Royal Central records deficit in latest financial accounts

The Royal Central School of Speech and Drama registered a deficit of almost £0.7m for the financial year 2023/24.

According to its latest accounts available on Companies House, the school recorded a loss of £ 678,000 for the year ending July 2024, compared to a surplus of £220,000 recorded in the financial year 2022/23.

The filing notes that the school has experienced a decline in student recruitment and an increase in staff costs; however, it maintains a strong cash position and “headroom” to repay loan liabilities. 

Figures included in the accounts show that income from tuition fees and educational provision has decreased by £0.3m year-on-year, while total expenditure has increased by 3.9%.

The North London drama school opened a voluntary severance scheme towards the end of last year. The report also says the school is reviewing its programmes and courses to position itself “better in the future”.

A spokesperson for the drama school told The Stage that there are no current plans to implement redundancies or hiring freezes, but did not confirm how many staff members had opted for voluntary severances.