DRURY LANE THEATRICAL FUND REGISTERED CHARITY NUM8ER: 2 ACC R THE YEAR ENDED 1ST JAN ARY2 24 KNOX CROPPER DRURY LANE THEATRICAL FUND REFERENCE AND ADMINISTRATIVE DEfAILS Master Mr Nicholas Bromley Buslness Address 37 Badmlnton Road Clapham London SW12 88N Secretary Mr Paul He8arty 37 Badminton Road Clapham London SW12 8BN Treasurer Mr Michael Lesslter 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 Birmin8ham BI 2JB Investment Managers Inve51ec Wealth and Investment Limlted 30 Gresham Street London EC2V 7QN Actuary Paul G Meins 2 Suters Cottages Diamond Terrace Greenwich London SEIO 8QN DRURY LANE THEATRICAL FUND ACCOUNTS FOR THE YEAR ENDED 31ST JANUARY 2024 NTENTS Page Directors, Report Independent Examlnerfs Report Statement of Flnancial Actfvitles 8alance Sheet Notes to the Accounts 6-10 Page I DRURY iANE THEATRICAL FUND DIREcfoRS' REPORT TO THE MEMBERS FOR THE YEAR ENDED Isr JANURAY 2 24 The Directors have pleasure in presentin8 their report for the year ended 31st January 2024 together with the account5 of the Fund. 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 remalns the governing instrument of the Fund, which was established to support performers of the Theatre Royal Drury Lane who may be obli8ed to retire from the stage through A8e, 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 deceèsed members. The Fund does thi5 by paying an Annuity to its Annuitant Members, supplemented by perlodlc special grants. These are funded by subscriptlons from actrve Members and income from a pool of investments, which has bullt up over the years. The investments all consist of quoted securltles and the Directors take a(Ivice from Investment Mana8ers on the Fund'5 holdln8S. Details relating to the Fund's 8ankers and Advlsers, with addresse5. can be found on the Information sheet at the be8innin8 of these accounts. All the powers of the Fund are vested In Its Dlrectors, and they held an Annual General Meeting on March 31st 2023 with the Fund's accountant, Mr Greg Stevenson, of Knox Cropper. The following DI￿¢torS were elected. Mr Graham Bicklev Mr Nick Bromley Mrs Miranda Fellows Mr David Heath Mr Paul He8arty Mi5sSam Hunter Mr Steve Bumett Mr Michael Lessiter Mr James Meek Miss Petra Siniawski Mr Peter Bruce Mr lan Stephenson Miss Jennie Walton Mr Nlck Bromley was elected Master of the Fund, Mr Paul Hegarty, the newly elected Secretary and Mr Michael Lessiter elected Treasurer of the Fund for the present year. Miss Jennie Walton will continue as the Honorary Archivist to the Fund. Ms.Valerie Cutko had stood down from her role as a director. The Directors always conslder the major risks to which the Fund is exposed. and where appropriate, will take steps to mitigate them. The current membership is 37. We currently have nine full annuitants and one widower. The Director5 were very grateful to receTve £7,0￿ from the Combined Theatrical Charities who distribute the "Acting for Others. fundraising, thereby enabling the Direttors to award Discretionary Grants to the annuitants. The Fund have receNed a number of Individual donatlons 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 of cost of living crisi5. Pa8e 2 DRURY LANE THEATRICAL FUND Fixif*JÉD 1766 DIRECTORS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31ST JANURAY 2024 {Contlnuedl Durin8 the flnancial year our full expenditure. includlng annuities and special 8rants, amounted to £69,092. Our income from Investment5, subscriptions and donations amounted to £68,936 givin8 a small deficit for the year of £156 before 8ains and losses on investments are taken into account. The DI￿ ctors are pleased with this outcome, which is sufficient to meet the present needs of the Fund and are continuin8 to work with the investment managers to maximize the Fund's investment growth and income. The portfolio of investments (lecreased in value by 1.7% thls year compared with the previous year, tskin8 into account cash funds held for re-investment. The Fund appointe(i the actuary to carry out an artuarial report during the year which showed that the Fund is well suited to maintain payments to its annuitants way into the future, though recruiting new members is a cause for concem. Happily, the Fund were able once more to have a summer tea party. It was held at the Nell Gwynne Pub opposite Drury Lane Theatre and although the venue and food were excellent, the attendance was poor therefore we plan to replace this event wlth a fund- raisin8 summer concert at St Paul's Church Coveni Garden. 10. A*•saw￿sThe Baddeley Cake ceremony wa5 held on hvelfth Bht In the Grand Saloon and the cake provlded by Caroline Fooks was qulte wonderful as It captured the theme of Frozen, the musical Current￿ running at the Lane. The Master 8ave a sterling Speech about the history of the fund and most of the Frozen company were In attendance with printipals cutting the cake. The many guests were not only treated to a tasty slice of cake, but a150 a deliciou5 punch was served accordSn8 to tradition from the silver punch bowl and together wlth the cake It was enjoyed by all. The Fund is very grateful to LW Theatres for sponsorin8 the evenin8 and to Mr. Jeremy Roberts, the Genernl Manager. for his wann welcome. 11. All applicatlons for assistance from the Fund continue to be dealt with sympathetically and In the strictest confldence. Discretionary help to non-members who have, or have had, profe55ional connection with the Theatre Royal Drury Lane continue5 to support those in need and who meet the Fund criteria. 12. The Directors will continue to Serve subscribing members to the best of their ability and. by ludlclous investment, will try to keep the Fund sufficient for our present needs. Dated 10th April 2024 By Order of the Board Mr Nick Brom ey, 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 Fundl for the year ended 31st January 2024 which are set out on pages 4 to 10. This report is made to the Trustees, as a body, in accordan￿ with the terms of my en8a8ement. 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 permltted 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. ResponslbllStles and basls of report A5 the Tru5tee5 (who are also the Directors of the Fund under the 1776 Act of Parliament by whlch It was established) of the Fund you are responsible for the preparation of the account5 In accordance wlth the requirements of the Charities Act 2011 Ithe Artl. I report In respect of my examlnatlon of the Fund's accounts carried out under sertion 145 of the 2011 Act and In carrying Out my examination I have followed all the applicable Direction$ 8lven by the Charlty Commlsslon under section 1451511bl of the Act. Independent examlnerfs ststem¢nts I have completed my e¥aminatlon. I confimi that no materlal matters have come to my attention in connectlon wlth the examlnatlon 8lvin8 me uuse to believe that In any material respect: Accountln8 records We￿ not kept In respert of the Fund as requlred by 5ectlon 130 of the Act., or The account5 do not accord wlth these ￿cOrds. or The accounts do not comply wlth the applicable requlrements concernln8 the form and content of accounts set out in the Charlties (Accounts and Reports) Regulation5 2008 other than any requirement that the accounts give a 'true and fair viebrf which is not a matter considered as part of an independent examination. I have no concern5 and have come across no other matters in connection with my examinatlon to which attention should be drawn In this report in order to enable a proper understandlng of the accounts to be reached. G N Stevenson FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD 2024 Pa8e 4 DRURY LANE THEATRICAL FUND STATEMENT OF FINANaAL ACTIVITIES FOR THE YEAR ENDED 31ST JANUARY 2024 UNRESTRicfED FUNDS 2024 Z023 Note5 Income From SubscrSptions and Donations Other Tradin8 Activities Investments 11,489 11.295 248 54.154 57,447 Total Income 68,936 65,697 Expendlture On Raislng funds Charitable actlvltles 16,805 52.287 17,197 50,426 Total Expendlture 169.0921 167,6231 Net IncomellExpendlture} for the year 11561 11,9261 Other Recognlsed Galns and Losses Gainsll1055es1 on investments Realised Unrealised (12,9251 12,2321 130,5141 156,9851 115,1571 187,4991 Net movement In Funds 115,3131 189,4251 Total Funds brought forward at 1st February 2023 1,936,650 2.026,075 Total Funds carrfed forward at 31st January 2024 £1.921.337 £1,936,650 Donatlons include a receipt of £7.CW from the Combined Theatrical Charities12023: £7,QKM)I. There are no restricted or designated funds. The notes on pa8es 6- 10 forni part of these accounts. Page 5 DRURY LANE THEATRICAL FUND BALANCE SHEET AT 31ST JANUARY 2024 2024 2023 Notes Fixed Assets Investments- Market Value 1.860.314 1,893,004 Current Assets Debtors Short term deposit5 Cash at bank and in hand 11,896 42.963 8,516 9,149 29,070 63,375 45,863 Llabllltles Credltors fallln8 due wlthln one year 10 {2.3521 {2,2181 Net Current Assets 61,023 43,645 Total Net Assets £1,921,337 £1,936,649 The Funds ol the Charlty Unrestricted funds li £1,921,337 £1,936,649 There are no restrlcted or deslgnated funds. An actuarial valuation as at 31st January 2023 disclosed that the value of the assets Is sufflclent to meet projected benefits payable. Approved by the Board on Jtr.....g1...2024 Nlcholas Br ess er The notes on pages 6-10 form part of these accounts. Page 6 DRURY LANE THEATRI ND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST ANUARY 2024 Accountlng Policies Basls of preparatlon The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unle55 Otherwise stated in the relevant notes to these account5. They have been prepared in accordance with the Statement of Recommended Practice Accountin8 and Reporting by Charities preparing their accounts in accordance wlth the Flnanclal Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 effective 2019 and the Flnancial Reporting Standard appllcable In the United Klngdom and Republlc of Ireland IFRS 1021 and the Charities Act 2011. The accounts have been prepared to give a 'true and fairf view and have departed from the Charities IAccounts and Reports) Regulations 2CK18 only to the extent required to provide 'true and fairf view. Thls departure involved following Accountin8 and Reporting by Charltles preparin8 thelr account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16th July 2014 rather than the Accountlng and Reportlng by Charities Statement of Recommended Practlce effective from 1st Aprll 21KJ5 whlch has since been withdrawn. The CharSty constltutes a public benefit entlty as deflned by FRS 102. The Trustees consider that there are no uncertainties al>out the Charit￿5 ability to continue as a goln8 concern. Income All income Is ￿COgnISed once the charlty has entitlement to the income, It Is probable that the income will be received and the amount of income receivable can be measured relSably. Income Is deferred only when the charity ha5 to fulfil conditions before becomln8 entitled to Donations a￿ reco8nised when received. Subscrlptions from Members are for a perlod cotermlnous with the year end and are reco8nised in the year in which they are received. Expendlture Llabililies are reco8nised as expenditure as soon a5 there is a legal or constructlve obligation committing the Charity to that expenditure, it is probable that settlement will be requlred and the amount of the obligation can be measured reliably. All expenditure 15 accounted for on an accruals basis and has been cla5slfied under headln85 that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they hève been allocated to activities on a basis consistent with use of the resources. Resource5 expended includes VAT which cannot be recovered. Raising funds conslst of fundraisin8 expenditure and investment management fees. Charitable activities includes annuitie5 and 8rants and allocated support costs. Page 7 DRURY LANE THEATRICAL FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDEO 31ST JANUARY 2024 {Continued) Accountlng Pollcles Icontlnued) Investments Investments a￿ initialty reco8n15ed at their transartion value and subsequently measured at their fair value as at the balance sheet date usin8 closing quoted market pri￿. The statement of financial activitles Includes the net gains and losses arlsin8 on revaluation and dlsposals during the year. All galns and losses are taken to the statement of financial actNities as they arise. Realised gains and10sse5 on investments are calculated as ihe difference between sale proceeds and theSr opening value or their purchase valve 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 thelr carrylng value. T¥x•tlon Amounts recelvable from HM Revenue and Customs In respect of donatlons made under Glft Ald are credited to Income in the year In which they are recelved. Sub5crfptlons and Donatlons 2024 2023 Members, Subscrlptions Donations 2,500 8,989 2,763 8,532 £11,489 £11,295 Other Tradln8 Artlvltle$ 2024 2023 Sale of Cards £248 InYe5trnents 2024 2023 Dividends and Interest Receivable Bank Interest 55.505 1.942 53,574 £57.447 £54.154 Page 8 DRURY LANE THEATRICAL FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3157 JANUARY 2024 (Contlnued) Ralslng funds 2024 2023 Investment Managers, Fees Baddeley Cake Ceremony Tea party 16.IyJ9 620 176 16,181 556 460 £16.805 £17,197 Charltable Actlvltles 2024 2023 Annuities Grants Support Costs (Note 71 23,906 14,400 13,981 30,251 9,160 11,015 £52,287 £50,426 Support Costs 2024 2023 Se¢retarf5 salary Treasurerfs salary Printin8, Postage and stationery Computer cost5 Actuarial Fee Independent Examiner Bank charges Charitable donations Sundry expense5 258 109 136 498 2,349 72 25 2,169 108 104 £13,981 £11,015 Page 9 DRURY LANE THEATRICAL FUND NOTES TO THE ACCOUN FOR THE YEAR ENDED 31" JANUARY 2024 Icontlnued) Investments 2024 Z023 Quoted Investments Market value at 1st February 2023 Additions- cost Dlsposals- proceeds Realised gainslllossesl Unrealised 8ain5 1,868,290 397,362 1408,4731 112,9251 12,2321 1,968,968 271,096 1284,2751 130,5141 156,9851 Market value at 315t January 2024 Cash held for Investment 1,842,022 18,292 1,868,290 24,714 Total £1.860,314 £1,893,004 Hlstorlcal cost at 31st January 2024 £1.519.512 £1,452,171 Market Value 31.01.24 Investment Income for Year 31.01.24 Investment Oistributlon UK Flxed Interest Overseas Flxed Interest UK Equities and UK DNidends North American Equitie5 Internatlonal Equities UK Property Alternative Asset5 213.Tr36 109,312 407,076 362,820 456,874 149,855 142,989 211,860 112,506 381,622 269,896 233,832 158,995 150,801 4,138 7,345 27,008 2,263 2,873 7,703 4,175 £1.842.022 £1,519,512 £55,505 Debtors 2024 2023 Other debtors Prepayment5 and accrued income 183 11.713 46 9,103 £11.896 £9.149 Page 10 DRURY LANE THEATRICAL FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 315f JANUARY 2024 (Continued) io. Current Uabllltles 2024 2023 Taxes and social Security costs Other creditors Accruals and deferred Income 25 2,193 2,352 £2,352 £2,218 ii. Funds The Fund alms to malntaln reserves adequate to meet current and projected benefits payable, In accordance with the actuarlal valuatlon and the advlce of the investment managers. 12, Related Party Transartlons Durlng the year to 31st January 2024. the followin8 Directors pald subscrSption at the prescribed rate to the Fund, being the Master Mr Nick Bromley, Mrs Mlranda Fellows, Mr Michael Le551ter. Mr David Heath, Mr Stephen Burnett, Mr Paul Hegarty, Ms Samantha Hunter, Mr lan Stephenson, Mi55 Petra Siniawski. Mr James Meek, Mr Graham Bickley, Mr Peter Bruce and Mrs Jennie Walton. In addition the following Directors received annuitles at the agreed rate from the Fund, beln8 the M05ter Mr Nick Bromley and Mr David Heath. The SecretarSes Miss Miranda Fellows and Mr Paul Hegarty received the followlng salaries respectively £2,(KKI 12023 £4,[￿> and £2,{￿ 12023 £Nill. In addltlon the Treasurer Mr Michael Lesslter recelved a salary of £4.CIXJ12023 £4,C(oI. In addition Trustees were reimbursed Support Costs of £82312023.. £5381 for purchases made on behalf of the Charity.