DRURY LANE THEATRICAL FUND
REGISTERED CHARITY NUMBER: 209046
ACCOUNTS
FOR THE YEAR ENDED 31ST JANUARY 2025
DRURY LANE THEATRICAL FUND
REFERENCE AND ADMINISTRATIVE DETAILS
| Master | Mr Nicholas Bromley |
|---|---|
| Business Address | 37 Badminton Road |
| Clapham | |
| London | |
| SW12 8BN | |
| Secretary | Mr Paul Hegarty |
| 37 Badminton Road | |
| Clapham | |
| London | |
| SW12 8BN | |
| Treasurer | Mr Michael Lessiter |
| Barn House | |
| 52 Main Street | |
| Houghton-on-the Hill | |
| Leicester | |
| LE7 9GD | |
| 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 Cotages | |
| Diamond Terrace | |
| Greenwich | |
| London | |
| SE10 8QN |
DRURY LANE THEATRICAL FUND
ACCOUNTS
FOR THE YEAR ENDED 31ST JANUARY 2025
| CONTENTS | |
|---|---|
| Page | |
| Directors’ Report | 1-2 |
| Independent Examiner’s Report | 3 |
| Statement of Financial Actvites | 4 |
| Balance Sheet | 5 |
| Notes to the Accounts | 6-10 |
Page 1
FOUNDED 1766 INCORPORATED 1776
DRURY LANE THEATRICAL FUND
DIRECTORS’ REPORT TO THE MEMBERS
FOR THE YEAR ENDED 31ST JANURAY 2025
The Directors have pleasure in presenting their report for the year ended 31st January 2025 together with the accounts 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 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.
-
Details relating to the Fund’s Bankers and Advisers, with addresses, can be found on the information sheet at the beginning of these accounts.
-
All the powers of the Fund are vested in its directors, and they held an Annual General Meeting on April 10th 2024 with the Fund’s Accountant, Mr Greg Stevenson, of Knox Cropper attended our AGM meeting. The following Directors were elected.
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 Peter Bruce Miss Sam Hunter Mr Ian Stephenson Miss Jennie Walton
Mr Nick Bromley was elected Master of the Fund, Mr Paul Hegarty, 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.
All meetings following this were also held at Theatre Royal Drury Lane in the Richard Rodgers Room
-
The Directors always consider the major risks to which the Fund is exposed, and where appropriate, will take steps to mitigate them.
-
The current membership is 36
-
We currently have 11 full annuitants and one widower.
-
The fund is sad report the sudden death of one of our members Mr. Clive Packham who passed away while spending Christmas with his family.
Page 2
FOUNDED 1766 INCORPORATED 1776
DRURY LANE THEATRICAL FUND
DIRECTORS’ REPORT TO THE MEMBERS
FOR THE YEAR ENDED 31ST JANURAY 2025
(Continued)
- The Directors were very grateful to receive £8,000 from the Combined Theatrical Charities who distribute the ‘Acting for Others’ fundraising thereby enabling the Directors to award Discretionary Grants. The Fund have received several individual donations from friends and members of the public, including generous donations from West End Wendies. The Fund was most grateful for the generous legacy of £2,000 from the estate of the late Arthur Sweet an annuitant of the Fund. With the continued rising cost of living Directors decided to increase the annuity to members by £1,000. The proposal was comfortably carried, though not unanimously, with the Treasurer reminding directors that we should be mindful of DLTF revenues and judicious fund management.
During the financial year our full expenditure, including annuities and special grants, amounted to £79,415. Our income from investments, subscriptions and donations amounted to £79,060 giving a small deficit for the year of £355 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 growth and income.
- Our annual summer tea party was replaced this year with a summer concert at St Paul’s church Covent Garden. Ms. Liz Robertson kindly agreed to host the event which had the theme of Theatre Royal Drury Lane running through the programme. The Actors’ Choir took part under the direction of Stefan Bednarczyk, who also performed an extract from his show about Noel Coward, who of course performed at Drury Lane. The event was a great success with many members and friends attending to whom Mr. Bromley gave a heartfelt welcome. The Baddeley Cake ceremony was held on Twelfth Night in the bustling Grand Saloon and the cake provided by Caroline Fooks was quite wonderful as it captured the theme of The Tempest, the current Shakespeare play in Jamie Lloyd’s season, currently running at the Lane. The Master gave a sterling speech about the history of the fund and most of The Tempest company were in attendance with principals, namely Sigourney Weaver, cutting the cake. As an American she was keen to learn that the last time The Tempest was at Drury Lane, Prospero was played by John Gielgud.
The many guests were not only treated to a tasty slice of cake but also a delicious punch was served according to tradition from the silver punch bowl and together with the cake it was enjoyed by all. The Fund is very grateful to L W Theatres for sponsoring the evening and to Mr. Jeremy Roberts, the General Manager, for his warm welcome.
-
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 are considered as DLTF continues to support those in need and who meet the fund criteria.
-
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 4th April 2025
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 2025 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:
-
Accounting records were not kept in respect of the Fund as required by section 130 of the Act; or
-
The accounts do not accord with these records; or
-
The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
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
4[th] April 2025
Page 4
DRURY LANE THEATRICAL FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST JANUARY 2025
| UNRESTRICTED FUNDS | UNRESTRICTED FUNDS | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Notes | £ | £ | £ | £ | ||
| Income From | ||||||
| Subscriptons and Donatons | 2 | 15,035 | 11,489 | |||
| Other Trading Actvites | 3 | - | - | |||
| Investments | 4 | 64,025 | 57,447 | |||
| __ | __ | |||||
| Total Income | 79,060 | 68,936 | ||||
| Expenditure On | ||||||
| Raising funds | 5 | 17,268 | 16,805 | |||
| Charitable actvites | 6 | 62,147 | 52,287 | |||
| __ | __ | |||||
| Total Expenditure | (79,415) | (69,092) | ||||
| __ | __ | |||||
| Net Income/(Expenditure) for the year | (355) | (156) | ||||
| Other Recognised Gains and Losses8 | ||||||
| Gains/(losses) on investments | ||||||
| Realised | 63,965 | (12,925) | ||||
| Unrealised | 131,286 | (2,232) | ||||
| __ | __ | |||||
| 195,251 | (15,157) | |||||
| __ | __ | |||||
| Net movement in Funds | 194,896 | (15,313) | ||||
| Total Funds brought forward | ||||||
| at 1st February 2024 | 1,921,337 | 1,936,650 | ||||
| __ | __ | |||||
| Total Funds carried forward | ||||||
| at 31st January 2025 | £2,116,233 __ |
£1,921,337 __ |
Donations include a receipt of £8,000 from the Combined Theatrical Charities (2024: £7,000).
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 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Investments – Market Value | 8 | 2,037,622 | 1,860,314 | ||
| Current Assets | |||||
| Debtors | 9 | 14,732 | 11,896 | ||
| Short term deposits | 55,278 | 42,963 | |||
| Cash at bank and in hand | 11,026 | 8,516 | |||
| __ | __ | ||||
| 81,036 | 63,375 | ||||
| Liabilites | |||||
| Creditors falling due within one year | 10 | (2,425) | (2,352) | ||
| __ | __ | ||||
| Net Current Assets | 78,611 | 61,023 | |||
| __ | __ | ||||
| Total Net Assets | £2,116,233 __ |
£1,921,337 __ |
|||
| The Funds of the Charity | |||||
| Unrestricted funds | 11 | £2,116,233 __ |
£1,921,337 __ |
There are no restricted or designated funds.
An actuarial valuation as at 31st January 2023 disclosed that the value of the assets is sufficient to meet projected benefits payable.
Approved by the Board on 4[th] April 2025
……………………………………… ……………………………………… 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 2025
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 2025
(Continued)
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. Subscriptons and Donatons Members’ Subscriptons Donatons 3. Other Trading Actvites Sale of Cards 4. Investments Dividends and Interest Receivable Bank Interest |
2025 £ 2,912 12,123 _ £15,035 _ 2025 £ £ - _ 2025 £ 60,934 3,091 _ £64,025 _ |
2024 £ 2,500 8,989 _ £11,489 _ 2024 £ £ - _ 2024 £ 55,505 1,942 _ £57,447 _ |
|---|---|---|
Page 8
DRURY LANE THEATRICAL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST JANUARY 2025
(Continued)
| 5. Raising funds Investment Managers’ Fees Baddeley Cake Ceremony Tea party Concert 6. Charitable Actvites Annuites Grants Book Producton Support Costs (Note 7) 7. Support Costs Secretary’s salary Treasurer’s salary Printng, postage and statonery Computer costs Actuarial Fee Independent Examiner Bank charges Charitable donatons Sundry expenses Trustee Travel |
2025 £ 16,555 635 - 78 _ £17,268 _ 2025 £ 34,825 11,312 4,000 12,010 _ £62,147 _ 2025 £ 4,000 4,000 111 895 - 2,425 85 250 59 185 _ £12,010 _ |
2024 £ 16,009 620 176 - _ £16,805 _ 2024 £ 23,906 14,400 - 13,981 _ £52,287 _ 2024 £ 4,000 4,000 258 109 3,000 2,349 72 25 168 - _ £13,981 _ |
|---|---|---|
Page 9
DRURY LANE THEATRICAL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST JANUARY 2025
(Continued)
| 8. | Investments | 2025 | 2024 | |
|---|---|---|---|---|
| £ | £ | |||
| Quoted investments | ||||
| Market value at 1st February 2024 | 1,842,022 | 1,868,290 | ||
| Additons - cost | 759,023 | 397,362 | ||
| Disposals – proceeds | (790,265) | (408,473) | ||
| Realised gains/(losses) | 63,965 | (12,925) | ||
| Unrealised gains | 131,286 | (2,232) | ||
| __ | __ | |||
| Market value at 31st January 2025 | 2,006,031 | 1,842,022 | ||
| Cash held for Investment | 31,591 | 18,292 | ||
| __ | __ | |||
| Total | £2,037,622 __ |
£1,860,314 __ |
||
| Historical cost at 31st January 2025 | £1,662,391 __ |
£1,519,512 __ |
||
| Market | Investment | |||
| Value | Cost | Income for | ||
| 31.01.25 | 31.01.25 | Year | ||
| Investment Distributon | £ | £ | £ | |
| UK Fixed Interest | 318,720 | 324,255 | 10,620 | |
| Overseas Fixed Interest | 138,949 | 143,192 | 4,949 | |
| UK Equites and UT Dividends | 246,597 | 171,430 | 15,288 | |
| North American Equites | 576,048 | 484,923 | 4,905 | |
| Internatonal Equites | 520,177 | 322,243 | 11,348 | |
| UK Property | 63,780 | 68,600 | 6,428 | |
| Alternatve Assets | 141,760 | 147,748 | 7,396 | |
| __ | __ | __ | ||
| £2,006,031 __ |
£1,662,391 __ |
£60,934 __ |
||
| 9. | Debtors | 2025 | 2024 | |
| £ | £ | |||
| Other debtors | 79 | 183 | ||
| Prepayments and accrued income | 14,653 | 11,713 | ||
| _ | _ | |||
| £14,732 _ |
£11,896 _ |
Page 10
DRURY LANE THEATRICAL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST JANUARY 2025
(Continued)
| 10. Current Liabilites Accruals and deferred income |
2025 £ 2,425 _ £2,425 _ |
2024 £ 2,352 _ £2,352 _ |
|---|---|---|
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 2025, 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, Ms Samantha Hunter, Mr Ian Stephenson, Miss Petra Siniawski, Mr James Meek, Mr Graham Bickley, Mr Peter Robertson and Mrs Jennie Walton.
In addition the following Directors received annuities at the agreed rate from the Fund, being the Master Mr Nick Bromley, Mr David Heath and Mr Graham Bickley.
The Secretary Mr Paul Hegarty received a salary of £4,000 (2024 £2,000). In addition the Treasurer Mr Michael Lessiter received a salary of £4,000 (2024 £4,000).
In addition Trustees were reimbursed Support Costs of £945 (2024: £823) for purchases made on behalf of the Charity, and Reimbursed Travel Costs of the Trustees amounted to £185 (2024 £Nil).