2026-01-31-accounts

DRURY LANE THEATRICAL FUND REGISTERED HARITY NUMBER: 2 904

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	Rathbones Investment Management
	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 2026

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 JANUARY 2026

The Directors have pleasure in presenting their report for the year ended 31st January 2026 together with the accounts of 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, and they held an Annual General Meeting on April 4[th] 2025 with the Fund’s Accountant, Mr Greg Stevenson, of Knox Cropper. The following Directors were elected.

Mr Graham Bickley Mr Steve Burnett Mr Nick Bromley Mr Michael Lessiter Mrs Miranda Fellows Mr James Meek 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.

1. The Directors always consider the major risks to which the Fund is exposed, and where appropriate, will take steps to mitigate them.

2. The current membership is 33.

3. We currently have 12 full annuitants and one widower. We sadly report the recent death of 2 annuitants.

4. The Directors were very grateful to receive £6,500 from the Combined Theatrical Charities who distribute the “Acting for Others” fundraising thereby enabling the Directors to award Discretionary Grants. The Fund have received a number of individual donations from friends and members of the public, including very generous collections from West End Wendies. The Directors are most appreciative to all who have helped during these difficult financial times. All donations go directly to assist applicants to the Fund along with the members and annuitants.

Page 2

DRURY LANE THEATRICAL FUND

FOUNDED 1766 INCORPORATED 1776

DIRECTORS’ REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31ST JANUARY 2026 (Continued)

1. During the financial year our full expenditure, including annuities and special grants, amounted to £87,003. Our income from investments, subscriptions and donations amounted to £64,974 making an operating deficit of £22,029 for the year before gains and losses on investments are taken into account. The Directors are aware of this outcome, which was largely foreseen, but 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.

2. Happily, the Fund was able, once more, to have a summer celebration in the form of a concert at St Paul’s church Covent Garden. Donations of ten pounds were accepted on entry and the fund raised £260.75. after expenses were taken into account. The theme was Shakespeare, celebrating the return of his plays to the TRDL. Liz Robertson was the MC along with Louise Gold, a former member of The Pirates of Penzance company and now famous for her work on The Muppets, and we had contributions from the Actors’ Choir, conducted by Stefan Bednarczyk, James Meek’s daughter also sang as well as our very own Treasurer, Mr Michael Lessiter. Caroline Fooks, our baker, read some poetry and Tim Bentick, a members of the Archers cast read from his autobiography. It was a thoroughly enjoyable summer celebration though sadly audience numbers were down on the previous year.

3. Twelfth Night celebrations took place once again and the Baddeley Cake ceremony was held in the Grand Saloon and the cake, provided by Caroline Fooks was quite wonderful as it captured the theme of Hercules, currently running at the Lane. The Master gave a sterling speech about the history of the fund and most of the Hercules company were in attendance with the leading principals, cutting the cake.

The many guests enjoyed 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.

1. 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 to support those in need and who meet the Fund criteria.

2. 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 14[th] April 2026

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 2026 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

14th April 2026

Page 4

DRURY LANE THEATRICAL FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST JANUARY 2026

			UNRESTRICTED FUNDS	UNRESTRICTED FUNDS
		2026			2025
	Notes	£	£	£		£
Income From
Subscriptons and Donatons	2	10,887		15,035
Other Trading Actvites	3	1,233		-
Investments	4	52,854		64,025
		__		__
Total Income			64,974			79,060
Expenditure On
Raising funds	5	17,832		17,268
Charitable actvites	6	69,171		62,147
		__		__
Total Expenditure			(87,003)			(79,415)
		__			__
Net Income/(Expenditure) for the year			(22,029)			(355)
Other Recognised Gains and Losses8
Gains/(losses) on investments
Realised		(51,284)		63,965
Unrealised		65,644		131,286
		__		__
			14,360			195,251
		__			__
Net movement in Funds			(7,669)			194,896
Total Funds brought forward
at 1st February 2025		2,116,233			1,921,337
		__			__
Total Funds carried forward
at 31st January 2026		£2,108,564 __			£2,116,233 __

Donations include a receipt of £6,500 from the Combined Theatrical Charities (2025: £8,000).

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 2026

			2026		2025
	Notes	£	£	£	£
Fixed Assets
Investments – Market Value	8		2,035,455		2,037,622
Current Assets
Debtors	9	3,402		14,732
Short term deposits		61,873		55,278
Cash at bank and in hand		10,342		11,026
		__		__
		75,617		81,036
Liabilites
Creditors falling due within one year	10	(2,508)		(2,425)
		__		__
Net Current Assets			73,109		78,611
			__		__
Total Net Assets			£2,108,564 __		£2,116,233 __
The Funds of the Charity
Unrestricted funds	11		£2,108,564 __		£2,116,233 __

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 14th April 2026

……………………………………… ……………………………………… 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 2026

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 2026

(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 Books Concert 4. Investments Dividends and Interest Receivable Bank Interest	2026 £ 3,275 7,612 _ £10,887 _ 2026 £ 643 590 _ £1,233 _ 2026 £ 50,077 2,777 _ £52,854 _	2025 £ 2,912 12,123 _ £15,035 _ 2025 £ - - _ £ - _ 2025 £ 60,934 3,091 _ £64,025 _

Page 8

DRURY LANE THEATRICAL FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST JANUARY 2026

(Continued)

5. Raising funds Investment Managers’ Fees Baddeley Cake Ceremony 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	2026 £ 16,648 703 481 _ £17,832 _ 2026 £ 43,472 12,900 - 12,799 _ £69,171 _ 2026 £ 4,848 4,750 82 194 - 2,507 96 - - 322 _ £12,799 _	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 _

Page 9

DRURY LANE THEATRICAL FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST JANUARY 2026 (Continued)

8.	Investments		2026	2025
			£	£
	Quoted investments
	Market value at 1st February 2025		2,006,031	1,842,022
	Additons – cost		920,260	759,023
	Disposals – proceeds		(917,398)	(790,265)
	Realised gains/(losses)		(51,284)	63,965
	Unrealised gains		65,644	131,286
			__	__
	Market value at 31st January 2026		2,023,253	2,006,031
	Cash held for Investment		12,202	31,591
			__	__
	Total		£2,035,455 __	£2,037,622 __
	Historical cost at 31st January 2026		£1,902,861 __	£1,662,391 __
		Market		Investment
		Value	Cost	Income for
		31.01.26	31.01.26	Year
	Investment Distributon	£	£	£
	UK Fixed Interest	344,289	344,067	15,533
	Overseas Fixed Interest	172,400	178,017	8,047
	UK Equites and UT Dividends	259,357	205,177	13,519
	North American Equites	869,606	816,727	4,884
	Internatonal Equites	377,601	358,873	8,094
		__	__	__
		£2,023,253 __	£1,902,861 __	£50,077 __
9.	Debtors		2026	2025
			£	£
	Other debtors		115	79
	Prepayments and accrued income		3,287	14,653
			_	_
			£3,402 _	£14,732 _

Page 10

DRURY LANE THEATRICAL FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST JANUARY 2026

(Continued)

10. Current Liabilites Accruals and deferred income	2026 £ 2,508 _ £2,508 _	2025 £ 2,425 _ £2,425 _

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 2026, 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, Mr Steve Burnett, Mr James Meek, Mr Graham Bickley and Mrs Jennie Walton.

The Secretary Mr Paul Hegarty received a salary of £4,848 (2025 £4,000). In addition, the Treasurer Mr Michael Lessiter received a salary of £4,750 (2025 £4,000).

In addition, Trustees were reimbursed Support Costs of £610 (2025: £945) for purchases made on behalf of the Charity, and Reimbursed Travel Costs of the Trustees amounted to £322 (2025 £185).