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2021-01-31-accounts

DRURY LANE THEATRICAL FUND

REGISTERED CHARITY NUMBER: 209046

ACCOUNTS

FOR THE YEAR ENDED 31ST JANUARY 2021

DRURY LANE THEATRICAL FUND

REFERENCE AND ADMINISTRATIVE DETAILS

Master Mr Nicholas Bromley
Business Address 18 Dudley Road
Wimbledon
London
SW19 8PN
Secretary Mrs Miranda Fellows
18 Dudley Road
Wimbledon
London
SW19 8PN
Treasurer Mr Michael Lessiter
75 Eden Road
Walthamstow
London
E17 9JX
Accountants Knox Cropper LLP
Chartered Accountants
65 Leadenhall Street
London
EC3A 2AD
Bankers Unity Trust Bank plc
Four Brindleyplace
Birmingham
B1 2JB
Investment Managers Investec Wealth and Investment Limited
30 Gresham Street
London
EC2V 7QN
Actuary Paul G Meins
2 Suters Cottages
Diamond Terrace
Greenwich
London
SE10 8QN

DRURY LANE THEATRICAL FUND

ACCOUNTS

FOR THE YEAR ENDED 31ST JANUARY 2021

CONTENTS

Page
Directors’ Report 1-2
Independent Examiner’s Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Accounts 6-10

Page 1

DRURY LANE THEATRICAL FUND

FOUNDED 1766 INCORPORATED 1776

DIRECTORS’ REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31ST JANURAY 2021

The Directors have pleasure in presenting their report for the year ended 31st January 2021 together with the accounts of the Fund. We welcome new accountants Knox Cropper and give huge thanks to our past accountants William Mayes for their expertise and long association with the Fund.

  1. Drury Lane Theatrical Fund is Registered Charity number 209046. The Fund’s objects are laid down in the Act of Parliament by which it was Incorporated in 1776. The Act remains the governing instrument of the Fund, which was established to support performers of the Theatre Royal Drury Lane who may be obliged to retire from the stage through Age, Infirmity or Accident and are Subscribing Members. The Fund may also provide occasional relief to performers in case of sickness, and support the Widows and Children of deceased members.

The Fund does this by paying an Annuity to its Annuitant Members, supplemented by periodic special grants. These are funded by subscriptions from active Members and income from a pool of investments, which has built up over the years. The investments all consist of quoted securities and the Directors take advice from Investment Managers on the Fund’s holdings.

  1. Details relating to the Fund’s Bankers and Advisers, with addresses, can be found on the information sheet at the beginning of these accounts.

  2. All the powers of the Fund are vested in its Directors, but we were unable to hold an open Annual General Meeting this year because of the pandemic of the corona virus. We held a meeting on the internet and all agreed that we should retain the Directors and Officers from the year before.

Mr Graham Bickley Mr Steve Burnett Mr Nick Bromley Mr Michael Lessiter Mrs Miranda Fellows Mr James Meek Mr David Heath Miss Petra Siniawski Mr Paul Hegarty Mr Sévan Stephan Miss Valerie Cutko Mr Ian Stephenson Miss Jennie Walton

Mr Nick Bromley agreed to be Master of the Fund, Mrs Miranda Fellows agreed to be Secretary and Mr Michael Lessiter agreed to be Treasurer to the Fund for the present year. Miss Jennie Walton will continue as the Honorary Archivist to the Fund.

All meetings following this were held on line through Zoom, a video conferencing web site.

  1. The Directors have considered the major risks to which the Fund is exposed, and where appropriate, have taken steps to mitigate them.

  3. The current membership is 37.

  4. There is always difficulty in attracting members prepared and able to fill the role of Director of the Fund. For this reason the rules of the Fund were amended in February 2020 to permit a Director who is qualified to become an annuitant to remain both as a Director and to draw their annuity, providing that they always retain membership by payment of their annual subscriptions. This with the proviso for Directors in receipt of their annuity, is that they take no part whatsoever in any discussion or decision regarding payment levels of annuities and any grants for which they may qualify.

Page 2

DRURY LANE THEATRICAL FUND

FOUNDED 1766 INCORPORATED 1776

DIRECTORS’ REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31ST JANURAY 2021 (Continued)

  1. It is with sadness that we report the death of two annuitants Mr Roger Tully and Miss Sarah Shipton. We welcome two new annuitants and one widower. We currently have eleven full annuitants, one widow and one widower.

  2. The Directors were very grateful to receive £10,000 from the Combined Theatrical Charities who distribute the “Acting for Others” Bucket Collection, thereby enabling the Directors to award a Discretionary Grant of £750 to all the annuitants. We also received £7,000 from Acting for Others to enable the Directors to help those who have worked at Drury Lane suffering from the consequences of the Corona Virus. The Fund have received a number of individual donations from friends and members of the public, including a very generous collection from West End Wendies. The Directors are most appreciative to all who have helped during this very difficult time.

  3. During the financial year, our full expenditure, including annuities and special grants, amounted to £71,734. Our income from investments, subscriptions and donations amounted to £76,344 giving a surplus for the year of £4,610 before gains and losses on investments are taken into account. The Directors are pleased with this outcome, which is sufficient to meet the present needs of the Fund, and are continuing to work with the investment managers to maximize the Fund's investment growth and income. The portfolio of investments increased in value by 1.0% this year compared with 6.9% in the previous year, taking into account cash funds held for re-investment.

  4. Sadly, again this year, no social or fund raising events were held because of the lockdown due to the pandemic.

  5. All applications for assistance from the Fund continue to be dealt with sympathetically and in the strictest confidence. Discretionary help to non-members who have, or have had, a professional connection with the Theatre Royal Drury Lane continues, especially this year as our industry has been suffering so badly from the pandemic.

  6. The Directors will continue to serve subscribing members to the best of their ability and, by judicious investment, will try to keep the Fund sufficient for our present needs.

Dated this day the 9th April 2021 By Order of the Board

Mr Nick Bromley, Master

Page 3

DRURY LANE THEATRICAL FUND

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

I report to the trustees on my examination of the accounts of The Drury Lane Theatrical Fund (the Fund) for the year ended 31st January 2021 which are set out on pages 4 to 10. This report is made to the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body for my work or for this report.

Responsibilities and basis of report

As the Trustees (who are also the Directors of the Fund under the 1776 Act of Parliament by which it was established) of the Fund you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).

I report in respect of my examination of the Fund’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statements

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with my examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

65 Leadenhall Street London EC3A 2AD

G N Stevenson FCA Knox Cropper LLP Chartered Accountants

9th April 2021

Page 4

DRURY LANE THEATRICAL FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST JANUARY 2021

Notes
Income From
Subscriptions and Donations
2
Other Trading Activities
3
Investments
4
Total Income
Expenditure On
Raising funds
5
Charitable activities
6
Total Expenditure
Net Income/(Expenditure) for the year
Other Recognised Gains and Losses
Gains/(losses) on investments
Realised
Unrealised
Net movement in Funds
Total Funds brought forward
at 1st February 2020
Total Funds carried forward
at 31st January 2021		 UNRESTRICTED FUNDS
2021
2020
£
£
£
£
24,457
13,610
20
39
51,867
67,014
_
_
76,344
80,663
15,432
14,997
56,302
53,534
_
_
(71,734)
_
(68,531)
_
4,610
12,132
(38,858)
17,868
53,033
_
111,821
_
14,175
_
129,689
_
18,785
141,821
1,878,126
_
1,736,305
_
£1,896,911
_
£1,878,126
_

Donations include a receipt of £17,000 from the Combined Theatrical Charities (2020: £10,000). There are no restricted or designated funds.

The notes on pages 6 – 10 form part of these accounts.

Page 5

DRURY LANE THEATRICAL FUND

BALANCE SHEET AT 31ST JANUARY 2021

2021 2020
Notes £ £ £ £
Fixed Assets
Investments – Market Value 8 1,842,764 1,813,334
Current Assets
Debtors 9 9,790 11,349
Short term deposits 28,849 50,515
Cash at bank and in hand 19,820 4,852
__ __
58,459 66,716
Liabilities
Creditors falling due within one year 10 (4,312) (1,924)
__ __
Net Current Assets 54,147 64,792
__ __
Total Net Assets £1,896,911 £1,878,126
__ __
The Funds of the Charity
Unrestricted funds 11 £1,896,911 £1,878,126
__ __

There are no restricted or designated funds.

An actuarial valuation as at 31st January 2017 disclosed that the value of the assets is sufficient to meet projected benefits payable.

Approved by the Board on 9th April 2021

……………………………. Nicholas Bromley

……………………………… Michael Lessiter

The notes on pages 6-10 form part of these accounts.

Page 6

DRURY LANE THEATRICAL FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST JANUARY 2021

1. Accounting Policies

1.1 Basis of preparation

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. They have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) effective 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16th July 2014 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1st April 2005 which has since been withdrawn.

The Charity constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no uncertainties about the Charity’s ability to continue as a going concern.

1.2 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it.

Donations are recognised when received.

Subscriptions from Members are for a period coterminous with the year end and are recognised in the year in which they are received.

1.3 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Resources expended includes VAT which cannot be recovered.

Raising funds consist of fundraising expenditure and investment management fees. Charitable activities includes annuities and grants and allocated support costs.

Page 7

DRURY LANE THEATRICAL FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST JANUARY 2021

1. Accounting Policies (continued)

1.4 Investments

Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals during the year.

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

1.5 Taxation

Amounts receivable from HM Revenue and Customs in respect of donations made under Gift Aid are credited to income in the year in which they are received.

2.
Subscriptions and Donations
Members’ Subscriptions
Donations
3.
Other Trading Activities
Sale of Cards
4.
Investments
Dividends Receivable
Interest Receivable		 2021
£
2,850
21,607
_
£24,457
_
2021
£
£20
_
2021
£
51,747
120
_
£51,867
_		 2020
£
2,875
10,735
_
£13,610
_
2020
£
£39
_
2020
£
66,749
265
_
£67,014
_

Page 8

DRURY LANE THEATRICAL FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31[ST] JANUARY 2021

(Continued)

5.
Raising funds
Investment Managers’ Fees
Baddeley Cake Ceremony
Lunchtime Concert
Advertising
6.
Charitable Activities
Annuities
Grants
Support Costs (Note 7)
7.
Support Costs
Secretary’s salary
Treasurer’s salary
Travel and administration expenses
Printing, postage and stationery
Website costs
Actuarial Fee
Independent Examiner
Bank charges
Charitable donations
Sundry expenses		 2021
£
15,432
-
-
-
_
£15,432
_
2021
£
28,525
17,191
10,586
_
£56,302
_
2021
£
4,000
4,000
57
254
112
-
1,980
110
-
73
_
£10,586
_		 2020
£
14,997
-
-
-
_
£14,997
_
2020
£
30,000
13,500
10,034
_
£53,534
_
2020
£
4,000
4,000
81
413
166
-
1,300
74
-
-
_
£10,034
_

Page 9

DRURY LANE THEATRICAL FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31[ST] JANUARY 2021

(Continued)

8. Investments 2021 2020
£ £
Quoted investments
Market value at 1st February 2020 1,813,334 1,650,650
Additions - cost 258,892 723,191
Disposals – proceeds (243,637) (690,196)
Realised gains (38,858) 17,868
Unrealised gains 53,033 111,821
__ __
Market value at 31st January 2021 £1,842,764 £1,813,334
__ __
Historical cost at 31st January 2021 £1,480,794 £1,511,282
__ __
Market Investment
Value Cost Income for
31.01.21 31.01.21 Year
Investment Distribution £ £ £
UK Fixed Interest 135,840 134,414 6,277
Overseas Fixed Interest 56,210 54,995 1,353
UK Equities 698,010 676,741 20,426
North American Equities 185,538 139,627 2,956
International Equities 474,869 200,712 8,350
UK Property 158,408 158,995 7,604
Alternative Assets 133,889 115,310 4,781
__ __ __
£1,842,764 £1,480,794 £51,747
__ __ __
9. Debtors 2021 2020
£ £
Other debtors - -
Prepayments and accrued income 9,790 11,349
_ _
£9,790
_		 £11,349
_

Page 10

DRURY LANE THEATRICAL FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31[ST] JANUARY 2021

(Continued)

10.
Current Liabilities
Taxes and social security costs
Other creditors
Accruals and deferred income		 2021
£
2,303
29
1,980
_
£4,312
_		 2020
£
202
292
1,430
_
£1,924
_

11. Funds

The Fund aims to maintain reserves adequate to meet current and projected benefits payable, in accordance with the actuarial valuation and the advice of the investment managers.

12. Related Party Transactions

During the year to 31st January 2021, the following Directors paid subscription at the prescribed rate to the Fund, being the Master Mr Nick Bromley, Mrs Miranda Fellows, Mr Michael Lessiter, Mr David Heath, Mr Stephen Burnett, Mr Paul Hegarty, Mr Sevan Stephan, Miss Valerie Cutko, Mr Ian Stephenson, Miss Petra Siniawski, Mr James Meek, Mr Graham Bickley and Mrs Jennie Walton.

In addition the following Directors received annuities at the agreed rate from the Fund, being the Master Mr Nick Bromley and Mr David Heath.

The Secretary Miss Miranda Fellows and the Treasurer Mr Michael Lessiter each received Salaries of £4,000 (2020: £4,000).

In addition Trustees were reimbursed Support Costs of £496 (2020: £660) for purchases made on behalf of the Charity.