Bristol Old Vic Theatre Scliool Bristol Old Vic Theatre School Limited (a company limited by guarantee) Report and Financial Statements Year ended 31 July 2022 •ACIYH601• 2210412023 C(WPANIES HOUSE A07 #31 Charity No. 9W1280 Company Registration No. 0243￿)2$ Bristol Old Vic Theatre School Limited CONTENTS Page Legal and administrative information Repon of the Chair of the Trustees Report of the Members of Council 5-17 Independent Auditors report 18-20 Consolidated statement of financial actNiiies 21 Consolidared balance 5heel 22 Chaiity balance sheet 23 Consolidated and charity cash flow statement 24 Notes to the financial ststements 25-39 Chatlty No. 900280 CompènyRe815trJrion No. 02430025 Bristol Old Vic Theatre School Limited LEGAL & ADMINISTRATIVE INFORMATION ConstitLttion Bristol Old Theatre scho￿ Limiied is a charitable cornpany lifflited by 8uaranteÈ and 3 registered charity governed by its memorandum articles of association. Charity number 9)0280. Company number 02430025. The Member5 of the Council of Management (the Council) of the charitable comparby are irs trustee5 for the purposes of charity law. Members of Council The forrnal procedure for appointing and eleccing Members of Council (Directors) is set out in the regulations 3(Y46 of its Articles of Association. The Chairman has alwèys been appointed by a process of consultation amongst Members of Council. G W Stobart (Chair of Trustees) L M Bowden (resigned 4 July 20221 P C Baker 18oyle A W S Conner CMTEvans R A Foreman Iresigned 4 July 20221 P Macquire-samson Ire5igned 20 March 20231 M A Massey (resigned 15 November 20211 P A Tanner P B Eccleson (appointed 31 January 20221 R McKen lappointed 31 january 20221 A Milne lappointed 26 Oaober 20221 V Fjtzgerald lappoin¢ed 26 Oclober 20221 l Ameke (appointed 20 March 20231 Secretary D Lawton lappoifited 15 November 2021. resigned 25 November 20221 B Stokes lappoinied 1 December 2022. resigned 28 February 20231 F Francombe lappointe(J J March 20231 Charity Name Bristol Old Vic Theatre SchoLA Limited13lso known as Bo￿5) Senior Management Team Principal & CEO Finance Director Artistic Director F E Purcell D Lawton Iresisned 25 November 20221 I Stephens Iresisned 12 January 20231 A De SoLsza (appointed l February 20231 Registered Office 1.2 Downside Road Clifto Bristol B58 2XF Bankers The Ctroperative Bank plc PO Box 250 Skelmersdale WN8 61 Solicitors Womble Bond Dickinson 3 Temple Quay. Temple Bèck East Bristol BS1 6DZ AudStors Corrigan Accountants Limited First Floor 25 King Street, Bristol BS1 4PB Charrty NO. 900280 C¢¥np3ryRe&str3tion No. 02430025 Bristol Old Vic Theatre School Limited REPORT OF THE CHAIR OF THE TRUSTEES for the year ended 31 July 2022 CHAIR'S REPORT The last academic year was one of two extremes. beginning with the School Still in the grip of Cowd. and ending in a full celebration of thetalentand fortitude the School's studensare renowned for. Therewas much catihing upfrom 50cially- distanced learning and absence to be done but the whole School community pulled together and achieved the busiest term in the School's history ￿th the number of productions and films it produced in ihe Summer Terrn. This determinaiion led EO all siudents bar ts¥o completing their out(ome5, and able to graduare. Two students opted to defer the year and to return to Ihe School when (hey are ready in the future. Our external examiners èCfOSS all courses remarked on the standard of all the produrtions and films, particularly those In the Summer Term, and the capability and professionalism of our students across all cour5e5. Several of the external examiners are in the first year of the role. and come from other drama schools or HE institutions. Their reports to UWE Bristol's Field & Award BDard ackno￿edged the level of excellence of the School's training and provided constructive and useful feedback to enable the course leaders to continualty improve. The fresh eyes they bring are Invaluable, and staff have appreciated their time and input into ensuring the School maintains the requisite Standard of training. The 8oard of Trustees aCkno￿edgeS the strength and commitment of both the teaching cohort and the professional senrice5 Staff for nawgating our students through a second interrupted and challenging year livingwch a pandemio Gutding Ihe School throughoui the year were the Executive LÈ3(Jership Team. Fiona Francombe (Principall. lenny Stephens IArtistic Director) and David Lawron IFinance Director). Their time had tts be balanced between overseeing the negotiations of the enhanced parinership with UWE 8ristol, ensurins the best interest5 of the School were ever prescient during the wind-down of the Conservatoire for Dance & Drama ICDDI and rvnning the khool od a day-to-day level. I want to express the sincere thanks of all Trustees for their excellent and unsiinting work during the last year. The departure of all the member schools including Bo￿5. from CDD was completed on 31siJuly 2022. Throughout the year all involved including CDD staff, Governors, Trustees and representatives of member schools approached the situation wilh professionalism and care. 3nd the dignity shown by all concerneil deserves recognition. In a similar vein, an enormous amount ofwork was put Into the establishment of the deeper partnership wrh UWE Bristol. and now rhat the practical element of the collaboration have been establsshed. the Sihool ha5 begun more creatwe conversations around collaboration that will lead to the partnership becominggreatertharh the sum of its parts. and enhancing mutual studentg experience of both institutions_ I must acknowledge and thank all toncerned at both CDD and UWE Bristol for their time and support throv8hout the process. These continue to be chèllengtng time5 in terms of the financial enmronment. The departure from CDD has removed the Schools ISTA allocation (￿t we are nol alone in losing ISTAI and the freeze in tutfK)n fees has further constricted the School's income. These challenges are surmountable. although change is inevitable. staff are being kept informed with progress and plans will be finalised during the next academic year. The membership of the Board changed during the year. I became Chair during the year on rhe expiry of Lucy Bowden s term of office. Ruth Foreman and Morag Massey also stepped down as trustees. However, we are pleased to welcome as new trustees Ryan McKen la graduate of BOWS and who now has 3 successful acting career) and Paul Eccleson who Is now chairing our Audit Committee as well. I wantto express my deep thanksto Ruth who chaired our Audit Ctsmmittee foi many years and to Morag but in particular to Lucy Bowden for navigating us through some challenging tirne5 while she was otjr chair. During the year there were several staff changes." Stephanie Dale (Head of Orama Wriringl stepped away to resume her freelance career. wih James Peries taking over for the remaining two terms until the Summer break. Helen 8ater left the role as Dirertor of Production Courses to go back into telwsion production. and Geor8e Spender left his rtsle as Marketing & Communications Officer to continue to grow his own business. Dionne Draper began a fixed-term corhtract as Head of Music & Singing and Hanna Adu 8oatengjoined, again on a fixed- term contratt asActing Tutor. Edie Foxelljoined the School as a kn"ckstarter ￿a(eMent, and we were delighted to confirm CharityNO. 9D0280 CompanyAtOstr*ton No. 02430025 Bristol Old Vic Theatre School Limited REPORT OF THE CHAIR OF THE TRUSTEES for the year er)ded 31 July 2022 the establishment of a role as Digital Marketing A55(Stanl so that Edie could remain with u5. lack Pricejoined as Head of Screen Attin& and proved a tour de force in delivering the course in its inaugural year. Alvmnus joe Leat became Voice Tutor, expanding the department ro cover the addffional Acting Student intake. Dave Taylor joined on a fixed-term contrart in the nevAy Ireated role of Post ProductionTutor. Editor and Co-ordinator. Bryony Rutterjoinecl the School 35 stage management tutor, and Steve (Y8rien accepted the role as Head of Theatrical Pr<)duction. Xate Chaffey joined as Markeiing & Communication Officer. The addition of Stuart Harvey as Quality Manager at Easter 2022 has gNen greater prominence to the importance of rigorous academit standèrds and reporting and demonsiration of our student¥ p¥ogression throughout their time at the School. he Trustee5 continue to support the School in implemeniing changes in dNersity and support for students from different racial and ethnic groups. Thi5 work will also %￿den to include those INing with neuro-diversity and those considering their gender and sexvality. Further support has been dedicated to ensuring the emotional wellbeing of staff and students, includin8 an additional officer working to Julia Heeley, Student Support Manager. All this work continues alon85ide the normal committee5 required ofa 8overning boty, plus ones that cover estates ar property, sttjdent liaison rneeting5, specialist areas such as film an(1 telewsion, theaire production. student support and wellbein& agents and castin& and marketing and recruitment. The strategic planning group is a150 increasingly important ¢0 develop a shared wsion for the School's fvrure. Thank you to everyone for their variou5 contribution5. Bovfs's collaboration wth Bristol's Old VicTheaire has. orKe again. been valuablethis year. The School's Artistic Director Jenny Stephens continues her sirong working relationship wth Bovfs Artistic Director Tom Morris, and looks forward to working with the new Artistic Director, Nancy Medina an alumna of the School. The Patrons meeting takes place twice a year where the chairs. prinopals and art15tic director5 of both the School and 80vr meet to discuss collaborative ideas and éecide whether future ones should have some extra funding. This all feeds in¢0 rhe city of Bristol's growing reputation as a centre of excellence for the arts. B0￿S, being a sm311 specialist drama school. remains vulnerable ro the ever-growing challenges of being in higher education, parricularly in such uncertain tirne5. Reactions to the pandemic. changes to funding, the end of CDD and the financial challenge5 to students through ri5in8 living costs as well a5 Theetingtuilion fees, combined wilh growing political uncertainty provide both challenges but also opportunities for the iomingyears. However, I feel confident the School is up to the task and will continue to offer a high quality of trainin8 and value for money tts our students and continue to make a valuable contribution to the creative arts both in the UK and internationally. Guy Stobart (Chairl Chariiy No. 900280 Company Re8lstr3tion No. 02434015 Bristol Old Vic Theatre School Limited REPORTOFTHE MEMBERS OF THE COUNCIL OF MANAGEMENT for the year ended 31 July 2022 The K4embers of the Council of Management {the Cotjncill serving during fhe yeai and since the year end were as follows.. Mernber of Council Ifrusteesl G W Stobart (Chair of Trustees) L M Bowden (resigned 4lvly 20221 P C Baker J Boyle A WS Conner CMTEvèns R A Foreman (resigned 4 Juty 20221 P Macquire-samson (resigned 20 March 20231 M A Massey (resigned 15 November 20211 P A Tanner P B Eccleson13ppointed 31 January 20221 R McKen lappointed 31 January 20221 A Milne (appointed 26 Ottober 20221 V A Firzgerald lappointed 26 Ortober 20221 l Ameke (appointed 20 March 20231 The Members of the Council are also members of rhe company. Each members liabilrty in re5pert of the guarantee Is £1. Principal Artiwties The organisation'5 principal arti￿lty 15 lo train students for careers in theatre. radio. televiyon and film on a variety of courses. Review of business Both the level of actNity ènd theyear-end financial position were satisfactory. A summary of the achievements and performance during the year and its prospects for the future are set out on pages 10 to 15 of this Report. The Members of the Countil wish to record their ihanks for many generous contributions to the School s Special Funds from which grants are made to srudents during the year and for generous support of Ihe Development Appeal. The School is part of the Conservatoire for Dance and Drama ICDDI. As mentioned in the Repor( of the Chair, the School gave notice to CDD of its in(eniion 10 resign effeaive at the end ofiuly 2022. The School effectivetyceased to be a member for funding purposes from 1 Aug 2022. and ceased ro have any aaive role from November 2022 when a resolution was passed to wind up COD and CDO Subsequent￿ appointed Liquidator> Structure. Governance and Management The following corporate governance statement pro￿￿e5 information about the companls Ithe School) governance and legal structure. Principles The School is committed to best prattice in all asperts of corporare governance. It encleavours (o conduct its business in accordance with the seven principles published by the Committee on Standards in Public Life. namely selflessness. integrity. objecrivity, accouniability. openness. honesty and leadership. Governing dorurnent The School is a charitable company limited by guarantee and 8overned by its Memorandum and Arricles of Association dated 22 Sepiember 1989 as amended in Oecernber 2010. The Cornpany is registered with ihe Charity Commission Iregisiraiion number 9002801. Charity No. 900280 CrfflpanYRewStr*￿rtNO. 02430015 Bristol Old Vic Theatre School Limited REPORT OF THE MEMBERS OF THE COUNCIL OF MANAGEMENT for the year ended 31 July 2022 The Council The bu5ine55 15 managed tythe Coijncil. the Members of (he Council being the companys dirertors for the purposes of company law and the companys trustees for the purposes of charity law. Day to day management of the busin&55 15 delegated by the Council to the Executive Leadership Team. The Article5 of Association state that Members of the Council may seNe for three-year terms up to a maximum of three times. However, there is a provision for an extension in exceptional circumstances for periods of orae year at a time. The Chair is appointed by the Members of Council and may serve for up to tsvo three-year term5. In selecting Council hAember5 consideration is given to the overall breadth of knowledge required of the School's Council. Council Members who are appoinied already have knowledge of their profession or industries so do not require any technical training. However new Members receive the appropriate training docurnentation about beioming a charity trustee and company dirertor and are 81ven an induction by an existing Council Member. The Council is the governing body of the School. Within certain constrainls the responsibility for fjnancial affairs, borrowings, investments, buying. sellin& leasing and mortgaging property. coniracts and general business of rhe School is delegated to the Executive Leadership Team which compnses Ihe Principal. Artistic Direccor and Finance Diretttsr. In consultation with senior members of staff the Principal produces the strategic plan of the School. for adoption by the Council. The Council appoints the Principal, with rhe other members of the Execuo"ve Leadership Team be￿ng appointed by the Principal in consultation with Ihe Council. The Council normally meets four times 3 year at which the Principal and Executwe Leadership Team are in attendance. The Council has two permanent Sub committee5, the Finance Committee and the Audit Committee, whilst è Nominations Committee comprises members of the Council. These Committees have written terms of reference. However, ad hoc committees are set up by the Council from tiiiiv ro lime to advise the Council on specific queJtionJ. The pay of the Executive LeadershipTeam is promded wthin note 6 below. All staff are reviewed annualty and any pay increases are approved by the Finance Committee. such pay Increases reflecr a cost-of-livins adjustment. The Principal's salary Is reviewed by the Council of Trustees and benchmarked against similar roles in charities of similar size. The Members of Council examine the major risks that the School faces e3ch financial year when preparing and updating the strategic plan. The Company has developed systems to Monitor and control these risks and to mitigate any impact they may have tsn the School. These risks revolve around the level of the Schools financial support from the Office for Students IOfSI and student tuirion fees. Audit Committee The Council s Audit Committee normally meets four timÈs a wth the School's Principal, Finance Oirecior. other mefftbers of staff a5 required and the internal and external auditors in allendance when appropriate. The School also has an inrernal auditor, who also acts as an iniernal audiror to the Conservacoire for Oance and Drama ICDDI, thi5 internal audit function was in place during the 21122 financi31 ye3rwhilsr BOVfS was Siill a member school of CDD. The Audit Committee considers detailed reports from the internal and external auditors, which include recommendations for the improvement of the School's system of bnternal control. together wth management responses anif implementation plans. This Committee also receives and considers reports from the Ofs, the Charity Commission. and Ihe CDD as they affect the School's business, and monitors adherence to regulatory requirements. Further. this committee monitors the School's majtsr [￿Sk5 at each of its meetin8S. The Audit Committee is reswnsible for the chariws risk management policy which cornprise& A quarterly rewew of the principal risks and uncertainties that the chartyand its subsidiaries face.. The establishment of policie5, Systems and procedures to mitigate those risks identified in the quarterly review,. and The implementètion of procedures designed to minim12e or manage any potential impact on ihe charity should those risks materialise. CharityNo. 900280 CompanyRegi5tration No. 01430025 Bristol Old Vic Theatre School Limited REPORTOFTHE MEMBERS OFTHE COUNCILOF MANAGEMENT for the year ended 31 July 2022 The trustees consider that the major risks facing the tomparby at the end of 2021122, and suitable mitigating strategies. were.. Risk Mitigation ISfA funding will not be received from 22123 Onwards. The Changes to fvndin8 result In material loss of funding èffecting charity has therefore produced an updated five year forecast financi31 wability of (he School to model impact of funding change5 such as loss of ISTA, alihough furtherwork on this model is likelyto be needed. This model includes changes stjch as fvrther development of non- credit bearing iourses for young people and adult5, changes and adcltcions ro degree bearing courses, an increased focu5 on facilities hires to external users outside of norm£1 working hours and the appointmen¢ofa development manager. BOWS Board have agreed this proposed outline financial plan and meetin85 With staff were held in late .22 to introduce & work through consequential changes. The model includes three years of deficits which are planned to be funded through cash reseryes and releasing the value of Some of the organisation's propertyassets via mortgage finan￿n8 or sale and leaseback. Lack of succession plannin8 of Trustees lead5 to the ineffectiveness of the Council of Management. Chair recruirment on hold until Autumn '23 but taking account of Ihe expiry of the terrn of Guy Stobèrt in early 2024. 2 new trustees identified and to be proptssed In the Autumn of 2022 Work on review of T&C's and job de5CriPtions to start in September .21. Staff Liai50n Group established to assist with clarity of communication with all staff. Review of all module Failure to attract or retain high qualrty staff due to poor outcomes against delivery of prodLKtions to identify whether morale, low pay and irnp3Ct of Covid & potential forthcoming less can be done across the School. Dep3rtmer*tal Liaison changes on teaching arrangernents Groups will be formed for ELT to liaise oveT Potential change5 from financial modelling from September'22. Age, sile and location of the school's property portfolio Property Worfting Croup established to Prepare Property Strategy- inc. potential move from 311 sites. Operational risks to be managed by establbshment ol Premises Manager role. Finonce Committee The Council's Finance Committee normally meers four times a year %*th the School's Principal, Finance Director and other rnembers of staff as required in attendance. 11 reviews the School's financial arrangernents and performance a8ain5t budget, including the School's financial SLrategy and annual budget. It also reviews the operation of the Scho(A's finance function, the appointment of bankers and other financial professionals, together with personnel, premises and other matters of the School which require a financial consideration. Prlnciptsl & Chief ExecutNe Ollicer The Chief Executive and 3c3demic leader of the School is the Principal. She has a general re5pon5ibility for en5urin8 that all funds are used properly and that tn its activrties the School achieves value for money. She acts as Accountable Officer for the School. Charty No. 900280 Comparty Registratlon NO. 02430025 Bristol Old Vic Theatre School Limited REPORT OF THE MEMBERS OF THE COUNCIL OF MANAGEMENT for the year ended 31 July 2022 Internol Control Council ha5 responsibility for mainraining a sound system of internal control tha15UPPOrts the achievement of the School's policies, airns Bnd objettives. while safeguarding public and other fun¢Js and assets for which it is responsible. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies. aims and objectives. and it can therefore prowde only a reasonable and not an absolute assurance of effertweness. The sysrem of internal control is based on an ongoing process designed to identify the principal risks to the achievement of (he School's goals. to evaluate the nature and exienr of those risks and to manage them efficiently and effectivety. Council's review of the effectiveness of the systern of internal control is informed by the School's rnana8ement, who have the responsibtlity for the development and maintenance of the internal conirol frarnework, and by comments made by the Inteinal and external uditors in their managemenr letter and other reports_ Counol has contluded thatthe system of Internal control Is appropriate io the present needs of the School. Register of Interests The School maintain5 a Register of Interests of Members of Council and Senior Officers. which may be viewed by arrangement with the Company Secretary. Chonges In FixedAssets The movements in fixed assels during the year are set out in note 7 to the financial sta¢emenis. The freehold premisesar 1-2 Do￿sIde Road, and 3 Dowmside Road. Cltfton. Bristol and Christchurch Studios. 38 Portland StreeL Clifton, Bristol are owned bythe School and provide suitable aciomrnodation forcarrying on the business of the Theatre School. Care is taken to ensure that (he premises are property maintained and thai. where finances permiL necessary and up to date equipment is provided. Relcsted Portie5 The charity owns the entire share capical of 80vrs Production5 Limited and Bovfs Communications Limited which are tradin8 subsidiaries of the charity. A summary of the trading results of the subsidiaries is set ouc in nore 8 to the financi31 statements. Details of senior management remuneration are given in nore 6. The executive leadership team is considered to be the key personnel as defined by FRSI02. The School wa5 pan of the Conservatoire for Oance and Drama ICODI. As mentioned in the Report of the Chair. the School gave notice to CDO of its intention to resign effertive at the end of July 2022. Established in 2001. Ihe CDD was a Higher Education Institution ￿th a unique confederal structure. comprising six schools. of these are small. specialist instiivtions with international reputations for high quality delweryolvocational dance. drama or circus training. The School received a grant fro 0￿ through the CDD, which together wi(h siudeni fees formed the main source of income for the School in the year under review. A Member ofthe Council. mos( recently the Chair of the Finance Committee. sat on the Governing Body of the COO and the Principal sat on the ConseNatoire Execuiive Committee. A revièw of the artivities to further its charitable purposes for public benefit In planning all of the School's aciwities for the year the Coun(il is mindful of the need to provide public benefit. The School continues to increase the funds available for distribution to support students who face financial challenge5 duTln8 their training through evenis and performances that have taken place in Bristol and the West Country. Donations from indSviduals have been received tts add the School's existing studen( support fvnds linclvding the Bristol Bursary. the Christopher Cazenove bursary fund. the Louise Plowright fund. the Doiis Dibden Fund and Richard Newiti Fund). The School continues to presen( its public productions in awide range of accessiblevenues across Bristol 3t£fforcSable prices. The School has a strongyouth group. Activ8. developing theatre skills for young people," It Tuns a wide range of short courses for young people and èdult5 over the year in arting and film produaion. and runs a summer Foundarion course. CharityNo. 900180 CampanYRe0#Yar￿n No. 02430025 Bristol Old Vic Theatre School Limited REPORTOFTHE MEMBERS OFTHE COUNCIL OF MANAGEMENT for the year ended 31 July 2022 The School continLtes to be connected to the BFI Academy scheme through its annual eveninglweekend Film Production iourse for young people aged 16-18 from the local region. although work on this was suspended in 21-22 due to staff workload. As part of the CDD the School is aware of irs requirement to be cornmitted to ensuring Its actiwties are for the public benefit. The CDD has artiiulated the core elements of its public benefit as the following: producing exceptional art15ts who Shape the future of dance, drama and circus atts fostering ialent and creatiwty through worldotely this w35 not a5 satisfactory as being present in the room. There were also pieces of work and modules that had not been completed in the previous academic year that had to be undertaken Isuch a5 rhe Children's Thearre Modulel which created even more activity and so put pressure into the academic year. We were thrilled to have internationally renovmed director Emma Rice and her company Wise Children working in school with our students to cover the delayed Childrens, Theatre module. In spite of the challenges. 2021-22 was a successful year with students completing modules and achieving their degrees. Staffing and Teaching One aspert of Ihe long shadow of Covid wa5 that there was substsntial staff churn in the year. The Director of Acting Courses was new to role. a5was the Head of Music and Singin& the senior actingtutor. the Produrtion Manager. è Stage Management tutor and the Course Leader for Directing. There were also changes in the non-ieaching s(aff_ During the academic year the ne￿Y appointed Production hAa￿ger left ènd was replaced by a series of short-ierm appointmenis before a subsianiive appointment wa5 made. The Produtfion Coordinator role was also fulfilled through 3 series of short-term contracts. adding further strain to the produiing funrtion at the theatre school. The Course Leèder for Writing changed mid-way through the year. However, appointments made during the latter part of the academic year Iincluding the appointment of a full-rime Quality Manager) means that the Scho￿ is entenngthe 2022-23 academicyear in a much Sieadier state. The Acting 8A (Honsl course was substantially re-written to take effect from 2022 (for new studerbtsl. The Shaping of the produttion rhythm has also been modified. to take effect from 22-23. to allow for more teaching time. Teaching and learning was back in per50n, although some elements had to be modified early in the year. Voice work and singing had to be adapted, and zoom ri85 had to be set up for Indiwdual srudents who contracted Cowd and so could not come in. The Screen Actiri8 MA course launched in 2021 - 22 and is a very popular part of our portfolio of courses. Charky No. 900180 CompanyAerJstraiiOn No. 02430025 Bristol Old Vic Theatre School Limited REPORT OF THE MEMBERS OF THE COUNCIL OF MANAGEMENT for the year ended 31 July 2022 As a conservatoire, our teaching is through practrce and the culminarion of this is in prDductJon5 on stage and for screen., details of these produccions are below. Productions on stage Inluly 2021 we presented two London Showcases ofgraduaiesfrom our Acting tourse5which had been delayed,. we mounted a showcase at the Criterion fheatre for both the 2020 and 2027 graduating actors from the BAIHon51 and FdA cour5e5. This was something rhat we had promised the 2020 graduates as (hey left suddenly and wth restriction5 making an earlier event impossible. Graduates of the MfA Acting course from 2020 and 2021 had their own showcase in September. International students can now stay in the UK for ￿0YearS after ￿adUatIng and mosr avail themsefves of thi5 rule change. This rule change has Substantial￿ increased the amount of work around launching these students tothe UK industry. Both the undergraduate and post-grad showcases were successful, although atterKlance was down on usu81 pre-covid years. Produciions and tours ran throvghoui the year. In the aurumn ferni Ehere were two Nativity tours, performed by our middle year acting students. and rwo productions of Shakespeare plajs performed by final year atting students. Students from the Costume and Production Arts courses also worked on these shows. T4e first ofthe spring term TIE shows Isuffimyond Th*Seo Morgan% an especially vrritten local storyl was impacted by Cowd and was live streamed to schools rather than toured to them. This had rhe advantage of giwng ihe production greater geographical reach. The second school's tour (The Red Shoes. again especially written for bovrsl was in person. A version of Pride und Prejudice wès performed at a new venue. The Mount Without, whilst other 5tuden¢s worked on a production of The Lost Dcys ofjudus lscoriotat the Old Fire Siatitsn In the city centre. Sec in a New York version of purgaiory. the play is a darkty comic COLJrt-room drama examining Judas's actions. Neither of these venues is Ideal.. The Moun( Without had inadequate heating and there were issue5 Wth their fire regulation compliance. whilst the Old Fire Station has poor front- of-hou5e facilities. Both of these venue5 were non-tradition31 theatre spaces and consequentty added e￿ra dernands to our produclion resource. The Summer Term was exceptionalty busy. We produced 8 short plays over weeks 2 & 3 of term lin 4 double blllsl which formed 7he Directors Season, at the Wardrobe Theatre. Tliese were led by OLJr directing rtudÈnts and involved all 28 gradtjating Hctin8 students as well as students from Prodtlrtion Arts. Costume. Design and Voice. The final year actors were then in two new lor nearly newl plays in repertoire at Bristol Old Wic,. Newfrock was a new musical by Kit Bunsv4* require for our audi¢ or the rrustseswere notentided to preparethe finaftcial staiements in accordancewih (he 5rnall cornpanie5 re8irne an(1 take advantage ofthe sm311 companies exempiion In preparin8 director¥ report and take athiantage of the small tompanie5 exemption from the rÈquirerThpnt to prepare a str8Lewc report. Responsibllltles of trustees As explair*d r￿re fully in the Slaternent of Mernbets of cOu￿r$ respongbilities ser wi on page 15, the trustees Iwho are a150 the direiiors of the pa￿￿1 chaniable cornpany for the puip05e5 (bf cotnpany lawl are responsible fer the preparation of rhe financial sraiements and for being satisfied that they 8we a true and fair ￿￿. and for su intludin8 fraud. The extent to wtwch ou procedures are capable of detectin8 irre8ularitie& includirY6 fraud i5detailecJ belovr_ We obtained èn undetstanding of the k8al and regulatory frèmewoths applicable to the group and parent thaiitable company and the sector In whiih they operate. We obtained an under51atKling of h(yw the group and parent charitable cornpary is complwn8 Wth rhose le8al and re8ular¢ry fraffiework5 by making enquiries EO manasement. We assessÈd the susceptibility of the financial statements to material rnisstaternen( including h¢)w fravd mi8ht occur. Audit procedure5 performed bythe en88Bementteam includeo.. identi￿Th8 and aSSes￿n8 the Oe9gn effeci+veness of controls rnanaBement ha5 in place to preventand detect fraud-, undÈrst8nding howihose charged wthgovemance conydered andaddre5sed the potentialforoverride of conriolsorother in8ppropriaiÈ Influence overthe financial ceporting pro(e55.' challenging assumptions anLI JLKl8erT*n15 tnade by rr￿nagement in its signifKani accounting estimates,. identityng and tesiingiournal entries. in parricvlar any unusual ￿￿rnal enTrrie% and assessing the e¥rent of compliance ￿[h the relevant lav*S and re8vlatk)ns. 8ecavse of the inherent lirnitatK)ns of an au¢Jir. there isa riskthatwewll not detert all irregularities. Including those leading to a rnarerial missiatemeni in rhe financial 5taternents or no￿￿Ompli8n{e wth regulation. This risk increases the rnore thai cornplianie wlth a law or re8ulation is removed from the event5 and trans3rtions refietted in the financlal statement& as we Will be less likely ro becorne aware of instances of non-complianie. The nsk Is also greater regarding Irregulant*s occurring due 10 fraud raiher Ihan error. as fr3ud involves Intentional concealrnenL forgery. collusion. omtsgon or misrepresentat￿. A further descripiion of our ressy)nsibilit*s 1$ availa￿e the Financial Reporting Councif5 web5iie ai.. https.'lA%￿.f[c.0r%.Uk1oUr- WorklAuditlAudit-and-a55ur6nceistandards-and-guidance/Standards-and*uidance-for-audiror￿Auditor5-fe5pon5lbllitieS-fQT. 4udiUOescription-of.3u(fitors-responsibilities-for-audiLaspx. This descripMn forrns part of our auditorf5 rerM)rt Charity No. 9ooz80 CompaDyReOsttstlQn NO. 02430035 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE COUNCIL OF MANAGEMENT OF BRISTOL OLO VIC THEATRE SCHOOL LIMITED for the year ended 31 July 2022 Use of our report Th15 report is made scAely to the charitèble parent iornpanystrustees as a boty. in KioriJarKe*ith Pan4of the CharitiesiAccoun15 and Reportsl Regulations 2CA18. Our audir work has been undert3ken so thatwe migh1518te to the charitable parezki compatys vustees those matters are required to stale io them in an auditorfs reportand for rm) other purpose. To rhe fullestextent permirteos by law,we do not accepr or assume ressx>n&biliry to anyone other than the charitable parent company and the charitable parent company5 Irustees as body. for our audit work. for thisreport, or for the ownions* have f0M￿d. Stuart Crisp Bsc FCAISenior Ststurory Audltorl Forand on behalf of Corrigan Accountants Limited Isratuioryauditorsl First Floor 25 Kln8 Street Brisrol BSI 4PB Dale- 14 April 2023 Corri8an Accountsnts Limlted Iseh"gib* to artas ￿ auditor in termsof section 1212 of the Companies Att 20)6. CharltyNO. 900280 Compary Aegi5tration No. ¢243LT025 Bristol Old Vic Theatre School Limited CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES lincluding an Income & Expenditure account) for the year ended 31 July 2022 CONSOLIDATED STATEMENT DF FINANc￿L ACTNITIES Unre5Lricted ResirKfed 314ul 2022 Total fvnds 314ul Z022 Toul fund5 314ul 2022 2021 Nore INCOKING RESOVRCES Danations and le8acie5 Charitsble actiwtiÈs her trpding activities Incorne frorn Inve5trnents 915,886 2,663.150 8.099 32,114 31.820 947,7r 2,663.150 8.099 50,237 898,142 1071,647 39.792 10.537 18.123 TOTAL INCOME 3.619.249 49.943 3.669.192 3,020.118 RESOURCES EXPENDED Expenditure on rassing funds Expenditurè ¢n charitable a¢tw￿leS Costs ofcommerciè1 Irèdin 216 3.254.723 5336 80.874 5,552 3335.597 698 &300 2,931,781 2.577 TOTALEXPENDITURE 3.255.637 86.210 3.341,847 1939.658 Net incomellexpenditurel before investrnent8ains 363.612 136.267> 327.345 80,460 Net1105se5llgalns on Investmenis 7.689 95.883 NET INCOME 363.612 {28,5781 335.034 1?6.343 Transfers between fijnds TOTAL FUNDS BROUGHT FORWARO 4.974.7n 2.242.998 7.217.770 7.ts11.427 TOTAL FU14DS CARRIED FORWARD 5.338.384 1214.420 7,551804 7,217,770 The Siatemeni of ￿n)￿{la1 Actiifities includes all gains and k)$5es recogn￿ed in the year. All incoming resources and resources expended der￿* frorn continuing oPeratK)￿. The accompanyng accounting polKies and notes loim an w)tegral partofthe financial siatements. Chanty No. 90028a ComparyRegistratk)D No. 02430025 21 Bristol Old Vic Theatre School Limited CQNSOLIDATED BALANCE SHEET as at 31 July2022 CONSOLIDATED BALANCE SHEET Group Unresrricreo funds 2022 Group Restricted runds 2022 Group Total hJnds 2022 Group Total fijnds 2021 XED ASSETS Tan8ible assets vesiTnernts 4.7*378 810.463 909.645 S,606.841 )9.645 5.691.682 907.292 TOTAL FIXEO ASSErs 4796.378 1.720.108 6.516.486 s98.￿4 CURRENT ASSETS Debtors Cash ai bank and in-hand 49.728 1,143,484 49.728 1.637,796 47.588 1,525,835 494,312 1.191212 494.312 1.687,524 1.573.423 cRED￿oRs". amoun15 fallin8due 45iihin oneyear 1485.6521 1485.6521 16717631 NET CURRENT A55ETS 707.5f4) 494.312 1.201.8T2 900.660 Total asse15 less current liatslities 5,SO1938 2,214,420 7.718,3S8 7,499.634 CREDrroRS'. amounts falling due one year 1165,5541 1165,5541 1281,8641 TOTAL NET ASSErs 5,338.384 2,214,420 7,552,804 7,217.770 FUNDS OFTHE CHARrrY Restricie¢J Incoffle fvnds UnresirlcteLI funds Revalu3tion reserve 13 2.214.420 2,214.420 2,931,192 2.407.192 2.242,998 2,567,SBO 2,407.)92 1931,192 Z407.192 TOTAL FUNDS 5.338.384 2.214.420 7.552.804 7.217.rio The irusiees have prepared financial statÈments in arcordarKe ￿th sertion 398 of the Companies Acr 2W6 and 5ecrion 138 of the Chari¢ie5 Act 2011. These financial statements are prepared in accordènce ￿th Ihe special prowsions of Part 15 of the Companies Aci relaring to small companies and constitute ihe annual accounts required by the Cornpanies kt 2(¥J6 arKI are for circulation to members ofthe company. The accompanwng accounting pokies and notes fomi an integral part of the ftnallcial statement5. The financial 5taiernen(s on page5 2110 39 *tre appro¥ed and a￿l￿riSed for tssue by the Members ofihe Councll on 14 April 2023 and si£ned on their behalf G W Stobart, Memberof Council F E Purcel. Principal & CEO Ch3rityNth 900180 (ornparty Re>5tration No. o?430025 Bristol Old Vic Theatre School Limited CHARITY BALANCE SHEET as at 31 July 2022 CHARttY BALANCE SHEET Charity Unrestricted rund5 2022 Chanty Resiricred funds 2022 Charity Toial fvnd5 2022 Charity Toral funds 2021 FIXED ASSETS Tangible assets Investments 4796.378 21.LKKJ 810.463 9.645 S606,841 930.645 5,691,682 928.292 TOTAL Fi (18.0341 S.105 11%6421 S105 115.642) 118.0341 IZ1391 11795)7) 1&528 145fi56 551 {179.4461 IS838 14S656 %084 cash used in operatin8èrtNiUes XQ127 351.941 21Q914 349.251 b)An3ty￿.SOfChaTr8e5IDdebL At31fv Cash Other (hènges 2022 Cash at bank and InhaThd Debtsduewithinoneyear Debtsdueafteroneyear 111.962 124.182 12fffj) 1.637.797 1116,5781 {16SS541 1124.1821 .1281.8641 111&5781 116.578 1.119.789 235A76 lJ55f65 Charity No. 900280 Campaty Regtstr3tiOnNo. 0243c￿ls Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2022 ACCOUNTING POLICIES (a) Basis of preparation The finanii31 statements have been prepared in actor¢Jante wth Accounting and Reporting by Charities.. Siatemenr of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable to the UK and republic of Ireland (Charities SORP IFRS 10211. the Financial reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Companie5 Art 2006. Bristol Old Vic Theatre School Limited meets the definition of a public benefit entity urbder FRS 102. Assets and liabilities are initially recogni5ed at historical cost or transaction value unless otherwse statèd in the relevant accounting policy note£sl below. (b) Preparation of rhe accounts on a going ioncern basis The charity reported a net cash inflow of £114,74912021.. £508,9641 for the year and £1 11.962 {2021.' £511.$641 on group basis. The trusrees are of the Mew that whilst the organjsation plans to record a deficit for the next financial year as a result of no longe¥ receiving IsfA hJndin& adequate reserve balances of cash, and property assets. the value of which could be released Vra mortgage financing or sales and leaseback, together wth the current level of student fees income will allow the charity to repay irs liabilities as rhey fall due in the twelve month period Irorn the date of approval of these financial statements. In addifion whilst student numbers per course will remain the same for the 2022-2023 academic year, the intention is to Inirease the number of internaiional ￿udentS on several courses which will give rise to addiiional income based on the higher fees that are charged ro international students. Addiiionally, the school plans to increase its offenn8 of non4e8ree bearing short and youth courses in 2022-2023 to bring in additional revenues. In June 2022 the School signed a fjve-year Academic Agreement with UWE. this coupled wilh rhe other CDD member schools 8aining self-regisiration wth the OFS. mean5 that COD coul¢J commence its wnd dovm in August 2022 with Bovfs able to share in the dispersal of the CDD reserves in the 22-23 year. The school will continue its planning proce55 and issue an updated fwe-ye3r plan in 22-23 de￿OnstratIng a retum to surplus by the end of the plan period through an increase in aCt￿lty in both degree and non-degree beèring courses. (c) Group financial ststements The financtral statemen(s consoltdate the results ofthecharityand its wholly owned Sub￿"dIa[1es 60￿s Communications Limited and Bovfs Productions Limited on a line-by-line basis_ A separate Staiernent of Financial Actwities (including a Income & Expenditure Account) for the charity has not been presented because the charity has tsken advantage of the exemption afforded by 5ecfion 408 ofthe Companies A(t 2006. Id) Related partytransactions The charity has taken advantage of Ihe exemption in FRS102 not to di5c105e transartions wth gioup companies which are eliminated on consolidation in the group financial statements. Fixed assets (e) Fixed assets ale initially recorded at cost. Depreciation is calculated $0 as to write off the cost of tangible fixed assets. less their estimated residual values, on a ￿raight line bays over the experted useful economic lives of the assets concerned. Plant and equipment over the value of £].[￿ ￿ depreciated at 25% per annum. Smaller items of plant and equipment are written off in the year of acquisition. Charity No. 900280 ComyDy Registration No. 02430029 Z5 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2022 The charity has taken advantsl8e of the tTan51tional arrangements in the adoption of FRS102 by electing to report the charitys freehold land and buildings 3tiheir fèir value as determined by professional chartered 5urveyor5 as at the date of transition, being 1 August 2014. and to use this value as their deemed cosi cèrrred fotward at that d3te (see Note 71. Under FRS 102. the School is required each year to depretihte its freehold property- In managing the property care is taken ro ensure that rhe prerni5es are properly maintained ro provide suitable accommodation for carrying on the business of the Theatre School. These maintenance costs are written off in full in each yearfs financial Statements. The Members of Council consider the useful ecorborrbic lives of the listed buildings to be at least 50 years and on this basis lafter excluding non-depreciable landl tanyj'ble fixed a55ets are depreciate¢J on a straight-line basis over their estimated useful lives as follows Freehold Land Nil Freehold Buildings 296 ifj Incoming resources Incomin8 resources are recognised in the financial statements on the followin8 basis: li) Producrions Income frorn rheatre admission fees is included in incoming resources in the period in which the relevant produttion takes place. {ii) Donations and grants Income from donations and grants. including capital granrs. is recognised when the charity has entitlement to Ihe funds., any performance condifions have been met.. it is piobable rhat the income bwll be received., and the amount can be measured reliably. (iii) Tuition fees Fees receivable ènd chargesfor the seNtes are accounted for in the period in which the services are prO￿￿e￿. Igl Interest receivable Interest is reco8nised on a recewable basis. {h) Operating leases Rentals payable under operating leases are Charged on a straight-line basis over the lease term. Resources expended Expenditure is reco8nised when there is a legal or constructNe obligation to m3ke a payment to a third party. Contractual arrangements and performance-related grants are recognised as goods or services are supplied. Other grant payments are recognised when a constructwe obligation arises that results in the payment being unavoidable. Costs of generating funds are those costs incurred in aitractingvoluntary income. and those incurred intrading activities that raise funds. Charitable activsties include t#)th the dir￿( costs and support cost&relacing to those actswties. Goverrhance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and ststuiory requirements. Pension scheme5 The company operates a defined contribution pension scheme. The amoun( charged to the SOFA in respect of pension costs is the contribution payable in ihe year. Charity No. 900280 (wp•)y RegiStrat￿n No. ou30025 26 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2022 (k) Forelgn currency translation Monetary a55ets and liabilities denomtnated in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date. Transactions in loreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statemeni of Financial ActMtie& Fund accounting General funds are unrest¥icted funds which are available for use at the (Jiscretion of the trustees in fijrtherance of the general objectwes of the charity ènd which have not been designated for other purposes. Oesignèted funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set in the notes to the financial Statemen Restricted funds are funds which are to be used in accordance with specific Yestriitions imposed by donors or which hève been raised by the charity for particular purposes. The cost of raising and administerins such funds are charged against the specific fund. The aim and use of each restritted fund is set out in the note5 to the financial statements. (m) Investments Listed shares are valued at market value at the balance sheet date. Unlisted shares in subsidiaries are valued at cost. Unreali5ed Sains and losses represent the movement in marker values during the year and are charged or credited to the sraternent of financial actiwtie5 based on iheir market value at the year end. (n) Key management personnel The Members of the Council of Management. who are the companys directors and charitys trustees. consider that the senior management ream comprises the key managernent personnel of the School in charge of directing and controllin& running and operating the School on a day to day basis. All Member5 of the Cotjncil of Managemenr gwe their time freely and recewed no remuneration in the year. Detai15 of Members of Council of Management expenses and related paty transactions are disclosecj in noie 6 to the accounts. The pay of the senior management team 15 rewewed annually and may be increased in line with inflation or average earnings. In view of the nature of the Iharity, the trustees may benchmark the pay of the senior management team gainst other schools of a similar si2e and nature. (o) raxation The charity 15 exempt from tax on income and gains falling wthin settion 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gatns Aci 1992 to the extent thai Ihese are applied to its tharitsble objects. Chadty No. 900280 Company Rey)stratK)nNo. 0243OQ25 27 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2022 Ip) Debtors Trade and oiher debtors are rerognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taktng account ol any trade dis(ount5 due. {q) Cash at bank and in hand Cash at bank and cash in hand incluées cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditor5 and provisions Creditors and provisions are recognised where Ihe charity has a present obligation resulting from a past event that will probably result in the tiansfer of funds io a third party and the amount due to settle ihe obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amouni after allowing for any trade discounts due. Concessionary loan5 Bank loans and concessionary loans which are repayable in more rhan one year are init131ly recogni5ed and measured t the amount received. The carryng amount is adjusted in subsequent yeèrs ¢0 reflecc any repayments and accrued interest. (t) Financial in5lTuments The charity only has financial assets and financial liabilities of a kind that qualify 35 basic financial instruments. The related accounting policies ale described above. LEGAL STATUS The charity is a company limiied by guarantee incorporatèd in England and Wales and has no share capiial. In the event of the charily being wound ijp. the liability in respert of the guarantee is limited to £1 per member of the chèrity. Charity No. 900280 Comp3nyReg15tration 02430025 18 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2022 ANALYSIS OF INC.OME Unrestricted funds 2022 Restricted ful￿$ Total Unrestricred funds funds 2022 2021 Resrricted funds 2021 Total funds 2021 Donations & legacies Donations & grfts Gift aid Le8acie5 Grants recelved from ors throvgh CDD-. Core funding Higher educarion innovabon fvniJ Research fund Capital Invesiment fund Widening parriciparion 8rant5 Grant5 received from BFI Kickstarte¥ Grant 9.970 31.820 41.790 1674 45.415 48.089 785.796 ?(M>.529 785.796 70).529 715.?08 83.&82 715.ID8 83,082 4.37S 21.013 9,475 17.IM)O 4.375 21.013 9.475 9.475 9.475 17,OOD 5.116 116 915.886 31,820 947.7C 831.352 66.790 898.142 ChaTirable actwities Students IUKIEU only) Conservatoire scholarshtp scherne.. Tuiiion fee discounts Cash bursaries Students (non UKIEU Intern3(ionall Audiiions & interwewfees Theaire skills. youth & aduli courses Production income 1ma675 1.87&675 1,697.075 1.697.075 180.8921 580.712 54.575 151.802 78.278 180.8921 198.6WI 389.235 198.6001 389,235 53.Y8 29A17 S72 54.575 151.802 78.278 29.817 572 2.663.1 2.663.1 Y) 2.071.647 2.071.647 Other tradin8 adurtion Adminlstration 25 21 16 41 Charityt40. 900280 Cr*npanYRegiStrai￿nN0. 0243OOJS Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2022 TANG18LE FIXED ASSET5 Link Portland Streei Freehold13nd and buldh8S Road Rowj Toial Vavotionlcost 11 Augusr 2021 Addirwjns 1,7YI( 1.W,451 1.091￿Co Ifa451 AI 31 JLty2022 1.79).(KN) 1,4(Q( 1.960.451 1.0￿.(￿)) 16Q451 OeprecBtion r 1 AugusE 2021 Charge forrheyear 91.lJY) 235254 srA.254 iiox) 12.roj 39.209 14.orJ) Ai 31 ILly 2022 104.C*XI 274.463 112.or 586.463 Net bookvalue al 1 Augusc z021 1.652 1.72&197 95IOCK) 1652.197 Al 31 Juty 2022 i.64&(b) iJ04.C 1,685.988 938.OOD %573.9B8 For the purpose5oftransitiM toFRS102 the [￿et￿)I￿la￿dw￿ tyjik1￿gSk￿￿a5 1-2aTrfj 3LknYn5ide R¢Jadarf£orn8n5101wwere4ahJedon an exisiin8use b3515a5 ai 31luty 2014byAWerKin& Chartered ￿￿￿or53t £1.75ofiJiaThd E1.4CQCO)respettNety. The freehO￿s L4nd and bU1￿1n8$*I* PortL3nd StreeLarfton. &Istol￿*re¥8hjtsJ on•) e¥i%insusebasson 31juty2o14￿Aoer￿wChartered Survtyorsat £1.050.LKKX TheneA Lhk 8LiI(In8hasbeenv*uedar¢ox ￿Cerhe￿o$t5weTe￿K￿￿edther1htI1810aIl￿￿tKJn to FR5102. Srage equymert Comwi¥ equipment Plant &equiprDent equipment Tot Cost At 1 Avsust 2021 12&428 121 302.724 A￿alt￿nS &975 20.954 sposa15 Al 31 TrJly 2027 I￿428 fA473 131827 3￿.678 DeprEan5 payable by instalmenES Included w4thin currenr liabllit*s 2B2.132 111&5781 281132 1116.5781 406.046 1124.1821 1124.1821 165.S54 281.864 165.554 281.W Bank loan instalments due after fve years There are two bank bans. The Ilrst i5 WIth￿l1(a BankLfiJ and ihe principaj 15 chaiged ar 11875% above 3 month LIBOR Icurrendy4.47961 P8yable quarterly in arrears. repayable in equal arnounts over 1￿￿tyYears frorn March 2fy)5 and secured by a first legal charge aver the Oownsidt Roaé properrvds. The 5ec¢nd bank toan of£250.00) taken out %%ith R8S under the Government backed CBILS scheme. No inrerest was pèyable in the rst 12 month5 but is nowcharged at 2.0￿ above base rate (CUrrenty42￿￿ Repayments started in November 2021 on a monthly basls over 3 fiveyear period. REVALUAFION RESERVE Group and charity 2022 2021 Brought Forward Revaluation for the purposes of ¢ransitkJn to FR5102 Z407,192 2,40?,192 Carried Forward 1407.192 2.407.192 IhJrity No. 900280 companyRepst￿ti0￿ No. 0143Q025 Bristol Qld Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 3 1 July 2022 RECOMCILIATION OF ￿loVEmENTs IN F￿NDs GROUP ljNR￿T81￿EO FUNDS 2022 General Fund Cawtal Fund Studeni Jihlin8 Fund Arti5ti( FL*nd Reval'n ftes￿e Fund Fund U￿r￿n￿e Af 1 AuBu5t 2021 lnc0min8re￿U￿CeS Re50uries 719M2 1614J49 Ol724 Imqoxj I￿.[ It4Tr.192 4.974.772 3.619.249 expended Trafj5fers (1247A%I 11.741} I3￿5.637) Revaluatkin At 31 Juty2022 i.oa%98S 23J43 29.i*J 691n4 1.WCOJ 2.407.192 &338.384 2021 At 1 Au8USt 2020 Incomingresources Resources 62&1fy) 191&641 X9rfJ 1407,192 4,879,772 1937.654 21.013 expended Transfers Revaluation 128a109] (11.745 1 11842.654) At 31 Juty 2021 719.632 26ffj84 29.14) 691724 1.fXIQ(fll 2.407.192 4,974,772 TheCovncilofMana8ement ha5dewated fundsfrorn rhegenwa1r￿l￿e5forthe￿bJ￿￿*￿jrp SEvdeni FuThd- thisfund has been deygnated io prDvideaddi(wy¥l￿ppOrT fOrthe￿)of$StUd￿$OVer￿d abovethoserexrttedfundspwded foT rhe saffle pu￿Se iosupp(xr5tudent5facin8fir￿￿ck71d￿w. Buildin8 Fund- this fund 15forihe￿n8termrnèkntQnance￿*j Irrwtr4ementofthechW5 freeho&fj pfopert*5. Foll)￿n8theres￿1[5QfIhL1Yezr no transfer wasmadeto this fvnd from lher￿eT￿l Fund. Stability Fund- this fund Is Intended to pro¥tdeacompteie term¥expendkure￿ theeventofa matrJrb5sofYKome.Thisyeafsfiguresequaieto appfOXimatdyÉlM.aAd so iransferhasbten madefrOrnG￿￿3l￿￿)o$1htsYe¥. Arrist* F￿d- th6OJnd has beendwnated to enablethe tharKyto res&ryrth pro8r*ntt*mSUPPOrtolKsobJect& CapKal FunLI.thls fundrtpre5ents thethe urbarT￿n￿edfijTr￿SfrornOFsproYIdelIf0rth￿￿YrhJStQfia￿1￿as5ets￿Ithith we be¥￿depre￿atedaI 2516 per anntsm on a siraght line basts. TheGroupGenera Fund IntludestwatNeteseNesfr4)Ybthe twowbsAl**sof£14.46612021'.£14429>. CharityNo. 900?80 (¢¥t￿nY Registration NO. 01430025 35 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2022 ARITY ANDGROUP REsrRicrED FUNOS spe￿01 r¥ènts Total Re#rttted 2022 Fu fvppeal 1 Au8USI 2021 1.3W55 4.37S Z241998 Incoinin8re50urtes 943 4%943 Re50urcesexpended Gfbnt$4wtrded 14.375 ) (57.6S1 1 (57.6511 Ga5Th5111055esl OD iDvtstrnents m)rtisatKJn{irtluiewiih buikJin8depreciarvJni iia8481 At31 Juty.2022 1.391( 821.420 Z214.420 S[￿j￿1$h* Fund Speoal Grants Total 2021 Resinned At I 2020 i.>ll539 8S9.116 1161.655 In {9D4.80n At 31 I￿y￿21 IJ9&355 4375 4989.202 7.232.2LII Wheretheabovefundsarerepre5ented by uTrYertyY%b*ikb*ncexthesebaance5we Ma*7kn￿td insewatebank accounts*therethedoThorhas 5pec*1c￿ty requested th& In ol otherrases.ihe bank b*anceswexonsc4d4ted in orderro ¥h￿The maxv7wmrewmM t￿{ho￿ty￿a$se1s in ierms ofinrere# lecew3b￿. LEhSE COMMITMENTS Land & ￿j•￿1￿85 Ptsnt &fflachinery 2022 2021 Cofflrn¢mernswthnoneye* 1&9)3 1&503 Comrndtm•)1sbetween Iv403nd fveyears 111 &244 24747 Comfflltmenisafterfveyea Total ￿t￿reCOMm￿Ment iiz 1419)0 24747 41.2 Therenialpaymentsreco8rI5ed a5an expErne in theye¥¥4we£4&yJ3(>J21.'£4&Y)4 CharityNo. 91Tr028o CompanyRegistr3tts)n No. 02430025 37 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2022 NET INCOMEIIEXPENOITUREI Group and charity Net Incomellexpenditurel is slated after char8ingllcrediting)'. 2022 2021 Depreciation- owned assets 10&795 110.951 DirKtors' remuneration Audit fees Audit services Tax serwces other semces 1260 Operatlns leases- land and buildings Operatin8 leases- equipment Klart8a8e interest payètle 30.LKX) 1&503 16.X)3 1.534 1.799 FINANCIAL INSTRUMENTS Financial instrurnent5 measured at 3rn0rtised cosr comprise the loan financing from ￿lIca 8ank Ltd and a CBILS1ts3n from RB& Group and charity 2022 2021 Amounts pay8bl& falling due %4rhln ofte year Arnounts payable falling (tue vAthin M to fNe years Arnounts payable falling due after five years 11&578 165,SY 124.182 269.364 12.50) 281132 406.046 The fsetals of loan financing aregfven In note 11. The market riskfacing the charityis Ihai Iniere5t rates have risen in recent Tnonths and are widdy expected to remain at rurrenr levels in rhe short rerni at leèsr. The Member5 Qf Counol consider thatthe risk in interest rates having a rnaterial irnpacl on the Charity i51ow. Charity No. 9OOIBo Company ReEiStratkJn No. c2430025 38 Bristol Old Vic Theatre School Limited NOTES TO THE ACCOUNTS for the year ended 31 July 2022 RELATED PAR1VTrANSACnON£ The Charitylsa MemberoftheConservAtoirelorOanctaid (knmal(ODI.TheCLL)receNeshi8hereducat￿n fiJnd￿8frOM Ihe(hSandd$irtbutesfvndingto rheCDOK4emberkhools.TF* CODisasepar•te*galthtityanddoesrwX ¢onr(OltheChaw.￿tthecharit￿S4c￿￿1TesubjeLt to ar)opetstingè8reement nd financial memora)dum. Durlngtheyeafunderrev￿.cDDr￿leNed and￿￿ributed￿h1TrdwBa5to1￿￿. Corefunding hereth¢atK)n &ln0Vat￿1n fund ReseaKh fund Capital ￿ve￿[ne￿¢ fund ￿￿enin8Part￿Pat10ngraTrts 71SI1 1(fj.529 4375 21.013 %475 9.475 BU053 anceduefrom theCowNatOire Inhmaiion re8ardin8VUStee¥ experwand rtmui)er3tkn Èdtsthsed in note& ACCESS & PARTICIPAnON tXJrn8theyeartheChaiity incurredthelokn4in8exkwwJKuoth perW*ceofctKrs￿tesSanO ￿lOpal￿)np1an approved tyTh5'5 dlreaoroffalracce5sand partlop81￿I). Actessin4festment'. (￿treaCh¥￿>￿V•th Schoo￿￿￿y¢JuTh￿peOple Is Finanaal 5UPPOrt'. Support forcwrenrstudent51a(adernKand pasto￿) Jpport fordsknled students Hardship￿rdS SuppxlorproErtslon from HE kntOempkn￿l iU78 11. 11919 1158B gaffingand&lmin&ratkn 51710 SI6￿ (mduded ￿ total saLin25&wage5- see llDte61 177.963 CharityNO. 900280 CompanyAe&strdth)n r40. 02430025 59