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2022-12-31-accounts

Page
Charity information
Report ofthe Council 2-13
Independent
auditors'		 report 14-17
Statement of Financial Activities 18
Balance Sheet 19
Statement of Income and Expenditure 20
Statement of Cash Flows 21
Notes to the Financial Statements 22-35
Detailed Income 5 Expenditure Account 36-38

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

The total grants paid out were as foll The total grants paid out were as foll ows:
Weekly allowances E378,460
Monthly
Grants		 E267,632
Summer
Grants		 E60,000
Christmas
Grants		 E56,000
Hampers E11,776
Queens Jubilee E6,860
ABF Emergency Grant E122,970
E903,698

Expendable Permanent
Designated Endowment Endowment Total funds Tota I funds
Notes General Funds Funds Funds Funds 2022 2021
f f f f f
Income
Donations
and legacies		 3 358,048 4,900 362,948 762,608
Trading activities 5 16,096 16,096 20,702
Investments 6 1,246,763 8,868 1,255,631 1,045,519
Other income 88 88 3,961
Total income 1,620,995 4,900 8,868 1,634,763 1,832,790
Expenditure
Trading activities 9,321 9,321 14,790
Investment
management
fees 96,216 96,216 68,286
Expenditure
on Charitable
activities 1,660,857 1,660,857 1,567,835
Total expenditure 8 1,670,178 96,216 1,766,394 1,650,911
Net (losses) / gains on
investments (3,970,296) 17,882 (3,952,414) 5,795,685
Net gains/(losses) on
tangible assets 379,921 379,921
Net (expenditure) /
income and net
movement
in funds		 for
the year (49,183) (3,681,691) 26,750 (3,704,124) 5,977,564
Transfers between funds 13,768 (4,900) (8,868)
Net Movement
in		 Funds (35,415) (3,686,591) 17,882 (3,704,124) 5,977,564
Reconciliation offunds
Funds brought
forward		 1,402,832 168,597 37,386,402 310,187 39,268,018 33,290,454
Funds carried forward 1,367,417 168,597 33,699,811 328,069 35,563,894 39,268,018

Notes 2022 2021
f E
Fixed assets
Intangible
assets		 10 1 1
Tangible assets 11 1,554,520 1,177,702
Investments 12 32,658,144 36,724,659
34,212,665 37,902,362
Current assets
Stocks 13 2,513 1,203
Debtors 14 45,800 22,863
Cash at bank and in hand 1,460,261 1,450,833
1,508,574 1,474,899
Creditors: amounts falling due within one
year 15 (157,345) (109,243)
Net current assets 1,351,229 1,365,656
TOTAL NET ASSETS 35,563,894 39,268,018
Financed
by
FUNDS
Permanent Endowment 16 328,069 310,187
Expendable Endowment 16
Revaluation reserve 6,386,116 10,189,550
Other 27,313,695 27,196,852
Designated 16 168,597 168,597
General 16 1,367,417 1,402,832
35,563,894 39,268,018

2022 2021
E E
Income
Donations
and		 legacies 362,948 762,608
Gains on investments 73,118 79,450
Interest and investment income 1,182,513 966,069
Non charitable trading activities 16,096 20,702
Other income 88 3,961
Gross income in the reporting period 1,634,763 1,832,790
Expenditure
Operating
expenditure		 1,762,127 1,644,041
Depreciation 4,267 6,870
Total expenditure in the reporting period 1,766,394 1,650,911
Net (expenditure) / income for the financial period (131,631) 181,879

Notes
2022 2021
f f
Cash (used) / generated
in		 operating activities 18 (109,069) 302,124
Cash from investing
activities
Interest income 5,560 117
Purchase oftangible assets (1,164) (2,248)
Purchase of investments (3,377,931) (6,563,434)
Disposal ofinvestments 3,492,032 7,055,447
Cash generated
in investing		 activities 118,497 489,882
Increase in cash and cash equivalents in the year 9,428 792,006
Cash and cash equivalents at the beginning ofthe year 1,450,833 658,827
Total cash and cash equivalents at the end ofthe year 1,460,261 1,450,833

Donations and legacies 2022 2021
E E
Gifts (including subscriptions) 63,444 199,988
Royalties 29,309 37,464
Bequests 270,195 520,611
Grants receivable 4,545
362,948 762,608

FOR THE YEAR ENDED 31DECEMBER 2022
BEQUESTS RECEIVED 2022 2021
f f
Agnes Boyd 4,545
Barbara Shelley 20,000
Clifford Rose 1,000
Dr Peter John Whittle 20,250
Gerald Grant Sim 10,667
John Reginald Jevons 30,019
John Richard Kennedy 152,267
Malcolm
Hartley Colston		 2,500
Margaret
(Ags) Irwin		 3,875
Margaret Jane Barrett 2,625
Paula Swift 500
Barbara Richmond 160,000
Bernard Francis Hepton 68,486
Christopher
Guy Thomas		 Elliott 15,000
Derek Fowlds 1,000
Elizabeth Sellars/Henley 7,984
Enid Pearson 500
Gertrude
Blunsden		 22
John Rye 21,947 250,000
Marilyn
Barmen		 6,559
Patricia Marmont 10,000
Sean Vincent Castle 1,000
Pamela Ann Simons 60
270,195 520,611

2022 2021
f f
Quoted investment income 1,173,645 954,212
Unquoted
investment		 income 8,868 11,857
Bank deposit interest 5,560 117
Rent receivable
and		 service charge 67,558 79,333
1,255,631 1,045,519

2022 2021
f f
Less than one year 80,033 39,783
One to five years 211,350 291,383
Total 291,383 331,166

Cost of Cost of
Basis of Generating Charitable
allocation Funds Services Administration Governance 2022 2021
f f f f f
Cost directly allocated to activity
Cost ofChristmas
cards		 Direct 9,321 9,321 14,790
Grants paid to individuals Direct 903,698 903,698 1,107,144
Investment
management
fees Direct 96,216 96,216 68,286
AGM expenses Direct 15,364 15,364
Legal and Professional fees Direct 144,201 144,201 68,605
Audit Fees Direct 33,875 33,875 18,750
Support costs allocated to activities
Staff costs Staff time 275,403 44,084 78,380 397,866 245,251
Travel and Subsistence Usage 386 43 429 110
Premises Costs Staff time 55,766 8,926 15,871 80,564 62,325
General administration Staff time 4,190 671 1,192 6,053 4,038
Telephone,
postage and
stationery Staff time 11,981 1,918 3,410 17,308 11,694
Bank charges Usage 2,605 289 2,894 2,863
Equipment
costs		 Usage 19,621 2,180 21,801 24,738
Depreciation Usage 3,840 427 4,267 6,870
Advertising
and public
relations Usage 29,283 3,254 32,537 15,447
105,537 1,306,773 61,790 292,293 1,766,394 1,650,911
The charity has taken advantage
ofthe		 exemption available
in charity		 law not to disclose the names ofgrant recipients.
2022 2021
f f
This is stated after charging/(crediting):
Auditors
remuneration		 33,875 18,750
Depreciation 4,267 6,870
Operating
lease income		 (67,558) (79,333)
Rentals under operating leases
—Hire of plant and machinery 773 719

FOR THE YEAR ENDED 31DECEMBER 2022
EMPLOYEE INFORMATION 2022 2021
f E
StaffCosts
Wages and salaries 299,547 210,769
Other termination
payments		 53,529
Social Security costs 30,155 18,071
Pension costs 14,635 16,411
397,866 245,251
The average number ofemployees during the year was as follows:
Direct charitable
activity
Administration
of charity

INTANGIBLE FIXEDASSETS
Design
Copyright
E
Cost
At 1January 2022 2,000
Additions
At 31December 2022 2,000
Amortisation
At 1January 2022 1,999
At 31December 2022 1,999
Net book amount
At 31December 2022
At 31December 2021

TANGIBLE FIXEDASSETS
Office
furniture
Fixtures and
Property
f		 Fittings
f		 Total
f
Cost or Valuation
At 1January 2022 1,170,245 55,048 1,225,293
Additions 1,164 1,164
Disposals
Surplus on revaluation 379,921 379,921
At 31December 2022 1,550,166 56,212 1,606,378
Depreciation
At 1January 2022 47,591 47,591
Charge for the year 4,267 4,267
Disposals
At 31December 2022 51,858 51,858
Net book amount
At 31December 2022 1,550,166 4,354 1,554,520
At 31December 2021 1,170,245 7,457 1,177,702

INVESTMENTS
Unquoted
Charities
Investment Quoted Investment
Property Investments Fund 2022 2021
Market value f f f f f
At 1January 2022 979,755 35,582,567 162,337 36,724,659 31,420,987
Additions 3,377,931 3,377,931 6,563,434
Disposals (2,715,188) (2,715,188) (6,034,011)
Net realised (losses) /
gains 318,079 (5,028,461) (18,876) (4,729,258) 4,774,249
At 31December 2022 1,297,834 31,216,849 143,461 32,658,144 36,724,659

Unquoted
Charities
Investment Quoted Investment
Property Investments Fund 2022 2021
f f f f
Historical Cost at 31
December 2022 287,294 27,048,290 86,579 27,422,163 27,188,756

Royal
Covent Dramatic
Garden The Betty College
Theatre Fund Fund Pension Total
Market value f f f
At 1January 2022 147,852 88,252 74,083 310,187
Additions
Disposals
Net unrealised gains 36,758 (10,262) (8,614) 17,882
Market Value at 31December 2022 184,610 77,990 65,469 328,069
Quoted Investments 2022 2021
f f
Invested directly in the UK 26,159,473 30,525,191
Invested outside the UK 5,057,376 5,057,376
31,216,849 35,582,567

13 STOCKS
2022 2021
f f
Stock of Christmas Cards held for resale 2,513 1,203
14 DEBTORS
2022 2021
f f
Income Tax Recoverable 1,241 4,736
VAT 2,793
Other debtors 844 4,731
Prepayments
and		 accrued income 40,922 13,396
45,800 22,863
15 CREDITORS: amounts falling due within one year
2022 2021
f f
Accruals for grants payable 4,914 1,500
Trade creditors 14,477 14,645
Taxes 8 social security costs 9,403 7321
Other creditors 42,299 41,511
Accruals and deferred income 86,252 44,266
157,345 109,243

FUNDS Investment
Balance Transfers Incoming (Outgoing) Gains/ Balance
01.01.2022 Resources Resources (Losses) 31.12.2022
f f f f f f
Permanent Endowment
Royal Dramatic College
Pension
Fund		 74,083 (2,098) 2,098 (8,614) 65,469
Covent Garden Theatre
Fund 147,852 (4,440) 4,440 36,758 184,610
The Betty Fund 88,252 (2,330) 2,330 (10,262) 77,990
310,187 (8,868) 8,868 17,882 328,069
Expendable Endowment
Main Fund
Revaluation reserve 9,244,037 604,146 (4,085,178) 5,763,005
Other 25,644,291 (609,046) 4,900 (89,277) 781,295 25,732,163
Vincent Shaw Memorial
Revaluation reserve 945,513 (40,361) (282,041) 623,111
Other 1,552,561 40,361 (6,939) (4,451) 1,581,532
37,386,402 (4,900) 4,900 (96,216) (3,590,375) 33,699,811
General 1,402,832 13,768 1,620,995 (1,670,178) 1,367,417
Designated- 168,597 168,597
1,571,429 13,768 1,620,995 (1,670,178) 1,536,014
Total Funds 39,268,018 1,634,763 (1,766,394) (3,572,493) 35,563,894

Expendable Permanent
General Designated Endowment Endowment Total
Funds Funds Funds Funds
f f
Intangible Fixed Assets 1 1
Tangible Fixed Assets 1,236,441 1,236,441
Investments 32,330,075 328,069 32,658,144
Net Current Assets 130,975 168,597 1,369,736 1,669,308
1,367,417 168,597 33,699,811 328,069 35,563,894

Income and Expenditure 2022 2021
Notes f f
Incoming Resources
Members
subscriptions		 and donations 21,685 19,870
Other donations
and fundraising		 36,859 94,224
Investment
income		 A 1,182,513 966,069
Interest received 5,560 117
Christmas
card sales and		 income from trading activities 16,096 20,702
Royalties 29,309 37,464
Rent receivable
and service		 charges 67,558 79,333
Grants receivable 4,545
Other income 88 3,961
1,359,668 1,226,285
Bequests and perpetuity donations 275,095 606,505
Total incoming resources 1,634,763 1,832,790
Resources expended 2022 2021
f f
Grants and allowances 903,698 1,107,144
Management
and administration
Salaries, National
insurance		 and temporary staff 397,866 245,251
Postage and stationery 14,813 8,929
Advertising 32,537 15,448
Telephone 2,494 2,765
Travelling
expenses		 429 110
Operating
Ieases		 773 719
Sundry expenses 6,053 4,038
ITcosts 21,028 24,018
AGM expenses 15,364
491,357 301,278

2022 2021
Establishment
Expenses
Rates and service charges 4,499 4,691
Insurance of property 8,134 7,135
Light and heat 4,558 4,663
Repairs and maintenance 9,844 6,420
Cleaning 11,422 9,127
38,457 32,036
Financial Expenses
Audit fees 33,875 18,750
Legal and professional
fees		 144,201 68,605
Bank charges 2,894 2,863
Irrecoverable
VAT		 42,108 30,289
Depreciation 4,267 6,870
227,345 127,377
Expenditure
from trading		 activities 9,321 14,790
Investment
management		 fees 96,216 68,286
Total resources expended 1,766,394 1,650,911
Net (outgoing) / incoming resources for the year before
transfers
and investment		 asset disposals (131,631) 181,879

F OR THE YEAR ENDED 31DECEMBE R 2022
2022 2021
f f
A INVESTMENT INCOME
Listed investment
income		 1,178,085 961,892
Unlisted
investment		 income 4,428 4,177
1,182,513 966,069
B INTEREST RECEIVED
Bank deposit interest 5,560 117
Other interest received
5,560 117
C OPERATING
DEFICIT		 FOR
THE YEAR BEFORE BEQUESTS
Total income before bequests and perpetuity donations 1,359,668 1,226,285
Total expenditure (1,766,394) (1,650,911)
(406,726) (424,626)