The Old Vic Endowment Trust Report of the Trustees and Unaudlted Flnanclal Statements For the year ended 30 November 2024 Reilstered Charlty No. 1147946 Company No. 078518Z2
The Old Vic Endowment Trust istéred Ch•rty 1147946 CompAnyl&7. 07851811 Tl•e5 G Klng H DJvies13ppointed Oct-241 J M Murphy I P M Norbury CVTrry Pcjohn S•u•l•ry L HÈath R•qlstsr4d AddrEs The Old Vlc 103 ThÈ Cut London SEI 8N Ind•pMdghtEx•mln¢ri Moore Kin85tw Smlth LLP 9 Appold street Londo EC2A 2AP Bink•rs C HoarÈ & Co 37 Fl••t Street London ec4P 4DG Sarasln & Partner5 LLP luxron Hou5t ICOJ St Paul'5Chu¢chyard Lond¢ EC4M 8BU
The Old Vic Endowment Trust Contents ofthe Nnan¢lal Staterngnts forthe year Ended 30 November 2024 Pile Trustee5' report Independent Examiner's Report Statement of F5nancial Artlvltles Balance Sheet Notes to the Flnanc5al Statements 7.11
The Old Vic Endowment Trust TRUSTEES. REPORT For the year ended 30 November 2024 The Trustees present their annual report and financial siatements for the year ended 30 November 2024. whlch are also prepad to meet the requirements for a dlrectors, report and financial statement5 for Companies Act purposes. The flnancial statements comply wlth the Charitie5 Act 2011, the Companies Act 2CrfJ6, the Memorandum and Articles of Association and Accounting and Reportin8 by Charities Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Ireland IFRS1021 (Effective l January 20161. Oblertl¥es and Artivitles The charlty's object5 and the princlpal actlvlty ol the company 15 to support such charitable objectives of The Old Vic Theatre Trust 2000 Ireglsiered charlty nurnber 10725901 I"owrri as the Tru5tee5 from tlme to tlme thlnk flt, In particular bv.. 111 The promotion, maintenance. improvement and advancernent of Èducailon by the encoufagement of the arts, 5ncludlng the arts of drarn3. rnirne, dance, mu51c, ballet, opera, puppetry, painting and sculpture, photography, cinema, literature and poetry and to formulate, prepare and establish scheme5 therefore, and by.. 121 The advancemeTht of English heritage for the public benellt. by the encouragement and Silmulatlon of the publlc's understandlnR and appreclatlon of the arch5tectural and cultural heritage ol Ov. It Is the pglicy ol the charlty to rnake 8rants In support of Ov. All grants wlll be assessed and approved by the board of Trustee5. The Trustees have paid due resard to guidance155ued by the CharSty Cornmlsslon In dec5dln8 what artivltie5 the charity Should undertake. Athlevements and perlorrnjnee During the year the charlty contlnuÈd to make further Investment to generare return5 and enable grants to be paid in furtherance of Its object5 to The Old Vlc Theatre Trust 2QK)O (The Old Vlc'l. is the sole beneflclary of the Trust. In the year under revlew £136.(MJO12023.. £136,000) ol operatSonal grant5 were made out of Incorne - made up ol £IOQ,000 towards the Backsta8e, É18,000 towards Community & E(Jucatlon, £18,000 to support the 8ayli55 Olrector role 12023.. EIOO,000 towards Thi5 Hlstoric Building for The Annex, £20.CK)O towards Communlty & Education, £16,OlY) towards the productloTh of the farnily show Mogl. The Trustees committed to an addltional Krant of £500,th)O to support the Back5taBe Bulldlng project ol The Old Vlc in 2023, whith was paid in spring 2024. Flnanclal revlew The final net Income for the year wa5 £761,72612023.. E529,234 net expenditure) which included a increase in the market value ot the rnana8ed fund of £743,32612023., £51,138 decreasel- see note 9. Total Sncome amounted to £161,75012023.. £163,5431- See note 2 foi more detail. Total expenditure wa5 £143,350 made up of E136.CK)O 018rants to ovfT and £7,350 of admlnlstration costs including investrnent, legal and independent examiner fees. Reserve5 pollcv It is the policy of the charity that free reserves Icompri5in8 unrestricted net assets) should be maintained at a level to give the charily finantial flexiblllty and a buffer against operatlonal risks. A5 a mana8ed fund however these vperatiunal risks are minimal but the fund 15 Structured so that there is always a cash portion held in reserve. The level of net current asset5 excluding bDth cash held within the mana8ed fund was £29,03212023.. £62,486). Page 1
The Old Vic Endowment Trust TRUSTEES, REPORT For the year ended 30 November 2024 Investment policy and oblectlves Under the Memorandum and Artlcles of Association, the charity has the power to make any inve5trnent which the Trustee5 See fft. Investment performance The charity's investment portfolio 15 managed by Sarasin and Partner5 LLP. During the year thls managed fiJnd generated net Income of £ISI.76512023.. £153,976) includin8 Interest and investment income. At the year end. the market value of the rnanaBed fund was É5,708.58812023.. E5,415,3441. See note 10 for the movemernt5 In the year. Rlsk Manam4n1 The Trustees have a risk mana8ement 5trète8y which comprise5'. An annual revlew of the risks the chaTlty may lace.. The establSshment of system5 and procedures to mitigate those rSsks Identlfied in the plan., and The implernentatlon of procedures desl8ned to rnlnlrnise any potential impact on the charity should those risks materlallse. Key rlsks faced by the charity Include.. Investment rlsk. which is rnStl8ated by placing funds with a profes51on?l investmènt manager. an agreed Investment pollcv and regular reportlng and revlew. Ensurlng sufflclent cash to pay approved grants. whlch 15 rnltlgated through annual grant apprgvals beln8 Ilmlted to ncome generated by the portfollo and transferred to the charity s bank account. In exceptional clrcum5tances. Investments may be 501d to generate additional cash to pay out one-off larger grant5 in the year. Futurè plans The Charl5 focus in future year5 Is to contlnue to generate funds and provide grants towards The Old VIC'5 capltal campalgn to bulld The Anne& whlle stlll continuin8 to support specific productions and Educat5on & Cornmunlty Droiects run bv Ov. As noted above, funtjs may be made available to ov In order to 5UPPOrt the Theatre In order to sustaln It financ1311y. provided that terms can be agreed whlch are acceptable to the Trustees. Structure* governance •nd rnznasemÈnt The Old Vic Endowment Trust Is a cornpany 1Smlted by guarantee and Is a registered charity. 8overned by Its Memorandum and Articles of As50£iatlon. Trustee5 The frustee5 who Served durlng the year and up io the date of signature of the flnancial statements were.. G Kin8 H Davies J M Murphv I P M Norbury A Pleshette-murphy Iresigned Oct-241 CVTerry Pcjohn Secretary L Heath Paga 2
The Old Vic Endowment Trust TRU5TEES' REPORT For the year ended 30 November 2024 Appolntment of Trustees The board of Trustees has the powerto 3ppoSnt addititsnal trustees as It conslder5 fit. Oryènls•ilonal strurtur The charity 15 governed by a board of Trustees of up to 6 members. The Trustees meet regularly to managÈ Its affèlrs. The dav- to-day operations of the charity are managed by a management tearn appointed by the trustees and reportln8 to the board. New Trustees underlo an orlentation period to brief them on thelr legal obli8ation5 under charlty and company law, the content of the Memorandum and Articles of kn50datlon, the commlttee and declslon rnaklng proie5ses. the bu5ine55 plan and rerent financial performènce of the charlty, Durlng the induction perlod they meet key employee5 and other tru5tee5. Trusiees are encouraged to attend appropriate external events where these will latilltate the undertaking of thelr role. The board regularly looks at the skllls. experlence 3nd diver$lty of Its members to find Imbalances and gaps. Informing Trustee recruitment and tralnln8. The board reco8nlses the value of • diverse board and when deciding how to recruit Trustees, the boèrd thlnks about how to attract a dlverse pool of c4ndidates. Rel¥tlon5hlp wh related partles The charity has a t105e relationship wlth Ov. There are no other relèted partles other than the Tru5tee5. atem•nt of Tru$ie15' respon51bllltlei ThÈ Trtsstees, who are al$0 the directors of The Old Vlc Endowment Trust for the purp05e of cornpany law, are responsible for prepailn8 the Trustees, Report and the financial statements in accordance wlth appllcable law and Unlted Kingdorn Accouniin8 Stndards Iunited Kingdom Gerierallv Accepted Accountlng PrèrtScel. Company law requires the Trustees io prepare flnanclal SteMentS for each flnanclèl year which 8ive a true and fair view of the state ol affairs of the chèrlty and of the Incomini SOurceS and appilcatlon of resources, includln8 the Income and expenditure, of the charitable company for that year. In preparinq these financial statements, the Truslees are requlred to,. select 5Ultable accouniin8 pollcle5 and then apply them consistentlyi observe the method5 and principles In the Charities 50RP., - make judgements and estlm3te5 thot arp reasonable and prudent.. state whether appllcable UK Accountln8 S¢andards have been followed. subject to any rnaterlal departure5 dls£10sed and explalned in the flnanclal 5tatements', and prepare the fln)n¢ial statements on the 8oin8 concem ba515 unless It Is Irsappreprlate to presume that the ¢harity wlll ¢ontlnue In operation. The Trustees arè responslble for keeplnB adequate accountlng records that d15c105e wlth reasonable accuracy at any tlme the fSnancial p05itian of the charlty and enable them te ensure that the flnanclal 5totements cemply wlth the Companles Act 2006. They are a150 fEsponsible for safeguardin8 the assets of the charlty and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other irreRularitie5. On behalf of the 8oard of Trustees J P M Nvrbury Director and Trtjstee Date L*1071zi Page 3
The Old Vic Endowment Trust Independent Exam•ner's Report to the Trustee5 of The Old Vic Endowment Trust for the year ended 30 November 2024 I report to the charity Trustees on my examination of the accounts of the Company for the year ended 30 November 2024. Responslbllitle5 and basis ol report As the charity's Trustee5 of the Company land a150 It5 dlrectors for the purposes of company lawl you are respor151ble for the preparation of the accounts in accordance wlth the requirements of the Companies Act 216 I'the 2006 Act'l. Hawng satisfied myself that the accounts of the Company are not requlred to be audited under Part 16 of the 2006 Act and are eli8ible for Independent examination, I report in re5pett of my examination of your charity's accounts as carrled out under sectlon 145 01 thè Charitles Act 20111'the 2011 Act'l. In carrying Out my examination I have followed the Dlrectlons Kiven by the CharSty Comrni5s1on under sectlon 145151 Ibl ol the 2011 Act. Independent Ex•mlner'5 Stitement I have completed my examination. I confirm that no matters have corne to rny attentlon In connection wlth the examlnation 8lvinE me cause to belleve.. 11 accountlng records were not kept In respect of the Company as required by sectlon 386 of the 2006 Act,. or 21 the èccounts do not accord wlth those records-, or 31 the accounts do not comply with the accounting requirements ol sectlon 396 of the 2006 Act other than any 41 the accounts have not been prepared in accordance wlth the methods and principles of the Statement of Recommended Praitlce for accounting and reporting by charSties. I have no concerns and have come acr95s no other matters In connectlon wlth the examiThatlon to which attention should be drawn In thI5 report in order to enable a propeT understandlTr8 of the aceounts to be reached. Adzm Fullerton IFCK DChAI For and on behalf of Moore Kln45ton Smlth LLP Chartered Accountant5 9 Appold Street London EC2A 2AP Date.. 29 July 2025 Page 4
The Old Vic Endowment Trust STATEMENT OF FINANCIAL AcfiviTIES {Incorporatlng Income and Expendlture Account) for the year ended 30 November 2024 Note 2024 2023 Incorne from: Investment incorne GraTht Income 151,765 9,985 153,976 9.567 Total Incomq 161,750 163,543 Expendlture on., Ra151ng Funds- mana8emeTht fee Charitable activitles 4,545 1147,8951 4.362 1646,(K)11 Totsl Expendlture 1143,3501 1641,6391 Net Idefl¢ltll5urplus before In¥e$tment return5 18,400 478,096 N•t £alnslllosses1 on Investments 743.326 151,1381 Net 5urpluslldeflcltl and movernent In funds lor the year 761,726 1529,2341 Fund balance5 at l Decernber 2023 13 5,025,921 5,555,155 Fund balances at 30 November 2024 13 5 787,647 S 025,921 All Incgme and expendlture derlves frorn contlnulnB actlvlt5es. All income and expenditure In the current and prlor year relate5 to unresrrlcted fund5. Page 5
The Old Vic Endowment Trust BALANCE SHEE[ s al 30 November 2024 Note 2024 2023 FIMed Assets Investrnents io 5,708,588 5.708,588 5,415.344 5,415,344 Current Assets Debtors Cash at bank and in hand li 2,368 94,633 97,001 1,987 115,238 117,225 Credltors: amounts falllng due wlthln one year 12 17,942 Net Current A55ets 79,059 1389,4231 Net A55•ts 5,787,647 5.025.921 Chirlty Funds Unrestricted Funds.. General Funds 13 5,787,647 5.025.921 Total Funds 5.787,647 5.025,9 For the year ended 30 November 2024 the charlty wa5 entitled to exernption from audlt under Settlon 477 of the Companles Act 2006 relatlng to small companles. The members have not required the company to obtaln an audlt of Its accounts ftsr ihe year question sn atcordance with Sectlon 476 01 the Companies Act 2006. The dlrectors acknowledge their responsibility for complylng wlth the requlrements of the Act with respect to accountln8 record5 and lor the preparat19n of the accounts. These flnanclal statements have been prepared In accordance wlth the prowsions appllcable to cornpanles sublect to The flnanclal statements were approved by the Trustees on................. J P M Norbury Trustee Company No. 07851822 Page 6
The Old Vic Endowment Trust NOTESTO THE FINANCIAL STATEMENTS for the year ènded 30 November Z024 l. AccouKfiNG POLICIES Company Inlormatlon The Old Vic EndowmeTht Trust is 3 private tompany limited by guarantee incorporated in England and Wales. The registered office is The Old Vic. 103 The Cut, London. SEI 8NB. 1.1 Accountlnu con¥entlon The flnancial statements have been prepared Iri aCCDrdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS L021, pub115hed In September 2015. The Charitable Company is a publtc benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financlal Statements In accordance wSth the Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with ihe Financial Reporting Standard applicable in the UK and Republlc ol Ireland IThe FRS 102 Charities 50RPI, the Companies Act 2006 a5 applicable to companies subject to the small companie5 regime, and the Charltles Act 2011. The financial stztements are prepared Srs sterling, which Is the functional currency of the company. Monetary amount5 in these financial statements are rounded to the nearest pound. The account5 have been prepared under the historlcal cost convention, modified to include the revaluatlon ol certain flnancial snstrtsments at fair value. The principal accounting pollcles adopted are Set out below. The tharltable cornpany ha5 taken the following exemptions under the small companies re8ime'. The requirements of Section 4 Statement ol Financial Posltion paragraph 4.12lalllvl. The requirements of 5ectlon 7 Statement of Cash Flows and Sectlon 3 Flnanclal Statement Presentatlon paragraph 3.17ldl. The requirements of Section 11 paragraphs 11.39 to 11.48A and Sectlon 12 paragraphs 12.26 to 12.29A. 1.2 Goln8 Concern The linancial staterrents are prepared on a golng concern basls whlch assume5 the charitable company will continue In operational exI5tence lor the foreseeable future. At the time ol approving the financlal 5tatement5, the Tru5tEes have reasonable expectatlon that the charltable company has adequate resources to meet it5 liabilitie5 a5 they fall due lor period of at least twelve month5 from the date of approval ol these linanclal staternents. Thus the Trustee5 continue to adopt the 8olnR concern basis of accountSng In Preparlng the accounts. 1.3 Inome Income is recogni5ed when the charity is legally entitled to It after any performance conditions have been rnet, thè amounts can be measured reliably. and it Is probable that income wlll be recelved. Investment Income Is recggnised when received by the investment manager. All other Income Is recognlsed when the chafltable company becomes entltled to the Income, It 55 probable that it will be received and the amount can be measured reliablv. Cash donations are recognised upon recelpt. other donatlons are recogniseo once the charity ha5 received a flrm commitment to payment. Any income tax recoverable Is incluéed at thé time of the donation. 1.4 Empèndlture Liabilities are recognised as soon as expenditure Is Incurred and there is a legal or constructive obligation commStting the charity to the expendlture. All expendlture expended 15 accounted foT on an accruals basls. Irrecoverable vat Is charwted to the expense to which it relatEs. Charitable expenditure include5 grants and donations made to instltutions whleh are included in the accounts when paid or when a firm commiiment is given to a charity prior to the balanre Sheet date which is a constructlve obligation. Also included are SUDDOrt C05t5 whlch Snclude qoverrsance costs. Governance Costs primarily relate to audit or Independent examlnation fees payable. Cost5 of raising funds are those costs incurred in generating investment Sncome and donatlons. Page 7
The Old Vic Endowment Trust NOTES TO THE FINANCIAL STATEMENTS lor the year ended 30 No¥ember 2024 I. ACCOUNTING POUCIES Icontlnued} 1.5 In¥e5tments Flxed asset investments are inltlally measured at ttsnsartion price excluding tran53Ction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised In net incomellexpenditurel lor the vear. Transaction cost5 arE expensed as incurred. 1.6 Cash at Bank and in hand Cash at bank and in hand are baslc financial asset5 and includè cash in hand. deposits held 3t c311 with banks, other short-terrn liquid investments with original maturltles of three rnonth5 or less, and bank overdrafts. Bank overdraft5 are shown within borrowinR5 ID current liabilities. 1.7 Financlal Instrument5 The Company has elected to apply the provislons of Sectlon 11 '8asic Financial lThstruments' and Section 12 '0ther Flnanclal Instruments Issues, of FFIS 102 to all of Its Ilnancla5 Instrument5. Flnancial Instruments are reco8nlsed in the company's balance sheet when the company becomes party to the contractual orovSsions of the Instrument. FSnancial assets and Ilabllities are offset. wlth the net amounts presented In the flnanclal staternents, when there 15 a legally enforceable rlght to Set off the recognised amounts and there is an intention to settle on a net basls or to reallse the 3sset and settle the Ilabllltv 51multaneously. asicfinonciol assets Basic financlal assets, which cornprlse cash and bank balances, are Inltlally rneasured at rransactlon prlce Including transactlon costs and are subsequently carried at amortised cost uslng the effectlve interest method unless the arrangement constitutes a financing transaction, where the transacilon is measured at the present value of the futurè recelpts discounted at a market rate of interest. Financlal assets class5fied a5 receivable wlthln one yeèr are not amnrt14P Oth¢rfinonciol ussets Other financlal assets, which comprlse Investments In equity Instruments wh5ch are not subsidlaries, a550C13tes or joint venture, are initially measured at fair value, which is normally the transaetlon price. Such assets are subsequently carried at fair value and the changes in lalr value are recognised in the income and expenditure account. 805icfinanciol lit7bilities Ba51c financlal liabilitle5, comprising credltor5, are Initlally recognised at transact5on prlce unless the arrangement con5tltutes a financin8 transaction, where the debt Instrument is measured at the present value of the fvture payments discounted at a market rate of interest. Financlal Ilabilities cla5sifled as payable within one year afe not amortlsed. Debi Snstruments are subsequèntly carried at 3rn0rti5ed cost, using the effective InteSt rate method. Derecognition offinonciul liobllltles Flnanclal Ilabilitie5 are dereco8nlsed when the charlty's contractual obligation5 Explre or are di5ch3r8ed or cancelled. 1.8 Charltable fund5 Unrestricted hjnds are available for use at the discretion of the Trustee5 in furtherance of their charitable objertives unless the funds have been designated for othÈr purposes. Page 8
The Old Vic Endowment Trust NOTE5TO THE FINANCIAL STATEMENTS for the yèar ended 30 November 2024 I. ACCOUNTING POLICIES lcontlnuedl 1.9TaK•tion The Cornpany Ss a registered charity and as suth is entitled to exemption from taxation under the Corporation Tax Acr 2010 to the extent that Its income is applled lor charltable purposes. 2. Income 2024 2023 Investment income Interest recelvable other Income 150,943 822 9.985 153.635 341 9,567 161,750 163.543 3, Ra551n8 Fund5. man•8•ment fee 2024 2023 nre rl d lund Investment rnanagement rebate 4,5451 4,362 4. Charltable artl¥ltle5 2024 2023 nr Insurance Grant funding of actlvltles Isee note 51 Governance ctsst5 Isee note 61 2.775 136,(X)O 9.120 2,990 636.000 7,011 147 895 646.001 5. Grants payablq 2024 2023 Unre5trl ted fun Grants to In5titutSons'. The Old Vlc Theatre Trust 2WO 136,000 636,000 136 000 636 000 Page 9
The Old Vic Endowment Trust NOTES TOTHE FINANCIAL5TATEMENTS for the year ènded 30 November 2024 6. Governjnce costs 20Z4 2023 Unrèstrirted funds Independent examinatlon fees Legal fee5 Bank charges 6,948 1,692 480 5,623 1,025 363 9,120 7,011 7. Trustees None of the Trustees lor any persons connected wlth them) received any remuneration or benefSts from the charity during the year12023 £nill. 8. Employ*es There were no employee5 durin8 the current or prior year. 9. N•t galnslllo55e51 on Inv•stments 2024 2023 Unreallsed 8alns/1055es on revaluatlon of listèd investrnent5 743.326 10. Flxed ass•t Imiestments Llst•d InStmentS Cost orvaluatlon At l December 2023 Additlons DIsp05als Valuatlon changes 5,415,344 1450.0001 743,244 At 30 November 2024 5 708 588 Carrylng arnount At 30 November 2024 5 708 588 At 30 November 2023 5 415 344 Flxed asset In¥e5tmpnts rnyalued Historic cost.. At 31 November 2024 4 580 367 At 31 November 2023 5 029 579 All of the Investments are held In the form of UK unlt trust fund5. Page 10
The Old Vic Endowment Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 November 2024 11. Dabtors 2024 2023 Prepayments 2,368 1,987 2.368 1,987 11. Credltors: amounts fallln8 wfthln one year 2024 2023 Other credttors Accrua15 and deferred Income 10.000 7,942 502,088 4.560 17.942 506,648 13. Funds rrent ar 6alan¢e •t I December 2023 Revaluatlon Balance at 30 ialns and Novembtr 1095es 2024 Incom¢ Expondlture Unrestrlcted funds General funds 5,025,921 161.750 1143,3501 743,326 5.787,647 5,025,921 161.750 143,350 743,326 5,787,647 Prlor Balance at I December 2022 Revalu•tlon 8alan¢e at 30 &alns and Nornber Io$Ms 2023 Income Expendlture Unrestrlcted funds General funds S.S55.155 163,543 1641,6391 151,1381 5,025,921 5,555 IS5 IS3,543 641639 51.138 5.025,921 14. Relthd p•rty transartlons The chartty approved Erants totalling £136.0(M)12023 £636,000) to The Old Vic Theatre Trust 2WO. At the year end, £IO.00012023.. E500,(K)01 is included within other credltors. Grant income wa5 received totalling £9,98512023.. £9,567) from the American Associates of The Old Vic Theatre Inc. Page11