ANNUAL REPORT & FINANCIAL STATEMENTS
for the year ended 31 July 2017
LAMDA Limited (a company limited by guarantee) Company registered number 364456 Charity registered number 312821
WWW.LAMDA.AC.UK LONDON ACADEMY OF MUSIC & DRAMATIC ART CONTENTS
Legal and administrative information 1 Chairman’s introduction 2-3 Tribute to Anthony Gordon Lennox 4 Principal’s review of the year 5-6 Trustees’ report 7-27 Statement of trustees’ responsibilities 28 Independent auditors’ report to the members 29-30 Statement of financial activities 31 Group balance sheet 32 Balance sheet – LAMDA Limited 33 Cashflow statement 34 Accounting policies 35-36 Notes to the financial statements 37-50
15603_Annual Report_TXT_015.indd 1 08/12/2017 15:51 LAMDA Limited (Limited by guarantee) LEGAL AND ADMINISTRATIVE INFORMATION
Status Auditor The organisation is a charitable company limited by haysmacintyre guarantee, incorporated on 20 December 1940 and 26 Red Lion Square registered as a charity on 3 March 1963. London WC1R 4AG
Governing Document Bankers The company was established under the Articles of Barclays Association which established the objects and powers of Corporate Banking the charitable company (as amended by Special Resolution PO Box 13699 on 3 February 2015). Birmingham B2 2FS
Board of Trustees/Directors C.Hoare & Co All members of the board, except as otherwise noted, 37 Fleet Street served throughout the year and to the date of this report and London EC4P 4DQ are considered to be independent and non-executive. Solicitors Chairman Harbottle & Lewis LLP Luke Rittner cbe (retired February 2017) Hanover House Rt. Hon. Shaun Woodward (from February 2017) 14 Hanover Square London W1S 1HP Matt Applewhite(2)(5) Olga Basirov(3) Bates Wells & Braithwaite Hugh Bullock frics frtpi frsa (retired June 2017) 10 Queen Street Place James Cane fca(1)(3)(6) (resigned October 2017) London EC4R 1BE Philip Carne mbe (4)(5)(6) Tom Chandos (appointed October 2017) Officers Mark Cornell (appointed October 2016) Principal Joanna Read Kevin Fitzmaurice(1)(6) (retired October 2017) General Manager Sheila Benjamin Sarah Habberfield(4) Head of Drama School Rodney Cottier Anthony Gordon Lennox (died October 2017) Head of Examinations John Lawton Joanne Hirst(2) (appointed June 2017) Clerk to the Governors Robin Graham Patricia Hodge obe (6)(7) Head of Finance Peter Nickals Richard Johnston(3) HEI Project Manager Sue Rivers Robert Noble(3) Head of Marketing Timothy Oakley(1)(retired October 2017) & Communications Richard Scandrett John Owen (appointed October 2017) Head of Academic Services Professor Sir Peter Scott(2)(4) and Development Ian Warren Sue Stapely fcipr frsa (retired October 2016) Head of Technical Training Rob Young Helen Wright(3) (appointed October 2017)
Committee member: (1)Buildings (2)Examinations (3)Finance (4)Audit (5)Hardship (6)Nominations, Remuneration & HR (7)Campaign. Website: www.lamda.org.uk Patron HRH Princess Alexandra, the Hon. Lady Ogilvy kg gcvo Twitter President @LAMDAdrama Timothy West cbe frsa Facebook Vice-Presidents www.facebook.com/LAMDAdrama Dame Janet Suzman dbe David Suchet cbe YouTube www.youtube.com/LAMDAchannel The President and Vice-Presidents are invited to attend board meetings in an advisory, non-voting capacity. Instagram www.instagram.com/lamdadrama/ Registered office 155 Talgarth Road London W14 9DA
Company registered number 364456
Charity registered number 312821
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step in enabling LAMDA to award its own degrees. Over the coming months we will develop this very important next step for LAMDA.
One of the greatest challenges facing all students today is the increasingly high levels of student debt. At LAMDA, we are determined to ensure that we will do our best to be able both to support students who may face financial difficulty, but also increasingly to offer more financial support and scholarships for future students. I am sure that in the coming years the demand for such support will increase significantly and we must do all we can to continue LAMDA’s proud record of attracting and offering full-time places to students regardless of their means, but on their talent and their ability. We will therefore give renewed emphasis to developing and building our financial resources to help students in the future.
Apart from the work we undertake training our students in full-time LAMDA courses, we also continue to develop and grow LAMDA Examinations. These are respected around the world and this year attracted over 100,000 learners from the UK and abroad. Substantial investment has been made in staffing, operations and compliance; and a full review and revision of policies and procedures was undertaken throughout the year, following an independent audit of processes in the autumn. Significant investment has also been made in examiner numbers, with over 40 recruited and trained, increasing the examiner panel number from 98 to 144 by the end of this year.
We were shocked and saddened to hear of the untimely death of our trustee Anthony Gordon Lennox in October This has been a hugely successful year for LAMDA, 2017. Anthony was a great supporter and friend to LAMDA; and one in which we moved into our new centre, we will miss his warmth, wit and wisdom and offer our with state-of-the-art studios and a 200-seat theatre, sincere condolences to his family and friends. It seems thereby uniting all LAMDA’s world-leading training appropriate therefore that the beautiful words written by facilities on one site. Luke Rittner, a very good friend of Anthony, should be included in this Annual Report. Our Gala Opening, in the presence of our Patron, HRH Princess Alexandra, fittingly celebrated the beginning of this A number of long-serving trustees retire this year. I would new chapter in LAMDA’s long and distinguished history. like to pay tribute to my predecessor Luke Rittner, who This extraordinary achievement was made possible through stepped down as trustee this year, and after nearly the vision and support of our many donors who enabled the twenty-five distinguished years as Chairman of LAMDA. dream to become reality. Luke has been an extraordinary figure in LAMDA’s history and we owe him the most enormous debt of gratitude for Having chaired the Act Now! campaign to raise the funding, his leadership and stewardship. We were therefore I was privileged to witness at first hand how extraordinarily especially delighted to see Luke awarded a CBE in the generous our donors have been. Many individuals made New Year Honours List. this possible, but it is fitting to acknowledge especially the support of Stewart Grimshaw and the trustees of The Likewise, I would like to thank other Trustees also retiring: Monument Trust; the Sainsbury Family Trusts; Philip and Sue Stapely and Hugh Bullock; and shortly Tim Oakley, Christine Carne; Manny & Brigitta Davidson and Roshan James Cane and Kevin Fitzmaurice, who will stand down Seth. To everyone who has supported us, whether by large after the Annual General Meeting. They have all been the donations or through sponsoring a seat in The Sainsbury most stalwart friends as well as great trustees. And such a Theatre, on behalf of the trustees, staff and students of moment also affords me the opportunity to congratulate our LAMDA, we give you our most sincere thanks. You truly fellow trustee and LAMDA alumna Patricia Hodge, who was have given LAMDA and its future students the best facilities awarded an OBE in the Birthday Honours List. in the world. We welcomed new trustees, Tom Chandos, Mark Cornell, During the year, LAMDA’s Board were united in deciding Joanne Hirst, John Owen and Helen Wright to the Board to apply for Higher Education Institution (HEI) status for and we look forward to them bringing their expertise and LAMDA in its own right. This will allow the Academy to experience to LAMDA as it moves into the next exciting receive funding directly from Government and is the first phase of its development.
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Finally, my thanks to our outstanding Principal Joanna Read, the Senior Management Team and all the staff, for overseeing and managing a fantastically demanding and exacting year. Our Development Department, led by Helen Protheroe, provided the most extraordinary support for the Act Now! campaign and we wish Helen well for her new career as she leaves LAMDA, having completed so successfully the Capital Campaign. That together we achieved so much and that the students continued to do so well says everything about our amazing team at LAMDA.
LAMDA is a huge success story. We are consistently ranked as one of the top drama schools in the world, due to the quality of our training and our graduates’ success in the industry – on stage, on camera and behind the scenes as directors, technicians and stage managers. Our global reputation and the talent, enthusiasm and dedication of our trustees, our President Timothy West, Vice-Presidents David Suchet and Janet Suzman, staff and students make it a very special organisation.
I am proud to be associated with LAMDA and I look forward to helping LAMDA continue to grow and thrive in the years to come.
The Rt Hon Shaun Woodward Chairman
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15603_Annual Report_TXT_015.indd 3 08/12/2017 15:52 LAMDA Limited (limited by guarantee) TRIBUTE TO ANTHONY GORDON LENNOX
The death of Anthony Gordon Lennox at the cruelly young age of 48 robs his beloved family of an adored son, brother and uncle. He leaves an army of friends bereft and grief- stricken and LAMDA has lost a loyal friend, an enthusiastic supporter and a hugely valued Board member.
Ant had, even as a young boy, harboured a desire to be an actor. He may not have achieved that early wish, but his life’s work and latterly his involvement with LAMDA played to his passions for performance, presentation and also for helping young people. It was Ant who got LAMDA thinking of itself as a truly global centre of excellence. It was Ant who used his quite extraordinary network of international contacts to support LAMDA’s fundraising campaign. Throughout the long journey to acquire, design and build the new LAMDA, it was often Ant who would urge us to keep on going when the going got tough. As a passionate LAMDA supporter, as a wise and loyal Board member, but above all as a friend, Ant’s death leaves a yawning gap and a very raw grief.
Ant’s arrival in any room or crowd brought with it a light that shone very brightly, his presence was always uplifting, his conversation engaging, his wisdom invaluable and his humour infectious. He wore his success lightly and his links through his work to an international galaxy of the great and the powerful was never referred to, nor was the work he did to help disadvantaged young people. Self-effacing to a fault and with a unique gift for friendship, Ant gave his all to causes close to his heart and I thank heaven that for the last nine years LAMDA was well and truly one of them. His loss is painful and hard to bear but his legacy for LAMDA will live on and he will not be forgotten.
Luke Rittner 12 October 2017
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life with their skill, dedication and enthusiasm. I am grateful to our design and construction team – Niall McLaughlin Architects; Charcoalblue; Gillieron Scott Acoustic Design; Pell Frischmann; Baqus and VolkerFitzpatrick Ltd – for designing and building such a wonderful building.
On 14 June, in the presence of our Royal Patron, HRH Princess Alexandra, our Chair, trustees and well-known alumni, we celebrated the opening and extended our warmest thanks to the major donors to the Act Now! Campaign, along with members of the Sainsbury family and over 240 other supporters and guests. Over the course of the campaign, lead gifts were made by: The Monument Trust; the late Jeremy Angliss and Leslie Heritage; Philip Carne MBE and Christine Carne; Manny & Brigitta Davidson; Garfield Weston Foundation; HEFCE; Roshan Seth OBE; David Ross Foundation; The Foyle Foundation; The Marina Kleinwort Trust; The Overstall Charitable Trust; The Sackler Trust; Stavros Niarchos Foundation and the Woodward Charitable Trust.
The evening showed off the full capacity and capability of the new spaces, with a performance from students in The Sainsbury Theatre celebrating the best of LAMDA; the highlights included a surprise guest appearance from alumnus Brian Cox as the grave-digger in an extract from Hamlet.
This was the first in a series of celebrations though the summer, including the inaugural performance in the Carne Studio and an alumni day on 25 June when graduates, current and former staff and examiners toured the building and admired the new facilities. Finally, in September, in partnership with the London Borough of Hammersmith The highlight of the year was undoubtedly the and Fulham, we held a Community Day, combining it with opening of our long-awaited new building. London Open House to invite in our local community, as well as visitors from all over London. Thanks to the generosity and commitment of our donors and supporters, LAMDA finished the 2016-17 academic Our alumni offered us immense support over the last year in possession our new home. Five years of LAMDA At 12 months, lending their voices, their profiles and their Large and a peripatetic teaching timetable came to an end art to our fundraising campaign and to our teaching. Jim when we took occupation of the teaching wing in February Broadbent, David Oyelowo, Patricia Hodge, Katherine and then the theatre block in April. It was with pleasure Parkinson, David Suchet, Roshan Seth, Rory Kinnear and and pride that we watched these spaces come to life in the Paterson Joseph all visited the Academy and gave their time second half of the year. The Manny and Brigitta Davidson and support to the Act Now! Campaign in its final year. Foyer became animated by students and audiences relaxing; The Sackler Library was full of students researching and all our studios were filled with all numerous activities which During the year, LAMDA Fellowships were awarded to make up our world-leading training – everything from mask Manny and Brigitta Davidson and to alumnus Roshan Seth and stage combat to voice and text work. It was also exciting for their contributions to the Academy’s future. to see hundreds of Examinations learners arriving at our London Public sessions to take their exams. In February, following a period of consideration and review, the Board of Trustees decided unanimously that LAMDA The inaugural productions in The Sainsbury Theatre, should begin the process of gaining designation as a Higher Education Institution (HEI). The board concluded that, with Edwards Bond’s The Sea and Stephen Sondheim’s the opportunities presented in the 2017 Higher Education Assassins, made maximum use of the full-height fly-tower, pit, epic stage dynamics, video and projection and the and Research Act, the strategic long-term interests of LAMDA intimate auditorium to produce two excellent pieces of would be best served by this course of action. This is a major work. The versatility of The Carne Studio Theatre was step in the maturity and growth of the Academy, and will result swiftly put to use as productions were staged in a variety of in LAMDA eventually being a standalone institution, directly responsible to Higher Education Funding Council for England configurations, including traverse for Other People, in thrust (HEFCE) for our funding and our students. In consultation (Hobson’s Choice) and in horseshoe. It was a very special moment for me, as I sat in the Sainsbury Theatre during a with HEFCE and its Gateways team, plans were immediately activated to make an application during the Academic Year technical rehearsal of Assassins, watching our technical and acting students bringing these tremendous facilities to 2017/18.
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LAMDA will continue to work fully with the Conservatoire for undertaken throughout the year, following an independent Dance and Drama (The Conservatoire/the CDD) during any audit of processes in the autumn. transitional period. As part of the Conservatoire, we were delighted when it was awarded Gold Status in the Teaching The year ended on a high note at our Diploma Day at Excellence Framework review. Olympia, where alumna and BAFTA nominee Nikki Amuka- Bird gave the annual address to leavers, speaking with In March, LAMDA underwent a successful periodic review inspiration about her career and approach as an actor. We of all our Higher Education courses by the University of then entertained our graduating students, their families and Kent. The panel commented that they were impressed friends back at Talgarth Road, watching with pride as they by the Academy and the support and extra-curricular explored our new building and celebrated their, and our, activities offered to students. They found that the Academy’s achievements during a momentous year. students were articulate and appreciative of the learning opportunities available to them. This will stand us in good LAMDA’s position as a world-leading conservatoire arises stead as we apply for HEI status and undergo the necessary from our own ability to transform – to evolve both our Quality Assurance Agency review visits that accompany training and our portfolio of examinations to embrace and the process. inform developments in the sector, and meet the highest demands of today’s creative industry. Our graduates Enhancements to the course portfolio included the continue to be in demand in their chosen professions with revalidation of the BA (Hons) Professional Acting, the 100% of those graduating from the BA Hons Professional successful validation of the eight-week Shakespeare and Acting gaining representation by an agent. We look forward his Contemporaries course and the validation of the revised to the challenges and opportunities of the year ahead as we Foundation and BA degrees in Production and Technical move towards HEI status. Arts: Stage and Screen (PTASS).
LAMDA continues to perform very well in the National Student Survey (NSS), with the BA (Hons) Professional Acting and the Foundation Degree Professional Acting receiving 100% overall student satisfaction ratings with their courses and 92% and 91% respectively on the combined scores across the survey (in comparison to a sector average of 84%). The Foundation Degree Stage Management and Joanna Read Technical Theatre did not have such a strong year, with Principal an overall satisfaction receiving score of 74% against a national average of 82%. This course was affected by staff illness and the late occupation of the new building, which necessitated unavoidable last-minute changes to timetable and programme.
LAMDA was pleased to host the annual CDD staff conference as one of the first public hires of the new facilities. We also hosted the 2017 Emcees Arts & Culture Awards; established by =mc and the National Arts Fundraising School, these awards recognise excellence in arts and cultural fundraising. LAMDA was delighted to win the Award for Innovation for the Virtual Conservatoire project, in recognition of its leading a successful £3m application to HEFCE’s Catalyst Fund, which provided seed-funding for the project. The judges were impressed by the collegiate approach to securing support, which created a more ambitious, wide-reaching and sector-leading project than any partner could have achieved on its own.
Following the operational challenges experienced in 2014/15 and 2015/16 by LAMDA Examinations, LAMDA provided a second Undertaking to Ofqual in November 2016 setting out various actions to secure full compliance with all regulatory requirements. That Undertaking provided for, among other things, a period of close and continuous scrutiny by the regulator. This has been a productive relationship throughout, and the discharge of the second Undertaking and next steps in relation to further regulatory action are currently under final consideration by Ofqual. Substantial investment was made in staffing, governance, operations and compliance and a full review and revision of policies and procedures across the department was Page 6 of 50
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The members of the Board, who are directors for Public benefit the purposes of the Companies Act and are trustees for the purposes of the Charities Act, submit their The trustees have considered the Charity Commission’s annual report and financial statements for the year guidance on public benefit. LAMDA believes that the arts, ended 31 July 2017. and the best training, should be accessible to everyone; students are recruited from as wide a range of backgrounds Principal activities as possible and selected on the basis of talent, passion and the ability to learn, regardless of social, educational or Founded in 1861, LAMDA is the oldest drama school in the financial circumstances. Examinations is also a key element UK, offering exceptional vocational training to actors, stage in the delivery of LAMDA’s public benefit, with the number managers, technicians, directors and designers. In addition of UK candidates entered rising from just over 90,000 in to seven validated degree programmes, LAMDA offers a 2015/16 to 106,000 in 2016/17 (a 5.5% increase). Foundation Diploma and a number of validated semester and short courses. For 2016/17, the trustees agreed the following strategies to deliver LAMDA’s charitable objects: The work of the Drama School is complemented by that of Examinations, through which LAMDA offers a drama and • Developing the access and widening participation work communications-based syllabus leading to accredited and to ensure that pathways to drama school training and non-accredited awards in the UK and overseas. careers in the performing arts are available to talented young people from all backgrounds. LAMDA Enterprises Limited operates as LAMDA’s trading subsidiary. • Increasing the number and value of scholarships awarded to students. LAMDA is a part of the Conservatoire for Dance and Drama and attracts targeted funding through the Conservatoire • Establishing a diversity and inclusivity committee, from the HEFCE. to include staff and students.
Objects of the charity • Developing a strategy to ensure fundraising targets for revenue and scholarships support are met beyond The objects of the charity, as expressed in its Articles of the completion of the new building. Association, are to advance education for the public benefit, in particular by maintaining and carrying on an Academy, • Increasing the number of students taking the BA (Hons) College, School or Examinations Board where students Production and Technical Arts: Stage and Screen top- may receive a sound education and tuition in dramatic arts, up degree. music and all their branches, embracing both practice and theory. • Offer funded tickets to schools, and reduced- price tickets to Hammersmith & Fulham residents Our vision and community organisations as part of LAMDA’s partnership with Hammersmith & Fulham. LAMDA believes that the dramatic arts have the power to transform lives. • promoting the availability of the audition/ interview fee waiver scheme in our prospectus and other promotional We believe in the transformative power of the dramatic arts literature, as well as to all schools and youth arts and the importance and value of drama in society. Great organisations and provided 30 audition fee waivers art has the ability to change lives, to move, challenge and to applicants. inspire us; it writes the narrative of our lives. We want more people to share in this experience through our training, our LAMDA alumni and, through them, the wider arts community, qualifications, our work, our productions or our facilities. benefit from the work of the charity through the provision of rehearsal, performance and technical facilities as well as Our mission research, mentoring and professional development support, particularly in the early years of our graduates’ careers. To seek out and train the exceptional dramatic artists and technicians of every generation, so they can have the Enhancing the student experience most extraordinary impact on the world through their work in theatre, film and television. LAMDA undertakes several initiatives intended to enrich the cultural, educational and creative experience of its students. To inspire young people across the globe, through our During the year, a number of masterclasses and lectures exams and qualifications, to become confident and creative were given by our graduates to the student body. communicators, equipped and empowered to realise their full potential. David Oyelowo visited in October for a LAMDA Lunch session, where he described his time at LAMDA and his journey from being the first black actor to play a king(Henry V) at the Royal Shakespeare Company (RSC) to Hollywood and the role of Dr Martin Luther King in Selma.
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At another LAMDA Lunch, Samuel Barnett described his Students represented the school at several industry events and career, including the transition from stage to screen, in show cases, including the Spotlight Prize, the Carleton Hobbs particular the recent success of his Netflix series, Dirk Prize, The Wanamaker Festival at the Globe Theatre and the Gently’s Holistic Detective Agency. Stephen Sondheim Student Performer of the Year award.
Mischief Theatre Company held a masterclass and US showcases workshops with producer Kenny Wax, Artistic Director Jonathan Sayer and Company Director Henry Lewis on the As part of preparing students for the profession and mechanics of forming a company and encouraging students enhancing their journeys into careers and employment, we to make their own work. Along with fellow graduate Henry continue to be the only UK conservatoire to showcase its Shields, Jonathan and Henry have made Mischief Theatre students in both New York and Los Angeles. Company one of the greatest commercial successes in recent years, with three shows running in the West End October 2016 saw a cohort of 27 students performing at the end of 2016, as well as The Play that Goes Wrong at the showcases – our largest number to date. Industry touring the UK, playing in several countries and successfully attendance on both coasts was excellent, with a notable transferring to Broadway in 2017. shift in the quality of the attendance, with CBS, Disney, NBC, ABC, Warner Brothers, Public Theatre New York, and In October, students on the BA (Hons) Professional Acting many powerful agencies including Paradigm and Innovative performed three productions (Our Country’s Good, Stars in sending representatives. Several students were offered the Morning Sky and Another Country) at the Old Laundry representation in New York and in LA and others were Theatre in Bowness, a long-standing partnership which called in for auditions following the showcase, including for offers valuable touring experience for final-year acting and a guest lead in a Johnny Depp project. technical students. In April, graduating students from the FdA Professional Acting and Technical Theatre courses LAMDA Nights toured As You Like It and Bury Fair at the Theatre Royal, Bury St. Edmunds and took As You Like It to Holkham Hall Our annual Poetry Speaking Competition was judged this year in Norfolk in July. by alumna Vivien Heilbron, with Chairman Luke Rittner and Examinations Committee member Peter Broad. The winners LAMDA provided entertainment for the Royal Theatrical were Jensen Gray (Runner-up in the Original Poem Category), Trust Regional Theatres Award on Sunday 6 November. Jon Chew (Winner of the Published Poem Category), Rory Graduating students under the musical direction of Louise Nelson Kulz (Runner-up in the Published Poem Category) and Shephard, Head of Singing and Music, received warm Sophie Holmes & Grace Tarr (Winners of the Original Poem praise for their work. Students also gave readings at the Category). Thanks are due to the Examinations staff for their Comment Awards on 23 November. hard work in organising the evening and to Judith Phillips and Alex Bingley for judging the first round.
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Later in the year, we also enjoyed Dance Night and The use of digital technologies to share teaching and celebrated our 40th Fight Night – and the first in The performance was shared at the CDD staff conference, Sainsbury Theatre. The winners of the Jubilee Trophy for where a live acting workshop between LAMDA students Best Fight were Joseph Reed and Angus Yellowlees, with and students at Bristol Old Vic Theatre School took place Harrison Collett and Charlie Woodward as runners-up using LOLA2 technology over a superfast broadband and joint third place awarded to Jordan Scowen and Adam connection. During the year, two of LAMDA’s staff attended Wilson and to Julia Gutierrez Del Barrio and Rose Jackson- the ‘Geant’ conference in Copenhagen to learn more about Smith. The Phillipson Sword for Outstanding Technique the use of these technologies and shared their findings with was won by Joseph Reed and Angus Yellowlees. staff at the conference.
At the end of the year, graduate David Haig was the guest North American Masterclass tour of honour at our annual Carol Concert in December. During the year, Rodney Cottier delivered his Shakespeare Collaborations and initiatives First Folio masterclass at the following colleges: Berkeley Rep School of Theatre; The College of Marin, University The successful partnership with Wimbledon College of Art of Redlands, Stanford University and Stanford High continued in 2016/17, with students designing and building School online; San Francisco State University (SFSU), the an ornate Jacobean set for the LAMDA short film ‘Tis Pity American Conservatory Theatre (ACT); Denver School She’s Not Yours. of the Arts; Columbia College; University of Toronto and Princeton University. Collaboration was forged between design students from the Royal Welsh College of Music and Drama and LAMDA’s Intimate at the Ivy MA directing students. RWCMD design students provided designs for the MA Directors showcase productions to be LAMDA Principal Joanna Read and alumna Patricia Hodge staged in the Sainsbury Theatre and Carne Studio Theatre took part in a panel discussion, chaired by Jim Naughtie, in September 2017. entitled Season Limited? Is it curtains for Britain’s great theatrical heritage? at The Ivy Club, London, along with LAMDA continued to collaborate with colleagues at the theatre critic Michael Billington and former National Theatre Royal College of Music and Royal Academy of Music with director Sir Nick Hytner. The Virtual Conservatoire project.1
1 The Virtual Conservatoire brings together six leading UK training institutions from across different disciplines (LAMDA, Bristol Old Vic Theatre School, Central School of Ballet, RADA, the Royal Academy of Music and the Royal College of Music) to explore how digital technology can be used to develop innovative performing-arts training on an international scale. 2 low-latency audio visual streaming Page 9 of 50 Page 10 of 50
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Widening access to Higher Education From this and grants made in previous years, £334,018 was awarded as follows: LAMDA is committed to ensuring that its training is accessible to all, regardless of social or economic • Forty-two students received support through LAMDA’s circumstances. LAMDA has a number of substantial Scholarships & Bursaries Scheme, including the measures in place to widen access to Higher Education and General Bursary Fund and Student Hardship Fund. create pathways to our training for those from low-income backgrounds, new to higher education or from a black, • One in five of the student body on the three Asian and minority ethnic (BAME) background. undergraduate courses received support, some receiving more than one award. These initiatives include regional auditions, audition-fee waivers, bursaries for the Foundation Diploma and our • Forty-nine scholarships and bursaries were awarded summer short courses and an extensive scholarship in total. Eighteen awards (totalling £175,900) were programme. In addition, we deliver targeted workshops made at point of entry, six (£51,000) were awarded and activities across London and the UK through LAMDA’s to students in the middle of their training and twenty Pathways programme. (£99,300) were awarded to final-year students. A further two awards were made through the General LAMDA Scholarships & Bursaries Scheme Bursary Fund (£6,000) and three awards through the Student Hardship Fund (£1,818). To support students from low-income households, as well as the diversity of LAMDA’s training and the creative industries, • Although fewer scholarships were awarded in 2016/17 LAMDA has an extensive Scholarships & Bursaries Scheme than the previous year, the average scholarship value funded solely through our own fundraising programme. increased from £6,400 in 2015/16 to £7,100 in During the year, £315,292 was raised in restricted 2016/17 (not including General Bursary and Student scholarship income, including £82,584 via the American Hardship awards). Friends of LAMDA, a £27,000 increase on 2015/16. Throughout the training, all students are offered a high level of support, including pastoral care and access to a counsellor, physiotherapist, dyslexia specialists, voice support and a student hardship fund.
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Access and Widening Participation supported by the John Lyons Trust in London and the Esmée Fairbairn Foundation regionally. LAMDA’s Access and Widening Participation Programme continued to develop during the year, with current Pathways creates long-term sustainable partnerships with partnerships evolving and new ones forming. Most of the selected schools, colleges and youth arts organisations work carried out was targeted at young people aged 14- in London and in key cities where LAMDA holds auditions 25 who are under-represented in Higher Education and and/or where there are high levels of social disadvantage in the arts. In line with our OFFA3 Access Agreement, we and low rates of participation in Higher Education. prioritised the following criteria to identify target groups and individuals: During 2016/17, LAMDA delivered nine Pathways workshops in Ely, Liverpool, Bristol, Manchester, Newcastle and Hull and • Schools and colleges with a high number of students eight Pathways workshops with London-based youth arts eligible for free school meals. groups. We reached 210 young people, of which 21% were BAME and 31% were from areas of low participation • People who live in areas of relative deprivation where (POLAR quintiles 1-2). participation in higher education is low. Shakespeare in Schools • People who are black, Asian and minority ethnic. We toured two Shakespeare plays, Macbeth and The • Young people who are care leavers or not in Merchant of Venice to six London secondary schools and employment, education or training (NEET). two Alternative Education Provisions. The productions were performed by the second-year students on LAMDA’s • Young people living with a disability. Foundation Degree Professional Acting to a total of 408 students across the schools. Pathways Programme In addition to the free performance, each school was offered Pathways is a targeted engagement and skills a post-show Q&A with members of the cast for either the development programme which uses LAMDA’s reputation, whole audience or with a smaller group of interested students. expertise and facilities to remove the barriers that prevent During the Q& A sessions, audience members asked our hard-to-reach young people from accessing performance students questions about rehearsing and performing arts training, employment or activity. The programme is Shakespeare and what it was like to train at LAMDA.
3 The Office for Fair Access
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This year we extended the tour to young people studying The Stage Management & Technical Theatre team had at Alternative Education Provisions (AP). These are for a stand at the annual Theatrecraft event, held at the pupils who can’t attend mainstream school for a variety Waldorf, which was attended by about 1,500 young people of reasons, such as school exclusion, behaviour issues, interested in careers “offstage”. Linbury Studio Technical short- or long-term illness, school refusal or teenage Director Will Scarnell delivered a workshop and took part pregnancy. By visiting AP settings, we were able to extend in the Ask the Experts panel. our outreach to groups with which we would not usually interact within regular school settings or mainstream youth Applications and student numbers arts organisations. LAMDA is committed to finding the best students, Foundation Diploma & Short Course Bursaries regardless of social or financial circumstances or educational qualifications. To achieve this, LAMDA auditions We provided three bursary places for LAMDA’s Foundation or interviews every applicant, giving each candidate the Diploma. As in previous years, one applicant was nominated opportunity to demonstrate first-hand his or her talent and to apply via our Pathways partnership programme. All three affinity for the training we offer. recipients were from low-income families and one recipient went on to secure a full scholarship for LAMDA’s three-year Applications for entry in 2017-18 BA (Hons) Professional Acting. A new student record system, Quercus, was deployed We awarded one fully funded place on our Introduction to for 2017 entry. Despite extensive configuration to match Musical Theatre Summer Short Course to a young person LAMDA’s requirements, application and audition outcomes who came to us via our Pathways workshop programme. have not been recorded in the same way as before. The data is reliable, but precise comparisons with previous years have Audition fee waivers not been possible.
We promoted the availability of the audition/ interview • Total applications to LAMDA for higher education fee-waiver scheme in our prospectus and other promotional courses, while remaining very healthy, did fall slightly, by literature, as well as to all schools and youth arts organisations 6%. Within this figure, Foundation Degree Professional and provided 30 audition fee waivers to applicants for LAMDA’s Acting (FdA) applications dropped 19%, the BA (Hons) three year BA (Hons) Professional Acting and an additional Professional Acting fell by 5%, FdA Stage Management eight for the Foundation Diploma. & Technical Training dropped by 5%, the MA in Classical Acting for the Professional Theatre grew by 1%, and the MA Directing grew by 36%.
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• Undergraduate courses: LAMDA accepts less than accepted; a further 25 originally applied for the BA but 2% of applicants for undergraduate (UG) courses. accepted an offer for the Diploma course. The cohort Four thousand, three hundred and sixty applications admitted is 72% female, 13% identify as BAME and (4,360) were received for 85 places across the three UG 10% identify as having a disability. courses, namely the BA (Hons) Professional Acting, FdA Professional Acting and FdA Production and Technical • Two students were awarded full-fee scholarships for the Arts. This is a fall of 7%. Of these, 531 applications (12%) Foundation Diploma, of whom one was the Widening were from the EEA (non-UK) and 401 (9%) from other Access to HE scholar. From the pool of scholarship overseas countries. 653 applications (15%) were from a applicants, a further 2 students were offered BAME background and 535 (12%) declared a disability. scholarship places on the Introduction to Screen Acting short course in summer 2017. • Postgraduate courses: LAMDA accepts around 10% of applicants for postgraduate (PG) courses. The MA • Seven Foundation Diploma students from the previous Classical Acting for the Professional Theatre and the year gained places on the BA (Hons) Professional MA Directing attracted 349 applications for a targeted Acting. One of these students had a full scholarship 34 places. 193 (55%) of applications were from outside for the diploma and will now receive a full three-year the UK / EEA. 90 applicants (26%) were from a BAME scholarship for the BA. background and 41 (12%) declared a disability. Semester programmes and short courses • Although 50% more candidates were auditioned in Paris than last year, overall applications from non-UK Our short courses remain attractive to both home and EEA students has fallen by over 30% – more than international students. 200 candidates. LAMDA continued to attract students from North America • The ratios of applicants identifying as BAME or to its autumn and spring Semester Diploma Classical disabled has remained constant. Acting, as part of their Study Abroad programmes. Numbers across the two semester programmes in 2016-17 were 92, • More than 80 nationalities are represented among a small increase on last year. our applicants. Demand for the Semester course has been supported by its Admissions validation by the University of Kent. The same is true of the newly-validated eight-week LAMDA Shakespeare Summer • Thirty students were accepted on the BA (Hons) School, which attracted 30% more students than last year. Professional Acting. Of these, nine received some form of up-front scholarship. Overall, the summer short course offering fell slightly short of hitting its target of 350 students. The offer has • Twenty-six were accepted on the Foundation Degree been rationalised since last year, to simplify staffing and Professional Acting. timetabling while maintaining income; that aim has been achieved. • Twenty-nine were accepted on the Foundation Degree Production and Technical Arts: Stage & Screen, of Academic and vocational success whom three have an up-front scholarship. A further three are progressing from the Fd onto the new BA The graduating students from all courses proved themselves (Hons) top-up course, and one of those students has an exceptionally talented cohort. a partial scholarship. • Of 29 graduating students on the BA (Hons) Professional • Twenty-eight students were accepted on the MA Acting, 16 were awarded first-class degrees, 12 were Classical Acting. One student is the recipient of the awarded a 2.i and one student who left early to take up John Wood Fulbright Scholarship. employment received a DipHE with Merit.
• Six students were accepted on the MA Directing. • On the Foundation Degree Professional Acting, 17 Distinctions and 11 Merits were awarded. • The UG cohort is 53% female, 20% identify as BAME and 13% report a disability. 38% of the UK/EU • The Foundation Degree Stage Management and students on the BA Acting had a household income Technical Theatre saw 6 Distinctions, 13 Merits, below £26,000 (this is twice the equivalent proportion and 1 pass awarded. Three graduates will also be last year) and a further 13% had a household income progressing to the new BA (hons) top-up degree. below £40,000. • The third cohort from the MA Classical Acting for • The PG cohort is 60% female, 24% identify as BAME the Professional Theatre graduated in October 2016 and none reports a disability. with 11 Distinctions and 16 Merits.
• Fifty-two applications were received specifically for • The 2016 MA Directing cohort graduated with the non-validated Foundation Diploma and seven were two Distinctions, four Merits and one Pass.
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By the end of the academic year, 100% of students graduating from BA Hons Professional Acting and eligible to work in the UK had gained representation from agents. Twenty-one out of 28 students on the Foundation Degree in Professional acting had signed with agents with the remainder in discussion or returning back to home countries to pursue their opportunities there.
Many students gained work during their final term or just after graduating, including:
Archie Madekwe – The Goat or Who is Sylvia – Haymarket Theatre – Ian Rickson Grace Molony – The Country Girls – Chichester Festival Theatre – Lisa Blair Grace Molony – Mary Queen of Scots – Feature Film – Director Josie Rourke with Margot Robbie Elizabeth Schenk – The Royals – Sky – 1 Episode Jordan Peters – multiple episodes of Call The Midwife BBC Jack Bandeira – Parade – Feature Film – Lisa Mulcahy Che Francis – Black Dude – Toxic Avenger – Edinburgh and Arts West End Angus Imrie – Trevor – Pond Life – Feature Film – Bill Buckhurst Fabien Frankel – Chris – The Knowledge – Charing Cross Theatre – Director – Maureen Lipman Harrison Collett – Banquo – Macbeth Feature Film – Screen Northants – Daryl Chase Tara Godolphin – Episode of EastEnders Jonathan Case – Episode of Holby City Jack Bandeira – Episode of Holby City – guest lead Bert Seymour – Episode of Endeavour Hugh Coles – Untitled feature film TBA (by the team behind The Inbetweeners) – Lead role Arty Frousham – Regular role – eight-part series – Carnival Row – Amazon Prime – Paul McGuigan
Stage management and technical theatre graduates’ destinations included:
Stage Manager on the book for Spamalot; Assistant Stage Manager, Cat on a Hot Tin Roof, The Young Vic at the Apollo Theatre; Stage Manager, Sid & Viv, Theatre503; Lighting Operator, The Lyric Hammersmith; Junior Project Manager, Scott Fleary Scenery; Production Assistant, Prejudice and Pride, BBC4; Lighting Programmer, The Seagull, The Lyric Hammersmith; Lighting Board Operator, The Vaudeville Theatre; Stage Manager, Finborough Theatre and Stage Manager, Mountview Academy; ASM cover, The Comedy about a Bank Robbery.
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Graduate destinations and alumni success
LAMDA alumni and associates continue to achieve exceptional success in the fields of theatre, film, and television, with many graduates nominated for and winning awards:
Olivier Awards 2017: Nominated: Ruth Wilson – Best Actress: Hedda Gabler (National Theatre) Nominated: Mischief Theatre – Best New Comedy: Comedy About A Bank Robbery (Criterion)
Ian Charleson Awards 2016: Commended: James Corrigan for Palamon in The Two Noble Kinsmen (RSC) Commended: Natalie Simpson for Cordelia in King Lear, Ophelia in Hamlet, Guideria in Cymbeline (RSC)
BAFTA TV Awards 2017: Nominated: Benedict Cumberbatch – Leading Actor in The Hollow Crown: The Wars of the Roses – BBC Two Nominated: Nikki Amuka-Bird – Leading Actress in NW – BBC Two Nominated: John Lithgow – Supporting Actor in The Crown – Netflix
Emmy Awards 2017: Winner: Outstanding supporting actor in a drama series: John Lithgow in The Crown – Netflix Nominated: Outstanding lead actor in a limited series or TV movie: Benedict Cumberbatch, Sherlock: The Lying Detective
Manchester Theatre Awards 2017: Winner: Best actress: Julie Hesmondhalgh for Wit, Royal Exchange Winner: Best actor in a studio production: Joseph Quinn for Wish List, Royal Exchange Studio
Stage Debut Awards 2017 (post year-end): Winner: Best Actress in a Play: Grace Moloney for The Country Girls (Minerva Theatre, Chichester) Winner: Best Director: Lekan Lawal for Betrayal (Derby Theatre) Nominated: Best Director: Alexander Lass for 46 Beacon (Trafalgar Studios 2, London).
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From information gathered during the year, we were aware that:
• thirty-one graduates appeared at the National Theatre • twenty-three performed with the Royal Shakespeare Company • fourteen worked at Shakespeare’s Globe • eighty-one worked in the West End • one hundred and thirty-nine performed at regional theatres and touring productions all over the UK • one hundred and eight worked in off-West End theatres • one hundred and eighty-seven appeared in feature films, from short films to major blockbusters • three hundred and twenty-six appeared in TV programmes on both sides of the Atlantic, including single dramas, mini-series, continuing dramas and made-for-TV films • forty-one played major and minor characters in leading video games, including Assassin’s Creed, Warhammer 40,000: Dawn of War III and Final Fantasy XV • nine films at the 2016 London Film Festival featured LAMDA graduates.
Other graduate achievements
One of LAMDA’s graduation short films, The Hole, was selected to be screened at the 2017 Earls Court Film Festival. Almost twenty shows at the Edinburgh Fringe Festival were written and/or performed by LAMDA graduates, including:
• Adele is Younger Than Us and By All Accounts Two Normal Girls, written and performed by graduates Sally O’Leary and Rhiannon Neads (aka Stiff & Kitsch) with direction from MA graduate James Taylor • An Act of Kindness, written and performed by Foundation Diploma graduates Helena Westerman and Rob Hayes • Good Girl, a storytelling debut from Naomi Sheldon • Haver, from Scottish stand-up comedy duo featuring graduate Megan Shandley • Muriel: Bad Master, from the winners of the Sketch Off! 2017 competition winners Muriel Comedy, comprising Sally O’Leary, Megan Salter and Janine Harouni.
LAMDA at Large
During the year, we continued our relationships with theatres in London and beyond. As well as autumn and spring seasons at the Pleasance Islington and POSK in Hammersmith, we toured productions to The Old Laundry Theatre in Bowness, The Theatre Royal Bury St Edmunds and Holkham Hall in Norfolk, giving our acting and technical students valuable experience in a range of venues.
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Stage Productions, 2016-17
Season Production Author Venue Autumn The Dark Things Ursula Rani Sarma Linbury Studio The Island Athol Fugard Linbury Studio War Whores Or Ben Ezra Linbury Studio Woyzeck (MacKendrick) Georg Buchner, translated by Linbury Studio John MacKendrick In the Solitude of Cotton Fields Bernard-Marie Koltès Linbury Studio Macbeth William Shakespeare Linbury Studio Strawberry and Chocolate Adapted by Jazz Martinez-Gamboa, Linbury Studio based on a work by Senel Paz Measure for Measure William Shakespeare Linbury Studio Othello William Shakespeare Linbury Studio Our Country’s Good Timberlake Wertenbaker, based on the Linbury Studio novel The Playmaker by Thomas Keneally Old Laundry Theatre, Bowness Stars in the Morning Sky Alexander Galin, translated by Linbury Studio Chris Hannan Old Laundry Theatre Another Country Julian Mitchell Linbury Studio Old Laundry Theatre Richard III William Shakespeare Pleasance Theatre, Islington The Revenger’s Tragedy Cyril Tourneur or Thomas Middleton Pleasance Theatre, Islington Spring Flare Path Terence Rattigan Linbury Studio Birdland Simon Stephens Linbury Studio The Cherry Orchard Anton Chekhov, English language version Linbury Studio by Simon Stephens Spring Awakening Book and Lyrics by Steven Sater, music by POSK, Hammersmith Duncan Sheik, based on the original play by Frank Wedekind NSFW Lucy Kirkwood Linbury Studio Realism Anthony Neilson The Carne Studio Theatre As You Like It William Shakespeare POSK, Hammersmith Theatre Royal, Bury St. Edmunds Holkham Hall, Norfolk Bury Fair Thomas Shadwell, in a new performing POSK, Hammersmith version by John Baxter Theatre Royal, Bury St. Edmunds Summer The Sea Edward Bond The Sainsbury Theatre Holes in the Skin Robert Holman Linbury Studio Assassins Music & Lyrics by Stephen Sondheim, The Sainsbury Theatre Book by John Weidman, based on an idea by Charles Gilbert, Jr. Other People Christopher Shinn The Carne Studio Theatre Cyrano Edmond Rostand, Adapted by Deborah The Sainsbury Theatre McAndrew Bracken Moor Alexi Kaye Campbell The Carne Studio Theatre Wild Honey Anton Chekov, translated & adapted by The Sainsbury Theatre Michael Frayn Hobson’s Choice Harold Brighouse The Carne Studio Theatre Lie with Me* Kaite O’Reilly Linbury Studio In addition, ten short firms were made during the year, showcasing the BA (Hons) Professional Acting and FdA Professional Acting students, working with professional writers, directors and crews. Screenings were held at the Curzon Soho and The LAMDA Linbury Studio. The June screening at the Curzon was introduced by alumni Charles Babalola and Alastair Petrie and was very well attended by agents, casting directors and other industry professionals. All films are available on LAMDA’s YouTube channel, www.youtube.com/user/LAMDAchannel, where they continue to attract viewers from all over the world.
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New commissions, visiting artists and practitioners and sound designers. Plays using amplification will be considered, to assess its use and impact. LAMDA continued its long tradition of commissioning new writing. During the summer, Lie with Me, by Kaite Pure movement tutor Elizabeth Ballinger began a project O’Reilly, received its world première in the LAMDA Linbury investigating the strong lineage within movement training Studio, having started out as a workshop development with at LAMDA, passed down through the teaching and students during the previous year. mentoring of key practitioners from the 1960s to the present day, i.e. Trish Arnold, Jane Gibson and Elizabeth Ballinger Research and Continuing Professional Development herself. The aim of the research is to record the work, enabling it to be shared with a wider audience and have During the year, a number of the teaching staff undertook a greater impact on the arts. or embarked on research and professional development projects. The Higher Education Academy (HEA) Fellowship initiative, launched at the start of 2016-17, proved very popular John Baxter, Head of Movement, devised and directed a with teaching staff. Under the scheme, teaching staff are new performance version of Thomas Shadwell’s Bury Fair, guided through the process of completing an application which played in London at the POSK theatre and toured for fellowship of the HE Academy, and in doing so are to The Theatre Royal, Bury St. Edmunds, where Shadwell presented with an opportunity to reflect upon, analyse and had his early education. The project worked from the improve upon the work they do in the teaching studio with development of a treatment and through its various stages their students. from cutting down of the original script to the creation of a new performing edition. The intention was to speak to Eleven staff signed up, of whom eight are applying for audiences of today whilst keeping Shadwell’s text intact and fellowship status and three are applying for senior fellowship; honouring performance traditions of the Restoration theatre. a further cohort will begin the process in 2017-18. The initiative is being led by the Teaching, Learning and Quality Voice teacher Stevie Rickards began a research project Manager, and results in a personalised process of critical designed to provide insight into the use of vocal amplification reflection and development for each participant. By the end in non-musical UK theatre, including reasons, trends and of the autumn term 2017, seven applications are expected views. The research will provide insight into the use of vocal to have been completed and submitted to the HEA. It is amplification in non-musical UK theatre, including reasons, hoped that further pedagogical work, and perhaps some trends and views. Interviews will be conducted with a range research projects or publications, will develop from this of practitioners, including directors, actors, artistic directors starting point.
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Examinations
The Examinations department uses the following performance measures for self-evaluation and reports on performance to the Board of Trustees through the Examinations Committee:
• Annual Statement of Compliance to the regulator, the Office of Qualifications and Examinations Regulation (Ofqual);
• Growth in income and examination entries;
• Evaluation of achievement of published customer service standards/operating standards.
Following the operational challenges experienced in 2014/15 and 2015/16, LAMDA provided a second Undertaking to Ofqual in November 2016 setting out various actions to secure full compliance with all regulatory requirements. That Undertaking provided for, among other things, a period of close and continuous scrutiny by the regulator. This has been a productive relationship throughout, and the discharge of the second Undertaking and next steps in relation to further regulatory action are currently under final consideration by Ofqual.
Substantial investment was made in staffing, governance, operations and compliance and a full review and revision of policies and procedures across the department was Numbers for London public exam sessions grew to 8,048 undertaken throughout the year, following an independent candidates. April saw the first London public exams taking audit of processes in the autumn. Staffing across the place in the new building, using the ten rehearsal studios. department was increased from 31 to 36 to further In August 2017, after the conclusion of the awarding year, support operations and management roles, and teams Examinations staff finally re-joined their colleagues in the were restructured. Following an internal review of risk purpose-built offices in the new building. management, a number of changes were made to the review and reporting of risk and contingency planning, including the A series of successful summer workshops for teachers introduction of a Risk Dashboard to focus on the key risks and examiners was held in July, again taking advantage which affected the business. of the new spaces. Workshops were offered a range of topics, including three Shakespeare workshops delivered Significant investment has been made in increasing by LAMDA’s Head of Drama School, Rodney Cottier, who examiner numbers, with over 40 recruited and trained shared aspects of his approach to teaching Shakespeare and through the year increasing the examiner panel number from his thoughts on the value of introducing learners to the Bard. 98 to 144 by the end of the year. Finally, the end of the academic year saw the launch of Over 109,000 learners registered for LAMDA exams during the new LAMDA Shakespeare qualifications, designed to the year, representing a 7% growth on 2015/16. 101,841 help learners develop an understanding of Shakespeare’s received certificates. Of these 25,181 were non-regulated language and equip them with the skills necessary to qualifications, and 76,660 were regulated qualifications. communicate Shakespearean text to an audience. The Approximately 11,000 learners were entered in the 31 examinations are open to learners of all ages; they are overseas countries where examinations were held. being developed for recognition at Level 1, 2 and 3 on the Regulated Qualifications Framework (RQF). First assessment The Board of Trustees commissioned a governance audit of the qualifications will begin from January 2018. in respect of LAMDA Examinations from Bates Wells and Braithwaite. The recommendations of the review were adopted in full and are in the process of being implemented. These included: increasing the number of trustees on the Examinations Committee; revising the terms of reference for the Committee; and recruiting to the Committee several individuals with specialist knowledge and experience.
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Fundraising Act Now!
Fundraising approach and performance The focus during the year was the closure of the Act Now! campaign to support delivery of the new building. The LAMDA is grateful to the many charitable trusts, campaign raised a final £1,755,166 in 2017, including individuals and organisations who make generous financial £175,000 from the Take Your Seat campaign, fronted by contributions towards its scholarship programme, activity alumnus Jim Broadbent, which invited donors to name seats and capital developments. When a donor makes a in The Sainsbury Theatre. Guests also named ten seats on commitment to LAMDA, we make the following commitment the gala evening, following a direct appeal from the chairman, in return: raising a further £13,000 towards the Act Now! campaign.
• we will be honest, truthful, transparent and A challenge grant was offered by a leading foundation to professional in our dealings. help LAMDA close the campaign; every £2 raised released £1 from the grant of £250,000. Additional gifts and pledges • we will acknowledge gifts swiftly, handle them came from the Woodward Trusts, The Monument Trust, responsibly and apply them to the purpose for Manny and Brigitta Davidson (a pledge of £100,000), which we requested them. Philip and Christine Carne, The Linbury Trust (for the Linbury Studio refurbishment) and The Case Foundation. • we will respond to any donor concerns swiftly and efficiently. During the year, partnerships were formed with the John Lyons Charity and Esmée Fairbairn Foundation to support • we will respect the privacy of donors and will only the development of LAMDA Pathways, building on the work release details of gifts with consent or if disclosure of the previous LAMDA Links programme. is required by law. We also forged a partnership with the London Borough • we will keep donors informed about the project they of Hammersmith & Fulham, receiving £50,000 for work in are supporting in an honest and accessible manner. the Borough.
• we will comply with all domestic and international Genesis Actors and Technicians Network legislation, including Tax legislation, the Data Protection Act 1998 and the Proceeds of Crime LAMDA secured a pledge of £75,000 over three years Act 2002. (that started in 2016/17) from the Genesis Foundation to support the creation of The Genesis Actors and Technicians • we will not encourage donors in any way to Network – a new mentoring and professional development change an existing charitable donation to another project for LAMDA’s graduating students. fundraising organisation. This grant is a major new development in our relationship LAMDA adheres to the Institute of Fundraising’s current Code with the Genesis Foundation and its founder John Studzinski of Fundraising Practice and to Charity Commission guidelines. (established following the celebration of the 25th and final Genesis Scholarship at LAMDA in July 2016). It reflects LAMDA and the Foundation’s shared commitment to increasing support for graduating students – at the difficult point of transition between training and employment – that will help them successfully enter the industry and build sustainable careers.
We have also secured additional support for the project from The Eranda Rothschild Foundation of £18,000 in 2016/17. This grant continues the Foundation’s engagement with LAMDA following scholarship support in 2015/16.
The Network will be launched at LAMDA on 25 September at an event attended by John Studzinski and LAMDA Vice Presidents Janet Suzman and David Suchet, who are its Patrons.
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General Fundraising Estates and operations Linbury Studio In 2016/17, 42 students received support through LAMDA’s Scholarships & Bursaries Scheme. Over £334,000 was We were very pleased to hear that The Linbury Trust had disbursed through 49 awards. awarded us £290,000 to refurbish the Linbury Studio. Work was carried out over the summer of 2017 and included a One in five students on LAMDA’s degree courses received complete re-fit of the Linbury Studio, including new air- financial support through the scheme this year. handling units/M&E, a pipe grid, new seating and technical equipment, and soundproofing between the John Wood In 2015/16, 48 students (one in four students) received Studio above and the Linbury. The plans also include support but only £321,000 in funding was disbursed. creating a new dedicated dressing room with access to the space for disabled performers. LAMDA has made fewer scholarship awards in 2016/17 but these have been more substantial and therefore Value for money have greater impact for the student in receipt of support (particularly in addressing costs of living). As a member of the London Universities Purchasing Consortium, LAMDA seeks to utilise appropriate Framework During the year, a number of key existing supporters agreements where possible. Where this may not be practicable agreed to continue their support. These include: (e.g. for specialist works), the Academy ensures that all goods and services procured are subject to competitive quotes and • The J P Jacobs Charitable Trust – to support a final tender processes, in accordance with expenditure levels set year student on the BA Acting. 2016/17 was their out in its Financial Regulations. first year of scholarship support.
• Boris Karloff Charitable Foundation – increased their support to support a final-year student. The increase was to reflect the increased costs of living in London.
• The Andrew Lloyd Webber Foundation – have agreed to support a further incoming student on the Production & Technical Arts: Stage & Screen course for the duration of their course. This will be their fifth scholar at LAMDA.
To date, scholarship income of over £300,000 has been received or pledged for 2017/18. With grants made in previous years to be carried over, we expect to disburse at least £363,000 to students in 2017/18 under the current scholarship scheme.
Staffing
Staff numbers (excluding hourly-paid teaching staff) grew from 92 to 101 during the year, reflecting the substantial investment in the Examinations department as well additional resource in admissions and academic support. In addition, a dedicated Genesis Network & Monitoring Officer, Monica Atagana, was appointed in July to lead on delivery of the Genesis project. The completion of the new facilities also required additional technical support for the screen and audio spaces and associated teaching, as well as extra caretaking and maintenance support.
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Future Plans • Reviewing staff and student representation on the Board of Trustees. With the completion of the new facilities in 2017, LAMDA will now focus on the next stage of its development, including: • Rolling out the Genesis Actors Network and associated graduate support programme, including ongoing • Successful designation as an HEI and subsequent graduate professional development. preparation for Taught Degree Awarding Powers (TDAP). • Developing the estates strategy and devising a • Ongoing improvements to the academic infrastructure programme of capital works to ensure that the older to support HEI designation. parts of the estate are fit for purpose and support LAMDA’s strategic ambitions. • Ongoing review of governance and management to ensure appropriateness for HEI designation. • Launching a patron’s scheme and building on the success of the Act Now! campaign to develop an • Growing student numbers on the top-up BA (Hons) ongoing fundraising programme to support delivery Degree Production & Technical Arts: Stage & Screen. of the strategic plan.
• Increasing engagement and representation of the • Reviewing the business development opportunities and student voice. international activities within LAMDA Examinations.
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Financial Review
The results for the year and the financial position at the end of the year are set out in the financial statements following this review.
LAMDA’s group financial performance is summarised as follows:
2017 2016
Unrestricted * Restricted Unrestricted Restricted
£’000 £’000 £’000 £’000
Income 11,367 2,131 9,484 3.004
Expenditure (11,015) (298) (9,456) (429)
Surplus for the year 352 1,833 28 2,576
Reserves at year-end 25,918 310 23,778 266
* Unrestricted includes designated funds
The financial performance for the year is shown in detail in The cash flow statement shows a balance of £0.8 million. the Statement of Financial Activities (SOFA) on page 31. LAMDA’s reserves policy is to hold a general unrestricted fund reserve of £1 million, which is the equivalent of six The primary unrestricted income for the Drama School of weeks’ unrestricted operating expenses. The actual reserves £5.7 million is core grant from the Conservatoire and course held are broken down into three categories (1) Restricted fees from students. Expenditure for the year was £6 million, funds of £0.3 million (2) Property fund of £25.3 million are resulting in a deficit of £0.3 million. the reserves set aside to replace the property when required (3) General unrestricted fund, of £0.6 million. Examinations income for the year was £4.4 million, while expenditure was £3.9 million, generating a surplus of The designated funds and the general fund are regarded £0.5 million. as unrestricted.
Unrestricted fundraising income for the year was £0.9 Pay policy for senior staff million. The majority of activity for the fundraising team continued to be for the Act Now! campaign, which is The trustees consider the Board of Trustees and the Senior restricted income. The amount raised for the Act Now! Management Team comprise the key management personnel campaign was £1.7 million in cash with a further £0.2 of the Charity in charge of directing and controlling, running million in pledges to be received within the next financial and operating the Charity on a day-to-day basis. All trustees year. The cost of raising funds for both restricted income give of their time freely and no trustee received remuneration and unrestricted income was £0.6 million. in the year. Details of trustees’ expenses and related-party transactions are disclosed in notes 6 and 21 to the accounts. LAMDA Limited owns the whole of the issued share capital of LAMDA Enterprises Limited. Trading activities during The pay of the Senior Management Team is provided the year from January 2017 for theatre ticket sales, room hire within note 5 to the accounts (job titles listed on page 1). and bar sales are included in the above table. All staff are reviewed annually and normally increased in accordance with average earnings to reflect a cost-of-living Reserves policy adjustment. The Principal’s salary is reviewed and agreed by the Nominations, Remuneration & HR Committee. In view LAMDA considers that it needs to hold reserves to of the nature of the Charity, the trustees benchmark against protect core activities in the event of income shortfall, pay levels in other charities. The remuneration benchmark and to promote balanced long-term, strategic planning. is the mid-point of the range paid for similar roles in similar Income from HEFCE and student loan financing is charities and sizes. The average annual salary paid to the considered secure income. In addition, LAMDA has Senior Management Team during the year ended 31 July drawn down £4.8m of a £6m loan facility and has made 2017 was £70,357. arrangements with the lender to have the balance of £1.2m available as well as an £0.5m overdraft facility while the general unrestricted fund is restored back to £1 million.
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The value of the funds at the year-end is summarised as follows:
2017 2016
£’000 £’000
Restricted funds 310 266
Designated funds
Property fund 25,320 23,778
Theatre development fund - -
General unrestricted funds 598 -
Total funds 26,228 24,044
During the year, £6.9 million was expended on construction work, which was partially covered using the loan facility.
Plans to increase unrestricted reserves
£’000 2017/18 2018/19 2019/20 2020/21 2021/22
Unrestricted surplus 158 398 1,051 1,545 1,935
Balance brought forward 598 756 1,154 2,205 3,750
Balance carried forward 756 1,154 2,205 3,750 5,685
Grant-making policy Legal structure
LAMDA makes grants to students as follows: LAMDA Limited is a company limited by guarantee, governed by its Articles of Association. It is a registered • Grants to particular individuals: LAMDA prepares charity. The Directors, who are members of LAMDA Limited, applications to individuals, corporations, trusts and each guarantee £1, and act as trustees of the charity. foundations on behalf of the students put forward by The names of Directors who served during the year and the Academy’s internal Scholarship and Bursaries to the date of this report are listed on page 1. Committee. These grants are received by LAMDA and then paid to the individuals concerned. Executive management • Other grants: LAMDA holds restricted funds for the specific purpose of assisting students with their fees Executive management of LAMDA is delegated on a day-to- and maintenance costs. Students apply to the Hardship day basis to the Principal, as Chief Executive Officer. She is Committee, which meets three times each year. Grants responsible for the strategic direction of LAMDA and works are awarded to those students considered to be in with the Board of Trustees to shape and define the vision of greatest need. the organisation. She exercises considerable influence over the development of LAMDA’s ethos and strategy and, Governance and structure supported by the Senior Management Team, is responsible for operational management of the organisation. The names of LAMDA is committed to good corporate governance and senior officers who served during the year are listed on page 1. the Board takes appropriate steps to ensure that the company follows best practice.
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15603_Annual Report_TXT_015.indd 24 08/12/2017 15:52 LAMDA Limited (limited by guarantee) TRUSTEES’ REPORT
Funding and regulatory environment Statement of responsibilities of members of the Board of Trustees Since 2004, LAMDA has been a part of the Conservatoire for Dance and Drama. The Conservatoire comprises eight A statement of the responsibilities of members of the board specialist schools delivering world-leading education and is given on page 28 of these financial statements. vocational training in the performing arts. Through the Conservatoire, LAMDA attracts funding from HEFCE, which The Board has taken reasonable steps to: enables eligible UK and EU students to access loans to assist with tuition fees and maintenance costs. • ensure that funds from HEFCE, through the Conservatoire, are used only for the purposes for LAMDA currently operates six full-time higher education which they have been given and in accordance with the courses validated by the University of Kent: funding agreements and any other conditions that each funding body may from time to time prescribe. • BA (Hons) Professional Acting. • ensure that there are appropriate financial and • Foundation Degree Professional Acting. management controls in place to safeguard public funds and funds from other sources. • Foundation Degree Production & Technical Arts: Stage & Screen. • safeguard the assets of LAMDA, and prevent and detect fraud. • BA (Hons) Production & Technical Arts: Stage & Screen. • secure the economically efficient and effective management of LAMDA’s resources and expenditure. • MA Classical Acting for the Professional Theatre. • consider the guidance on public benefit published by • MA Directing. the Charity Commission.
Through its Examinations department, LAMDA is also In considering the guidance on public benefit, the Board an Awarding Organisation, regulated by Ofqual for this has concluded that the charity’s aims provide substantial area of its operations. Graded examinations are offered in public benefit and that the charity’s activities over the year, Communication (Speaking Verse and Prose, Reading for as described in this report, can be shown to bear this Performance, Using Spoken English, Speaking in Public); out, especially with regard to admissions, outreach and Performance (Acting, Devising Drama, Miming); Musical participation initiatives and grant-making policies. Theatre; Group examinations (Group Recital, Choral Speaking, Group Acting, Group Devising, Group Musical Risk management Theatre); a Certificate in Speech and Drama: Performance Studies (PCertLAM) and a Diploma in Communication, The audit committee, acting under delegated authority Speech and Drama Education (LSDE). from the Board, is tasked with measuring, considering and managing all business, operational, reputational, systems, AFLAMDA people and financial risks that might affect the ability of LAMDA to continue to operate and thrive over the short LAMDA’s affiliate charity organisation in the US, and long term. LAMDA keeps a risk register that is the The American Friends of LAMDA (AFLAMDA), is an subject of regular review by senior management and by independent, not-for-profit 501-c3 organisation that the audit committee. supports the work of LAMDA. The Chairman is Shaun Woodward. Both he and the Principal are also directors of LAMDA has developed a business continuity plan in case of the organisation. During the year, funds were granted by any sudden or unexpected event interrupting the Academy’s AFLAMDA to LAMDA Ltd, including £39,000 granted with activities; the Board reviews this plan annually. Senior the express wish that it be used for scholarships to support management and heads of departments are responsible for students (see note 17). encouraging effective risk management within their teams.
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15603_Annual Report_TXT_015.indd 25 08/12/2017 15:52 LAMDA Limited (limited by guarantee) TRUSTEES’ REPORT
The Board considers that the major risks facing the company at the end of 2016/17, and suitable mitigating strategies, were:
Risk Mitigation
The agreed move to HEI status, TDAP and A full risk assessment has been independently drawn up and will separation from the CDD has significant risks be updated as appropriate. Measures to strengthen governance, affecting all areas of governance, management, staffing and HE expertise have been put in place. finance, operations and reputation. Uncertainty about future government Higher Control expenditure and develop income from other sources; draw Education policy, resulting in lack of clarity down of part of remaining bank loan; continue conversations with about level of fee income, affects future HEFCE and lobbying with others. financial planning. Failure to properly implement information A new system (ExamTrack) has been identified and implementation management system for Examinations is well advanced. The contract with the previous inappropriate affects operations and leads to regulatory system terminates in early 2018. non-compliance.
Internal financial control
The key elements of LAMDA’s system of internal financial control, which is designed to discharge the fiduciary responsibilities set out above, include:
• regular scrutiny of budgets, including budget holder meetings attended by those to whom departmental budgetary responsibility is delegated.
• an annual planning process, incorporating detailed income, expenditure, capital and cash flow budgets.
• regular reviews of key milestones.
• business risk reviews.
• quarterly reviews of financial results – these include variance reports and updated forecasts, and are carried out under the aegis of the finance committee.
• detailed internal financial regulations, as well as anti-fraud and anti-bribery policies, are in place. However, any system of internal financial control will only provide reasonable, but not absolute, assurance against material mis-statement or loss.
Page 26 of 50
15603_Annual Report_TXT_015.indd 26 08/12/2017 15:52 LAMDA Limited (limited by guarantee) TRUSTEES’ REPORT
Board and committee meetings
The Board of Trustees met five times during the year.
Much of the Board’s detailed work is delegated to LAMDA’s seven sub-committees, namely: Buildings; Examinations; Finance; Audit; Hardship; Campaign; Nominations, Remuneration & HR. Recommendations of these committees are made to the Board for discussion and approval at its meetings.
The respective responsibilities of these committees are as follows:
Buildings supervising the project management of the capital redevelopment project (winding down with the completion of the project).
Examinations reviewing and accepting regulatory compliance/self-assessment reports and advising on business strategy and development of LAMDA’s qualifications syllabus.
Finance reviewing the quarterly and annual results and presenting the annual budget for Board approval.
Audit ensuring that LAMDA operates under an appropriate and robust risk-management regime and has adequate arrangements for ensuring economy, efficiency and effectiveness.
Hardship receiving and approving applications for funds from students in financial need.
Nominations, advising on trustee appointments and Board composition, staff remuneration and HR policies; Remuneration & HR setting the Principal’s salary.
Campaign steering the Act Now! campaign and maximising overall fundraising opportunities.
The Board has agreed terms of reference for all committees and the majority of members on each committee are trustees. External members with specialist expertise may be co-opted, provided that trustees remain in the majority.
Appointment and induction of trustees
Job descriptions for trustees and for the chair have been agreed by the Nominations, Remuneration & HR committee. This committee is responsible for advising on the appointment of new trustees, (including appropriate advertising and interview procedures), and making recommendations to the Board. Potential candidates are evaluated against a pre-defined matrix to ensure that a balance of relevant experience and skills is maintained on the Board.
New trustees receive a board induction pack, tours of the building and induction meetings with the Chairman, the Principal and relevant members of the Senior Management Team. Time is also spent with the Senior Management Team to equip new trustees with appropriate information and oversight necessary to fulfil their obligations. Training is offered according to need.
Auditors
A resolution proposing the re-appointment of haysmacintyre and authorising the Board to fix their remuneration will be tabled at the Annual General Meeting.
Approved by the Board on 19 October 2017 and signed on its behalf by:
The Rt Hon Shaun Woodward Joanna Read James Cane Chairman Principal and Conservatoire Accountable Officer Director
Page 27 of 50 Page 28 of 50
15603_Annual Report_TXT_015.indd 27 08/12/2017 15:52 LAMDA Limited (limited by guarantee) STATEMENT OF TRUSTEES’ RESPONSIBILITIES for the year ended 31 July 2017
Statement of trustees’ responsibilities for the Each of the directors, who held office at the date of approval financial statements of this Trustees’ Report, has confirmed that there is no information of which they are aware which is relevant to the The trustees, who are also directors of LAMDA Ltd for the audit but of which the auditor is unaware. They have further purpose of company law, are responsible for preparing confirmed that they have taken appropriate steps to identify the Trustees’ Report and the accounts in accordance with such relevant information and to establish that the auditors applicable law and United Kingdom Accounting Standards are made aware of such information. (United Kingdom Generally Accepted Accounting Practice). Auditors Company law requires the trustees to prepare financial statements for each financial year and not approve the haysmacintyre have expressed their willingness to financial statements unless they are satisfied that the continue in office as auditors. A resolution proposing that financial statements give a true and fair view of the state of haysmacintyre be reappointed as auditors of the charitable the affairs of the Charity as at the balance sheet date and company for the forthcoming year will be put to members at of its incoming resources and application of resources, the Annual General Meeting. including income and expenditure, for the year then ended.
In preparing those financial statements which give a true and fair view, the trustees should follow best practice and:
• select suitable accounting policies and then apply them consistently.
• observe the methods and principles of the Charities SORP.
• make judgements and estimates that are reasonable and prudent.
• state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
• prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charitable company will continue on that basis.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.
Page 28 of 50
15603_Annual Report_TXT_015.indd 28 08/12/2017 15:52 LAMDA Limited (limited by guarantee) INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF LAMDA LIMITED for the year ended 31 July 2017
Opinion Responsibilities of trustees for the financial statements We have audited the financial statements of LAMDA Limited for the year ended 31 July 2017 which comprise As explained more fully in the trustees’ responsibilities the Group Statement of Financial Activities, the Group statement set out on page 28, the trustees (who are also Balance Sheet, Group Statement of Cash Flows and the directors of the charitable company for the purposes notes to the financial statements, including a summary of company law) are responsible for the preparation of the of significant accounting policies. The financial reporting financial statements and for being satisfied that they give framework that has been applied in their preparation is a true and fair view, and for such internal control as the applicable law and United Kingdom Accounting Standards, trustees determine is necessary to enable the preparation including Financial Reporting Standard 102 The Financial of financial statements that are free from material Reporting Standard applicable in the UK and Republic misstatement, whether due to fraud or error. of Ireland (United Kingdom Generally Accepted Accounting Practice). In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable In our opinion, the financial statements: company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern • give a true and fair view of the state of the group and and using the going concern basis of accounting unless parent charitable company’s affairs as at 31 July 2017 the trustees either intend to liquidate the group and parent and of the group and parent charitable company’s charitable company or to cease operations, or have no net movement in funds, including the income and realistic alternative but to do so. expenditure, for the year then ended; Auditor’s responsibilities for the audit of the • have been properly prepared in accordance with financial statements United Kingdom Generally Accepted Accounting Practice; and Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from • have been prepared in accordance with the material misstatement, whether due to fraud or error, and requirements of the Companies Act 2006. to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but This report is made solely to the charitable company’s is not a guarantee that an audit conducted in accordance members, as a body, in accordance with Chapter 3 of with ISAs (UK) will always detect a material misstatement Part 16 of the Companies Act 2006. Our audit work has when it exists. Misstatements can arise from fraud or been undertaken so that we might state to the charitable error and are considered material if, individually or in the company’s members those matters we are required to state aggregate, they could reasonably be expected to influence to them in an Auditor’s report and for no other purpose. the economic decisions of users taken on the basis of To the fullest extent permitted by law, we do not accept or these financial statements. assume responsibility to anyone other than the charitable company and the charitable company’s members as a A further description of our responsibilities for the audit body, for our audit work, for this report, or for the opinions of the financial statements is located on the Financial we have formed. Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of Basis for opinion our auditor’s report.
We conducted our audit in accordance with International Conclusions relating to going concern Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are We have nothing to report in respect of the following further described in the Auditor’s responsibilities for the matters in relation to which the ISAs (UK) require us to audit of the financial statements section of our report. report to you where: We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of • the trustees’ use of the going concern basis of the financial statements in the UK, including the FRC’s accounting in the preparation of the financial Ethical Standard, and we have fulfilled our other ethical statements is not appropriate; or responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is • the trustees have not disclosed in the financial sufficient and appropriate to provide a basis for our opinion. statements any identified material uncertainties that may cast significant doubt about the group and parent charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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15603_Annual Report_TXT_015.indd 29 08/12/2017 15:52 LAMDA Limited (limited by guarantee) INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF LAMDA LIMITED for the year ended 31 July 2017
Other information Matters on which we are required to report by exception The trustees are responsible for the other information. The other information comprises the information included In the light of the knowledge and understanding of the in the Trustees Report (incorporating the Strategic Report). group and parent charitable company and its environment Our opinion on the financial statements does not cover obtained in the course of the audit, we have not identified the other information and, except to the extent otherwise material misstatements in the Report of the Board explicitly stated in our report, we do not express any form (which incorporates the Strategic Report and the of assurance conclusion thereon. Directors’ Report).
In connection with our audit of the financial statements, our We have nothing to report in respect of the following responsibility is to read the other information and, in doing matters in relation to which the Companies Act 2006 so, consider whether the other information is materially requires us to report to you if, in our opinion: inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially • adequate accounting records have not been kept misstated. If we identify such material inconsistencies by the parent charitable company; or or apparent material misstatements, we are required to determine whether there is a material misstatement in the • the group and parent charitable company financial financial statements or a material misstatement of the other statements are not in agreement with the accounting information. If, based on the work we have performed, we records and returns; or conclude that there is a material misstatement of this other information, we are required to report that fact. We have • certain disclosures of trustees’ remuneration specified nothing to report in this regard. by law are not made; or
Opinions on other matters prescribed by the • we have not received all the information and Companies Act 2006 explanations we require for our audit.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Trustees Report (which incorporates the Strategic Report and the Directors’ Richard Weaver Report) for the financial year for which the financial (Senior Statutory Auditor) statements are prepared is consistent with the financial For and on behalf of haysmacintyre, statements; and Statutory Auditors
• the Trustees Report (which incorporates the Strategic 26 Red Lion Square Report and the Directors’ Report) has been prepared in London accordance with applicable legal requirements. WC1R 4AG
Dated:
Page 30 of 50
15603_Annual Report_TXT_015.indd 30 08/12/2017 15:52 LAMDA Limited (Limited by guarantee) and subsidiary company STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) as at 31 July 2017
General Funds Unrestricted Designated Restricted Total funds Total funds Notes funds funds funds 2017 2016
£ £ £ £ £
Income and endowments from:
Donations and legacies 2 888,325 - 2,108,367 2,996,692 3,053,966
Charitable activities:
Drama School 1 5,656,480 - 22,696 5,679,176 5,327,639
Examinations 1 4,448,767 - - 4,448,767 3,805,747
Other trading activities 2 371,116 - - 371,116 250,589
Investments 3 2,534 - - 2,534 50,458
Total income and endowments 11,367,222 - 2,131,063 13,498,285 12,488,399
Expenditure on:
Raising Funds 579,692 14,608 - 594,300 450,978
Charitable activities:
Drama School 6,007,016 482,182 297,794 6,786,992 5,821,585
Examinations 3,885,397 46,544 - 3,931,941 3,582,050
Total resources expended 4 10,472,105 543,334 297,794 11,313,233 9,854,613
Net (losses) on investments - - - - (29,737)
Net income / (expenditure) 17 895,117 (543,334) 1,833,269 2,185,052 2,604,049
Transfers between funds 17 (297,074) 2,085,936 (1,788,862) - -
Net movement in funds 598,043 1,542,602 44,407 2,185,052 2,604,049
Fund balances brought forward at 1 August - 23,777,591 265,945 24,043,536 21,439,487
Fund balances carried forward at 31 July 17 598,043 25,320,193 310,352 26,228,588 24,043,536
The group statement of financial activities has been prepared on the basis that all operations are continuing operations. The statement of financial activities includes all gains and losses recognised in the year. The net result of LAMDA Ltd as a single entity was a surplus of £2,185.052. Full comparative figures for the year ended 31 July 2016 are shown in note 23.
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15603_Annual Report_TXT_015.indd 31 08/12/2017 15:52 LAMDA Limited (Limited by guarantee) and subsidiary company GROUP BALANCE SHEET as at 31 July 2017
2017 2017 2016 2016
Notes £ £ £ £
Fixed assets
Intangible assets 7 166,814 -
Tangible assets 8 30,847,824 23,943,352
Investments 9 46 46
31,014,684 23,943,398
Current assets
Stock 11 28,385 20,093
Debtors 12 1,793,077 690,536
Short term deposits and cash in hand 20 813,432 2,606,567
2,634,894 3,317,196
Current liabilities
Creditors: amount falling due within one year 13 (2,620,990) (3,217,058)
Net current assets 13,904 100,138
Total assets less current liabilities 31,028,588 24,043,536 Creditors: amounts falling due after more than one year 14 (4,800,000) -
Net assets 26,228,588 24,043,536
Funds
Restricted funds 17 310,352 265,945
Designated funds
Property fund 17 25,320,193 23,777,591
General unrestricted funds 17 598,043 -
Total Charity Funds 26,228,588 24,043,536
Approved by the trustees and authorised for their issue on 19 October 2017
The Rt Hon Shaun Woodward Joanna Read James Cane Chairman Principal and Conservatoire Accountable Officer Director
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15603_Annual Report_TXT_015.indd 32 08/12/2017 15:52 LAMDA Limited (limited by guarantee) BALANCE SHEET as at 31 July 2017
2017 2017 2016 2016
Notes £ £ £ £
Fixed assets
Intangible assets 7 166,814 -
Tangible assets 8 30,847,824 23,943,352
Investments 9 346 346
31,014,984 23,943,698
Current assets
Stock 11 25,523 20,093
Debtors 12 1,827,330 690,536
Short term deposits and cash in hand 20 810,241 2,606,267
2,663,094 3,316,896
Current liabilities
Creditors: amount falling due within one year 13 (2,649,490) (3,217,058)
Net current assets 13,604 99,838
Total assets less current liabilities 31,028,588 24,043,536 Creditors: amounts falling due after more than one year 14 (4,800,000) -
Net assets 26,228,588 24,043,536
Funds
Restricted funds 17 310,352 265,945
Designated funds
Property fund 17 25,320,193 23,777,591
General unrestricted funds 17 598,043 -
Total Charity Funds 26,228,588 24,043,536
Approved by the trustees and authorised for their issue on 19 October 2017
The Rt Hon Shaun Woodward Joanna Read James Cane Chairman Principal Director
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15603_Annual Report_TXT_015.indd 33 08/12/2017 15:52 LAMDA Limited (Limited by guarantee) and subsidiary company CASHFLOW STATEMENT for the year ended 31 July 2017
Notes 2017 2016
£ £
Cash flows from operating activities 20 5,861,953 3,773,685
Cash flows from investing activities
Interest income 2,534 50,458
Payment to acquire tangible fixed assets (7,657,622) (11,729,652)
Cash used in investing activities (7,655,088) (11,679,194)
Decrease in cash and cash equivalents in the year (1,793,135) (7,905,509)
Cash and cash equivalents at the beginning of the year 2,606,567 10,512,076
Total cash and cash equivalents at the end of the year 813,432 2,606,567
The Rt Hon Shaun Woodward Joanna Read James Cane Chairman Principal Director
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15603_Annual Report_TXT_015.indd 34 08/12/2017 15:52 LAMDA Limited (limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2017
The principal accounting policies adopted, judgments and Gifts in kind key sources of estimation uncertainty in the preparation of the financial statements are as follows: Gifts in kind represent assets donated for distribution or use by the charity. Assets given for distribution are recognised Basis of preparation as income only when distributed. Assets given for use by the charity are recognised when receivable. Gifts in kind are valued The financial statements have been prepared in accordance at the price the charity would otherwise have paid for the with Accounting and Reporting by Charities: Statement of assets or the trustees best estimate of this value. Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Grants Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP (FRS 102)), and the Companies Grants are recognised in full in the statement of financial Act 2006. activities in the year in which the charity has entitlement to the income, the amount of income receivable can be measured The charity meets the definition of a public benefit entity reliably and there is probability of receipt. under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated • Conservatoire grants are recognised when the charity has in the relevant accounting policy note. been notified of the grant and any conditions for receipt have been met. Preparation of accounts on a going concern basis • Grants received to fund capital expenditure are recorded The trustees consider there are no material uncertainties as income and taken to reserves when spent. about the Charity’s ability to continue as a going concern. A five-year plan has been prepared up to July 2022 with a Grants and donations are only deferred when the donor has surplus expected for each year. The review of our financial imposed conditions that must be met before the charity has position, reserves levels and future plans gives trustees unconditional entitlement. confidence the charity remains a going concern for the Income from charitable activities foreseeable future. Income is recognised from charitable activities as earned Group financial statements when the related services are provided. Income is recognised From January 2017, LAMDA Enterprises Limited resumed from other trading activities as earned when the related goods trading, and therefore the results and balance sheet of are provided. the company has been consolidated with LAMDA Limited Investment income in these financial statements. The accounts have been consolidated on a line-by-line basis. Investment income is recognised on a receivable basis once the amounts can be measured reliably. Critical accounting judgments and estimates Expenditure In preparing these financial statements, management has made judgements, estimates and assumptions that affect Expenditure is recognised once there is a legal or constructive the application of the charities accounting policies and the obligation to make a payment to a third party, it is probable that reported assets, liabilities, income and expenditure and the settlement will be required and the amount of the obligation disclosures made in the financial statements. Estimates can be measured reliably. Expenditure is classified under the and judgments are continually evaluated and are based on following activity headings: historical experience and other factors, including expectations of future events that are believed to be reasonable under • Costs of raising funds are those incurred in attracting the circumstances. voluntary income and in fundraising activities.
Income recognition • Expenditure on charitable activities includes all costs related to the awarding of grants and the costs of Drama Income is recognised once the charity has entitlement to School and Examinations. income, it is probable that income will be received and the amount of income receivable can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred only in the case of Donations and legacies fixed assets, but to a separate general ledger code for all other expenditure. Donations and gifts are included in full in the Statement of Financial Activities when there is entitlement, probability Expenditure is allocated and apportioned into various of receipt and the amount of income receivable can be categories. Direct costs are allocated to each activity, as are measured reliably. costs that can be directly apportioned to each activity. Support costs relating to central services including management and Donations not linked to events are recognised on receipt. administration are allocated to service areas on the basis of either floor area or gross expenditure.
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15603_Annual Report_TXT_015.indd 35 08/12/2017 15:52 LAMDA Limited (limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2017
Operating leases Stock
Rental charges are charged on a straight-line basis over the Stock is carried at the lower of purchase cost and net life of the lease. realisable value.
Investments Cash at bank and in hand
Investments are a form of basic financial instrument and Cash at bank includes current and deposit accounts which are are initially shown in the financial statements at market value. immediately available. Cash in hand is petty cash floats. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Foreign currency Financial Activities. Monetary assets and liabilities denominated in foreign Profits and losses on the realisation of investments are shown currencies are translated into sterling at the rates of exchange as realised gains and losses in the Statement of Financial prevailing at the balance sheet date. Transactions in foreign Activities. Realised gains and losses on investments are currencies are recorded at the rate prevailing at the date of the calculated between sales proceeds and their opening carrying transaction. All differences are recognised in the SOFA. values or their purchase value if acquired subsequent to the Financial instruments first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the The charity only has financial assets and financial liabilities of a year end and their carrying value. Realised and unrealised kind that qualify as basic financial instruments. Basic financial investment gains and losses are combined in the Statement instruments, including trade and other debtors and creditors, of Financial Activities. are initially recognised at transaction value and subsequently measured at their settlement value. Fixed assets Funds Fixed assets are stated at cost or deemed cost (donated valuation at estimated fair value) less accumulated depreciation Unrestricted funds are donations and other income receivable and impairment losses. Assets costing more than £2,000 or generated for the objects of the charity. These may be used (inclusive of VAT) are capitalised. at the discretion of the trustees towards meeting LAMDA’s charitable objectives. Assets in the course of construction, which are capitalised, include pre-development costs directly attributable to specific Designated funds are unrestricted funds earmarked by the property developments and are not depreciated until they are trustees for particular purposes. brought into use. Restricted funds are those funds which are to be used in Depreciation is calculated to write off the costs of the fixed accordance with specific instructions imposed by the donor or asset by equal instalments as follows, all straight line: trust deed.
Freehold buildings 50 years Employee benefits Repairs to freehold buildings (dependent 50 years or upon the nature of the repair) 10 years • Short-term benefits Office and theatres fixtures, fittings and 10 years Short term benefits including holiday pay are recognised as equipment an expense in the period in which the service is received. Studio and stage equipment 3 years • Employee termination benefits Computers and IT equipment 3 years Termination benefits are accounted for on an accrual basis Examinations infrastructure (2016 only) 8 years and in line with FRS 102. Intangible fixed assets 5 years • Pension scheme Freehold land is not depreciated. LAMDA operates a defined contribution pension scheme for the benefit of its employees to which the company Creditors and provisions contributes 3% of salary (5% for senior staff). The assets of the scheme are held independently from those of Creditors and provisions are recognised where the charity LAMDA Limited in an independently administered fund. has a present obligation resulting from a past event that will The pensions costs charged in the financial statements probably result in the transfer of funds to a third party and represent the contributions payable during the year. the amount due to settle the obligation can be measured or estimated reliably. Legal status
Debtors The company is limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect Short-term debtors are measured at transaction price, less of the guarantee is limited to £1 per member of the charity. any impairment.
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15603_Annual Report_TXT_015.indd 36 08/12/2017 15:52 LAMDA Limited (Limited by guarantee) and subsidiary company NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2017
1 Incoming resources from charitable activities Unrestricted Restricted funds funds 2017 2016
£ £ £ £
Core funding 715,847 - 715,847 778,622
Course and related fees 4,629,057 - 4,629,057 4,307,276
Examination fees 4,448,767 - 4,448,767 3,805,747
Capital grant from HEFCE - 22,696 22,696 -
Theatre Tax Relief 202,200 - 202,200 150,000
Other grants 109,376 - 109,376 91,741
10,105,247 22,696 10,127,943 9,133,386
analysed as follows:
Drama school 5,656,480 22,696 5,679,176 5,327,639
Examinations 4,448,767 - 4,448,767 3,805,747
10,105,247 22,696 10,127,943 9,133,386
2 Incoming resources from generated funds Unrestricted R e s t r i c t e d funds funds 2017 2016
£ £ £ £
Voluntary income
Donations 888,325 2,096,955 2,985,280 2,896,466
Legacies - 11,412 11,412 157,500
888,325 2,108,367 2,996,692 3,053,966
Activities for generating funds
Trading activities, events and functions 105,355 - 105,355 115,329
Miscellaneous income 214,161 - 214,161 79,616
Land and rental income 51,600 - 51,600 55,644
371,116 - 371,116 250,589
3 Investment income Unrestricted Restricted Designated funds funds fund 2017 2016
£ £ £ £ £
Bank interest receivable 2,534 - - 2,534 50,458
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4 Analysis of total resources expended Allocation Drama Total T o t a l method school Examinations Fundraising 2017 2016 Costs directly allocated to activities £ £ £ £ £
Staff costs Direct 2,364,330 887,781 287,985 3,540,096 3,314,185 Productions Direct 590,582 - - 590,582 935,144 Payments to examiners Direct - 938,587 - 938,587 971,119 Student bursaries, fee waivers & hardship Direct 425,125 - - 425,125 438,020 Administration Direct 1,211,454 1,225,611 160,391 2,597,456 2,344,981 Depreciation Direct 12,763 - - 12,763 20,779
Total 4,604,254 3,051,979 448,376 8,104,609 8,024,228 Support costs allocated to activities Premises Floor area 497,384 27,423 12,905 537,712 401,863 Administration Total exp 831,976 551,483 81,020 1,464,479 975,238 Marketing Total exp 240,696 159,548 23,440 423,684 264,317 Floor area/ Depreciation total exp 469,419 46,544 14,608 530,571 101,697 Governance Total exp 143,263 94,964 13,951 252,178 87,270
Total allocated support costs 2,182,738 879,962 145,924 3,208,624 1,830,385
Total resources expended 6,786,992 3,931,941 594,300 11,313,233 9,854,613
Support costs relating to central services (including human resources, IT, finance and management and administration) have been allocated over the service areas in relation to direct expenditure and floor area. Governance costs are re-allocations based on a portion of salary costs of senior staff plus the cost of audit services and accounting fees.
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5 Staff costs and employees 2017 2016 No. FTE No. FTE Drama School 49 47 Examinations 27 27 Fundraising 6 5 Management and administration 21 18 103 97
The average number of employees (full and part-time) during the year was as follows: 173 155
Staff costs for the above persons are analysed as follows: £ £ Wages and salaries 3,907,935 3,575,216 Social Security 378,455 342,999 Pension costs 128,520 105,877 Redundancy payments 36,604 6,240 Holiday accrual 5,848 20,708 4,457,362 4,051,040
Staff costs (for the above persons) are analysed as follows: £ £ Drama School 2,364,330 2,239,127 Examinations 887,781 817,541 Fundraising 287,985 257,517 Management and administration 917,266 736,855 4,457,362 4,051,040 The highest paid employees' emoluments were as follows: The 2015-16 figures have been restated to exclude employer’s pension costs.
Between £60,001 – £70,000 2 2 Between £70,001 – £80,000 1 1 Between £80,001 – £90,000 1 - Between £90,001 – £100,000 - 1 Between £100,001 – £110,000 1 - Employer pension costs for the above employees are: 33,945 14,834
The key management personnel comprises the Senior Management Team listed on page 1
The 2015-16 figures have been restated to include Employer’s NICs and payments when a team member was paid through an agency.
The total remuneration and pensions paid to them in the year was: Salaries 633,213 603,334 ERs NICS 74,645 68,171 ERs Pensions 43,964 27,655 Compensation payments 30,000 - Legal expenses 1,250 500 783,072 699,660
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6 Movement in net income for the year is stated after charging 2017 2016 £ £ Depreciation 543,334 122,476 Loss on disposal of fixed assets 43,002 173 Operating leases - land and buildings 135,694 136,603 Operating leases - other 12,884 12,591 Auditor’s remuneration Audit 29,340 23,970 Other services 285,290 24,600 Expenses reimbursed to trustees 6,784 10,456
Expenses were reimbursed to 17 trustees in the current year for £6,784 (2016: £10,456). No trustee received remuneration in the current or prior year.
Retirement gifts were purchased for Luke Rittner costing £1,038.
7 Intangible assets
Group and Company Examinations & Student Record Systems Total £ £ Cost or valuation At 01 August 2016 - - Additions 176,841 176,841 Disposals - -
At 31 July 2017 176,841 176,841
Depreciation At 01 August 2016 - - Charge for the year 10,027 10,027 Disposals - -
At 31 July 2017 10,027 10,027
Net book value At 31 July 2017 166,814 166,814
At 01 August 2016 - -
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8 Tangible assets Office, Freehold studio, & land and production IT Group and Company buildings equipment equipment Total
£ £ £ £
Cost or valuation
At 01 August 2016 24,386,681 226,346 402,346 25,015,373
Additions 6,765,158 650,498 65,125 7,480,781
Disposals (643) (7,706) (48,621) (56,970)
At 31 July 2017 31,151,196 869,138 418,850 32,439,184
Depreciation
At 01 August 2016 587,010 198,900 286,111 1,072,021
Charge for the year 444,061 39,425 49,821 533,307
Disposals (71) (7,706) (6,191) (13,968)
At 31 July 2017 1,031,000 230,619 329,741 1,591,360
Net book value At 31 July 2017 30,120,196 638,519 89,109 30,847,824
At 01 August 2016 23,799,671 27,446 116,235 23,943,352
An independent valuation by Jones Lang Lasalle IP Inc (commissioned by Barclays Bank) provided a market value of the Talgarth Road site of £29.8 million as at 25 July 2017.
9 Investments Group Company
2017 2016 2017 2016
£ £ £ £
Listed securities at cost 46 1,937 46 1,937
Less: provision for impairment in value - (1,891) - (1,891)
46 46 46 46
Unlisted subsidiary at cost 300 300
Cost or valuation at 31 July 46 46 346 346
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10 Net Income from Trading Activities of LAMDA Enterprises Limited
LAMDA Limited owns the whole of the issued share capital of LAMDA Enterprises Limited. The company is registered in England and gifts its taxable profits to LAMDA Limited via gift aid. From January 2017, the company has resumed trading, and therefore the results and balance sheet of the company has been consolidated with LAMDA Limited.
2017 2016 £ £ Turnover 40,646 - Net operating expenses (6,393) (24)
Operating profit / (loss) 34,253 (24) Payment under gift aid (34,253) (45,617)
Profit on ordinary activities after taxation - (45,641) Profit brought forward - 15,941 Share capital reduction in year - 29,700 Retained profit carried forward - -
The profit brought into the consolidated accounts all relates to external trading.
The share capital of LAMDA Enterprises is held by LAMDA Limited 300 300
11 Stock Group Company
2017 2016 2017 2016 £ £ £ £
Examinations Publications 20,550 16,053 20,550 16,053 Examinations Medals and Certificates 4,256 3,012 4,256 3,012 Examinations Merchandise 717 810 717 810 Bar 2,862 218 - 218
28,385 20,093 25,523 20,093
12 Debtors Group Company
2017 2016 2017 2016 £ £ £ £ Trade debtors 36,801 26,430 36,801 26,430 Other debtors 233,393 73,063 233,393 73,063 Other taxation and social security 1,145,672 294,017 1,145,672 294,017 Prepayments and accrued income 377,211 297,026 377,211 297,026 Amount owed by subsidiary - - 34,253 - 1,793,077 690,536 1,827,330 690,536
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13 CREDITORS: amounts falling due within one year Group Company
2017 2016 2017 2016
£ £ £ £
Deferred income 1,346,229 1,258,502 1,346,229 1,258,502
Trade creditors 434,765 1,388,765 432,860 1,388,765
Accruals 606,874 413,315 605,194 413,315
Taxation and social security 122,425 98,643 118,894 98,643
Other creditors 110,697 57,833 110,697 57,833
Amount owed to subsidiary - - 35,616 -
Loan repayable (note 14) - - - -
2,620,990 3,217,058 2,649,490 3,217,058
Analysis of Deferred Income
Group Company
2017 2016 2017 2016
£ £ £ £
At 01 August 1,258,502 954,981 1,258,502 954,981
Acquired 1,346,229 1,258,502 1,346,229 1,258,502
Released (1,258,502) (954,981) (1,258,502) (954,981)
At 31 July 1,346,229 1,258,502 1,346,229 1,258,502
Deferred income includes course fees, exam income and hoardings income received in advance.
14 CREDITORS: amounts falling due after more than one year Group Company
2017 2016 2017 2016
£ £ £ £
Barclays Bank plc 4,800,000 - 4,800,000 -
The terms of the loan is that it is a floating rate basis term loan, based on 3 month LIBOR, being repaid over an 18 year period, renewable after 8 years for a further 10 years. Repayments commence 27 months after the first drawdown (which was in September 2016), thus December 2018. The margin is 2.25% per annum subject to re-pricing provisions.
Loan details: repayable as follows:
Within one year (note 13) - - - -
Within two to five years 1,000,000 - 1,000,000 -
Over five years 3,800,000 - 3,800,000 -
4,800,000 - 4,800,000 -
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15 Operating lease commitments
At the year-end, the charity was committed to make the following payments in total in respect of operating leases.
Equipment Land and Buildings
2017 2016 2017 2016
£ £ £ £
Within one year 3,885 5,833 80,180 103,840
Within two to five years - - 67,236 6,000
3,885 5,833 147,416 109,840
The land and buildings relate to Druid Street, Bermondsey and 2 railway arches at Stamford Brook.
16 Capital and Reserves
The company is limited by guarantee and does not have share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. At 31 July 2017 there were 15 members (2016: 16), who were all trustees.
No reconciliation of movements in shareholders' funds has been prepared as the company has no shareholders.
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17 Reconciliation of funds and movements on reserves Net Balance at incoming/ Net Balance 01 August Incoming Outgoing (outgoing) movement at 31 July Group 2016 Resources Resources resources Transfers in funds 2017 Restricted funds £ £ £ £ £ £ £
Act Now! fund - 1,755,166 - 1,755,166 (1,755,166) - -
Bursary fund 208,164 296,725 (295,717) 1,008 - 1,008 209,172
Hardship 41,781 476 (2,077) (1,601) - (1,601) 40,180 AFLAMDA (The American Friends of the London Academy of Music and Dramatic Art (LAMDA), Inc) ------Production programme support ------Brian Tilston award 4,900 - - - - - 4,900
Poetry Award 100 - - - - - 100
Sackler Library 11,000 - - - (11,000) (11,000) -
Pathways - 38,000 - 38,000 - 38,000 38,000 LAMDA Genesis Network - 18,000 - 18,000 - 18,000 18,000 Capital repairs and renewals - 22,696 - 22,696 (22,696) - -
265,945 2,131,063 (297,794) 1,833,269 (1,788,862) 44,407 310,352
Unrestricted funds
General fund - 11,367,222 (10,472,105) 895,117 (297,074) 598,043 598,043
Designated fund
Property fund 23,777,591 - (543,334) (543,334) 2,085,936 1,542,602 25,320,193
Total funds 24,043,536 13,498,285 (11,313,233) 2,185,052 - 2,185,052 26,228,588
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Net Balance at incoming/ Net Balance 01 August Incoming Outgoing (outgoing) movement at 31 July Company 2016 Resources Resources resources Transfers in funds 2017 Restricted funds £ £ £ £ £ £ £
Act Now! fund - 1,755,166 - 1,755,166 (1,755,166) - -
Bursary fund 208,164 296,725 (295,717) 1,008 - 1,008 209,172
Hardship 41,781 476 (2,077) (1,601) - (1,601) 40,180 AFLAMDA (The American Friends of the London Academy of Music and Dramatic Art (LAMDA), Inc) ------Production programme support ------Brian Tilston award 4,900 - - - - - 4,900
Poetry Award 100 - - - - - 100
Sackler Library 11,000 - - - (11,000) (11,000) -
Pathways - 38,000 - 38,000 - 38,000 38,000 LAMDA Genesis Network - 18,000 - 18,000 - 18,000 18,000 Capital repairs and renewals - 22,696 - 22,696 (22,696) - -
265,945 2,131,063 (297,794) 1,833,269 (1,788,862) 44,407 310,352
Unrestricted funds
General fund - 11,326,577 (10,431,460) 895,117 (297,074) 598,043 598,043
Designated fund
Property fund 23,777,591 - (543,334) (543,334) 2,085,936 1,542,602 25,320,193
Total funds 24,043,536 13,457,640 (11,272,588) 2,185,052 - 2,185,052 26,228,588
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Restricted funds
The restricted funds are held for the following purposes:
Act Now! fund Income generated by a dedicated fundraising campaign to provide funds for the redevelopment of 155 Talgarth Road.
Bursary fund Funds given to help students with fees and living expenses.
Hardship An emergency fund to support students who suffer unexpected, short term financial difficulties. This fund cannot be used for fee payments.
AFLAMDA (The American Friends Funds raised to provide bursaries to students studying at the Academy. Shaun of the London Academy of Music Woodward and Joanna Read are directors of AFLAMDA. and Dramatic Art (LAMDA), Inc)
Production programme support Funds for sponsorship and programme development in furtherance of the learning experiences of LAMDA students.
Brian Tilston award Annual award for highest scoring candidate passing the gold award for speaking verse and prose.
Poetry Award Donation received in April 2015 from the Gill Poulos Memorial Trust for a Poetry award.
Sackler Library Funds from Sackler Trust spent on the new library.
Pathways Funds from John Lyon’s Charity for outreach into the local community targeting young people from diverse backgrounds with a view to pursuing training and employment in the creative industries over 2 years.
LAMDA Genesis Network Funds from Eranda Rothschild to support LAMDA graduates find gainful employment.
Capital repairs and renewals HEFCE Capital grant via CDD which has been applied against the new building.
Designated fund
Property fund Net book value of freehold land and buildings at 155 Talgarth Road less loans taken out against these assets.
Transfers
£1,755,166 has been transferred from the Act Now! restricted fund to assist with the funding of the new building. £22,696 has been transfered from the Capital repairs and renewals fund as it has been spent on the new building. £11,000 has been transferred from the Sackler Trust as it has been spent on the new Sackler library. A transfer has been made from the general fund to the property fund of £1,542,602 so the value of the fixed asset fund is equal to the net book value of freehold land and buildings at 155 Talgarth Road.
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18 Analysis of net assets between funds Net current Long term Fixed assets Investments assets liabilities Total
Group £ £ £ £ £
Restricted funds 310,352 310,352
Designated fund 25,320,193 25,320,193
Unrestricted funds 7,237,047 46 (1,839,050) (4,800,000) 598,043
32,557,240 46 (1,528,698) (4,800,000) 26,228,588
Company
Restricted funds 310,352 - 310,352
Designated fund 25,320,193 25,320,193
Unrestricted funds 7,237,047 346 (1,839,350) (4,800,000) 598,043
32,557,240 346 (1,528,998) (4,800,000) 26,228,588
19 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purpose.
20 Reconciliation of net income to net cash inflow from operating activities
2017 2016 £ £
Net income for the year 2,185,052 2,604,049 Add back depreciation charge 543,334 122,476 Deduct interest income shown in investing activities (2,534) (50,458) (Increase) decrease in stock (8,292) (4,140) (Increase) decrease in debtors (1,102,541) 309,526 (Decrease) increase in creditors (596,068) 762,321 Increase (decrease) in long term creditors 4,800,000 - Loss (Gain) on disposals 43,002 173 Loss (Gain) on investments - 29,738 Net cash used in operating activities 5,861,953 3,773,685
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21 Related Parties
Under FRS102 section 33, LAMDA has taken advantage of the exemption not to disclose transactions with wholly owned subsidaries.
LAMDA’s Operating Agreement with the Conservatoire requires that a trustee of LAMDA sits on the board of the Conservatoire as a nominated governor. James Cane is LAMDA’s nominated governor.
Shaun Woodward and Joanna Read are directors of AFLAMDA.
Philip Carne is a trustee of the Richard Carne Trust, which donated £10,000 to LAMDA Limited and US $10,000 to AFLAMDA during the year for studentships.
The total amount of donations received from trustees in the year was £17,900 (2016: £316,520).
22 Financial instruments Group Company
2017 2016 2017 2016
£ £ £ £
Financial assets
Financial assets measured at fair value through profit or loss 850,233 2,632,997 847,042 2,632,697
Financial liabilities
Financial liabilities measured at amortised cost 434,765 1,388,765 432,860 1,388,765
Financial assets measured at fair value through profit or loss comprise cash at bank and trade debtors.
Other financial liabilities measured at fair value through profit or loss comprise trade creditors.
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23 Comparative Group Consolidated Statement of Financial Activities 2015-16
[General Funds] Unrestricted Designated Restricted Total funds funds funds funds 2016
£ £ £ £
Income and endowments from:
Donations and legacies 77,436 - 2,976,530 3,053,966
Charitable activities:
Drama School 5,327,639 - - 5,327,639
Examinations 3,805,747 - - 3,805,747
Other trading activities 250,589 - - 250,589
Investments 4,220 18,315 27,923 50,458
Total income and endowments 9,465,631 18,315 3,004,453 12,488,399
Expenditure on:
Raising Funds 218,455 232,523 - 450,978
Charitable activities: -
Drama School 5,022,278 485,345 313,962 5,821,585
Examinations 3,441,423 25,794 114,833 3,582,050
Total resources expended 8,682,156 743,662 428,795 9,854,613
Net (losses) on investments (29,737) (29,737)
Net income / (expenditure) 753,738 (725,347) 2,575,658 2,604,049
Transfers between funds (1,477,094) 8,913,192 (7,436,098) -
Net movement in funds (723,356) 8,187,845 (4,860,440) 2,604,049
Fund balances brought forward at 1 August 723,356 15,589,746 5,126,385 21,439,487
Fund balances carried forward at 31 July 2016 - 23,777,591 265,945 24,043,536
Page 50 of 50
15603_Annual Report_TXT_015.indd 50 08/12/2017 15:52 Photograph Credits
Contents page LAMDA Photograph by Nick Kane Page 8 Assassins, performed in The Sainsbury Theatre Photograph by John Haynes Page 9 Students from LAMDA, Royal College of Music, Royal Academy of Music, and RADA meet with students from Bristol Old Vic Theatre School via The Virtual Conservatoire project Photograph by Jake Longley Page 10 Holes in the Skin, performed in The LAMDA Linbury Studio Photograph by Richard Hubert Smith Page 11 True West, performed in The Carne Studio Theatre Photograph by Terrence Smith Page 12 Student setting up lights in The Sainsbury Theatre Photograph by Richard Hubert Smith Page 14 The Pitmen Painters, performed in The LAMDA Linbury Studio Photograph by Richard Hubert Smith Page 15 Students constructing set for production in The Sainsbury Theatre Photography by Richard Hubert Smith Page 16 Students visiting LAMDA’s new dressing rooms Photography by Richard Hubert Smith Page 18 Lie With Me, performed in The LAMDA Linbury Studio Photograph by Richard Hubert Smith Page 19 Learners reading LAMDA Examination Syllabus Photograph by Richard Hubert Smith Page 21 Students entering LAMDA’s new building Photograph by Richard Hubert Smith Page 22 Bury Fair, performed at POSK Photograph by John Haynes Photograph Credits Page Mischief Theatre Company
©LAMDA Limited 2017. All Rights Reserved.
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