KING GEORGE V FUND FOR ACTORS AND ACTRESSES TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Charity Registration No. 2107401
Pag8 1 KING GEORGE V FUND FOR ACTORS AND ACTRESSES LEGAL & ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31ST DECEMBER, 2024 Charity registration number 210740 Trustees Sir Timothy Laurence KCVO CB (President) Miss Samantha Bond Mr Neil Pearson Mr Ben Seale Commltte• Members Dame Eileen Atkins DBE Miss Sarah Berger Miss Selina Cadell Lt. Col. Robert Cartwnght LVO Miss Dona Croll Miss Joanna David Mr. Clive Francis Mr. Jamie Glover Mr Julian Glover CBE Miss Caroline Hafker Miss Joanna Johnston Miss Gemma Jones Dame P8nelope Keith DBE DL Miss Sara Kestelman Mr. Art Malik Mr. Hugh Quarshie Mr Malcolm Sinclair Miss Emma Vansittart Mr Simon Williams Mr. Tam William8 Secretsry and Treasurnr Mr. J.S. Mccuin Bsc FCA Registered Addms 10 Orange Stre8t, London, WC2H 7DQ. Corrospondence Address 21 Repton Gardens. Gidea Park, Romford, Essex. RM2 5LS E4nall: mccuinj@outlook.com Bankern National Westminster Bank plc 250 Regent Streèt, London, W1B 3BN Independent Examiner Mr. T. Clarke Bsc FCCA CTA of SRG LLP 10 Boli Court. London, EC4A 3DA Investment Advisers Rathbones Incorporating Investec Wealth & Investment Limited 30 Gresham Street. London. EC2V 7QN
Page 2 KING GEORGE V FUND FOR ACTORS AND ACTRESSES TRUSTEES. REPORT FOR THE YEAR ENDED 31ST DECEMBER, 2024 The Trustees are pleased to present their rep)rt together wrth the financial statements of the Charity for the year ended 31st Dernber 2024. The finanaal statements ¢omply with the Constitution originally approved in 1913 and revised in 1997, applicable law and the Statement of Recommended Practice.. Accounting and Reporting by Charities applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) - Charty SORP published in July 2014. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The Fund was set up in 1911 by King George V spectfically to provide and pay Grants to British Actors and Actr8ss8s (a) who have rendered such service to the acting profession as to ment recognition, and (b) who, through allered circumstances, are in a position to require such assistance. To meet these Objects and Activiti8s, the Fund has to generate income and capital growth from its investments. By paying Grants to Actors and Actresses who require financial assistance, the Fund hopes the recipients will b8 ablè to stay in their own homes longer and not become a burden on the State. The Trusteès confirm that they have referred to the guidance contained in the Charity Commission guidanc8 on public benefit wh8n reviewing the Fund's aims and objectives and in planning the activities arKI Grant making policy for the year. STRUCTURE, GOVERNANCE. MANAGEMENT AND GRANT MAKING POLICY Under the Constitution approved in 1913. the Fund has at least three Trustees and a Committee of at18ast sixteen and not more than tsventy-four of whom a prOpoOn of not less than three-fourths shall be members of the Theatrical Profession. The day-to4ay management of the Fund is vested in Ihe Trustees and the Committee The Constilution was revised and approved by the Court at their meeting on 19th November 1997. The names of the Trustees and the members of the Committee at the date of this report are shown on page 1. All Trustees and Commrttee members served throughout the year except that Miss Cleo Sylvestre served until her unlimely death on 20 September 2024. The Trustees are nominated by the Commttte8. Their re-appointment is considered annually at the Court meeting held in December. The Trustees and Committee meet 3 times a year and agree the broad strategy and areas of artivity for the Fund. induding consideration of Grant making. investment, reserves and risk manag8ment policies and perfomiance. The day-to-day administration is delegated to the SecretaryreaSurer. All Trustees and Committee members are familiar with the practical work of the Fund. Following their nomination, new trustees are invited to attend a training session to familiarise themselves with the charity and the ¢onlext thin which rt operates. These cover: The main obligations of the Trustees. Resourcing and the Current financial position as set out in the latest published accounts. Future plans and objectives.
Page 3 KING GEORGE V FUND FOR ACTORS AND ACTRESSES REPORT OF THE TRUSTEES - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER, 2024 RISK MANAGEMENT The Trustees have idenlffied the major nsk to which the Fund is expos8d as being poor inv8Stment performance This risk has been mrtigated by ensuring that a diversified investment portfolio is held and that the investmenls are fully maintained by a qualified investrnènt manager and regularly reviewed by the Trustees and Committee. The Trustees have reviewed the investment values since the year 8nd which are still being impacted by the global economic and political problems and are pleased that the Fund's investments are still maintaining their overall value despite the continuing global financial problems. The Trustees will continue to regularly review the Investsnent values and to monitor the performance of the Investment Advisers in the months to come. INVESTMENT POLICY AND PERFORMANCE The management of the Fund's investments on a day4iMlay basis is delegated to its investment advisers. The guidelines that have been set down a for both income and capital growth with an overall balanced risk. During the y8ar our investment advisers were Rathbones incorporating Investec Wealth & Investment Ltd. Fomal meetings are held with the investment advisers three times a year to ensure that their work is properly monrtored, and the Committee remains confident in their day-to-day management of the Fund's investments. The perfomiance of the investment portfolio is shown in the financial statements The UK Stock Markèt continued to have a very difficult time during 2024. Our portfolio showed an overall Increase in value of 8.2% net of fees (2023.. increase of 7.0%). RESERVES POLICY AND PLANS FOR THE FUTURE The Fund maintains a single general reserve which is used to pay Annual Grants In accordance with its charrtable obj'ects. The Trustees hope to be able to continue to pay out at least £175,000 per year as Annual Granls and, in order to do this out of the income of the Charity, the Trustees t*lieve they need a reserve of al least £2,000,000 It is therefore the wish of the Trustees to build up the reserves to this level and above over the next few years. The Trustees realise that, at present, the reserve is rather lower Ihan the required level and that they are dependent on the receipt of further grfts and legacies and a ntinued improvement in the perfomiance of the investment portfolio, which, in the current economic climate, Is not certain. MONITORING ACHIEVEMENTS AND FINANCIAL REVIEW During the year under review the value of the Fund increased to £1,682,324 {2023.' £1,666,412} as shown on page 6 of the financial statements. The Fund was able to make grants to 3512023.. 43) Feople totalling £167,375 {2023.' £184,425). During 2024 the UK investment market saw some positive movements but the UK and world economic situation remains very UnrtaIn. Since the year end, global markets have been very erratic following the lariffs imposed by the USA. However. the Trustees can report that the portfolio had fallen in value by little more than 1 % by the middle of May 2025. The Trustees believe that the investment advisers are continuing to perform well in very challenging times. The Charity is a 500A residuary legatee in the Estate of Sir Terence Rattigan deceased. The assets of the Estate have been transferred to the Sir Terence Rattigan Charitable Trust and our Secretary, Mr John Mccuin is a Trustee of that Trust to represent this Charty. Mr Simon Williams Is also a Trustee of the Sir Terence Rattigan Charitable Trust. The income from this Charitable Trust was £10,000 during the year (2023.. £10,000). It is hoped that the income from Sir Terence Rattigan's copyrights again will rise in this Guent and future financial years.
Page 4 KING GEORGE V FUND FOR ACTORS AND ACTRESSES REPORT OF THE TRUSTEES- CONTINUED FOR THE YEAR ENDED 31ST DECEMBER, 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Fund's Twstees are responsible for preparing the trustees. annual report and the financial slalements in accordance wrth applicable law arKI United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Th8 law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charty for that period. In preparing the financial statements, the Trustees are required to.. sdect suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable CharrtS SORP, make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements., and prepare the financial statèments on a going ¢on¢em basis unless rt is inappropnate to presume that the charty will continue in business. The Trustees are responsible for keeping accounting records that disclose with reasonab18 accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Chanties Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Fund's Constrtution. They are also responsible for safeguarding the assets of the chanty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitj'es. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with the legislation in the United Kingdom goveming the preparation and dissemination of financial statements. Approved by the Tru8teas o ay 2026 and Signed on their behalf by: Slr Timothy Laurenco Presldont
INDEPENDEKf EXAIII EFfS REPORT TO THE TRUSTEES OF Pap5 KING GEORGE V FU D FOR ACTORS AND ACTRESSES I report to tru8tees on my examlnation tr acc of ts Fund for the year ended 31 6t012. nd Examln•r conaidor that an audit i• not required for th. (the 2011 Act) and that wthpondont ex It i• my ruponilbllty to: year (under 80cion 144 (2) oits Charit Act 2011 examine th• accow)ts (jer to frloW the wocodurn8 lahJ d Comml88ionern under section 145( to 8tate whether partkular mattern 145 ofthe 2011 Att. in tho General Direthw by th8 Charlty )(b) of tho 2011 Act., and ave como to my attanllon. Ba•h of In•nd•nt EXIn•• r•port My examinatlon wrO•d +Xrt in accNd Comm1885oner8. An examlnatlon Indude• arKI a c¢ynparl8on of ts account8 pre8e any Unu81 ern8 or dl•clo8um In tho tru8tee• concemlng any 8uch mattern. evld8nc• that would bo reqLArod In an vAth ts ¢knl Dlr•th glven by the Charlty reviThv of tho r8cord8 keFI by tho drity vthh thoae record8. tt al Incl•9 conlideratlon ol )unts, and 8eeklng of •xplanatl(Th from you 88 ocedur88 Undertak do not wovkle all th• arKI cmaequenty no opinion l• glven a• to whher th• r•port18 Ilmlled to thow matter8 ••t out in the •tstam•nt bolcm. Ind•p•nd•nt EXIn• In conn•clion wSth my •xamlnaIl. no m m6 cau8e to lIeVe that, wi any materfal the accounting rec( were not ke the accounts did not accord wh the accounts dkl not comply with th of accounts set in the Charities requlrement that th accounts give p•rt of an Indewrth examination al mattern hm como lo my attth whKh giv in accorda% with 8ectlon 130 of 2011 A¢. or accountlTrJ re¢ord•', or appllcable r•qiirements concamlng th• fomi and cmtent Accourrt8 arKI Reports) Regulatlon¥ 2008 other than Rny lalrf whlch i• ncA a mattor corid•r•d whlch attention shoukl drawn in th1$ o iffjr matter8 In connectk)n wlth the exarnlnatlon to rt In order to enable a proper derStandInG of the Ind•p•nd•nt Ex•mlMr Name.. T. CLIRKE Relev profeuional qualificatM)n or body Addrg88: SRG LLP, 10 Bdt c(rt, Lorthn FCCA EC4A 34 Jum 21r25
Page 6 KING GEORGE V FUND FOR ACTORS AND ACTRESSES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER, 2024 2024 2023 INCOME Donations and Legacies Investment income Other income 61,700 26.343 2.669 72,905 26,511 1,291 Total Income 90,712 100,707 EXPENDITURE Cost of raising funds.. Investment management fees 15,487 15,096 Expendrture on charitable activities.. Grant making 183.645 200,673 Total Expendlturn 199,112 215,769 NET INCOMEI(EXPENDITURE) AND NET MOVEMENT IN FUNDS BEFORE GAINS AND LOSSES ON INVESTMENTS (108.400) 1115,Ce2) NET {DEFICITSyGAINS ON INVESTMENTS 124,312 100,905 NET MOVEMENT IN FUNDS 15.912 114,157) RECONCILIATION OF FUNDS Total funds brought forward 1,666.412 1,680,569 TOTAL FUNDS CARRIED FORWARD £1,682,324 £1,666,412 Th& notes on pages 8 to 12 fomi part of these financial statements.
Page 7 KING GEORGE V FUND FOR ACTORS AND ACTRESSES BALANCE SHEET 31ST DECEMBER, 2024 2024 Unrestricted Funds 2023 Unrestricted Funds Notes FIXED ASSETS Investments 1,677,772 1,663,321 CURRENT ASSErs Debtors Cash at bank 3.558 3.540 5,648 2,620 Total Current A*•ots 7,098 8.268 LIABILITIES . Credltors falllng due wlthln one year Accruals 10 5,177 NET CURRENT ASSETS 4,552 3,091 NET ASSETS £1.682,324 £1,666,412 THE TOTAL FUNDS OF THE CHARITY: Unrestricted income funds £1.682.324 £1,666,412 Approved by the Trustees and Commrtlee on May 2025 and signed on their behalf by.. Sir Timothy Laurenc• President The notes on pages 8 to 12 fom part of these financial statements.
Page 8 KING GEORGE V FUND FOR ACTORS AND ACTRESSES NOTES TO THE FINANCIAL STATEMENTS 31ST DECEMBER. 2024 ACCOUNTING POLICIES 1.1 Basls of Preparatlon and Assessment of Golng Concern The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise staled in the relevant not8(sl to these accounts The financial statements have been prepared in accordance with the Statement of Recommended Practice. Accounting and Reporting by Charities prepanng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 Charity SORP {Second Edition October 2019) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Fund constitutes a public benefrt entity as defin8d by FRS 102. The Twstees Consider that there are no matèrial uncertainties about the Fund's ability lo continue as a going concern. There are no sTrgnifi¢ant areas of judgement or key assumptions that affect items in the financial ststements other than those included within the accounting policies described below. The Tru8t8e8 have taken advantage of the disclosure exemption in respect of the requirements of Section 7 'Statement of Cash Flows, in preparing these financial statements as permitted by FRS 102 and the Charities SORP (FRS 102) Update Bulletin 1. 1.2 Incom• r•¢ognltlon All income is recognised once the Fund has entitlement to the in¢om8, It is probable that the income will be received and the amount of income re1vable can be measured reliably. Donations are recognised when the Fund has been notified in writing of both the amount and the settlement date. In the event that a donation is subject to conditions that require a level of performance before the Fund is entitled to the funds. the income is deferred and not recognised until either those condrtions are fully met or the fuffilmenl of those conditions is wholly within the control of the Fund and rt is probable that those conditions will be fulfilled in the accounting period. Legacy gifts are recognised on a case-by-¢as8 basis following the granting of probate when the administratorlexecutor for the estate has communicated in writing both the amount and the settlement date In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable wrth a degree of reasonable accuracy and the title to the asset having been transferred to the Fund. Inlerest on funds held on deposit is included when receivable and the amount can be measured reliably by the Fund. This is nomially upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been received by our investment broker.
Page 9 KING GEORGE V FUND FOR ACTORS AND ACTRESSES NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 31ST DECEMBER, 2024 1.3 Expenditurn All expenditure is included on an accruals basis and is recognised when there is a legal or constwctive obligation to pay for th8 6xpendrture. Charitae expenditure comprises Grants which are provided for when approved by th8 Twstees and Commbttee. Support costs which are identifiable as wholly or mainly in support of the Fund's objectwes are paid when they arise and are approved. 1.4 Allocatlon of support and govomance costs Governan costs compnse all costs involving the public accountability of the Fund and it8 compliance wrth regulation and good practice. Gov8mance costs relating lo charitable activities have been apportion8d based on Ihe time 8pent on grant making activities. 1.6 Irrecoverable VAT Irrecoverable VAT is charged against the expendrture heading for which it was incurred. 1.8 Not Galn*l(LoMe•) on InVtments The r8ali8ed gain or loss ansing on the sale of an investment is calculated as the differenc8 ben the sale proceeds received and the market value al the previous 31 st D8C8mb8r or the cost if purchased during the year. The unrealised gain or Ios8 is the adjustment r8quir8d to State investm8nts at their market value at the year end. Realised and unrealised investment gains and Ioss88 are Combined in the Statement of Financial Activit8. 1.7 Invostments The investments held by the Fund as at 31st Dember are induded in the balance sheel at fair value The Stat8ment of Financial Activrties includes the net gains or losses arising on r8valuation. 1.8 Taxatlon The Fund is not lia8 to taxation on any surplus of income over expendrture and can recover tax suff8r8d on donations received under Gift Aid. 1.9 Unrestricted Funds A single unrestricted fund is maintained and is used to pay Grants to those in need as described in accounting policy note 1.3 and in accordance wrth the Reserves Policy shown in the Trustees, Report.
KING GEORGE V FUND FOR ACTORS AND ACTRESSES NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 31ST DECEMBER, 2024 Page 10 DONATIONS AND LEGACIES 2024 2023 Donatlons Acting 4 Others Other 35,000 16,700 35,000 25,225 51,700 60,225 Legacles Sir Terence Rattigan Charitable Trust Other Legacies 10,OCM) 10,OCrf) 2,680 10,000 12,680 £61,700 £72.905 INVESTMENT INCOME 2024 2023 Dividends and int8r8St received (Gross.. £25.330 Less.. Overseas Wrthholding Tax £606) {Note. All investment income arises from investments quoted on the London Stock Exchange) Bank interest receivable on cash deposits 24,724 25,516 1,619 995 £26,343 £26,511 OTHER INCOME Royallies received Ivor Novello Charrt8 Limrted- Dissolved in 2024 2,669 375 916 £2,669 £1,291 ANALYSIS OF CHARITABLE EXPENDITURE Grants mad• 187,375 184,425 Governance costs: Professional fees - see note 6 below Independent Examinerfs Fee Bank charges Sundry, websrte and postage - se8 note 6 below 13,OtXJ 2,520 225 525 13,000 2,400 225 623 £183,645 £200,673 During the year, tharitsble Grants were made to 35 people under the tenns of the Fund's charitable charter (2023. 43 Feople)- As the Fund has only on8 charitabl6 activrty, it is the opinion of the Trustees that all the govemance costs should be allocated to that aclivrty.
Page11 KING GEORGE V FUND FOR ACTORS AND ACTRESSES NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 31ST DECEMBER, 2024 TRUSTEE AND STAFF REMUNERATION The Fund employs no direct staff. No Trustee or Committee m8mber received any remuneration (2023.. £Nill. No Trustee or member of the Committee received any reimbursed expenses (2023.. £Nil). The professional fees were paid to Mr Mccuin for his a¢¢ountancy and general financial assistsnce on the affairs of the Fund. RELATED PARTY TRANSACTIONS Mr Seale is a truslee of Acting 4 Others {see Note 2 above) but receives no benefrt from his trusteeship. Mr M¢Cuin and Mr Williams ar8 trustees of The Sir Terence Rattigan Charitable Trust and directors of Ivor Nov811o Charities Ltd (Dissolved in March 2024) bul receive no benefits from either organisation for their services as trustees and directors. Mr Mccuin received a fee from Ivor Novello Char.eS Ltd in his professional capacity as the accountant. (See Notes 2 & 4 above). INVESTMENTS 2024 2023 At 1st January, 2024 Net disposals and withdrawals Nel IncreasellDecrease) on Revaluation 1,663,321 (109,861) 124,312 1,672,106 1109,690) 100,905 At 31 st DecemLNryr, 2024 at market value £1.677,772 £1,663,321 At 31st December, 2024 at cost £1,385,043 £1,443,705 The investrnents are Garried at their fair value and are all lisled on recognised stock ex¢hanges and include bank and cash balances held by the brokers for the purpos8 of reinvestment. At 31 st December, 2024 these bank and cash balances bvere £7,99912023.' £36,800}. The value8 were all detemiined using nonnal valuation winciples by the investment broker at the year end. At the year end, three investments comwsed more than 5% of the portfolio by value, Credit AGR amounting to £103,479. Blackrock Fami Ltd amounting to £87,249 and Ishares lil PIC amounting to £100,241. The significance of the investment portfolio on the ongoing financial sustainability of the Fund is considered in the financial review and investment policy and perfomiance sections of the Trustees, Report. The main risk to the Fund from the investment portfolio lies in the combination of uncertain investment markets and volatilty in yields. The Fund maintains a very wide and diversified portfolio which is regularly reviewed by our investment brokers. 2024 saw significant swings in valuation. The turn on bonds has teen higher and further fijnds have been invested in fixed interest securities. The Fund is partly reliant on diVend yield to finance its work and in 2024 the market saw a continu8d steadiness in dividend yield It is hoped that 2025 will see a rèturn to higher dividend yields. The Fund has greater exFosure to intemational companies, the values of which. together with their yield are exposed to exchange rale risk when converting the holdings into steding. The OLrtlook for the sterfing exchange rate is that it is anticipated to stay low as foreign economies strengthen. A weakening in the exchange rate will continue to improve sterling returns from foreign currency denominated holdings.
Page 12 KING GEORGE V FUND FOR ACTORS AND ACTRESSES NOTES TO THE FINANCIAL STATEMENTS- CONTINUED 31ST DECEMBER, 2024 Liquidity risk is anticipated to be low as all assets are easily traded and the Fund has no investments that are subject to exchange controls or trading restrictions. The Fund manages these investment risks by retaining expert advisers and operates a policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The geographical split of investments is as follows.'- 2024 2023 United Kingdom Overseas 703,508 974,266 749,889 913,432 £1,677.772 £1,863.321 DEBTORS Dividends receivable Interest receivable Gift Aid recoverable 2,050 13 3,585 1,560 £3,558 £5,648 10. ACCRUALS Independent examination Grants payable Bank charges 2,520 2.400 2,750 27 26 £2.546 £5,177