The Old Vic Endowment Trust Report of the Trustees and Unaudlted Financlal Statements Forthe perlod ended 31 August 2025 Reglstered Chaty No. 1147946 Comparry No. 07851822
The Old Vic Endowment Trust Ro8¥tered CharbiyNo. 1147946 CofflpJny No. 07851822 P Cjohn lthairl H Davles l M Murphy I P M NOry Iresl8ned 2 SÈpteMber20J CVTerry G Kln8 Ires18ned 16 November 20251 L Heath Re8lster*d Address The Old Vic 103The Cut Ld0 SEI 8NB Independ1 Examlnefs Moore Kingsthn Smith LLP 9Appold Street London EC2A 2AP Bankers C Ho3re & Co 37 Fleet Street Lond EC4P4DG InwestmEDt advtsors 5arasin & Partners LLP Juxton House LOQ St Paul's Churchyard LDndgn EC4M 88U
The Old Vic Endowment Trust Contents of the Flnantlal Statementsforthe perlod ended 31 August 2025 Page Trustees. report Independent Examiner's Report Statement of Financial Activltles Balance Sheet Notes to the Financial Statements 7-11
The Old Vic Endowment Trust TRUSTEÈS. REPORT For the peflod ended 31 2025 The Trustees present their annual repart and financial statement5 for the period ended 31 August 2025, which are a150 prepared to meEt requirements for 3 dirertOT5' report and financial statements for Companles Act purposÈs. The fin3nci31 statements comply with the Charitie5 Act 2011. the Companies Act 2(M)6, the Memorandum and Articles of Association and k£ounting and Reporting by Charitles Statsment of Recommended Prattice applicable to charities preparin8 thpir financial 5tstement5 In accordan with the Financial Reporrin8 standard applicable in the UK and Ireland IFRS1021 IEffective l January 20161. ObjectivesandActl¥itles The charity's abject5 and the principal actywity of the company is to support such charltable objertives of The Old Vic Thpatre Trust 21XJO (registered charity number 10725901 i-ovrt") 35 the Trustees from time to time think fiL In particular bv.. 111 The prcimotion, mainrenance, improwement and advancement of educatlon by the entouragement of the arts, including the art5 of drama. MIME, dance, mu&c, balleL opera, puppetry. palntin8 and sculptijre. photography, dnema. literature and poetry and to formulate, prEpare 3nd estsblish schemes therefore, and bv.. 121 The advancement of English herit38e for the public bpnefit. by the encouraaement and stimulation of the public's under5tandin8and appreciation of the architectural arKI cultural heritage of Ov. It is the policy of the charity to make grants In Support of Ov. All 8rants will be as5e5sed ènd approved by the board of Trustees. The Trustees have paid due reEèrd to guidance i55ued by the Charity Commiwan in deciding what actiwties the chèrity should undertake. Achleveffler and perforfflance During the year the charity continued to m?ke further Snvestment to generate return5 and enable 8rants to be paid in furtherance of its objects toThe Old WicTheatre Trust 20 Ifhe Old Vic'l. ovrri5the sole beneficlary of the Trust. In the period under review £1.729,37912024." £136,(ml of operational Erants wer& madè out of incorne - mède up of £1,711.379 toward5 rhe Backsts8e and £18,0(M) towards Community & Education 11024.. £1(KI,LKIO towards the Backstage. £18,OLKI towards Community & Education, £18.LWJO to supportthe Bayliss Director rolel. financial re¥iew The final net deficit for the year was £1,839.65712024.. £761,726 net surplus) which SnclL¥led a decre3se in the market value of the managed fund of £209,95812024." £743,326 increasel- see note 9. Total income amounted to £105,62412024.. £161,7501- see note 2 for more detail. Total expenditure was £1,735,323 made up of £1,729,379 of grants to OVTh and £5,944 of admlnlstrafjen costs including Investment. le8al and independent examiner fees. ReseNes polky It is the policy of the charity that frpe reSPe5 (comprising unrestricted net assets) should be maSntalned èt è level to Eive the charily financi31 flexibility and a buffer 3gainsi operatiot)al risk5. As a mana8ed fund however these operational risks are mlnimal but thp fund is structured so that there is alw8y5 a cash portion held in reserve. The level of net current assets excludin8 both c?sh held wthin the mèna8ed fund wa5 £119,3LN412024.' £29.0321. Pag8 1
The Old Vic Endowment Trust TrUSfEES' REPORT For the period ended 31 August 2025 Investment PDllcyand objectffts Under th& Memorandum and ArtScles of Assrriat]on, the charity has the power to make any investment whlch the Tru5teÈs see fir. In¥e5tmenl perfomiance The charity's investment partfolio is managed by Sèrdsin and Partners LLP. During the year thi5 mana8ed fund 8enerated net incume of £99,62412024.. £151,7651 including interest and investment income. At ihe ye3r end, the market value of the managed fund was £3,798.36612024.. £5,708,5881. See note 10 for the movements in the year. Rlsk mana8emert The Trustees have a risk management strategy which cornpri5es'. An annual review of the risks the charity may face-, The establishment of systems and procedure5 to mitigate those risks identified in the plan; and * The Implementation of procedure5 designed to minimi5e any potential imp3ct on the charity should those Ti5ks rnatenalise. Key risks faced by tt)e charity indude.. Investment rlsk. which is miti8ated by platin8 funds with 3 professional investment m3nèÉer. an agreed Investment policy and re8ular reportlllgand review. Ensuring sufficient C35h to P8y approved grants, which 15 rnitigèted through annual grant appravals beln8 limired to income generated by the portfolio and transferred to the charity's bank accourTrt. In exceptional tircumstance5, investments mèy be 501d to ¥pnÈrate aoditianal cash to pay out one-off larger Brants in the year. Ftre plans The Charl5 focus in future years is to continue to generate funds and provide grants towards The Old VSC'S capitol c3mpèi8n to build The Annex, whlle still CDntinuin8 to support specific productions and Education & Community projects run by ovrr. As noted above, funds may be made av3ilable to OVTh in order to supportthe Theatre in order to sustain it financially, provided that terms can be agreed which are acceptable to thÈ Trustee5. Strutiiirei 8o¥emanco and mana8ement The Old Vic Endowrnent Trust Is a company Ilmlted bv Buarantee and is a registsred charty. govemed by rt5 Memorandum and Arricles OrSOcial50n Trustees TheTrustees who served during the year ènd up to the dats of signature of the financial 5taternÈntswere.' P CJohn Ichairl H Davies J M Murphy J P M Norbury (resigned 2 September 20251 CVTerry G Kin8 (resigned 16 NovembEr 20251 Sretary tsura stevenson Page 2
The Old Vic Endowment Trust TRUSTEES. REPORT Forthe ptrfod ended 31 Augu i5 Appolntment olTrusiees The board of Trustees has the power to appoint additlonal trustÈÈs as itconsiders fit. (knanSSailonal strutture The charity is governed by a board of Trusteè5 of up to 6 members. The Trustees meet rÈgularly to manage its affairs. The dav- to-ijay operations of the chènty are mèna8ed by3 management team appuinted by the trustees and reportin8 to the board. New Trustees unde[80 an orientation period to brlef them un their legal obligations under charity and company law. the content of the Memorandum and Arbcles of Association, the committee and deCIon making processes, the buSIne plan and recent financial performance of the charity. Durin8 the induction period they meet key employee5 and Oiher trustees. Trustees re encouraged to attend èppropriate extem31 events where these will facilitate the undertaking of rheir role. The board regularly looks at the skills, Èxperience and diversity of its members to find imbalances and gaps, informin8 Trustee recruitment and trainin8. The board recognises the value of a diverse board and when deddln8 how to retruit Trustee5, the board thinks about haw to attract a diverse pool of candidates. Relatlonshlpwlth related partles The charity has a close relationship with ovfT. There are no othèr related parties other than the Trustees. ststementof Trustees, reSkhJnslbilitie$ The Trustpes, who are also the directors of The Old Vlc Endowment Trust for the purpose of company lèw. are responsible for preparin8 the Trustees, Report and the financlal statements in accordance with applicable law and United Kingdem Accounting Stand3rds (United Kingdom Geneially Accepted Accounting Practicel- Cornpany law requires the Trustees to prepare financi31 stJtement5 for eèth financi31 year which Eive a trve and fair view of the Stste of affairs of the charlty and of the incoming resourc and application of resources, including the income and expenditure. of the charltable company for thatyear. In preparing these financial statements, the Trustees are required to.. selert 5Ultable accounting policies and then apply them consistentlv. observe the methods and principles in the Charities SORP. make judEements and estimatesthatare rea50Tr3ble and prudent.. state whether applic3ble UK Accounting Standards have bepn followed, subject to any material departures disclosed and explained in the fin3ncial statements.. and prepare the financial statements on the Boing concern basls unless it is iriappropriate to presume that the charity will cot)tlnUE in oppr3tiun. The Trustee5 ore responsible for keeping adequate accountin8 records that disclose wth reasonable accuracy at any tlme the financial position of the charity and enèble them to ensure that the financial ststements comply with rhe Companies Act 2006. They are also responsible for s3fe8uardin8 the assets of the charlty and hEnce for tsking reasonable steps fur the prevention nd detectSon of fraud and other irre8ularitie& ofthe rd ofTrustees Pcjohn Directora Truste 01105 ILotfy Page 3
The Old Vic Endowment Trust Independent Examiner's Report to the Trusteesof The Old Vtc Éndowment Trust forthe period ended 31 August 2025 I reportto the chorityTrustees on my examination ofthe accounts ofthe Company forthe period ended 31 August 2U25. Responslbllltles and basls ol report As the charity's Trustees of the Company land also ts dirertors for rhe purposes of cempany lawl vou are responsible for the preparation of the accounts in attordance with the rpquirEments of the Companies Act 20061'the 2W6 Act'l. H3vin8 Satisfied myself that the accounts OF the Campèny are not required to be 3uOited under Part 16 of the 2006 Act and are eligible for independent examinatSon, I report In respect of rny examination of your chariV5 actounts as carried out under sectSon 145 of thp Charities Act 20111.the 2011 ACVI. In carrying out my examination I have followed Directions 8iven bythe Charity Commission under section 145151 Ibl of the 2011 Act. Independent Éx•mlner's Siatement I have complèted my exarnin3tion. I confirm rh3t no matters have come to my atrentitrn in connection with the examination 1VInR me cause to believe.. 11 accounting recordswere not kept in respect of the Compèf)y ès required by Section 386 of the 2006 Act., or 21 the aciounts do not aCCOfd with those records. or 31 the accounts do not tomply wrh the 3ccounting requirernents of section 396 of the 2006 Act other rhan anv requirernent that the occounts glve a 'true and tslr Ylew which 15 not a matter considered as part of an independent examination., or 41 the accounts have not been prepared in actordance with the methods and principlES of the Ststement of Recommended Pr3Ctice for accountinB and reporting by charitie5. I have no concems and have come atross no other matters in Connection with the txèmin3tion to whlch attentian should be drawn in this report in order to enable a proper und2rstanding of the atcounts to be re2thÈd. Adam Fullerton IFC& DChAI Forand on behalf of Moore Kln8Ston Smlth LLP Chartered Accountsnts 9 Appold Street Landon EC2A 2AP Date.. S May 2026 Page 4
The Old Vic Endowment Trust STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating Intome and Expendlture Account) for the period ended 31 August 2025 9 month perlod ended 3110812025 Year ended 3011111014 Note Income from: Investment income Grant Income 99.624 6,000 151,765 9,985 Total Income 105,624 161,750 Expendituie on.. Raising Fund5- management fee 2,694 11.738,0171 4.545 1147,8951 Total Éxpendlture 11.735,3231 1143,3501 Net Ideftftllsurplus before investment returns 11,629.6991 18,400 Net galnsllloMe51 on investments 1209,9581 743,326 Net Idellcltllwrplus and movement Ir4 funds forthe year 11,839,657) 761.726 Fund balances at l Decernber 2024 13 5,787,647 5,025.921 Fund balantss at 31 Au8U5t 2025 13 3.947.9) 5.787,647 All income and expenditu derives from continuing attivities. All income and expenditure in the current and prior year relates to unrestrirted funds. Page 5
The Old Vic Endowment Trust BALANCE SHEET as at 31 August 2025 Note 2025 2024 Nmed Assets Investments 3,798,366 3,798,366 5.708,588 5.708.588 Curre*)t Assets Debtors Cash at bank and in hand li 2,368 94.633 97.001 157,594 157,597 CredStots.' amounts fa115ng due wlthln one year 12 17,9731 117.9421 Net Current Assets 149,624 79,059 Net A55elS 3,947,990 S,787,647 Char¥ Funds Unrestricted Funds.. General Funds 3,947,990 5,787.647 Totsl Funds 3.947,990 5.787,647 For the period ended 31 August 2025 the charity was endtled to exemption from audit under Section 477 of the Companies Act 2CK)6 rÈlating to small companies. The members have not required the company to obtain an audit of it5 accounts for the year In question in accordance with Section 476 of the Cornpanies Att 2006. The dirertors acknowledge thelr responsibility for complying with the reqU1ments of the Act with respect to accounting records and for the preparation of the accounts. These financial statement5 have been prepared in accordance with the provisions applicable to cornpanies sublect to the small companies regime. 01 ioV/ ool Inanclal tztements were approved bythe Trustees on.................................. ohn ee Tru Corn anv . 07851822 Page 6
The Old Vic Endowment Trust NOTES TO THE FINANCIAL STATEMENTS forthe perlod ended 31 August 2025 I. ACCOUNTIIIG POLICIES CompanyInfrM1n The Old Vic Endowrnent Trust 15 3 priv3re company limited by guarantee Incorporated In England and Wales. The rp8lStered office isThe Old Vic, 103 The Cut, London, SEI 8N8. 1.1 AttountlnE conventygn The finlncial statements have been prepared in accordance with the Financial Reporting St3ndard appiicable in the UK and Republic of Ireland IFRS 1021, published in September 2015. The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial ststements in attordante with the Statement of Recommended Practyce applicable to charities preparin8 their accounts In accordance with the FnancIal Reporbng Standard applicable in the UK and Republic of Ireland (The FRS 102 Charitie5 SORPI a5 applicable to tornpanies subject to the small companies re8irne, the Compènie5 Act 2006 and the Charitie5Act 2011. Thefinancial 5tatsments are prepared in stèrlin& which is the funCtonal cvrrenry of the company Monetary amounts in these financial ststements are ruunded to the nearest pound. The accounts have been prepared under the historical c05tconventlon, modified to include the revaluatlon of certaln financial instruments at fair value. The princip31 accounring policles èdopted are setour below. The charStable Company has taken the following exemptlons undpr the small cornpanles re6lme.' The requirements of Section 4 Statementof Financial Position paragraph 4.12lallivl. The requirements of Section 7 Statementof Cash Flows and Section 3 Financial St3ternent Presentation pafagraph 3.17ldl. The requirements of Sectlon 11 paragraphs 11.39 to 11.48A and Sethon 12 pèr38raph5 12.26 to 12.29A. The Old Vic Endowment Trust changed its 3ccountinE referencè date during the year Consequently, the financi31 statementsfor the current period have been prepèred for a nine-menth period, where35 the cemparative financial statements cover 3 twelve-month period. The change In year-tnd w85 approved by the Board ofTru5tees and 15 Intended as a one-off adjustment. 1.2 Going Concern The financial ststements ère prepared on a gtyng concern basis which èssumes the charitable compèny will tontinue in eperational èxistence for the foreseeable future At the timE uf approving the financS8l statements, thÈTrustees have reasun3ble exppctation that the charitable company has 3dequ3te resources to meet its liabilities a5 they fall due for period of at least twelve months from the datè of 3pprov?l of these financial ststements. Thu5 theTrusree5 continue to dopt the 80ing concern ts35 of accounln8 In preparing the accounts. 13 Income Income 15 recogni5ed when the charity is Ip8ally pntitled to it after any perforrllan conditions have been meL the amounts can be measured reliably, ènd it 15 probable that inco1 will be recewed. Inwestment income is recognised when rettived by the Investrnent rnanager. All other Income is retO8ni5ed when the charltable company betomes entitled to the Income. It is probable that it will be received and the 4mount can be moasured reliably. Cash donations are reiDgnised upon receipt. other donations are reco8nised On rhe charity has reNed 3 firm commltmentto payment. Any incorne tax recoverable is included atthe time of the donatiot). 1.4 ExpendlturÈ abilities are reco8nlsed as soon as exppnditure is incurred and there is a le8al or constructive obllgation committing the charity to the pxpenditure. All expenditure expended is accountod for on an accruals basls. Irretoverable ¥3t is charged to the expense to which it relate5 CharitJble expendlture Includes grants and donations made to Instltutians which are included Sn the a£tounts when paid or when a firm commitment isgiven to a ch4Tlty pfiof to the balante sheet date which is a construrtive obligation. Also Included are support tosts which include Bovernance costs. Governance costs primarily rÈl3te to audit or Independent examination fees payable. Costs of raSslng funds are thuse tDSts incurred in generating investment income and donations. Page7
The Old Vic Endowment Trust NOTESTO THE FINANOAL STATEMENTS forthe period ended 31 AuRUSt 2025 I. ACCOUNTING POUCIES Icontlnuedl i.s Investsneni$ Fixed asset inve5trnents are initially measured at transaction price excludin8 tr3nsactlon costs. and are sub5e4uently Easured at fair v31ue at each reportin8 date. Changes in fair vèlue are recognisÈd In net incomellexpenditurel for the year. Transaction costs are Expensed as incurred. 1.6 Cèsh al Bank and In hand Cash 31 bank and in hand are basic financial assets and include tash in hand. deposits held at c311 wh bank5. Other 5hort-term liquld Snvestments with oriEinal m3turities of three months or les5, and bank o¥erdraft5. 83nk o¥erdraft5 are Shown within borrowinBS in current liabilities. 1.7 Flnancial instrtsment5 The company has elected to apply the proi5ions of Sectlon 11 'B3c Flnancial Instruments. and Section 12 '0ther Financial In5truments155ues' of 102 to all of its financial instruments. Financial Instruments are recogn15ed in the £ompany's b31ante sheet when the company becomes party to the contrattual orovisions of the instrument. Fin3nc131 asgets and liabilitles are offset, with the net arnount5 presented in the financial Statements, when there is a le8ally enforceable right to set off the reco8nised amounts and therè Is an intention to settle on 3 net basis or to realise BG5icfinonciol 055et5 Basic financial a55ets, which comprise t3sh and bank balantes, are initially measured 31 transèction price including ttsnsaction costs and are subsequently carried at amortised cost using the effective interest method unless the rran8ement constitutes a financing transaction. where the tr3n5attion Is me35ured at the Pfe5ent value of the future rpceipts diKounted at a rnèrket rare of interpst. Financial a55ets classlfied 05 receivable within Dne year are not amartlsed. otheTflnoncio105sets Other financial 3552ts, which compf15e investments in equity instruments which are not subsidiariÈs, associate5 or jolnt venture, are initially measured at fair value, which 15 normally the transaction price. Such 35sets are subsequently C3rried atfairvalue and the chènges in fair vHlue are recegn15ed in the Income and expenditure account. Basicfinancitsl Iloblllties 835ic finandal liabilities, comprisinE treditors, are inirially recognised at transaction price unle55 the arrangernent constitutes a financing transaction, where the debt instrument 15 measured at the present value of the futur& payments discounted at è market rare of interest. Financial liabilities classified a5 p3yable wlthin one yèar are not amortised. Debt instruments are subsequengy c3rried at amortlsed c05t. u8 the effective intprest rate method. Derecognition olflnonci1711iGbilities Financlal Ilabilitie53re t*erÈcosnlsed when the charity's contractu31 obligations expire or are dischar8ed or c3ncellÈd. 1.8 Chariiablefunds Unrestricted fvnd5 are ovailable for use at the dlscretyon of the Trustees in furtherance of their charitable objectNes unle55 thè funds have been desi8nated for other purposes. Page 8
The Old Vic Endowment Trust NOTES TO THE FINANCIAL STATEMENTS tor the period endèd 31 August 2025 I. ACCOUNnNG POUCIES Icontinuedl 1.9 Taxian The Company Is a registered charity and as Such Is entitled to exemption from tsxation under the Corporatlon Tax Act 2010 to the extentth8t rts income is applied for charitablE purpose5. 2. InCe 9 month perlod ended Yearended 3110812025 3011112024 Unrestri nds Investment intorne Interest receiv3ble Other IncDme 98,082 1.542 6.0 150,943 822 9.985 105,624 161,750 3. Ralslng FurEd5- manazemem fee 9 month pÈrlod ended Year ended 311(12025 3011112024 tritted fund5 Investment management rebat 12,6941 14,5451 4. (haritable actIties 9 month period ended Ye•r ended 3110812025 3011112024 Unrestrirted f Insurance Grant funding of activitie5 (see note 51 Governance CDSts15ee ncte 61 2,365 1,729,379 6.273 2,775 136,000 9,120 1,738,017 147.895 5. l&onts payoble 9 rnonth PEriod ended Year ende 311L*12025 3011112024 Unrestrirted funds The Old Vic Theatre Trust 2000 1,729,379 136.000 1.729,379 136,000 Page 9
The Old Vic Endowment Trust NOTES TOTHE FINANCIALSTATEMENTS for the perlod ended JI August 2025 & Govemance cos¢s 9 month perlod ended Year ended 3IItil2025 30lIV2024 Unrestricted funds Independent ex3mination fees Le831 fees Bank charges 6,948 1,692 458 Bll 6.273 9,120 7.Tru5tees None of the Trustees lor any persons connected with them) retelved any remunerètlon or benefits from the charity during the year12024- £nill. - Employees There were no employees durin8 the current or prior year. 9 month perlod ended Year ended 311/2025 3011111024 9. Net¥aln5lllossesl on Investments Unreali5ed 8ainslllosse51 on revaluation of listed iThvestment5 1209,9S81 743.326 10. Flxed a%et In¥esknents Usted Investments Cost of valuatian At l December 2024 Additions Di5posèIs ValuatiorTr ehanges 5,708,588 11,700,264> 1209,9581 At 31 August 2025 3,798.366 C*nlnK amount At 31 August 2025 3 798 366 At 30 November 2024 5 708 588 Flxed asset Investments revalued Historic cost.. At 31 August 2025 2 833 $77 At 31 Novemter 2024 4 580 367 All of the inve5trnents are held In the form of UK unlt trustfunds. Page 10
The Old Vic Endowment Trust NOTES TO THE FINANCIAL STATEMENTS lorthe perlod ended 31 August 2025 11. Debtors 9 mmth perlod et)ded Year ended 311(ffj12025 3011112024 Prepayments 2.368 2.368 12. Creditllrs.. amountsfallin8 wlthlh year 9 manth period ended Year efided 3110812025 3011112024 Other creditors Accruals and deferred Incorne 10,000 7,942 7,973 7.973 17,942 13. Fund5 Current ear Balance at I December 2024 Revalyatiun ains and Balance at 31 It5 August 2025 Income Expendfture Unrestrirted fvnds General funds 5,787,647 105,624 11,735,323) 1209.9581 3,947,990 5,787,647 105.624 11,735,323] 1209.9581 3,947,990 ear B•lance at I DetembEr 2023 Revaluatlon Balance at 30 gains and No¥Èmb I0e5 2024 Inwe Expenditure Unre5trirted fund5 General funds 5,025.921 161.750 1143.3501 743,326 5,787,647 5,025,921 161,750 1143,35DI 743,326 5.787.647 14. Related partytransattions The charity approved grants totalling £1,729,37912024 E136,fMIOI to The Old Vic Theatre Trust 20LNJ. Atthe year end, £nil12024-. £10.0001 is included within other crediters. Grant income was recelved totalling £nil12024.. £9,985) from the Amerfcan Associates of The Old VicTheatre Inc. Page 11