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
T￿l*•e5
G Klng
H DJvies13ppointed Oct-241
J M Murphy
I P M Norbury
CVT*rry
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 prepa￿d 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 Mana￿m4n1
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 Charl￿5 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$lty of Its members to find Imbalances and gaps. Informing Trustee
recruitment and tralnln8. The board reco8nlses the value of • diverse board and when deciding how to recruit Trustees, the
boèrd thlnks about how to attract a dlverse pool of c4ndidates.
Rel¥tlon5hlp w￿h related partles
The charity has a t105e relationship wlth Ov￿. There are no other relèted partles other than the Tru5tee5.
*atem•nt of Tru$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
St*ndards Iunited Kingdom Gerierallv Accepted Accountlng PrèrtScel.
Company law requires the Trustees io prepare flnanclal St￿eMentS 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 21￿6 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 Inte￿St 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
In￿StmentS
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
No￿rnber
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