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2024-12-31-accounts

Charity number: 1015648

The Andrew Lloyd Webber Foundation

Report and financial statements For the year ended 31 December 2024

The Andrew Lloyd Webber Foundation

Contents

For the year ended 31 December 2024

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 16 Statement of financial activities .................................................................................................... 20 Balance sheet ............................................................................................................................... 21 Statement of cashflows ................................................................................................................ 22 Notes to the financial statements ................................................................................................. 23

The Andrew Lloyd Webber Foundation

Reference and administrative information

For the year ended 31 December 2024

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 K G Reardon Dr S Thurley CBE 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 110 Golden Lane London, EC1Y 0TG

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2024

The trustees present their report and the audited financial statements for the year ended 31 December 2024.

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 2011 and refer to the Charity Commission's guidance on public benefit. We constantly 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 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 2024

We will

We do this by:

The main activities of the Foundation and who we have helped during the year are described below. All 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 strive to be informed, effective and strategic grant funders. The charity is a member of the Association of Charitable Foundations and works with 360Giving to publish information on all grants and scholarships awarded.

During 2024, the trustees awarded a selection of grants to key organisations whose mission and focus align with their core strategy for change.

Meanwhile they have continued to actively support 4 organisations with multi-year funding awarded in previous years.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2024

Scholarships and grants

2024 marks the fourteenth full year of the Foundation's scholarship and grant giving programme. The total amount awarded for new scholarships and grants during the year was £839,367 (2023: £1,407,663).

Scholarships

30 performing arts and technical theatre scholarships were awarded at 17 UK schools and colleges, renowned as leaders in the field of performing arts education. These are ArtsEd, Birkbeck University of London, Bristol Old Vic Theatre School, Guildford School of Acting, Guildhall School of Music and Drama, Laine Theatre Arts, LAMDA, Leeds College of Music, Liverpool Institute for Performing Arts, London School of Musical Theatre, Mountview, Rose Bruford College of Theatre and Performance, Royal Academy of Music, Royal Northern College of Music, Royal Conservatoire of Scotland, Trinity Laban and Urdang (City of London University). The scholarships are awarded by the institutions as part of the audition process on the combined basis of talent and financial need and cover annual course fees and a contribution towards maintenance costs.

The trustees were delighted to establish a scholarship partnership with LW Theatres this year, who have fully funded a two-year foundation degree (FdA) in Technical Production at Mountview. The scholarship is managed by the Foundation and LW Theatres funding covers course fees and a full maintenance award.

2024 saw a continuation of the Andrew Lloyd Webber Foundation BRIT Bursary, a separate strand of funding for the first year of a Higher Education course or a Training programme for one graduating BRIT School Production Arts student per year. The 2024 recipient gained a funded place at Rose Bruford, specialising in Lighting Design.

It is a condition of Andrew Lloyd Webber Foundation Scholarship funding that students receiving a scholarship are not charged audition fees from the institution where they study. The trustees have been encouraged by the number of schools and colleges abolishing audition fees, which research shows are often a barrier to application for those from underserved backgrounds.

Grants – music education

The trustees believe in the empowering force of music education and champion the right of every child to receive free music education. In 2024, they continued their flagship support and advocacy for Music in Secondary Schools Trust (‘MiSST’) paying over the first instalment of a multi-year grant awarded in 2023. During the last eleven years, the trustees have awarded a total of £4.64m to MiSST, supporting the charity to provide free, regular classical music tuition embedded in school curriculums, exceptional performance opportunities and free musical instruments. All students in Yr 7 to Yr 9 in MiSST schools participate in a regular programme of practice and

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2024

rehearsal. Students have the option to study composition through MiSST Create , learn music production, conducting, take part in Chamber Music recitals, join the MiSST Voices Choir and the MiSST Academy and Symphony Orchestras.

22,445 students have participated in a MiSST Andrew Lloyd Webber Programme of music education since the charity was founded. There are currently 12,140 students are on the programme at 32 MiSST schools in 13 regions across the UK; 17,500+ instruments have been purchased; 99,000+ Face to Face hours of tuition have been delivered; 1,500 students have been on MiSST residentials; 450 students have been part of the MiSST Music Academy; 80 students have taken part in a Student Leadership Course; 11 public annual concerts have taken place in concert halls and theatres including Andrew’s Theatre Royal Drury Lane, The Barbican and Roundhouse London. Due to scale, the cost to deliver the MiSST programme is now only £135 per child per year.

The impact of the MiSST programme has been impressive for the individual and for the school. MiSST’s data shows the 2023-24 Key Stage 3 cohort demonstrated an impressive 93.1% increase in their end-of-KS3 performance attainment compared with their Yr 7 assessment. From the same cohort, just two marks separated the performance of students eligible for Pupil Premium from their peers. All students demonstrate marked improvements in self-confidence, resilience, wellbeing, leadership skills as well as significant confidence in their musical abilities.

In April, the trustees were pleased to advocate the impact of MiSST at their 11th Anniversary celebratory concert at Roundhouse, London. 274 young musicians representing all 32 MiSST partner schools were involved, with performances ranging from Holst Jupiter and Sibelius Symphony No 1 to Louis Armstrong What a Wonderful World.

Additional music education grants were made to London Musical Theatre Orchestra for their Schools Orchestra Programme Upbeat and towards core costs at London Music Fund and Music Masters.

Grants – theatre education and training

During the year, the trustees were delighted to continue their partnership with the following five organisations delivering change across the theatre education, training and early career landscape.

National Theatre – NT Connections engages about 6,000 young people aged 13-19 from 250 young companies across the country every year. They receive masterclasses and mentoring from professional theatre-makers and perform new plays written for the programme at their own venues and at one of 33 festivals that take place across the country. One of each of the ten plays is then performed in the Dorfman Theatre in July. 2024 sees the Foundation continuing support for bursaries for disadvantaged groups and placements on the NT Director’s weekends. In 2024, 37% of the young companies participating were from high priority and government levelling up areas.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2024

Royal Shakespeare Company – Next Generation is a unique year-long talent development programme established in 2017, which empowers young people (13-25) facing social challenges and disadvantages to explore careers in the performing arts. Next Gen delivers bespoke professional training and guidance by RSC practitioners, gives unparalleled opportunities, develops aspirations, provides support with auditions and advice on getting into the industry. Selected Next Gen graduates go on to paid roles within the RSC, both back stage as part of the RSC’s impressive apprentice programme and on stage for R&D readings and as part of the professional cast.

BRIT School – Production Arts Training provides a highly vocational course, with students aged 16 – 18, working on 70+ productions each year. The Foundation’s continued funding enables BRIT School to nurture an important and diverse talent pipeline in Production Art, preparing young artists for the industry. We have been delighted to see many participants progress into professional production roles and further industry training as soon as they graduate.

Get Into Theatre www.getintotheatre.org provides an online ‘one-stop-shop’ resource of theatre careers information, free to access for all young people. In 2024, the Foundation continued core support for Get Into Theatre’s mission to break down barriers to theatre careers and showcase opportunities, raise awareness of industry roles and provide teaching tools by way of clear, practical, and relevant advice for those who need it most. Since its launch in 2019, the website has engaged over 1.3 million users across the UK and remained the nation’s only online theatre careers initiative specifically focused on supporting underrepresented young people.

American Theatre Wing – Andrew Lloyd Webber Initiative provides classroom resources, training and university scholarships for underserved young creatives across the US. 2024 sees the third new grant award to this programme which provides students at all levels with enhanced theatre education to initiate meaningful relationships with theatre in childhood and open doors for pursuing theatre as they become young adults. By fostering lifelong engagement with theatre through educational avenues, the American Theatre Wing provides diverse young people across the nation newfound access to industry success.

Grants – heritage

The King’s Foundation - Building Craft Programme is a unique scheme widening access and providing training in heritage craft skills, aiming to ensure the preservation of the UK’s historic built environment and safeguarding the benefits heritage brings to communities. The trustees were delighted to renew their support for this life changing course which upskills craftspeople with experience in the construction industry. Participants work on a Live Design and Build project, shadow master crafts people working on high profile heritage restoration projects and take a course in business skills to set up and run a business in the construction secto r.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2024

Grants – other

The trustees were pleased to champion the Council for Dance Drama and Musical Theatre (CDMT) ’s Manifesto for Performing Arts Education . CDMT launched the Manifesto in the House of Commons in December 2024, making the case for young people’s entitlement to an education in the arts – specifically the disciplines of dance, drama, music and musical theatre. The Manifesto also highlights work of institutions providing the high-level professional training that leads straight into employment in the cultural industries, future-proofing the sector, maintaining the UK’s deservedly high reputation in this field of the arts and, crucially, educating the specialist performing arts teachers of the future.

Multi-year grants

In addition to new giving, £379,603 (2023: £601,953) was paid out in grant instalments to 4 (2023: 17) organisations awarded multi-year funding in previous years. These included MiSST, Awards for Young Musicians, Hall for Cornwall and Phantom Education Performance.

All organisations supported have a wide reach, providing professional training and development to unlock creative potential, introduce young people to the arts and provide opportunities for progression and development.

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

Heritage asset

Giovanni Antonio Canal Canaletto The Old Horse Guards from St James's Park (c.1749), oil on canvas, 117 x 236cm, is one of only two of Canaletto’s London views on this scale remaining the UK. The work is a significant historical record of the Horse Guards building commissioned by Charles II, painted just prior to its demolition in 1749. Since it was purchased by the Foundation in 1992, this important painting has been publicly displayed in museums and galleries throughout the UK and in North America. The 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 throughout the year, and where it will remain for the foreseeable future.

Achievements and performance

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 2024

been awarded. During 2024 the Foundation’s scholarship alumni have appeared in professional West End and UK Productions including King Lear, Mission Impossible, As You Like It, Hamilton, Hairspray, Wizard of Oz, Kiss Me Kate, Les Misérables, Old Friends, Guys and Dolls and Cabaret.

Impact

The Foundation monitors and evaluates the public benefit and impact of its activities through gathering grant recipient feedback, by visiting projects supported and receiving annual reports on the progress of the scholarship recipients. The information gathered also helps the trustees to understand what works well to tackle the problems identified in grant applications and to shape future funding priorities to target areas and practices that lead to successful outcomes.

The trustees have been pleased to recognise the wider impact of their activities demonstrated in the following ways:

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2024

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 (SOFA) shows the incoming resources available to the Foundation and the extent to which its funds have been spent.

Unrestricted income of £542,880 (2023: £401,524) included £542,880 (2023: £386,374) derived from the charity’s investment portfolios and nil (2023: £15,000) from unsolicited donations.

The trustees were grateful to receive a restricted donation of £22,692 from LW Theatres to support a Production Arts Foundation Degree scholarship at Mountview. This donation forms the restricted income of £22,692 (2023: £12,500 from another funder) shown on the SOFA. All this income has been spent on the intended scholarship during the year.

Investment gains of £2,372,777 (2023: £2,433,296) comprise unrealised gains of £374,064 (2023: £1,234,257) and realised gains of £1,998,727 (2023: £1,199,039).

Total expenditure on charitable activities, including grant and scholarship awards, was £1,027,445 (2023: £1,601,171). Investment management costs are charged at a percentage of portfolio value and totalled £185,340 (2023: £175,443).

The current value of the Foundation's unrestricted funds at 31 December 2024 was £39,989,771 (2023: £38,263,861).

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, based on the most recent valuation, the work of art had a market value significantly more 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 2024

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 total of £28,067,229 (net of Gift Aid) to the Foundation.

The Foundation does not seek to 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 on 31 December 2024 was £39,989,771 (2023: £38,263,861). The amount of free reserves, excluding the value of Canaletto Old Horse Guards from St James’s Park at cost, held on 31 December 2024 was £29,869,771 (2023: £28,143,861).

In addition to careful planning of the cash flow which ensures grant commitments and operating expenses from the agreed budget are met, and as a response to continued financial market uncertainty, the trustees currently maintain cash reserves to cover all future liabilities for multiyear grants as well as the operating costs of the Foundation together with a limited fund for potential new grants for at least 12 months.

The trustees are aware of the wish of the Settlor for the Foundation to continue to support the arts, culture and heritage in perpetuity. It is the policy of the trustees to aim to maintain an investment portfolio and cash reserves of not less than £30m. Over the past two years, uncertainty in the financial markets due to several factors, including slowing of economic activity combined with high interest rates and heighted geopolitical activity, has seen increased volatility in the valuation of the Foundation’s investments. At 31 December 2024, the combined value of the investment portfolio and cash reserve was £30.9m (2023: £29.3m). The trustees have continued in their resolve to manage their grant giving activity effectively to sustain their £30m benchmark.

The trustees have sufficient liquidity in cash and within the investment portfolios to meet their existing commitments and ongoing expenditure and have established financial controls to effectively plan withdrawals from their investment portfolios when required. 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 2024

real terms and to fund the Foundation's grant making programme. Their target for average returns was reviewed in April 2024 to 4% above UK inflation, as measured by the Consumer Price Index ('CPI') over the long term. The trustees accept that a reasonable level of market volatility is to be expected, particularly in current global political conditions.

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 and independent financial consultants 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. On a consolidated basis, the Foundation has a balanced and well diversified portfolio.

In 2024 and to provide certainty over the medium term, the trustees resolved to move £3m of invested funds into fixed term high interest deposits maturing during 2025 and 2026. These funds are managed by and included within the Rothschilds portfolio.

The combined performance of the investment portfolios for the financial year 2024 was 9.58% (2023: 9.78%).

Investments are shown at market value rather than book cost in accordance with the Charities SORP (FRS102). In the year to 31 December 2024 the Foundation's investments made net investment gains of £2,372,777 (2023: £2,433,296).

At 30 April 2025, the combined value of the Foundation’s investments was £29,737,195 showing a decrease of 3.3% in the four months since the year end.

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 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 2024

The trustees also acknowledge that the Foundation is 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. Regular professional valuations of the painting are undertaken which demonstrate its carrying value is very significantly in excess of its cost. The risk of the painting being damaged is mitigated 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 is 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 are followed to safeguard the assets of the organisation within a small operational team.

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

Looking ahead

The trustees continue to be concerned over apparent growing inequalities in access to arts education despite the proven benefits. Recent research published by University of Nottingham into arts-rich primary schools, The RAPS Project, ‘demonstrated that when school leaders commit to arts education and invest in specialist teaching, they create rich learning environments that benefit students, staff and communities’ Cultural Learning Alliance, February 2025.

The trustees firmly believe education in the arts and especially music is every child's entitlement. They will continue to support projects that further this principal aim and use the high-profile position of the Foundation’s Settlor to champion the benefits of arts engagement to government. They remain committed to support and advocate the activities of the Music in Secondary Schools Trust to attract independent and government funding to sustain and expand its positive impact across the UK.

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2024

When shaping their future strategy on giving, the trustees are considering the increased impact of place based funding against a backdrop of the impending crisis in UK local authority funding. Based on careful research and planning, place based funding would concentrate giving in a small number of places for a period long enough to achieve a measurable impact to individuals and within particular communities.

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.

During 2025, there are plans to announce a new annual music scholarship managed by the Andrew Lloyd Webber Foundation with funding from the Laurin and Arthur Glaze Trust.

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 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 regularly review the Foundation’s governance procedures and are guided by recommendations of the Charity Commission and Charity Governance Code to ensure the charity remains effective and efficient throughout its operations. They recognise the importance of public trust in their activities to deliver public benefit, that they must be clear about their purpose, understand their responsibilities, act with integrity and be open about their decision making and controls.

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.

The Foundation does not accept unsolicited enquiries or funding applications. Through careful research we identify and create partnerships with organisations whose aims align with our own to deliver a lasting real difference for their beneficiaries and associated communities. All potential grant awards are carefully vetted by the Director and Administrator of the Foundation to ensure they are in accordance with the charity’s objectives and the trustees' current priorities for public

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2024

benefit. 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 by email or at the trustee board meeting following the award. In 2024, grants awarded in this category totalled £15,757 (2023: £15,940).

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 (2023: £nil). The remuneration of the Foundation's staff is reviewed annually and normally increased in accordance with the increase in the retail price index.

Trustees and key management personnel 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:

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The Andrew Lloyd Webber Foundation

Trustees’ annual report

For the year ended 31 December 2024

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.

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 re-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 21 May 2025 and signed on their behalf by

Dr S Thurley CBE Chair of Trustees

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Independent auditor’s report

To the trustees of the financial statements

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 2024 which comprise the statement of financial activities, balance sheet, statement of cashflows 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).

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.

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Independent auditor’s report

To the trustees of the financial statements

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.

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Independent auditor’s report

To the trustees of the financial statements

The Andrew Lloyd Webber Foundation

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.

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:

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Independent auditor’s report

To the trustees of the financial statements

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.

Date: 9 June 2025 Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

19

The Andrew Lloyd Webber Foundation

Statement of financial activities

For the year ended 31 December 2024

For theyear ended 31 December 2024
Note
Income from:
2
3
4
4
12
7
Reconciliation of funds:
Charitable activities
Donations
Total expenditure
Net (expenditure)/income before net
gains/(losses) on investments
Other income
Investments
Total income
Expenditure on:
Raising funds
Net gains/(losses) on investments
Net income/(expenditure) for the year
Total funds carried forward
Transfers between funds
Foreign exchange gains
Net movement in funds
Total funds brought forward		 Unrestricted
£
-
-
542,880		 Restricted
£
22,692
-
-		 2024
Total
£
22,692
-
542,880		 Unrestricted
£
15,000
150
386,374		 Restricted
£
12,500
-
-		 2023
Total
£
27,500
150
386,374
542,880 22,692 565,572 401,524 12,500 414,024
185,340
1,004,413		 -
22,692		 185,340
1,027,105		 175,443
1,588,671		 -
12,500		 175,443
1,601,171
1,189,753 22,692 1,212,445 1,764,114 12,500 1,776,614
2,372,777
6
(646,873)		 -
-
-		 2,372,777
6
(646,873)		 2,433,296
1
(1,362,590)		 -
-
-		 2,433,296
1
(1,362,590)
1,725,910
-		 -
-		 1,725,910
-		 1,070,707
-		 -
-		 1,070,707
-
1,725,910
38,263,861		 -
-		 1,725,910
38,263,861		 1,070,707
37,193,154		 -
-		 1,070,707
37,193,154
39,989,771 - 39,989,771 38,263,861 - 38,263,861

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 18a to the financial statements.

20

The Andrew Lloyd Webber Foundation

Balance sheet

As at 31 December 2024

As at 31 December 2024
2024 2023
Note £ £ £ £
Fixed assets:
Heritage assets 11 10,120,000 10,120,000
Investments 12 30,753,211 28,338,559
40,873,211 38,458,559
Current assets:
Debtors 13 3,331 15,066
Cash at bank and in hand 188,193 995,677
191,524 1,010,743
Liabilities:
Creditors: amounts falling due within one year 14 (661,964) (488,824)
Net current assets (470,440) 521,919
Total assets less current liabilities 40,402,771 38,980,478
Creditors: amounts falling due after one year 15 (413,000) (716,617)
Total net assets 39,989,771 38,263,861
The funds of the charity: 18a
Restricted income funds - -
Unrestricted income funds:
General funds 39,989,771 38,263,861
Total unrestricted funds 39,989,771 38,263,861
Total charity funds 39,989,771 38,263,861

Approved by the trustees on 21 May 2025 and signed on their behalf by

Dr S Thurley CBE Chair of Trustees

21

The Andrew Lloyd Webber Foundation

Statement of cash flows

For the year ended 31 December 2024

For the year ended 31 December 2024
Cash flows from operating activities
Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
(Gains)/losses on investments
Dividends and interest from investments
Decrease / increase) in debtors
(Decrease) / increase in creditors
Net cash used in operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
Cash and cash equivalents at the beginning of the
year
Change in cash and cash equivalents due to
exchange rate movements
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash held by investment managers
Cash flows from investing activities:		 £
£
1,725,910
(2,372,777)
(542,880)
11,735
(130,477)
(1,308,489)
542,880
12,374,000
(9,504,612)
(2,911,269)
500,999
(807,490)
995,677
6
188,193
At 1 January
2024
Cash flows
£
£
995,677
(807,490)
995,677
(807,490)
2024		 £
£
1,070,707
(2,433,296)
(386,374)
(10,123)
421,082
(1,338,004)
386,374
7,125,638
(6,758,815)
456,364
1,209,561
(128,443)
1,124,119
1
995,677
Other non-
cash changes
At 31 December
2024
£
£
6
188,193
6
188,193
2023
(1,308,489)
500,999		 (1,338,004)
1,209,561
At 1 January
2024
£
995,677		 Other non-
cash changes
£
6
(807,490)
995,677
6		 (128,443)
1,124,119
1
188,193 995,677
Cash flows
£
(807,490)		 At 31 December
2024
£
188,193
995,677 (807,490) 6 188,193

22

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2024

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.

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.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

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.

23

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2024

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 and governance/ compliance.

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.

j) Fixed assets - heritage assets

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 - listed investments

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.

24

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2024

For the year ended 31 December 2024
2
Donations
3
Income from investments
Dividends
Interest received
Income from donations		 Unrestricted
£
-		 Restricted
£
22,692		 2024
Total
£
22,692		 Unrestricted
£
15,000		 Restricted
£
12,500		 2023
Total
£
27,500
- 22,692 22,692 15,000 12,500 27,500
2024
Total
£
526,962
15,918		 2023
Total
£
355,396
30,978
542,880 386,374

All income from investments is unrestricted.

25

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2024

4a Analysis of expenditure (current year)

the year ended 31 December 2024
Analysis of expenditure (current year)
Grants and scholarships awarded
Investment management costs
Staff costs (Note 8)
Scholarship consultancy fees
Audit fees
Investment consultancy fees
Other - incl. insurance, training & treasury
Website and database: maintenance and IT
Marketing and research
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Raising
funds
£
-
185,340
-
-
-
-
-
-
-		 Charitable
activities
£
839,367
-
77,025
-
-
12,000
7,636
-
235		 Governance
costs
£
-
-
39,032
-
10,920
-
1,848
-
-		 Support
costs
£
-
-
-
32,400
-
-
-
6,642
-		 2024
Total
£
839,367
185,340
116,057
32,400
10,920
12,000
9,484
6,642
235		 2023
Total
£
1,407,663
175,443
110,359
32,400
10,320
7,339
12,506
6,035
14,549
185,340
-
-		 936,263
39,042
51,800		 51,800
-
(51,800)		 39,042
(39,042)
-		 1,212,445
-
-		 1,776,614
-
-
185,340 1,027,105 - - 1,212,445 1,776,614
175,443 1,601,171 - -

4b Analysis of expenditure (prior year)

Analysis of expenditure (prior year)
Grants and scholarships awarded
Investment management costs
Staff costs (Note 8)
Scholarship consultancy fees
Audit fees
Investment consultancy fees
Other - incl. insurance, training & treasury
Website and database: maintenance and IT
Marketing and research
Support costs
Governance costs
Total expenditure 2023		 Raising
funds
£
-
175,443
-
-
-
-
-
-
-		 Charitable
activities
£
1,407,663
-
73,384
-
-
7,339
10,781
-
14,549		 Governance
costs
£
-
-
36,975
-
10,320
-
1,725
-
-		 Support
costs
£
-
-
-
32,400
-
-
-
6,035
-		 2023
Total
£
1,407,663
175,443
110,359
32,400
10,320
7,339
12,506
6,035
14,549
175,443
-
-		 1,513,716
38,435
49,020		 49,020
-
(49,020)		 38,435
(38,435)
-		 1,776,614
-
-
175,443 1,601,171 - - 1,776,614

26

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2024

Grant making
Grants payable at the start of the year
Grants and scholarships awarded:
Total grants and scholarships awarded (note 4)
Payments made in the year
Grants payable at the end of the year
Grants payable: amounts falling due within one year
Grants payable: amounts falling due after one year
Total grant creditors at the end of the year
Performing arts scholarships
Grants		 2024
£
1,168,041
351,329
488,038		 2023
£
749,749
341,723
1,065,940
839,367
(968,734)		 1,407,663
(989,371)
1,038,674 1,168,041
625,674
413,000		 451,423
716,618
1,038,674 1,168,041

All awards were made to institutions in both periods, the detailed breakdown of which are included within Note 6.

6 Grants awarded

Grants awarded
Mountview Academy of Theatre Arts
LAMDA
Bristol Old Vic Theatre School
Guildford School of Acting (University of Surrey)
Laine Theatre Arts
Scholarships sub-total
Guildhall School of Music and Drama
Royal Academy of Music
Royal Welsh College of Music & Drama
Performing Arts Scholarships
Leeds College of Music
Wimbledon College of Arts
Rose Bruford College of Theatre & Performance
London School of Musical Theatre
Liverpool Institute for Performing Arts
Birkbeck, University of London
Urdang (City University of London)
ArtsEd
Royal Central School of Speech & Drama
Royal Conservatoire of Scotland
Italia Conti
The Dang Academy (Urdang Schools Ltd)
Royal Northern College of Music
Trinity Laban
Mountview Academy of Theatre Arts (Restricted scholarship)		 Grants awarded
2024
£
51,002
29,250
28,500
22,692
22,350
20,000
20,000
19,250
19,250
19,000
18,500
17,285
15,000
10,000
10,000
10,000
10,000
9,250
-
-
-
-
-
Grants
awarded
2023
£
65,484
28,500
19,250
-
20,560
19,250
10,000
10,000
18,500
18,400
28,500
15,750
10,000
-
-
16,750
-
13,750
15,750
12,800
9,250
9,000
229
351,329 341,723

27

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2024

6 Grants awarded (continued)

Grants awarded (continued)
National Theatre - NT Connections - over 2 years
BRIT School - Production Arts - over 3 years
Royal Shakespeare Company - Next Generation - over 2 years
Get Into Theatre - core costs - over 3 years
London Musical Theatre Orchestra - LMTO Upbeat and core funding - over 2 years
King's Foundation - Building Craft Programme - over 3 years
American Theatre Wing - Andrew Lloyd Webber Initiative
Music Masters - core costs
Council for Dance, Drama and Musical Theatre
MiSST - Over 3 years
Phantom of the Opera Education Performance
Total grants
Music and Theatre Grants
Total scholarships
Total scholarships and grants
London Music Fund - music scholarships for disadvantaged young musicians
MiSST Create		 Grants awarded
2024
£
100,000
99,000
70,000
65,000
50,000
45,000
20,181
15,000
10,000
5,757
5,000
3,000
100
Grants
awarded
2023
£
-
-
-
-
-
-
-
-
10,000
5,940
-
1,050,000
488,038
351,329		 1,065,940
341,723
839,367 1,407,663

7 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2024 2023
£ £
Auditor's remuneration (excluding VAT):
Audit 9,100 8,600
Foreign exchange gains (6) (1)

28

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2024

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2024
£
84,495
10,154
21,408		 2023
£
84,791
10,195
15,373
116,057 110,359

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £66,387 (2023: £63,655).

No employee earned more than £60,000 during the year (2023: nil).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

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

9 Staff numbers

The Foundation has three part-time employees (2023: three 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		 2024
No.
0.8
0.5		 2023
No.
0.8
0.5
1.3 1.3

10 Transactions with Trustees and related parties

Included within expenditure are the costs of three part-time members of staff (2023: three 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 £116,057 (2023: £110,359). Escaway has also recharged the Foundation a fee of £1,412 inclusive of VAT (2023: £1,440) to cover the cost of providing treasury support to the Foundation. At the year end the Foundation owed Escaway £nil (2023: £nil). The Foundation shares the same premises and services as used by Escaway.

The following related party transactions were made during the year:

1) A grant of £10,100 (2023: £1,060,000 payable over 3 years) was awarded to Music in Secondary Schools Trust (MiSST). A grant instalment of £350,000 was also paid to MiSST in relation to grants awarded in previous years (2023: £350,000). Lady Lloyd Webber is a trustee of MiSST and sits on the board to represent the interests of The Andrew Lloyd Webber Foundation.

2) A grant of £65,000 payable over 3 years was awarded to Get into Theatre online theatre initiative www.getintotheatre.org and the first instalment of £30,000 was paid. Sarah Miller is a trustee of Get Into Theatre and sits on the board to represent the interests of The Andrew Lloyd Webber Foundation.

3) A grant of £100,000 payable over 2 years was awarded to the National Theatre for NT Connections and a grant of £70,000 payable over 2 years was awarded to the Royal Shakespeare Company for RSC Next Generation and the first instalments of £50,000 and £35,000 respectively were paid. Emma Marsh sits on the Development Board for both organisations and did not take part in the grant decisions.

29

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2024

Tangible fixed assets - Heritage assets
At the start of the year
Cost and net book value
At the end of the year		 Painting
£
10,120,000		 Total
£
10,120,000
10,120,000 10,120,000

There have been no transactions relating to the Heritage assets of the Foundation during the previous 5 reporting periods.

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
Net unrealised gains on change in fair value*
Accumulated income and investment cash held by investment managers
Investment value excluding cash at the end of the year
Disposal at cost
Fair value at the end of the year
Fair value at the start of the year
Additions at cost		 2024
£
27,715,669
9,504,612
(10,087,091)
85,862		 2023
£
25,649,197
6,758,815
(6,209,525)
1,517,182
27,219,052
3,534,159		 27,715,669
622,890
30,753,211 28,338,559
Cash
Shares listed overseas
Unlisted shares in UK registered companies
Unlisted shares in non-UK registered companies
Investments comprise:
Shares listed on the London Stock Exchange		 2024
£
1,049,211
8,210,599
2,673,888
15,285,354
3,534,159		 2023
£
2,020,717
7,744,992
5,104,239
12,845,721
622,890
30,753,211 28,338,559

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
Debtors		 2024
£
-
3,331		 2023
£
10,000
5,066
3,331 15,066

30

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2024

14 Creditors: amounts falling due within one year

14
Creditors: amounts falling due within one year
15
Grants authorised but not yet paid
Creditors: amounts falling due after one year
Grants authorised but not yet paid
Accruals		 2024
£
625,674
36,290		 2023
£
451,423
37,401
661,964 488,824
2024
£
413,000		 2023
£
716,617
413,000 716,617

16 Financial instruments

Financial assets measured at fair value through the statement of financial activities

Analysis of net assets between funds (current year)
Long term liabilities
Investments
Net current assets
Net assets at 31 December 2024
Heritage assets
Investments		 General
unrestricted
£
10,120,000
30,753,211
(470,440)
(413,000)		 2024
£
27,219,052		 2023
£
27,715,669

Restricted funds
£
-
-
-
-		 Total funds
£
10,120,000
30,753,211
(470,440)
(413,000)
39,989,771 - 39,989,771

17a Analysis of net assets between funds (current year)

17b Analysis of net assets between funds (prior year)

Analysis of net assets between funds (prior year)
Net assets at 31 December 2023
Heritage assets
Investments
Net current assets
Long term liabilities		 General
unrestricted
£
10,120,000
28,338,559
521,919
(716,617)
Restricted funds
£
-
-
-
-		 Total funds
£
10,120,000
28,338,559
521,919
(716,617)
38,263,861 - 38,263,861

31

The Andrew Lloyd Webber Foundation

Notes to the financial statements

For the year ended 31 December 2024

18a Movements in funds (current year)

Movements in funds (current year)
Total restricted funds
General funds
Unrestricted funds:
Restricted funds:
Total funds
LW Theatres Ltd		 At 1 January
2024
£
-
Income & gains
£
22,692		 Expenditure &
losses
£
(22,692)
Transfers
£
-		 At 31
December
2024
£
-
- 22,692 (22,692) - -
38,263,861 2,915,663 (1,189,753) - 39,989,771
38,263,861 2,938,355 (1,212,445) - 39,989,771

Purposes of restricted funds

Donation to be used towards a specific scholarship

18b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
General funds
Total funds
Richard Hughes Scholarship Fund
Restricted funds:
Unrestricted funds:		 At 1 January
2023
£
-
Income & gains
£
12,500		 Expenditure &
losses
£
(12,500)
Transfers
£
-		 At 31
December
2023
£
-
- 12,500 (12,500) - -
37,193,154 2,834,821 (1,764,114) - 38,263,861
37,193,154 2,847,321 (1,776,614) - 38,263,861

Purposes of restricted funds

Individual donation to be used towards non-specific scholarships (2023: £10,000 plus £2,500 gift aid).

19 Post balance sheet events

At 30 April 2025, the combined value of the Foundation’s investments was £29,737,195 showing a decrease of 3.3% in the four months since the year end.

32