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 V￿re 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
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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
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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 n￿m. 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 Kin￿5 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
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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 LY￿urn 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 Fina￿la1 SLitements for the year ended
31 December 2023
MASTE
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"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 ex￿lIent 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 V￿bsite, 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
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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 [tod0￿5 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
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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
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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 MeM￿r53re 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
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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
rese￿e5 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 2￿6.
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 CharIt￿S 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 reqUI￿d 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
requ1￿Ment 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 FI￿ndal 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
cr￿ltOrs. 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 2￿6 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 a￿hOrISed 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 Cur￿ntlY 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 SecU￿d 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 re￿ived.
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 De￿rnber 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