The Old Vic Endowment Trust Rry151erod <￿Illy No. 1147916 Comwry 140. 0715UU I NIiuNIi 'AC830EDV' 31KW2023 ¢￿1pANEs HOUSE The Old Vic Endowment Trust Cryary Nw07851122 G King J M thjrphy 1PmNu￿ CVTerry APle5hEtte.MLnthy pcJohn SecrEt•ry CE&rb ThEOld Vic 103TheC ltridon SEI Indeper*ertEAarrifftr4 Mo(we Smth Strrrt ECZA IAP C Hoare&Co 37 F*ISrreet EC4P4 Sarnsin & Partners LLP JuAkn House lfy)Si Parf5 c*w￿h¥arI EC4M 9811 The Old Vic Endowment Trust Cont*k￿01 the Fir￿f¢•al Statementsforthe ￿arEn￿e￿ 30 Na¥ember 2022 Pa8e Tru5tee5' Tep)rt Independent Examinerf5 Report Statement of Financial Activities 8alance Sheet Notes tothe Finantial StstEments 7-11 The Old Vic Endowment Trust TRUSTEES. REPORT Fort￿Year ended 30 No¥ember2022 The Trustee5 present their annual Teport ènd financial ststements for the eThJed 30 November 2022. whith afe also prepared to meetthe reguiremefits foradirector'5 report and financial ststements lor Companies Act purposes. The financial siatements comply Tmth thÈ Charities 2011. the Compan￿$ Att 2(￿, the Memora*dum ènd Articles of Association and ￿￿OuntIng and Reportin8 ty Charitie5 Slatement of Recommended PrètticÈ applitable to tharities preparin8 their finantial statement5 in accordance ￿th the Financial Reportirtg Stsndard appli£able in the UK and Ireland IFRS1021 (Effective ljanuary 20161. Oblertlves arld Arti¥itles The chariws obje¢t5 4nd the winllp31 actiyity ol ¢W￿•nY is io suth charitèNe objectives of The Old Vit Theatrp Tfust 2¢J(XJ Ire8i5trred charity number 107259JI l-ov￿) as the Tfustets from tirTre to time think fit in Oartitular bv.. 111 The prornoiion. fflaintenarKe. impro¥•i*nt a￿1 adWa￿ement of education ty thp Èncouragement Df the arts. includin8 the 4rt5 of drama, rnime. dance. rntsyc. tsa1￿ opera, puppetry. paintin8 and srulptsJTe. photO8raphy. cinema. literature and poetry and to forrnulate, piepaie and estsblish schpmes thErefgre, and bv. 121 The advancement of En￿•Sh heritaEe lor ihe putyic berlefit. by the encoun8emorrt and Stimulatton of the public's understandingand apprecwrionolihearthiiecujral aThJ CLdlur¥ heritaRe Df OVTr. It is the poliry of the tharLty to make Erants in sUPWt ot ovrr. 8rnnts will be a55essed and approved by the board of Trustees. The Trustees have paid re8atd to 8utilan£o iSsL￿d by the Charity Commi55iryb in decidi￿ v4hat actf¥ities the charity should undertake. Athie¥ements and perfovmance Durin8 the year the charity continued io make fvrbier ￿Vestment io genente retums arKI e￿41* 8rants to ￿ paid in furtherance ofit5 objectsto The C40 Wic TheaireTrLSt 2LKiI lThe Cld Vi¢l. ovff tsthe 501e l)enefiri4ry oltheTru5 In the year underreview. £130.(AXJ of operational grants were made out ol irKtrne- made up of ÉICQ,CpJO towardsThis Historic Buihling for The AnftEX." £II,LKX) towards Cornmunity & Educati￿ lor Work Experien£e-The Vic TakÈover.' nd E19.000 towards P¥oductson SupDorr forthe 5howCamD SieRfried. In addirion. 3 one-off 8rant of £i.rm.(o) Ifuthded by a on￿01f sasp of ￿vestMents1 was made towards stren8thenin8 ovrT's reseives in the context of tec¢Jverin8 from the iryact of the pandemic the specific aim of sopportinB ovrr's lon*term resilience ahd arts actmty pursuant to the ch3ritV5 charitsble objects Since t￿5 mow was derived frc*n the restricte¢J Catalyst Endtswment Fund, detailed ￿8￿1 advice wa5 soveht. as well as Jrts Coun(il En8l•nd and Charity Commissim £onsent Financlal r•Aew The final nei expendlture for thE yeai was £1.423.766 IXIZI.. £304503 swp1ts51 whKh induded a decrease in the marketvalue of the managed of £445,22812021.. £264.415 irKreasel-see Thjte 9. .Total in¢om¢ *nounred ¢0 £153.fA1912021.' £IZ&W71- see rKJtes 2 & 3 detad. Total expenditure was £1,132.147 fflade up ol £1.130.(￿ of grants to ov￿ and £7,198 of ￿mIr￿stra￿On ros C[￿lIng inve5trneni. legal and ￿￿ePendent examinerlEes. Resevves paliry Ir is the policy ol charity that free reseThes Icoftwrisin8 unresrrirred current 055etsl should be rnaintained at a le￿ ro wve rhe charity financial flexibility and a buffer a8ain51 ¢)peraDonal risk5 As a managed fund however these operaiional ri>ks atE minirnal but the tund 15 Structured so rhat ihere is atways a cash portion held in reserve. The level of net current excluding cash held within the managed lund as at Xl IIDvembe¥ 2022 wa5 £89,8?6 12021.. £72.3171. Page 1 The Old Vic Endowment Trust TRUSTEES. REPORT Forthe year ended 30 No¥ember 2021 Inve#mentpoTity￿￿ oble¢W¥es Under thE Memurandum and Axiicles of A%￿￿1abth. thE chaTty has thE prywer to make any invE5tment whKh the Trvstees see fft. In¥estmEntperfoVma￿e The Charity's in¥e5tment PLWtfL4iu is managed by Safa5in Partner5 iiP. Duriry the year mana8e¢ fund aeneraied net income of £158.49412021.' £127.3761 ir￿￿jd1nS inrerest and in¥esrment income. At the year end. the market value of the man4Èed fvnd was £S,465,27912021.- £6,gfA),EA)41. See note Iofoi mDvements in the year. Risk m•ha¢ement The Trustees have a risk mana8ementStsate8ywhith tLvllw5es.' . An annual rev￿wO￿ the risks the charity may tsct.. Tne est8blishmentol systems and procedures to mitiaate tIK)se risks hlentified in the ptsn", •nd The Implemer￿tr￿ of pr￿￿ureS desi8ned to minivni5e any wential impoct on the tharity should those risks materialrse. Key risks faced by thethiftty I￿lUde." Investment ¢isk, whith is mitiKated by pla£in8 with a profe55ional in¥esthent rnana8pr, an a8reed investment p￿1£yand reÉular reporTiwand review. EnsurinE sufficient ro pay approved 8rènts. whith is mitsgated through amual grant apw¢vals bein8 lirnited to income Eenerated by the portfolio and trafisfeired to tht charrt*s bank actount In ex£Èptional ¢ir¢umstsnces, inve5tfflenrs maybe s￿￿ io ge￿rate additional cash to pay out or*-off la￿tr￿ants in ihÈ year. Futuieplams The charl￿S focus in fuiwe years is to convnye to 8eneraTr funds and pro¥ide grants towards The Qld Vic'5 CaWt*l campaign to twJild The An0￿. while st41 to wort spe£ifK produnh)n5 EdutaT*on & Community oroiects run bv ovrr. As noteé above. f￿dS may be made availaE4e to ov￿ in order to SLWNt thE Theatre in order to suttain it finanually, prowded that ter*￿$ can be agreed whiih are acceptablE to the T¥ustees. ¢tyem•The and man•¢emEnt Thp Old Vic ErKlowment Trust 15 a ¢tynpaThy limited by 8uaran*e a￿1 15 a re8iStered charity. 8rwerned by its MemorarMJL¥n and Artycle5 Qf A550ciation. Trustees The Trustees who seThed during the year and up to da* ￿$1&￿I￿re of the fir43r*ial Sf4tementswere were.. N J Clarry (Resi￿ely 15 DetembEr 20211 Pcjohn IAppDinted IS December 20211 G Kin8 J M Mu¥phv J P M 14orbLXV A Plest*tttrMurphy IAppy"nied IS twmber 2021 CVTerry Se¢retary C E Barber Il¥pointed 15 Derembei 20211 Page 2 ## **The Old Vic Endowment Trust** # **TRUSTEES' REPORT** **For the year ended 30 November 2022** ## **Appointment of Trustees** The board of Trustees has the power to appoint additional trustees as it considers fit. ## **Organisational structure** The charity is governed by a board of Trustees of up to 6 members. The Trustees meet regularly to manage its affairs. The day­ to-day operations of the charity are managed by a management team appointed by the trustees and reporting to the board. New Trustees undergo an orientation period to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. During the induction period they meet key employees and other trustees. Trustees are encouraged to attend appropriate external events where these will facilitate the undertaking of their role. The board regularly looks at the skills, experience and diversity of its members to find imbalances and gaps, informing Trustee recruitment and training. The board recognises the value of a diverse board and when deciding how to recruit Trustees, the board thinks about how to attract a diverse oool of candidates. ## **Relationship with related parties** The charity has a close relationship with OVIT. There are no other related parties other than the Trustees. ## **Statement of Trustees' responsibilities** The Trustees, who are also the directors of The Old Vic Endowment Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair **view** of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and - explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate 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 Companies Act 2006. 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. On behalf of the Board of Trustees **----- Start of picture text -----**
��
JP M Norbury
Director and Trustee
**----- End of picture text -----**
Date 29/08/2023 **Page 3** The Old Vic Endowment Trust Ir*pendert EM•m6ner's Rewt to Trnstets ot The Old Wic End￿ment Trust for thevearer￿ed 30 No¥ember 2022 I r*pDrtto the charityTru5tees on myexamination of the a((￿nts￿l1he ComparyfDrthe yearended 30 November 2022. ReSpon5I>ll￿1eS ahd basisof repwi As the charity's Trustees of the Companv land a150 its direttors for the purp05e5 of tornpany lawl you ère responsible for the pieperaiion of the at£ounts In acctydè￿* the reqL1remer￿ of the Companies Act2006 lthe 2(K16Art'I. Having sètisfieLI myself that the accounts of the (ompany are not required to be audrted under Part 16 al the 2006 Act and are eli&ble fc* indwndent examirna￿fi. I report M re5pett of my exarnlnati￿ of y¢Jur charivs actounts as carried out under Sec￿￿ 145 of the Charibes Att 20111.the 2011 ACYI. In tarrwng out rny examination I have follttwÈd Ihe tlrectyws £iv•) bythtcharity CtsnmissK)n thJerse¢Don 1415151 Ibl of the 2011 A£1. I have iompleiEd my examinaiion. I CoThfi￿n that rK) rn￿er$ hm wme to my att¢ntson in (￿nett￿)n with the examinalion gjvine me cause 10 bEIiE¥e.' 11 accountlD8 records were r#)1 kept in respen of the Company as required by sertion 3B6of the Act., L 21 the accounts do not accord with those records- or 31 the account5 do not cornpty the aCCo￿n11ng wuifEments of Secti￿ 396 ol rhe 2006 Art otherthan any 41 the acctyJnt5 have not ￿en prepared in accordance *ilh the methods and printsples of thestatemert of R¢¢fxnMerK1￿ Pr•(ti￿ for accountiTr8wKI ￿pOrtyrI by trfjri I have no concerns and hayecome acros5 nooiher mattvsin connection *ith the etymination t47 whith attenfion should b? drawn in thi5 repon in order to enable a proper undrr5tsnding of the accountsto te reached. K ' fJL L(1 James Cross IFCA. DChAI F•r4nd on behalfol M(￿￿e Smlth LLP Chartered Accountants 9 Appjld Slreet Landon EC2A 2AP Date.. 30 W 2023 Page 4 The Old Vic Endowment Trust STATEMENT OF FINANCIAL ACTivmES Ilntorporating Inc*)me and Expenditure Accountl for the year ended 30 14o¥ember 2022 2012 X121 Income from". Investrnent in£on 153.6113 128W)7 Total 153,609 128.807 Expenditure on.. Raising Funds- management lee Charitable adivilie5 4.88S 11.137.0321 11.4311 187,2881 Total ExpendrlW• 11.132.147) 188,7191 Net Ideficitllsv￿Ius before in¥estmont retw 1978,5381 40.088 Net {losses1/gai￿ on investmtnts 1445.2281 264.415 Net IdeflcStll5uipIu5 and movemay in fund5fOrt￿ 11.423.766) 304,S03 f und balance5 ar i December 2021 6.978,921 6.674.418 fund balance5 at 30 t4ob*mber2022 13 5,555.155 6.978,921 All income and exPend(tu￿ derives fffjm continuingattiwtres. All income and expenditure in the current and prior year rdates to unrestricted fund5. Page S The Old Vic Endowment Trust 8ALANCE SHEET as at 30 November 2022 Note 2021 Flxed Assets Investrnents 5.465.279 5.465,279 6,￿6,604 6,X)$.604 Current A55ets Debtors Cash at bank and in hand li 165 94.￿1 94.166 117 79,183 79.3C Creditors: amounts fallkni due wtthkn one ytar 4.290 16.9831 Net Currefit Assets 89,876 72.317 NetA55ets 5.555.155 6,974921 Chority Fund5 Un¥estritted Funds.. General Funds 5.555.155 6.978,921 Total Funds 5.555.155 6,978.921 For the year ended 30 November 2022 the tharity wa5 entitled to exemption from audi( under Section 477 of the Companies Act 2(K16 relating to small ¢cMpanies. The member5 have not required the comparby to obtain an audit of its at£ounts for year in que5tioTr in accordance with Section 476 of ihe Companies Act 2￿. The directors acknowledge their reS￿nSibIlity lor comp￿1￿& ￿ryth the requirement5 of the Art with respect to accounting recoTd5 and for the preperation of the accounts. These financial statements have been prepared in accordancewiih the pro￿S1on$ aopli£able to companies sybiett to 2910812023 The financial staternent5 weie approved by the Trustees on...............................___-....__.-. J P M Norbury Trustee Q)mpany No. 07851822 Page 6 The Old Vic Endowment Trust NOTESTO THE FINANCIAL STATEMENrs fortheyear ended 30 Nu•ember2021 I. ACCOUNTING POLICIES Companylnlwn The Old Vic Endowment Tfust Is a private ctsmpany limited by 8uarantee ￿c￿porated in En8land arml Wales. The registered offire isTbe Old Vit. 103The Cul. thndon, SEI 8148. 1.1 A¢rauntln8 corb¥Qnllon The financ￿1 siatements have beefi prepared in accordance wth the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1921. published in Septefftber 2015. The Charl￿Ne Company is a public benefit entity for the purposes of FRS 102 therefore the charity a150 prepared its financial ststernent5 In accordance with the Statement of Recommended Practice applI￿ble to charities PfeporinE their accourtt5 In accorda￿e With Ihe Finèn£￿1 Reporting Standard aOicable In tht UK and Republic of Ireland (The FAS 102 Charitie5 SORPI, the Companies Art 2(XJ6 as applicable to ¢ompar*es subiert to the 5rnall cornpaniesfewffe. and the ChariiiesArt2011. The financial 5tarements ¥e prepared in steflin& whTrthis the funct*￿al £urr¥Ky Df the company. Monetary amounts tn these financial 5ts1en*ntsare rowded to the neaiest pound_ The atcounts have beert prepared u•)der the hisloric31 cosi curhventioTh. modi￿4 ro indude the revaI￿ri0￿ of certain finanth31 instruments at tsir value. The ptinthpal accountinepdrties adopted are Sei out below. Thechaii13ble company has taken the lollowtn8exempbon5 under the 5rnall compan￿5 regirne. The reqLYrefflentsof Section 45tatement of Financial Positron paragraph 4.12lallivl. • The reqwrernents of5ection 75ts1emeni of Cash Flow5 Section 3 Finantialststement Presentsuon parartriph 3.17ldl. . Th? requirements olsection 11 paraya￿S 11.39to 11.4&A and Se(ti0rt 12 paragraphs 12.26to 12.29A. 1.2 Gtyng Concem The financial st3terr*nts are p￿pared on a 2oinÉ concem bays whKh assumes the charitable company will continue In operètional existence for the foreseeable future. At the timeof appro￿fig the finahtial 5tèrements. theTrustees have a reasonable empecrauon Ih3f the charitable company has adequate restyJrces to mtet its liabililies as they lall due for period of at *ast n¥efve months the date ol apyoval of these financial SVdtÈmÈnr5. Thu5 t￿T￿Stee5 contynue io adoptthe going concem basis 013CC￿mIlnE in prepanngtheèccounts. 1.3 Income Ir*ome is recognised when thE ctsrity is lerdny entided to it after arry perfOr￿rKe conditions h4ve been met, IhE amoun15 can be measL¥ed rela￿¥. and it is orobable that ￿cOMe will be recei¥ed. In¥eS￿ent incorne is recognised when received by the inb*srment rnanaeer. Wl Other Ir￿￿e is recognised when the charir3ble iompany becorr*s entitled io ifLc(w))e. it is probable that it ￿11 be recei￿ ènd the amount can be rneaswed reliabl¥. Cash donations are reco8nised UP￿ receipt. Ot￿r donaiions are retO8nised once the chaiity has ietewed a firm commitrnwt to paymtnt. kny i￿ome tsxrecovErab￿ is Induded at the ume ofthe d￿atrOn. 1.4 Expendiiyre Liabilitie5 are reco8nised as soon as eApenditUlE is incurred arKf thEre 15 a IEBal N constructive oE4iytion cummittin the charity to the experKliture. pjl expenditUlE expended is actounted for on an atcruèls basi& Irrecoverab￿ vat is charled to rhe emoense to wTrMch it relates Charitable expendbwre incI￿￿e5 grants and don?Tions made to iTr5tyrutions which are irKluded in the accounts when paid or wfvety a firm comrnitrnenr is 8i¥en ro a charity prior (o the bala￿ sheet date whith 15 a constyucb¥e obligarion. Also included are SUODorr costs **ich include ￿￿r￿an£t costs. Govern#nte costs primaril¥ relate io a￿j11 or indeperxlent Examination fEES ptyèblE. Costsof raIs￿￿￿r￿S arethose coys I￿￿rred in 8eneT3ting iTNe51Tr)entirfome3nd donation Page 7 The Old Vic Endowment Trust NOTESTO ThE FINANCIAL STATEMENTS for thtyear ended 30 Ntyember 2022 l. ACtI)UllTINGPOUCIES I￿0￿n￿e01 1.5 In¥e5tmenis Fixed asset Invèstments are initi31ty rneasured at t¥ansacbon price Èxdudin¥ transartion cotts. and aTe Subsequen￿V measured at fair value at each repming date. cha￿e$ In tsir Value are recognised in r*t in¢ornellexpenditurel for rhe vear. Transaction costs are exDensed ès inthxred. 1.6 Cash *t 8ank and kn ￿n￿ Cash at bonk and in hand are basic finanllal assets and include cath In hand. depDsIts hÈ14J at call with bank5, Other short-term I￿Uld in¥e5tynents with Lwiwnal matvrities of three rnonths or le55, and bank ovErdrètt5_ Bank overdrafts are slK)Wn Within bwowinRS in cwreni liabiliDe5. 1.7 Hn*nclal knstrymenfs The company has elected io the proviyon5 of Secvon 11 '8asic Fin>icièl In5m￿￿￿' and Section 12 '01her Finan¢ial In5truments19sues' ol FRS 102 10 all of its financval Instruments. financial instruffents are re¢o8nisei1 in company's ball￿e sheet when the crmpany beccmes party to the conrraciual Dr￿ls1on$ of the inst*ument. Financial 35sets and liabiliDes are oltset. With the amounts presentsd ih the financial siatements. when there is a legJllyenforceable right to Set off the recoenised and there is an inttntion to 5ettieon a net basis or to realise Ihe •s*t 5etfje the liability %multèwusty. 80srcfinonoolossets asic financial assets, whith comprise tash and bart* balance5, are initiolly measured at transattion priee including transaction costs and are subsequen￿V carriÈd èt amonised cost using the effettive Interesi methad unle55 the 8rranÉement constitutes a financing transaction. where the transaction 15 measured at the present value of the future receipts discounted #T 3 mark¢i rate of ￿terESt. Finan(ial a55¢ts cla55iffie¢ as receivab￿ within OllE VEar are rkjt amnrii%Prf. Otfverfirtancial assets Other financial assets. which cornyise invesiments in equity instruments W￿Ch are not sUb￿dI￿rIeS, assaciatrs ¢y joint Venture. are intially measured at fair walue, which is nwmalty the transanion price. Such assets are subsequentty carried at fairvalue and the ch3n8es in fair value are reco8nised in the income and expenditure aEiount. Basicfinuntiulliubilitie5 Ba￿£ finanaal liabilities. compri5inE C1￿*t0r5. a￿ ￿lI*JIlY recognised èr transaction pri￿ ￿￿e$S rhe JrTrnEement constitutes a financ1ne tran¥rtu)n. where the debt in5trumeni is me35ured at the pre5entvalue of the future payments discounted 4ta market rate of interest. FinarKial liabill￿e5ClaS9fied as payab￿*￿thinortYe3T￿le not arnorrised. Debt instruments are 5ub5eqt*ntty cairied at amcrti5ed cost. tssine effeciNe interestrate method. Derecognirw oAfinuntiulliobylitie5 Financial liabilities ar&deretO8nised when thÈ thaiity's contrattLwI oblieatbons È¥piie crf are disch3rae41 or £an£elled. 1.8 Ch8f*alle lunds Unrestrirted lund5 are 3vailable for use 4t the discretson of Ttusrees in fiJnheTan¢eof their chariiable obteaives unless the fuDds hove been designated lor othef pwposes. Page 8 The Old Vic Endowment Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 November 2022 I. ACCOUNTING POUCIES 1Prepayments
**12. Creditors: amounts falling within one year**
Trade creditors
Accruals and deferred income
**13.Funds**
Current year
**Unrestricted funds**
General funds
Prior year
**Unrestricted funds**
General funds|**11. Debtors**
Prepayments
**12. Creditors: amounts falling within one year**
Trade creditors
Accruals and deferred income
**13.Funds**
Current year
**Unrestricted funds**
General funds
Prior year
**Unrestricted funds**
General funds|
**Balance at 1**
**December**
**2021**
6,978,921
**Income**
**Expenditure**
153,609
(1,132,147)|**2022**
£
165
**2021**
£
117| |---|---|---|---| ||||165
**2022**
£
4,290
117
**2021**
£
3,083
3,900| ||||

4,290
**Revaluation**
**gains and**
**losses**
{445,228)
6,983
**Balance at 30**
**November**
**2022**
5,555,155| |||6,978,921
153,609
{1,132,147)|

{445,228)
**Revaluation**
**gains and**
**losses**
264,415
5,555,155
**Balance at 30**
**November**
**2021**
6,978,921| |||**Balance at 1**
**December**
**2020**
6,674,418
**Income**
**Expenditure**
128,807
(88,719)|| |||6,674,418
128,807
{88,719)|
264,415
6,978,921| ## **14. Related party transactions** The charity approved grants totalling £1,130,000 (2021 - £80,000) to The Old Vic Theatre Trust 2000. Page 11