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2021-12-31-accounts

Registered Company Number: 00243374

Registered Charity Number: 206524

THE ACTORS' BENEVOLENT FUND

Report and Accounts

31 December 2021

THE ACTORS' BENEVOLENT FUND

Table of Contents

Page
Charity information 1
Report of the Council 2-11
Independent auditors' report 12-15
Statement of Financial Activities 16
Balance Sheet 17
Statement of Income and Expenditure 18
Statement of Cash Flows 19
Notes to the Financial Statements 20-33
Detailed Income & Expenditure Account 34-36

THE ACTORS' BENEVOLENT FUND

Patron:

His Majesty King Charles III

Executive Council

Dr Eshwar Alladi Colin Bennett (Honorary Treasurer) Marilyn Cutts Nick Fletcher Karen Gledhill Peter Harding

Amanda Holt Imogen Irving Rebecca Johnson Christopher Luscombe Linda Regan

Auditors

BESSLER HENDRIE LLP Ashbourne House, The Guildway, Old Portsmouth Road, Guildford, GU3 1LR

Bankers

CAF CHARITY SERVICES, Kings Hill, West Malling, Kent ME19 4TA NATIONAL WESTMINSTER BANK plc, 34 Henrietta Street, London WC2E 8NN

Solicitors

RUSSELL COOKE 8 BEDFORD ROW LONDON WC1R 4BX

Stockbrokers

CHARLES STANLEY & CO. LTD 55 Bishopsgate, London EC2N 3AS

Contact Details

ACTORS' BENEVOLENT FUND 6 Adam Street, London WC2N 6AD

Telephone 020 7836 6378; Facsimile 020 7836 8978 E-mail : office@abf.org.uk

Registered Charity Number 206524

Registered Company Number 00243374 England and Wales

1

THE ACTORS' BENEVOLENT FUND

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

The Council present their annual report and financial statements for the year ended 31 December 2021, which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, the Statement of Recommended Practice - Accounting and Reporting by Charities (FRS 102) (SORP 2019) and FRS 102.

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing Document

The Actors' Benevolent Fund is a company limited by guarantee, incorporated in England and Wales, governed by its Memorandum and Articles of Association dated 29th October 1929 and altered by special resolutions passed 31st March 1936, 28th May 1992 and 18th June 2008. It is registered as a Charity with the Charity Commission. There are currently 752 members each of whom contributes a £20 subscription to be a member.

Organisation

The Board of Trustees (Council) can have up to 16 members elected by the AGM, with the President and Vice Presidents, as appointed by the Council, adding to that number. The Council meets monthly and in 2021 there were sub-committees covering finance, cards and IT & Website, that met less frequently on an as required basis. A General Secretary is appointed by the Council to manage the day to day operations of the Fund. He is supported by a Grants and Administration Assistant, a part time Accountant, two part time Welfare Visitors, a part time Office Assistant/Cards Sales Administrator and an Archivist.

The Fund's wholly owned subsidiary, ABF Trading Limited, became dormant in 2019 following the Council's decision to transfer greetings cards trading to the Fund.

Royal Patronage

His Majesty King Charles III, as previously His Royal Highness The Prince of Wales, has been a very keen and interested patron. The Fund thanks him for his continued support.

Directors

Members of the Council, including the President and Vice-Presidents are company directors for the purposes of the Companies Act 2006 and Trustees for the purposes of the Charities Act 2011. The following served as members of the Council during the year:

Dame Penelope Keith D.B.E., D.L. (term completed 24.02.22)

(President)

The following served as Vice Presidents during the year:

James Bolam M.B.E. (term completed Dame Sian Phillips D.B.E. (term completed 24.02.22) 24.02.22) Peter Bourke (term completed 24.02.22) Clifford Rose (term completed 25.07.21, William Gaunt (term completed 24.02.22) deceased 06.11.21) Milton Johns (term completed 05.11.21) Rosalind Shanks (term completed 24.02.22) Dawn Keeler (term completed 24.02.22) Graham Sinclair (appointed 29.10.20, term Philip Lowrie (term completed 09.09.21) completed 29.06.21, deceased 28.03.21) Brian Murphy (term completed 24.02.22) Barbara Whatley (term completed 24.02.22)

2

THE ACTORS' BENEVOLENT FUND

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

Executive Council

Dr. Eshwar Alladi Nick Fletcher Julien Ball (term completed 17.03.22) Karen Gledhill Robert Bathurst (term completed 02.06.21) Peter Harding Colin Bennett (Honorary Treasurer) (term Amanda Holt completed 24.02.22, appointed 10.03.22) Imogen Irving John Burrell (term completed 24.02.22) Rebecca Johnson Lucy Briers (term completed 21.06.21) Christopher Luscombe Marilyn Cutts Dr. Dele Olajide (term completed 09.08.21) Linda Regan

The Trustees were deeply saddened by the passing of Vice Presidents, Clifford Rose and Graham Sinclair, who will be greatly missed by all at the charity.

Appointment of Trustees

The Executive Council are elected annually at the Annual General Meeting by the members. The President, Vice Presidents and Honorary Treasurer are then appointed annually by the Council and are ex-officio members of the Council.

New Trustee Induction and Training

New Trustees undergo an induction briefing with the General Secretary to inform them as to their legal obligations under Charity and Company law, the content of the Memorandum and Articles of Association, the Council and decision making processes and ‘the way the Fund operates’. During this induction they meet key employees. A ½ day is also spent as an observer at a monthly Council meeting. New Trustees are given a copy of the Memorandum and Articles of Association, the previous year's Annual Report and the Charity Commission Guide on Trustees’ responsibilities (CC3).

Risk Management

The Trustees have a risk management strategy which comprises:

3

THE ACTORS' BENEVOLENT FUND

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

The objectives of the Fund are:

The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the Fund's objectives and strategies.

The strategies employed to achieve the Fund's objectives are:

Success in achieving these objectives is measured by the number of beneficiaries helped, as well as the total value of assistance given. This is balanced by a review of the financial strength of the charity with the aim of matching expenditure to income excluding bequests and unrealised gains in the year.

Grants form a key part of the charity's activities as they are the main form of assistance given to beneficiaries. Grant making therefore forms a key part of achieving the charity's primary aim to support actors and actresses in need. Each application is assessed on its own merits by the committee, with assistance given in the form most suited where there is genuine need.

STRATEGIC REPORT

The following constitutes the Strategic Report of the Council, the purpose of which is to provide a review of the achievement and performance of the Charity and an overview of the Charity's future plans.

ACHIEVEMENT AND PERFORMANCE

Despite operating through a global pandemic, the objectives of the Fund have been successfully achieved during the year. 465 Beneficiaries have been helped in the most appropriate manner, e.g. through payments of weekly allowance, help with household bills, or one-off Emergency Grants for those affected by the effects of coronavirus. Welfare and debt assistance have been given when relevant. Beneficiaries regularly say how much they appreciate the Fund's help and how they feel included and part of the organisation.

4

THE ACTORS' BENEVOLENT FUND

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

Trading activities were undertaken solely through the Fund in 2021.

During the year, greetings card sales amounted to £20,701 compared to amounts achieved of £26,418 in 2020. The contribution of the sale of cards of £5,912 in 2021, as well as attracting donations to the Fund of £2,819. This compares to £6,958 achieved in 2020 when donations with cards were £4,981. The cards double up as a strong PR/advertising medium for the Fund.

The Fund’s investments, as the accounts indicate, have realised significant income for the Fund, as has the rent from 6 Adam Street.

As explained in the reserves policy below, it is not considered necessary to hold significant levels of general reserves. Therefore the objective is to utilise the income arising each year as far as possible for charitable activities.

The number of members is currently 752 ; income from members was £19,870 in 2021.

Membership

The Council does urge members to renew and, if possible, to increase their subscriptions and to show their support for the work of the Fund in this practical way. In 2013 the Fund started a Friends of the ABF scheme, which now stands at a cohort of 31.

Our members also have a crucial part to play in recruiting new members, encouraging people who need help to apply to the Fund, and alerting us to those who need our support. If you know of someone who needs help from the Fund, please contact the General Secretary. All information is treated with absolute discretion and in complete confidence.

Income

Donations

The Council would like to thank all those who made a donation to the Fund this year.

Royalties and Repeat Fees

The Council also wish to record their grateful thanks to all those who donate royalties and repeat fees to the Fund.

5

THE ACTORS' BENEVOLENT FUND

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

In Memoriam Donations

The Council would like to thank the many generous individuals who have chosen to make a donation to the Fund in memory of their family or of a friend. Sadly, this year, the list of in memoriam donations is again a long one but among the many, we would like to record particular thanks to the family and friends of:

Pamela Alan Helen Barnett Wendy Daniels
David Edwards Pamela Eyre-Wilson John Hewitt
Ags Irwin Barbara Kirby Rhod Maclennan
John M Mansfield Janet Michael Diana Whelan

Investment Income

The Council would like to thank their investment manager, Charles Marment, at Charles Stanley for his hard work and careful management of the Fund's portfolio at this time of instability and uncertainty.

Legacies

Finally in this section the Council would like to pay tribute to all the generous individuals who left a legacy to the Fund. Over these past years legacies have been one of the Fund's two most important sources of income. Without the forethought and kindness of fellow actors and members of the public who have left money in this way the Fund would not now be able to carry out its vital work in supporting those in need. Legacies continue to be a crucial factor in the continuity of the work of the Fund.

Christmas cards

There has been a decrease this year on the amount of cards sold and postal charges decreased to £3,451 (£4,823 in 2020). The turnover recorded results of £20,702, a decrease from 2020 sales of £26,418. Donations made with card orders also decreased (£2,819 compared with £4,981 in 2020) and the sale of Christmas cards through the website were £5,568 lower in 2021. The gross profit margin has slightly increased to 29% from 2020. Overall there was also a decrease in net profit to £5,912 (2020: £6,957) and wages, audit and professional charges are absorbed by the Charity.

The Council would like to record their grateful thanks to all our artists: Grant Cathro, Hugh Durrant, Trevor Murphy, Barbara Peirson, Edward Petherbridge, Abigail McKern, Eira Reeves, Philip Franks, Rufus Wright, Sophie Mensah and Philip Alexander Sugg for the use of their original designs for the cards. We thank the Card Committee for their hard work throughout the year.

Welfare

During the year the Fund has provided support to over 465 beneficiaries, of whom 124 received regular financial help in the year. The Fund also provided assistance with general household expenses, the cost of replacing household equipment, mobility aids, physiotherapy, osteopathy and in some cases, the shortfall on nursing home fees.

6

THE ACTORS' BENEVOLENT FUND

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

The total grants paid out were as follows:

Weekly allowances £288,600
Monthly Grants £241,795
Summer Grants £55,200
Christmas Grants £72,450
Hampers £13,049
ABF 2020 Emergency Grant £436,050
£1,107,144

The Fund has also been able to provide invaluable advice about entitlement to state benefits.

Around 76% of beneficiaries are over 60, the rest are much younger with the youngest in their early 20s. Sadly illness or accidents can strike at any age, with a trend of physical injuries afflicting the younger beneficiaries.

----- Start of picture text -----
41-50
5%
Under 40 41-50
Under 40
8%
51-60
10%
51-60 61-70
61-70
16%
Over 70
Over 70
61%
----- End of picture text -----

Almost all of our beneficiaries have severe health problems and many of them are battling with more than one illness. All of them are on a low income, which makes the management of ill health or injury for them even more difficult.

The majority of our beneficiaries live in their own homes and wish to carry on living independently. It is the aim of the Fund to support them and enable them to do this, whenever possible.

However, some beneficiaries do eventually have to go into long term residential care homes. The Fund may need to step in to pay the shortfall on their fees for long term care.

7

THE ACTORS' BENEVOLENT FUND

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

During the year many beneficiaries received advice from the Fund's Welfare Advisors. It is our continuing aim to ensure that as many as possible of the Fund's beneficiaries, some of whom have been beneficiaries for a long time, have personal contact with someone connected directly with the Fund. This helps them to feel comfortable in asking for help, ensures that we can pick up on their specific needs and enables staff to check that they are receiving the help from the state to which they are entitled.

The benefit system is now so complex and changes so regularly that it is difficult for people to negotiate. Inevitably benefit agency staff themselves can be prone to mistakes or unable to respond as quickly as they would like due to their workload. All this can be very stressful for people already coping with ill heath and low incomes.

Fellow Charities

The Council would like to thank the trustees and staff of our fellow entertainment charities with whom we have worked closely over the year in the interests of all our beneficiaries.

Actors’ Children's Trust The Royal Ballet Benevolent Fund
Theatre Chaplaincy UK The Royal Opera House Benevolent Fund
The Film & Television Charity The Royal Theatrical Fund
The Royal Variety Charity The Theatrical Guild
The Equity Charitable Trust The Drury Lane Theatrical Fund
The Evelyn Norris Trust Help Musicians
The Ralph and Meriel Richardson Foundation The Grand Order of Water Rats
The International Performers Aid Trust Dancers' Career Development Fund
The King George V Fund

Staff

The Council was grateful to the staff team of Carolyn Barker, Sue Basten, Sue Carlsen-Jones, Jonathan Ellicott, Tamsin Keeley, Natasha Luck and Sue Povey during the year.

Staff pay is set by reference to general inflation, with adjustment based on an appraisal of staff performance at the end of each year.

FINANCIAL REVIEW

In 2021 the Council continued to manage the Fund’s Accounts through the Finance Committee. This committee normally meets three times a year, or when required. A budget for the next year was scrutinised and approved. Levels of expenditure relative to income have been reviewed, with the principal aim of ensuring the Fund remains viable for the long term. The Annual Accounts have been discussed in detail by the Fund’s Auditors and the Committee, and the Fund’s Stockbroker has presented his vision for the prospects of the Fund’s investment income for the next year.

The detail of the Fund's investment performance is contained in the notes to these financial statements. This forms the principal funding source of the charity, aided by donations and bequests. The Council is satisfied that the Fund's stockbrokers have adopted an appropriate stance to safeguard the Fund's finances. This has stood the Fund in very good stead by continuing to achieve growth in capital and an increased income stream to fund the needs of our beneficiaries.

8

THE ACTORS' BENEVOLENT FUND

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

During the year the Council has monitored the levels of expenditure through the Fund's quarterly management accounts, issuing timely direction in the form of control measures, limits on levels of grant and economies to be made.

Results

The net incoming resources for the year amounted to £5,977,564. The majority of this related to unrealised gains in the expendable endowment funds. General funds increased from £1,152,667 in 2020 to £1,402,832 at 31 December 2021.

Investment performance

The trustees regularly review the performance of the investments and have noted that in the year 2021, the total return of 22% noticeably outpaced the benchmark and leading indices. This result affirms the continued valuable contribution of our fund managers.

Plans for Future Periods

The Council aims to continue to operate in the Fund's established manner; advertising and communicating the Fund's raison d'etre; examining every applicant's case objectively; deciding on the level of support appropriate to each individual case and organising the implementation of that support. Every opportunity will be taken to seek support from other charities in order to share the expenditure on individuals whenever possible.

In response to the coronavirus pandemic, the Fund temporarily closed its offices at 6 Adam Street in March 2020. The Fund's operational contingency plan was activated ensuring that all of the charity's day-to-day activity continued in a 'virtual office'. By the end of the 2021 staff were able to return to the office. Staff now both work from home and the office.

The coronavirus pandemic has caused significant strain on the global economy. The Council considers that the expendable cash reserves held by the charity are adequate to maintain the charity's operations in the year ahead should income from the Fund's investments fluctuate. A decision reached in 2020 to treat any legacy donations received as income will continue into 2022 (a change from the policy of investing legacy donations pre-2020).

As such, the financial statements are prepared on a going concern basis.

The Fund’s direction to Charles Stanley (the Fund’s stockbroker) remains in place. Efforts will continue to be made in the established manner to encourage more people from the acting profession to become members.

In 2022 the Council aims to continue supporting all of the Fund’s existing beneficiaries. The Trustees believe that there is resource to help more actors and stage managers in need. They have since the year end begun work to develop new forms of support, to consider how awareness of the fund can be increased and also to reflect on how the capital base might be grown. The intention is to develop a contemporary interpretation of the aims of Sir Henry Irving and other founders to support the theatrical community. The Trustees believe that change should be organic, over a period of time, and always founded on the need to protect the Fund’s strong capital base, thus only as there are the resource to build new projects and support to new individuals within the Fund's eligibility criteria. The Trustees believe that the fund does need to become more innovative to meet the needs of the vulnerable in today’s 50,000 plus theatrical community.

9

THE ACTORS' BENEVOLENT FUND

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

The ABF's project to catalogue and preserve the historic records and memorabilia of the charity was delayed owing to staff being furloughed because of coronavirus. This exciting project, originally due to be completed by 31 December 2020, is ongoing.

The likely level of income from investments will be monitored quarterly and future expenditure adjusted accordingly as needs be.

The Fund has considerable financial resources and, as a consequence, the Trustees believe that the Fund is well placed to manage its business risks successfully.

POST BALANCE SHEET EVENTS

After the year end matters about the governance of the Fund were raised with the Charity Commission which led them to ask for further information that was readily provided by the current trustees. The Commission then reverted with an Action Plan. The Plan had much in common with the priorities of the trustees to modernise the fund; by improving both its governance and also its effectiveness so that it will help more of the 50,000 plus acting and stage management community. The Action Plan has been fully endorsed by the trustees and is being implemented. The Charity Commission has since commented the that it was “assured that the trustees are responding appropriately to the concerns that we have raised and are taking collective responsibility for making improvements at the charity”.

INVESTMENT POWERS AND POLICIES

Under the Memorandum and Articles of Association the Fund has the power to invest in any way the Trustees wish. The Trustees have delegated discretionary management of the investment portfolio to Charles Stanley & Co. Ltd. It is the Trustees’ aim that the portfolio is managed with a view to achieving a combination of capital appreciation, an average level equity income and a medium level of risk for the portfolio as a whole.

The fund manager has been advised to act in a prudent manner and avoid investments that might adversely affect the reputation of the Fund.

RESERVES POLICY

Throughout its history ABF has operated as an endowment based charity. Certain funds held are classified as Permanent Endowment, meaning only the income arising on such funds can be expended for charitable purposes. A larger portion of total funds is classified as Expendable Endowment; the Trustees aim to spend the income arising on these funds although in extremis it would be legally permissible to expend capital.

The Trustees’ policy is to invest receipts from legacies, investment gains, and in perpetuity donations from grant making trusts and foundations in the Fund’s investment portfolio and so safeguard future income. The extent of funds held as Expendable Endowment has resulted in the Trustees concluding that it is not necessary to hold general reserves. Income received that does not fall under the category to be invested should be expended. Where total income is insufficient to meet the Fund’s financial commitments the trustees will consider the use of the Expendable Endowment Fund.

The results for 2021 show that the Fund has recorded a surplus on the general fund of £152,414 prior to transfers of £97,751. The balance of reserves remaining on this fund has increased to £1,402,832. Combined with other funds of £37,865,186, this provides total reserves of £39,268,018. Of these funds £168,597 are designated for the maintenance and repair of 6 Adam Street as necessary.

Given the charity's reliance on reserves for investment to generate the majority of its funds, the goal of the charity is to maintain reserves at a relatively constant level excluding bequests received.

10

THE ACTORS' BENEVOLENT FUND

REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

TRUSTEES' RESPONSIBILITIES 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 Fund at the end of the financial year and of its surplus or deficit for the financial year. In so doing, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Fund and which enable them to ascertain the financial position of the Fund and will enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions

AUDITORS

A resolution may be proposed at the Annual General Meeting that Bessler Hendrie LLP be reappointed as auditors to the Fund for the ensuing year.

STATEMENT OF DISCLOSURE TO AUDITORS

In the case of each person who was a trustee at the time this report was approved:

This confirmation is given and should be interpreted in accordance with the provision of section 418 of the Companies Act 2006.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

By order of the Council

Colin Bennett (Honorary Treasurer) Trustee Date:

11

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ACTORS' BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2021

Opinion

We have audited the financial statements of Actors Benevolent Fund (the 'charitable company') for the year ended 31 December 2021 which comprise of its Statement of Financial Activities, the Balance Sheet, Statement of Income and Expenditure account, the Statement of Cash Flows and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

12

INDEPENDENT AUDITOR'S REPORT - continued TO THE MEMBERS OF THE ACTORS' BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2021

Other information

The other information comprises the information included in the report of the council, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Council including strategic report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

13

INDEPENDENT AUDITOR'S REPORT - continued TO THE MEMBERS OF THE ACTORS' BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2021

Responsibilities of trustees

As explained more fully in the statement of Trustees’ responsibilities set out on page 10-11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud, and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with management. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our approach was as follows:

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

14

INDEPENDENT AUDITOR'S REPORT - continued TO THE MEMBERS OF THE ACTORS' BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2021

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrea Hollo (Senior Statutory Auditor) For and on behalf of Bessler Hendrie LLP

Chartered Accountants Statutory Auditor Ashbourne House The Guildway Old Portsmouth Road Guildford GU3 1LR

Date:

15

THE ACTORS' BENEVOLENT FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Income
Donations and
legacies
3
Trading activities
5
Investments
6
Other income
Total income
Expenditure
Trading activities
5
Investment
management fees
Expenditure on
Charitable activities
Total expenditure
8
Net gains / (losses) on
investments
Net income /
(expenditure) and
net movement in
funds for the year
Transfers between
funds
Net Movement in
Funds
Reconciliation of
Funds brought
forward
Funds carried
forward		 General
Funds
£
676,714
20,702
1,033,662
3,961		 Designated
Funds
£
-
-
-
-		 Expendable
Endowment
Funds
£
85,894
-
-
-		 Permanent
Endowment
Funds
£
-
-
11,857
-		 Total funds
2021
£
762,608
20,702
1,045,519
3,961		 Total funds
2020
£
735,527
26,418
682,036
1,967
1,735,039 - 85,894 11,857 1,832,790 1,445,948
14,790
-
1,567,835		 -
-
-		 -
68,286
-		 -
-
-		 14,790
68,286
1,567,835		 19,461
52,829
1,030,540
1,582,625 - 68,286 - 1,650,911 1,102,830
- - 5,748,412 47,273 5,795,685 (1,128,275)
152,414
97,751		 -
-		 5,766,020
(85,894)		 59,130
(11,857)		 5,977,564
-		 (785,157)
-
250,165
1,152,667		 -
168,597		 5,680,126
31,706,276		 47,273
262,914		 5,977,564
33,290,454		 (785,157)
34,075,611
1,402,832 168,597 37,386,402 310,187 39,268,018 33,290,454

The notes on pages 20 to 33 form part of these financial statements

16

THE ACTORS' BENEVOLENT FUND

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Intangible assets
10
Tangible assets
11
Investments
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
TOTAL NET ASSETS
Financed by
FUNDS
Permanent Endowment
16
Expendable Endowment
16
Revaluation reserve
Other
Designated
16
General
16		 2021
£
1
1,177,702
36,724,659
37,902,362
1,203
22,863
1,450,833
1,474,899
(109,243)
1,365,656
39,268,018
310,187
10,189,550
27,196,852
168,597
1,402,832
39,268,018		 2020
£
1
1,182,324
31,420,987
32,603,312
65
160,477
658,827
819,369
(132,227)
687,142
33,290,454
262,914
7,549,255
24,157,021
168,597
1,152,667
33,290,454

The financial statements were approved by the Board of Trustees on ………………………... and were signed on its behalf by:

………………………………………………………………… COLIN BENNETT - Honorary Treasurer

The notes on pages 20 to 33 form part of these financial statements

17

THE ACTORS' BENEVOLENT FUND

STATEMENT OF INCOME AND EXPENDITURE

FOR THE YEAR ENDED 31 DECEMBER 2021

Income
Donations and legacies
Gains on investments
Interest and investment income
Non charitable trading activities
Other income
Gross income in the reporting period
Expenditure
Operating expenditure
Depreciation
Net income for the financial period
Total expenditure in the reporting period		 2021
2020
£
£
762,608
735,527
79,450
64,259
966,069
617,777
20,702
26,418
3,961
1,967
1,832,790
1,445,948
1,644,041
1,095,680
6,870
7,150
1,650,911
1,102,830
181,879
343,118

18

THE ACTORS' BENEVOLENT FUND

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Cash used in operating activities
18
Cash from investing activities
Interest income
Purchase of tangible assets
Purchase of investments
Disposal of investments
Cash generated (used) in investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the year		 2021
2020
£
£
302,124
216,625
117
261
(2,248)
(2,160)
(6,563,434)
(1,286,909)
7,055,447
1,221,030
489,882
(67,778)
792,006
148,847
658,827
509,980
1,450,833
658,827

The notes on pages 20 to 33 form part of these financial statements

19

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1 ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention, modified by the revaluation of certain fixed assets and in accordance with applicable accounting standards.

The Actors Benevolent Fund meets the definition of a Public Benefit Entity under FRS 102.

The financial statements have been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (FRS 102) (SORP 2019) issued in October 2019, FRS 102 and the Companies Act 2006.

The financial statements contain information about The Actors Benevolent Fund as an individual entity and do not contain consolidated financial information as the parent of a group, as the subsidiary became a dormant company in 2018.

Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income, the amount can be quantified with reasonable accuracy and it is considered probable that the income will be received. The following specific policies are applied to particular categories of income:

Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that heading.

20

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

1 ACCOUNTING POLICIES (continued)

Intangible assets

Intangible assets comprising of copyrights are shown at their historical cost and amortised over their estimated useful life on a straight line basis over a period of 10 years.

Fixed assets

Individual fixed assets costing more than £500 are capitalised and stated at cost less accumulated depreciation. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for intended use. Depreciation is provided at the following rates in order to write the asset off over its useful life;

Office furniture, fixtures and fittings 20% per annum on cost

Depreciation is provided for in full in the year of acquisition and not provided for in the year of disposal.

Investments

Fixed asset investments are included at market value at the balance sheet date.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of financial activities in the year of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.

Mixed use property

Mixed use property is split between fixed assets and investments. The proportion (based on square footage) that is used by the charity is disclosed within fixed assets. The remaining part of the property which is used for generation of rentals is disclosed within investments.

Stocks

Stock is valued at the lower of cost and estimated selling price and represents Christmas cards that are yet to be sold at the year end.

General Fund

The General Fund consists of those funds which the charity may use in furtherance of its charitable objectives at the discretion of the trustees and which have not been designated.

21

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

1 ACCOUNTING POLICIES (continued)

Designated Funds

Designated Funds are funds set aside out of general funds and designated for specific purposes by the trustees. An amount per annum is transferred to this fund to meet the cost of repairs on 6 Adam Street.

Expendable Endowment Funds

Expendable Endowment Funds are those funds received by the charity which have been invested to generate income. Income arising on this fund is applied in furtherance of the charity's objects and has been included in unrestricted income. The capital of the fund may be converted to income at the discretion of the trustees.

Permanent Endowment Funds

Permanent Endowment Funds represent funds received by the charity whose capital may not be expended. Income is applied in the furtherance of the charity's objects.

Operating leases

Rentals paid under operating leases are included in resources expended as incurred. Rental charges are charged on a straight line basis over the term of the lease.

Taxation

The company is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Pensions

The charity operates a defined contribution pension scheme, contributions being charged to the Statement of Fianancial Activities when payable in accordance with the rules of the scheme.

Going concern

Given the level of reserves available to the charity, the Council Members consider that there are no material uncertainties regarding the ability of the charity to continue for the forseeable future.

Financial Instruments

Financial instruments (i.e. financial assets and liabilities) are classified as basic or non-basic in accordance with the requirements of FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest rate method. The charity does not have any non-basic financial instruments.

Government grants

Government grants relate to grants receivable under the Coronavirus Job Retention Scheme and are accounted for under the accruals model. Grants relating to revenue are recognised in donations and legacies on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

22

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

1 ACCOUNTING POLICIES (continued)

Accounting estimates and key judgements

(a) Independent valuations - the charity carries its mixed use property at fair value, with changes in fair value being recognised in the Statement of Financial Activities. The charity engages independent valuation specialists to determine fair value. The key assumptions used to determine the fair value of mixed use property are further explained in note 11.

(b) Income recognition of legacies - legacies have been recognised once the value can be measured reliably rather than based on past experience.

(c ) Mixed use property - this is split between fixed assets and investments. The split is based on an estimate of the square footage used by the charity and rented out.

2 LEGAL STATUS

The charity is a private company, limited by guarantee, registered in England and Wales. The charity's registered number and registered office can be found on the Charity Information page. As the company is limited by guarantee, it therefore has no share capital. In the event of the charity being wound up, each member's guarantee is limited to 50p.

3 INCOME FROM DONATIONS AND LEGACIES

Donations and legacies
Gifts
Royalties
Bequests
Grants receivable		 2021
2020
£
£
199,988
217,808
37,464
18,919
520,611
490,798
4,545
8,002
762,608
735,527

All of the income from donations and legacies received in both the current and prior year related to unrestricted funds. The charity has a policy of adding bequests and in perpetuity donations from grant making trusts and foundations to the value of endowments although these can be expended in furtherance of the charity's aims if it so wishes. During the year bequests were added to unrestricted funds following a council decision.

23

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

4
BEQUESTS RECEIVED
Barbara Richmond
Bernard Francis Hepton
Christopher Guy Thomas Elliott
Derek Fowlds
Elizabeth Sellars/Henley
Enid Pearson
Gertrude Blunsden
John Rye
Marilyn Bannen
Patricia Marmont
Sean Vincent Castle
Agnes Boyd
Alan Hammond
Anthony Edward Lowry Britton
Christine Shaw
Elizabeth Sutter
Estella Jacqueline Hindley
Ethel Irene Cooper/Irene Sutcliffe
James Bernard Tatchell
Janet Elizabeth Hargreaves
Joel Mandell
Lady Saunders (Katie Boyle)
Malcolm Farquhar
Pamela Ann Simons
Ruby Dora Oliver
William Mapleson		 2021
2020
£
£
160,000
-
68,486
-
15,000
-
1,000
-
7,984
-
500
-
22
-
250,000
-
6,559
-
10,000
-
1,000
-
-
130,000
-
51,464
-
1,000
-
963
-
2,000
-
1,500
-
50,000
-
43,114
-
21,495
-
15,795
-
100,000
-
10,000
60
62,437
-
1,000
-
29
520,611
490,798

5 TRADING ACTIVITIES

Trading activities relate to the sale of Christmas cards.

Gross profit achieved on Christmas card sales in the year was £5,912, compared to £6,958 in 2020. In addition, the trading activities also raised donations on behalf of the Fund of £2,819 (2020: £4,981).

24

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

6 INVESTMENT INCOME

Quoted investment income
Unquoted investment income
Bank deposit interest
Rent receivable and service charge		 2021
2020
£
£
954,212
613,132
11,857
4,645
117
261
79,333
63,998
1,045,519
682,036

Quoted investment income is generated by the investment of the Charity's endowment funds in a combination of shares and bonds as advised by Charles Stanley & Co. Ltd.

Unquoted investment income is generated from investment in COIF charity investment funds.

Rent receivable and service charges are derived from the tenants of the property at 6 Adam Street, WC2N 6AD.

7 AMOUNTS RECEIVABLE UNDER OPERATING LEASES

Future minimum rentals receivable under non-cancellable operating leases are as follows:

Less than one year
One to five years
Total		 2021
2020
£
£
80,033
79,980
291,383
-
371,416
79,980

25

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

8 TOTAL RESOURCES EXPENDED

Cost directly allocated to activity
Cost of Christmas cards
Direct
Grants paid to individuals
Direct
Investment management
fees
Direct
AGM expenses
Direct
Legal and Professional fees
Direct
Audit Fees
Direct
Support costs allocated to activities
Staff costs
Staff time
Travel and Subsistence
Usage
Premises Costs
Staff time
General administration
Staff time
Telephone, postage and
stationery
Staff time
Bank charges
Usage
Equipment costs
Usage
Depreciation
Usage
Advertising and public
relations
Usage
Basis of
allocation		 £
14,790
-
68,286
-
-
-
-
-
-
-
-
-
-
-
-
Cost of
Generating
Funds		 £
-
1,107,144
-
-
-
-
188,494
99
47,903
3,104
8,988
2,577
22,264
6,183
13,902
Charitable
Services		 £
-
-
-
-
-
-
40,183
11
10,209
661
1,915
286
2,474
687
1,545
Administration		 £
-
-
-
-
68,605
18,750
16,574
-
4,213
273
791
-
-
-
Governance		 2021
£
14,790
1,107,144
68,286
-
68,605
18,750
245,251
110
62,325
4,038
11,694
2,863
24,738
6,870
15,447		 2020
£
19,461
639,572
52,829
120
900
18,250
244,169
1,921
54,280
5,172
10,690
4,187
23,815
7,151
20,313
83,076 1,400,658 57,971 109,206 1,650,911 1,102,830

The charity has taken advantage of the exemption available in charity law not to disclose the names of grant recipients.

2021 2020
£ £
This is stated after charging/(crediting):
Auditors remuneration 18,750 18,250
Depreciation 6,870 7,151
Operating lease income (79,333) (63,998)
Rentals under operating leases
- Hire of plant and machinery 719 743

26

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

9
EMPLOYEE INFORMATION
Staff Costs
Wages and salaries
Social Security costs
Pension costs
The average number of employees during the year was as follows:
Direct charitable activity
Administration of charity		 2021
£
210,769
18,071
16,411		 2020
£
214,267
15,162
14,741
245,251 244,170
6
1		 6
1
7 7

The average number of full-time equivalent employees during the year was 5 (2020: 5).

In the year one employee's total employee benefits, including national insurance but excluding employer pension, was between £70,000 and £80,000 (2020: one employee total employee benefits between £70,000 and £80,000). All other employees' pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds.

No trustee received remuneration during the year or in the previous year.

Trustees expenses during the year totalled NIL (2020: £512) with NIL (2020: four) trustees reimbursed travel expenses.

The key management personnel of the parent charity comprises of the trustees and the General Secretary. The total employee remuneration and benefits of the key management personnel of the Charity were £77,265 (2020: £74,609).

10 INTANGIBLE FIXED ASSETS

Cost
At 1 January 2021
Additions
At 31 December 2021
Amortisation
At 1 January 2021
At 31 December 2021
Net book amount
At 31 December 2021
At 31 December 2020		 Design
Copyright
£
2,000
-
2,000
1,999
1,999
1
1

27

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

11 TANGIBLE FIXED ASSETS

Cost or Valuation
At 1 January 2021
Additions
Disposals
Surplus on revaluation
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Disposals
At 31 December 2021
Net book amount
At 31 December 2021
At 31 December 2020		 Property
£
1,170,245
-
-
-
1,170,245
-
-
-
-
1,170,245
1,170,245		 Office furniture
Fixtures and
Fittings
£
59,868
2,248
(7,068)
-
55,048
47,789
6,870
(7,068)
47,591
7,457
12,079		 Total
£
1,230,113
2,248
(7,068)
-
1,225,293
47,789
6,870
(7,068)
47,591
1,177,702
1,182,324

Property relates to the proportion of the freehold property of 6 Adam street in use by the charity. This property was valued in its entirety by Paul Ravenscroft, Chartered Surveyors, acting as external valuer as at 1 March 2018. This valuation was made in accordance with the RICS professional standards (updated April 2015), as the market value of the property with vacant possession of the floors used by the charity, and subject to the leases of the remainder. This is considered to be equivalent to the fair value at 31 December 2021 by the Council.

If the property had not been revalued its net book value at the balance sheet date would have been in line with the proportion of its historical cost of £343,151 (2020: £343,151). No depreciation is charged on the property as it is maintained in good order.

12 INVESTMENTS

Market value
At 1 January 2021
Additions
Disposals
Net realised gains /
(losses)
At 31 December 2021		 Investment
Property
£
979,755
-
-
979,755		 Quoted
Investments
£
30,299,062
6,563,434
(6,034,011)
4,754,082
35,582,567		 Unquoted
Charities
Investment
Fund
£
142,170
-
-
20,167
162,337		 2021
£
31,420,987
6,563,434
(6,034,011)
4,774,249
36,724,659		 2020
£
32,483,383
1,286,909
(1,302,490)
(1,046,815)
31,420,987

28

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

12 INVESTMENTS (continued)

Unquoted
Charities
Investment Quoted Investment
Property Investments Fund 2021 2020
£ £ £ £ £
Historical Cost at 31
December 2021 287,294 26,814,883 86,579 27,188,756 24,710,289

The above figure includes £2 share capital held by the charity in ABF Trading Limited, a company registered in England and Wales company registration number 03589944, which became dormant in 2018. This represents a 100% holding.

Quoted investments are maintained by the Fund's broker Charles Stanley & Co. Ltd. who are in control of the structure of the portfolio. Their performance is monitored by the Finance Committee.

Investment property represents the proportion of the freehold interest in 6 Adam Street, London WC2 used for rental. The property was valued in its entirety by Paul Ravenscroft, Chartered Surveyors, acting as an external valuer at 1 March 2018. This valuation was made in accordance with the RICS professional standards (updated April 2015), as the market value of the property with vacant possession of the floors used by ABF, and subject to the leases of the remainder. This is considered to be equivalent to fair value at 31 December 2021 by the Council.

Permanent Endowment investments

The capital gains and losses arising on Permanent Endowment investments must be re-invested and not spent on the charity's objectives as though they were income. Included in the above as Permanent Endowment investments are:

Market value
At 1 January 2021
Additions
Disposals
Net unrealised gains
Market Value at 31 December 2021
Quoted Investments
Invested directly in the UK
Invested outside the UK		 Covent
Garden
Theatre
Fund
£
120,746
-
-
27,106
147,852		 The Betty
Fund
£
77,288
-
-
10,964
88,252		 Royal
Dramatic
College
Pension
Total
£
£
64,880
262,914
-
-
-
-
9,203
47,273
74,083
310,187
2021
2020
£
£
30,525,191
26,101,613
5,057,376
4,197,449
35,582,567
30,299,062

29

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

13 STOCKS

STOCKS
2021 2020
£ £
Stock of Christmas Cards held for resale 1,203 65
14
DEBTORS
Income Tax Recoverable
Other debtors
Prepayments and accrued income
15
CREDITORS: amounts falling due within one year		 2021
£
4,736
4,731
13,396		 2020
£
986
27,350
132,141
22,863 160,477
CREDITORS: amounts falling due within one year
Accruals for grants payable
Trade creditors
Taxes & social security costs
Other creditors
Accruals and deferred income		 2021
2020
£
£
1,500
1,500
14,645
9,748
7,321
10,215
41,511
42,433
44,266
68,331
109,243
132,227

Deferred income has arisen in respect of rental income invoiced in advance.

30

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

16
FUNDS
Balance
01.01.2021
£
Permanent Endowment
Royal Dramatic College
Pension Fund
64,880
Covent Garden Theatre
Fund
120,746
The Betty Fund
77,288
262,914
Expendable Endowment
Main Fund
Revaluation reserve
6,695,815
Other
22,951,790
Vincent Shaw Memorial
Revaluation reserve
853,440
Other
1,205,231
31,706,276
General
1,152,667
Designated
168,597
1,321,264
Total Funds
33,290,454		 16
FUNDS
Balance
01.01.2021
£
Permanent Endowment
Royal Dramatic College
Pension Fund
64,880
Covent Garden Theatre
Fund
120,746
The Betty Fund
77,288
262,914
Expendable Endowment
Main Fund
Revaluation reserve
6,695,815
Other
22,951,790
Vincent Shaw Memorial
Revaluation reserve
853,440
Other
1,205,231
31,706,276
General
1,152,667
Designated
168,597
1,321,264
Total Funds
33,290,454		 Transfers
£
(1,908)
(7,680)
(2,269)		 Incoming
Resources
£
1,908
7,680
2,269		 (Outgoing)
Resources
£
-
-
-		 Investment
Gains/
(Losses)
£
9,203
27,106
10,964		 Balance
31.12.2021
£
74,083
147,852
88,252
262,914 (11,857) 11,857 - 47,273 310,187
(1,766,615)
1,680,721
(320,066)
320,066		 -
85,894
-
-		 -
(63,539)
-
(4,747)		 4,314,837
989,425
412,139
32,011		 9,244,037
25,644,291
945,513
1,552,561
31,706,276 (85,894) 85,894 (68,286) 5,748,412 37,386,402
1,152,667
168,597		 97,751
-		 1,735,039
-		 (1,582,625)
-		 -
-		 1,402,832
168,597
1,321,264 97,751 1,735,039 (1,582,625) - 1,571,429
33,290,454 - 1,832,790 (1,650,911) 5,795,685 39,268,018

Royal Dramatic College Pension Fund

The Royal Dramatic College Pension Fund was transferred to the charity to be held as a permanent endowment. Income is applied for the furtherance of the charity's objects. The Actors' Benevolent Fund is the sole trustee of this fund which is registered as a subsidiary charity under charity number 206524-3.

Covent Garden Theatre Fund

The Covent Garden Theatre Fund represents capital which was transferred to the charity from the Charity Commissioners to be held as a permanent endowment. Income is applied for furtherance of the charity's objects. The fund is a subsidiary charity of the Actors' Benevolent Fund and is registered as a charity under charity number 206524-1.

The Betty Fund

The Betty Fund was established to provide for poor Actors and Actresses in need of pecuniary assistance. The Fund is a subsidiary charity of the Actors' Benevolent Fund and is registered as a charity under charity number 206524-2.

31

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

16 FUNDS (continued)

Expendable Endowment Fund

The Expendable Endowment fund represents funds invested to generate future income. Income is expendable in furtherance of the charity's objects.

Transfers were recognised during the year to treat legacy income received in the year as general funds in line with the trustees' decisions. Further information is noted with the Report of the Council.

Vincent Shaw Memorial

This fund arose as a result of bequests received in 2003 and 2004. It was a requirement that the bequest be kept as a separate fund to be known as the Vincent Shaw Memorial. The donor requested, without imposing any binding obligation, that the capital of such fund should be preserved and only the income be used in the furtherance of the charity's objects.

General Fund

The General Fund consists of funds which may be used at the discretion of the directors in the furtherance of the charity's objects.

Designated Fund

The Designated fund was established to meet the costs of all repairs to 6 Adam Street. Major repairs to the building were last carried out in 2010 and the fund has been re-established to cover cyclical costs of repainting which arise every 5-6 years together with on-going minor repairs.

17 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31st December 2021 are represented by:

Intangible Fixed Assets
Tangible Fixed Assets
Investments
Net Current Assets		 General
Funds
£
1
1,177,702
-
225,129
1,402,832		 Designated
Funds
£
-
-
-
168,597
168,597		 Expendable
Endowment
Funds
£
-
-
36,414,472
971,930
37,386,402		 Permanent
Endowment
Total
Funds
£
£
-
1
-
1,177,702
310,187
36,724,659
-
1,365,656
310,187
39,268,018

32

THE ACTORS' BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

18 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net movement in funds
Add back: Depreciation
Net (gains) / losses on investments
Unrealised gain on fixed assets
(Increase) / decrease in stock
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Net cash generated in operating activities
Deduct interest income shown in investing
activities		 2021
2020
£
£
5,977,564
(785,157)
6,870
7,151
(117)
(261)
(5,795,685)
1,128,275
-
-
(1,138)
979
137,614
(115,643)
(22,984)
(18,719)
302,124
216,625

19 DONATED ASSETS

Over the decades the charity has received works of art and heirlooms as part of bequests, this collection has the potential to be a cultural resource both for enjoyment and research. The Trustees are completing the process of cataloguing and consolidating the collection for the purpose of preserving it and to allow a decision to be made about how it best be curated and where in the future to protect it and make it available to the various publics who might wish to access it. While the collection is extensive, its value is cultural rather than financial; and as their monetary value is uncertain, these assets are not recognised on the balance sheet.

20 ROYALTIES

The charity receives occasional donations in the form of rights to Royalties and repeat fees. The unpredictability in cash flows that will be generated from these leads to great difficulty in valuing these rights. It is considered that any such valuation of these assets would involve undue cost and effort, thus these items are not included in the balance sheet. Where the charity is made aware of future amounts that are to be received these are treated as accrued income on the balance sheet.

21 RELATED PARTY TRANSACTIONS

There have been no related party transactions within the reporting period that require disclosure.

22 EVENTS AFTER THE REPORTING PERIOD

After the year end matters of governance of the Fund were raised with the Charity Commission as noted in the Trustees' Report.

33

THE ACTORS' BENEVOLENT FUND

DETAILED INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

Income and Expenditure
Notes
Incoming Resources
Members subscriptions and donations
Other donations and fundraising
Investment income
A
Interest received
B
Christmas card sales and income from trading activities
Royalties
Rent receivable and service charges
Grants receivable
Other income
Bequests and perpetuity donations
Total incoming resources
Resources expended
Grants and allowances
Management and administration
Postage and stationery
Advertising
Telephone
Travelling expenses
Operating leases
Sundry expenses
IT costs
AGM expenses
Salaries, National Insurance and temporary staff		 2021
£
19,870
94,224
966,069
117
20,702
37,464
79,333
4,545
3,961
1,226,285
606,505
1,832,790
2021
£
1,107,144
245,251
8,929
15,448
2,765
110
719
4,038
24,018
-
301,278		 2020
£
19,962
161,227
617,777
261
26,418
18,919
63,998
8,002
1,967
918,531
527,417
1,445,948
2020
£
639,572
244,170
7,284
20,313
3,406
1,921
743
5,172
23,071
120
306,200

34

THE ACTORS' BENEVOLENT FUND

DETAILED INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

Establishment Expenses
Rates and service charges
Insurance of property
Light and heat
Repairs and maintenance
Cleaning
Financial Expenses
Audit fees
Legal and professional fees
Bank charges
Irrecoverable VAT
Depreciation
Expenditure from trading activities
Investment management fees
Total resources expended
Net incoming resources for the year before
transfers and investment asset disposals		 2021
£
4,691
7,135
4,663
6,420
9,127
32,036
18,750
68,605
2,863
30,289
6,870
127,377
14,790
68,286
1,650,911
181,879		 2020
£
4,629
7,807
4,537
13,316
6,979
37,268
18,250
900
4,187
17,012
7,151
47,500
19,461
52,829
1,102,830
343,118

35

THE ACTORS' BENEVOLENT FUND

NOTES TO THE DETAILED INCOME & EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

A
INVESTMENT INCOME
Listed investment income
Unlisted investment income
B
INTEREST RECEIVED
Bank deposit interest
Other interest received
C
OPERATING DEFICIT FOR
THE YEAR BEFORE BEQUESTS
Total income before bequests and perpetuity donations
Total expenditure		 2021
£
961,892
4,177
966,069
117
-
117
1,226,285
(1,650,911)
(424,626)		 2020
£
613,658
4,119
617,777
261
-
261
918,531
(1,102,830)
(184,299)

36