrestrirted Fund Fund At 1 August 2020 628.1 16.816 691724 I,000,WO 100,OC 2,407,192 4879,772 Incomin8 resources 1916,641 21,013 2,937,654 R￿OUrC expended Transfers (2,82&1091 111.7451 15,8001 12,8416541 Revaluation At 31 July 2021 719,632 26,C)84 29,140 69Z724 1,000,000 11JO.O Z407.192 4,974772 2020 At 1 August 2019 Incoming resources 569,895 1ZI89 692,724 100,000 1407,192 4759.040 1678,320 15,344 2,693,664 ReSou￿e5 pended Tr3risFe Relaluation C,560,1151 160,OJOI 110,7171 Al001 Q,57Z9321 60,OCA) At 31 luty 2020 628,1(X) 16,816 692.724 1,000,otKJ 100.000 1407.192 4,879,772 The Council of Managemenc has designated funds from the general reserv& forthefollowln8 purposes: Student Fund- this fund has been designatèd to provlde additional support forthe SchDoI's studÈnts over and above thosè re%tiaed funds provided forthe5ame purpose to support students facing financial dlfficulty. Building Fund- thi5 fund is forthe long term MaIntenan￿ and improvement of the charftys frÈehold properti￿. Following the results of this year no transferwas made to this fund from the General Fund (2020.. £50,000). Stability Fund- this fund Is Intended co provide a complete term's &xpendlture in the event of a majorloss of income. This yea¢s figures equate to approximately £950,000, and so nc transfer ha5 been made from General Funds this year12020'. £60,000). Artistic Fund- thisfund has been de￿8￿ated to en8ble the charity to research and develop its artistic progTrmme in support of its objects. Capital Fund- thls fund rep￿sents the the un-amortised funds from HEFCE provided for the purchase of capltal a￿ets which are being depreiiated at 25% perannum on a straght line basls. The Group General Fund Include5 negative reserves frotn thetsNo subsidiaries of £1442912020.. £144291. ChèrtyNO. 900280 Company Re&st￿tIon No. 02430025 34

Br.'<ol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2021 Make sure this mirrosrs what is above £.HARITY.AhJD GFiOUP.RESTRicfED FUND& Scholarship Development Fund Appeal Special Grants Total Restritted 2021 At 1 August 2020 1,301539 859,116 Z161,655 Incoming resources Resour￿ expended GranTS awarded 61,089 21.375 81464 15,0841 (17,0001 (U0841 156,072 1 156,0721 Gainslllossesl on inve5tment5 AmorLWtion lin line wlth building depreciation) 95.883 95,883 118,8481 118,8481 At 31 July 2021 1,398,355 840,268 4,375 2.242.998 scholarship Development Fund Appeal Special Grants Total Restricted 2020 At 1 August 2019 Incotnirtg rèsources Resources expended nts aw3rde 1,353,030 877,964 2.￿0,994 67,992 17,CrfJO 84992 15,0411 117,0001 QI0411 160.0901 160,09DI Garn5 on inve￿rnents 153,3521 I￿,352) Arnortisatlon (ln line with building depreciation) 118.8481 118.8481 At 31 July 2020 1,301539 859,116 1161.655 Scholarship Fund$We￿ receiwed from outside donorsforihe purposes of maklng awards to and providingfinancial SLSPPOrt for students. Development Appeal Funds were ￿[eIved From donations speclfically forthe purpose of 3 capital projett and Rpre5ent the balance of monies being used to fit-out the link building. Charlty No. 900250 Comp?w Re¥istrntion No. 02430025 35

Bri.<ol Old Vic Theatre School Limited NOTE5 TO THE ACCOUNTS for the year ended 31 July 2021 2021 Scholarship Development Fund Appeal Special Un￿striCted Grants Funds BaL3nces on the Charity'sfund accountsare repre5Enl8d by". Total Cash at bank and in hand 491,063 10,957 4375 1,010,638 1.517.033 Tangible flxed assets at net book value Investments 829,311 4,861371 5,691,682 907,292 907,292 Other current atsets and Ilabllities 1883.8071 1881807) At 31 July 2021 1,39B,355 840.268 4375 4989,202 7.232.200 2020 Scholarship Development Fund Appeal Special Un￿s￿ritte￿ Grants Funds B8lance8onthe Ch8riVsfund accountsare repr8sentsd bw. Total Cash at bank and in han 486,046 10,957 511,065 1,008,C6B Tangible fixèd ￿$Èts at net book value investments 848,159 4941,300 5,789,459 816.4¥S 816,493 Other Cu￿nt assets and liabilities I558.1￿) 1558,1631 Ai 31 july 2020 1,302.5 859,116 4.894.202 7,055,857 Whe￿the above funds are represented by underfying bank balanc￿, these balances are maintained in separate bank accounts where the donor ha5 5peciflcally requested thls. In all other cases, the bank balances are consolidated in ordertD aihieve the maximum retum on the charlty$ 8$9ets in terms of interest ￿CeIV8b1e. .L&*1SECOMt￿[T.METr4Ts.. . Land & building5 2021 Plant & machinery 2021 2020 2020 Commltments wlthin one year 30,000 16,503 16,503 Commitments betyveen two and five years 11Z500 120.000 24.747 41.￿0 Comtnitments afterfiveyears 21 Total future commitment 142,%U 171500 41.250 57,753 The rental payments recoBnlsed as an expense in the yearwÈrÈ £46,503 P020'. £46,S03). Charty No. 900280 Company RegW3tyon No. 0¥3Q025 36

Briqtol Old Vic Theatre School Limited NOTES TO THE ACCOUNT5 for the year ended 31 July 2021 l5 .TrWjtyiCOlvlgjEXP.ENDITURE) Group and charity Net incom￿(eXPendItu￿l is stated afterchargin¥Ic￿diling1. 2021 202D Depreciation- owned assets DireCLO￿, ￿MUneratIon 110,951 113,729 Audit fee5 Audit services 9,000 9,161 Tax services 180 900 Other sefvices 2,400 1.500 Qperating leases- land and buildlngs Operating leases- equipment Mort8a8e iNte￿$t payable 30,￿0 30.000 16,503 9,492 1,799 4.438 . FIM.NC4AL.INSTRUMENtrs"' Flnancial instruments measured at amortised cost comprise the loan financing from AIB Group IUKI and plc and a CBILS loan. Group and charfty 2021 2020 Amounts payable falling due within oneyear Amounts payable falling due within two to five years Amounts payable falllng due afterfive years 124,182 269,364 11500 ,727 156,170 406,046 241,897 The deta115 Of loan f5nancing are given in note 11. The market rt5k facing the charity isthat it is widely expected that interest rate5 will rfse as the economy improve> The Mernber5 of Council considerthatthe risk in interest rates having a material impatt on the charity is low. Charity No. 9OD280 Cornpany RegiStr3t1on No. 02430025 37

Brir..tol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS forthe year ended 31 July 2021 '"REiAYED.'PA jThTRANSACnON5, . The Charity is a Member of the Con5eNatoire for Dance and Drama ICDDI. The CDD receiv￿ higher edu￿tiOn funding from the Ofs and distributes funding to the CDD Memberschools. The CDD Is a separate legal entity and does not control the Charity, butthe Charity's actwities are subject to an Ope￿ting agreement and flnancial memorandum. During the year, grant income Rceivable from the CDD was as follow 2021 2020 Core fundirig Higher education innovation fund Research fund Capital investment fund Widenlng participation grants 715.108 83.OB2 4,375 21,013 9,475 530,0 54450 15.344 9.745 833,053 643,361 2021 2020 8alanc& du? from the Conservatoire Information regarding trustee5' experises and remuneration is dlsclosed In note 6. During theyearthe Chanty incurred the following expenditure in persuance of CDD'5 access and participation plan approved by Ofs's d1￿c[Dr of fairaccess and participation. 2021 2020 AcC￿S investment.. Outreach work with schools and young people 21639 ,188 Financial suppor(.. Support for currÈnt studEnt5 lacademic and pastor811 Support for disabled students Hardship awards Support for progre￿10￿ frotn HE into Etnployrnent 11.886 1,494 98,60D 13,588 8,795 1455 95,790 11,676 Staffing and adtnini5tratio 51626 63,018 linduded in total sala￿￿ & wag￿- SÈÈ note 61 20D,833 204.922 Chartty No. 900280 company Regiqtrtion NO. 02430025 38