The Old Vic Endowment Trust Report of the Trustees and Unaudited Flnanclal Statements For the year ended 30 November 2023 Registered Charlty No. 1147946 Company No. 07851822
The Old Vic Endowment Trust Re81st•r•d Chthty No. J147946 CompgThy P4u.07851812 ptjohn G Kin8 l M Murphy I P M Norbury A Plesttette- Murphy CVTerry S•¢r•t•ry L H•ath RI•r1d Addr The Old Vl 103 The Cul London SEI 8N Indip•nd•rt 8%1n• Moore Kln8Ston Smllh LLP 9 Appold street London ECZA IAP •nk•ri C Hoare & Co 37 Fleet Streei Londan EC4P 40G Ikw•sim•nt •dvl* 5•rasln & ParttsEfs LLP luxion House 100 Sl Pa¥l's Chvr<hy4rd Londth) EC4M BBU
The Old Vic Endowment Trust Contents of tho FInal•l St•t•m•ntsfor thg y•ar End•d 30 No¥qmbw 2023 P*8• Trustee5' report Independent Examlnels Report Statement of Flnanclal Actlvltles Balance Sheet Notes to the Flnanclal Statements 7-11
The Old Vic Endowment Trust TRUSTEES, REPORT For the year ended 30 November 2023 The Trustees present their annual report and financial statements for the year énded 30 NovÈmbÈr 2023, which are a150 prepared to rreet the requirements for a director's report and financial statements for Companie5 Act purposes. The financial statements comply with the Charities Act 2011. the Companies Act 2006. the Memorandum and Articles of Associatlon and A¢countin8 and Reporting by Charities Statement of Recommended Practlce applicable to charities preparing their financial statemènts in 8ccordancè with thè Financial Reporting Standard applicable in the UK and Ireland IFRS1021 (Effectlve l January 20161. Oblectives and Actlvltle5 The charity's object5 and the principal activity of the company Is to support such ¢h3rltable oblectlve5 of The Old Vic Theatre Trust 2000 (registered charity number 10725901 I'OVTT") as the Tru5tee5 Irom time ID tIe think fit, in particular by.. 111 The promotion, maintenance, Improvement and advancement of education by the encouragement ol the arts, includin8 the arts of drama, mime, dance, muslc, ballet. opera. puppetry, painting and sculpture, photography, clnema, literature and poetry and to lormulate, Prepare and establish schemes therefore. and by.. 121 The advancement of En8llsh herita8e lor the public benefit, by the encouragement and stimulation ol the publlc's understanding and appreciation ol the arrhitectural and cultural heritage of Ov. It 15 the policy of the charity to make grants in support of ovrr. All grants wlll be assessed and approved by the board of Trustee5. The Tru5tee5 have paid due regard to guidance issued by the Charity Commission in deciding what actlvltie5 the chiirlty should undertake. Achlevements and performance During the year the charlty contlnLbed to make further Invèstment to 8enerate returns and enable Brants tD be paid In furtherance of it5 objects to The Old Vic Theatre Trust 20001'The Qld Vic'l. In 2024 the trustees also reviewed and updaied the investment policy of the Charlty in conlunctlon wlth the fund managers. The Old Vlc Is the sole beneflc5ary of the Trust. In the year under revlew £136,00012022.. £130,0001 of opèrational grant5 were made out of income made ¢Jp ol f 100,000 towards This Historic Building for The Annex. £20.000 toward5 Coirnrnunity & Education, E16,000 towards the produttlon of the family Show Mo812022.' EIOO,000 towards Thls Hlstorlc eullding for The Annex,. £11,000 towards Community & Education,. and £19,IJOO towards production for the show Camp Siegfried). The Trustees have Committed to an additional Brant of £500,000 to support the Backstage Building project of The Old Vic, which will bE paid in 5prin8 202412022.. a £l,OQD,000 ¥r3nt Ifunded by a one-off Sale of investments) was rnade toward5 Stren8thening OVTh's reserves in the cuntext Df recovering frorn the impact ol the pandemic with the 5pecili aim of 5upportin8 OVTT'5 lon8-term resilience and art5 activity pursuant to thE charitV'5 charitable object5.1 Flnanclal revlew The flnal net expenditure lor the year was £529,23412022.. £1,423.7661 whlch Included a decrease in the rnarket valuE of the mana8ed fund of £51,13812022.' £445.228 decreasel- see note 9. Total incorne arnounted tg £163.54312022.. £153.6091- see nute5 2 for more detail. Total expenditure was £641,639 made urj of £636,OCKI of grants to owfT and £5.638 of admlnlstration costs Including Investment, legal and independent examiner lees. Reser¥es policy It is the policy of the ¢harity that free reserves (comprising unre5trlcted net as5ets1 should be malntained at a level to give the charily financial flexibility and a buffer against operational risks. A5 a managed fund however these operational risk5 are minimal but the fund is structured so that there is always a cash portion held in reserve. rhe level of net current assets excludin6 both cash held within the tnanaged fund and not including the £500,000 grant a5 at 30 NovEmber 2023 was £64,57412022'. £89,8761. Page 1
The Old Vic Endowment Trust TRUSTEES. REPORT For ihe year ended 30 November 2023 Investment pollcy and oble¢tiv¢s Under the Memorandum and Articles of A5501iation, the charity ha5 the power to make any Investment which the Trustees see fit. Invostment perlorman The rharity's investment portfolio is mana8ed by Sarasin and Partners ILP. Durln8 the year thi5 managed fund generated net income of £158,338 12022,, £158,494) including interest and investment income. At the year end, the market value of the mana8ed fund was £5,415,34412022: £5,465,279). See note 10 for the movement5 in the year. Ill%k mana8em•nt The Trustees have a risk management strategy which compr15e5'. An annual review of the risks the charity may face., The establishment of sy5tem5 and procedures tD mltigate those rlsks identified in the plan., and The implementatlon of proredures designed to minimise any potential impact on the charity should those risks materlalise. Key rlsk5 faced by the charlty include.. Inve51ment risk, which is mltlgated by placing funds with a professlonal investment manaser, an agreed investment policy and regular reporting and review. Enguring 5ufficicnt cash to pay approved grants, which Is mltigated through annual grant approvals being limlted to Income genèrated by the portfolio and transferred to the charlty's bank account. In exceptional circumstance5, investrnent5 may be sold tD 8enerate additional cash to pay out one-off larger grants in the year. Future plan5 The rharitV'5 focu5 in future years is to continue to generate funds and provide grants towards The Old Vic's capital campalgn to bulld The Annex, while Still continuing to support Specific productions and Educatlon & Communitv projects run by OV. A5 noted above. funds may be made available to OVTh in order to support the Theatre in order to Sustain it financially, provided th3t terms can be asreed which are acceptable to the Trustees. Structure* governance Jnd management The Old Vic Endowment Trust is a company limited by guarantee and 15 a registered charity, governed by It5 Memorandum and Articles of Asso¢iat¢on. Trustees The Trustee5 who served durin8 the year and up to the date of signature of the fSnanclal statement5 were.. G Klng J M Murphv J P M Norburv A Ple5hette-Murphv C V Terry Pclohn Secrelary C E Barber Ire518ned 12 October 20231 L Heath (appointed 12 October 20231 Page 2
The Old Vic Endowment Trust TRUSTEES. REPORT For th• y••rended 30 Nov•mbgr 2023 Appo5ntrnent ofThistee5 The board of Trustees ha5 the powerto appoini addlOnal trustees as it conslders fit. Oryanlsatlon•l strnrtur• The charfty Is 8overntd by a board of Trusiees of up to 6 members. The Trustees Meet reaularly to manage its affalr5. The day- to.day operatlons of the charlty are mana8ed by a mana8ement team appolnted by the tru5tee5 and reportin8 to the board. New Trustees under80 an orient?tlon perfod to brlef them on thelr le8al obli8ations under thaty and company Iw, the content of the Memorandum and Artlcles of A55oclatlon, the commlttee and dedslon maklng PrOSe5, the buslne55 plan and recent flnanclal perf0rrnan of the charfty. DurlTh8 the Indurtlon perlod they mett kèy employees and other iruste•s. Trustees are encoura8ed to attend aPPToprlate external events where these wlll facllltste the undertaklna of their role. The bo•rd re8ularJy looks at the 5k1115, e¥perlen¢e and dlverslty of Its members to flnd Imbalances and 8OPSi Inftsmlnl Trustee recrultment and tralnlng. The board rec¢8nlses the value of a dlverse board and wh¢n dècldlni how to recnjlt Trnstees, the board think3 abJt how to attrnct a dlver5e pool of candldates. R•l•tlonihlp wSih f•lai•d p•rthi Th• charfty has a close relatlonshlp wlth ovfT. There are no other related partle5 Other than th• Tru5tee5. Stsl•menQ ol Trustms, f•4nbIlIt The Trustees, who are a150 the dlrectors of The Old Wic Endowment Trust for the purpose of company law, are responsible for prop•rln8 the Trustées, Rèport and the flnanclal stattrnerfs In accordancé wlth applltable law and Unlted Kln6dom Accountlni Standard5 Iunlted Klngdvrn Generally kcepted Accountyn¥ Practlcel, Compiny law regulre5 the Tru5tet5 to prepare flnancl415tatement5 lor eath fininclal year whlch 8lve a tru• and l•lr vlew of the state ol affalrs of the charlty and of th8 5ncomln8 resources and applkatlon of resources. Includln8 the Income Bnd •xp*ndltur•, of th• chirfi•bl• company for that y•ar. In pr•parlng th•se flnanclal statements, the Trustees are requlred to,. select sultable accountSn8 pollcle5 and then apply thern Conslstentlyi observe the methods and prlnclples In the Charltles SOAP,. - make ludgeménts and estlmates that are reasonable and wudeni,. stlte whether #ppllcable UK Attountin8 Standards have been followed. subhect to any materlal departuros dlsclosed and pl8lned In the finandal statements., •nd prepare the flnanclal statements on the 8oln8 concern b•515 unle55 It Is In4ppToprlate to presume tt the thjrlty wlll contlnue In operatlon. The TTUStee5 are re5pon51ble for keepln8 adequate a(utIn¥ records that dlxlose w)th feasonjble atturacy at any tlme the flnan¢lal posltlon of the charlty and enable them to ensure thbt the flnanclal statement5 comply wlth the Cornp3nle5 Act 2006. They are also responslble for safeRuardln8 the assets of the crIty and hence for takiw reasonable steps for the preventlon and detectloD of fraud and other Irresularltles. On beh¥lf of the Board of Tru5tee5 P M 14orbury Dlrector and Trustee 151Dg/zoZg Page 3
The Old Vic Endowment Trust Independent Examlner's Report to the Trustees of The Old Vic Endowment Trust for the year ended 30 November 2023 I report to the charityTrustee5 on my examination uf the accounts of the Company for the year ended 30 November 2023. Responsibilitie5 and ba515 of report As the charity's Trustees of the Company land a150 its directOTS for the purposes of company lawl you are responsible for the preparation of the a¢counts In accordance wlth the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the arcounts of the Company are not required to be audited under Part 16 of the 2006 Ad and ore ?Ilglble for independent ex8mlnatlon, I report In respert of my examinatlon of VOUT charity's account5 a5 carrled out under Section 145 of the Charitie5 Act 20111'the 2011 Act'l. In carryin8 Qut my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent ExamIne$ Statement I have completed my examination. I conflrm that no matters have Come to my attentlon In connectlon with the examination 6ivin8 me cause to believe.. 11 accounting records were not kept In respect of the Company as required by section 386 of the 2006 Ad.. or 21 the accounts do not a¢¢ord with those record5', or 31 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than anv 41 the accounts have not been prepared Sn accordance wlth the methods and prlncSples of the Statement of Recornmended Practice for accounting and reporting by char5ties. I have Tho concerns and have come acros5 no other matter5 In connectlon wlth the examlnatlon to whlch attentlon 5hDuld be drawn in thi5 report in order to enable a proper understanding of the accounts to be reached. james Cross IFC& DChAI For and on behalf of fthre KlnÉston 5mlth LLP Chartered Accountants 9 Appold street Londc*n EC2A 2AP Date.. 28 August 2024 Page 4
The Old Vic Endowment Trust STATEMETrll OF FINANCIAL ACTIVITIES {IncorporatinE Income and Expenditu Account) for the year ended 30 November 2023 Note 2023 Z022 Income from: Investment Income Grant Income 153,976 9.567 153,609 Totil Incume 163,543 153,609 Expendlture on: Ralsing Funds- management fee Charltable actlvitles 4,362 1646,Tr)11 4,885 11,137,0321 Totsl EMp•nd6tur• 1641,6391 11,132,147) Net Ideflcltllsurplus before investment 8alns111055esl 1478,0961 1978,5381 Net IloMesl/oalns on Invertments 151,1381 1445,2281 Net Idefl¢ltllsyrplus and movement In funds for the 1529,2341 11,423,766) Fund balances at l December 2022 13 5,555,155 6.978,921 Fund bal*n¢•i at 30 November 2023 13 5,025.921 5,555,155 All income and expendlture derlves from contlnulng actlvltles. All Income and expendlture in the current and prlor year relates to unrestrlcted fijnds. Page 5
The Old Vic Endowment Trust BALANCE SHEEr as at 30 November 2023 2023 Flx•d Asmts Investments io 5,415,344 5,415.344 5,465,279 5,465,279 Curr•nt A55•ts Debtors Cash at bank and In hand li 1,987 115,238 117.225 165 94,001 94,166 Cr•dltors: •mounts l•lln8 du• wlthlft on• v••r 12 1506,6481 14,2901 Net Curmnt Ill•bllftle5ll•ss•ts 1389,4231 89,876 N•t 5,025,921 5,555,155 Chirlty Funds Unrestrlcted Fund$'. General Funds 13 5.025,921 S.SSS,155 Totsl Fundi 5,025,921 5,555,155 For the year ended 30 November 2023 the charlty was entltled to exemptlon from audlt under Secllon 477 of the Companles Act 2CMJ6 relatln8 to small companle5. The members have not requlred the company to obtaln an audlt of Its accounts for the year In questlon In accordance wlth Sectlon 476 of the Comp4nle$ A¢t 2006. The dlrertors acknowledge thelr responslblllty for complyln8 wlth the requlrernents of the Art wlth respect to accountln8 records and for the preparatlon of the accounts. These flnancSal statements have been prepared In Kcordance wlth the provlslons appllcable to companle5 sublect to IS i().8.12 ts2.t............ The flnanclal Statemer were approved by the TTustee5 on................ dRukw J P M Norbury Trustee Company No. 07851822 Pay6
The Old Vic Endowment Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 November 2023 I. ACCOUNTING POUCIE5 Company infomialion The Old VC Endowment Trust is a private company limited by guarantee incorporated in England and Wales. The re8lStered office is The Old Vic. 103 The Cut, London, SEI 8NB. 1.1 Accounting convention The financibl statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021. published In September 2015. The Charitable Company is a public benefit entity lor the purpose5 of FRS 102 and therefore the charity also prepared it5 financial 5taternents in accordance with the 5totement of Recornmended Practice applicable to charitle5 preparSn8 thelr account5 in accordance with the FlnaTrcial REPUrtiri8 Standard applicable in the UK and Republic ol Ireland IThe FRS 102 Charities SORPI, the Cornpanies Act 2006 as applicable to companies Subject to the small comp4nle5 regirne, and the Charitle5 Act 2011. The financial statements are prepared in sterlin8, which is the functional currency of the company. Monetary amounts n these Ilnanclal statements arè rounded to the nearest pound. The acrounts have been prepared under the historical cost convention, modlfled to include the revaluation of certaln financial instruments at fair value. The princlpal accounting policie5 adopted are set out below. The charitable company has taken the followin8 exemptions under the small companies regime.. The requlremenls of Sectlon 4 Statement of Flnanclal Posltlon paragraph 4.12lallivl. The requiTernen15 of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17ldl. The requirement5 015ection 11 para8raphs 11.39 to 11.48A anLI Section 12 paragraphs 12.26 to 12.29A. 1.2 GolnE Concern The financial statements are prepared on a 8olng concern basis which assumes the charltable company wlll contlnue In operational existence for the foreseeable future. At the time of approving the financial 5taternents, the Trustees have reasonable expectation that the charitable company has adequate resources to meet it5 liabilities as they fall due for porlod ol at least twelve months from the date of approval of these financial 5tatement5. Thu5 the Trustees contlnue to adopt the going concern basi5 of accountSng in preparln8 the accounts, 1.3 Income Income 15 reco8ni5ed when the charitv 15 le8ally entitled to it after any performance conditions have been rnet, the amounts can be rnea5ured reliably, and it 15 probablE that incorne will be received. Investment Incorne is recognised when recelved by the Investment manager. All other Income Is recognlsed when the charitable company becomes entitled to the income, it is probable that It wlll be recelved and the amount can be measured reliably. Cash dunatlons are reco8nised upon receipt. Other donations are r2co8nised once the charily ha5 received a flrm ommitment to payrnent. Any income tax recoverable 15 inclvded at the time of the donation. 1.4 Expendlture Liabilities are reco8nised as soon as expenditure Is Incurred and there is a legal or constructive obligatlDn commlttlng the charity to the expenditure. All expenditure expended is accounted for on an accruals basis. Irrecoverable vat is ¢harged to the expense to which it relates. Charitable expendlture Includes grant5 and donatlons made to institutions which are included In the account5 when paid or when a firm commitment 15 8iven to a charity prior to the balance sheet date which is a constructive obligation. Also Included are support C05t5 which include 8gvernarTrce c05tS. Governance c05t5 primarily re13te to audit or independenl examination fee5 payable. Costs of raising funds are those costs incurred in generatin¥ investment income and donations. Page 7
The Old Vic Endowment Trust NOTESTO THE FINANCIAL STATEMENTS for the year ended 30 November 2023 I. ACCOUNTING POIICIES (continued) 1.5 Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reportin8 date. Changes In falr value are recognlsed In net incomellexpendlturel for the vear. Transaction costs are expensed as incurred. 1.6 Cash at Bank and In hand Cash at bank and in hand are basic financial assets and include cash in hand. deposits held at call with banks, other 5hort-term liquid inve5tment5 Wlth original maturities of three months or less. and bank ovefdrafts. Bank gverdrafts are shown within borrowin85 in current liabilities. 1.7 Flnanrlol instruments The company has elected to apply the piovisions of 5ectlon 11 'Basit Flnancial Instruments, and 5ectlon 12 '0ther Finanrial Instruments Issue5, of FRS 102 to all of its financlal Instrurnents. Financlal In5trument5 are recognised in the company's balance sheet when the company becomes party tcs the contractual provlsions of the instrument. Financlal a5set5 and liabilltles are offset, wlth the net amounts presente(J in the financial Statements, when there is legally enforceable rlghi ro set off the rec9gnlsed amounts and there Is an intenlbon fo settle on a net basss or to reallse the asset and settle the liability simultaneously. 8o5tcAinuncial a55et5 Basic financSal assets, whlch comprlse cash and bank balances, are Inlllally measured at transaciion prlce Includln8 transaction costs and are 5ub5equently carried at amortised cost Using the elfettive interest method ur)lesS the arrangement ¢onstltutes a financlng transaction, where the transaction is measured at the present value ol the future feieipt5 discounted at a market rate of inter?5t. Financial a55ets cla55ilied as receivable wlthin one year are not amort15ed. Otherllnonclt71 assets Other financial assets, which comprise Snvestments in equity instruments which are not subsidiaries. a$50clate5 or lolnt venture, are initially measured at falr value, whch Is normally rhe transaction price, Such a55et5 are 5ubsequentlv carried at lair value and the chan8es in fair value a recognised in the income and expenditure acrount. 8o51cllnonciol liabilities 8a5ic financial liabilities. comprising creditors, are initially Terogni5ed at transaction price unle55 the arrangement on5titute5 a financin8 tiansactlon, where ihe debt instwmeni Is measured at the present value of the future payments discountpd at a rnarket rate ol interest. Financial liabllitie5 cla55ified a5 payable within one year are not arnort15ed. Debt instruments are subsequently carried at arnorti5ed cost, Using the effective interest rate Tnethod. Derecognition offinonciol liobilitie5 Financial liabilities are derecognised when the charity'5 contractual obligation5 expl or are discharged or cancelled. 1.8 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees In furtherance of thelr charitable objectlves unle55 the funds have been de518nated for other purposes, Page 8
The Old Vic Endowment Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 November 2023 I. ACCOUNTING POLICIES lcontlnuedl 1.9 Taxation The Company Is a reglstered charity and a5 Such is entltled to exemptioTr from taxatlon under the Corporatlon Tax Act 2010 to the extent that Its income is applied for charitable purpose5. 2. Incomo 2023 2022 Inve5tFnent income Interest receivable Other Income 153.635 341 9,567 IS3,536 73 163,543 153,609 3. Ralslni Funds. manai&ment 19• 2013 Zozz Unr tr1¢ ed funds Investment management Irebbtellfees 4,3621 14,8851 4. Charltable actlvltles 2023 2022 Insurance Grant fundlng of actlvllles (see note 51 Governance costs (see note 61 2,990 636,000 7,011 1,932 1,130,000 5,100 646,001 1,137,032 5. Gr•nts pay•ble 2013 2022 Grants to institutions: The Old Vlc Theatre Trust 2000 636,000 1,130,000 636,000 1,130,000 Page 9
The Old Vic Endowment Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 November 2Q23 6. Governance cost5 2023 2022 Unrestrict Indeperdent examination fees Legal fees Bank ¢har8es 5,623 1,025 363 4,547 150 403 7.011 5,100 7. Trustees None of the Trustee5 lor any persons connected wlth them) recelved any remuneratlon or benefits from the ¢harity durin8 the year12022- £nlll. 8. Employeos There were no employee5 durinB the current or prior year. g. Net yln51110sses1 on Investments 2023 2022 Unreali5ed1055e5 on revaluation of listed investments 151,1381 1445,2281 10. Flxed asset Inwstments Llsted Investments Co51 or Valuatlon At l December 2022 Additlons D15posa15 Valuatlon chan8es 5,465,279 1,202 151,1371 At 30 November 2023 5,415,344 Carryln¥ amount At 30 November 2023 5 415.344 At 30 Novernber 2022 5 465.279 Flxed asset investments revalued i5torlc co5t'. At 31 November 2Q13 5 029 579 At 31 November 2022 5 028 375 All of the investments are held in the form of UK unit trust funds. Page10
The Old Vic Endowment Trust NOTES TOTHE FINANCIAL STATEMENT5 for the year ended 30 November 2023 11. Debtors 2023 2022 PPaymentS 1.987 165 1,987 165 12. Credltors.. amounts falllng wlthln one year 2023 2022 other ¢redltor5 Acrrua15 and deferred income 5Q2,088 4,560 4,290 506.648 4.290 IJ. Fynds rr b•lancE at i Oecember 2022 Revaluatlon Bllance at 30 ialns and November los¥e5 2023 Income EMpendltur• Unrestrlct4d fvnds General funds 5.555.155 163,543 1641,6391 151,1381 5,025,921 5.555.155 163,543 1641,6391 151,1381 5,025.921 Balance at I December zoii Revaluatlon 8alance at 30 ialns and November Ios5e5 2022 Income Expendlture Unre5trirted funds General funds 6,978,921 153,609 11,132,147) 1445,2281 5,555,155 6,978,921 153,609 11,132,147) 1445,2281 5,555,155 14. Related party transactlons The ¢harlty approved grants totalling £636,00012022- £1,130,000) to The Old Vic Theatre Trust 2000, At the year end, £500,00012022.. Enill is included within other creditors. Grant income was re¢elved totalling £9,56712022'. £nill from the American Assoclates of The Old Vlc Theètre Inc. Page11