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
310e￿rnber 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