Re9iStered Company Number: 00243374 Registered Charity Number: 206524 THE ACTORS. BENEVOLENT FUND Report and Accounts 31 December 2023
The Actors, Benevolent Fund TABLE OF CONTENTS Page Charity Infnrm¢lti()ii Report ol the Council Independent ALiditors' Repoi StilemL>nL of FinariLial ALtivilies Balance Sheet Statement of Cash Flows Notes to the Finaiicial Statements 2-14 15-18 20 21 22-35
The Actors, Benevolent Fund PRINCIPAL PROFESSIONALADVISORS Auditors Bessler Hendrie LLP Ashbourne House The Guildway Old Portsmouth Road Guildford GU3 1 LR Bankers CAF Charity Services Kings Hill West Malling Kent ME19 4TA National Westminster Bank PIC 34 Henrietta Street London WC2E 8NN Solicitors Russell Cooke 8 Bedford Road London WC1 R 4BX Investment Manager Charles Stanley & Co Ltd 55 Bishopsgate London EC2N 3AS CONTACT DETAILS Registered Office Actors, Benevolent Fund 6 Adam Street London WC2N 6AD Telephone.. 020 8016 6345 Email.. officè@abf.or Registered Charity Number.. Registered Company Number.. 206524 00243374 England and Wales
The Actors, Benevolent Fund Report ofthe Council for the year ended 31 December 2023 The Board of TriJ%te.es I'thp C.oiJncil"I present iheir annucil report dnd financial statemcnls foi. the yedr elided 31 DccL4rnbLir 2023, wliiili are dlso pi Lpared lu rTIC4Lal Ilie i e4uiretTienls for a direclois, I"ei)orL nd accouriis for Compafiies Act purposes. The financial strlte.ments comply with thp. C.hriritip.4 Acl ?011, th? C.QThP<lnies Act 2006, the Memorandum and Articles of Association, the Statement of Recommended Praclice - AcLoLinLing and Rc'F)orlii)g by Cl)iirities IFRS 1021 ISORP 20191 aiid FRS 102. The Trustees have adopted the Charity Governance Code vilJlVI:r.lioll"ItiJcJoiipi'nciiir.è.r.ocle:oi'g a5 part of its work with the Charity Commi%%inn. The Code provides a frornpwork f(Jr building and sustaining good governance to make the Fui)d more eflective in supporting its current and potential beiieficiary community. STRUCTURE GOVERNANCE AND MANAGEMENT Governing Document The ALtors' Beiievoleni Fund ig a compaiiy limited by 9uafcintce, Incorporclted ii) Englarid aiid W<il¢s, YUVLJI I led l)y Its M(:ITIOI'LlI)cIuiii i¢iiol Aiticlos ol AOLlativi1 ddlcd 29 OitoL)oi 1929 <ir)d t]ItLI ccl by 1 .8 l M¢iri..h 1936, 2A Miiy 1992 cll)cl 18 JtJT)(1 2110tS.1115 1-?.91:. willi tlie Clicirity Coiiiniissioii. I hp fjavcrnanie ol Il)p Iiiiid 8LihsLCILILsnily si(Jnilici( ntly modern15(..d by dri EGM Iield on 27 Jiiii(. 2023 dll(I tliE LOllSlilLJIiuiicil wi)rkirig% ()[ IliL. Fiiiid desLiibL,d below are undei" what is now its current conslitLJtion. Patron His Majesty King Charles111 Organi5ation and Appointment of Trustees I'council Members.) Thc Council is made up uf d rninimuiyi ul 8 diid d rric5xiiiiurri ol 16 perso)iis willi riul les5 (Iidli Lwo iliirds ol tlie Coui)cil being members of the theatrical profession. These persons consisl of111 LIP to 12 persuris eleiled by iiiembei"s at a general meeting and 121 up to 4 persons co-optecl by Council Members on basis ol skills andlor experience re.quired by thp CaiJnc.il. Eilch Coijncil Member 15 eligible to serve on the Council for a maximum of 6 years. The Council meet regularly as is required for the proper administration of the Fund. Additiorial sub- LOlI)Inillee5 Wlth delegated mandates have remits for Grants and Services, Finance and Operations. Marketing ir nd Engcigement Tind Nnminiilions l<iS required under the Article5 01 Association).
The Actors, Benevolent Fund Report of the Council for the year ended 31 December 2023 A Chief Executive, Ali50n Wyman, is appointed by the Council to manage the day-to-day operations of the Flind and is supported by permdl)ellt and temporary sldll as necessary to deliver the objective5 ofthe Fund. The Fund's wholly owned subsidiary, ABF Trading Limited, was dissolved on 27 February 2024 lollowing an earlier Council decision to transfer greetings cards tradin9 to the Fund. Members of the Council Members of the Council are company directors for the purposes of the Companie5 Act 2006 and Trustees for the purposes of the Charities Act 2011. The following were members of the Council during the reporting period of 2023.. Dr EshwarAlladi Colin Bennett Marilyn Cutts Abi Eniola Nick Fletcher Karen Gledhill Peter Harding Amanda Holt Andrew Jarvis Rebecca Johnson Christopher Luscombe Dipo Ola Lind(i Regan Hannah Whittingham (Chairl (Honorary Treasurer, resigned 21 December 20231 (term completed 27 January 20231 Additionally, Paul Cartwright. Loyd Grossman. Chris HeagTen, and Sarah Watkinson were all appointed on 21 sl December 2023. Except where indCated otherwise above, ur)der tlie new Articles of Association, all trustees were required to retire at the AGM held ID January 2024. Those with le55 than six years service could put themselves forward again for re-election if they chose.
The Actors, Benevolent Fund
Report ofthe Council for the year ended 31 December 2023
Good governance
Tlie Fuiid is committed to maintaining the highpst standards of governance and Èthical conduct.
Dliring the yeiir tho Fund l)aeJ wol'kpd with thc chai.ity Commission Io Ljpdate its govornance
Pfactices. As part of ihis work tlie Fund has adoptod the Charily Governance Code tr) guide the
modernisAtion ol its goveriiance aiicl to iiyiprove ils IlTipaLI aiid L)ffecliveiiess, so to Iielp iroie iclors
and stage mAnagEr5 We have thoroughly assessed our governance practices against the Code and
see exleiisivc aricj continuing progress towai'ds COIMF)liance with its principles dnd recomtneiided
piactices. We Eiplie.ve that %lrong governance is vital for the sustJinability and trustworthiness of the
rund and the marshalling of its extensive resources to reach and help tnany mole eligible actors and
stago managers in need. The Trustees are commilted to erisuriri9 Ihai ihe Puiid's fuluie goverriaiice
ai"[angements reflecl the best practices advocated by the Charity Governance Code.
New Trustee Induction and Trustee Training
DLiring the previoiis year the coijnc.il vnde.rtook a review ol the training and 5UPPOrt oflered to
trustees. As a result, a structured training and ediJr.ation programme was initiated to improve board
L,IlcolivoiiosS, this hcls Iilso involved devLlupiiig i rriorc iriclusive Pcirliieisliip willi Il)e %ldll. Elemenl5
ol tlie pfugi"alliine Include triislee legal obliLJciliuiis uiider Charity and Coini)any law, the rpqulatory
li cllTieWUI k ul ilie Lliai-lly Loiriinissioii as seLlui- i eyulc]to>r, tlILJ Ll)¢]i-Ily tiovei nriiiie Coole diid utlicr
.)o.rtoT I)p.%l Plilftie.p., thv. r()nt('nt nl tho. Mpmnrcll)diJin tiiic.l Ai-tirlp:.
f AJSQCI{Itioi), tlIL' stralL'gii
dev(:lopnie.Til ol rhe luiicl. tli(.' i-()Ii-: nl th? Cnuiiril Iiiiol L)tl)or cl1-.Ic-.QJcil(.(.I cl?ri%ion Infil
The Actors, Benevolent Fund Report of the Council for the year ended 31 December 2023 The Objectives of the Fund are: To give relief, advice, welfare or assistance in such form as the Council shall determine to members of ihe Thedtrical Profession la5 defined in the Articles) who cannot work because of accident, illness or old age, or in other cases at the Council's discretion, and to their spouses, civil partners and dependants,. To advise and assist those beneficiaries who need help to reccive the correct welfare assistance., While prudently sustaining the resources required for the long term, to be a truly effective charitable citizen, planning and developin9 Its work in accoidance with the very best practices in the charity sector to help many more actors and stage managers in need,. To be an effective partner in the community of stage and performance sector charities,. To promote the charitable objectives through work to raise awareness of the Fund's beneficiary community and work. 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 objertives are: The development of strategic planning for the Fund to allow an assessment ol how its objectives can be made relevant to today, best achieved and then how Success can be evaluated to 5UPPOrt the theatrical profession now and to ensure the health and success of the Fund in the future. To Increase brand awareness and understanding of the Fund's support to the theatrical profession through appropriate communication channels including internet advertising, social media, trade journals and word of mouth. To raise money to spend on the Fund's objectives, through investments, donations. rent. legacies to the Fund and greelings card sales," To assess each indivicjual who has applied for a551Stance in an objeclive manner and to decide the m05t appropriate assistance to be given.
The Actors, Benevolent Fund Report of the Council for the year ended 31 December 2023 Success In achie.ving the£¢ r)bjective5 is ineasured by il)e impact ol chciritclble <lS%iStance. on beneficiaries helped. Thi5 is balanced by a review of the financial strer)gth of tSie Fund. Presontly the rund is looking lo run at a moderale short ter1 deficit lo lionoLir ils social aiid chic I'ltriblp obligcltinnq alter receni financial surpluses and to invpst in the development of both new servicps and income raisin9 Potential. Grants foi"m a key part of the Fuiid's aclivities a% iliey are the m<iin lorm of assistance givei) lo beneficiaries. Grant making therefoi"e forms a key part of aikiieving the FLind's pi"iinary aim to siippoi't actors and stage Inanagers in need. During 2023 each application was assessed on its own merits by the Council's Lleneficiaries and Grants Committee, with assistance given in the form most suited where there was genuine need The new Grants and Services Committee also directs strategy and plans for grants and services delivered by the Fund, evaluatin9 the types of need in the potential beneficiary community and advising on criteria and policy, reporiing to ihe Council which has responsibility for setting the slrategy of the Fund. STRATEGIC REPORT I-IIL lolluwiiig constitute% thp. Sti'alegic Roporl ol the Council, tlie pui.pose of which 15 lo prnviclc cl rcview of the achievLITièiII ¢iiid peiloi'rYidnLe of the lund and ali ovoi.view ol IhL Fund's lului"L i)l¢ll)S. Achievement and Performance Tlie year 2023 lias beeii one of chaiige, will) Ihe Tru51ees reassos5ii1g tl)L Sti JlLcJy loi. Il)c Funol, l)c)%Ld ori ilie best practices uscd successfully by SilTiilar charities. The Trustees, objective is to help more poleiilial beiieficiaries cind io expLind tlie range of charit<ible 5upporl to l?e relevant to today's community of (ICtoi"s and stage manager5. In 2023 thi5 included continijing with a cost-ol-living grdnts scheme, developiiig a Pic rtnei ship lo host (-.offee and choir rtioriiiiigs to support S()Clcil connections and launcliing a new podcast focused on improving wollbeing. The Ti"iJstees have I)en cleveloping strategic approaLh so as lo adopt the best Inethods to meet the identified needs ol the i)otontial beiieliciary cominuiiily loday, after ihe global pandemic and with a cost-of.Iiving crisis. They are <1150 focused oi) raisin9 the profile of the Fund so many more eligible actors and stage managers are aware tliat the Fund can help them. During 2023, 499 beneficiaries have been helped through ilie provision of financial support, e.g. thi"ougli payments of weekly allowance, help with household bills, or one-off Emergency Grants for iliose affected by faclors such as the effects ol coronavirus and the cost of living crisis. Feedback fi.om beneficiaries has pi"ovided an indication of the high ilT)pact bL ing achieved through ii)ti'odLicing tlii5 type of support. Welfare and debt as5islance have been given when relevant. Beneficiaries regularly Say liow triuch they appreciate thF Fui)d's help and how they feel included and pait ol the organisatiori. Iri additior? to financial support. the coffee and choir moriiiiigs 5Lipported appi'oxiinately 30 benoliciaries dliring 2023 and the ABF Podcasl reached approximcilely 1,)00 to 2,000 people. These new initiatives aimed to suppori people with iheir wellbeing and io develop social connections, thus broadening the Fund's approach.
The Actors, Benevolent Fund Report of the Council for the year ended 31 December 2023 2023 was a year of transition loi. the Actors, Benevolent Fund. The Truslees were focused on Governance and Training and i)utting In place many legally required policies. This didn't at any pr)int affect the work with our beneficiaries. In fact, we have seen significant increases in the numbers of people we have been helping, with a 63% increase in the number of people helped through grants in 2023 compared to 2022. Since 2020, the number of beneficiaries supported ha5 more than doubled. Charity Commission Review In 2022 a dispute with a small minority of members over who the Trustees were led to a review of the Fund by the Charity Commission. The Trustees in situ co-operated in lull with the review and welcomed the Commission's input, wliich was ¢onslStent with their agenda, as they set out to modernise tlie Fund based on sector best practice drawn from Charity Commission Guidance, the Charity Governance Code and other effective charities with similar aims and characteristics. The Commission's review found many historical governance deficiencies which in turn led to the Commission sellin9 OLIt an action plan for reform and greater effectiveness. The Trustees fully endorsed the plan and during 2023 made extensive progress on its implementation. In 2024, as at the time of writing this report, the Charity Commi55i0n conlirmed it has been assured l)y the actions undertaken by the Trustees, and has concluded its re9ulatory compliance case into the charity. The above dispute involved the Fund having to invest time and monies in responding to the di5PUte, such as on legal costs. However, with the closure of the Commission's case and a new Board in place, the Trustee5 are conlident this marks a new positive chapter for the charity. Membership There were 634 members as at the end of December 2023.. an average of £20 annual subscriptions fee was received from members. The Council does urge member5 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 FTiends of Lhe Actors, Benevolent Fund scheme, which at the year end stood at a cohort of 25. The membership is prim3rily an older cohort, and the Council greatly value5 their commitmentto the Fund. Work is underway to increase the diversity of the membership to better represent the theatrical profession and ensure the longevity ol the membership. 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 5UPPOrt. If you know of 50nieone who needs help from the Fund, please contact the Actors. Benevolent Fund. All information is treated with absolute discretion and in complete confidence.
The Actors, Benevolent Fund Report of the CoLincil for the year ended 31 December 2023 Donations and Legacies The Council would like to thank all th05L' who Inade a donation lo ihe Fuiid duriiig tlie yeai" eiiher on thcir own bLI)alf or in memory of their family or of a friend. Similarly, grateful thanks go to all ihose who r]on¢lte. rnyi11tips and rp.peat lees to iho Fund. Overthe past yQcifr legacios have beeii oiic oftlie Fund's most important sources of income. Wiihout the loi'p.Ilioughi lind kindn?s.s c)f follow Ii Ctors <ind mombor5 0111)tr public wh(J have left montry iii thi- Wily th2 Fund would i)oi be able to carry out its vilal work in supporting thooe in need. Legacies continiie to be. a crucial factor in the continuity of the work of tho Fund. The generosity of rill and any donor is gr¢cltly apprer.l<lted by the Fund. Investment Income The Fuiid's investments, as the accounts ii)dicatp, have realis?d gi9nificrint income lor thc Fund. 2023 Wcl% ri diffir.lilt rind r.hiillp.nging yo.rir wilh c.nnllir.ts in ihe ljkriiinp. lind thp. Middltr. Eic si hciving miijor impac.ts nii tlie. Inai-kp.i. L)e%pile tlii:. tlip.re Wcls cl fiilly ()n ih? mai ko.lJ 111 Il)e1asl quoilL'I' ol the ycar and tntcil valiip. nl qiioled illVLsIIT)Liiil% p.iiclpd tliL ye.r)r hicJlici clt £33,0.20,-32512022.- f 31,216,B491. OveT'iill i1% Iidicl WOTk ciiid Laiplijl IMclllc)ciernp.iit i)1 tl)o FiJnd':- ijncertainly. .LLibility and Christmas Cards The gr05% sales valup. Df Christmrl% ciird.fj linr.liJdinq postcige ,1nd PflC.kingl w.1% £15,508 which I'epresented a reduclion of just under 4% from £16,096 in 2022. Doiiations rnade with cai"d orders nci"oased io £6,332 12022.. £1.7431, Iliis includod uiie doiidliuri ul £5,000 iri lieu ol ChristlTI(IS L<ird purchases. After stock, brochure and postage costs ilie sale of Christmas cards genertlted a pi'ofit of £2,856. 1.he Fuiid also absoi.bed slall liine and statioiiei"y costs wl)ich would oiherwise lead io an overall loss. Grants and Advite During the year the Fund has provided financial suppoi't to 499 beneliciarie5, of whom 149 received regular finaniial help In the year. This is an increase of 41 % in the number receiving iegulai help, reflecting that the Fund is starting to re¢ich a largei number of people. The FLJnd also provided assistarice with general household expp.nses, the cost of replacing household equipment, mobility aids, physiothoi"apy, osleopathy ancl in some cases, the shortFall on nursing homo leos.
The Actors, Benevolent Fund Report of the Council for the year ended 31 December 2023 The total grants i)aid out were as follows.. 2023 2022 Weekly allowances Monthly Grants Summer Grants Christma5 GTants Other Grants Cost of Livin9 Grants 502,300 300,274 74,400 75,750 17,229 240,155 1,210,108 378,460 267,632 60,000 56,000 18,636 122.970 903,698 The Fund has also been able to PTovide Invaluable adviLe about entitlement to state benefits. Around 44% of beneficiaries are over 60. the rest are rTTru¢h yOLJnger with the youngest in their early 20s. Sadly illness or accidents can strike at any age, with a Irend of physical injuries afflicting the younger beneficiaries. Many of our beneficiaries who receive financial support have severe health problems and some are battling with mole than one illriess. 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 Iiomes. The FuTrd may step in to pay the shortfall on their fee5 for lor)g term care. During the year many beneficiaries received advice from the Fund's Wellare Advisor5. It is our aim to ensure that a5 many as possible of the Fund's beneficiaries, sotne of whom have been beneficiaries for a long time, have personal contact with someone conriected direcily 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 enlitled. The. state benefit system is now so complex and chan9es so regularly that it is difficuli for people to negotiate. All this can be very stressful for people already coping with ill health and low incomes. This is why the Actors, Benevolent Fund provides benefit5 advice to beneficiaries, helpin9 them to navigate through the benefit 5y5tem to access their enlitlements.
The Actors, Benevolent Fund
Report of the Council for the year ended 31 December 2023
Fellow Charities
The Council would like to ihank the Ii"ustees aiid staff of our fellow entertainment cliaritips with whom
we hdve worked closely over the year in the interests of all our beneficiaries
The Royal Ballet Beiievolent Fuiid
Thp. Roy11 Operd HCJUSC Benevolent Fui)d
The Royal Thecltric81 Furid
The Theatriodl Guild
The Drury Lane Theatrical Fund
Help Musicians
The Grand Order ofwater Rats
Dancers, C31"eei Development Fund
Actors. Childreri 5 Trusl
Theatre Chaplainr.y UK
Tlie Filin & Tclchvision Charity
The Royiil Vic riety Charity
The Iquity Charitable Trust
The Evelyn Norri5 Trusl
The Ralph and Meriel Richardson Foundation
I he Intern<ltional Perloi'mer5 Aid Trust
The King CiP.orge V Fund
Staff Remuneration
Staff PLly IS sp.I l)y re.lei"?.i)co to i]p.nv.rfil inll
The Actors, Benevolent Fund Report of the Council for the year ended 31 December 2023 Spend on grants and allowances incroased in 2023 as more support was providod in the form of regular we.g.kly allowances and furthpr sponding on cost-of-livin9 grants. The age profile of beneficiaries is also changing, and although we continue to help tnany elderly people. we are also reaching a wider group of younger people who are in difficulty. Donations and legacies are up on last ye¢?r to £821.59112022.. £362,948). This includes 3 £120,000 grant from the Thomson-Bree Charitable Trust and a £25,000 donztion from Hacketts. There was also an overall increase in legacies for the year which is not a predictable source of income and can fluctuate over the years. Investment perforniance Reporting to the Council regularly, the Treasurer and Finance Committee monitored the performance of the investments. In 2023 the portfolios under performed some of the market indices but outperformed the FTSE 250 index which most closely reflects the managers focus. It is note.d that the significant returns in the past, above all benchmarks, over very many years, have not accrued evenly so the Trustees realistically expect our Managers to enjoy recovery and overall outperformance from their area of expertise in due course. Plans for Future Periods The Council has been leadin9 the Fund through a process of modernisation, adopting charity sector best practice, working constructively with the Charity Commission and aiming to mobilise th extensive resources generated over recent years to help many more artors and stage managers in need. The Trustees believe that the Fund needs to become more innovative to meet the needs of the vulnerable in the 70,000 plus theatrical community. As well as reforming governanre and strategy to make the FLind much more effective, this means reviewing all grant schemes and Fund processes to achieve more impactful outcomes, to meet today's needs and so to help more people Medium and longer term planning will look to identify the key needs of the community, where the Fund 15 best placed to support and thereby achieve its strategic priorities. It will develop both the help given and income raised to build a lori9 term active and secure future for the Fund. The intention is to develop a contemporary interpretation of the aims of Sir Henry Irving and other founders to support the theatrical community. The Council believes that change shoiild be organic, over a period of time, and always founded on the need to protect the Fund's strong capital base. The Council is also aware that plans to develop new services will, in time, Tequire longer term funding to match and the development of new income streams will be part ofthe medium term agenda. In its work, the Fund continues to examirne 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 is taken to seek support from other charities in order to share the expenditure on individuals whenever possible. Here too relationships are beiiig re-examined to deepen and widen alliances and collaboration to build the erfectiveness of support from the Fund itself and from its partner charities by working together.
The Actors, Benevolent Fund Report of the Council for the year ended 31 December 2023 Tlie Couiicil considers Ilirli Ihe oxpeiidal)le cash resei"vc451)e1d by Ilie Fund al'e adequate to maintain the Fund's operations iii ihe yeai. al)edd should inc()me Irom tlie Flind'% investmpnl% flijctllclte. Sijch has been the 5lrcngth ol the fund's financial position that, with the support of the 2023 AGM, the Fund has ihe lalitude to operate with cautious deficits in iho hort lo mediuin toi'in lo develup aiid offer str@ngthened holp lo current cind future bLrIefclar4es. A deoisioii reached in 2020 to add le9aCy doiialions received io the geiieicil luiid rdtliei Illin iinvesting these, wi15 continiie. The Fund has considerable linancial resoiirces and, as a consequence, the TriJ8tees believe thff)t the FLJnd is well placed to mancige its business risks successfully. As such, the lin¢inrial stiltemp.nts rire prepared on a going concern basis. POST BALANCE SHEET EVENTS At the 2023 AC,M, held on 17 JclliLiary 2024 and concluded on 29 Jan113ry ?0?4, all Trii8tee% rp.Eifjnpd in line with the new governinfj dociiment ¢ind mpmhe.r% were givpr) Il)e oppnrliiiiily to e.Ip.cl thp members they wished to be TrL15tees ol the Fund qoing forw¢ird A npw cniinr.il Wci£ %iIF)seqLienLIy electe(i on 19 JcifiLlcll'y 2024, with addilioncil I'rustpcJ% CO 01)led or)Ic) IIIL. Coiii)ril c.)n 8 1-'(..1)l ilrll-y ?0?4 PiJf'iliei'inoi"e, the Charity Commission has pronounced ilself r.onteiit and has coiicluded its regulatory cornplianc."p CclSe intn thp ABF whir.h hrid been opened in 2022, having been cissured by tlne aLtioiis undcrlaken, commitmeril ond dire.ction of ihe TrustL'es. -the now Couiicil is moving forward on the Fuiid's nL>w strale9y and is exciled lui Ihe luturc. INVESTMENT POWERS AND POLICIES Undei. the Memorandiim and Articles of Association the Fund h85 the power to invest in ariy way the Trijstees wish. The T1'UStees have delegaled discretionary mai)agemenl ol the investment portfolio to Charles Stanley & Co. Ltd. It is the TrLiStees' aim that the portfolio is mai)17ged with a view to achieving a combination ol capital appreciatioii, an average level eqlllty income and a medium level ol risk for the portfolio as a whole. The investment manager has been advised to act in a prudent manner and xvoid inve.stmpnt% thilt might adversely affecl the repulation of the Fund.
The Actors, Benevolent Fund Report ol the Council for the year ended 31 December 2023 RESERVES POLICY Throughout its history the Actors, Benevolent Fund 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 lunds although it is legally permissible to expend capital. The Trustees, policy is to invest 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 Ixpendable Endowment has resulted in the Trustees concluding that it is not necessary to hold general reserves. Income received that doe5 not fall under the category to be invested should be expended. Where total income is insufficient to meet the Fund's financial commitment5 the Trustees will consider the use of the Expendable Endowment Fund. The results for 2023 Show that the Fund has recorded a deficit on the general fund of £29,036 prior to transfers of £5.033. The balance of reserves remaining on this lund has decreased to £1,343,414. Combined with other funds of £35.423,808 this provides total Teserves of £36,767,222. Of these funds £168,597 are designated for the maintenance and repair of 6 Adam Street as necessary. Given the Fund's relian¢e on reserves for investment to generate fund5, the goal of the Fund has been to maintain reserves at a level at least sufficient to support its beneficiaries, excluding bequests received. However, given the 5iie of those rese¥ves the Fund believes that some funds can and should be applied to broaden and deepen the work and reach of the Fund and to create a basi5 to generate further future income streams for the future.
The Actors, Benevolent Fund Report of the Council for the year ended 31 December 2023 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS Company law reqijires the Trustees to prepare financicil statement for each financial year which give a true and fair view of the state of affairs ol the Fuiid dt ihe end of the financial year cind ol its sui.plus or delicit for the financial year. In so doing, the Trugtees ale required to.. select suitable accounting policies and then apply them consistently,. tridke siiildblL' judgeinenls ancl estimalcJS iliat ar'e i easoiiab1e and kll'udeiit,. prepare the financiiil statements on the going concern bdsis unless il is inapproprialc to presume that the Fund will continue in business. The Trusiees are responsible for keeping proper accouriting records which disclose with reasonable .Icc.urclry olt <iny time thp finiincial posilion of the Fund aiid which enable them to ascertain the lincini."ial position of thp Fiind and will cnEible ihem ta e.n%iire th<1t thc fii)3ncial statemei)ts comply with tho. Compir nieg Act 2006. Thcy are al%0 responsible for saloguarding tlie assets ol Ilie Fund di)d hence for Iciking reasonable steps for the prevention and detection of fraud and other ii"regularitics. The TriJ£tQQ.o ilre ro.Jpoiisible lor the miiintenance. Lind integrity uf thc corporate and finan(".l£il 11)foi m<ltioi) ii)c.Ii 1clo.cl ni) the Fiii)d'£ wv.bpite. .liltian in ihp. 1lnilft.cl Kiriqilnm qovp.riiinq thp. propi4 r1tion oiicl diiJ5LiiiiiialiLlli ol liiicll)Cliil -I,'Ilion in atl)oi' jttsrisdi(.'Iionts. AUDITORS r?.%nliilinn may be proposed at the Annijiil CJe.no.r.I1 Meo.tirig thai Bessler Hondrio LLP be rL%appuintocl as audit()I"J to the Fu11d for the eiisliiiig yeclr. STATEMENT OF DISCLOSURE TO AUDITORS In the c.ase of eficli person who wa., a Trustee at the tiine thi5 report was appi"oved.. So lar as we are aware there is no relevanl iiifoi'ination of which the Fund's aijditors are unaware,. and As Trustees of the Fund, we have taken all steps that we ought to have takeii to rriake ourselv@s aware of any relevdllt audit infoi'mation to estciblish tlial the Fund's audilors are aware of ihat inlormation. This coiilirmation is given and should be iiiterpreted in accordance with the provision of section 418 of the Coinpanies Aci 2006. This repori has been prepared in accordance with tlie special provisions of Part I S of the Companies Act 2006 relating to small companie5. By order ol the Council Alex Macqueen Trustee Date..
The Actors, Benevolent Fund Independent Auditors, Report INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ACTORS, BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2023 Opinion We have audite¢ the financial statements of Actors Benevolent Fund Ithe'charitable company'l for the year ended 31 December 2023 which comprise of its Statement ol Financial Activities. the Balance Sheet. Statement of Income and Expenditure account. the Statement of Cash Flows and notes to the financi81 statements. The financial reporting tramework that has been applied in their preparation is applicable18W and United Kingdom Accounting Slanclards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kinedom Generally Accepted Accouniing Practice). In our opinion the financial statements.. give a true 8nd fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure. lor the year then ended.. have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting Practice.. and hAve been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our rosponsibilities under those Siandards are further descTibed in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of ihe charitable company in accordance with the ethical rcquirements that are relevant to our audit of the financial statemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethic81 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. Concluslons relating to going concern We have nothing to report in respect of the following matters in relation to whlch the ISAS IUKI require us to report to you where: the trustees, use of the going concern basis ot accounting in the preparation of the financial statements is not appropriate. or the trustees have not disclose(5 in the financial statements any identified material uncertainties that may cast significant doubt 8L)oul the charitable company's ability to continue to adopt the going concern basis of accounting for a period of 8t least twelve months from the date when the finencial statements are authorised for issue. Othey Informatlon The other information comprises the informatitsn included in the report of the council, other than the financial statements and our auditor's report thereon. The trustees are responsible fo¥ the other information.
The Actors, Benevolent Fund Independent Auditors, Report INDEPENDENT AUDITORS, REPORT- continued TO THE MEMBERS OF THE ACTORS, BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2023 OLir opiriion on the linanei.?I state.ment% doe8 not cover the other information and. excepi 10 the extent otherwise explicitly %t1r ted in OLII report, we do not express any form ol assurance conclusion thereon. In connociion with OLif ciudit ol Ihe financial statements, oiir responsibility is to read the other information and. in cloing so, conbider whether the olher inforiii8tion is materi811y ineonsisient with Ihe fincinciiil statements or our knowledge obtained in the audit or otlierwise appears to be materially misstaied. If we ideniily SLich material inconsistencies or appaTent material misstatements. we are required to dctermine whether there is 2 materi81 misstatement in the financial statements or a material missiatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement ot this other information, we are required to report that fact. We have nothii)g to report in this reg8rd. Oplnion on other matters prescribed by the Companies Act 200G In our opinion, based on tlie work uiidertaken in the course of the audit.. thL informat101l LIIVVI) 111 trie Report ol ilie Council, inclLidin% stralcgic. repori. loi tlie linincial ycar iiomoiils., cind loi which tlie financi[118taiLirioiit% arc prep?( rp.d 1% ron51Sttsnt with the linanc.ic11 srr tho Rpi)01-i of tIIL CoLin¢il, iii¢lLidinf, 8trc?tPF,ic rci)ort, li'is bepn i)re.Pc1rcd in acLordanLty witli L l)5)IicalJlc IttH,ic I reqLiireniLJlIts. Matieis on which we are requlred io report by exception In the light of the knowledge and understanding of the chiriiablc conipany 8nd Its environinenl obtained in the Course ol tlie audit, we have not Identified Inaterial misst<ltements in the Report ol the Council including the stTategic rcport. We l)ave nothing to repoit in respect of the following matters where the Companies Act 2006 requii.es us to report to you if, in our opinion.. adequate aL¢ounting rLcords h<ive not been k@pt, or rcjlurns adequate tor our audit have not bocn reLeived from branches not visited by us; ur the financial $18tement8 are nol in agreeinent with the ic ccountink records and returns- or certain disclosures ol trustees, remuneration spccilied by Iciw are not made. 01 we have not re¢eived all the inforn)alion and explanations we requii'e for our audit., or tlie trustees werL4 Ilot enlitled lo piepai£ ilie linJncial statements in c?ccordanLe with the smg)11 corripanies regime and take advantlc ge of Ilie small companies. oxemplions in preparing the trustees report oncl from tlie requirement io prtspare a strateKiC rei)ort Respon5ibililles of triistees As explained more fully in the slatement of Trustees, rcsponsibilities, thc trustees (who are also the dii'ectors of the charitable company for the Plirposes of compaiiy lawl are responsible lor tlie preparation ol the financi1c l statements and for being satisfieil thi¢ t tliey give a trLie ¢ind lair view, and for such iniernal control as tl)e ti"ustees determine is necessary to eiiable the preparatioii of financial statements tlial are free from material missrateme.nt. whether due to Irc1ud or error.
The Actors, Benevolent Fund Independent Auditors, Report INDEPENDENT AUDITORS. REPORT- ¢ontinued TO THE MEMBERS OFTHE ACTORS. BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2023 In Preparing the financial statements, the trustees 8re responsible for 8ssessing the ¢haritable company's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern bE]sis of Bccounting unless ihe trusiees either intend to liquidate the charitable company or to oease operations. or have no realistic alternative but to do so. Audltor's responslbiilties for the audlt of the financlal Statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulaiions 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 mateiial misstatements in respect of irregularities. including fraud, and to Tespond appropriately to f¥aucl 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, includingfraud and non-compliance with laws and regulations. our approach was as follows.. We obtained an underst8ndinE ol the legal aiid regulatory frameworks that are appli¢8ble to the charitable company and the sector in which it operates and determined that the significant Iramewoiks, which are direclly relevant to specific assertions in the financial statements. are those that relate to the reporting Ir8mewoTk (Statement of Recommended PractlC8- Accounling nd Reporting by Charities IFRS 1021 ISORP 20191, FRS 102, the Companies Act 2006. the Charities Act 20111 including Covid-19 concessions 8nd the relevani tax regulations in the UK. This included discussions amongst the membeTS ol the audit team and tax specialists. We understood how the charitable company is complyingwith those frameworks through enquiry with the trustees and management. We ass8ssed the risks relaled to the control environment and in particularthose related to management override of controls. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following.. Inquire ot man8gement and the trustees regarding their knowledge and actions relatingto any non-compliance with laws and regulations that could affect tlie financial stalements. Concluding on the appropriateness of m8nagernents use of the going concern basis by evaluating the reasonableness of budgets and forecasts. Reviewing the fin8n¢ial statement disclosures and testing supporting documentation. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Reading minutes ol meetillgs of the council of tfustees and various sub-committees.
The Actors, Benevolent Fund Independent Auditors, Report INDEPENDENT AUDITORS, REPORT- contiiiued TO THE MEMBERS OFTHE ACTORS, BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2023 Obtainino cind readine correspondenco from legal and regulaioly boclies in¢luding HMRC 8ncl The .hilritltr8 Commission. In ciddressinll tl)e risk ol Iraud through managoment override ol controls, testing the appropriateness ol journal adjustments, accounting osiimates and iudgements made. There are inherent limitations in the audit procetluTCS described above and, the further removed non- Compliance with laws and regulations is from events and trEJnsactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material missiatemeiit due to Iiaud is higlier than the risk of not detecting one resulting from error. as fraud may involve deliberate ¢once8lment by. for example, forgery or intentional misrepresentations. or through collusion. A furiher description ol our responsibilities lor the Judit ol ilie financial 5tatenionts is located on the Financial Reporting CoLJiiciI's website at.. w¥Mv.Irc.org.uklauditorsresponsibilitios. This description forms P<irt of our aLidiior's rLpuil. Use of OUT rei)Oft Tliis reporl is InadL soILJly tu thL) efiaritiil)ILh LuiiiiJJny's IneI1)ers, (J ljocly, 111 c?cLorddllLLJ Wltli Chic Pter 3 ol i),Irt 16 Df tlitr Conii)Inios Acl 2006. Our:iuclit work Iiil% hoLllI IiiicILbiliikLJII S() tIILii fniLllIl %liilL lu IIIL chJriiablc ¢omi)1ny's niembcr4 and trustees tho)SL maltLsfs wc Ciro. ieouirod tv slalu to thctTi In L1n aLiditor's report <ind for no othor puriio8e. To the. fLillest cxtcnt permittcd by law, we do not ciccei)t 01 assLimc responsibility to Iinyone. oiliei. tliaii thLJ cliai"iiable company 1nd thLI LliaiitJblc c.ompai)y s members as J body, for our audit work. for this re.port, or lor the opinions wc liave formed. ,k LLP Andi"ea Hollo (Senior Statiiiory Auditor) Foi and on beli¢llf of Bessler14endrie LLP Chartered AccoLintants Statutory Auditor Ashbourne House The Guildway Old Portsmouth Road Guildlord GU31LR Date.. 2G.Qq.29£
The Actors, Benevolent Fund
Statement of Financial Activities for the year ended 31 December 2023
Expendable
Endowment
Funds
Pemianent
Endowinent
Fuiids
General
Funds
Designated
Funds
Total funds
2023
Total lunds
Notes
2022
Income
Donations and
legar.ies
Tra(Iing adivities
Investments
821.S91
15.SD8
1,260.714
821.591
1 Jf,508
1,265.747
362,948
16,096
1,255.631
88
5,033
Other Incotne
Total income
2,097,813
5,033
2,102,840
1.634,763
Expendituro
Trading activities
Investment
Tnanagement lees
10,293
10,293
9.321
111,802
111,802
96,216
Expenditure on
Charitable activities
Total expenditure
2.116.556
2,126,849
2,116,556
2.238,651
1,600,857
1.766.394
111,802
Net lexpenditurel
l income before
tran5fer5 and
Investmenis
129.0361
1111,8021
5.033
1135,8051
1131.6311
Unreali5&d net
Ilossesl I gain5 on
invèstments
Realised not
IIos5e51 / gains on
irivestTnents
992.870
13.180
1.006.050 13,952.4141
333,083
333,083
Net gain5 1 Ilossesl
on taF)giblÈ assets
Net lexpenditurèl
l in
The Actors, Benevolent Fund Balcince Sheet as at 31 December 2023 Note5 2023 2022 Fixed 85sets lanoible £lSSÉts imcnt5 ln 1.568,694 33.867,074 32.658.144 35.435.769 34.212,665 Current asset5 slor.ks 1.679 253,218 1.??.8.E28 2,513 4 Jf.8UQ 1.460,261 Dobtors Casli at bank and in liènd 1.483,425 1.508,574 Creditors.. amounts falling due within one yèa 14 1151.97?) 1157.3451 Ner current asset5 ).331,4J3 1,3 Jf 1.2?9 TOTAL NET ASSETS 36,767.222 35.563.894 Finaiiced by FUNDS l'ei nianc'i)t Lnduwmenl Exi)eiidiil)lo Endowmoiil Revaluoti(Iii rLseive 341,2Qg 328.069 J,378.9E16 27,534.976 6.786.116 27,313.095 1611.597 1,367.417 L)tl)er gnattd Gei)e.ral 1,-I4.3.414 36.767,222 35.563.894 The financial 5tateirents were approved by thp Bnard ol TriJstee5 on 25 July ?024 and wcre signed on it. beliall by.. TrLlStee Alex MÉlCqL5eei) Tlie iiot¥s on patJes 22 to 3Jf loi'm part of these financial slatemeiits 20
The Actors, Benevolent Fund Statement of Cash Flows for the year ended 31 December 2023 Notes 2023 2022 Cash Iu59dl I generated tn operating activiti•s 113,30?) 1109.0691 Cash from investing activities Interest Income 2,177 117.7281 11,398,546) 1.195,666 1218,4311 5,560 Purchase ol tangible assets Purch3se 0>1 Invesiments Dispos41 of Investments Cash genei8ted in investing artivlties 13,377,931) 3,492,032 118,497 Increase in cash and rash ¢quivalent$ in the year 1231.7331 9.428 Cash and cash equivalents at the beginning of the year 1,400,261 1.450.833 Total rash and cash equivalents at the end of the year 1,228,528 1.460,261 The note5 on pages 22 to 35 form part of these financial statements 21
The Actors, Benevolent Fund Notes to the Financial Stateiments for the year ended 31 December 2023 1. ACCOUNTING POLICIES Accounting Convention Tl)e fiiianci31 statements have boen prepai'ed uiidei. tlie liistorical cost convenlion, modified by the rev¢?liirltitsn nf r.e.rtain fixo.d assclg dnd in ar.cordRnc.e. with applir.ahle accc)Iintillg Elandard£. The Actors Bon¢volent Fund meets the definition of a Public Bonefii Entity unde. r FR5102. The financial statements have been pi'epaied in accordance with the 5teMEn[ of Recommended Practice - Accounting and Reportin9 by Charities IFRS1021 ISORP 20191 issued in October 2019, FRS 102 and the Companies Act 2006, The financial statements contain inlormation about The Actors Benevolent Fund as an individual enlity and do not conlair) consvlidated linancial infortnition ¢]s Llie paiei)t ol a group, as the subsidiary became ci dormant company in 2018 and was dissolved in February 2024. Incoming Ye50urces cICCLlI'af.y Illl(l il 1% i-.()Tisiclei L.d kJrnbLiblL' tlial Ihe Inioiyie will be received. Tl)o lollowing 55)ecilic policies cll'LJ LippIiLd io i)cJl liculdr ic)tc'gories ol income.. InveslrriLJlIt Ir)iome is iriLluded wlien receivable. InLoming resources for charitable Irading activilies are accounted for when earnl. Legacy incume is rECO9nised at the eai.liei ul cash received ai)d whLlI tli£' ieceipt ol leg<lCy is prohable, the rlmoijnt can be estimated rpliably, and the Loriditions allached to the legacy £ire in Ilie conlrol of thp Charity or the. conditions have been Met. where amoi&iits are Ljncerlain, legacies are discloscd as contingent assets on the Notes to the Financial Statements. Rental income is iiicluded on an dCCFuals basi5 in line with the provisions of the underlying lease. TIu5l iiiconie is reiognised 01) receipt ol Il)e Ccish feceived Resources expended LiabilitlC5 are rccogniscd as rosources expended as 500n as there is a logal oi" constructive obligalion committing the Chcirity to tho expendituie. All expenditure is accounted for on ali accruals basis and Ilas beei) cla55ilied iiiidLI" headii)g5 that aggl'egate all costs related to thai heading. Cost of raising funds are tliose cosls incurred in the manageinent of the iiivestment portlolio and th0c incuri'ed in Irdding aclivities ihat rai50. lur)ds. Support Costs have been allocated to ar.tivity cost categories on a basis consistent with theii. use vl resources, e.g. stafl costs, piemises c05ls, geiieTal admii)islralion arid teleplione, posta9e and stationery by Stall titne and all oiher costs by their usag¢. 22
The Actors, Benevolent Fund Notes to the Financial Statements for the year ended 31 December 2023 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 tnore 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 al the following rates in order to write the asset off over is useful life-. Office furniture, fixtures and fitting5 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. Freehold properties are revalued and movements are allocated on the proportion as detailed below. Investments Fixed asset investments are included at market value at the balance sheet date. Realised gain5 and losses on investments are calculated as the difference betwèen the 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 represeiit the movement in market values during the year and are credited or charged to the statement of financial activities based on the market V31ue at the year end. Investment properties are revalued every 5 years by an independent external valuer. 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 withir) fixed assets. The remaining part of the propety which is used for 9eneration of rentals is disclosed within investments. Stocks Stock is valued at the lower of cost and estimated Selling price and represents Christrnas cards that ale yet to be sold at the year end. 23
The Actors, Benevolent Fund Notes to the Financial Statements for the year ended 31 December 2023 General Fund The General Fund consists of those lunds which the Charity may use in the furtherance ol its charitable objectives di ihe disiretion ol ihe TruslLJes. ciiid which have not been designated. Grants Receivable Graiils relating lo revenue dre recognised in donations and legacies on a systernalic ba51s over the period in wliicli the eiitily recognises ihe related costs for which the grant is intended to coinpensate. Accounting estimates and key judgements lal Independent valuations the Charity carries ils mixed use propeily at fair value, witl) chanqe5 in fair valuè being recogiiise(l iii Ilie Staleinei)L ol Fiiiaiicial AcLivities. The Charity eiigages independent valLJation specialist5 to deterinine fair value. Tlie key a8%iimptions used to deterinine the fair vhlue of mixed use property are further explair)ed in note 10. Ibl 5ncume recogiiitlOTI ul legacies legdcies have been recognised once the value c.an be rrie.i>%ufLcI I&l5¥L)lY I riiliei Llidli basL,J ui I Vdsl exyi'i ieiiLE. lol MixL,d USL. I)101)L'l-ly tliis is .£i)lit hotwo.eii fixfr,.d fl%%E,.14 ciiicl iiivp%liTieiits.-i-l)c si)lil is basE,d ori ,Iii o.stiinrltp ol il)('. ",qll{)ro. IDoI,-Igtr 114c(I tiy tlic Charity .Incl rented out. Termination payments lerini116tioii payment5 are I"ecognised a5 an expense within tlie Statement of Financial activities in the ppriod in whic.h the employment ceases. Ai this poiiil Il)e Cliarily is LuiniTiilled by legislatioii, by tontractual or by oiher agreements to terminale ilie employmerbt. 2. LEGAL STATUS The Ch<ll"Ity IS Il Pl"IVclto company, Iirnitcd by gudrarite£Tr registered iii Erigldrid arid Wales. 1'1)e Charity's registered numboi" and registered office Ccin be found on ihe Charity Informaliun Pdge. A5 the Cumpdny is lirTiiled by gu<iraiilLe, il Ilioieloie IidS iiu shale Crl. pilal. Iii the Fvent of the Charity being wound up, each metnber's guaraiilee is limite.d to £1 0. 24
The Actors, Benevolent Fund Notes to the Financial Statements for the year ended 31 December 2023 3. INCOME FROM DONATIONS AND LEGACIES Donations and legacies 2023 2022 Gifts (including subscriptions) Royalties Bequests Trust5 98,893 32,710 565,636 124,352 63,444 29,309 270,195 821,591 362,948 All of the income from donations and legacies received in both the current and prior year related to unrestricted funds. The Charlty has a policy of adding bequests and in perpetuity donations from 9rant making tiusts and foundations to the value of endowments although ihese can be expended in furtherance of the Charity's aims if it SO W15hes. During the year bequests were added to unrestricted funds following a Council decision. 4. TRADING AcfiviTIES Trading activities relate to the sale ol Christmas cards. Gross profit (excluding postage and stationery cost51 on Christmas card sales in the year was £5.214 compared with £6,775 in 2022. In addition, the trading activities raised donations of £6,33212022,. £1,7431 5. INVESTMENT INCOME 2023 2022 Quoted investment income Unquoted investment incorne Bank deposit intei'est Rent receivable and se)Ce chaTge 1,170,097 5.033 22,910 67,707 1,173,645 8,868 5,560 67,558 1,265,747 1,255,631 Quoled 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 Irom investment in COIF charity investment funds. Rent receivable and service charge are derived from the tenants of the property at 6 Adam Street, WC2N6AD. 25
The Actors, Benevolent Fund Notes to the Financial Statements for the year ended 31 December 2023 6. AMOUNTS RECEIVABLE UNDER OPERATING LEASES Fiitiirp minimijm reiitril£ rp.r.PlVrible under non-cancellable operatin9 Icasos arc as follows.. 2023 2022 Le.%% thcin onc year One lo five years 80,033 131,317 80,033 211,350 211,350 291.383 7. TOTAL RESOURCES EXPENDED Cost of Basis of Generatin9 Charitable allocation Funds Service5 Administratio Goveinanee 2023 2022 Cost directly alloctsted to activity Cosl ul 10,293 1 0,293 1.210.In8 1,210,108 90.3.69R Direci 111,802 111.802 96.210 AGM LJXPPiisy% 1,838 Professional Oiroct 171,OJf9 30.412 1?1.OJ9 30,412 144.201 Audii Poe5 Dirocl Support Costs allocat to activities Siall cosis Travpl rin¢l SubsistentÈ Stciff tirno 234.373 137.086 70.754 442.213 397.606 lJsage Staff limo 195 1.947 52,110 Pietnises Cosis Gonoial 27,618 16.154 8,338 Siolf tsme 56,575 Telepliontr, posl8gP è(Id Slaiioncjry Baiik cliaigos Èciiiiprnen 05ts 33,091 17,079 106.715 Stc)ff timp 27.4(13 1.982 16,028 220 8.273 51.704 2,202 17,308 2,894 Usrjge IIs{Igc U5ciqe 4,057 3.199 1151 4.508 Deprociètion 355 4,?67 Advorlising and 3.816 38.156 122.095 1.601.407 207,396 307,7)3 2,238.651 1,766.394 26
The Actors, Benevolent Fund Notes to the Financial Statements for the year ended 31 Deceimber 2023 7.TOTAL RESOURCES EXPENDED cont. The Charity has taken advantage of the exemption Jvailable in charity law not to disclose the names of grants recipients. 2023 2022 Tliis is st(Ited after chèrging/lcreditingl'. Auditors, remuneration Depreciation Operaling lease income Rentals under operating leases Hire of plant and machinery 30,412 3,554 167,7071 33,875 4,267 167,5581 773 8. EMPLOYEE INFORMATION 2023 2022 Staff Costs Wages and salaries Other termination payments Social Security costs Pension costs Other costs 346,335 299,547 53,529 30,155 14,635 27.761 18,700 49,416 442,213 397,866 Direct charitable activity Administration of Charity The average nutnber of full-time equivalent employees during the year was 512022.. 41. During the year under review staff earning total emolument5, excluding employer's pension costs, in excess of £60,000 was as follows.. 2023 No. 2022 £70,000- £80,000 £90.000- £100,000 27
The Actors, Benevolent Fund Notes to the Financial Statements for ihe year ended 31 December 2023 8. EMPLOYEE INFORMATION Cont I'he key rndlldgement pei"soiinel ol the Charity comprised of tlie CEO and tl)e Board of Trustees. The total employee. remLineralion ¢ind benefits of the kpy management porsonTrpl ol tho Charity were £113,J0812022.. £172,2771. Hrinniih Whittingham rcr.eivod £7 p.iyinont of £5,862 to pi'oduce a podcast for tlie Lhcjrity. Tliis was utliorised in accordance witl) Ilie charily's Articles. No other Trusleo reLe1ved I"emLinercilion duriricJ the yeii or iii Lhc previous yeai". Trustees, expeiises during the year totalled £1,385 12022.. £4471. Two trustees 12022.. 21 travel expenses WCJre reimbursed. 9. INTANGIBLE FIXED ASSETS Design Copyright Cost At 1 Jhnurll'y 2()23 Aclditions .)l)osals Ai 31 Deceinber 2023 2,000 2,000 Amortisation Ai l Jar)uaiy 2023 At 31 Oecembei" 2023 1,999 1,999 Net book amount At 31 Deceinbei. 2023 At 31 December 2022 28
The Actors, Benevolent Fund Notes to the Financial Statements for the year ended 31 December 2023 10.TANGIBLE ASSETS Office fumiture Fixtures and Fittings Property Total Cost orvaluation At l January 2023 Additions Disposals At 3) December 2023 1,550.166 56,212 17,728 11,6461 72,294 1,606,378 17,728 11,6461 1,622,460 1.550.166 Depreciation At 1 January 2023 Charge for the year Disposals At 1 January 2023 51,858 3,554 17,646) 53.766 51,858 3,554 11,6401 53,766 Net book amount As 31 December 2023 1,550,166 18,528 1,568,694 As 31 December 2022 1,550,166 4,354 1,554,520 Property represents the proportion of the freehold property of 6 Adam Street used by the Charity. This property was valued on an open market basis by the Trustees. Open market value is considered to be equal to the propeity's fair value. If the property had not been I"evalued its net book value at the balance sheet date would have been in line witli the proportion of its historical cost of £343,151 12022.. £343,151), No depreciation is charged on the property as it is maintained in good OTder. 29
The Actors, Benevolent Fund Notes to the Financial Statements for the year ended 31 December 2023 11.INVESTMENTS Unquoted Charities Investment Fund 5nve5tment Property Quoted Investments 2023 2022 Market value At 1 January 2023 Additions Disposals Net iealised Ilossesl /gains 1,297,834 31,216,849 1,398,546 11,19.5,6661 992,870 143,461 32,658,144 1,398,546 11,19.S,6661 1,006,050 36,72I,659 3,377,931 12,715,1881 14,729,258) 13.180 At 31 December 2023 1,291,834 32.412,599 156,641 33,867,074 32,658,144 Historical Cost at 31 December 2023 287.297 27,0rf8,?90 6,579 ?7,fj?2,163 ?7,4?.2,111.3 i (.-()Inpir)y Te. Jc islerpd In Englaiid and Wales, Lofnpciny regisli"ation i)uinbLI 03J89944, wliicli btC(]Ini doi"ITliint in 2018 and was dis%olved in Fek)ruary ?024. This rp.presentS d 100% holdinq. QLlOted investmeiils are maintained by the fund's broker Chrirles Stanley & Co. Ltd. wlio are. in control of the Structure of the portfolio. Their performance is rrionitoro.d by the Finance CuJYirTiiLlee. Investment properly represenls the propoi'lion of the freehold interest in 6 Adam Street, London WC2 used lor reiital. This pi"oi)eity was valLJed on an opeii Inai'ket by tlie Trustees. Open market value is considered tn be eqijcil to the property's fair value. 30
The Actors, Benevolent Fund Notes to the Financial Statements for the year ended 31 December 2023 11.INVESTMENTS cont Permanent Endowment Investments The capital gains and losse8 arising on Permanent Endowment investments must be re-invested and not spent on the Charity's objectives as though they were incotne. Included in the above a5 Permancnt Endowmeiit inve5ttnenls are.. Royal Dramatic CoSlege Pension Fund Covent Garden Theatre The Betty Fund Fund Total Market value At 1 January 2023 Net unrealised gains At 31 December 2023 184,610 77,990 7,166 85,156 65,469 6,014 71.483 328,069 13,180 341,249 184.610 2023 2022 Quoted Investments Invested directly in the UK Invested outside the UK 25,253,893 7,158.706 32,412,599 26,159,473 5,057,376 31,216,849 12.STOCKS 2023 2022 Stock of Christmas Card5 held for resale 1,679 2.513 13.DEBTORS 2023 2022 Income Tax Recoverable 1,241 2,793 VAT Trade debtor5 Other debtors Prepayments and accrued income 25,516 1,052 226,650 253.218 844 40,922 45,800 31
The Actors, Benevolent Fund
Notes to the Financial Statements for the year ended 31 December 2023
14.CREDITORS: amounts falling due within one year
2023
2022
Accruals for graiits payable
Trade creditors
Tclxetsp & social security cost5
Otliei. Crpditor5
Accruals and deferied income
4,914
14,477
9,403
42,299
86,252
24,233
14,636
46,810
66.293
151,972
157,345
Deferred incoine lias ari5eii in iespecl of I"enlal income irivoiced in advaiice.
15.FUNDS
At1
January
2023
At31
December
2023
Incorning
Resources
Transfer5
IOtitgoin91
Resources
Gainsl
ILossesl
Permanent Endowment
65,469
12,6951
6,014
71.483
Cnvpni Garrl?i) Thoolre
FiinA
184,610
77,990
328,069
184.61Q
85.156
341,249
Tl)e Betly Fun<4
12.3381
15,OJ31
2.338
5.033
7.166
13.180
Expendable Endowment
Main Fund
R(IV
The Actors, Benevolent Fund Notes to the Financial Statements for the year ended 31 December 2023 15.FUNDS cont Royal Dramatle College Pension Fund The Royal Dramatic College Pension Fund was transferred to the Charity lo 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 subsid iary 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 Commi5sioner5 to be held a5 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 re9lStered as a charity under charity number 206524-1. The Betty Fund The Betty Fund was established to provide for poor Actor5 and Actresses in need of pecuniary assistance. The Fund is a sijbsidiary charity of the Actors. Benevolent Fund and is registered as a charity under charity number 206524-2. Expendable Endowment Fund The Expendable Endowment fund represents fund5 invested to generate future income. Income 15 exper)dable in furtherance of the Charity's objects. Vincent Shaw Memorial Fund This *und arose a5 a result of bequests received in 2003 and 2004. It was a requirerrient that the bequest be kept a5 a separate fund to be known as the Vincent Shaw Memorial. The donor requested, without imposing any binding obligation, that the capital ol such fund should be preserved and only the income be used in the furtherance of the Charity's objerts. General Fund The General Fund consists of fund5 which may be used at the discretion of the Trustee5 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 cost5 of repainting which arise every 5-6 years tO9ether with on-going minor repairs. 33
The Actors, Benevolent Fund Notes to the Financial Statements for the year ended 31 December 2023 16.ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balances at 31 December 2023 ale represented by". General Designated Fund5 Funds Expendable Endowment Funds Permanent Endowment Funds Total ITltangil)Ip lixe(l A5sefs Tangible Fixed Assets Investments Net C.urrpnt As%gt% 1,568,694 1,568,694 341,249 33,867,074 1,331,454 341,249 36,767,22? 33,52i,82J 1,388,137 34,913,962 1??5,2801 1,343,414 168,597 168. 597 17.RECONCILIATIONS OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITES 2023 2022 Not Irove.nicyl}I Iii fLiiid4 Adrl l)rick.. Doiii'L'ciLiliori D(,.ditrc.l ii)tL'leJl ii)(=omci slii)wn irTr investiniJ IlC.livities Net Igainsl / losse% on investments Ui)recilisc(l iJdiri f)11 lixgd ¢isse15 Decrease / lincreasel in stock Decrpa.£e / linc.ie.a%el in dehtnrs IDecreasel / increase in c.reditoi"s 1,203,328 13,704,1241 4,2()7 15,5601 3,952,414 137(?,9211 11,3101 122.9371 48,102 12,1771 11,006,050) 834 1207,4181 15,3731 Net cash used in operating activities 17 3,3021 1109,0691 18.DONATEDASSETS Ovpr the der.<idos thp Chdrity has rpceiv?d work% of art and heirlooms 35 part of beqliests, this collection has the poteniial to be a cultui.al resource both for e.njoyment and research. The Trusteos are Lutripleliiig ilie pioceyy of cataluguing and Lonsolidating the collection for the purpose of preservinq it ai)d to allow a decisioi) to be made about how it best be curatod and where in the fului'e to protect it cir)cl make it availdble to the various publics who might wish to acc@5S It. While tlie collcction exten.%ivo. its value 15 cultural I"aihor than fincinc.ial,' cind as their monetciry value is uncertain, these assets are not reeognised on the balance sheet. 34
The Actors, Benevolent Fund Notes to the Financial Statements for the year ended 31 December 2023 19.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 recognised on the balance sheet. 20.RELATED PARTY TRANSACTIONS Apart from the item disclosed in note 8, there have been no related party transactions within the reporting period. 35