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2025-07-31-accounts

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Company registration number: 02430025 Charity registration number: 900280

Bristol Old Vic Theatre School Limited

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 July 2025

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Bristol Old Vic Theatre School Limited

Contents

Legal and Administrative Information 1 to 2
Report of the Chair of the Trustees 3 to 4
Report of the Members of Council 5 to 25
Independent Auditor's Report 26 to 29
Consolidated Statement of Financial Activities 30
Consolidated Balance Sheet 31 to 32
Charity Balance Sheet 33 to 34
Consolidated and Charity Cash Flow Statement 35 to 36
Notes to the Financial Statements 37 to 56

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Bristol Old Vic Theatre School Limited

Legal and Administrative Information

Constitution Bristol Old Vic Theatre School Limited is a charitable company limited by guarantee and a registered charity governed by its memorandum and articles of association. Charity number 900280. Company number 02430025. The Members of the Council of Management (the Council) of the charitable company are its trustees for the purposes of charity law. Members of Council G W Stobart (Chair of Trustees) (resigned 16 September 2024) I Ameke (resigned 1 October 2024) P C Baker A W S Conner (resigned 10 June 2025) P B Eccleson (Appointed Chair of Trustees 16 September 2024) R M James F Lloyd R McKen (resigned 7 October 2024) A Milne (resigned 29 September 2025) L Robinson (appointed 16 September 2024) P A Tanner A E Thomas K M Wilson (appointed 24 March 2025) Secretary F Francombe (resigned 20 October 2025) B Frost (appointed 20 October 2025) Charity Name Bristol Old Vic Theatre School Limited (also known as BOVTS) Principal & CEO F Francombe (resigned 31 August 2025) Principal S Harvey (appointed 1 September 2025) CEO T Beasley (appointed 1 November 2025) Director of Drama A De Souza (resigned 5 September 2025) Director of Studies S Harvey (resigned 31 August 2025) Head of Finance B Frost (appointed 20 October 2025)

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Bristol Old Vic Theatre School Limited
Legal and Administrative Information
Registered Office 1 - 2 Downside Road
Clifton
Bristol
BS8 2XF
Bankers The Co-Operative Bank plc
PO Box 250
Skelmersdale
WN8 6WT
Solicitors Veale Wasbrough Vizards
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA
Auditor Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

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Bristol Old Vic Theatre School Limited

Report of the Chair of the Trustees for the Year Ended 31 July 2025

My second year as Chair has been one in which I feel the School has begun to reinvent itself and where a path has been laid to financial sustainability. The Accounts show a financial loss for a further year, but we remain a School making outstanding cultural contributions locally, nationally and internationally, and we are confident that our future plans mean that we will continue to do so, and within a sound financial framework. Our graduates continue to find work in some of the finest creative institutions in the UK (such as the National Theatre) and work with some of the World’s best professionals (such as Nicholas Hytner).

The achievements of our students this year have been outstanding. They continue to win prestigious national awards and exceptional professional roles:

• MA Drama Writing graduate Lois Vohra has gained a place on the prestigious Discovery Programme, a writers’ development scheme in association with Kali Theatre and Bradford’s Theatre in the Mill. The programme supports South Asian women writers, offering mentorship and creative development opportunities.

• BA Acting students Oscar Gough, Ebube Chukwuma and Jass Beki were all 3 cast in the National Theatre’s production of Dear England - a play which has been described as “The Decade’s biggest theatrical triumph” by the Telegraph. We claim this as a hat-trick for our talented students.

• Second-year BA Professional Acting student Elysia Showan has been awarded a Laurence Olivier bursary. Facilitated by the Society of London Theatre (SOLT), The Theatre Development Trust have awarded Laurence Olivier bursaries to eleven exceptional drama school students, providing them with vital financial support as they enter their final year of training.

• BA Acting graduate Sunny Chung was named as a New Earth Theatre’s Constellation Creatives Drama Student Bursary recipient. The Constellation Creative Bursary - now in its 13th year - aims to encourage and promote greater participation and representation of British East and Southeast Asian actors on stage and screen.

• BA Acting student, Sasha McCabe , was awarded the prestigious BBC Carleton Hobbs Bursary Award for 2025. This coveted prize marks a second consecutive year of success for the School, following Nuhazet Diaz-Cano’s win that I covered in my previous summary.

• Kassia Goosen , BA (Hons) Production Arts, was selected to join the 2024/25 cohort of SLX’s Lighting Programme. The Lighting Programme provides expert mentorship and opportunities to up-and-coming lighting designers and technicians from drama schools across the UK.

• BA Acting graduate Lily Simpkiss made her professional stage debut in A Midsummer Night’s Dream at the Bridge Theatre under Nicholas Hytner.

In recording these achievements, I must also acknowledge the generous support from our supporting Trusts and Foundations who have provided bursaries and on-going financial assistance to many of our students. Amongst them:

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Bristol Old Vic Theatre School Limited

Report of the Chair of the Trustees for the Year Ended 31 July 2025

We also received generous contributions from The Speilman Trust, Tanagra Foundation, Patricia Routledge Trust and many others. We are hugely grateful for this support, especially in this most difficult year for the school.

Our students have benefitted from the generosity of our Alumni, many of whom have shared their skills and experiences with our current staff and cohorts. Particular thanks to Eve Matheson for running a hugely insightful Shakespeare course, to Rhea Norwood, Curzon Dobell and the Slade family for inspiring our students and supporting our aims.

Our non-degree courses for children and adults continue to be hugely popular, with waiting lists on almost all of our course. We’ve continued our contact with Schools via our school tours, and brought the magic of drama to children who would never have visited a theatre. Our two schools 2nd year Christmas productions were performed to over 5000 South West primary aged children. You will read later that the School is continuing to “Teach Out” its current undergraduate courses in conjunction with our partner, the University of the West of England. In order for us to provide the superlative experience that our students are deserving of, we have secured a £2.5m loan from the University. This, together with our continuingly over-subscribed Postgraduate courses, will help see the School vibrant and productive as we set our new direction.

These Accounts also speak to a new structure in charge of the strategy for the School. A new Principal (Stuart Harvey) and a new Charity CEO (Tom Beasley) will lead the School as we re-structure and re-design our creative training strategy. The staff working with them are newly committed to our creative future, also. The team will lead us into our 80th Anniversary year, for which we have exciting plans and internationally notable events in train (no spoilers, watch the news). The School is in skilled hands.

In closing, I remain moved and touched by the resilience and positivity of our dedicated staff. The continued excellence of the talent we produce, and the buoyant atmosphere within the School is down to them. Cultures are formed from the attitudes and beliefs of the people within them, and the School’s staff have been superb during such pressured times. I am also humbled by our talented students, supportive alumni, selfless Trustees and generous benefactors at this time.

To all of you, a huge thanks.

To misquote Stephen Sondheim (but pronounce it "Zee"):

“We've run the gamut, A to Z, Three cheers and dammit, c'est la vie. We’ve got through all of last year, and We’re here”… and here’s to the next 80 years.

Paul Eccleson, Chair, Bristol Old Vic Theatre School.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

The Members of the Council of Management (the Council) serving during the year and since the year end were as follows:

Member of Council (Trustees):

G W Stobart, (Chair of Trustees) (resigned 16 September 2024) I Ameke (resigned 1 October 2024) P C Baker A W S Conner (resigned 10 June 2025) P B Eccleson, (Appointed Chair of Trustees 16 September 2024) R M James F Lloyd R McKen (resigned 7 October 2024) A Milne (resigned 29 September 2025) L Robinson (appointed 16 September 2024) P A Tanner A E Thomas K M Wilson (appointed 24 March 2025)

The Members of the Council are also members of the company. Each member’s liability in respect of the guarantee is £1.

Principal Activities

The organisation’s principal activity is to train students for careers in theatre, radio, television and film on a variety of courses. That is starting to change as the School looks also to deliver training to a wider audience including commercial and public bodies.

Review of business

Both the level of activity and the year-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 11 to 18 of this Report.

The Members of the Council wish to record their thanks for many generous contributions to the School’s Special Funds from which grants are made to students during the year.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

In January 2025 the School, in conjunction with its validating partner the University of the West of England, announced that it would no longer be accepting applications for its undergraduate degree programmes and would not be admitting any new undergraduate students from September 2025.

Whilst pausing its undergraduate intake, the School continued to deliver our distinct suite of intensive postgraduate courses - MFA Professional Acting, MFA Professional Voice Studies, MA Screen Acting, MA Drama Directing, MA Drama Writing and MA Performance Design - and exciting, accessible short courses.

In order to ensure the quality of delivery of the undergraduate courses, the University agreed a £2.5m loan to the School. The positive impact on the cashflow of the School, and the resultant stabilisation of undergraduate delivery can be seen in these Accounts.

The School thanks colleagues at UWE for their continued support, both on academic and operational matters pertaining to our students. 2026 sees the 80th Anniversary of the School, and with the support of the University, we approach that year with a spirit of confidence and celebration.

We are confident that the pause in recruitment to our undergraduate courses in just that - a pause. We are planning to re-launch our student courses following a fundamental review of the School and its priorities.

Structure, Governance and Management

The following corporate governance statement provides information about the company’s (‘the School’) governance and legal structure.

Principles

The School is committed to best practice in all aspects of corporate governance. It endeavours to conduct its business in accordance with the seven principles published by the Committee on Standards in Public Life, namely selflessness, integrity, objectivity, accountability, openness, honesty and leadership.

Governing document

The School is a charitable company limited by guarantee and governed by its Memorandum and Articles of Association dated 22 September 1989 as amended in December 2010. The Company is registered with the Charity Commission (registration number 900280).

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

The Council

The business is managed by the Council, the Members of the Council being the company’s directors for the purposes of company law and the company’s trustees for the purposes of charity law. Day to day management of the business is delegated by the Council to the Executive Leadership Team.

The Articles of Association state that Members of the Council may serve for three-year terms up to a maximum of three times. The Chair is appointed by the Members of Council and may serve for up to two three-year terms.

In selecting Council Members consideration is given to the overall breadth of knowledge and skills required of the School’s Council. A Board skills assessment was undertaken in 2023 and will be updated on a periodic basis. Members receive the appropriate training documentation about becoming a charity trustee and company director and are given an induction by the Principal and Head of Finance.

The Council is the governing body of the School. Within certain constraints the responsibility for financial affairs, borrowings, investments, buying, selling, leasing and mortgaging property, contracts and general business of the School is delegated to the Executive Leadership Team which comprises the Principal, Director of Studies and Director of Drama with the Head of Finance in an advisory capacity. In consultation with senior members of staff and certain trustees, the Principal produces the strategic plan of the School, for adoption by the Council.

During the financial year, the Trustee Board undertook a strategic review of the organisation’s executive leadership structure to ensure it remains fit for purpose in a changing educational and charitable landscape. As a result of this review, the single role of Principal was reconfigured into two distinct positions: an Academic Principal and a Charity Chief Executive Officer (CEO). This structural evolution reflects our commitment to strengthening both the academic and operational dimensions of the organisation, enabling each to flourish under dedicated leadership.

Following this change, the previous Principal stepped down, and we extend our sincere thanks for their valued contribution and leadership during a period of significant challenge and financial stress. That we are in a position to move forward with new strategic plans is in no small part down to the Principal’s energy and commitment to the School. We were pleased to appoint our former Director of Studies to the new role of Academic Principal, recognising their deep understanding of our educational ethos and their proven commitment to academic excellence. In parallel, we successfully recruited an experienced Charity CEO from outside the organisation, bringing fresh insight and a strong track record in strategic leadership within the third sector.

This new dual-leadership model positions us well for the future, enhancing our capacity to deliver on our charitable objectives while continuing to nurture a vibrant and rigorous learning environment.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

The Council appoints the Principal and the Charity CEO, with the other members of the Executive Leadership Team being appointed by the Principal and CEO in consultation with the Council. The Council normally meets four times a year at which the Principal, CEO and Executive Leadership Team are in attendance. The Council has two permanent sub committees, the Finance Committee and the Audit Committee. These Committees have written terms of reference. However, ad hoc committees are set up by the Council from time to time to advise the Council on specific questions. These include a Health and Safety Committee and a Student Welfare Committee.

As a condition of the previously mentioned loan agreement with UWE, and to ensure proper oversight of the undergraduate “Teach Out” period, an Oversight Committee with members from both the School and the University, meets on a monthly basis to manage the delivery of the student experience for both Undergraduates and Postgraduates.

Staff are represented by an elected staff representative who is invited to full Council of Trustees’ meetings. In addition, a Staff Liaison Group attended by volunteer representatives from both academic and professional services staff, meets monthly to discuss pertinent matters including the introduction of policies, and any suggested changes or amendments to existing policies.

The pay of the Executive Leadership Team is provided within note 6 to the financial statements. All staff are reviewed annually and any pay increases are approved by the Finance Committee. The Principal and CEO’s salary is reviewed by the Council of Trustees.

The Members of Council examine the major risks that the School faces each financial year. The Company has developed systems to monitor and control these risks and to mitigate any impact they may have on the School. In 24-25 these risks included having no new intake of production arts students and dealing with the announcement that from September 2025 there would be no now undergraduate student intake.

Audit Committee

The Council’s Audit Committee meets as required and at least two times a year with the School’s Principal, Director of Studies and Head of Finance, other members of staff as required and the external auditors in attendance when appropriate. The Audit Committee considers detailed reports from external auditors and external advisors on specific topics, which include recommendations for the improvement of the School’s system of internal control, together with management responses and implementation plans. This Committee also receives and considers reports from the OfS, the Charity Commission, and UWE Bristol as they affect the School’s business, and monitors adherence to regulatory requirements. Further, this committee monitors the School’s major risks at each of its meetings.

During the 2022/23 Financial Year the Audit Committee recommended that Trustees suspend internal audit activity and allocate available resources to commissioning advisory activities rather than an internal audit function. This was, in the main part, due to the required focus on self-registration as part of the strategic Business Plan. The Council formally accepted the continuation of this recommendation for 2023/24 and 2024/25 also.

The Audit Committee is responsible for the charity’s risk management policy which comprises:

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

• A quarterly review of the principal risks and uncertainties that the charity and its subsidiaries face;

• The implementation of procedures designed to minimize or manage any potential impact on the charity should those risks materialise.

The trustees consider that the major risks facing the company at the end of 2024/25, and suitable mitigating strategies, were:

Risk Mitigation End Position
That the School does not
achieve a “Going
Concern” status in this
FY and for the year from
filing.		 Cost reductions including staff
consultations. Negotiate a loan
facility with the University of the
West of England.		 Cost reductions have been made.
Bridging loan secured with UWE.
Student and Staff
welfare deteriorates;
student outcomes are
challenged; retention
and recruitment are
impaired.		 Maintain Staff and Student support
programmes during Teach Out phase.
Undertake staff consultations on a
fair and honest basis. Manage Teach
Out responsibilities with UWE
ensuring appropriate student
outcomes.		 Teach Out phase defined and
planned. Teach Out Funding in place.
Staff consultations taking place. Close
monitoring of both student and staff
recruitment at oversight meetings.
Governance and
delegation issues arise as
the School goes through
change.		 Maintain frequent contact between
Trustees and Exec. Ensure steady
communication to staff and amongst
the Exec team. Recruit external
expert advice as required.		 External advice has been supplied by
BDO and VWV, amongst others.
Change oversight meetings have
taken place on a regular basis.
Weekly Board update
communications.
Stakeholder managment
is compromised.		 Maintain open communication with
UWE, the OfS and Charity
Commission. Hold open meetings
with alumni groups. Maintain open
communication with both staff and
students. Maintain external
marketing and comms on courses.		 Student interest in postgraduate
courses remains solid. The
relationship with both UWE and the
regulators are strong. Student and
staff bodies feel that they are
informed and respected.

Finance Committee

The Council’s Finance Committee normally meets four times a year with the School’s Principal, Head of Finance and other members of staff as required in attendance. It reviews the School’s financial arrangements and performance against budget, including the School’s financial strategy and annual budget.

It also reviews the operation of the School’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.

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Report of the Members of Council

Principal & Chief Executive Officer

The Principal of the school has primary responsibility for delivery of the School’s academic aims and the preservation of its high standards of training. The Charity Chief Executive Officer is primarily responsible for the financial development of the School and its operational delivery to sustainability. The Charity CEO acts as Accountable Officer for the School.

Internal Control

Council has responsibility for maintaining a sound system of internal control that supports the achievement of the School’s policies, aims and objectives, while safeguarding public and other funds 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 provide only a reasonable and not an absolute assurance of effectiveness.

The system of internal control is based on an ongoing process designed to identify the principal risks to the achievement of the School’s goals, to evaluate the nature and extent of those risks and to manage them efficiently and effectively. Council’s review of the effectiveness of the system of internal control is informed by the School’s management, who have the responsibility for the development and maintenance of the internal control framework, and by comments made by external advisors and external auditors in their management letter and other reports.

Expert advisory reports have been received in this FY regarding

• A review of Governance, Data Collection, Student care and academic oversight as part of the School’s preparations for self-registration.

On the basis of these reviews, and the reports provided by Executive management, Council has concluded that the system of internal control is appropriate to the present needs of the School.

Register of Interests

The School maintains a Register of Interests of Members of Council and Senior Officers, which may be viewed by arrangement with the Company Secretary. The register is updated at each meeting of the Council, and at intermediary points as necessary.

Changes in Fixed Assets

The movements in fixed assets during the year are set out in note 7 to the financial statements.

The freehold premises at 1-2 Downside Road, and 3 Downside Road, Clifton, Bristol are owned by the School and provide suitable accommodation for carrying on the business of the Theatre School. Care is taken to ensure that the premises are properly maintained and that, where finances permit, necessary and up to date equipment is provided. The School vacated its Christchurch studios in August 2025.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

Related Parties

The charity owns the entire share capital of BOVTS Productions Limited and BOVTS Communications Limited which are trading subsidiaries of the charity. A summary of the trading results of the subsidiaries is set out in note 8 to the financial statements. Details of senior management remuneration are given in note 6. The executive leadership team is considered to be the key personnel as defined by FRS102.

A review of the activities to further its charitable purposes for public benefit

In planning all of the School's activities for the year the Council is mindful of the need to provide public benefit. The School continues to make funds available for distribution to support students who face financial challenges during their training through events and performances that have taken place in Bristol and the West Country, and donations from individuals and Trusts have been received to add to the School's existing student support funds.

The School continues to present its public productions in a wide range of accessible venues across Bristol at affordable prices. The shows are intended to demonstrate the full range of the talent within the school including screen acting, set design, costume and professional acting. They include both stage productions and creative exhibitions. Here’s just a sample of the productions staged across our city:

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

The School has a strong youth group developing theatre skills for young people; it runs a wide range of short courses for young people and adults over the year, and runs a summer Foundation course.

The Theatre School’s commitment to educating school-aged children in possible careers in the theatrical and screen industries. Schools across the Bristol and wider City Region are visited, workshops arranged and hosted by the Theatre School and performances delivered in the Autumn Term to primary schools.

The School's object and aim is to promote, maintain, improve and advance education particularly by operating as a drama school operating a vocational education and training establishment to further the education and training of actors, stage managers, designers, directors and allied management, craft and technical skills and by the production of educational plays and the encouragement of the arts and also to present, promote, manage and produce such plays, drama, comedies and other productions 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 providing a practical approach to acquiring specialist performance and technical skills, and providing students with a wide range of professional and vocationally relevant performance and production opportunities. The training operates in a producing house environment with all aspects of the School working to this ethos. The students learn through doing, and this is evident in all aspects of their day-to-day training.

All teaching staff have a professional background in their subject specialism and students train using, as far as possible, industry standard resources. The School’s resources continue to be challenged and reviewed due to its financial position, whilst also always ensuring the relevance and standard of our students’ training.

Significant activities that contribute to the achievement of the objectives include constant contact with professional artists 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 final year students in preparing them for their future employment thus ensuring the School's outstanding graduate employment record.

The Culture Board champions, initiates and drives projects within Bristol that contribute to a sustainable, inclusive and growing culture & creative sector from which all will benefit.

Sustainability

The Theatre School recognises the importance of working sustainably, not only within the School community but in the venues and work we undertake externally as well. The School’s current buildings do not lend themselves to energy efficiency, and this must be a future consideration for the School in any future property strategy. However, interventions already underway include reducing energy usage and recycling as much as possible. Current industry developments in lighting are utilised across filming & theatrical productions.

As much as reasonably possible, BOVTS works within Theatre Green Book and ‘we are albert’ guidelines and practices. The School continues its efforts to work towards a paperless working environment Green travel policies are under consideration.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

The School's vision statement

Bristol Old Vic Theatre School will be an exemplar in modern international drama training, preparing exceptional young professionals to forge their careers in tomorrow's creative industries.

The School’s 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 net: we are always learning in a practical and dynamic way; creating and collaborating within a forward-looking, safe and caring environment.

Identify great talent: we look to all backgrounds and communities to find the creative potential who will join us in setting the tone for excellence in our industry.

Inner confidence: we are proud of our expertise and passionate about passing it on to the next generation of industry professionals, knowing they will make a difference.

Work productively & properly: we are efficient, respectful and collaborative and understand that everyone needs down-time.

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Report of the Members of Council

The year in summary

This has been a challenging but positive year for the School, ending the Academic year with a total of 200 students in training.

In total 108 students graduated in July 2025: 52 from undergraduate courses and 56 from post graduate courses, with a 100% success rate. Graduate employment was very encouraging across the board, with some students able to accept professional work before the academic year due to modules all being completed. The School’s nuancing of its training to individual capabilities and interests is evident in the professional positions they have secured post-study.

The balance of both academic and production disciplines continues to challenge, yet staff and students continue to achieve it and to synchronise hands-on experience of working on theatrical productions and films with academic progress and achievement.

External Examiner Reports

External Examiners' reports commented on the School's high standards, student engagement, and dedicated teaching staff.

Lucy Hall- Costume and Design

The annual exhibition was of an "extremely high standard", with students showcasing "high quality skills" and a clear readiness for the industry. The move to a new venue proved beneficial, offering "more space, light and a central location," which showed how "change can be positive" despite initial budget constraints.

Students recognised that their training helped them acquire "soft skills" such as organisational and people skills. This was particularly evident in a costume student's eloquent description of the "complexity of the fitting room and the navigation between the designer, maker and performer."

The "culture of care and support" was a highlight, with students being "supportive and considerate of each other." The "strong pastoral care" was also specifically mentioned.

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Report of the Members of Council

Carol Lingwood- Costume

Carol discusses the valuable hands-on experience the students on the course receive: The courses continue to provide excellent hands-on experience through live shows, which allows students to gain valuable practical skills and build confidence. The department has successfully utilised donated fabrics from professional productions, such as Wicked, which is a cost-effective and sustainable practice.

Prof. Anna McNamara- Acting, Writing and Directing

Prof. McNamara’s report mentions the quality of attainment for the students at Bristol Old Vic Theatre School on a practical level is exceptional. Students are well equipped for the professional world and develop a strong sense of self as a creative in a highly competitive set of industries. The report goes on to say the work undertaken and achieved by the students of the Bristol Old Vic Theatre School seen by this examiner demonstrates the school's commitment to high quality delivery of training. The students are adept and agile in their ability to engage with the work, they emerge highly skilled and are well prepared for the world of work.

Modern apprenticeships offer an alternative pathway, but currently lack standardisation. In addition it is recognised that drama schools provide broader training than apprenticeships - developing the individual as much as their practical skills. Recruitment challenges at some drama schools correlated with offering foundation degrees and non-involvement in UCAS. Case studies revealed that switching to a BA, joining UCAS, and proactive marketing significantly increased applications at LAMDA.

At the start of the academic year BOVTS began work on restructuring the current Production Arts course, focusing on stage management and the ‘soft’ skills so desirable in the industry, within a sustainable model. Resourcing the course with up-to-date equipment is also a key consideration in ensuring our students’ training is valid and valuable to their future careers.

Adam Legah- Production Arts

Adam stated he was privileged to be able to visit BOVTS in the summer term and spend time watching the production as well as spending time with the students involved. He could say with complete confidence that provision is on par with other institutions. BOVTS provides excellent training to the students and it is evident that the staff team goes over and above in order to ensure that the students are ready for the world of work. Students are able to have a wide range of experiences which in turn elevate their skill set and get them employable.

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Student Feedback

The National Student Survey (NSS) gathers responses from final year undergraduate courses.

Key findings will be used to inform learning and teaching action plans.

Costume: The costume course is highly valued by students for its strong practical, industry-aligned experience and a positive community atmosphere among peers and across the school. Students greatly appreciate the diverse learning opportunities and the effective, individualized support they receive from tutors, who are widely regarded as being "great and doing their best." The most significant concerns revolve around inadequate staffing and resulting pressure, which leads to rushed interactions with tutors.

Production Arts: The course is highly successful in its core mission: preparing students for professional careers in specialised fields. It is seen as an essential equaliser, offering a crucial pathway for working-class students and those without existing connections to become "well-rounded, capable professionals." Students recognise the course's value in diversifying the arts by opening doors to new industries, and they describe the potential loss of the program as a "tragedy." The strong community is another major asset, supported by knowledgeable tutors who are willing to "go above and beyond" to prioritize both students' work and their wellbeing.

Professional Acting: The course is overwhelmingly praised for its exceptional teaching and personalised support. Tutors are consistently recognised as "some of the best in the country," offering "tailored" training and a "lot of genuine care" within a supportive and collaborative environment. Students view the experience as transformative, providing "life-changing" opportunities and a vast collection of valuable transferable skills. The availability of wellbeing support, including an "always on hand" Student Support Manager, is also noted as a key positive. Students note occasional issues with casting and a need for the curriculum to evolve. Specifically, there is a call for the course to be more inclusive and "not isolate its POC (person of colour) students," indicating a general lack of "cultural and religious awareness all round."

The School has introduced the role of Cultural Change Lead to tackle this final point along with the appointment of a new Artistic Director who has made it one of their priorities.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

Achievements, productions and events

The 2024/2025 academic year has proven to be a period of significant productivity and strategic success, marked by exceptional student and staff output across a variety of productions, film projects, exhibitions, and public events.

A foundational element of this success was the highly collaborative approach taken by all staff. This partnership facilitated a necessary and positive transition toward greater fiscal clarity. While not an easy undertaking, this strategic shift has successfully ensured that student outcomes and the quality of their experience remain paramount, while making our productions and film projects substantially more cost-effective than in previous years.

This proactive strategic alignment also contributed to the unprecedented success of our BA Acting cohort. By advancing the timing of the annual showcase, we saw a significantly improved level of industry engagement. Crucially, all graduating students are now either professionally represented by agents or are already securing high-level work within the industry.

Events

The MA Screen Acting screened Showcase took place in London in April 2025, the MFA Acting live Showcase was held in London in early September 2025. The Graduate Exhibition for Design, Costume and Production Arts Students took place at Sparks in Bristol City Centre in June 2025 along with the The New Writing Festival taking place at the Weston Studio in the School. All of these events were attended by industry professionals.

Productions

The School produced 17 plays in 24-25

Staffing and Teaching

The school has continued its journey of change, successfully navigating the need to live within its means while maintaining high delivery standards for students and ensuring the highest quality of staffing.

A number of new members of staff joined the school during the year, strengthening both academic and professional service departments.

New Head of Brand and Marketing: We welcomed Rob Langley-Swain, who brings a wealth of marketing experience from the charity sector. One of Rob's first priorities was to reshape the Marketing team to ensure all key areas are sufficiently covered.

New Head of MFA Acting: Georgina Sowerby joined us as Head of MFA Acting. Georgina's extensive experience across the drama school sector has enabled her to develop a well-established course into one that is even more suitable for today's industry.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

Several other roles across the school were filled or replaced during the year, enabling some departments to restructure and adapt to external changes. All internal appointments have proven to be successful, and the opportunity to develop internal staff has been incredibly positive.

Several established staff members moved on from the school to take up new employment opportunities. We extend our sincere thanks to each and every one of them for their commitment and the valuable work they carried out during their time at the school.

Crucially, the school has been able to continue to attract and retain high-calibre staff across both the academic and professional services sides of the organisation.

Financial Review

Income is £2,783,418, a decrease of 2.45% over the previous year (2024: £2,853,456) and 15.27% on the year before that (2023: £3,284,982). Increases in student fee income and non-degree courses were offset by the loss of audtion income and the fact that a substantial legacy was received in 2023/24. Expenditure is £3,611,373 a decrease of 8.49% over the previous year (2024 £3,946,056) and a decrease of 9.16% over 2023 (£3,975,387).

Net losses were £807,383 (against a net loss in 2024 of £621,956). Total funds were £5,425,163 (£6,232,546 in 2024). The main sources of funding of the School remained the tuition fees from the Office for Students through the University of the West of England. As shown in Note 3 of these accounts, total income from students (both UK and International) was £2,180,310, amounting to approximately 78.33% of our total income in this FY (£2,783,418).

Investment Policy

The School takes a cautious approach to investment of funds in the current financial economic climate, and the investment policy is reviewed at the Finance Committee meetings.

The Council uses Rathbones Investment Management Ltd as investment managers for some of its restricted funds for student support. Other funds for student support and the Development Appeal are held in cash.

Based on a medium risk tolerance the investments are managed to generate a return over time above the rate of inflation.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

Reserves Policy

The Council has addressed the policy in respect of reserves for the benefit of the School’s progress. We aim to have 3 months of expenditure in our reserves.

The Student Fund was designated to provide financial support for students who do not fall into the categories prescribed by some of the restricted scholarship funds.

The Stability Fund was designated by the Council to allow the School to continue to operate for a full term and create a financial buffer should there be a sharp fiscal downturn with significant loss of income.

The Building Fund was designated to recognise the need to reserve sufficient funds for the maintenance and improvement of the School’s various sites.

The Artistic Fund was created to enable the School to develop and research its production portfolio and provide a reserve for performing in new ways and at potentially more expensive venues in and around Bristol.

Strategic Report

a. Strategic Management. How BOVTS generates and preserves value, its strategy and its business model

BOVTS’ strategic aim is expressed in the Charity’s objects:

“To promote, maintain, improve and advance education particularly by operating a vocational education and training establishment to further the education and training of actors, actresses, stage managers, carpenters, electricians, sound technicians, costume designers, property makers and directors and by the production of educational plays and the encouragement of the arts and to formulate, prepare and establish schemes therefor provided that all objects of the company shall be of a charitable nature.”

BOVTS’ business model is based on providing undergraduate and postgraduate training, augmented by non-degree courses and community engagement.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

The Board and Exec have established some core principles to which it will adhere as it develops its strategy:

• Talent First

Bristol Old Vic Theatre School will be a place where talent takes precedence above all else.

• World-Renowned Training based on Innovation

Our training will remain rooted in a vocational approach that has defined generations of exceptional artists. We will innovate on content to deliver for our modern industry.

• Financial Sustainability

To thrive in a complex and evolving world, we will embrace financial agility. From dependency to diversity.

• Interdisciplinary Collaboration

The modern entertainment industry is a dynamic system of interconnected sectors, including film, television, gaming, and other digital media. Our training enhances any CV in any industry.

• Regional Influence and Community Engagement

Bristol Old Vic Theatre School recognizes its pivotal role in the creative ecosystem of Bristol and the South West, and we intend to keep it that way.

• International Alignment

As well as having our heart in the South West, the School has a unique place in the World’s entertainment industry. We are “Bristol’s Oscar Factory”.

In meeting our broader Charitable aims, we have continued with our successful non-degree courses, growing the number of people we have trained in the local community. We’ve welcomed both aspiring and developing professionals from ages 8 to 80. We expanded our school tours to deliver extra free performances to primary schools in the South West. We brought performances to new communities in some of the most challenged areas of Bristol. Our outreach activities enable us to engage with a broader audience and inspire a new generation of theatre enthusiasts. Our partnerships with local schools, community groups and visiting industry professionals have been instrumental in enhancing the learning experiences of our students and promoting the arts within our region.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

b. The Business Environment in which BOVTS operates. Trends, risks and environmental factors.

The Higher Education sector in the UK is under unusual pressure at the moment. The Office for Student’s Sustainability report for the sector stated, “40 per cent of providers expecting to be in deficit and an increasing number showing low net cashflow.” The same report shows that liquidity (i.e. cash available to meet liabilities as they fall due) was, on average, only 145 days for the “Specialist Creative” institutions surveyed, of which we are one. The financial pressures across the sector have been driven by a number of factors: frozen tuition fees, inflation, and supply chain cost pressures being the primary sources.

The accounts show an operating loss, bolstered by a loan from the University of the West of England which we draw upon in tranches to assist cashflow.

The School’s primary risk remains cashflow liquidity in the face of the removal of our primary sources of income from the OfS.

c. Business Performance and Position

The accounts for the year show that we made an operating deficit for the year. Whilst the balance sheet shows that we have reserves these are represented largely by our main capital asset of our distinctive building at Downside Road, our financial position continues to put pressure on the School to find revenue streams independent of the core OfS funding upon which we have traditionally relied.

The Trustees recognise that there is a fundamental need to undertake a full review of the future activities of the school to recognise its ability to continue with the financial resources currently available and to be generated from external sources. This is explained in more detail in the accompanying Report of the Trustees.

d. BOVTS’ approach to its short, medium and long-term strategy

It must be stressed that, before the School can re-establish itself on a sustainable footing, external support is essential. UWE will see our existing cohort of undergraduates to the successful completion of their training, but alongside that we must research new models of delivery for the future. Should we fail to attract such support, Bristol and the UK would lose a renowned institution which has contributed to much to the creative industries for many years.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

e. Environment, Social and Human Rights & Gender diversity

Environment

The School is situated in a city that declared a Climate Emergency in November 2018 and which is preparing to be carbon neutral by 2030.

The Charity is acutely aware of the effect our work and our buildings have in terms of carbon and other greenhouse gas emissions.

We are committed to ensuring that sustainability and protection of the environment is a consideration across everything we do within our charity, our work and our ethos. However, we accept that the nature of our buildings does not lend itself to energy efficiency and sustainable working practices. We will benchmark as much as possible, aim to appoint a Sustainability Champion and seek external advice to help us to understand what can be done through people, productions & films, place, partnership and procurement.

Productions will adopt the Theatre Green Book principles and ways of working. Films will be using the Albert Carbon Calculator to offset their environmental impact.

We will be in discussions with partners over securing residencies that will support our students’ learning and progress whilst supporting the local creative industries and avoiding creating new where it already exists.

Specific measures that have been undertaken in this year include:

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

Liaison and management of our employees.

The Principal sends frequent updates to staff to share news on: organisational changes, interesting cultural news from Bristol, HR & staffing, strategy, validating HE partner, governance (inc. when meetings are happening and what they are for), individual staff highlighted for a thank-you each week.

There is a termly whole staff meeting to hear from the Chair of Trustees & CEO.

All staff training sessions have been held re: EDI, policy updates, sharing best practice have been held, as well as academic staff sessions to share updates from validating HE partner, check evaluation progress, organise peer-to-peer observation sessions.

A new role has been created of Cultural Change Lead. This newly created position, developed with support from Tonic Theatre, a leading organisation in Equity, Diversity, and Inclusion (EDI) within the theatre and education sectors, represents a holistic approach to supporting both students and staff.

In addition to these, other activities include:

The gender profile of the School staff is as follows:

• Termly Staff Liaison Group with nominated reps.
• Elected staff rep for Council of Trustees meetings.
• 1:1s with line managers.
• Termly appraisal meetings.
The gender profile of the School staff is as follows:
Non-gender
Male Female specific
Directors of the company (The Trustees of the Charity) 6 2 -
Employees in other senior executive positions 3 - -
Directors of subsidiary companies not included in above n/a n/a -
Total senior managers other than directors of the company 5 3 -
Other employees of the group 17 24 -
Identifying as non-gender specific - - 2

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Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Report of the Members of Council

Plans for future periods

The School is re-setting its strategy and the outline plan remains on track with that declared last year:

In the short term our priority remains with our students and the staff who support them. The University of the West of England continues to be hugely supportive of the School, and feedback from our students is very positive. We are delivering the training and production experience our student’s expected and we continue to deliver excellence in all departments.

In the medium term , the recruitment of new senior staff has put us in a position of being able to define what the future shape of the school looks like, and we are committed to delivering to our core strengths and maintaining the international excellence of our staff and students. As our plans become firm, we will announce new courses and new partnerships that will see the School continue its training and maintain its industry reputation.

In the longer term , We are confident that we can build a sustainable training model on a sustainable basis. Our intensive focus is intentionally elite and world class, and that will always require high levels of funding, but we are convinced that there is a model that we can build to achieve this. We are fully aware that such change carries risk, most significantly the risk that the school will not have sufficient financial resources to develop, run and sustain the new school. We are taking account of a range of financial support opportunities to help with this mission. These include:

• The University of the West of England is committed to implementing its Student Protection Plan in order to deliver the teaching experience promised to our undergraduates.

• The balance sheet currently shows a net current assets position at 31 July 2025. The school owns its premises in Downside Road, Clifton, against which there is a charge related to the UWE loan. There are a number of funds, both restricted and unrestricted, that may be used to support our change. Liquidity of these assets remains a core consideration for the School.

• We continue to run profit making non-degree courses that can be scaled up. These include semester courses open to International students who do not require a long-term visa.

• There have been offers of both technical and financial support from alumni, trusts and foundations who, like us, want to see this quality of world-leading training continue. We are yet to fully realise what this potential can offer us but hope to see its impact in future accounts.

The School continues its fundamental review of its strategy and is looking to focus on its most successful courses, to cut costs where ever possible, to grow other sources of income so that it is less dependent on the public purse.

Auditor

A resolution to reappoint Corrigan Accountants Limited for the ensuing year will be proposed at the Annual General Meeting in accordance with section 408 of the Companies Act 2006.

Statement of Members of Council’s responsibilities

Members of Council are responsible for the charitable company keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006.

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Bristol Old Vic Theatre School Limited

Report of the Members of Council

Company law requires the Members of Council to ensure that there are prepared financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources including Income & Expenditure of the charitable company and group for that period. In preparing those financial statements, Members of Council are required to:

The Members of Council have taken reasonable steps to:

The Members of Council have referred to the guidance in the Charity Commission’s general guidance on Public Benefit when reviewing the Charity’s aims and objectives and in planning the Charity’s future activities. In particular, the Members of Council have considered how planned activities will contribute to the aims and objectives they have set.

Directors' declaration

So far as the directors are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is unaware, and each director has taken all the steps that they ought to have taken as a director in order to make themself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

13-Apr-26

Approved on behalf of the Council on ....................

......................................... P B Eccleson Member of Council

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Bristol Old Vic Theatre School Limited

Independent Auditor's Report to the Members of Bristol Old Vic Theatre School Limited

Opinion

We have audited the financial statements of Bristol Old Vic Theatre School Limited (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated and Charity Cash Flow Statement and Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Bristol Old Vic Theatre School Limited

Independent Auditor's Report to the Members of Bristol Old Vic Theatre School Limited

Other information

The other information comprises the information included in the Report of the Members of the Council of Management, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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Bristol Old Vic Theatre School Limited

Independent Auditor's Report to the Members of Bristol Old Vic Theatre School Limited

Responsibilities of trustees

As explained more fully in the Statement of the Members of Council's responsibilities (set out on page 24), the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group of parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Independent Auditor's Report to the Members of Bristol Old Vic Theatre School Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit .aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable parent company's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

......................................

David Wright BSc FCA (Senior Statutory Auditor) For and on behalf of Corrigan Accountants Limited, Statutory Auditor

1st Floor 25 King Street Bristol BS1 4PB

13-Apr-26 Date:.............................

Corrigan Accountants Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Consolidated Statement of Financial Activities for the Year Ended 31 July 2025 (Including Consolidated Income and Expenditure Account)

Note
Incoming resources:
Donations and legacies
3
Charitable activities
3
Other trading activities
3
Income from investments
3
Total income
Resources expended:
Raising funds
4
Charitable activities
4
Total expenditure
Net expenditure before investment
gains
Net (losses)/gains on sale of assets
Net (losses)/gains on investments
8
Net income/(expenditure)
Transfers between funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
13		 Unrestricted
funds
2025
£
54,537
2,612,407
3,981
9,511
2,680,436
(330)
(3,507,964)
(3,508,294)
(827,858)
-
(106)
(827,964)
-
4,677,390
3,849,426		 Restricted
funds
2025
£
86,274
-
-
16,708
102,982
-
(103,079)
(103,079)
(97)
-
20,678
20,581
-
1,555,156
1,575,737		 Total
2025
£
140,811
2,612,407
3,981
26,219
2,783,418
(330)
(3,611,043)
(3,611,373)
(827,955)
-
20,572
(807,383)
-
6,232,546
5,425,163		 Total
2024
£
201,293
2,602,831
4,138
45,194
2,853,456
(778)
(3,945,278)
(3,946,056)
(1,092,600)
422,688
47,956
(621,956)
-
6,854,504
6,232,548

The Statement of Financial Activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing operations.

The accompanying accounting policies and notes form an integral part of the financial statements.

The notes on pages 37 to 56 form an integral part of these financial statements. Page 30

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

(Registration number: 02430025) Consolidated Balance Sheet as at 31 July 2025

Note
Fixed assets
Tangible assets
7
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: Amounts falling due
within one year
10
Net current assets
Total assets less current
liabilities
Creditors: Amounts falling due
after more than one year
11
Net assets
Funds of the group:
Restricted Reserves
Unrestricted funds
13
Revaluation reserve
12
Total funds		 Group
unrestricted
funds
2025
£
3,689,400
-
3,689,400
53,430
1,429,853
1,483,283
(560,757)
922,526
4,611,926
(762,500)
3,849,426
-
2,359,175
1,490,251
3,849,426		 Group
restricted
funds
2025
£
755,965
485,235
1,241,200
-
334,537
334,537
-
334,537
1,575,737
-
1,575,737
1,575,737
-
-
1,575,737		 Group total
funds
2025
£
4,445,365
485,235
4,930,600
53,430
1,764,390
1,817,820
(560,757)
1,257,063
6,187,663
(762,500)
5,425,163
1,575,737
2,359,175
1,490,251
5,425,163		 Group total
funds
2024
£
4,515,886
475,184
4,991,070
27,649
1,837,960
1,865,609
(561,631)
1,303,978
6,295,048
(62,500)
6,232,548
1,555,158
3,187,139
1,490,251
6,232,548

The notes on pages 37 to 56 form an integral part of these financial statements. Page 31

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

(Registration number: 02430025) Consolidated Balance Sheet as at 31 July 2025

The trustees have prepared financial statements in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011.

The accompanying accounting policies and notes form an integral part of the financial statements.

The financial statements on pages 30 to 56 were approved and authorised by the Members of the Council on .................... and signed on their behalf by: 13-Apr-26

......................................... P B Eccleson Member of Council

......................................... T Beasley CEO

The notes on pages 37 to 56 form an integral part of these financial statements. Page 32

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

(Registration number: 02430025) Charity Balance Sheet as at 31 July 2025

Note
Fixed assets
Tangible assets
7
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: Amounts falling due
within one year
10
Net current assets
Total assets less current
liabilities
Creditors: Amounts falling due
after more than one year
11
Net assets
Funds of the charity:
Restricted income funds
13
Unrestricted funds
13
Revaluation reserve
12
Total funds
Parent company's profit for the year		 Charity
unrestricted
funds
2025
£
3,689,400
21,000
3,710,400
53,243
1,424,305
1,477,548
(561,088)
916,460
4,626,860
(762,500)
3,864,360
-
2,374,109
1,490,251
3,864,360
(827,724)		 Charity
restricted
funds
2025
£
755,965
485,235
1,241,200
-
334,537
334,537
-
334,537
1,575,737
-
1,575,737
1,575,737
-
-
1,575,737
20,581		 Charity total
funds
2025
£
4,445,365
506,235
4,951,600
53,243
1,758,842
1,812,085
(561,088)
1,250,997
6,202,597
(762,500)
5,440,097
1,575,737
2,374,109
1,490,251
5,440,097
(807,143)		 Charity total
funds
2024
£
4,515,886
496,184
5,012,070
27,462
1,832,172
1,859,634
(561,962)
1,297,672
6,309,742
(62,500)
6,247,242
1,555,158
3,201,833
1,490,251
6,247,242
(621,800)

The notes on pages 37 to 56 form an integral part of these financial statements. Page 33

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

(Registration number: 02430025) Charity Balance Sheet as at 31 July 2025

These financial statements have been prepared in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011.

The accompanying accounting policies and notes form an integral part of the financial statements.

The financial statements on pages 30 to 56 were approved and authorised for issue by the Members of 13-Apr-26 the Council on .................... and signed on their behalf by:

......................................... P B Eccleson Member of Council

......................................... T Beasley CEO

The notes on pages 37 to 56 form an integral part of these financial statements. Page 34

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Consolidated and Charity Cash Flow Statement for the Year Ended 31 July 2025

Note
Cash flows from operating activities
Net expenditure
Adjustments
Depreciation
Interest receivable
Dividends receivable
Profit on disposal of tangible
fixed assets
15
Mortgage interest
(Gain)/loss on investments
(Increase)/decrease in debtors
9
(Decrease)/increase in creditors
10
Net cash outflows from
operating activities
Cash flows from investing
activities
Interest received
Dividends received
Purchase of tangible fixed
assets
7
Sale of tangible fixed assets
Sale of investments
Net cash inflows from investing
activities
Cash flows from financing
activities
Value of new loans obtained
during the period
Repayment of borrowings
10
Mortgage interest paid
Net cash flows from financing
activities		 Group
2025
£
(827,955)
70,701
(13,489)
(12,325)
-
6,581
(20,572)
(25,781)
(874)
(823,714)
13,489
12,325
(180)
-
31,091
56,725
750,000
(50,000)
(6,581)
693,419		 Group
2024
£
(621,956)
73,944
(23,481)
(21,713)
(422,688)
10,868
(47,956)
73,984
64,653
(914,345)
23,481
21,713
(2,652)
1,346,688
469,298
1,858,528
-
(58,846)
(10,868)
(69,714)		 Charity
2025
£
(827,715)
70,701
(13,489)
(12,325)
-
6,581
(20,572)
(25,781)
(874)
(823,474)
13,489
12,325
(180)
-
31,091
56,725
750,000
(50,000)
(6,581)
693,419		 Charity
2024
£
(621,800)
73,944
(23,481)
(21,713)
(422,688)
10,868
(47,956)
73,984
64,653
(914,189)
23,481
21,713
(2,652)
1,346,688
469,298
1,858,528
-
(58,846)
(10,868)
(69,714)

The notes on pages 37 to 56 form an integral part of these financial statements. Page 35

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Consolidated and Charity Cash Flow Statement for the Year Ended 31 July 2025

Note
Net (decrease)/increase in
cash and cash
equivalents
Cash and cash equivalents at
1 August
Cash and cash equivalents at
31 July
Analysis of changes in net debt
Cash at bank and in hand
Debts due within one year
Debts due after one year		 Group
2025
£
(73,570)
1,837,960
1,764,390
At 31 July
2024
£
1,837,960
(50,000)
(62,500)
1,725,460		 Group
2024
£
874,469
963,491
1,837,960
Cash flows
£
(73,330)
50,000
(750,000)		 Charity
2025
£
(73,330)
1,832,172
1,758,842
Other
non-cash
changes
£
-
(50,000)
50,000
-		 Charity
2024
£
874,625
957,547
1,832,172
At 31 July
2025
£
1,764,630
(50,000)
(762,500)
952,130
(773,330)

The notes on pages 37 to 56 form an integral part of these financial statements. Page 36

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and republic of Ireland (Charities SORP (FRS 102)), the Financial reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

Bristol Old Vic Theatre School Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s) below.

Going concern

The charitable company’s financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charitable company’s needs. Trustees have considered a period of twelve months from the date of approval of the financial statements. The income, expenditure and cashflow forecasts provided to us by the charity are a reasonable forecast of expected cashflows and reflect the plans presented.

Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiaries BOVTS Communications Limited and BOVTS Productions Limited on a line-by-line basis. A separate Statement of Financial Activities (including an Income & Expenditure Account) for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Related party transactions

The charity has taken advantage of the exemption in FRS102 not to disclose transactions with group companies which are eliminated on consolidation in the group financial statements.

Fixed assets

Fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, on a straight line basis over the expected useful economic lives of the assets concerned.

Plant and equipment over the value of £1,000 is depreciated at 25% per annum. Smaller items of plant and equipment are written off in the year of acquisition.

The charity has taken advantage of the transitional arrangements in the adoption of FRS102 by electing to report the charity’s freehold land and buildings at their fair value as determined by professional chartered surveyors as at the date of transition, being 1 August 2014, and to use this value as their deemed cost carried forward at that date (see Note 7). Under FRS 102, the School is required each year to depreciate its freehold property. In managing the property care is taken to ensure that the premises are properly maintained to provide suitable accommodation for carrying on the business of the Theatre School. These maintenance costs are written off in full in each year’s financial statements.

Page 37

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

The Members of Council consider the useful economic lives of the listed buildings to be at least 50 years and on this basis (after excluding non-depreciable land) tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives as follows:

Incoming resources

Incoming resources are recognised in the financial statements on the following basis:

Productions

Income from theatre admission fees is included in incoming resources in the period in which the relevant production takes place.

Donations and grants

Income from donations and grants, including capital grants, is recognised when the charity has entitlement to the funds; any performance conditions have been met; it is probable that the income will be received; and the amount can be measured reliably.

Tuition fees

Fees receivable and charges for the services are accounted for in the period in which the services are provided.

Interest receivable

Interest is recognised on a receivable basis.

Operating leases

Rentals payable under operating leases are charged on a straight-line basis over the lease term.

Resources expended

Expenditure is recognised when there is a legal or constructive obligation to make 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 constructive obligation arises that results in the payment being unavoidable.

Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities include both the direct costs and support costs relating to those activities. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Pension scheme

The company operates a defined contribution pension scheme. The amount charged to the SOFA in respect of pension costs is the contribution payable in the year.

Page 38

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. 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 restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investments

Listed shares are valued at market value at the balance sheet date. Unlisted shares in subsidiaries are valued at cost.

Unrealised gains and losses represent the movement in market values during the year and are charged or credited to the statement of financial activities based on their market value at the year end.

Key management personnel

The Members of the Council of Management, who are the company’s directors and charity’s trustees, consider that the senior management team comprises the key management personnel of the School in charge of directing and controlling, running and operating the School on a day to day basis.

All Members of the Council of Management give their time freely and received no remuneration in the year. Details of Members of Council of Management expenses and related party transactions are disclosed 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 the senior management team against other schools of a similar size and nature.

Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

Page 39

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Cash at bank and in hand

Cash at bank and cash in hand includes 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.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Concessionary loans

Bank loans and concessionary loans which are repayable in more than one year are initially recognised and measured at the amount received. The carrying amount is adjusted in subsequent years to reflect any repayments and accrued interest.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. The related accounting policies are described above.

2 Legal status

The charity is a company limited by guarantee, incorporated in England and Wales, and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Page 40

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

3 Analysis of income

Donations and legacies
Donations & gifts
Legacy Income
Charitable activities
Students (UK/EU only)
Students (non UK/EU
international)
Auditions & interview
fees
Theatre skills, youth &
adult courses
Production income
Other trading activities
Commercial hires &
room rental
Other		 Unrestricted
funds 2025
Restricted
funds 2025
Total funds
2025
Unrestricted
funds 2024
Restricted
funds 2024
Total funds
2024
£
£
£
£
£
£
42,634
86,274
128,908
4,388
76,905
81,293
11,903
-
11,903
120,000
-
120,000
54,537
86,274
140,811
124,388
76,905
201,293
Unrestricted
funds 2025
Restricted
funds 2025
Total funds
2025
Unrestricted
funds 2024
Restricted
funds 2024
Total funds
2024
£
£
£
£
£
£
2,180,310
-
2,180,310
2,108,525
-
2,108,525
-
-
-
52,978
-
52,978
5,700
-
5,700
49,325
-
49,325
368,344
368,344
324,027
-
324,027
58,053
-
58,053
67,976
-
67,976
2,612,407
-
2,612,407
2,602,831
-
2,602,831
Unrestricted
funds 2025
Restricted
funds 2025
Total funds
2025
Unrestricted
funds 2024
Restricted
funds 2024
Total funds
2024
£
£
£
£
£
£
500
-
500
2,190
-
2,190
3,481
-
3,481
1,948
-
1,948
3,981
-
3,981
4,138
-
4,138

Page 41

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds 2025 funds 2025 2025 funds 2024 funds 2024 2024
Income from
investments		 £ £ £ £ £ £
Bank interest 7,848 6,046 13,894 17,400 6,054 23,454
Investment income 1,663 10,662 12,325 11,339 10,374 21,713
Other - - - 27 - 27
9,511 16,708 26,219 28,766 16,428 45,194
Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds 2025 funds 2025 2025 funds 2024 funds 2024 2024
£ £ £ £ £ £
Total income 2,680,436 102,982 2,783,418 2,760,123 93,333 2,853,456
4 Analysis of expenditure
Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds 2025 funds 2025 2025 funds 2024 funds 2024 2024
Raising funds £ £ £ £ £ £
Staging fundraising 330 - 330 778 - 778
events
330 - 330 778 - 778

Page 42

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds 2025 funds 2025 2025 funds 2024 funds 2024 2024
Charitable activities £ £ £ £ £ £
Wages & salaries 1,863,699 - 1,863,699 2,001,982 - 2,001,982
Visiting specialists 117,195 - 117,195 182,152 - 182,152
Teaching costs 148,814 - 148,814 169,845 - 169,845
Widening participation &
development		 121,614 - 121,614 100,493 31,161 131,654
Equipment &
maintenance		 79,232 - 79,232 95,965 - 95,965
Productions 264,843 37,631 302,474 342,418 - 342,418
Marketing & publicity 56,010 - 56,010 85,155 2,134 87,289
Telephone 13,547 - 13,547 13,315 - 13,315
Stationery, printing &
post		 25,515 - 25,515 26,942 839 27,781
Travel & entertaining 3,875 - 3,875 5,267 - 5,267
Auditions/interviews 8,095 - 8,095 26,962 - 26,962
Sundry costs 77,926 657 78,583 157,246 - 157,246
Insurance 35,777 - 35,777 32,508 - 32,508
Rent, rates & water 145,941 - 145,941 154,798 - 154,798
Light & heat 82,640 - 82,640 76,680 - 76,680
Cleaning 91,535 - 91,535 82,238 - 82,238
Repairs & maintenance 158,351 - 158,351 115,757 - 115,757
Mortgage interest 6,582 - 6,582 10,868 - 10,868
Bank interest 3,402 - 3,402 4,645 - 4,645
Depreciation 51,910 18,791 70,701 53,769 19,511 73,280
Grants awarded 600 46,000 46,600 - 64,450 64,450
Bad debts written off 4,297 - 4,297 9,214 - 9,214
Governance costs 146,564 - 146,564 78,808 - 78,808
3,507,964 103,079 3,611,043 3,827,027 118,095 3,945,122

Page 43

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Costs of commercial
trading
Total expenditure
Analysis of governance
costs
Auditor's fees
Legal & professional
5 Charity activity
Gross income
Surplus / (loss) for the
year		 Unrestricted
funds 2025
Restricted
funds 2025
Total funds
2025
Unrestricted
funds 2024
Restricted
funds 2024
Total funds
2024
£
£
£
£
£
£
-
-
-
-
-
-
3,508,294
103,079
3,611,373
3,827,805
118,095
3,945,900
21,978
-
21,978
24,576
-
24,576
124,586
-
124,586
54,232
-
54,232
146,564
-
146,564
78,808
-
78,808
Unrestricted
funds
Restricted
funds
Total funds
2025
Unrestricted
funds
Restricted
funds
Total funds
2024
£
£
£
£
£
£
2,680,436
102,982
2,783,418
2,760,123
93,333
2,853,456
(827,964)
20,581
(807,383)
(632,854)
11,054
(621,800)

Page 44

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

6 Employee information

The aggregate payroll costs were as follows:

Group employment costs - all employees
Wages and salaries
Social security costs
Pension costs (defined contribution scheme)
Employees receiving total benefits (excluding employer pension
costs)
Between £80,000 and £89,999		 2025
£
1,643,599
155,950
64,150
1,863,699
2025
No
1		 2024
£
1,746,302
170,267
96,688
2,013,257
2024
No
1

No other employee earned more than £60,000 per annum this year or last year.

The total employee benefits (excluding employer pension costs) paid to senior management, i.e. the key management personnel, during the year was £216,643 (2024: £215,368).

No Members of the Council were reimbursed for travel expenses during the period (2024: none). There were no payments made to related parties of Members of Council (2024: £1,190).

No remuneration, benefits or pension contributions have been paid to or on behalf of the Members of the Council.

The number of persons employed by the charity and the group during the period was 53 (2024: 57).

The number of personnel employed by the charity and the group during the period on an FTE basis (which does not include visiting specialists) is analysed below:

Teaching and production
Administration		 2025
No
25
19
44		 2024
No
27
21
48

Page 45

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

7 Tangible fixed assets

Group and Charity

Group and Charity
Valuation/cost
At 1 August 2024
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 1 - 2
Downside
Road
£
1,750,000
1,750,000
130,000
13,000
143,000
1,607,000
1,620,000		 3 Downside
Road
£
1,400,000
1,400,000
120,000
12,000
132,000
1,268,000
1,280,000		 Link Building
£
1,960,451
1,960,451
352,881
39,209
392,090
1,568,361
1,607,570		 Total
£
5,110,451
5,110,451
602,881
64,209
667,090
4,443,361
4,507,570

For the purposes of transition to FRS102 the freehold land and buildings known as 1-2 and 3 Downside Road, Clifton, Bristol were revalued on an existing use basis as at 31 July 2014 by Alder King, Chartered Surveyors at £1,750,000 and £1,400,000 respectively.

The Link Building has been valued at cost since the costs were incurred after the date of transition to FRS102.

A legal charge is registered over the properties as security for existing borrowing.

Page 46

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Cost
At 1 August 2024
Additions
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024
Total tangible fixed assets:
At 1 August 2024
At 31 July 2025		 Stage
equipment
£
126,428
180
126,608
126,428
45
126,473
135
-		 Film
equipment
£
66,423
-
66,423
63,427
2,996
66,423
-
2,996		 Computer
equipment
£
135,651
-
135,651
130,331
3,451
133,782
1,869
5,320		 Computer
equipment
£
135,651
-
135,651
130,331
3,451
133,782
1,869
5,320		 Total
£
328,502
180
328,682
320,186
6,492
326,678
2,004
8,316
4,515,886
4,445,365
135,651
130,331
3,451
133,782
1,869
5,320

Page 47

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

8 Investments
Group:
Unit trusts & listed shares at market value
Cash held by investment managers for reinvestment
Charity:
Unit trusts & listed shares at market value
Investments in subsidiary companies
BOVTS Productions Limited:
Net assets
BOVTS Productions Limited did not trade during the year.
BOVTS Communications Limited:
Net assets		 R Newitt
Fund
2025
2024
£
£
£
485,235
485,235
464,673
-
-
10,511		 R Newitt
Fund
2025
2024
£
£
£
485,235
485,235
464,673
-
-
10,511
485,235 485,235
475,184
2025
2024
£
£
485,235
475,184
21,000
21,000
506,235
496,184
2025
2024
£
£
4,355
4,475
2025
2024
£
£
2,926
3,046

The Charity owns 100% of the share capital of both BOVTS Productions Ltd and BOVTS Communications Ltd, both of whose registered offices are at 1-2 Downside Road, Clifton, Bristol BS8 2XF, their company numbers are 02528810 and 05598315 respectively. There was no significant trading activity in either subsidiary in the year.

Page 48

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

9 Debtors

9 Debtors
Amounts falling due within one
year:
Trade debtors
Other debtors
Prepayments & accrued income		 Group
2025
£
2024
£
32,956
10,082
5,322
659
15,152
16,908
53,430
27,649		 Charity
2025
£
2024
£
32,956
10,082
5,135
472
15,152
16,908
53,243
27,462
27,462

10 Creditors: amounts falling due within one year

Trade creditors
PAYE & social security
Other creditors
Accruals & deferred income
Amounts due to subsidiaries
Bank loans (see note 11)		 Group
2025
£
2024
£
86,318
58,587
39,372
42,884
14,028
23,942
369,538
384,718
1,501
1,500
50,000
50,000
560,757
561,631		 Charity
2025
£
2024
£
86,318
58,587
39,372
42,884
14,028
23,942
369,538
384,718
1,832
1,831
50,000
50,000
561,088
561,962		 Charity
2025
£
2024
£
86,318
58,587
39,372
42,884
14,028
23,942
369,538
384,718
1,832
1,831
50,000
50,000
561,088
561,962
561,962

Within creditors there was a balance of £179,231 (2024: £196,571) in respect of fees received in advance of courses taking place. A balance of £196,571 (2024: £172,151) was released in the year to the Statement of Financial Activities.

Page 49

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

11 Creditors: amounts falling due after one year

Bank loans
Other loans
Bank loans payable by instalments
Included within current liabilities
Due between two to five years		 Group
2025
£
2024
£
12,500
62,500
750,000
-
762,500
62,500
Group
2025
£
2024
£
62,500
112,500
(50,000)
(50,000)
12,500
62,500
750,000
-		 Charity
2025
£
2024
£
12,500
62,500
750,000
-
762,500
62,500
Charity
2025
£
2024
£
62,500
112,500
(50,000)
(50,000)
12,500
62,500
750,000
-		 Charity
2025
£
2024
£
12,500
62,500
750,000
-
762,500
62,500
Charity
2025
£
2024
£
62,500
112,500
(50,000)
(50,000)
12,500
62,500
750,000
-
62,500
-

The bank loan of £250,000 was taken out with RBS under the Government backed CBILS scheme. No interest was payable in the first 12 months but is now charged at 2.09% above base rate (currently 4.0%). Repayments started in November 2021 on a monthly basis over a five year period.

On 18 July 2025 the Bristol Old Vic Theatre School agreed the terms of a funding facility of £2.5 million from the University of the West of England to be utilised over the period ending 31 July 2027. The loan is on an interest free basis, is repayable in full by 30 April 2032 and is secured by a legal charge on the freehold property owned by the Bristol Old Vic Theatre School at Downside Road, Clifton, Bristol.

12 Revaluation reserve

Group and charity
Brought Forward
Transfer of surplus funds on disposal of property
Carried Forward		 2025
£
1,490,251
-
1,490,251		 2024
£
2,407,192
916,941
1,490,251

Page 50

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

13 Reconciliation of movements in funds

Group and charity

Balance at
1 August
2024
£
Unrestricted
funds
General
General Fund 1,348,267
Designated
Capital Fund
17,009
Student Fund
29,140
Building Fund
692,724
Stability Fund 1,000,000
Artistic Fund
100,000
Revaluation
Reserve
1,490,251
3,329,124
Total
Unrestricted
funds
4,677,391
Restricted
funds
Scholarship
Fund
771,433
Tanagra Fund
-
Development
Appeal
783,724
Total
Restricted
funds
1,555,157
Total funds
6,232,548		 Incoming
resources
£
2,680,436
-
-
-
-
-
-
-
2,680,436
52,982
50,000
-
102,982
2,783,418		 Resources
expended
£
(3,507,964)
(330)
-
-
-
-
-
(330)
(3,508,294)
(657)
(37,631)
(18,791)
(57,079)
(3,565,373)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Grants
awarded
Other
recognised
gains/(losses)
Balance at
31 July
2025
£
£
£
-
(106)
520,633
-
-
16,679
-
-
29,140
-
-
692,724
-
-
1,000,000
-
-
100,000
-
-
1,490,251
-
-
3,328,794
-
(106)
3,849,427
(46,000)
20,678
798,436
-
-
12,369
-
-
764,933
(46,000)
20,678
1,575,738
(46,000)
20,572
5,425,165		 Grants
awarded
Other
recognised
gains/(losses)
Balance at
31 July
2025
£
£
£
-
(106)
520,633
-
-
16,679
-
-
29,140
-
-
692,724
-
-
1,000,000
-
-
100,000
-
-
1,490,251
-
-
3,328,794
-
(106)
3,849,427
(46,000)
20,678
798,436
-
-
12,369
-
-
764,933
(46,000)
20,678
1,575,738
(46,000)
20,572
5,425,165
3,328,794
3,849,427
798,436
12,369
764,933
1,575,738
5,425,165

Page 51

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Balance at
1 August
2023
£
Unrestricted
funds
General
General Fund 1,051,040
Designated
Capital Fund
18,258
Student Fund
29,140
Building Fund
692,724
Stability Fund 1,000,000
Artistic Fund
100,000
Revaluation
Reserve
2,407,192
4,247,314
Total
Unrestricted
funds
5,298,354
Restricted
funds
Scholarship
Fund
753,578
Development
Appeal
802,572
Total
Restricted
funds
1,556,150
Total funds
6,854,504		 Incoming
resources
£
2,760,123
-
-
-
-
-
-
2,760,123
93,333
-
93,333
2,853,456		 Resources
expended
£
(3,826,712)
(1,249)
-
-
-
-
-
(1,249)
(3,827,961)
(34,797)
(18,848)
(53,645)
(3,881,606)		 Transfers
£
928,988
-
-
-
-
-
(916,941)
(916,941)
12,047
(12,047)
-
(12,047)
-		 Grants
awarded
Other
recognised
gains/(losses)
Balance at
31 July
2024
£
£
£
434,828
1,348,267
-
-
17,009
-
-
29,140
-
-
692,724
-
-
1,000,000
-
-
100,000
-
-
1,490,251
3,329,124
434,828
4,677,391
(64,450)
35,816
771,433
-
783,724
(64,450)
35,816
1,555,157
(64,450)
470,644
6,232,548		 Grants
awarded
Other
recognised
gains/(losses)
Balance at
31 July
2024
£
£
£
434,828
1,348,267
-
-
17,009
-
-
29,140
-
-
692,724
-
-
1,000,000
-
-
100,000
-
-
1,490,251
3,329,124
434,828
4,677,391
(64,450)
35,816
771,433
-
783,724
(64,450)
35,816
1,555,157
(64,450)
470,644
6,232,548
3,329,124
4,677,391
771,433
783,724
1,555,157
6,232,548

Page 52

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Unrestricted Funds

The Council of Management has designated funds from the general reserves for the following purposes:

Student Fund - this fund has been designated to provide additional support for the School’s students over and above those restricted funds provided for the same purpose to support students facing financial difficulty.

Building Fund - this fund is for the long term maintenance and improvement of the charity’s freehold properties. Following the results of this year no transfer was made to this fund from the General Fund.

Stability Fund - this fund is intended to provide a complete term’s expenditure in the event of a major loss of income. This year's figures equate to approximately £1M, and so no transfer has been made from General Funds this year.

Artistic Fund - this fund has been designated to enable the charity to research and develop its artistic programme in support of its objects.

Capital Fund - this fund represents the un-amortised funds from OFS provided for the purchase of capital assets which are being depreciated at 25% per annum on a straight line basis.

The Group General Fund includes negative reserves from the two subsidiaries of £13,719 (2024: £13,479).

Designated funds shown in the table above are notional allocations of reserves which comprise primarily the Group’s property at Downside Road which is subject to a legal charge. Consequently, the designated funds are not available for immediate use for the purposes for which they were established.

Restricted Funds

Scholarship Funds were received from outside donors for the purposes of making awards to and providing financial support for students.

Development Appeal Funds were received from donations specifically for the purpose of a capital project and represent the balance of monies being used to fitout the link building.

Page 53

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Balances on the Charity's fund accounts are represented by:

Balances on the Charity's fund accounts are represented by: Balances on the Charity's fund accounts are represented by:
Scholarship
Fund
£
Tanagra
Fund
£
Development
Appeal
£
Unrestricted
Funds
£
Cash at bank and in hand
313,201
12,369
8,968
1,438,820
Tangible fixed assets at net
book value
-
-
755,965
3,691,389
Investments
485,235
-
-
-
Other current assets and
liabilities
-
-
-
(1,280,784)
At 31 July 2025
798,436
12,369
764,933
3,849,425
Scholarship
Fund
£
Development
Appeal
£
Unrestricted
Funds
£
Cash at bank and in hand
306,877
8,968
1,522,115
Tangible fixed assets at net book
value
-
774,756
3,741,130
Investments
464,557
-
10,627
Other currents assets and liabilities
-
-
(596,482)
At 31 July 2024
771,434
783,724
4,677,390		 Total Funds
2025
£
1,773,358
4,447,354
485,235
(1,280,784)
5,425,163
Total Funds
2024
£
1,837,960
4,515,886
475,184
(596,482)
6,232,548

Where the above funds are represented by underlying bank balances, these balances are maintained in separate bank accounts where the donor has specifically requested this. In all other cases, the bank balances are consolidated in order to achieve the maximum return on the charity’s assets in terms of interest receivable.

Page 54

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

14 Lease commitments

14 Lease commitments
Within one year
In two to five years
In over five years		 Land & buildings
2025
£
2024
£
22,500
30,000
-
22,500
-
-
22,500
52,500		 Plant & machinery
2025
£
2024
£
8,085
12,829
4,134
12,220
-
-
12,219
25,049
25,049

The rental payments recognised as an expense in the year were £42,829 (2024: £42,829).

Sale and leaseback commitments

Sale and leaseback commitments
Within one year
In two to five years
In over five years		 Land & buildings
2025
£
2024
£
5,000
60,000
-
5,000
-
-
5,000
65,000
65,000

The rental payments recognised as an expense in the year were £60,000 (2024: £60,000).

The Charity's freehold property was sold on 21 August 2023 and leased back with the first lease payment of £5,000 taken from sale proceeds. The lease agreement was for two years ending 31 August 2025.

Page 55

Docusign Envelope ID: D4C79EE5-E706-4E1B-AF71-F174A39D543B

Bristol Old Vic Theatre School Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

15 Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

Group and charity
Depreciation - owned assets
Audit fees - audit services
Audit fees - other services
Operating leases - land and buildings
Operating leases - equipment
Gain on disposal of tangible fixed assets
Mortgage interest payable		 2025
£
70,701
21,978
-
90,000
-
-
6,582		 2024
£
73,944
20,376
4,200
90,000
12,829
422,688
10,868

16 Financial instruments

Financial instruments measured at amortised cost comprise a CBILS loan from RBS and a loan from UWE, both of which are disclosed in Note 11.

Group and charity
Amounts payable falling due within one year
Amounts payable falling due within two to five years
Amounts payable falling due after five years		 2025
£
50,000
762,500
-
812,500		 2024
£
50,000
62,500
-
112,500

The details of loan financing are given in note 11. The market risk facing the charity is that interest rates have risen and are expected to remain at current levels in the short term at least. The Members of Council consider that the risk in interest rates having a material impact on the charity is low.

Page 56