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.QThPr, 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 Infilcbs PcirliLllJdlÈ) Ifl ddLli Iiuiidl iriilLJ(.-lioii procosses. ICC31 Risk Management The Tiustees liave a risk managemeiit strategy which comprises.. Regular reviews (If IliL iisks tli¢ Fund may face.. The establishment of systems and procedLires to mitigate identifiable risks, and., The implv.me.nt¢ltion of procceding- designpd to minimrse any potential impact on the Fund should those risks materialise., A c.omprehonsive ii)surance covci is in place for the building 16 Adam Street), employers, liability and terrorism ic>ver, Appointment of a reputable stockbroker frorn an established firm to mandge diid ddvise oin the Fund's investments. Performance of the stockbroker is monitored by the Finance & Operalioi)s Coinmillee," The confidentiality ol ihe Fund's BeneficiaYie5 is of the highest importance. Emplnyeps have a "coiifidenliality clause" ii) Ilieir contr3c15. Tlio Fund's database securily is regularly i eviewed and improvp.d as re.qtiired,. Iiiitiatioi) of ali anniial planning cycle iiicludTng targel solting, review aiid analysis to assess Ihp wr)rk of thv Fiind. 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 rcTrsenled l)is vision for the prospects ol the FiJnd'% ir)vestmeiit inc.ome lor the Iiexl yedr. Tlie delail of the Fund's invegtment pe¥fDrmcince is contained in il)c riotes lo Iliese fiiiaiicial statoinents. This form% thp pi"Iricipir I fijnding <'ourcc of the Furid, aided by doridtiolls dTid beciuests. The Council 15 Satisfied that thc Fund's stockbi"okers have adoi)led ari dpyiopridle slai)ce lo safeguard the Fund's finances. Thi8 hi( % stood the. Fund in very good stead ovLJr ihv rriediurn arid long term by conlinuing to achieve oruwth in c.clPltal and maintaining (in iricome stream 10 5UPPOrt beneficiaries despite 2023 be.ing rl c.hallenging ycar across markets. During the year the Coiincil has monitore.d the levels of experidilui"e tliruugl) tlie Fuiid's management aCCOLints, issuing time.ly direction in the form of coiitrol meiisure.y, liiiiiL5 011 levels of grant and economies rill c)f whic.h are mcldc ii) conjunction with the agregd stralegy foi" ruiiiiiiig a moderate short term deficit. Results The delicit before unrealised10sses for ihe y?cir wa% £135,80512022.. £131,631). 1.liè init edsed deficit is in line with ciddilioncil dirpc.t Sponding oli grants and allowances wl)ic.Ii iriii"e¢lSLd Iroin £903,698 iii 2022 to £1,?10,108 in the r.liri crit year. Overall expeiiditure on cliiiritdblg arlivitlLJS, gi"aiils and tl)e running of the Fund, Wcls £?,116,5q6 from £1,660.857 in 2022. The g6i1)erdl funds decreased at the end ofthe yefirto £1,343,41412022.. £1.367,4171. 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 bLrIef￿clar4es. 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 roughi fO￿ard Funds tarried lovward 1,367,417 168.597 33,699,811 328,069 35.563,894 39,268,018 1.343.414 168.597 34,913.962 341,249 36.767.222 35.563.894 The notes on pages 22 to 35 form part of these financial statements 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 5￿teMEn[ 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%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 Chneral 1,367,417 168.597 1,536.014 5.033 2,097,813 12.126,8491 1.343,414 168,597 Desigiiaiecl 5,033 2,097.813 12,126.8491 Total Fuiids J J.u63,8(}4 2,102,846 12,238,6Jl I 1.339,133 36,767,222 32 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.