Theatre Royal Haymarket Masterclass Trust {A company limited by guarantee) Report and Financlal Statements for the year ended 31 December2023 CLASS THEATRE ROYAL HAYMARKET MASTERCLASS TRUST {A company limited by guarantee) Report and Financial Statements For the Year Ended 31 December 2023 Charity number: 1159840 Company number: 09361138 www.ma5tercla55.org.uk
Ththitre Royal Haymarket Ma5tercla5s Trust IA company limited by guarantee) Report and Financlal Statemerrts for the year ended 31 December 2023 MASTE CLASS CONTENTS PAGE Legal and Administrative Infomiation Report of the Trustees 4-13 Independent Examiners Report to the Trustees 14-15 Statement of Financial ActNities 16 Balance Sheet 17 Notes forming part of the financial statements 18-24
Theatre Royal Haymarket Ma5tercla$5 Trust IA company limited by guarantee) Report and Hnancial Statements for the year ended 31 December 2023 CLASS LEGAL AND ADMINISTRATIVE INFORMATION Company Registration Number. 09361138 Charity Re8lstration Number: 1159840 Registered Office: Theatre Royal Haymarket 18 Sufft)Ik Street London SWIY4HT Independent Examiner: Whitemoor Accountants Limited S Floor, 111 Charterhouse Street London ECIM 6AW Sollcitors to the TrusL' Allen & Overy One 8i5hops Square London El 6AD Princlpal Bankets: HSBC. Paddington Branch 2 Craven Road London W2 3PY Directors and Trustees: Arnold Crook Pauline Tambling CBE- resigned 11 December 2023 Maurice Salem Jonathan Church CBE Jeremy Parr Adam Foster- appointed 20 March 2024 Mei Hsin Rolfe- appointed 25 June 2024 Printipal Offiters: cla Annamalai Barra Collins Charlotte Wallis Rosie Snell Hannah Duncan Programme Dirertor Programmer Operations Manager (until 26.5.231 Marketing Manager Programme & Marketing Administrator lfrom 3.7.231 Restrlction5 Irf CharitVs Operations Funds and the income thereof shall be applied for the advancement for the benefit of the public of the education of young persons by the promotion of the study of drama and in particular the art and craft of theatre.
Theatre R¢)yal Haymarket Mastercla55 Trust IA company limited by guarantee) Report and financial Ststements for the year ended 31 December 2023 MASTE CLASS Report of the Trustees for the Year Ended 31 December 2023 The Trustees. who are also the Directors of the company for the purposes of the Companies Act 2(KJ6, present their accounts for the year ended 31 December 2023. The accounts are presented in accordance with the requirements of the Statement of Recommended Practice applicable to charities preparin8 their financial statements in accordance wtth Financial Reporting Standards applicable in the United Kingdom ond Republic of Ireland IFRS1021 (effective January 20151 and in accordance with the Companies Act 2CKI6. STRucfuRE, GOVERNANCE AND MANAGEMENT Theatre Royal Haymarket Masterclass Trust Imasterclassl was first registered with the Charities Commission in 1998. It was subsequently incorporated as a Company Limited by Guarantee on 18 December 2014 and re- registered with the Charities Commission on 7 January 2015. For most of the financial year ending 31 December 2023 five Trustees served on the Board of Masterclass. In September 2023 Pauline Tambling CBE announced her intention to stsnd down at the next Board Meeting. Very sadly she died just a few months later. Pauline was held in great affection and esteem by everyone at Ma5terclass, and we will miss her wise counsel and wry good humour enonnously. The Trustees are referred to throughout this report as the Trustees or the Board. To date Trustees have been recruited through referrals only. The Trustee5 together have a broad range of skills and experience. spanning business. governance, theatre production. law and finance. They do not receive any remuneration. Day-to-day management of the charity is the responsibility of the Management Team. led by the Programme Director. During 2023 the Board convened fomally four times and held several less formal meeting5 With the ManagementTeam to guide operations and ensure that the charity continued to meet its charitable objectives. RISK MANAGEMENT The Trustees have reviewed the major risks and are confidentthat there are systems in place to manage them. OBJECTIVES AND ACTIVITIES The objectwes of Masterclass, as laid out in its Articles of Associètion are: The odvancementfor the benefit of the public of the educotion of young persons by the promotion of the study of dramo ond in particular the ort ond croft of theatre. Masterclass works with young people aged 14 to 30. helpingto foster interest in live theatre and support those who choose to make a career in the industry. Masterclass is a membership organization. but membership is completely free and open to anyone aged 16 to 30. Our year-round programme comprises talks from leading theatre practitioners. practical workshop5, script development opportunities, ticket offers. drama education resources. theatre careers guidance and paid internships. It open5 the doors of the historic Theatre Royal Haymarket and other West End venue5, to make
Theatre Royal Haymarket Mastercla55 Trust {A company limited by guarantee) Report and Financlal Statements for the year ended 31 December 2023 MASTE CLASS theatre accessible to a wide range of young people, to promote careers in the theatre and creattve industries. and to help foster collaboration between young theatre makers. ACHIEVEMENTS AND PERFORMANCE During 2023 we consolidated our programme and increased our output. The year in numbers: 2326 tickets given away, to 47 different shows 95 Ticket offers on behalf of 48 venues 1305 views of the online film version of Cookies by Emity Jenkins 17 Masterclasses 3 Creative Workshops 3 Creative Conversations 16 Script Sessions 1 Script Scratch event showcasing 6 new plays and featuring 13 young creattves I Script Social 3 Start Your Script workshops 219 school and university students took part in offstage careers workshops, received advice at a careers fair or did work experien with us. 3 writers supported to R&D and showcase their Pitch Your Play winning plays l Theatrecraft event, featuring 66 exhibitors, 3 main stsge events. 43 workshops and li backstage tours, and engaging l(YlS attendees. I commercial projert. engaging 4 freelance theatre practitioners 6 Paid Intemships 36 paid opportunities for Masterclass members 1849 attendantss at Masterclass in-person and online 5e55ions. 2023 PROGRAMME MASTERCLASSES. CREATIVE CONVERSATIONS AND WORKSHOPS As always we had a great variety of Masterclasses. The session with Phoebe Waller-Bridge was the biggest Ma5terclas5 we have ever hosted- we had to open the Royal and Upper Circles. in addition to the Stallsl We took members to the Noèl Coward archive to learn about tackling Coward's dialogue. and to the Theatre Royal Drury Lane to learn from videographer Finn Ross. with on-stage demonstrations of the work he created for Frozen. Closer to home. we Vre happy to start linking Masterclasses with TRH shows again. Daniel Raggett gave a practical Masterclass on the set of Accidentol Death of t7n Anorchist, which many in the audience had seen and loved, and then James Fleet worked with our members on some of his favourite duologues, on the set of Noises Off. In total we had 1520 attendances at Ma5terclas5es and Creative Conversations; an 83% increase on 2022. Several sessions We followed by Afterclass drinks, to build our membership community. We are always grateful to the Theatre Royal Haymarket for providing space in kind to host Masterclasses. We are also grateful to the venues that host U5 when the Theatre Royal Haymarket is busy With two show days. In 2023 these were the Park Theatre, Jermyn Street Theatre, the Shaw Theatre. the Giel8ud Theatre courtesy of Delfont Mackintosh Theatres and the Theatre Royal Drury Lane. courtesy of LW Theatres.
Theatre Royal Haymarket Ma5tercla55 Trust {A company limited by guarantee) Report and Financial Ststements for the year ended 31 December 2023 MASTE CLASS Our 2023 Masters were: Elliott Levey: Rosemary Ashe.. Joanna Scanlan; Siobhan Mcsweeney; James Fleet Dlrectors: Justin Audibert- Jez Bond: Daniel Raggett- Tania Black: Sinead Rushe Phoebe Waller-Bridge: Stephen Unwin Chris Bush: Tom Morton-smith ActorlWrlter5; DlrertorlWriter5: Writers: Other: Tess Dignan. voice coach- Kate McGrath, producer; Finn Ross, videographer- Alex Brenner. theatre photographer: Flavia Fraser- Cannon. theatre PR Creative Workshops and Conversatr0115 gave young theatremakers hands-on learning opportunities and the chance to ask question5 of more estsblished practitioners. several of whom were Masterclass alumni.. Jessica Cheetham. Making work for families sean Turner, Immersive theatre design Claire Parry, The fool's toolbox Paper Puppets. The fundamentals of puppetry Katie Anna Mcconnell. Creating an access rider Michael Cusick, Devising for immersive theatre 91% of respondents to our post*vent survey said that the Masterclass they attended had kept them motivated, 8T% that it had increased their knowledge of a specific career or creative process and 85% that it had supported their continuing professional development. 44% of those who responded self-identified as underrepresented in the industry. Yhonk youfor5uch o generousfree session. It's o rare platfomi that you ofvrfor creotive5 and ogoin I come uwoy hoving hod o good time and hoving leornedsomething new." hi5 wos such on insightful workshop and I love thot we got to prt7rticolfy ty out each concept a5 on exercise - the leorning is so powerful when you re able to ortually opply whot you're learning ond see it s impuctl l am $0 groteful thot Mastercla55 provides these sessionsforfree. I wouldn't hove been oble to access learning time with such leoding proctitioners in the field os a young, recently graduoted. globol mojority artist to keep my professional development continuing afterdramo sch(. Thonk youfor ullyou dol" YOUNG WRITERS PROGRAMME Followin8 on from pilot projetts in 2022. we con501idated our Young Wrrters Programme and delivered year- round activity for writers at all levels. Start Your Scrlpt workshop5 were aimed at 16-18 year olds. and allowed them to apply their creative skills to writing for performance, with help from young actors. director5 and sound technicians from the Masterclass membership. This inter8enerational approach gave the young participants relatable creative industries role models, while giving young professional theatremaker5 the chance to practise their coaching and facilitation Skills. We ran three Start Yourscript workshops duringthe school holidèys, en8aging 29 young participants and 30 Masterclass members. Participants were drawn predominantty from Westminster and Brent, but some came from further afield.
Theatre Royal Haymarket Masterdass Trust IA company limited by guaranteel Report and Flnanclal Statements for the year ended 31 December 2023 MASTE CLASS I(MYA of respondents said that the Stsrt Your Script workshop they took part in had allowed them to learn new skills and stretch their creative muscles. and that they had enjoyed working as part of a creative team. "I've justbeen offered oploce ot the University of EostAnglio (rny top choiceJfvrEnglish Literature andcreotive Writing- and one of the piece5 1 included in myportfvlio wt75 the monologue I wmte last yeorl Scrlpt Sessions brought a group of young creatives together with a young playwright, to discuss a piece of work-in-progress writing. In 2023 we held 16 Script Sessions, engagin8 113 young creatives. 94% of respondents said that the Script Session they took part in had made them feel better in themselves, 93% that it had provided motivation and supported their continuing professional development, and 89% that it had helped to make connections with other creatives. We hope that some of these writers, having revisited their draft, will take part in a 2024 Script Scratch. .1 hod an incredible time working with every single artist in the nm. A session like thot 15 50 very rore." I've never been in o room with a mojority South-A5ian demogrophiG discussing fvedbock obout a South-Asion norrative. I've mode connertion5forlife, andwonted to thonk Mostercloss ogoinforproviding such an Gmozing opportunity.- Scrlpt Scratch allowed writers to share their work with a live audience and receive immediate, constructive feedback. We held one Script Scratch evening at The Other Palace theatre. involving 6 writers and 13 actors, and showcasing plays shortlisted for the Pitch Your Play competition. All six writers ceiVed a copy of the audience feedback after the event. We opened the sixth round of our Pltch Your Play competttion in November 2022 and receNed 97 submissions. We announced the longlist of 25 in February 2023 and the 5hortlist of six in April. We then held a Script Scratch event. where the six shortlisted writers pitched their play to an audience who then heard an extract read aloud. Following this. the Masterclass team selected three winners= The Cleoner by Kate Reid. Corpselight by Daniel Grimston and Sentence. by Gabrielle Nellis-Pain. They receNed a week of rehearsals at Theatre Deli and a staged reading on the main stage of The Other Palace. Through thi5 pro$5 we employed 13 Masterclass members as writers, actors. directors. dramaturgs and stage managers. Yht7nkyouforsuch on incredible opportunity overthepostmonths with Pitch YourPloy. I'vereully v(Jluedevery moment ond leornt so much. coming awoyfrom it with huge inspiration. You've oll been so kind and generous throughout ond I'vefelt really supported by you oll." We piloted Script Social in 2023-'a book club for playg - in response to member requests for more events outside workin8 hours and more OPF)Ortunities for networking. In association with Nick Hern Books, we held the first Social at Theatre Deli, di5CUs5ing Dawn Kin5 play. The Triols. We had great feedback from members and intend to hold more sessions in 2024. WORK WITH SCHOOLS During 2023 we delivered three workshops to school groups on offstage careers. in some cases in combination with a backstage tour of the Theatre Royal Haymarket. We represented the offstage theatre sector at flve careers fairs, facilitated one on-stage sharing and hosted two work experience placements for School pupils. In total we engaged 184 young people through these activrties. all of which were or8ani5ed with schoo15 in the London borough of Westminster. In addition. we provided work experience opportunities or internship5 to five university students and p05t-graduates.
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) Report arKI Financial Statements for the year ended 31 December 2023 MASTE CLASS PAID INTERNSHIPS We placed six paid interns on West End and commercial shows. In total we received and assessed 538 applications for these roles, and provided opportunities to- Steph Wong Only Fools and Horses Anna Marshall Harry Potter and the Cursed Travis Yu Child Angel Mika Kemp Ariadne Si Suo Theatre Royal Haymarket Palace Theatre Technical Directing Sound Production Stranger Things: The First Shadow A Christma5 Carol: A Ghost Story Some of these internships were entry-level placements. foryoung people with relevant ski115 who had had little opportunity to apply these in theatre, whilst others were career development opportunities for trained practitioners who needed help breaking through to larger stage5 and shows. In all cases, we tried to support youn8 people who. for whatever reason, had faced obstacles to progression, helping them to develop their skills, gain additional experience and build their professional network. There continue to be acute skills shortages in many areas of the offstage workforce. so these paid internship5 serve an essential role in bringing new talent into the industry and helping committed practitioners to bypass 'little black book, recruitment processes. Phoenix Theatre Aisha Darboe Alexandra Palace Theatre Wardrobe We are very grateftjl to Sonia Friedman Productions. Theatre Royal Haymarket and Eleanor Uoyd Productions for supporting these internships. THEATRECRAFr Theatrecraft 2023 took place at the Royal Opera House and acr05S the West End on Monday 20th November. We enjoyed the additional support of Lloyd Webber Theatres, Delfont Mackintosh Theatres and Ambassador Theatre Group, who together provided us with workshops, workshop spaces and tours in their theatres. 1005 young people attended Theatrecraft, taking advantage ofr. Two panel talks, one at the Savoy Theatre and one at the Royal Opera House, featuring 12 theatre industry professionals. 46 in-person activities. inclL¢ding interactive workshops. talks and demonstrations, at Royal Opera House. Adelphi Theatre. Gillian Lynne Theatre, His Majetys Theatre, Sondheim Theatre and Savoy Theatre. Two 'main Stage eventg. one at the Royal Opera House and one at the Sondheim Theatre 11 backstage tours at the Royal Opera House and the LYurn Theatre A marketplace of 67 exhibitors. spread over two Spa in the Royal Opera House. In addition. we ran a separate Theatrecraft Online on 315t January 2024. aimed at those outside London and those aged 30+. This comprised nlne talks on a range of topi(s. and had 425 attendances. 87% of those who attended rated their overall experience of the in-person Theatrecrdft 2023 event as "excellenf or"good", and 91% said that they would recommend the event to a friend. 86% of Theatrecraft Online attendees rated their overall experience as "excellenv or"good" "I loved the vuriety of workshops youprovided us with. They were even more interestlng than lost yearl"
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee Report and Finala1 SLitements for the year ended 31 December 2023 MASTE CLASS "Fontostic. condensed event. It moy be eosy tofind oll the infomiation we need online. but because of the overflow of informotion. it was good to have o ft7ce-tLFface event with reliable ond estoblished ¢omponies/organisotions to goin infomiation andct7reer advicefrom.- "I loved it, I've105t My confidence recently as I'm realfystruggling to getin somewhere but this hos definitely sporked afire in me to keep going so thunk youl- AD HOC PROJECTS We occasionally take on ad hoc commercial projects, if they allow us to create paid opportunities for our members and generate a small surplus for the charitys CO operations. For the second year running we were invited by Fe5ttval RepublFC to take part in Litltude Festival, in Suffolk. This time we curated a programme of theatre-related worf(shops. run by Mastefclass members. which took place in the Festival's'Faraway Foresv. The four young creatives that we took to Latitude Festival were all paid for their working time, but also received a free weekend pass to the festival, with performer privileges. This is an exlIent example of Masterclass creating paid CV-buildinE Opportunities for young creatives that thev might not be able to secure independentty. nCKEf OFFER5 Our regular ticket offers and gtveaways are essential to ensuring that young people of all means are able to see West End and London productions. In 2023 we gave away 2326 tickets to 47 West End and fringe shows, and promoted 95 ticket offers on behalf of 48 venues. MEMBERSHIP Membership of Masterclass is entirely free and open to anyone aged 16-30. It is very simple to sign up as a member on our Vbsite, and whilst membership carrie5 no obligations. it does help us to build a relationship with our beneficiaries. assess their engagement wvth our programme and support their career development. We started 2023 with 7229 members and ended the year with 7660. a 6% increase. FUNDRAISING In 2023 We generously supported by the Theatre Royal Haymarket and rts owner, Access Entertainment. by our volunteer Development Board and by a wide range of frlend5 and donors. All our Masters and other speakers were kind enough to give their time and expertise for free. Whilst competition for fund5 continued to be very tough. we managed to secure £46.306 in grants from trusts and foundations. Our donation income was up on 2022. as a result of a Trustee having a significant birthday, and Theatrecraft income grew as we expanded the marketplace and sponsorship opportunities. Institutional SUPPOrter5 included.. Arts Council England Boris Karloff Charitable Foundatlon City of Westminster Hedley Foundation J & C Findlay Charitable Foundation John Lyons Charity (for 2024} We thank them very much for their 5UPPOrt and, in some cases, continued support. Magic Little Grants Portal Trust
Theatre Royal Haymarket Mastercla55 Trust IA company limited by guarantee) Report and financial Ststements for the year ended 31 December 2023 MASTE CLASS Being responsible for Theatrecraft accounts, we receNed all exhibitor, advertiser and sponsor income, used this to pay event expenses, taIned an agreed fee forour own services and returned the surplus to the Society of London Theat. who underwrote the event. Our income mix for the year was as follows: 2023 13% 16% 16% 14% 27% 14% 2022 2021 Donations and legacies Event5 Earned income Sponsorshi Grants Theatrecraft income (grants, earned income & sponsorship) 8% 16% 23% 17% 28% 8% 11% 48% 23% io% STATEMENT OF PUBLIC BENEFIT In December 2023 the House of Lord5 publsshed the report of its Education for 11 to 16 years olds Committee. It concluded that "tlje 11-16curriculum must be revised to incorporate o greateremphosis on technical, digital and creotive oreas-, and that While it is drfficult to predirt whot jobs willbe ovoiloble when [tod05 11 year- oldsj enter the workforce, digitol. creotive t7nd technical ski115 are likely to be in even greoter demond. Skills such os collaboration. creativity and problem-solving ore also experted to become increasingly importont." While curriculum reform is beyond the scope of Mastercla55. we a pleased that our recent programme developments, in particular Stort Your Script. so closely meet the needs expressed by the Committee. in supporting school-age people to be creative. work collaboratively and explore careers in a theatre industry which is embracing digital 5torytellin& new technologies in automation and. of course the drive for greater sustainability. Likewise. the recent report, New Beginnings, from Tonic and Royal Centrdl School of Speech and Drama. ad5 almost like a prescription for Masterclass in its policy recommendations. These include "the redefinition of early career ond emerging urtists following the disruption of the pandemic to include those under the oge of 28-. and ensuring.that troining progmmrnes and orts5t developmentschemes should ¢7cknowledge the impart of the pondemic and the disruption to educotion ond trt7ining experienced by this cohort" In fact, Masterclass has always been open to those upto the age of 30, recognizing that establishing a relatwely stable freelance career is a long and rarely linear proce55. and in recent years we have made most of our paid internships accessible to those aged 30+ if they have experienced significant obstacles to progression. The report also recommends ensuring "the development of new networking ondpeer-sUPPOrt opportunitiesfor young people entering the theotre industry." Community is one of the most important but least tsngible aspects of our activity. Young people can start to engage with the Masterclass programme from the age of 14, and continue right through to the age of 30. Some are regular attendee5, some pick and ch005e from our programme and others dip in and out over a long period, a5 their circumstances chanEe. But every time they engage with Masterclass they interact with a huge communtty of young aspiring and early-career theatremakers. We encourage them to make connections. share knowledge. support each other and collaborate. We create opportunities, in the form of Afterclosse5. ScriptSe55ions, Script Sociols and Script Scn7tch, for them to get to know each other personally, but also professionally. The benefit to young creative freelancers of this peer- 5UPPOrt, dependable community dnd free continuous professional development cannot be overestimated, and io
Theatre Royal Haymarket Masterclass Trust {A company limited by guarantee) Report and Flnancial Statements for the year ended 31 December 2023 MASTE CLASS of course the collaborators that they meet in their earty career may well be those that they continue working with. right into their late career. ENVIRONMENTAL STATEMENT Masterclas5 is a small or8anization that delivers its services wtth relativew tiny environmental impact. Nonetheless, we are conscious of the need to operate in an environmentally responsible way. Durin8 2023 we continued our drwe to improve the sustainability of Theatrecraft, with the use of l(M)% recycled paper for flyers, recycled PET lanyards and cardboard tags. In our pre-communications we encourage attendees to bring their own bottles and use water refill stations at the Royal Opera House. and we stationed volunteers at exits to collect lanyards at the end of the day, for reuse ne year. Within Masterclass we continued to offer some online sessions as part of our programme. THE TEAM During 2023 the following people worked for Masterclass as employees or committed volunteers. We wish to record our enormous gratitude to all the members of our Boards, and to our Patrons, for their continued support and hard work on our behalF. BOARD OF TRusfEES Arnold Crook (Chair until 25.6.241 Jonathan Church CBE Jeremy Parr Ichair from 25.6.241 mauri Salem Pauline Tambling CBE STAFF Clare Annamalai. Pmgramme Dirertor Barra Collins, Programmer Charlotte Wallis. Outreach and Development Manager (until 26.5.23) Rosie Snell. Marketing Manager Hannah Duncan, Programme and Marketing Administrator (from 3.7.231 DEVELOPMENT BOARD Fiona Arghebant Moira Beattie Susan Bliss Lady Bonfield Billy Differ Katy Egan Blayne George Jenny Green Jeanne Mandry Suellen Richmond Fiona Williams YourH ADVISORY BOARD Adam Foster Danielle J Gearing Maiya Kimberley Madelyn Morgan Ewelina Ruszkin Matthew Sedman Levana Tse Katie Webster PATRONS Dame Judi Dench Sir David Hare Dame Maureen Liprnan D8E Elaine Paige OBE li
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) Report and Financial Statements forthe year ended 31 December 2023 MASTE CLASS GOVERNANCE STATEMENT OF TRUSTEES RESPON51BIUTY Company law require5 the TrLFStees to prepare financial statements for each financial year which give è true and fair view of the state of affairs of the charitsble company as at the balan sheet date and of its incoming resource5 and application of rexiurce5. including income and expenditure, for the financial year. In preparin8 those financial statements. the Trustees a required to: Select suitable accounting policies and then apply them consistently: Observe the methods ond principles in the Charrties SORP- Make judgements and estimates that are reasonable and prudent: State whether applicable UK Accounting Standards have been folk)wed, subject to any material departures disclosed and explained in the financial statements, and Prepare the financial Statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basis. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements company wtth the Companies Act 2&J6. The Trustees are also responsible for safeguarding the assets of the charitable company aNI hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. APPOINTMENT OF TRUSTEES Newly appointed TnJstees must be approved by directors. The direttors may refuse an application for membership if, atting reasonably and properly. they consider it to be in the best interest5 of the charity to refuse the application. The directors must consider any written representations the applicant may make about the decision. The directors. decision following any written representations must be notified to the applicant in writin8 but shall be final. GOVERNING DOCUMENT The organisation 15 a charitable company limtted by guarantee. incorporated on 18 December 2014 and registered as a charity on 7 January 2015. The company was estsblished undera Memorandum ofAssociation which established the objects and powers of the charitable company and 15 governed under its Articles of Association. In the eventof the company closing MeMr53re required to contribute an amount not exceeding £10. RISK POLICY The Trustees have assessed the major risks to which the charity is exposed. in particular those related to the operations and finances of the charity. and are satisfied that systems are in place to mitigate their exposure to the major risks. RESULTS FOR THE PERIOD These accounts represent the results of the charity for the period frorn the start of the financial year on I January 2023 to 31 December 2023. During the period the charity had total income of £174,138 and total expenditure of £183.631 resulting in a net deficit forthe year of £9.493. 12
Theatre Royal Haymarket Masterclass Trust {A company limited by guarantee) Report and Flnanrial Statements for the year ended 31 December2023 MASTE CLASS RESERVES POUCY The Trustees have reviewed the reserves of the charity. The review encompassed a comparison of the nature and certalnty of the levels of income and expenditure streams and the consideration of the level of free resee5 that were required to provide a buffer for unforeseen falls in income. Each operating season of the charity is intended to be self-financing and the number of events held each season is dependent upon the level of financing received. The Trustees have agreed that free reserves need only be kept to a minimum, with three months, core expenditure taken as a guide. It is not the intention of the Trustees to accumulate reserves. At 31 December 2023 the charity had unrestricted reserves of £48.478. TRUSTEES, RESPONSIBIUTY IN RELATION TO THE FINANCIAL STATEMEKrs Company law requires the Trustees to prepare financial ststements for each financial year which give a true and fair vlew of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources. including income and expenditure. for the financial year. This report has been prepared in accordance with the special provisions relating to small companies Wlthin Part 15 of the Companies Act 26. The Trustees confirm that in planning the charivs activities for the year they have had due regard to the Charity Commission's Guidan on public benefft. Approved by the board of trustee5 On ..........................................._.................. and signed on their behalf by: Jeremy Parr Ichairl 13
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) Report and finandal Statements for the year ended 31 December 2023 MASTE CLASS Independent Examlnerfs Report To TheTrustees OfThtstre Royal Haymarket Masterda55Tnot (continued) I report on the ¢hartytru5tees on my examination of the accounts of the Companyforthe year ended 310ecember 2023. Respective responslbllities of trustee5 and examiner Asthe CharItS trustees of the Companyland also its directorsforthe purposes of company lawl you are responsible for the preparation of the accounts in accordance wtth the requirements of the Companies Act 20061'the 21X)6 Having satisfied mysewthat the accounts of the Company are not required to be audrted under Part 16 of the 2CKJ6 Act and are eligible for independent examination. I rep)rt in respect of my examination of your chartty's accounts as carried out under section 145 of the Charities Act 20111.the 2011 ACYI. In carying out my examination I have followed the Directions given by the Char¢tyCommission under section 145151 Ibl of the 2011 Act. 8asis of independent examinees report My examination was carried out in accordan with the general Directions given by the Charity Commlssion. An examination includes a review of the accounting records kept by the chartty and a comparison of the accounts presented with those cordS. It abo includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be reqUId in an audit and consequently no opinion is gNen as to whetherthe accounts present a'true and fair view and the rep)rt is limited to those matters set out in the statement below. Independent examinerfs statement I confirm that l am qualffied to undertake the examination because l am a member of The Association of Chartered Certrfied Accountant5, which is one of the listed tK)dies. I confirm that no other matters have come to my attention in connection with the examination giving me cause to believe= l. accounting e0rdS were not kept in res of the Company as reouired by section 386 of the 2CK)6 Act: or 2. the accounts do not accord with those record5; or 3. the accounts do not comply with the accounting requirements of settÉon 396 of the 2CQ6 Act other than any requ1Ment that accounts give a'true and fairview which is not a Matter considered as part of an independent examinatlon. or 14
Theatre Royal Hayrnarket Ma5tercl355 Trust IA company limited by 8uaranteel Report and Financlal Statements for the year ended 31 December 2023 MASTE CLASS Independent Exarnlnerfs ReportTo The Trustees OfTheatre Royal Haymats MasterdassTru5t (continued) 4. the accounts have not been prepared in actordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection wlth the examination to which attention should be drawn in this report in orderto enable a proper understanding of the accounts to be reached. Signed: Gareth Murfin FCCA Whitemoor Accountants Llmited 5th Floor 111 Charterhouse Street London ECIM 6AW Dated: 15
Theatre Royal Hayrnarket Masterclass Trust {A company limited by guaranteel Report and FIndal Ststements forthe year ended 31 December 2023 MASTE CLASS Statement of Financial Activitles (indudlng Income & Eynditure Accwnt) lorthe Year Ended 31 December 2023 Unrestricted Funds 2023 Restrfcted Funds 2023 Totsl Funds 2023 Total Funds 2022 Income from: Donations & legacies Other troding t7rtivities.' Fundraising events Choritable ortivities.- Grants & earned income 22,459 22,459 37.572 27,843 27,843 34,502 111.706 12,130 123.836 76,753 Total income 162.f 12.130 174,138 148,827 Expendlture on: Roisingfund5.' Fundraising & project costs Chrjritable ortivities.. Operating & support costs 160.869 17,640 178,509 180,175 5.122 5.122 4,393 Total expendlture 165,991 17.640 183,631 184,568 Net incomel(expendlture) for the year 5 13.9831 15,510) {9.4931 135,7411 Net movement in funds Total funds brought forward Transfers between fund5 70.192 6.407 76,599 112,340 Totsl funds carried forward 66.209 897 67.106 76,599 The statement of financial actNitie5 includes all gains and105ses in the year. All the above amounts relate to continuing attivities. 16
Theatre Royal Haymarket Mastsrclass Trust {A company limited by 8uaranteel Report and Hnandal Statements for the year ended 31 December 2023 MASTE CLASS Balance Sheet as at 31 Decernber 2023 2023 2023 2022 2022 Current Assets Debtors Cash at bank and in hand 6,141 84.134 62.189 crltOrs. amounts falliry due withln one year io 15.027) (13.6761 Net Current Assets 67,106 76,599 Net A55ets 67.106 76.599 Endowment Unrestricted funds Restrlcted fvnds 20.C 46,209 897 20,(U) 50,192 6.407 Total funds li 67.IC 76,599 For the financial period ended 31 December2023 the company wa5 entitled to exemption from audit under section 477 Companies Act 26 relating to small companies. No member of the company has deposited a notice, pursuant to section 476. requiring an audit of these financial statements under the requirements of the Companies Act 2006. The Trustees acknowledge their Sponsibl11t1es for ensuring that the company keeps accounting records which comply with section 386 of the Att and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the financial year and of its profit or Ios5 for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the quirements of the Companies Act 2006 relating to accounts. so far as applicable to the company. These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies, gime. Appr ved by the Board and ahOrISed for issue on ...................-..........-...................................... Jere y Parr (Chairl Company Registration No: 09361138 The note5 on pages 22 to 28 form part of these accounts. 17
Theatre Royal Haymarket Mastercla55 Trust (A company limited by guaranteel Report and Financlal Statements for the year ended 31 December 2023 MASTE CLASS Notes to the Financial Statements for the Year Ended 31 December 2023 l. Accounting Policies The principal accounting policies are summarised below. The accounting polÈcies have been applied consistently throughout the year. Basis of accounting The financial statements have been prepared under the historical cost convention with Ftems recognised at cost ortransartion value unless otherwise stated in the relevant notels) to these accounts. The financial Statements have been prepared in accordance with the Statement of Recommended Prartice: Accounting aneporting by Charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 I"SORPIFR51021°) issued on 16 July 2014 ar¢d the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, as amended by the 8ulletin issued in February 2016. the Companies Act 21N)6. and applicable UK Accounting Standards. Theatre Royal Haymarket Masterclass Tmst meets the definition of a public benefit entity under FRS 102. Advantage has been taken of the exemption for charities With income less than £5CKJ,(MJO from preparing cash flow statement under SORP IFRS 1021 Update Bulletin l issued in February 2016. The financial statements are prepared in Sterlin& which is the functional currency of the charity. Going concern At the time of writing we have made significant progre55 in becoming a more sustainable organlzation. We continue to receive financial support from a variety of trusts and foundations and from our core supporters. We are CurntlY in year one of our first ever three-year funding lfrom John Lyons Charity for paid intern5hipsl and have received significant grant funding from the Theatre Development Trust to support delivery of Theatrecraft 2024-25. Income from ticket giveaways continues to be very healthy and fee-for- service income isgrowin8. Overthe last few years we have SecUd funding from new institutional funders, as well as maintaining relationships with existing ones. All of that being the case. we are confident that we remain a going concern and are well positioned with funders and partners to move into 2025 and beyond. Fund accounting Unrestrirted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity- Restricted funds are subjected to restriction5 on their expenditure imposed by the donor. Incorne All income is included in the statement of finantial atttvities when the charity 15 entitled to the income, it is probable the income will be received and the amount can be quantified with reasonable accuracy. Donated facilities and services received are included in the Statement of Financial Activities as both income and expenditure at a value estimated by the Trustees based on the open market value. 18
Theatre Royal Haymarket Masterclass Trust IA company limited by 8uaranteel Report and Flnancial Ststements for the year ended 31 December 2023 MASTE CLASS Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Expendlture Liabilities are recognised as an expense as soon as there is a legal or constructive obligation committing the charity to the expenditure. Expenditure is accounted for on an accruals basi5. Expenditure includes any VAT which cannot be fulty recovered. and is rewrted as part of the expenditure to which it relates. Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call at banks. and bank overdrafts. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised ot transaction value and subsequently measured at amortised cost using the effective interest method. The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12, Other Financial Instruments Issue5, of FRS102 to all of its financial instruments. Crltlcal ac¢ountlnE judgernents and key sources of estimation uncertalnty In the application of the charity's accounting policies. the dirertors are required to make judgement5. estimates and assumptions about the Carrying amount of assets and liabilities that are not readily apparent from other source5. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision5 to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Government grants Government grant5 are recognised at the fair value of the asset received or receivable when there is reasonable assurance that grant conditions will be met and the grants will be reived. A grant that specifies perfonnance conditions 15 recognised in income when the perfom)ance conditions are met. Where a grant does not specify perfomance conditions it is recognized as income when the proceed5 are receNed or receivable. A grant receNed before the recognition criteria are satisfied 15 recogni5ed as a liability. 19
Theatre Royal Haymarket Masterclass Trust {A company limited by guaranteel Report and Financlal Statements for the year ended 31 Dernber 2023 MASTE CLASS Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl 2. Income Unrestrirted Funds 2023 Restrirted Funds 2023 Totsl Funds 2023 Donations & legacies Fundraising events Sponsorship Masterclass Grants Masterclass Earned income Masterclass Theatrecraft income 22.459 27.843 25.(KKJ 34.176 28,255 24,275 22.459 27.843 25,000 46,306 28,255 24,275 12,130 162.CA)8 12.130 174,138 3. Expendlture- Fundrnising and Proiect costs Basis of allo¢ation". Actual Unrestricted activities: Core activities Masterclasses Theatrecraft Gala5 Pitch Your Play unrestricted Paid internships Other attNitie5 31.883 28,525 17,384 16.081 7.289 7.208 8.095 2.460 34,343 31.946 23,850 36,952 14.579 10.102 9,097 3,421 4,039 2.427 20.871 7.290 2,894 l.(K12 18.646 20.871 116,465 4,887 160,869 Restricted activities-. Cyberscene & Schools Young Writers restritted 175 7.290 2,886 7,289 3.061 14,579 26.111 20.871 126.640 4.887 178,509 20
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) Report and Financial Statements for the year ended 31 December 2023 MASTE CLASS Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 4. Expenditure- Operntln8 and Support costs Ill I Il I, Bas¥ of alkxatton Actual Actual Unrestricted attivities.. Core activities Masterclasses Galas Pitch Your Plav Theatrecraft Paid intemships 3.518 326 1.240 20 18 20 18 3.518 364 1.240 Restricted attivities: Cyberscene & Schools 5.122 3.518 364 1.240 5,122 21
Theatre Royal Haymarket Masterclass Trust (A company limited by guaranteel Report and Financial Statements forthe year ended 31 December 2023 MASTE CLASS Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 5. Net expendlture for the year 2023 2022 This is stated after charging: Independent Examiners fee £1,2CQ £1.2QKI 6. Analys15 of stsff costs 2023 2022 Salaries and wages (including social security costs) £126,640 £131,253 No employees had emoluments in excess of £60,(KX) during the year12022: Nil}. The company operates a workplace pension scheme through Avpéa. 7. Related party transactions la} No remuneration or reimbursed expenses have been paid to the Trustees during the year 12022-£Nill. Ibl Mr A M Crook is a fornier director of Theatre Royal Haymarket Limited. This company provide5 facilities for the charity, such as free use of the theatre- the cost of this facility is unquantifiable and has not been brought into the accounts. A sum of £1.295 12022= £Nill was paid to the company in respect of staging of events for the charity. Theatre Royal Haymarket Limited also donated a Sum of £25.(l2022- £25.1XX)I durirg the year. Icl At the balan sheet date the sum of £Nil {2022: £Nill was due from Theatre Royal Haymarket Limited. 8. Corporatlon taxation The charity is exempt from tax on income and gain5 falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Att 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity. 22
Theatre Royal Hayrnarket Masterdass Trust IA company limited by guarantee) Report and Flnancial Statements for the year ended 31 December 2023 MASTE CLASS Notes to the Flnancial Statements for the Year Ended 31 December 2023 {continuedl 9. Debtors 2023 2022 Trade debtors Other debtors 2,141 £9,944 £6,141 10. Creditors: arnounts fallinz due withln one year 2023 2022 Trade creditors Other creditors Accruals and deferred income 395 344 4.288 320 456 12,9CIJ £5.027 £13,676 11. Analysis of net a55ets between fund5 Unrestricted Restrirted Fund5 Funds Totsl Funds Current assets Current liabilities 71.169 {4,9601 964 72,133 1671 15,027} Total 66.209 897 67,106 23
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) Report and Financlal Statements for the year ended 31 December 2023 MASTE CLASS Notes to the Financlal Statements for the Year Ended 31 December 2023 {continuedl 12. Analysls of movements in fvnds Unrestricted funds: Endowment General funds 20.(Y)) 50,192 162,IJ)8 1165.9911 20,CKX) 46.209 70.192 162.CK18 {165,9911 66,209 Restricted furKIs: Restrirted fund5 6.407 12.130 117.6401 897 76.599 174.138 1183.631) 67,106 Name offvnd De5crlptlon. nature and purposes of the fund Unrestricted fvnds: Endowment This is an unrestricted endowment to the charity transferred acros5 from the original Trust to the company. General fund The °free reserve< of the charity. Restritted funds: Hi5toricalty this represented the Cyberscene project which the charity undertook in a prior year. It now include5 projects related to new wrtting and work with 5chool-age beneficiaries which are on8oing projetts. 13. Ultimate ¢ontrollln8 pwty In the opinion of the Trustees there was no one ultimate controllin8 party during the year or durin8 2023. 24