ROYAL VARIETY CHARITI" Trustees, Report and Financial Statements 2024 Roval V¥riet%' Charit Trustees, Reporl and Financial Siatcmcnts 2024 T ble of Contents CONTENTS P*ge Referenrx and Athninis¢r*ive Ddails Trustees. Report S¢a*m¢nt of Financial Athivities 10 Balance Sheet Cash Flow Sts*ment 12 Notes to Financial Ststem¢nts Independent Auditors. Report 22&23 RovJl Variet), Charii), Trustees, Report and Financial Stalemenl$ 2024 fereDce *nd Admin" e Dtt8ils Royal Patron.. His Majesty KID8 Ch4rks Ill Eleetsd Management Wy (volunw) Chairmthx- Giles Coop¢r OBE. Ylet Chairm¢Th- Phil Trdle. TreaTyrer- lan FTEem The £ye¢￿tive Commitlee.. Anton Du Bek¢ Pat ChurcK Giles Crw OBE. tthil Dale, Daniel Dean, lan Freeman, Paul Ganjou. Cheryl Garland, Rev. Simon Gri￿ Fawn Jam¢& Martin Jone4 John LogaN Sitsl Makwana, Vicki Michelle MB& Spencer Phillips. Bttbs Powell, Robert PowelL Keith simm￿& Katie wilki￿￿. Tryslees (eleetedj." Giles CooF¢r OBE (Chairnian}. layri¢ MansfKld Phil Dale. lan Freeman Honornry Meml>tr¥ (bes¢ow¢d} Hon. Life-Presidenl - Laurie Mansfield. Hon. Yice-Presideirf3." Roger De C(￿. Rob¢rt Earl Jnr, Stuart Littlewood, Joe Pa5quale, Nick Thomas MB& Bradley Walsh Life Govern(Ys fhonordry).. Lryd Mi¢ha¢l Grw]e CBE Hon. Chaplain.. Rev. Simon Grigg Registered address: Brinsworth House. r2 Staines Road. ThviL*enham TW2 SAL Independent auditors: HaysM% LLP. 10 fy¢cn Street Place. L4)ndon EC4R IAG Solieltors: Clinton& 2 St Giks Square. IAJndon WC2H 8AP Bankers: Coutts & Co. 440 Stran(L L47ndon WC2R IKJS Arbuthnot Laihom & Co.. L￿ltrt AT1YJthn￿ House. 7 Wi150n Sw L4)nth)n EC2M 2SN Reglstered eustodl*n8: Evelyn Partne￿ Trust corP￿allOn Limit&1 25 Moorgate. London EC2R 6AY Inv¢stm¢o¢ ma￿￿er8. Schroder & Co Limit¢iL 12 M(W. Lonrkn EC2R 6DA Registered eharity number. 206451 Rni'al Variet) Chxrit Trustces. Report and Financial Statemenls 2024 The Tn￿te¢S present th¢ir Annu)l iiqxttt in compliance with the ChaTities Art 2011 and the Charities SORP (FRS102X together with the audited financial statements f(r the yearended 3111 Dxemb¢r2024. Reference alld Admlnistrative lllform•¢iou The Royal Variety Charity eChaTity") is a ch&ity registered in England & Wales. with T¢gistration number 206451. Its Regist¢r¢d Office. together with the Charity's elected OtTIcu5 and ¢lect&l TrusÈees {ekcted from the MemF*rs of the Charity's Exxutive Committee). together with the Charity's extrrnal advR5¢f5 ond bankers are pttsentsj on page 2. Stru¢¢Mr& Govern*rtee *#d M*n*8ememt Th¢ Charity is governed by its Rule Book and c￿￿t￿￿tio￿ f]rst dated IW8 and last amended on 29 January 2016. The Executive Committee elects from ils M¢mb¢r4 ￿ce every five year& three unpaid Officers.. a Chairm#n, a Vittihaimian and a Tr¢asurer. to manage and oY¢r5¢¢ all a5￿ctS of the Charity's operation and work. They have a responsibility io act with due care and Consi(k￿l()n and art rtiuired to Fmvide tegular reports and UFKlate5 to the Charity's governing Executive Committee and a]50 10 their ¢led¢d b(th of Trustees. The Executive Committee a]so elects from its Members. once every five years, a b(Kly of up to s¢vth Trustees to be reSpL￿sible for the Charity's fin￿¢1￿1 investments. long-tem) strategy and long-terni dir¢ctiOD and goa15. Th¢ Ex¢cutive Committee. whilA delegating manageritti responsibilities to its elected Officer5 and ¢l¢U¢d Trnste4 concentrates its own efforts on d￿ldIng on admissions to the Charity's care home (Brinsworth House), maintenance and improvanents to the care home, the eonsideration and implementation of advice from its elected Tru5t¢¢s, and the awarding of one•off and Tegular grants to the Charity's many dependants around the UK. Each of the Charity'5 ¢le¢ted Officers and elected TThstees has experience of. and an unthrstsnding of, specific aspects of the Charity's work pnd of speciftc areas within the entertainment in(Iu5tsy. This effective governing partnership behveen the full ExKu¢iv¢ Committee and it's eleaed Officers and elected Tntstees, togeil*r with the Charity's employed professionals contr11￿t&s signifKantly to the Chty's re5Prt stwxding and success. The ¢l¢ct¢d Trusi¢¢s meet to review the financial standing of th¢ ChaTity (l￿￿uding the investmenl perfoTman¢e of the Charity's res¢rv¢s) and to consider options for its long-term stability artd success. They also awe and implement an annual 0￿[all￿g financial budget, which is adhewed io all depathents of both the Charity and the care home. They ar¢ also responsible for resolving any legal matter& empls)ymertt disputes. or any extrathinary issu¢5 that may affect the Chartty from time-to-time. They also have del¢g4twJ authoTity fr(￿ the ExeLWtive Committee. for the appoinknent of the Charity's senior empknyed staff. such as the Charity's fmaTK¢ direct￿ and the Registered ManageT of the car¢ home. They also ￿v1¢W key management remunerth exh y¢ar. In 2024. the Tn￿ met r¢gularfy in per50n. by Zoom and tel¢phone. The Executive Committee USU￿lY m¢¢ts at lew six limes per year and reviews all matt¢r5 of imrwtance relating to the day-to-day running of the Charity. 1¢ r¢vi¢ws rEP)rts from its elected TTUStee& including up1(￿1¢ m(mthly management accounts presented by the Treasur¢r. Th¢y approve or award all S￿la1 grant& donations and gifts m#de by the Charity and ratify any expenditure nol includ¢d in the annual financial budget. The Executive Comrnittee app)ints. fr￿￿ its Membu4 certain sulFciYnrnitte¢s Whi￿ irt its OPiAiOW are deemed necessary its more effici¢nl operaiion. sU￿¢0mMI￿e￿ have no ex￿Ul1Ve or fornial ]y)w¢r5 but act to ensure that the resp)nsibilities and duties of the ￿11 Executive Commitltt are being CWTied Iwt &5 thI￿O￿8b]Y and as etTiciently as ssible. allowing for the maximum due considernion. care and attenti¢M lo all matt¢r5. It is the thkty of the chaimlan of each sub-committee 10 presalt its findings and recommendatii)n5 to th¢ Charity's Chairnian and to the ￿11 Executive Committee for discusston, review. votin& action and ratifKation. thwing 2024. the Grants Subiommittee and the newly formed Mentsl Health Grants SU￿Committee rnet numemu5 tim¢5 lo r¢view n¢w. existing and on-going grant applications. Th¢ r¢¢(wnmendations of each Grants sU￿cOMmIttee meeting wert ratified by the Executive Committee following each rneeting. Adminl$trAtIoTr unpatd, elected chainn￿. Giles Cwper. continu¢d this y¢ar with a handswon apwroch to the management of lh¢ Charity and presented the Truslxs and Ex￿￿tive Committ¢e with regular opp)rwnities to observe and influence the day- io-day operation. The value of donat¢d (unpaKI) services afforded to the Charity over the peri￿ by th¢ Chairman, Giles Cooper. is estimated to be £l10.(N)0 (2023: £105.0￿). The Charity would like to p]ac¢ on rewrd its thanks to Ghl¢s Cooper for all his lime and eff4)rt in this r¢5P¢Ct and a150 for bis w￿k on the Charity's main fimdraisÉng ¢Yenl, the Royal Variery Perfonnance. Ruval Variet Ch¥rily Tru5tee5' Re￿rt Financi#l Statements 2024 Trn A¢courttiDg 4nd Reporting Ruport51bilities The ¢lected Trustees are responsibl¢, on behalf of the ￿ecutiVe Committ¢¢. for preparing the Trystee5' Report and Financial Statements in accordan¢¢ with applicable law and United Kingdtyn Accounting Stsndards (United Kingdom Generally Ac¢epted Accouniing Practice). The law applicable to charities in England and Waks requires the Tn￿ to prepwp financial 5tstements for each financial year which give a true and fair view of th¢ stale of affairs of th¢ Charity and of the incoming resource$ and applic￿10￿ of resources of the Charity for that pttiod. In weparing these fllwi¢i41 Statem￿1& the Tntstee5 are required to.. Select suitable accountltig wjlicies and then apply them consistentty; Observe and comply with the method4 guidelines and Pr1r￿1P1eS 0￿11￿￿ in the Charty Cornmis5ion's'Stst¢ment of R#omm¢nded PtZCiice' (SORP): To make judgements and estimate what is rea￿able and pnthit" whether aFplicable a￿untIng standards and stat¢menrs of recommended rKactice have b¢en followal subie¢t to any material IkPartUr￿ disclosed and ¢xplained within the fIna￿la1 statemu)LS" To prepare th¢ financial ststements on a going concern b&8is unless it is inapproprial¢ to presume that the Charity will coniinue in operaiion. To employ 8 finance director with d¢legat¢d resp)nsibility for keeptng pmper ￿OUntIng recordq and who is able to disclose with all reasonable at any ttme th¢ fmanciaj position of the Charity and io ¢nable them to ensure that th¢ financial ststements comply with the Chwities Act 20118nd th¢ Chariti&q SORP (FRS102). the Charity (A¢¢ounts and Rep(￿ts) Regulations there under and the provtsions within the Charity's Rule5 and ConstilutÈon: The r¢sponsibility for safegu8rdiDg the assets of the anl hence. fv taking reaS￿able steps to ensure the preveniion and detection of fraud and other inegularities. The responsibility for maintsining honesty. int¢grity and good w￿lce within the Charity. and to ensure that all finan¢ial infomiation prfsentejj internally and wblicly presents a true and IKMe5t refleaion of its STluation. Internal Cotttro￿ Transp*reney xttd Dijclosures Internal controls over all foms of exp¢nditiwe continue ts> b¢ refined to irnprov¢ ¢ffi¢i¢ncy. with financia] Fwcesses and safeguards in place to ensure that performance is monitored ¢los¢ly. The Charity's ¢mployed fmance director 15 responsible for providing a monthly rewt (cimitaining all matters of imw>rtance) togeth¢r with monthly management accounts for review by the ¢lecled ChaiTman, elected Tr¢asurer and honoTW Lif¢-President. The Trrasurer, in-turn. presents a summary of this report io ih¢ ExKutive commit￿ &t ¢*h of theirrneetings. Internal controls include.. a detailed annuat financial l￿dget 8ppft)V￿ by the Tn￿s. r¢gular consideration by the Th15tees of the ongoing financial results, includin& variances fnxn budg¢t and be￿hM￿Jn8 mi¢ws' the delegation of day-to-day management authority" and the identificati(Trn of, and manag¢mcnl of risks. Whilst the ele¢ted Trustees are responsible for strategy and the long-terni well-being of the Charity, it is the governing Executive Committee that is at the h¢art of the day-to4ay operntion. It's members me¢t at least six times w year to appTOV¢ and ratify expendiwre of the charity. This includes exF*nditiJre not included in the annual financial budget and the awarding of grants and other payments to the Charity's many beneficiaries. The Exte￿1ve Committee is also re5pon5ible for the Charity's care home. Brinsworth Ho￿e and this responsibility include5 the home's upkeep. repairs and rnaint¢nan¢¢. together with the safety. security and welkbeing of its many residents. tn 2024, th¢ Trustees le-ap￿)in1ed Evtlyn Partners Thjst CoTWthn Limit&1 ￿ the Charity's regtstered custodians. As ustodians, Evelyn Partners IK)Ids on trust a]1 title deests of the Charity's pr￿￿1¢$ and custody of the charity's various trademarks. Roial V*rtelv Charity Trustees, Report FillaDcial Si#iement$ 2024 contiDued Publi¢ B¢nefit The Charity mnains committed to the aim of w)viding 'wblic t¢nefit' in with its founding policie4 and the Trnstees confTh that they have paid due Tegard to the w)visions of section 17 of the Charities A¢t 2011 in setting aims and objectives and planning fvthre a¢tivities. The Charity. under its ChaiTrnanship. has been transfornied over recent years and now provides a M￿l¢M 5PITit of transpgTW and including detai]¢d disclosures and a complete overhauling of the CharÈty's governing 'Rules athl Constiiuiion.. (￿T Grants and M¢nts] H¢alth sulFcommitte¢s met regularly over the year and at all times ¢•refulty considered ayeas where it Could improve work for 'public benefit. and 5ub5equenily recommended to our fvll Executive Committee that they Trtify the awarding of numuous grants 8￿d gifts to th(ts¢ in need. This year. the Charity award¢d grnits to indiv1th￿]S totslling £164,540 (2023.. £164565). In addition to the grants. the Charity contributed £147.454 (2023: £227.151} towaTds we hom¢ fee shortfalls fff residents at Brinsworth House. The Charity also spent £77,914 (2023.. £1.412.818) on Tefijrbishment aT¥I improvement costs to Brin5WOrth Hou5¢. In summary, the Charity's operational plans are devisgj to combine (Aff straie8ic objectives with OUT finan¢i41 mean$ and are developed to maximis¢ wr expenditure towards our many b￿eric7arl&s. being mindful of the Charity Commi$$ion's 8uidance on incre4sing'wbli¢ trtn¢fit'. Rlsk Management The Trustee$ have intr(Nluc¢d fornial risk mamgemenl pr{K¢s￿ io &sess risks and implement risk managemeni strategies. This has involved ideniifying the ty[￿ of risks the Charity may fac< prioritising them in tenn5 of Pctsntial impact and their likelihood of oc¢urrence. and then identifying rn¢an$ by which to mitigate those risks. A5 Part of this process the Trustees have review¢d th¢ &lequacy of the Charity's curr￿1 int¢rnal controls and the costs of OP¢Tating particular controls relative to the benefits obtain¢d. PrLKedures have been estsblished for retMNtin8 failings imm¢diatety io appropriate levels of man¥4g¢m¢nt and Offtcers. The principal risks and uncertainties facing the Charity are the protection of the interests and needs of our more vulnerable beneficiari¢s and our ¢ontinuing de￿den￿ publi¢ support for the financing of our ess￿tial a¢tiviiies. 18 noted below and in conn¢al￿ with our reserves policy. In view of lh¢ legislative changes within the Charities Act 2011 with re]atKM) io ¢¥r¢ homes. the Charity has employed th¢ services of Croner Group Limited th provide comFttent t￿hThI￿ advice and p￿tICal support in th¢ rnanagement of Health. Safety and Wellbeing and wh(6¢ main role is to ensuT¢ tha¢ all ryul￿ory requirements ar¢ complied with and maintyined. The generic contmls u￿d by the Chgrity w minimise Tisk include: Any strategic devel￿ent planning under review: Comprehensive budgeting ¥nd m¥nag¢ment accounting; Fornjal written policies including clear authOri￿10n and approval levels" Vetling pr(Ked￿￿ &8 required by law for the prot¢aion of the vulnerable; and Carrying (Njt an Un-anno￿1c¢d mock c￿ insrnion. Health and safety is always paramount Ls part of our risk rnan8gem¢nt controls and the risks within the w¢ home Tange from fire hazaTds to infr&struaure repairs and maintenance to F*T$(￿l itsks. The number of activities within th¢ care hi)me e both abundant aThJ IMpr￿1Ve and the risks associated with all activiiies are minimised to the best of th¢ Charity's ability through plajningand continual. on-going risk assessm¢nL The Tnjstees and Exe¢u¢iV¢ Committee are satisfied thaL for 411 major ri%ks identifJe41 approwi*e wntrols and fimds in the R￿erVeS are in place and maintsined ￿ mitigate those Tisks thqu*ly. It is reco￿lSed. however. that systems and risk management ¢ontrol$ only provide a level of reasonabk assurance #nd not absolute assurance ihat major risk$ have been Manag￿ and minimised eff¢ctivety. The Charity's main fimth?isin8 event TKdS held in 2(r24 #nd geD¢ratrd subthtial fund5. Objectfv¢s •nd Actlvltie8 of the Ch*rlty As detsiled abov< the Charity h&$ always paid due reg4rd and ¢￿Sidera10n to the published 8ui(kline5 by th¢ Charity Commission Telating to the 'public benefit. requrem¢nt of th¢ Charities Act 2011. Variet%, Charity TrusteL's' Report a￿d Financial Stattmciils 21124 Mission Statement The Charity strives to support all those in need of help and 455islance. young And old. who have W0￿ed ￿ ihe stage, in the wings, in front of a eam¢ra or behind li &$ well ￿ all those who have spent their lives working in th¢ numerous support industries upon which th¢ ¢ntertainmeni profe&siffi relies. Aims Obje£tiVe5 The Charity's aims ¥nd objectives are ts the Telief of ￿VertY of perfim*T5 and entertain¢Y% and other peiyple who are or have been closely a950ciated with the ¢nl¢rtainment profession {'Entertainment Artistes,). and their surviving p8rtners. 5POU5es and de￿ndants and for this PWFK)se. but not othttwis¢. th¢ income and protffj of th¢ Charity shall be 4ppli¢d $ol¢ly for the promotion of those objects, in¢luding: To award grants to alleviate hardship" To contribute to. or pay all. funeral expu) For so long &8 th¢ Ex￿ul]Ve Committee and Truste¢s shall deierniine PTud¢nL to operate and mainlain a nursing care home for 'EntertaitJment Artist¢s' and to Contri￿te to the fe¢s associated with being a resident in the hom¢. The Charity's dedicated care home. Brinsworth House in IWKkenh4m. west I￿nth)n. h&% f¥ilities for up to 32 residents - 16 resid¢niial and 16 nursing care r¢sid¢nts- who Tequiye thll ty S￿1-nu￿1ftg care. Our vision is to ensure for those who have d￿7rated their livL% to the entertainment of (Ah¢TS Illne￿ wvety and old age don't hind¢r and degr&Je the ron8ind¢r of their liv&s. Our obj¢¢iiv¢ to Provide relief to 'Ent¢rtainment Artistes, and their famili¢5 by helping to improve th¢iT comfoTL suffeTin8 and misfortune by providing support and working in partnership with those who share our vision ond misston. Aehiev¢rnents Performa*¢e As has been the case since the Charity fowided in I￿%. it'$ Core home. Brinsworth House. in Twickenham, west London, sits at th¢ very core of its op¢rall(￿. Members of the management b(￿Y are in close daily contact with the home's clinicians and administrators to ensurE thal th¢ established high of care and accommoda¢ion are maintained and enhanced. Monthly meetings are held with stsff and with residents and their families to c￿lish levels of $8tisfadi(m and identtfy any areas which May requi￿ attention. The Charity's Executive Comrnittee members ar¢ thosen to represent all age groy and to provide advice and counsel based on their exten5iV¢ ¢XFerience working in a wid¢ variety of business and ¢hority Secto￿ including property. finance, charity admini$tr*ion and the entertainmeni industy itself. Entertsinment and a¢tivilies are essential fattors for th¢ m¢ntsl well-Eeing of our r¢5id¢nts. We would like to ihank all the artisies who entertained our residents.. Angus Cuftningham, Peter Toth. Paul Wood, Brnce GTalwn, E15peth Wilkes. The Royal Theatrical Fund & A¢¢ors Benevol¢ni Fund Choir. Tom Carradin< Chri￿]n4 Johnth. Andy Eastwoo4 Carol Anne Wells & Del BearfooL Sieve Geller. The Rah R8h Theatre CompKny. Harry KeTsley. Actor5 Richmond Centre. Johanna Maki, t>avid Frankel. Katie Lewi$, Shannon Re￿￿oft, Sam Jewison. James Hodgson. J&50n Allen. Katie Milton, Lloyd Ellery. Jordan langford. Wendy Carr, Emm& James, Jack Pallister. Mike MaT8ndi. ViLtoria Franci4 Maurhce Kachui Eel Pie Two. Stringfever. Jami¢ and Jay. Bobby CTush, Meredith White. Anna CamF&in. Opva Holland Park. Jam¢s Hay, Martin Cleave. Ben Stock, Damian Jay .. B¢li¢ve-A-Bubble, Scott Penros¢. FJnily Hai& Catherine Wilmer. Kate EIMKQ Caroline Bernstein. Gary Bland. Mel HaTV¢y. The Decibelle4 Kate ROtr￿ Steve Burley. Simon Bathfort and Stephen DickInsc￿. In addition. a¢tiviii¢s includ￿.. flower arran8in& grneral knowledge quizzeK rnovie4 fit￿ ses5ion& nails and hand m&wges, Arni¢hair yogi bingo. group Cro￿w￿￿￿ and singing. 1ni¢rder￿)M]natlona] p&tornl c•re 15 in the hands of our Chaplain. th¢ Rever¢nd Simon Grig& The Charity has Sky TV for the resident's thJjoym¢nt. Rov31 V4riety Charit!. Trustet5' Rtport and Financial Siatements 2024 eoDtinw•J Aehlevements Perfor￿￿￿¢¢ {￿lI1￿med) Our clinical, car¢ and adminis¢rntiv¢ staff Underto￿ a wide range of topics from our E-l¢aming pro￿nMe. our ¢onsuhant trainer and external s¢s5ion4 ¢ov¢ring such dive￿ iopics &$ medication managemenl Covid-19, infection ¢t￿trOl. end of life care, food hygi¢n¢, mouth care, moving and handlin& Moior Neurone Disease, and rxord keepin& Our *aff were awarded 357 certificates of proficiency in a varhety of C8rtrrel￿ed topics through ¢-l￿rnIng and internal ￿1r5e$ provided by our outside training cthsu]tsnts. Technology w&% tsken advantage of during a thall¢nging year for Iwr In-h￿Se trdining programm¢ with som¢ se&8ions held ￿ z￿n. Brinsworth House is a long-stsnding and ttspectrd M￿nbtr of the I(￿al community and is proud of its strong ¢onnection io the area al￿ its firni relationships with the local Primary Care Tn￿ th¢ emergency services and local schoo]5 and wll¢g¢s. FuDdratsittg xthd Eveits The Charity's principal annual fundraising event is the Royal VaTi¢ty ￿OrnIan¢& which was staged in 2024 at the Royal Albert Hall on Friday 22 November 2024. The Chairman of the Charity. Giles Cwper. w0￿ed ¢k*¢ly with ITV Studios to prThluce this unique eveni. whi¢h w attended by His Majo the Kin& patron of the Royal Variety (Jarlty. The $how was hoM¢d by Alan CaTr and Amanda Holden and the 8rtist&s feattwed included.. Starlight ExpT¢4 Benn¢tE Cirque Du Soleil. st￿en Mulhern. Marisha Wallace, Matt Ford¢. James Bay. The Devil Wears pr￿ OliveTI Lgny Dean. Sophi¢ Ellis-Bextor. Penn & Teller, The Comedy Spie4 Sydnie christsn￿ Ellie Taylor. Nemo. Ènglish National Ballet's Nutcracker. and Change and Che¢k Choir. The show w&8 televised in the UK on ITV and ITV HD and streamed on ITVK attracting high T￿1￿8$. As usual. the show was also ￿re¢￿ed around the world. including on Christsn&8 Day in A￿￿tra]i￿ New Zealand and South Afri¢a. The Charity would like to put on rKoTd its thanks w ChainnaD Giles forhis hard work and ¢nthu$i&vn. The Charity receives royalties from clip5 of Royal Variety Perforn]ances whith ar¢ shown on t¢l¢vi$ioft worldwide during subsequent year& In 2024. these royalti¢5 8moun*d io Over£1￿,{￿￿1 and aTe included in"FuDdrJi$ing" on page 10. The ITV'S 'Britain's Got Talent. geT￿Ta￿ in¢1icable in the UK and Republic of Ire]and (FRS 102). Th¢ Charity meets the definition of • wblic benefit enlity undeT FRS 102. Assets and liabilities are initially re¢ognised & historical ￿>s1 ortran$￿￿ value unl￿S otherwise S￿ed in the relevant accounting policy notels). b) Flxed Assets Fixed assets are recLYded at cosl exc¢0 for fre¢hold Amounts in¢u￿¢d OD Wit41 items over £l.000 are capitslised. The Charity ha5 r¢v¢lued the fiteknld land and building5 and the revaluations have been included in the accounts. De[￿xIation 15 ￿ulated to write off the cost of all tsngibl¢ f]xed assets. other than freehold lan which is not d¢pr¢ciate(L in equjl instshnents over their estimatul us¢fvl lives using the following rates. Fstim4￿1 Useful Life Buildings Furniture, Fixture5 Jnd Equipnent Computers and oifi¢¢ Equipment Trademarks and Patents 50 years 10 years 3 years 5 years Inco￿¢ Fee and ticket sales income is Te¢ognisNI when Te¢eiv4ble. rA)nations are recognised Tn the year when they ore rxeived. L£gacies are rf¢ognised at the w)int wh¢n eniitlemeni and amount are confirm￿. Grnnts, where ￿tItlement is not c4jndillon￿ ffi the delivery of a S￿cIfiC Fthance by the Charity. are recognis¢d when the Charity t*comes unconditionalty ￿tIlled to the granL d) Expendhwr¢ and Its b￿5$ of*lloutio All expendiiure is dealt with on the a¢¢n￿lS b&si$ 8nd includes value pldol tax where charged. Charitable expendifure ￿mpriseS those costs InCu￿￿j by the ChoTity in the delivery of its activities and services. It in¢lud¢s direct ¢osts of activiti&s and those costs of an indirea nec&ssary to SUPM th05¢ activities. 4llo¢at¢d betsv¢¢n expenditure categories on an apyrwi¥¢ b¥is a8 set out in note 5. Gov¢mance costs are those co#s associ￿ed with meding the constitutional and ststu¢ory wuir¢ments of the Charity and include the audit fee5 and costs linked io the stratrgic management of the Charity. F￿Trd #eeMDtiDg The unrtstricted fund5 ar¢ fees and other income receivable or gener￿ed foT th¢ obj¢ctiv¢s of the Charity without fikn*her specifid purpose and are avai18bk as general fimd& There were no r¢stric*d fund% (2023- nil}. Designated funds are funds sd osid¢ by th¢ tnL4ees out of unre5Med geD¢ral fill￿S for specific future purwjses or projects. 13 Roypl Varieiy Charitv Truslee5' Report and Financial Statemcnt5 2024 tes otheFI ciil St*te]BeTrts for th r 2024 eontln countittg Pollcles (eotttlnued) T•x*¢lo All income and gains are ¢xernpt from tsxation and have been or will be applied for the charitable purposes. Irrrfoverable VAT is attribui¢d to the relevant category or capithl expenditure as appropriate. CoÉng CODce The a¢counts hav¢ been preTMred on the a&wmption that the Charity is able to carry 00 its activities as a going ¢oncem. In assessing the Charity's abiliry io ¢ontinue as a going concern, the Trustees have considered the Charity's liquidity position and reviewed cash fl(￿ forecasts fw the r￿e5ceable futur¢. In addition to it5 c&sh res¢ryes, it h&$ ￿ investtnenl ￿￿0110 io draw UPC￿ with no external debt or security. For this reason, the Trnstee5 continu¢ to adopt the going concern basi8 in preparing the financial sthtements. h) Leased obligatloms All lea5¢5 are .0￿￿tIng Le&ses- and the arLnual T¢ntals are charg￿ to the sthtement of financial activitie5 on a straight-line basis over the le￿ i¢rn). Flxed wet iDve5twents Investments have ￿en valued at th¢ bid prices &8 413 Ilf DecemlxT 2024. Iiivestment properties are ststed at ¢h¢ir Mark￿ value ai the balance sheet date in xcordano with the SORP. Any ￿rp]uS or deficii arising on revaluation IS taken directty to the fund &8 an unr¢alised gain or105s. No ￿reCIati¢)n is chaTged on investment pryrty. Penslon schemt i) Costs are associated with the defined Contnknuti(￿ autTrenrolmeni ￿S￿on s¢heme and charges against th¢ operating surplus are ih¢ contributi(xJs payable io th¢ ￿herne in resprft of the accounting period. Stst¢Thent of c*8b Iktyws k) The Charity'5 cash flow ststemeni reflects the presenwion requirem¢nts of FRS 102, which is different to that prepared under FRS l. In addition, th¢ cash flow statement reconri1¢5 ￿sh and cash equivalents whereas und¢r pr¢viou5 UK GAAP lh¢ sratement Ye¢(￿clIed to cash. i) D¢btors IklMw5 and other del*or5 are recognised at the settkment amount due after any diswunt Offer￿ Prephyments are valuol at the amouni net of any discounts due. Creditors ¥4Dd provisK) Creditors and provisions are recognised where the Chtrity h43 a pre￿t obligation Tesuliing fr(Kn a past event that will probably result in the transfer of fimds to a third phrty and the arnouni due to settle the obligation can be measured or esiimated reliably. Cr￿l¢or$ and provisions ￿ n(Ymally reCO￿lsed at their s¢ttlement amoun¢ after allowing for any di￿O￿nts due. Gr*Ats Grdnts are reCo￿lS¢d on a receipts basis. 14 Roy*l V#rielv Charily Tru5t¢es' Reporl and Fin8neig1 Statemcnls 2024 Note5 to th¢ Fltt #elal St*tan¢n ear end l* Detembtr FIXED ASSETS INVFSTMENTS 2024 2023 Llsted Invu¢m¢nts Market Valu¢ &8 at l January 2024 Add.. athjition to investments at ￿>St Increased retained cash Less: disp05a Less: withdrawal Addl{dethi¢t) Ttet gain￿(k￿s) reali5ed A&J net gains (In revaluations .137.747 1.911,444 47.597 606.117 (641,619) (202.7881 (788,895) 35.347 (12,835) 57.331 15.938 Market Value a131" Deeeober 21)24 1,027,637 1,137.747 2024 2023 b) Dividend income Other interest rK¢ivable 50,298 13.476 69,096 16,783 63,774 85,879 DONATION& APPEAiS AND FUNDRAISING EVENTS 2024 Donations Other fundraising events 25,976 59.425 27.256 59.425 15 al Variel). Charitv Trustee5' ReDorl and Fin8neial Staternent5 2024 Notej fo the Fl t*ttmtDts for the 315t Deeember 2024 tinued 4 (•) TOTAL EXPENDITURE 2024 BrIn$￿rth H•use Cost of r*sidtht&•l GMentiNi Jh*rsiDg Cb•ritsble Covern*Dte FTfftNds C*r¢ Aid Costs Sypport Costs Totsl 2024 Stsfjf *n4J relottd eojts CAteri*g L*¥hdry, ck*AiAg And m¢dk*l Repfilr$ Ithd maintenxnee Utilltie& ritu and kns4raNct Other eosts CeAer*l expens Publicity •ttd marketing Royal V*ri¢ty Performince Other ev¢nt etssts Printltt%* PO$¢gge 8nd thtiomery IT *nd eq•ipment Audit Al And pr•f¥¥ion*l Depreeixtion Bank tharyes Grants Investmemt m•w¢m¢#t eo¥ts 8&120 1.915.638 151.788 I￿&02 121040 103.304 314241 37.fA 85,288 2.12 151.788 19&802 12LO411 141.193 314410 21.724 S&7114 491W41 32J12 24A17 37.889 169 14,381 255 58.704 491,041 32J12 24,417 23,882 22.320 40,663 22J20 40 I￿734 221930 3.PA>4 2.633 164.540 164J40 3J15 DRrect ¢osts 671747 JO4743 20L148 J9L463 4167,172 Support e•st GovtrMfin¢¢ ¢•st 96232 35.035 96231 35.036 (191463) (70,071) Tot81 Colts 3.160•10 148 4.167.ITA 4 (b) TOTAL EXPENDITURE 2023 Homse Cost or residetslhl CeNer8ti¥ *•d •urs* Ch*rit#ble GovtrnAn¢¢ Funds Cart AMI Cojts Support Costs Totsl 2023 Staff and related costs C•teriag Laundryy de8ning and ￿￿11￿] Repair5 and mainttnanet Utilit1¢5. Tatts and i05Ufallt¢ Other running Costs C¢neril oifice expenjes Publicity and mxrketini Royal Variety Perfomxnce Other evtAt tosts Printin& pojtagt And st*tio*¢ry IT And equipment Alldit Iwl 8Dd proftMioAal Depreciation Bank ehBrges Crants Investment mgn*gemtnt costs 1.636367 134.642 149.167 34273 85.gYMJ 34,801 83.710 J%19.750 134,642 149,167 34273 124JJ2 94,627 38A25 45179 473A07 3￿12 18.991 24433 24.OiKI 51 J42 123,123 38.432 5.222 20,039 17.414 45,879 473.407 3.012 972 14991 24,433 24.(KK) l4J60 372r2 121275 2.833 164.565 164565 9,187 9.187 Direct to 613SII 2J89311 199J66 39J32 194.9)8 3J36A88 Support ¢o$t GovtrngD¢¢ ¢Ort 97254 19.766 97254 19.766 1194.508) {39.532) Total Costs 73WI 2AW31 199J66 3J36.488 Ib Rtsval Varitiy Charity for the r ended 3111 DeCem￿r 2024 Hlinu¢d STAFF COSTS 2024 2023 Wages and salaries Social Security Costs Pensions Agency and contract stsff ,859.592 188,613 45.679 32.770 1,609,854 162,033 39,720 8,143 2,12fj654 1019,751 The total c05t for our five Key M￿agement PeTsonttl during the year w&8 £325.530 (2023.. £285 J59). Their salaries were in th¢ following bands.. 2024 2(Y23 £70.IKJI p.a. to £80,000 p.& £60,￿1 p.a. to £70.(MI p. Below £60,000 p.& No other staff rKeiv¢d £60k (Y moT¢ ￿ the year (2023: nil). 2024 2023 No. The average weekty nwnt*rof employees ￿se￿A by function was.. Brinsworth Hirtwe residential and nuv5ing car¢ Fundraising and publicty sUp￿rt $tsff 47 45 49 The Charity had SUPlMlrt from three volunteers in the year (2023: tsvo). TRUSTEES No ¢molume41ts were paMI to the TTUStees during the year12023: £nil). Trnvelling expenses of £4.788 were poid to nine TTUStees during the year (2023: eight Trusttts £4.325}. 17 Ro)'#l Varieiv Charil Tru5t¢e5' Report xnd Fittaiicial Statemenis 2024 N t t th TrlnaneialSt* tsforthe ear tAd 31*t December 2024 ontinued TANGIBLE FIXED ASSETS Furnitu Flxtur¢g & Equip￿¢￿1 Cothpwters And Otri¢e EqulpmeDt Fr¢ehokl B￿lkI1¥85 Total Cost OT valuatlo As at 1st January 2024 Additions 9.371943 110.637 356,314 209.650 7.303 9.179 9,73WO 329,466 AS *131st Dee¢mb¢r 2024 9A83JKI 56S.964 10.116I026 Deprtclation As at 1st January 2024 Charge for yeaT 846.387 177.594 56.380 45.336 3,419 3.804 901186 226.734 As a¢ 31st December2024 1.023,981 101,716 1,132920 Net B(H)k Value As Jt 315¢ December 2024 &459S99 9259 8,931106 As at 31st D¢¢¢mber 2023 8J2W6 299,934 8,830J74 The trustees made the (kcision to Yevalu¢ the in 2014. The ¢ffKtive date of rhe valuation was 4th December 2014 and it was re¢ognised in the financial statgnents ended 31° De¢¢mbEr 2014. The valuation was perforn)ed by Shaw and CompaTJy (Surveyors) Limited. The valu*ion was made in ¥￿rdance with the Pra¢ii¢e Siatements of the IUCS. Appraisal and Valuation Manual. li wls wried out by an external valuer who conform5 to the requirements of Ihese Practice Siat¢m¢nls. The valuaiion w&8 based upon existing T4alue of Brinswotth Hous¢ al ih¢ valuation date. The historicA] ¢ost canying amouni woukl b¢ £1.107J87. Fully depreciated no longer in ¥ were Written off in ihe year. 7b. INTANCIBLE FIXED A￿rn Trademarks p*tents C051 As at 1st January 2024 Additions 50.453 AS at 31st December 2024 5Q453 Depretlatitin As at 1st January 2024 Charge for year 50.453 at 31$¢ December 2024 SOA53 Net Book Value A$ •t 31$t [Itte￿ber 2024 As at 31st December 2023 18 Royal Varict¥ Charitv Trustees. Report and Fin8nci81 S¢at¢m¢nt$ 2024 Note5 to the Fi•4￿ ￿t￿t￿ts for the r eDded 31" r 2024 DEBTORS 2024 2023 Residents & oth¢r fees Prepayments Other debtors 65.971 57,159 29,766 271,928 47,344 24.185 IS2096 343,457 CREDITORS: Amounts f*lling due within o•e ye*r 2023 Trade Creditors Oth¢r tox&% and social security co*s A¢wal$ and deferred income Other creditors 320,788 43,949 163.832 6.308 371.726 40.360 140,614 11.162 534*77 563J62 10. {*) FUJYD BALANCES 2024 l J*n**ry 2024 IMeoJTre kJ* 31 December 2024 Expendi¢¥r¢ Transfers UDrestri¢¢¢d funds General re5¢rves D¢sign•t¢d funds Fixed &55¢t fund 1.475.970 4.026272 (3.940.438) 1329.466) 1,232,338 8.83OJ74 1226,734) 329.466 8.933,106 Total vDr¢strieted funds IOJ116J44 UW72 (4167.172) 10,16S444 10. (b) FUND BALANCES 2023 l J8llV8ry 21)23 Ineome 1¢ Inve5tw¢•t 31 December 2023 Expthdifvre Tr••sfers Unrestrlcted funds General reseTY¢S D￿jg￿￿ted f￿￿￿$ Fixed asset fund 3.194.625 3.058.1)22 (3226.Th)) (1.550.4rn 1.475,970 7.403.020 (123.123) 1.550,477 8,830,374 Totsl unrestricted IOJ97.645 3.OA1I22 13J49J23) lOJo6￿4 19 Roy#l V#rieiv Charit Tru51ets' Report FiTranci#l St8iemcnt5 2024 tes to th ￿n*￿tIll St*ta# ts for the ar e#ded I" Derember 2024 tiDu¢d (4)ANALYSIS OF NET ASSETS BETWEEN FUNDS 21)24 UNrestricted Deslgn#t¢41 Funds Futhds Totsl Fund balances as at JI D¢c&nbv 21r24 are repres¢nt¢d by.. Fixed ass¢ts Intangible assets Inveskn¢nts Currenl assets Curret)t liabiliti¢5 8.933.IrJs 8.933.1( .027,637 739,578 (534.877) .027,637 739.578 (534,877) Total net •Ssets 1332J38 933.1( 10.16S444 (b)ANALYSIS OF NET ASSETS BETWEEN FUNDS 21nJ Unre51ricted Funds Deslgrtal¢d Funds Tothl Fund balances Is at 31 D￿ember 2￿23 are represented by". Fix¢d assets Intangible assets Inv¢stments Current assets Current liabilities 8.830J74 8.830.374 .137,747 2,085 {563,862) 1,137,747 902,085 (563,862) T(rtal net usets IA7WO 8J30J74 IOJ06J44 12. OPERATIIYG LEASES 2024 2023 Payable: Within l year Payable." 2 - 5 years 75.642 121.142 69.819 178223 19&784 24W2 Th¢ operdting leases relate to total costs of laniL i￿]ldIngS aThJ equiKMnen¢. 13. RELATED PARTIES The Charity has ¢onsideTed th¢ disclosure vequiyements of the so￿ (FRS102) and kli¢ve5 that the following 'related paty transaciions,, whi¢h were made at an 'arni's length. b15]4 requires disclosure.. During the year ihe Charity used the 5ervicxs of Giles Cow Ertitttyinmem Limit￿ a company own¢d by Mr Giles Cooper. at a total cost of £34.9)O plu5 vat (2023: £34.9(M) plus VAT). The company carried out 'don*¢d' marketing services for the ChaTity'S annua] fvndrdising evenL the Royal Vari¢ty Perfornance and the after-thow paty and includes the costs of placing advertisements in national newsp4)ers. the design production of the Show's brochure and associated marketing materials throughout the year. The s¢rvi¢¢s aTe reqcharged at Cost. The design servic&8 are put out io tendtr ¢v¢ry fiv¢ years. The balance outstr￿lAg at 3111 December 2024 was NIL (2023.. nil) During the year Mr Gil&s Cooper also donated his prof￿10nd] time for advi￿ry services rehted to fundraising and governance. The value of dOn￿rA1 Servic￿ is calculaied at £l10.INY) (2023 £105,LK)O). 20 Roval V8riet}' Charilv Trustees, Report and Financial Stalemtnts 2024 the ￿￿*￿tIll Statffiients for the r ended 31* 13. RELATED PARTIES (tonll*lled) Committet memlv Kay Carn)an stsyed at the Charity's care h(w BTinswonh Ho￿. from the July to the 27 SeptembeT 2024. with 8 £1.928 care fees yjbsidy by the Charity. There no oth¢r ￿lat￿ paty transactions wuiring di￿10$U￿¢ in year. CAPITAL COMMITMENrs The ￿arIty had no ¢gpital o)mmitments &the financial year end (2023:£nil). 21 Royal Varieiy Charifv Truslees, ReDori Fiii¥ncial Siatemcnls 2024 Indeptndent Auditor'$ Y¢port to the Membtys ofTr Royal VArKty Ck•rlty Opinton We hav¢ audited the financial statements of the Royal Varidy Charity for the year ended 31 D¢¢¢rnber 2024 which comprise the Ststement of Financial Activities. Balance Sheet and Cash Flow Statement and note5 to the financi staiements. including a summary of Significant accounting pilicies. The financi0] reporting framework that has l)e¢n applied in their pr¢par*ion is applicable law and United Kingdom Accounting Standard% including Financial Reporting Standard 102 The Financial Rwrtingsiondardapplicable in the UK andRep¥bli¢ oflrelath4(United Kingdom fj¢n¢rally Accepted Accounting Practice). In our opinion. th¢ financial slatemenL%-. give a true and fair view of th¢ sthte of the charity's affairs &% 4t 31 t)ecember 2024 and of the charity's net movement in funds foT ihe year th¢n ended. have been properly prepared in accordance with Uniied Kingdom Gen¢ralty Accepted Accounting PrJrli¢e' and have been prepared in accordance wilh ihe r¢quir¢m¢nts of the Charities Act 2011. B*sls for opinio We have been appoint￿ a5 auditor under s¢c¢ion 144 of the ChaTities Act 2011 and rep)rt in a￿OrdanCe with the Act and relevant regulations made or having effect theretsnder. W¢ wnducted our audit in accordance wÉth Internalional Stsndards on Auditing {UK) (ISAS (UK)) and applicable law. Our rwsibilities under those stsndards are fi]rther described in the Auditor's responsibilities for the audit of the fmancial st4t¢ments 5e¢tion of our rel￿. We are inderMd¢nt of the charity in acwrdance with the ethical requirements that are releV￿t to our audit of the financial sthtements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethi￿1 responsibilities in accordance with these requirements. We b¢li¢v¢ that the audit eviden¢¢ wt have djtained is sufficieni and appr<￿ to provide a basis for our opirti￿. Conclusions relatln8 to go1￿ ¢ottern In auditing the financial stat¢menl4 we have concluded that the tsW*es' use of the going concern b&si$ of a¢¢ounting in the preparation of the finan¢ial SM¢Tnents is appropriaie. Ba5¢d on th¢ WOTk we have wfomi¢¢ w¢ have nol identified any maierial unc¢Mainties relating to events or ¢onditions that. individually or collectively, may ¢a5t Significant doubt on the charity's 8bility to continue as a going ¢on¢ern for a period of at least twelve months from wh¢n the fHw]cial swements are authorised for issue. Our responsibilities and th¢ le$F*￿IllI1¢1es of the trustees with to going wncern are described in th¢ relevant sections of this report. Other information Th¢ trustees are responsible for the oth¢r information. The other infonnation comprises the inforniation included in th¢ Trysl¢es' Annual Report. Our opinion on th¢ f￿anCial statements does not cover the other inforniation and, except to the ¢xtent otherwise explicitly ststed in our rEIMrt we do nlrt express any fm of wurgn¢e ¢onclusion theteon. In Connecti￿ with our audit of the financial stst¢m¢n¢& our Tespcfflsibilty is to read th¢ other infonnation and. in doing w. consider whdher the other inforniation is materially irKonsislent with the fmancial 5fa*m¢nts or our knowledge obtained in the audit or otherwise appears to be materially mi55tst¢d. If we identify such incon5iSt¢ncies or apparent m*erial rniS5tatemeTtts, we are required to deterniine wlKther there is a material mi8statem¢nt in the financial statements or a material misstatement of the other infomjation. If, t4sed on the work we hav¢ pvf0rnke￿ we conclude that ihere is a material mtsstalement of thi5 other inforniatiW W¢ 8T¢ required to reF￿ that fact. W¢ hav¢ no¢hing to report in this Matters on which we *re requlred to report by exeep¢Mb We have nothing io rqK>rt in respect of th¢ following matters in relation to whi¢h th¢ Charities (Accounts and Repons) Regulattons 2(K)8 require us io reTKJrt to you tf, in our opinion: ad¢quate aecounting r¢cords have not Lwi kept by the charity" 5uffi¢i¢nt accounting records have not beeJ) kept" the charity financial statements are not in 8gr¢¢ment with the accounting records and rewms. or we have not rtceived all th¢ information and explanaticw we wuirt for our audiL 22 Ro)'al Varieli Chariti Try$iets' Repnrt And Finmneial Statements 2024 R¢spnslblllties octrustees for the financial statw¢Dts As explained more fijlly in the tru5tee5' resw)n5ibilitie5 #atemtht set out on page 4. the tn3stee5 are rryM)nsible for the preparation of the financi￿ ststements and for being sali5fi¢d that they give a knje and fair view. and for such internal control as the ttust¢e5 det¢nnin¢ 15 n¢¢¢sSary to amble the Ixeparaticffl of f]nancial statements that #T¢ fr¢¢ from mateTial misststemen¢ whether due ¢0 fraud or error. In preparing the f￿￿claI statements. the trustees are responsible for assessing the charity's ability to continue ￿ a 8oillB concern, dis¢losin& as applicable. matters related to going concem and using the going concern b￿1$ of accouniing unless the truste¢5 either intend io liquidate the charity or to cease operatio￿. ty httve no realistic alternative but to do so. Aw41itor'5 rtspottsibllltles for the *Mdit of the fiMn¢i*l st•l¢me4ts Our objectives are to obtsin re&80nabk assurance aL￿J1 whether the financial ststements as a whole are free from material rn155t#tement. whether due to fraud w error. and to issu¢ an auditor'5 rewrt that includes our opinion. Reasonable assurance is a high lev¢1 of ￿UranCe. tryjt is not a 8uardntee that an audit COn(￿¢d in accordance with ISAS IUK) will always detect a Tnaterial misstatement when it exists. Misslat¢m¢nts ¢th arise from fraud or error and are considered material if. individually or in the aggregate, they could rea$￿ablY be expected to influence the economic decisions of Us￿5 taken th¢ basis of these financial statements. Itr¢gularities. includin8 fraud. are instancw of non-cthnpliw with laws and regulation& We design ￿￿edureS in line with our resrM)nsibilitie4 Outlined above. to detert rn4terial rnisststements in respect of ]￿egularItIeS. including fraud. The extent to which our procedures are •1¢ of det¢cting irregularitie4 including fraud is detsiled bekTrw: Based on our understanding of th¢ charity and the envimnment in which it Opera￿ we identified thai the principal risks of non-compliance with laws and regUlati{￿S relttted to the Caye Stsndards Act 21XM) and th¢ Car¢ Quality Commission (CW) (Registration) Regulations 21x19. and w¢ wisidered the ex*ni to which non-compliance mighi have a maieTi&I effeci on ihe financial ststements. We a150 ¢on5idered those laws and regulations that have a diTeci impart on the preparation of the fmancial statements such ￿ the Chttrities Act 2011. We evaluated management's inethtives and Op1￿linitIeS f(r fru￿uleDt ￿￿7p￿14￿mI of the financial statements. including the risk of override of u)ntrols. Audit PTocedures perfcThed by the engagement team included.. Discussions wilh management including ¢(msider*ion of known or suspKI￿ in5thnces of n(ffi-¢ompliaAce with laws and regulation and fraud. Evaluating management's controls design￿1 to w¢vtht and det￿1 irregularities" Review of minutes of meetings held in the year" Identifying and testing journals in particular j￿rnal entries made a5 Part of the year end financial reporting prncess" and Challenging assumtyions and judgrnts m•k by managtment in theiT critical accounting estimat