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2020-12-31-accounts

Charity number: 1015648

The Andrew Lloyd Webber Foundation

Report and financial statements For the year ended 31 December 2020

The Andrew Lloyd Webber Foundation

Contents

For the year ended 31 December 2020

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 16 Statement of financial activities .................................................................................................... 20 Balance sheet ............................................................................................................................... 21 Notes to the financial statements ................................................................................................. 22

The Andrew Lloyd Webber Foundation

Reference and administrative information

For the year ended 31 December 2020

Charity number 1015648
Country of registration England & Wales
Registered Office and Sydmonton Court Estate
Operational Address Burghclere
Newbury, Berkshire, RG20 9NJ
Trustees Trustees who served during the year and up to the date of this
report were as follows:
The Lady Lloyd Webber
L E Fennell
P W Freedman
E K Marsh Appointed 9 June 2020
K G Reardon Appointed 9 June 2020
Dr S Thurley CBE
M G Wordsworth Chair
Key Management Personnel Sarah Miller Director
Website www.andrewlloydwebberfoundation.com
Bankers Handelsbanken
Basingstoke Branch
Matrix House, Basing View
Basingstoke, RG21 4FF
Investment Managers Rothschild Wealth Management (UK) Ltd
New Court, St Swithin's Lane
London, EC4N 8AL
Cazenove Capital
1 London Wall Place
London, EC2Y SAU
Solicitors Macfarlanes LLP
20 Cursitor Street
London, EC4A 1LT
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
Invicta House
108-114 Golden Lane
London, EC1Y 0TL

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

The trustees present their report and the audited financial statements for the year ended 31 December 2020.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. We are pleased to report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps us ensure the charity's aims, objectives and activities remained focused on its stated purposes.

Objectives and activities for the public benefit

When shaping the strategy, aims and activities of the Foundation and making decisions on the projects they support, the trustees comply with their duty in section 17 of the Charities Act 2011and refer to the Charity Commission's guidance on public benefit. In particular, we consider how planned activities will contribute to the aims and objectives that have been set.

The Andrew Lloyd Webber Foundation (‘the Foundation’) exists to promote the advancement of the arts, culture and heritage for the public benefit. Our four year strategy, ‘Unlock, Enhance, Empower’ outlines our commitment to achieve these objectives and sets out how we will work to maximise the impact of the Foundation's charitable activities for our beneficiaries.

Unlock, Enhance, Empower - a four-year strategic vision 2019 - 2022

Our Mission - to champion access, participation and engagement in the arts and heritage to improve skills, change behaviour, increase confidence and empower the next generation to succeed.

We believe

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

We will

We will do this by:

UNLOCK creative potential and increase diversity in the arts and heritage by breaking down social, economic and geographical barriers, encouraging engagement and providing high quality training for young people under 25.

ENHANCE skills by providing specialist training and work-place experience and apprenticeships for emerging artists and newly graduated professionals.

EMPOWER the next generation by unlocking access to high quality arts and heritage education and training for a significant number of people.

2020 COVID-19 Support

In 2020, recognising the devastating impact of COVID-19 on the performing arts and heritage sectors, and acting within our powers, we directed a significant proportion of our available funding towards emergency relief for those artists most badly affected by the global pandemic. In addition, we signed up to the London Funders commitment to flexibility and allowed existing beneficiaries to reallocate restricted funding to where it would be most effective or postpone activity until inperson activity was possible. Details of our COVID-19 grants are listed below and published on the 360Giving COVID-19 grants tracker at regular intervals.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

Scholarships and Grants

2020 marks the tenth full year of the Foundation's extensive scholarship and grant giving programme. The total amount awarded for 9 (2019: 17) new grants and 28 (2019: 30) new performing arts scholarships during the year was £1,545,551 (2019: £551,905). In addition, £645,613 (2019: £1,337,030) was paid out in multi-year grant instalments to 23 (2019: 50 projects) that receive on-going support from the Foundation.

Scholarships

Performing Arts and Technical Theatre Scholarships are funded through UK schools and colleges renowned as leaders in the field of performing arts education, including Arts Educational Schools London, Liverpool Institute of the Performing Arts, Mountview Academy of Theatre Arts, LAMDA, Urdang, Bristol Old Vic Theatre School, Royal Welsh School of Music and Drama and the Royal Birmingham Conservatoire. The scholarships are awarded by the institutions as part of the audition process on the combined basis of talent and financial need and cover the course fees on an annual basis. The Foundation is advised by David Grindrod Associates in the selection of scholarship courses and students.

When face to face teaching was not possible due to the COVID-19 lockdowns, drama schools’ swift move to online facilitation enabled Foundation supported scholars to take part in online lessons and workshops throughout the year. Scholarships for the 2020/21 academic year were successfully awarded with auditions taking place via a virtual process.

Notable successes from our scholarship alumni this year include:

Jo Eaton-Kent (ArtsEd, graduated 2018) stars as Constable Cherry in BBC America’s The Watch, airing from January 2021; Emmanuel Kojo (ArtsEd, 2014) starred with Simon Callow at The Chichester Festival Theatre in #AMerryLittleChristmasCelebration; Nimshi Kongolo (Bristol Old Vic Theatre School, 2020) was named Best Screen Actor for Spotlight Prize 2020; Emily Langham (ArtsEd, 2015) appeared in The Theatre Channel, a new musical theatre-based online series; Alexandra Lowe (Royal Northern College of Music, 2017) joined the 2020/21 Royal Opera’s prestigious Jette Parker Young Artists Programme and was featured in BBC Music Magazine’s ‘Rising Stars’ focus; Georgina Onuorah (Arts Ed, 2020) appeared in the 2020 NT pantomime Dick Whittington; Jemima Scott (Royal Welsh College of Music & Drama, 2020) performed in Cabaret at the Covid in aid of Acting for Others; Lydia White (Royal Conservatoire of Scotland, 2018) appeared at Southwark Playhouse in the autumn in the actor-musician production of Last Five Years.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

Grants

Grant applications are made through the Foundation's website which sets out the trustees' objectives and priorities and provides guidance on funding criteria, along with news and examples of projects supported. One, two and three-year grants are awarded.

The main application portal on the Foundation’s website was temporarily closed for new applications during 2020. Emergency COVID-19 relief funding was made by the trustees in a series of virtual meetings and a small number of other grants that aligned with the key strategic aims of the Foundation were awarded during the year.

COVID-19 Emergency Funding

Broadway Cares’ Actors Fund (US$50k) towards the provision of emergency financial assistance to more than 10,000 US performing arts and entertainment professionals who are struggling most with having no work and no income due to COVID-19.

Help Musicians Hardship Fund (£50k) towards support for a total of 16,700 musicians through the first phase of COVID-19 hardship funding.

Theatre Artists Fund (£50k and £5.8k) towards first and second round COVID-19 support for freelance theatre industry people with emergency financial assistance. Recipients were from a wide variety of socio-economic and educational backgrounds and worked in onstage and offstage theatre roles including Writers, Prop and Set Designers, Stage Managers, Actors, Casting Directors, Technicians, Comedians, Dancers and Costume Makers. Some recipients were more recent graduates or were at the beginning of their careers, others have been working in the theatre sector for many years.

Acting for Others (£5.8k) COVID-19 Emergency Fund which in turn supports 14 member charities including The Theatrical Guild, The Royal Theatrical Fund and Safety Curtain.

Grants – Music Education

The trustees continue to believe in the empowering force of music education and are passionate to advocate the right of every child to receive free music education. They were delighted to reflect this by renewing their support and awarding a flagship grant to Music in Secondary Schools Trust (‘MiSST’) of £1.05m payable over the next three years, 2021 - 23. During the last seven years of the Foundation’s support, MiSST has given free, regular classical music tuition and free musical instruments to more than 10,000 Key Stage 3 children (11 to 14-year-olds) in 14 disadvantaged secondary schools across the UK, demonstrating the power of music to change lives by unlocking creative potential and teaching resilience, self-confidence and teamwork. In 2020, despite the challenges of the COVID-19 pandemic, MiSST rolled out their Andrew Lloyd Webber Programme of Music Education in three further schools: two in Oldham, Greater Manchester and one in Dagenham, East London. The programme includes MiSST’s unique online music curriculum developed during the UK’s first lockdown and the online lessons and resources mean that any child forced to isolate at home can continue to learn as if they were in school.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

Other new grants made to music education projects in 2020 include the Royal Northern College of Music Pathfinder Programme (£15k) which provides free individually tailored music tuition for talented, disadvantaged young people and Friends of City of Sheffield Youth Orchestra (£9k) for bursaries which will enable talented young musicians from disadvantaged backgrounds to learn and work alongside Sheffield’s professional orchestra musicians.

Grants - Heritage

Heritage funding included a new grant to Prince’s Foundation Heritage Building Craft Programme (£12k) to support a third year of traditional craft and building skill training for young people on location at Dumfries House and at built heritage sites across the UK.

The UK Heritage Angel Awards, founded by Andrew Lloyd Webber and English Heritage (now Historic England) in 2011, were first held in Northern Ireland in 2017. Over three years of Foundation support, the awards have demonstrated their ability to raise the profile of Northern Ireland’s heritage and strengthen local participation in heritage conservation. During 2020, a new grant was awarded to the Ulster Architectural Heritage Society (£20k) towards the fourth Northern Ireland Angel Awards planned for 2021, with a ‘COVID-risk responsive’ format.

A match-funding grant programme planned for 2020, targeted at vital repairs for Victorian Theatres listed on the Historic England and Theatres Trust 'At Risk' register, has been postponed due to COVID-19.

A full list of scholarships and grants awarded during the year is contained in note 6 of these accounts. Further details of all the activities and projects supported can be found on the Foundation's website www.andrewlloydwebberfoundation.com .

Heritage Asset

Since it was purchased by the Foundation in 1992, the painting Giovanni Antonio Canal Canaletto The Old Horse Guards from St James's Park (c.1749) has been publicly displayed in museums and galleries throughout the UK. This important painting has been on long term loan to Tate Britain, London since 2009 where it is on permanent exhibition and was available for free public access when the gallery was open during 2020. During the year, the trustees continued to consider effective ways to exhibit and maximise the public benefit through their ownership of this important work of art.

Research

In 2016, the Foundation published Centre Stage, a research report which made recommendations for change in order to achieve diversity within the arts sector and ensure theatre is relevant to everyone. Since then, informed by Centre Stage’s recommendations, the trustees have shaped their giving to support projects that increase diversity in the arts and heritage by widening access

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

to professional training and provide life changing opportunities to talented young people from diverse and under-represented communities in the theatre, both on and off stage.

Over the last three years, we have been pleased to support the launch of www.getintotheatre.org the online careers resource produced by The Stage, the UK’s principal weekly performing arts and theatre industry publication and website, and funded by the Foundation alongside UK Theatre, the UK’s leading theatre and performing arts membership organisation. Get into Theatre fulfils one of the recommendations of Centre Stage report that an online resource of opportunities and successful initiatives be created to increase awareness of careers in theatre.

Another key recommendation of Centre Stage was an encouragement for Drama Schools to award at least 50% of their places through bursaries, scholarships and grants and remove the financial impediments that hamper diversity at the gateway to the industry.

In 2020, we undertook and commissioned research to examine what progress had been made to increase diversity in drama schools since Centre Stage was published. The aim of the research is to determine what measures had been taken, what more can be done and ultimately to inspire stakeholders into taking practical steps towards inclusivity and achieve systematic change within the industry. The research was undertaken during 2020 and 2021 and will be published in March 2021.

Achievements and performance

The Foundation's main activities and who it tries to help are described below. All its charitable activities focus on promoting the advancement of arts, culture and heritage and are undertaken to further the Foundation’s charitable purposes for the public benefit.

The trustees have been successful in following their strategic aims in the following ways:

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

Impact

The Foundation monitors and evaluates the public benefit and impact of its activities through Grant Recipient Activity Reports, by visiting projects supported and in requiring annual reports on the progress of the scholarship recipients, which all also serve to guide and inform future grant making policy by identifying the key hallmarks of successful projects.

In the challenging circumstances of 2020, although some of our supported projects could not go ahead without in person engagement, we were pleased that almost all of our ongoing first, second and third year supported organisations were able to adapt to online provision and allow the participants to continue to benefit from inspirational engagement in the arts. These included:

Music in Secondary Schools Trust (3 year grant awarded 2020), Brighton Music Hub (3 years, 2019), London Music Fund (2 years, 2018), London Philharmonic Orchestra ‘Junior Artists Scheme’ (3 years, 2017) Little Kids Rock (2018), Bristol Music Trust (2019) Ulster Youth Orchestra (3 years, 2017) and Clod Ensemble ‘Ear Opener’ (3 years, 2017) who all moved to online music lessons, master classes and performances, developing bespoke teaching methods and in some cases virtual music camps for their young participants.

National Student Drama Festival (3 years, 2019), Arts Insight (2019), RSC Next Generation Act (3 years, 2017), NYT Rep Co (3 years, 2017), Bristol Old Vic (2 years, 2019), BRIT School Bridge Co (3 years, 2017), Hall for Cornwall Youth Programme (2018), Burnley Youth Theatre (3 years, 2018), Royal Court Theatre Writers Workshops (3 years, 2018), Tron Theatre (2 years, 2018), and Watermill Theatre (3 years, 2018) all faced challenges to continue their face-to-face provision but reported on providing online masterclasses and technical workshops, producing virtual and socially distanced outdoor performances, mentoring sessions, panel discussions and career advice, exploring personal reactions to the pandemic through the performing arts to boost morale and encourage continuous skill development. In some cases, more beneficiaries were reached as geographic barriers were broken down in an unexpected bonus to moving online.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

In addition to supporting projects that widen access and increase the diversity and vibrancy of the arts and heritage sectors, the trustees are delighted to learn of the broader impact of the Foundation's support highlighted in the Activity Reports received, which includes:

Financial review

Under the terms of their governing deed, the trustees have broad powers to apply both the income and the capital of the charity towards their charitable objectives.

The statement of financial activities shows the incoming resources available to the Foundation and the extent to which its funds have been spent. This, together with the balance sheet shows the current value of the Foundation's unrestricted funds at 31 December 2020 was £38,759,402 (2019: £37,942,698).

The Foundation's accounting policies do not include revaluation of its tangible assets. Insurance valuations of works of art held as fixed assets are carried out regularly and on the basis of the most recent valuation, the work of art had a market value of no less than its cost of £10,120,000 at the year end.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

The principal source of funding has been in the form of donations received from Lord Lloyd Webber, who since inception in 1992 has donated a net total of £28,067,229 to the Foundation.

The Foundation does not raise funds from the public and seeks to continue the charitable work desired by the Settlor through careful stewardship of its existing resources.

Reserves Policy and Assessment of Going Concern

The assets that make up the Foundation's funds are unrestricted and accordingly they are also available as the general reserves. It is the policy of the trustees to maintain sufficient cash reserves within the Foundation to meet all known commitments for a minimum of twelve months. The trustees monitor the level of reserves on an annual basis and more often if necessary. The amount of unrestricted general reserves held at 31 December 2020 was £38,759,402 (2019:£37,942,698). The amount of free reserves, excluding the value of Canaletto Old Horse Guards from St James’s Park at cost, held at 31 December 2020 was £28,639,402 (2019: £27,822,698).

In addition to careful planning of the cash flow which ensures grant commitments and operating expenses from the agreed budget are met, as a response to continued financial market uncertainty, the trustees currently maintain cash reserve to cover all future liabilities for multi-year grants already awarded as well as the operating costs of the Foundation together with a limited fund for potential new grants for at least two years. £3m of this cash reserve was invested throughout 2020 on fixed term Bond deposits which is included within investment assets.

The trustees are aware of the wish of the Settlor that the Foundation will continue to support the arts, culture and heritage in perpetuity. In 2019, the trustees reviewed their discretionary policy and resolved to maintain an investment portfolio together with cash reserves of not less than £27.5m. At 31 December 2020, the combined value of the investment portfolio and cash reserve was £29.6m (2019: £28m). Over the next three years, after ongoing commitments, paying out previously awarded multi-year grants and by adopting a limited new grant giving programme aligned with the strategic objectives, the trustees are satisfied this benchmark of £27.5m can be met.

The trustees hold sufficient liquidity in cash and bonds to meet their existing commitments and planned ongoing expenditure for the next two years without the need to draw from their investment portfolios. The trustees are therefore confident about the Foundation's ability to continue as a going concern.

Investment Policy

The Trust Deed gives the trustees wide powers of investment as if they were absolute owners beneficially entitled to the underlying assets.

The trustees' investment objectives as set out in the Foundation's Investment Policy Statement are to invest the funds to generate sufficient returns to be able to protect the value of the capital in

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

real terms and to fund the Foundation's grant making programme. Their target for average returns is 3% above UK inflation, as measured by the Consumer Price Index ('CPI') over the long term and accept that a reasonable level of volatility is to be expected, particularly in current market conditions.

The trustees have resolved that the Foundation's average total annual spend over the four year period of their Unlock, Enhance, Empower Strategy will not exceed CPI plus 3% of their available reserves per year in order to maintain minimum reserves of £27.5m in line with the Investment Policy.

In pursuance of these strategic objectives, the trustees, under the guidance of an independent investment consultant, have appointed Rothschild Wealth Management (UK) Ltd and Cazenove Capital to manage the Foundation's investment portfolios.

The performance of the investment managers is closely monitored on a quarterly basis and the trustees or a delegated committee of trustees and executives formally meet with the investment managers to review performance at least once a year or more often as necessary. Both Cazenove and Rothschild have a discretionary mandate to operate a balanced portfolio with a medium risk profile.

The uncertainty in financial markets due to the Coronavirus had a significant impact on the value of the Foundation's investments in the first six months of 2020. A sharp recovery in financial markets as a vaccine was approved and US politics stabilised during the fourth quarter, meant that the combined value of the investment portfolios increased by 9.1% over the twelve month reporting period, exceeding the trustees’ return objectives of 3.63%, being the average of CPI plus 3% for the year.

Investments are shown at market value rather than book cost in accordance with SORP (FRS102). In the year to 31 December 2020 the Foundation's investments made net investment gains of £2,386,044 (2019: £2,249,820).

Principal risks and uncertainties

Risk management

The trustees regularly consider financial and legal risks to which the Foundation is exposed, including financial risks, governance risks, fraud, cyber security, safeguarding, reputational risks, public perception risks and reliance on key personnel and take independent professional advice to establish and review their systems, policies and procedures to manage and mitigate those risks.

The trustees recognise the importance of carefully managing the capital of the Foundation in order to generate income for the future. They continue to take independent professional advice on the management of their investment portfolio and to monitor the performance of the Foundation's invested funds.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

The trustees also acknowledge that they are exposed to the risk of the painting (the heritage asset) owned by the Foundation falling in market value. This is something over which they have no control. The risk of the painting being damaged was mitigated during the year by the trustees taking advice from experienced art galleries, conservators and auction houses on the preservation and management of the painting, including upkeep, care and handling of the work of art, ensuring that it was kept securely and in good order and that its insured value is adequate at all times.

One of the trustees' key objectives is to ensure the public has a clear understanding of the nature of the Foundation's activities and that public perception of the charity is accurate. To mitigate the risks of inaccuracy of public perception, the charity:

The trustees are confident that the robust operational policies and internal control procedures in place have been followed to safeguard the assets of the organisation during the exceptionally difficult circumstances of operation during the global pandemic.

At the last review all controls to limit risks were found by the trustees and their advisors to be satisfactory.

Plans for the future

It is the trustees' hope that the activities of the Foundation will contribute to nurturing a culture of philanthropic giving and encourage other individuals, organisations and public bodies to recognise the importance of the arts, culture and heritage and to support well managed and life changing projects into the future.

The Foundation commissioned report Centre Stage 2021 - A New Report into Drama School Diversity was published in March 2021, with contributions from key industry figures including Kwame Kwei-Armah, Idris Elba, Cynthia Erivo and Giles Terrera. The report identifies successful measures to increase diversity in the performing arts and aims to inspire stakeholders into taking practical steps towards inclusivity. During 2021, we will use the report’s findings to actively seek support from others to increase the number of performing arts scholarships available to talented young people in financial need.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

The Foundation believes that education in the arts and music is every child's entitlement and will continue to support projects that further this principle aim and use the high-profile position of its Founder to champion the benefits of arts engagement to government.

We welcomed the Government’s announcement of a National Plan for Music Education in February 2020 and believe it is critical for Government to value arts education equally, not only to nurture the creatives of the future, but to empower young people with the life-skills they need to succeed in all aspects of their lives. The focus should not be shifted due to COVID-19; the need for arts education is more urgent than ever.

Structure, governance and management

The Foundation was founded in 1992 and is a charitable trust regulated by a Trust Deed dated 5 April 1992 (as amended by a deed of amendment dated 22 December 2009 and a Charity Commission Scheme dated 29 December 2009). It was registered with the Charity Commission of England and Wales on 10 December 1992 and is listed in the Central Register of Charities as Registered Charity Number 1015648. The Settlor is Lord Lloyd Webber who has the power to appoint new trustees during his lifetime and thereafter the statutory power applies.

The trustee board skill set was widened and strengthened this year with the addition of two new trustees, taking the total number of trustees to seven, comprising four women and three men. The trustees, as a board, recognise that they are responsible for the good standing of the Foundation, the safe management of its assets, the strategic decisions for its future development and all key policy decisions for the governance, management and activities of the Foundation. The trustees aim to meet either in person or virtually on a formal basis at least twice a year and more often as necessary to carry out such responsibilities. The professional experience of the trustee board provides strong support and advice to the Foundation's staff to whom they delegate the day to day management of operations.

All grant applications are vetted by the Director and Administrator of the Foundation to ensure they are in accordance with the Foundation's objectives and the trustees' current priorities for public benefit. A shortlist of grants applications over £10,000 is presented to the trustees for consideration at their regular board meetings where decisions for funding are made. The Director and Administrator have the authority to make decisions on grant awards of £10,000 and under, up to a maximum of £30,000 in any one year; all such decisions are presented to the trustees for endorsement at the trustee board meeting following the award. In 2020, grants awarded in this category totalled £8,530 (2019: £20,609).

All the trustees give their time freely and no trustee remuneration was paid in the year. There were no expenses claimed by trustees during the year (2019: £nil). The remuneration of the Foundation's staff is reviewed annually and normally increased in accordance with the increase in the retail price index.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

Trustees are required to disclose and register all relevant interests with their Chair and Director and withdraw from decisions where a conflict of interest arises. Details of related party transactions are provided in note 10 of the Financial Statements.

Appointment of trustees

The trustees are appointed by the Settlor based on their professional judgement and experience and taking care to ensure an appropriate mix of skills and knowledge to conduct the activities of the Foundation in line with its objectives. The Trust Deed provides for a minimum of three trustees.

Trustee induction and training

There is a formal induction process for new trustees who are provided with an information pack about the Charity including the governing deed and amendments, latest trustees' Annual Report and Financial Statements, policies, recent minutes and grant activity reports together with copies of the Charity Commission's guidance on trusteeship and public benefit.

Ongoing trustee training is undertaken when considered appropriate and the aim is for all serving trustees to visit at least one funded project during the year.

Statement of responsibilities of the trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2020

The trustees are responsible for the maintenance and integrity of the fiduciary and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Sayer Vincent LLP was appointed as the charity's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been approved by the trustees on 23 March 2021 and signed on their behalf by

M G Wordsworth Chair of Trustees

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Independent auditor’s report

To the members of

The Andrew Lloyd Webber Foundation

Opinion

We have audited the financial statements of The Andrew Lloyd Webber Foundation (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

16

Independent auditor’s report

To the members of

The Andrew Lloyd Webber Foundation

Other Information

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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Independent auditor’s report

To the members of

The Andrew Lloyd Webber Foundation

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

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

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

18

Independent auditor’s report

To the members of

The Andrew Lloyd Webber Foundation

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

30 March 2021

Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

19

The Andrew Lloyd Webber Foundation

Statement of financial activities

For the year ended 31 December 2020

Note
Income from:
2
3
4
4
7
Reconciliation of funds:
Total funds carried forward
Foreign exchange gains / (losses)
Total funds brought forward
Net gains / (losses) on investments
Net income / (expenditure) for the year
being net movement in funds
Raising funds
Investments
Total income
Expenditure on:
Other income
Total expenditure
Net income/(expenditure) before net
gains / (losses) on investments
Charitable activities
Grants making
Donations		 Unrestricted
£
-
475
334,421		 2020
Total
£
-
475
334,421		 2019
Unrestricted
Total
£
£
50,000
50,000
1,601
1,601
396,310
396,310
447,911
447,911
150,846
150,846
757,092
757,092
907,938
907,938
2,249,820
2,249,820
(5,200)
(5,200)
1,784,593
1,784,593
36,158,105
36,158,105
37,942,698
37,942,698
(460,027)
(460,027)
334,896 334,896
167,831
1,738,698		 167,831
1,738,698
1,906,529 1,906,529
2,386,044
2,293
(1,571,633)		 2,386,044
2,293
(1,571,633)
816,704
37,942,698		 816,704
37,942,698
38,759,402 38,759,402

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 19a to the financial statements.

20

The Andrew Lloyd Webber Foundation

Balance sheet

As at 31 December 2020

Note
£
Fixed assets:
11
12
Current assets:
13
4,076
502,241
506,317
Liabilities:
14
(705,283)
15
19a
38,759,402
Total unrestricted funds
Debtors
Total assets less current liabilities
Unrestricted income funds:
The funds of the charity:
Creditors: amounts falling due within one year
Net current liabilities
Total net assets
Creditors: amounts falling due after one year
Investments
Cash at bank and in hand
Heritage assets
General funds
Total charity funds		 Note
£
Fixed assets:
11
12
Current assets:
13
4,076
502,241
506,317
Liabilities:
14
(705,283)
15
19a
38,759,402
Total unrestricted funds
Debtors
Total assets less current liabilities
Unrestricted income funds:
The funds of the charity:
Creditors: amounts falling due within one year
Net current liabilities
Total net assets
Creditors: amounts falling due after one year
Investments
Cash at bank and in hand
Heritage assets
General funds
Total charity funds		 2020
£
10,120,000
29,618,472		 £
4,884
799,226		 2019
£
10,120,000
28,064,833
39,738,472
(198,966)		 38,184,833
(135,195)
506,317
(705,283)		 804,110
(939,305)
38,759,402 37,942,698
39,539,506
(780,104)		 38,049,638
(106,940)
38,759,402 37,942,698
38,759,402 37,942,698
38,759,402 37,942,698

Approved by the trustees on 23 March 2021 and signed on their behalf by

M G Wordsworth Chair of Trustees

21

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies

a) Statutory information

The Andrew Lloyd Webber Foundation is a charitable trust registered with the Charity Commission for England and Wales.

The registered office address is Sydmonton Court Estate, Burghclere, NEWBURY, RG20 9NJ

b) Basis of preparation

The Foundation meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

As a smaller charity, in accordance with SORP Update Bulletin 1, a Statement of Cash flows is not required.

The Foundation's activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees' Report.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

c) Going concern

Having reviewed the Foundation's forecasts the trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future, accordingly they continue to adopt the going concern basis in preparing the financial statements.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Fund accounting

The Foundation maintains a general unrestricted fund. This represents unrestricted income that is expendable at the discretion of the trustees in the furtherance of the objects of the Foundation.

Such funds may be held in order to finance both working capital and capital investment.

e) Revenue recognition

Investments and investment income

Investment income is credited to the Statement of Financial Activities when receivable. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Donations

Donations are accounted for on a receivable basis and are recognised when the charity becomes entitled to the income, it is probable that the income will be received and it is capable of reliable measurement.

f) Cash at bank

Cash at bank includes funds in a current account and a deposit account.

22

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2020

g) Expenditure

Costs of charitable activities

These include all expenditure directly related to the objects of the Foundation and comprise the costs of grants and scholarships awarded, management and administration, art care and professional consultancy. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Governance and support costs

Governance costs relate to expenditure incurred in the governance of the Foundation's assets and compliance with constitutional and statutory requirements. These include costs relating to statutory audit and legal fees together with an apportionment of management and administration. Support costs represent the administration of the grant giving process.

Staff costs

All staff costs are recharged from Escaway, a self-employed business of Lord Lloyd Webber. Staff costs are apportioned based on the time spent between the core grant-making activities of the Foundation (75%) and governance/ compliance (25%).

Cost of raising funds

The cost of raising funds consists of investment management fees.

h) Creditors

Creditors are recognised as soon as there is a legal or constructive obligation committing the Foundation to the expenditure. For grants, scholarships and bursaries which are subject to an annual review and re-assessment the liabilities are included in the statement of financial position in the year in which the obligation to pay becomes unconditional. For other grants awarded the full costs are included in the year in which they are approved.

i) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Heritage Assets are assets of historical, artistic or scientific importance that are held to advance preservation, conservation and educational objectives of charities at a national or local level.

Heritage assets gifted to the foundation are carried at valuation at the date of receipt of the gift in kind, shown as 'cost' in the financial statements.

No depreciation is provided on fixed assets on the grounds that their expected residual value is expected by the trustees to exceed their carrying value. Impairment reviews are carried out constantly on the works of art. The valuation of the heritage asset is therefore a significant estimate / judgement made by the trustees. A professional valuation of market and insurance values is carried out every five years or more often if there is a significant change in market conditions.

k) Financial instruments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

23

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2020

Income from donations
Donations Unrestricted
£
-		 2020
Total
£
-		 Unrestricted
£
50,000		 2019
Total
£
50,000
- - 50,000 50,000

During 2019 an unrestricted donation of £50,000 was received from the Alan Howard Foundation at Prism Charitable Trust.

3 Income from investments

Income from investments
Dividends
Interest received		 Unrestricted
£
330,318
4,103		 2020
Total
£
330,318
4,103		 Unrestricted
£
385,938
10,372		 2019
Total
£
385,938
10,372
334,421 334,421 396,310 396,310

All income from investments is unrestricted.

24

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2020

Grants and scholarships awarded
Investment management costs
Staff costs (Note 8)
Scholarship consultancy fees
Public relations consultancy fees
Market research
Audit fees
Investment consultancy fees
Annual review
Website database, maintenance and IT
support
Legal and professional fees
Other - incl. insurance, training & treasury
Support costs
Governance costs
Total expenditure 2020
Total expenditure 2019		 Raising
funds
£
-
163,631
-
-
-
-
-
4,200
-
-
-
-		 Charitable
activities		 Governance
costs
£
-
-
33,603
-
-
-
10,502
-
-
-
6,130
1,440		 Support
costs
£
-
-
-
28,800
17,880
-
-
-
-
5,394
-
-		 2020
Total
£
1,545,551
163,631
97,772
28,800
17,880
18,780
10,502
4,200
-
5,394
6,130
7,889		 2019
Total
£
551,905
143,646
109,324
28,800
27,677
-
10,335
7,200
7,021
7,157
6,006
8,867
Grant
making
£
1,545,551
-
64,169
-
-
18,780
-
-
-
-
-
6,449
167,831
-
-		 1,634,949
52,074
51,675		 51,675
-
(51,675)		 52,074
(52,074)
-		 1,906,529
-
-		 907,938
-
-
167,831 1,738,698 - - 1,906,529 907,938
150,846 757,092 - -

25

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2020

4b Analysis of expenditure (prior year)

Grants and scholarships awarded
Investment management costs
Staff costs (Note 8)
Scholarship consultancy fees
Public relations consultancy fees
Audit fees
Investment consultancy fees
Website database and IT support
Annual review
Legal and professional fees
Other - incl. insurance, training & treasury
Support costs
Governance costs
Total expenditure 2019		 Raising
funds
£
-
143,646
-
-
-
-
7,200
-
-
-
-		 Charitable
activities		 Governance
costs
£
-
-
35,067
-
-
10,335
-
-
-
6,006
1,440		 Support
costs
£
-
-
-
28,800
27,677
-
-
7,157
7,021
-
-
70,655
(70,655)
-
-		 2019 Total
£
551,905
143,646
109,324
28,800
27,677
10,335
7,200
7,157
7,021
6,006
8,867
Grants
payable
£
551,905
-
74,257
-
-
-
-
-
-
-
7,427
150,846
-
-		 633,589
70,655
52,848		 52,848
-
(52,848)		 907,938
-
-
150,846 757,092 - 907,938

26

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2020

5a
Grants to
institutions
£
292,684
1,252,867
1,545,551
5b
Grants to
institutions
£
299,101
252,804
551,905
6
Grants awarded
Performing Arts Scolarships
Arts Educational Schools
Urdang Schools Ltd
Royal Central School of Speech & Drama
Royal Conservatoire of Scotland
Grant making (current year)
Performing arts scholarships
Grants
Grant making (prior year)
Performing arts scholarships
Grants
At the end of the year
At the end of the year
Bristol Old Vic Theatre School
Royal Welsh College of Music & Dance
Mountview Academy of Theatre Arts
Sylvia Young Theatre School - fee reduction Summer 2020 due to COVID
Liverpool Theatre School
Birbeck, University of London
Liverpool Institute for Performing Arts
Leeds College of Music
Royal Northern College of Music
Italia Conti
University of Surrey - Guildford School of Acting
LAMDA
Scholarships sub-total
The detailed breakdown of grants payable in 2020 and 2019 is included within Note 6.
Rose Bruford College of Theatre & Performance
Birmingham Conservatoire		 Grants to
institutions
£
292,684
1,252,867		 2020
£
292,684
1,252,867		 2019
£
299,101
252,804
1,545,551 1,545,551 551,905
2019
£
299,101
252,804		 2018
£
338,387
1,120,347
551,905 551,905 1,458,734
Grants
awarded
2020
£
44,654
38,400
24,250
27,750
18,500
18,500
18,500
15,509
15,000
14,700
12,000
10,000
9,250
9,250
9,250
9,250
(2,079)
-		 Grants
awarded
2019
£
45,874
38,400
33,500
27,750
18,500
18,500
9,250
15,057
-
14,410
12,000
10,000
18,500
18,500
-
-
13,860
5,000
292,684 299,101

27

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2020

6 Grants awarded (continued)

7
Net income / (expenditure) for the year being net movement in funds
Auditor's remuneration (excluding VAT):
This is stated after charging / (crediting):
Audit
Foreign exchange gains or losses
Grants awarded
Awards for Young Musicians: Attune Project - over 3 years
Arts Insight: Schools Production Week Workshops - 1 year
Bristol Old Vic: Young Six Six - over 2 years
Graeae Theatre Company - over 2 years
Music in Secondary Schools Trust - over 3 years
Theatres Development Trust: Theatre Artists Fund
Help Musicians UK: Coronavirus Financial Hardship Fund
Broadway Cares: Covid-19 Emergency Assistance Fund ($50k)
Ulster Architectural Heritage Society: Northern Ireland Heritage Angel Awards
Acting for Others: Covid Emergency Fund
RNCM: Music Pathfinder programme - over 3 years
Prince's Foundation: Heritage Building Craft programme
Friends of the City of Sheffield Youth Orchestra: Bursaries
Eton College: 6th Form Music Scholarships - fee reduction Summer 2020 due to COVID
Chichester Festival Theatre: Young Practioners Programme - over 2 years
The Gate Theatre Company Ltd: Assistant Director Programme - over 2 years
Brighton Dome and Festival: Young Musicians Bursary Scheme - over 3 years
Readipop: Access all areas - over 3 years
The National Student Drama Festival Ltd - over 3 years
Queen's University Belfast Foundation: Junior Academy of Music - over 3 years
Music in Secondary Schools Trust: Radley Residency 2019 - 1 year
Southwark Playhouse : Young Company - over 3 years
Society of Antiquaries of London: Heritage Conservative Skills Training - 1 year
YMCA Glenrothes: Y Music Project - 1 year
Bristol Music Trust: Youth Orchestra and Choir Bursary Programme - 1 year
Willow Primary Broadwater Farm Theatre Trip - 1 year
Scottish Civic Trust: Heritage Angel Awards - returned grant
CADW/ Historic Wales: Welsh Heritage Angel Awards - underspend
Total grants
Scholarships
Total scholarships and grants		 Grants
awarded
2020
£
1,050,000
55,875
50,000
42,506
20,000
15,000
12,000
9,000
5,875
(7,389)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Grants
awarded
2019
£
-
-
-
-
-
-
-
-
-
89,879
30,100
25,100
20,100
20,100
19,436
16,100
15,100
15,100
15,100
14,860
10,100
9,820
5,100
5,022
4,762
1,005
(48,000)
(15,980)
1,252,867
292,684		 252,804
299,101
1,545,551 551,905
2020
£
8,700
2,293		 2019
£
8,613
(5,200)

28

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2020

Staff costs were as follows:

Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes
Salaries and wages
Social security costs		 2020
£
82,007
9,616
6,149		 2019
£
92,431
10,614
6,279
97,772 109,324

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £54,994 (2019: £57,966).

No employee earned more than £60,000 during the year (2019: nil).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2019: £nil). No charity trustee received payment for professional or other services supplied to the charity (2019: £nil).

No trustee expenses were paid in this or the previous year.

9 Staff numbers

The Foundation has three part-time employees (2019: four part-time) used in finance, management and administration.

Staff are split across the activities of the charity as follows (full time equivalent basis):

Staff are split across the activities of the charity as follows (full time equivalent basis):
Grant-making activities
Governance		 2020
No.
0.8
0.5		 2019
No.
1.2
0.4
1.3 1.6

10 Transactions with Trustees and related parties

Included within expenditure are the costs of three part-time members of staff (2019: 4 part-time) employed jointly by The Andrew Lloyd Webber Foundation and Escaway, a self- employed business of Lord Lloyd Webber. The total cost of all staff re-charged from Escaway is £97,772 (2019: £109,324). Escaway has also recharged the Foundation a fee of £1,440 inclusive of VAT (2019: £1,440) to cover the cost of providing treasury support to the Foundation. At the year end the Foundation owed Escaway £nil (2019: £52,981). The Foundation shares the same premises and services as used by Escaway.

During the year The Andrew Lloyd Webber Foundation awarded grants totalling £1,050,000 (2019: £10,100) to Music in Secondary Schools Trust (MiSST). Lady Lloyd Webber is a trustee of MiSST and sits on the board to represent the interests of The Andrew Lloyd Webber Foundation.

£350,000 was paid to MiSST in the current year for grants awarded in previous years (2019: £350,000).

29

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2020

11 Tangible fixed assets - Heritage assets

At the start of the year
At the end of the year
Cost and net book value		 Painting
£
10,120,000		 Total
£
10,120,000
10,120,000 10,120,000

Depreciation is not provided as the future residual value is expected by the trustees to exceed the carrying value. The preservation and management of the heritage asset owned by the Foundation is discussed in the Trustees' annual report.

12 Investments

Investments
Fair value at the end of the year
Investments comprise:
Fair value at the start of the year
Additions at cost
Net unrealised gains on change in fair value*
Disposal at cost
Accumulated income and investment cash held by investment managers
Investment value excluding cash at the end of the year
Shares listed on the London Stock Exchange
Unlisted shares in UK registered companies
Unlisted shares in non-UK registered companies
Cash
Shares listed overseas		 2020
£
25,725,741
7,612,326
(8,528,966)
1,215,517		 2019
£
24,868,040
13,724,089
(14,648,290)
1,781,902
26,024,618
3,593,854		 25,725,741
2,339,092
29,618,472 28,064,833
2020
£
1,252,860
10,108,658
4,267,727
10,395,373
3,593,854		 2019
£
1,630,174
9,013,681
6,781,423
8,300,463
2,339,092
29,618,472 28,064,833

In 2019, the trustees' investments held within a Charity Authorised Investment Fund at Sarasin & Partners were liquidated and the proceeds of £9,264,152 were transferred to Cazenove Capital to create a new balanced investment portfolio. Gains on the Sarasin portfolio are included within net investment gains in the Statement of Financial Activities.

Investment managers have discretion over their portfolios and perform regular capital transactions in order to maximise performance in line with their mandate. The effect of these transactions and other market activity is included in net investment gains and losses.

13 Debtors

Debtors
Prepayments 2020
£
4,076		 2019
£
4,884
4,076 4,884

30

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2020

14
15
Grants authorised but not yet paid (Note 16)
Accruals
Creditors: amounts falling due after one year
Grants authorised but not yet paid (Note 16)
Creditors: amounts falling due within one year		 2020
£
655,614
49,669		 2019
£
857,695
81,610
705,283 939,305
2020
£
780,104		 2019
£
106,940
780,104 106,940

16 Grants authorised but not yet paid

Grants authorised but not yet paid
Grants awarded prior to 2020
Grants awarded in the current year
Scholarships		 Brought
forward
At 1 January
2020
£
751,548
178,381
34,706		 Awarded in
2020
£
-
1,252,867
292,684		 Paid in
2020
£
(645,613)
(144,256)
(284,599)		 Carried
forward
At 31
December
2020
£
105,935
1,286,992
42,791
964,635 1,545,551 (1,074,468) 1,435,718

17 Financial instruments

2020 2019
£ £
Financial assets measured at fair value through the statement of financial activities
Investments 26,024,618 25,725,741

31

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2020

18a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
General funds
General funds
Long term liabilities
Net assets at 31 December 2019
Heritage assets
Investments
Net current liabilities
Movements in funds (current year)
Analysis of net assets between funds
Net assets at 31 December 2020
Heritage assets
Long term liabilities
Investments
Net current liabilities
Movements in funds (prior year)
Total funds
Total funds		 At 1 January
2020
£
37,942,698
(prior year)		 Income & gains
£
2,723,233		 Expenditure &
losses
£
(1,906,529)		 General
unrestricted
£
10,120,000
29,618,472
(198,966)
(780,104)		 Total funds
£
10,120,000
29,618,472
(198,966)
(780,104)
38,759,402 38,759,402
General
unrestricted
£
10,120,000
28,064,833
(135,195)
(106,940)		 Total funds
£
10,120,000
28,064,833
(135,195)
(106,940)
37,942,698 37,942,698
Transfers
£
-		 At 31
December
2020
£
38,759,402
37,942,698 2,723,233 (1,906,529) - 38,759,402
At 1 January
2019
£
36,158,105		 Income & gains
£
2,697,731		 Expenditure &
losses
£
(913,138)		 Transfers
£
-		 At 1 January
2020
£
37,942,698
36,158,105 2,697,731 (913,138) - 37,942,698

18b Analysis of net assets between funds (prior year)

19a Movements in funds (current year)

19b Movements in funds (prior year)

32