Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee> Report and Financial Statements for the year ended 31 December 2024 THEATRE ROYAL HAYMARKET MASTERCLASS TRUST (A company limited by guarantee) Report and Financial Statements For the Year Ended 31 December 2024 Charity number: 1159840 Company number: 09361138 www.masterclass.org.uk wThi AEC9HCDJ 0111012025 COMPANIES HOUSE A16
Theatre Royal Haymarket Masterclass Trust (A company limited by guarantee) Report and Financial Statements for the year ended 31 December 2024 CONTENTS PAGE Legal and Administrative Information Report of the Trustees 4-13 Independent Examlners Report to the Trustees 14-15 Statement of Financial Activities 16 Balance Sheet 17 Notes forming part of the financial statements 18-24
Theatre Royal Haymarket Masterclass Trust (A company limited by guaranteel Report and Financlal 5tatefflents for the year ended 310ernber 2024 LEGAL AND ADMINISTRATIVE INFORMATION Company Registration Number: 09361138 Charity Registration Number: 1159840 Registered Office". la Tower Street London WC2H 9NP Independent Examiner: Whitemoor Business Management & Royalties LLP th 5 Floor, 111 Charterhouse Street London ECIM 6AW Solicitors to the Trust: Allen & Overy One Bishops Square London El 6AD Princlpal Bankers: HSBC, Paddington Branch 2 Craven Road London W2 3PY Dlrectors and Trustees: Arnold Crook Maurice Salem Jonathan Church Jeremy Parr Adam Foster Mei H5in Rolfe Paul O'Leary- appointed 8 May 2025 Prlncipal Officer5: Clare Annamalal Barra Collins Rosie Snell Hannah Duncan Programme Director Programmer Marketing Manager Programme & Marketing Administrator Restrlctlons of Charltys Operatlons 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 Royal Haymarket Masterclass Trust (A company limited by guarantee) CLASS Report and Financial Statements for the year ended 31 December 2024 Report of the Trustees for the Year Ended 31 December 2024 The Trustees, who are also the Directors of the company for the purposes of the Companies Act 2006, present their accounts for the year ended 31 December 2024. The accounts are presented in accordance with the requirements of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland IFRS1021 {effective January 2015) and in accordance with the Companies Act 2006. STRUCTURE, GOVERNANCE AND MANAGEMENT Theatre Royal Haymarket Masterclass Trust Imasterclass) 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. 2024 saw a signiflcant change to the Board, as Arnold Crook stepped down as Chair, 26 years after founding the Charity, though we are very pleased that he remains as a Trustee. Jeremy Parr, who has served on the Masterclass 8oard since 2019, took over as Chair. We took on two new Trustees during the year. Adam Foster, a Masterclass alumnus and former member of the Masterclass Youth Advisory Board, joined in March, bringin8 substantial experience of facilitation In educational settings, as well as outreach, learning and development in the theatre industry. In June we were joined by Mei Hsin Rolfe {known as Suzanne Husein), who brings deep experience of the higher education sector. The Trustees are referred to throughout thls report as the Trustees or the Board. To date Trustees have been recruited through referrals only. The Trustees together have a broad range of skills and experience, spannlng 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 2024 the Board convened formally three times and held several less formal meetings with the Management Team toguide operations and ensure that the charity continued to meet its charitable objectives. RISK MANAGEMENT The Trustees have reviewed the major risks and are confident that there are systems in place to manage them. OBJECTIVES AND ACTIVITIES The objectives of Masterclass, as laid out in its Articles of Association are: The odvoncementfor the benefit of the public of the education of young persons by the promotion of the study of dramo and in porticular the ort and craft of theatre.
Theatre Royal Haymarket Masterclass Trust (A company limited by guarantee) CLASS Report and Financial Statements for the year ended 31 December 2024 Masterclass works with young people aged 14 to 30, helping to 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 workshops, script development opportunities, ticket offers, drama education resources, theatre careers guidance and paid Internships. It opens the doors of the historic Theatre Royal Haymarket and other West End venues, to make theatre accessible to a wide range of young people, to promote careers in the theatre and creative industries, and to help foster collaboration between young theatre makers. ACHIEVEMENTS AND PERFORMANCE 2024 in numbers: 2470 tickets given away, to 64 different shows 121 ticket offers 1466 views of the online film version of Cookies by Emily Jenkins 16 Masterclasses 3 Creative Workshops 2 Creative Conversations 18 Script Sessions 2 Script Scratch events showcasing 9 new plays and involving 49 young Creatives S Script Socials I Start Your Script workshop 333 school and university students took part in offstage careers workshops, received advice at a careers fair or did work experience with us. l Theatrecraft event featuring 72 exhibitors, 66 workshops, dernonstrations and tours, and engaging IIOO+ attendees. 2 commercial projects, engaging 6 freelance theatre practltioners Paid Internships 73 paid opportunities for Masterclass members 1792 attendances at Masterclass in-person and online sessions. 2024 PROGRAMME MASTERCLASSES, CREATIVE CONVERSATIONS AND WORKSHOPS We offered 16 Masterclasses with a wide range of theatre professionals, including directors and artistic director5, actors, de5igner5, Stage managers and playwrights. In many cases we were able to host these on the Stage of the Masterfs current project, and / or they were able to bring model boxes and costumes to illustrate the Masterclas5. Six Masterclasses incorporated practical activity, which allowed a few members to work on stage with the Master.
Theatre Royal Haymarket Masterclass Trust {A company limited by guarantee) CLASS Report and Financial Statements for the year ended 31 December 2024 Our 2024 Masters were: Hammed Animashaun {actor), Kip Williams (director & artistic director), Bec Martin (director & artistic director), Graham Michael {company stage manager), Lynette Linton (director & artistic director), Max Webster (dirertor), Anna Fleischle (set and costume designer), Dominic West (actor), Tom Scutt (set and Costume designer), Sally Cookson (director), Jonathan Slinger {actor), Billy Howle {artor), Anoushka Lucas (actor, playwright, singer, songwriter}, Hugh Durrant (set and costume designer). In addition we held an Automation Masterclass at the Adelphi Theatre, where the backstage team demonstrated the automation processes behind Back to the Future the Musical. We held Creative Conversations and Workshops on making space for neurodivergent minds in the creatlve process, on taking work to Edinburgh Fringe, and on Noel Coward's use of notebooks in his writing. Due to high demand, we repeated 2023's puppetry workshop and, having identified a need, we also developed our own CV Glow Up workshop, to help young creatives improve thelr CV presentation. Conversations and workshops were led by Jodie Irvine and Clodagh Chapman, Paper Puppets, Marcy Kahan and Yolanda Mercy. In total we had 121KI attendances at Masterclasses and Creative Conversations. Several sessions were followed by Afterclass drinks, to help our members build their community. We are enormously grateful to all who donated their tlrne and shared their experience so generously, to support the next generation of theatremakers. Likewise, we are grateful as always to the Theatre Royal Haymarket for providing space in kind to host our events. We also thank the venues that host us when the Theatre Royal Haymarket is busy with two show days. In 2024 these were Park Theatre, New Diorama, Lyric Hammersmith, The Other Palace, Soho Theatre and the Noel Coward Archive, as well as the Adelphi Theatre, London Palladium and Cambridge Theatre, courtesy of LW Theatres. 92% of respondents to our post-event survey said that the Masterclass they attended had kept them motivated, 86% that it had increased their knowledge of a specific career or creative process and 85% that it had supported their continuing professional development. 52% of those who responded self-identified as underrepresented in the industry. -1 really enjoyed this mostercloss, it come at the perfect time as I was doubting myself ond my coreer, nowfeel motivoted ogoin... Thonk you for making it accessible by being free as I wouldn't have been able to offord making it otherwise. -Another brilliont Masterclass event- as a groduatedfreelancer the opportunities to see inside other people's processes are so few ondfar between, this was exactly the sort of event that I've been needing. Validating and Inspiring. Lookingforword to more closses in future." YOUNG WRITERS PROGRAMME Start Your Scrlpt We delivered one Start Your Script workshop and one taster session, engaging 27 participants and involving elght young creatives. The workshops allowed teenagers to apply their creative skills to writingfor performance, with help from young actors, directors and Sound technicians from the Masterclass membership. Thi5 intergenerational approach gave young participants relatable creative industries role models, while giving young professional theatremakers the chance to practise their coaching and facilitation skill5.
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) CLASS Report and Flnancial Statements for the year ended 31 December 2024 100% of respondents said that the Start 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. Script Sessions-we held 18 Script Sessions, engaging 18 writers and 107 otheryoung creatives. Now a staple of our programme, Script Sessions allow young playwrights to share a piece of work-in-progress writing, hear it read aloud by young professional actors and receive constructive feedback from their peer5. Three of these writers then presented their redrafted play as part of a Script Scratch event. Some of the other writers will be involved in Script Scratch events in 2025. 95% of respondents said that the Script Session they took part in provided motivation, 91% that it made them feel better in themselves and helped to make connections with other creatives and 88% that it supported their continuing professional development. "Was very enjoyable, An invaluable experience to develop my craft and the story. Well put together ond held so thot the conversotlon wos alwoys stimulating and useful. I hope to be lucky enough to do one again soon." Script Scratch We hosted two Script Scratch evenings that allowed writers to share their work with a live audience and receive immediate, constructive feedback. In total these engaged 9 young writers, 9 young designers, 4 youn8 directors and 27 young actors. -just wont to say o huge huge huge thank you for this evening. It was affirming, Warmlng, generous, and I'm reolly very groteful to have had the opportunity, Thanksfor the support and the kind words, they go a long way and olso oll the fantastic opportunities you providefor us are incredible. It really is such omozing work you are oll doing ond how lucky l am to have been let into it." Script Social we held five Script Socials, which have become a very popular element of our programme, catering to member requests for events outside working hours and creatin8 Opportunities for informal networking. These events, developed in partnership wlth Nick Hern Books, engaged a total of 78 participants. WORK WITH SCHOOLS During 2024 we delivered four workshops to school groups on offstage careers, we represented the offstage theatre sector at five careers fairs, hosted three internships and, with support from the Theatre Royal Haymarket, ten work experience placements for school pupils. In total we engaged 333 young people through these activities, the majority of whlch were or8anised with schools In the London borough of Westmlnster. If we wish to build a more diverse and resilient offstage theatre workforce then we really need to work with schools to showcase the career options and explain the routes not only from Arts subjects to theatre, but critically also from STEM subjects to theatre.
Theatre Royal Haymarket Mastercla5s Trust (A company limited by guarantee) CLASS Report and Financlal Statements for the year ended 31 December 2024 PAID INTERNSHIPS We placed eS8ht paid interns on West End shows. In total we received and assessed 901 applications for these roles, and provided opportunities to: Atlanta Sonson- Chapman Jaswinder Kaur Mean Girls SFP / Savoy Theatre Producing Harry Potter and the Cursed Child A View from the Bridge Hello, Dolly I Waiting for Godot Theatrecraft Harry Potter and the Cursed Child Matilda Palace Theatre WHAM Charlotte Farren Mia Barragan Imran Islam Albee Qin Liana Gibbs Theatre Royal Haymarket London Palladium Theatre Royal Haymarket Royal Opera House Palace Theatre Technical Technical Technical Event Production Sound Amber Greenstreet Cambridge Theatre Technical During this year all our internships ended up going to young people with relevant skills who had had little opportunity to apply these in paid theatre roles. In all cases we tried to support young 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, sothese paid internships serve an essential role in bringing new talent into the industry and helping committed practitioners to bypass 'little black book, recrultment processes. We were delighted that three of this yearfs interns went straight into related professional Jobs as their internships ended, which is a testament both to the calibre of the individuals and to the quality of training they received during the internship. We are very grateful to Sonia Frledman Productions, Theatre Royal Haymarket and LW Theatres for hostin8 these internships, and to John Lyons Charity for supporting this element of our programme. THEATRECRAFT In 2024, with support from the Theatre Development Trust, and working closely with the Society of London Theatre and the Royal Opera House, Ma5terclass took on the whole project management of Theatrecraft. The in-person event took place at the Royal Opera House and across the West End on Monday Ilth November. We enjoyed the additional support of Lloyd Webber Theatres, Delfont Mackintosh Theatres, Nimax Theatres, Nederlander Theatres and Ambassador Theatre Group, who together provided us with workshops, workshop spaces and tours in their theatres. Approximately 1100 young people attended the event, taking advantage of: 55 in-person activities, including interactive workshops, talks and demonstrations, at Royal Opera House, Adelphi Theatre, Gillian Lynne Theatre, His Majesty's Theatre, Sondhelm Theatre and Savoy Theatre. 11 backstage tours at the Royal Opera House and the Lyceum Theatre A marketplace of 72 exhibitors, spread over two spaces in the Royal Opera House. In addition, we ran a separate Theatrecraft Online on 31st January 2024, aimed at those outside London and those aged 30+. This comprised nlne talks on a range of toplcs, and had 425 attendances.
Theatre Royal Haymarket Masterclass Trust (A company limited by guarantee> CLASS Report and Financial Statements for the year ended 31 December 2024 81% of those who attended rated their overall experience of the in-person Theatrecraft 2024 event as "excellent" or'good", and 90% said that they would recommend the event to a friend. 86% of Theatrecraft Online attendees rated their overall experience as "excellent" or'good" "I hove nothing else to soy but thank youl Massive respect to everyone who worked on maklng this event come to life, IYS genuinely been the171ghlight of my yearl" his hos been the most beneficial eventfor me to attend and l am very glod there is opportunitie5for young people to go onfree workshops, tours ond get to know the industry better. "It wos obsolutely fontostic to see so many stands with eager ond excited young people vislting the Marketploce. My students found Theatrecraft both relevont ond enjoyable. Thonk 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 charity's core operations. For the third year running we were invited by Festival Republic to take part in Latitude Festlval, in Suffolk. We again curated a programme of theatre-related workshops, run by Masterclass members, which took place in the Festival's 'Faraway Forest,. The four young creative5 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 prlvlle8es. This is an excellent example of Masterclass creating paid CV-buildin8 Opportunities for youn8 creatives that they might not be able to secure independently, We also delivered a drama-led creative workshop for a corporate client, which was led by a Masterclass member. TICKET OFFERS Our regular ticket offers and giveaways are essential to ensuring that young people of all means are able to see West End and London productions. In 2024 we gave away 2470 tickets to 64 West End and fringe shows, and promoted 121 ticket offers on behalf of a wide range of venues and producers, including many of our own members. MEMBERSHIP Membership of Masterclass is entirely free and open to anyone aged 16-30. It is very simple to sign up as member on our website, and whilst membership carries no obligations, it does help us to build a relationship with our beneficiaries, assess their engagement with our programme and support their career development. During 2024 we carried out an overhaul of our membership list, so we ended the year with 6189 members aged 16-30. FUNDRAISING In 2024 were generously supported by the Theatre Royal Haymarket and its owner, Access Entertainment, by our volunteer Development Board and by a wide range of friends and donors. All our Masters and other speakers were kind enough to give their time and expertise for free.
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) CLASS Report and Financial Statements for the year ended 31 December 2024 We were pleased to be able to secure £81,379 in grant-funding from trusts and foundations, while continuing to work on diversifyingour income and reducing our dependencyon voluntary income. Institutional supporters included: Boris Karloff Charitable Foundation D'oyly Carte Charitable Trust Garrick Charitable Trust J & C Findlay Charitable Foundation John Lyons Charity Mackintosh Foundation Maria Bjornson Memorial Fund Theatre Development Trust Westminster City Council We thank them very much for their support and, In some cases, continued support. Our income mix for the year was as follows: 2024 2023 13% Donations and legacies Events Earned income Sponsorship Grants 16% 30% 14% 27% 47% 27% STATEMENT OF PUBLIC BENEFIT As the 2024 programme illustrates, we remain true to our charitable objectives, namely the education of young persons by the promotion of the study of dromo ond in porticulor the ort ond croft of theotre. In the current financial and cultural climate we are particularly mindful of three needs.. To provide young people with access to arts education and engagement that goes a small way to making up for declining arts provision in schools.1 To provide free continuing professional development and training opportunities to young freelancers in a creative sector that is marked by low pay and a lack of defined development pathways,2 To provide youn8 creative freelancers wlth a community where they can find creative collaborators, learn from their peers and build a support network to help navigate this unpredictable industry. ENVIRONMENTAL STATEMENT Masterclass Is a small organlzation that delivers its services with relatlvely tiny environmental impact. Nonetheless, we are conscious of the need to operate in an environmentally responsible way. During 2024 we continued our drive to improve the sustainability of Theatrecraft, with the use of recycled PET lanyards and cardboard tags. In our pre-communications we encouraged 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 next year. Cultural Learning Alliance Annual Report Card 2024 Campai8n for the Arts. The State of the Arts report 10
Theatre Royal Haymarket Masterclass Trust (A company limited by guarantee) CLASS Report and Financial Statements for the year ended 31 December 2024 THE TEAM During 2024 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 TRUSTEES Arnold Crook {Chair until 25.6.241 Jonathan Church CBE Adam Foster (from 20.3.24) Jeremy Parr (Chair frorn 25.6.241 Mei Hsin Rolfe {Known as Suzanne Husein, from 25.6.24} Maurice Salem STAFF Clare Annamalai, Programme Director Barra Collins, Programmer Rosie Snell, Marketing Manager Hannah Duncan, Programme and Marketlng Adminlstrator Georgie 8otham, Interim Programmer DEVELOPMENT BOARD Fiona Arghebant Moira 8eattie Susan 81iss Lady 8onfield Billy Differ Katy Egan Blayne George Jenny Green (until 31.8.24) Jeanne Mandry Suellen Richmond Fiona Williams YOUTH ADVISORY BOARD Rebecca Bullamore Gabriela Chanova Dan Gill Katie Walker Cook Shona Graham Santlago Guerra Holly Jevons Alara Koroglu Rishi Rian Marshall Stay PATRONS Dame Judi Dench Sir David Hare Dame Maureen Lipman OBE Elaine Paige OBE GOVERNANCE STATEMENT OF TRUSTEES RESPONSIBILITY Company law requires the Trustees to prepare financial statements for each financial year which 8ive a true and fair view 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. In preparing those financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistentlyi Observe the methods and principles in the Charities SQRP; 11
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) CLASS Report and Financial Statements for the year ended 31 December 2024 Make judgements and estimates that are reasonable and prudent; State whether applicable UK Accounting Standards have been followed, 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 comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. APPOINTMENT OF TRUSTEES Newly appointed Trustees must be approved by directors. The directors may refuse an application for membership if, acting reasonably and properly, they consider it to be in the best interests of the charlty to refuse the application. The directors must conslder any written representations the applicant may make about the decision. The directors, decision following any written representations must be notified to the applicant in writing but shall be final. GOVERNING DOCUMENT The organisation is a charitable company Ilmlted by guarantee, incorporated on 18 December 2014 and re8lStered as a charity on 7 January 2015. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company closing members are 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 from the start of the financial year on I January 2024 to 31 December 2024, During the period the charity had total income of £173,919 and total expenditure of £183,451 resulting in a net deficit for the year of £9,532. RESERVES POLICY The Trustees have reviewed the reserves of the charity. The review encompassed a comparison of the nature and certainty of the levels of income and expenditure streams and the consideration of the level of free reserves that were required to provide z buffer for unforeseen falls in income. Each operating season of the charity is intended to be self-financing and the numberof 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 substantial resenie5. At 31 December 2024 the charity had unrestricted reserves of £57,168 12
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) Report and Financial Statements for the year ended 31 December 2024 TRUSTEES, RESPONSIBILITY IN RELATION TO THE FINANCIAL STATEMENTS Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view 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 within Part 15 of the Companies Act 2006. The Trustees confirm that in planning the charity's activities for the year they have had due regard to the Charity Commission's Guidance on public benefit. Approve by the board of trustees on .. ,(.(. and signed on their behalf by.. emy Chair) 13
Theatre Royal Haymarket Master¢lass Trust (A company limited by guarantee) CLASS Report and Flnancial Statements for the year ended 31 December 2024 Independent Examlnerfs Report To The Trustees Of Theatre Royal Haymarket Masterclass Trust (continued) I report on the charity trustees on my exarnination of the accounts of the Companyfor the yearended 31 December 2024. Respective responsibilltles of trustees and examiner As the charity's trustees of the Company land also its directorsfor the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the CompanSes Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitVs accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(51 {bl of the 2011 Act. Ba515 of independent examlnerfs report My examination was carried out In accordance wlth the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also 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 required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examinerfs statement I confirm that l am qualified to undertake the examination because l am a member of The Association of Chartered Certif led Accountants, which is one of the listed bodies. I confirm that no other matters have come to my attention in connection with the examination giving me cause to believe., l. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a'true and fair viewwhich is not a matter considered as part of an independent examination; or 14
Theatre Royal Haymarket Masterclass Trust (A company limited by guarantee> Report and Financial Statements for the year ended 31 December 2024 Independent Examinerfs Report To The Trustees Of Theatre Royal Haymarket Masterclass Trust (continued) 4. the accounts have not been prepared in accordance 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 (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in t eport in order to enable a proper understanding of the accounts to be reached. Signed: Gareth Murfi Whitemoor Business Management & Royalties LLP 5th Floor 111 Charterhouse Street London ECIM 6AW Dated: 15
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee} CLASS Report and Financlal Statements for the year ended 31 December 2024 Statement of Financial Activitles Ilncluding Income & Expenditure Account) for the Year Ended 31 December 2024 Unrestrlcted Funds 2024 Restrirted Funds 2024 Total Fund5 2024 Total Funds 2023 Notes Income from: Donations & legacies Other troding octlvities., Fundraising events Charitable activities.. Grants & earned income 5,746 10,048 15,794 22,459 14,495 14,495 27,843 80,248 63,382 143,630 123.836 Total Income 100,489 73,430 173,919 174,138 Expendlture on: Raising funds.. Fundraising & project costs Choritoble activities.. Operating & support costs 100,518 76,315 176,833 178,509 6,618 6,618 5.122 Total expendlture 107,136 76,315 183,451 183,631 Net Income/lexpendlture) for the year 5 (6.6471 12,885) (9,532} 19,493) Net movement In funds Total funds brought forward Transfers between funds 66,209 (2,394) 897 2,394 67,106 76,599 Total funds carrled forward 12 57,168 406 57,574 67.106 The statement of financial activities includes all gains and losses in the year. All the above amounts relate to continuing activities. 16
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) CLASS Report and Financial Statements for the year ended 31 December 2024 Balance Sheet as at 31 December 2024 2024 2024 2023 2023 Notes Current Assets Debtors Cash at bank and in hand 1,493 64,318 9,944 62,189 Creditors: amounts fallfjng due within one year 10 18,237) (5,027) Net Current Asset5 57,574 67,106 Net Assets 57,574 67,106 Endowment Unrestrirted funds Re5trlcted funds 20,000 37,168 406 20,000 46,209 897 Total funds 11 57,574 67,106 For the financial period ended 31 December 2024 the company was entltled to exemptlon from audit under section 477 Companies Act 2006 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 Cornpanies Act 2006. The Trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act 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 loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Cornpanies 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, regime. Appro , lfj.l.z.r............................................ ed by the Board and authorlsed for issue on ........ Jer arr {Chair} ny Registration No: 09361138 The notes on pages 18 to 24 form part of these accounts. 17
Theatre Royal Haymarket Masterclass Trust (A company limited by guarantee) CLASS Report and Flnanclal Statements for the year ended 31 December 2024 Notes to the Financial Statements for the Year Ended 31 December 2024 l. Accounting Policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year. Basis of accounting The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note{sl to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting aneporting by Charitles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 102) ("SORP(FRS102)") issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021, as amended by the Bulletin issued in February 2016, the Companies Act 2006, and applicable UK Accounting Standards. Theatre Royal Hayrnarket Masterclass Trust meets the definition of a public benefit entity under FRS 102. Advantage has been taken of the exemption for charities with income less than £500,000 from preparing a cash flow statement under SORP IFRS 1021 Update Bulletln l issued in February 2016. The financial statements are prepared in Sterling, which is the functional currency of the charity. Golng concern At the time of writing we continue to have a healthy mix of grant funding, earned and other income. We have a number of repeat funders and continue to build relationships with new funders. We are in year two of three-year funding from John Lyons Charity, for paid internships and in year one of three-year funding from another funder, for the Young Writers Programme. We maintain a small team, manage expenditure very carefully and work hard to ensure that our programme meets the needs not just of young people, but of the wider theatre industry. 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 accountlng Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectlves of the charity. Restricted funds are subjected to restridions on their expenditure imposed by the donor. Income All income is included in the statement of financial activities when the charity is 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 guarantee) CLASS Report and Financial Statements for the year ended 31 December 2024 Notes to the Financial Statements for the Year Ended 31 December 2024 {continued) Expenditure Liabilities are recognised as an expense as soon as there is a legal or construrtive obligation committing the charity to the expenditure. Expenditure is accounted for on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expendlture to which it relates. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call at banks, and bank overdrafts. Flnanclal instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic flnancial instruments. 8asic financial instruments are initially recognised at 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 Issues, of FRS102 to all of its f inancial instruments. Critlcal accountlng Judgements and key sources of estimation uncertainty In the application of the charity's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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 underlyin8 assumptions are reviewed on an ongoing basis. Revisions 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 grants 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 received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognized as income when the roceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liabilitv. 19
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) CLASS Report and Financial Statements for the year ended 31 December 2024 Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 2. Income Unrestricted Funds 2024 Restrlrted Fund5 2024 Total Funds 2024 Donations & legacles Fundraising events Sponsorship Masterclass Grants Masterclass Earned income Masterclass Theatrecraft income 5,746 14,495 15,000 17,996 19,780 27.472 10,048 15,794 14,495 15,000 81,378 19,780 27,472 63.382 100,489 73,430 173,919 3. Expendlture - Fundralslng and Project Costs Basls of •llotatlon: Artu41 Actual Tlme Artual Unrestricted activities., Core activities Masterclasses Theatrecraft unrestricted Galas Young Writers unrestricted Other activities 32,047 21,128 4.785 100 36,832 22,677 4,426 14,474 8,399 13,710 1,449 4,426 6,651 7,823 4,029 7,058 4,346 1,295 24 5,357 11,516 12,008 72,085 4,909 100,518 Restricted activities: Cyberscene & Schools work Theatrecraft restricted Internships restricted Young Writers restricted 536 13,724 1,891 5,878 21,907 18,001 9,750 6.414 40,259 19,892 9,750 4,628 27,667 12,008 127,621 9.537 176,833 20
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) Report and Financial Statements forthe year ended 31 December 2024 Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 4. Expenditure - Operating and Support costs Basls ol allo¢atlon Actual Artual Artu•l Artu•l Unrestricted activities.. Core activities Masterclasses Galas Young Writers Theatrecraft Paid internships 1,590 1,485 565 2,800 6,440 25 135 18 25 135 18 1,590 1,485 743 2,800 6,618 Restrirted activities", Cyberscene & Schools 1,590 1,485 743 2.800 6,618 21
Theatre Royal Haymarket Masterclass Trust (A company limited by guarantee) MA'.SITIE CL¢ASS' Report and Financial Statements forthe year ended 31 December 2024 Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 5. Net expenditure for the year 2024 2023 This is stated after charging: Independent Examlners fee £1,200 £1,200 6. Analysls of staff costs 2024 2023 Salaries and wages (including social security costs) £127,621 £126,640 No employees had emoluments in excess of £60,000 during the year {2023: Nill. The company operates workplace pension scheme through Aviva. 7. Related party transactlons la) No remuneration or reimbursed expenses have been paid to the Trustees during the year 12023:£NII). Ib) Mr A M Crook is a former director of Theatre Royal Haymarket Limited. This company provides 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 £1,323 (2023: £1,295) was paid to the company in respect of staging of events for the charity. Theatre Royal Haymarket Limited also donated a sum of £15,00012023 - £25,000) during the year. (c) At the balance sheet date the sum of £Nil12023: £Nil) was due from Theatre Royal Haymarket Limited. 8. Corporatlon taxatlon The charity is exempt from tax on incorne and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity. 22
Theatre Royal Haymarket Masterclass Trust IA company limited by guarantee) CLASS Report and Flnan¢lal Statements for the year ended 31 December 2024 Notes to the Financial Statements for the Year Ended 31 December 2024 Icontinued) 9. Debtors 2024 2023 Trade debtors Other debtors 400 1,093 1,400 8,544 £1,493 £9,944 10. Creditors: amounts falling due wlthln one year 2024 2023 Trade credltors Other creditors Accruals and deferred income 256 277 7,704 395 344 4,288 £8,237 £5,027 11. Analysis of net assets between funds Unrestrlcted Restrlcted Funds Funds Total Funds Current assets Current liabilities 65,347 (8,179) 464 65,811 (58) {8,2371 Total 57,168 406 57,574 23
Theatre Royal Haymarket Masterclass Trust (A company limited by guarantee) CLASS Report and Financial Statements for the year ended 31 December 2024 Notes to the Financial Statements for the Year Ended 31 December 2024 (contlnued) 12. Analy515 of movements In funds Unrestrlrted funds: Endowment General funds 20,000 20,000 46,209 100,489 (107,136) (2,394} 37,168 66,209 100,489 (107,136} (2,3941 57,168 Restricted funds: Restricted funds 897 73,430 176,3151 2,394 406 67,106 173,919 (183,4511 57,574 Name of fund Descrlptlon, nature and purposes of the fund Unrestricted funds: Endowment This is an unrestricted endowment to the charity transferred across from the original Trust to the company. General fund The "free reserves" of the charity. Restrlcted funds: Historically this represented the Cyberscene project which the charity undertook In a prior year, It now includes projects related to new writing and work with school-age beneficiaries which are ongoing projects. 13. Ultimate controlllng party In the opinion of the Trustees there was no one ultimate controlling party during the year or during 2024. 24