KING GEORGE V FUND FOR ACTORS AND ACTRESSES TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2025 (Charity Registration No. 210740)
Page 1 KING GEORGE V FUND FOR ACTORS AND ACTRESSES LEGAL & ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31ST DECEMBER, 2025 Charity registration numbor 210740 Trustees Sir Timothy Laurence GCVO C8 (President) Miss Samantha Bond Mr Neil Pearson Mr Ben Seale Committee Members Miss Sarah Berger Miss Selina Cadell Lt. Col. Robert Cartwright LVO Miss Dona Croll Miss Joanna David Mr. Clive Francis Mr. Jamie Glover Mr. Julian Glover CBE Miss Caroline Harker Miss Joanna Johnston Miss Gemma Jones Dame Penelope K81th DBE OL Miss Sara Kestelman Mr. Art Malik Mr David Morrissey Miss Rachel Pickup Mr Hugh Quarshie Mr Malcolm Sinclair Miss Emma Vansittart Mr. Simon Williams Mr. Tam Williams Secretary and Treasurer Mr. J.S. Mccuin Bsc FCA Registered Addre8• 10 Orange Street, London. WC2H 7DQ. Correspondence Addres8 21 Repton Gardens, Gidea Park, Romford, Essex. RM2 5LS E4nall: mccuini@outlook com Bankers National Westminster Bank plc 250 Regent Street, London. W1B 3BN Independent Examiner Mr. T. Clarke Bsc FCCA CTA of SRG LLP 16 Black Friars Lane. London. EC4V 6EB Investment Advlserg Rathbones Incorporating Investec Wealth & Investment Limrted 30 Gresham Street, London. EC2V 7QN
Page 2 KING GEORGE V FUND FOR ACTORS AND ACTRESSES TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER, 2025 The Trustees are pleased lo present their port together wtth the financial statements of the Chanty for the year ended 31st December 2025. The financial statements comply with the Constitution originally approved in 1913 and revised in 1997. applicable law and the Statement of R8comm8nd8d Practice. Accounting and Reporting by Charities applicable lo ¢harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - Charity SORP published In July 2014. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The Fund was set up in 1911 by King George V specifically to provide and pay Grants to British Actors and Actresses (a) who have rendered such service to the acting profession as to merit re¢ognition, arKI {b) through allered ¢ir¢umstances, are in a position to require such assistance. To meet thesè Objects and Activities. the FurKI has to gènerate income and capital growth from its investments. By paying Grants to Actors and Actresses who require financial assistanc8, thè Fund hopes the recipients will be able to stay In their own homes longer and not become a burden on the Stale. The Trustees confirm that they have referred to the guidance contained in the Charity Commission guidance on public benefit when VIewIng the Fund's aims and obje¢tive8 and in planning the activities and Grant making policy for the year. STRUCTURE, GOVERNANCE, MANAGEMENT AND GRANT MAKING POLICY Under the Constitution, the Fund has at least three Trustees and a Committee of al least sixtèen and not more than twenty-four of whom a proportion of not less than threè-fourths shall be members of the Theatrical Profession. The day-to-day management of the Fund is vested in the Tnjstees and the Committee. The Conskntution was revised and apwoved 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 Committee members served Ihroughout the year except that Dame Eileen Atkins who retired as a Commrttee member in November 2025 after many years of service. Miss Rachel Pickup and Mr David Morrissey were appointed to the Committ8e in June 2025 Thè Truste8s are nominated by the Commee. Their raPpointMent is considered annually al the Court meeting held in December. The Trustees and Committee meèt 3 times a year and agre8 the broad strategy and areas of activrty for the Fund, including consideration of Grant making, investment. reserves and risk management policies and perfomiance. The day-to-day administration is delegated to the Secretaryreasurer. All Trustees and Committee members are familiar wth the practical work of the Fund. Following their nominalion, new trustees are invited to attend a training session to familiarise themselves with the harity and the context wrthin vthich 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, 2025 RISK MANAGEMENT The Trustees have identffied the major risk to whith the Fund is exposed as being poor investment performance This risk has been mrtigated by ensunng that a diversified Investment portfolio is held and that the investments are fully maintained by a qualified investment manager and regularly reviewed by the Trustees and Commfftee. The Trustees have reviewed the investment values Sin the year end 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 valu8 dèspite the wnlinuing global financial problems. The Trustees will continue to regularly review the investment 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 day404ay basis is delegated to rt8 inv8slment advisers. The guidelines that have been set down are for both income and capital growth with an overall balanced risk. During the year our inveslment advisers were Ralhbones incorporating Investec Wealth & Investment Ltd. Formal meetings are held wrth the inveslment advisers three times a year to ensure that their work is propèrly monitored. and the Committee remains confident in their day-to-day management of the Fund's investments The perfonnance of the investm8nt portfolio is shown in the financial statements. The UK Stock Market continued to experiènce turbulent times during 2025. Our portfolio showed an overall increase in value of 10 7% nel of fees 12024.. increase of 8.2%). RESERVES POLICY AND PLANS FOR THE FUTURE The Fund maintains a single general resepie which is used to pay Annual Grants in a¢¢ordan¢e with its charrtable obj'ects. The Trustees hope to be able to continue to pay out at least £175.000 per year as Annual Grants and, in order lo do this out of the income of the Chanty. the Trustees believe 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 al)ove over the next few years. The Trustees realise that, at present, the reserve is rather lower than the required level and that they are dependent on the receipt of further gifts and legacies and a continued imtKovement in the performance 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 thè Fund increased to £1.886,717 {2024.' £1,682,324) as shown on page 6 of the financial statements. The Fund was able to make grants to 31 (2024.. 35} people totalling £149,500 (2024. £167.375). During 2025 thè UK investment market saw sorne positive movemenls, but the UK and world economic situation remains very uncertain. Since the year end. global markets have remained very erratic. However, the Trustees are pleased to report that Ihe portfolio had nsen in value by a little under 10% by the middle of May 2026. The Trustees believe that the investment advisers are continuing to perfom wdl in very challenging tsmes. The Charity is a 50% residuary legatee in the Estste 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 Ihat Trust to represent this Charity. Mr Simon Williams is also a Trustee of the Sir Teren Rattigan Chantable Trust. The income from this Charilable Trust was £50,000 dunng the year12024'. £10.000). It is hoped that the income from Sir Terence Rattigan, copyrights again will rise in this current and future financjal years
Page 4 KING GEORGE V FUND FOR ACTORS AND ACTRESSES REPORT OF THE TRUSTEES- CONTINUED FOR THE YEAR ENDED 31ST DECEMBER, 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Fund's Trustees are responsible for preparing the trustees. annual report and the financial statements in accordan with applicable law and Unried Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practsce). The law applicable to chanties in England and Wales requires the Trustees to prepare financial stalemenls for each year which give a true and fair view of the slate of affairs of the charity and of the income and expenditure of the charrty for that period In preparing the financial statements, the Trustees are required to.. select surtable accounting polirjes and then apply them consistently,. observe the methods and pnnciples in the applicable Chanties SORP.. make Judg6m8nts and estimates that are reasonable and prudent,. state whether applicable accounting slandards have been followed, subject to any d8partures disclosed and explained in the financial statements, and prepare the financial statements on a going concern basis unless It is inappropriate to pre8um8 that the chanty will continu8 in business. The Trustees are responsible for keeping accounting records that disclos8 Wlth reasonabl8 accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply wrth the Chanties Act 2011. the applicable Charities {Accounts and Reports) Regulations and the provisions of the Fund's Constitution. They are also responsib18 for safeguarding the assets of the charity 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 governing the preparation and dissemination of financial statements. Approve by ihe Trustees on 1 Jun• 2026 and signed on thelr behalf by: Slr Tlmothy Laurence Prnsidont
Page 5 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KING GEORGE V FUND FOR ACTORS AND ACTRESSES I r8POrt to th8 trustees on my examination of the accounts of the Fund for the year ended 31 December 2025, which are set out on pages 6 to 12. Respectlve responslbllltlès of Trustsès and Examiner The charity's trustees are responsible for the weparation of the accounts The charity's trustees consider that an audrt is not required for this year (under section 144 (2) of the Charrties Act 2011 (the 2011 Act) and that an independent examinab'on is needed. It is my responsibilrty to: examine the accounts (under section 145 of the 2011 Act.. to follow the procedures laid down in the General Directions given by the Charrty Commissioners under section 145151{b) of the 2011 Act., and to slate whether particular matters have come to my attention. Ba818 of Ind8pendenl ExamIne$ report My examination was carried out in accordance wrth the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also Includes consideration of any unusual items or disclosures in the accounts, and seeking of explanations from you as tnjstees conceming any such matters The procedures undertaken do not provide all the evidence that would be required in an audrt and consequently no opinion is given as lo whether the accounts present a 'tTue and fair vi8w' and th8 r8POrt is limited lo those matters set out in the statement below. Independent Examln•r'8 statement In conne¢tion with my examination. no material matters have come to my attention which gives me cause to believe that. in any material respect.. the a¢¢ounting records were not kept in accordance wrth section 130 of the 2011 Act,. or the accounts did not accord wtth the awunting records,. or the accounts did not comply with the applicable requirements conceming the fomi and content of a¢¢ounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requiremènt that the accounts give a 'true and fairf view which is not a matter consid8red as part of an independent examinalion. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Independent Examlner Name.. T. CLARKE Relevant professional qualffication or bc*Jy'. FCCA Address.. SRG LLP. 16 Black Friars Lane. London, EC4V 6EB Date.. IL June 2026
Page 6 KING GEORGE V FUND FOR ACTORS AND ACTRESSES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER. 2025 2025 2024 Notes INCOME Donations and Legacies Investment income Other incomè 114.732 20,003 1.987 61,700 26,343 2,669 Total Incomo 136,722 90,712 EXPENDITURE Cost of raising funds.. Investment management fees 16.980 15,467 Expenditure on charitable activits'es. Grant making 185,719 183.645 Total Expendltur• 182.699 199,112 NET INCOMEI(EXPENDITURE) AND NET MOVEMENT IN FUNDS BEFORE GAINS AND LOSSES ON INVESTMENTS (45,977> (108,400) NET {DEFICITSVGAINS ON INVESTMENTS 250,370 124,312 NET MOVEMENT IN FUNDS 204,393 15,912 RECONCILIATION OF FUNDS Total funds brought forward 1,682,324 1,666,412 TOTAL FUNDS CARRIED FORWARD £1,886,717 £1,682,324 The notes on pages 8 to 12 fom part of these financial statements.
Page 7 KING GEORGE V FUND FOR ACTORS AND ACTRESSES BALANCE SHEET 31ST DECEMBER, 2026 2025 UnrestriGted Funds 2024 Unrestricted Funds Notes FIXED ASSETS Investments 1,858,011 1.677,772 CURRENT ASSETS Debtors Cash at bank 30.972 4.492 3,558 3,540 Total Curr•nt A88ets 35,464 7,098 LIABILITIES . Credltorn falllng d wlthln one yoar Accruals 10 6.758 2.546 NET CURRENT ASSETS 28.706 4,552 NET ASSETS £1.886.717 £1,882,324 THE TOTAL FUNDS OF THE CHARITY: Unreslned income funds £1,886,717 £1,682,324 Approved by th8 Trustees and Committee on 1•t June 2026 and signed on their behalf by.. Slr Tlmothy Lauren Prosldent The notes on pages 8 to 12 fomi part of these financial statements.
Pag8 8 KING GEORGE V FUND FOR ACTORS AND ACTRESSES NOTES TO THE FINANCIAL STATEMENTS 31ST DECEMBER. 2025 ACCOUNTING POLICIES 1.1 Ba$1$ of Preparation and Asseument of Going Concern The financial statements have been prepared under the histoncal cost convention with itèms recognisèd at cost or transaction value unless othenvise stated in the relevant notelsl to th8S8 accounts. The financial statements have been prepared in accordance wrth the Statement of Recommended Practice. Accounting and Reporting by Chanties preparing their accounts in accordance with the Finanaal Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 1021 Chanty SORP (Second Edition October 20191 and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The Fund constitutes a public benefit entty as defined by FRS 102. The Trustees consider that there are no material uncertainties about the Fund's ability lo continue as a going concem. Th8re are no significant areas of judgement or key assumptions that affect itèms in the financial statements other than those included wrthin the accounting policies described below. The Trustees have taken advantage of the disdosure exemption in respect of the requirements of Section 7 'Statement of Cash Flows, in preparing these finan¢ial $tatement8 as permitted by FRS 102 and the Charrties SORP (FRS 102) Upjate Bulletsn 1. 1.2 Income recognition All income is recogni8ed once the Fund has entitlement to the income, it is probable that the income will be received and the amount of income reIlVable 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 subied to condrtions that require a level of performance before the Fund is entitw to the funds, the income is deferred and not recognised until either those conditions are fully met or the fUlIment of those conditions is wholly within the Gontrol of the Fund and rt is probable that those condrtions will be fulfilled in the accounting period. Legacy gifts are re¢ognised on a case•bywcase basis foll¢)wing the granting of probat8 wh8n the adrninistratorlexecLrtor for the eslate has mrnmunicated in writing both the amount and the settlement date. In the event that the gift is in the fom of an asset other than cash or a financial asset traded on a recognised stock exchange, recognrtion is subject to the value of the gift being reliably ffleasurable wrth a degree of reasonable accuracy and the trtle to the asset having been transferred to the Fund. Interest on funds held on deposrt is inclLJded when receivable and the amount can be measured reliably by the Fund. This is nomially upon notrfication of the interesl paid or payable by the bank. Dividends are recognised once the dividend has been recetved by our investment broker.
Page 9 KING GEORGE V FUND FOR ACTORS AND ACTRESSES NOTES TO THE FINANCIAL STATEMENTS- CONTINUED 31ST DECEMBER. 2025 1.3 Expenditure All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for the expenditure. Charitable expendrture comprises Grants which are provided for vthen approved by the Trustees and Committee. Support costs whith are identifiable as wholly or mainly in support of the Fund's objectives are paid when they arise and are approved. 1.4 Allocatlon of support and governance costs Govemance costs comprise all costs involving the public accountability of the Fund and ils compliance with regulation and good practice. Governance costs relating to charitable activities have been apportioned based on the time spent on grant making activities 1.5 Irr•coverabl• VAT Irre¢overalJe VAT is charged against the expendrture heading for which it was incurred. 1.6 Net Galn81(Lo$$e•) on Inveslments The realised gain or loss ansing on the sale of an investment is calculated as the difference betW88n the sale proceeds received and the market value at the previous 31 $1 December or the cost if purchased dunng the year The unrealised gain or loss is the adjustment required lo stale Investments at their market value at the year end. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 1.7 Invoslments The investments held by the Fund as at 31st December are included in the balan¢e sheet 8t fair value. The Statement of Financial Activrties indudes the net gains or lossès arising on revaluation. 1.8 Taxatlon The Fund is not liable to taxation on any surplus of income over expenditure and can recover tax suffered on donations received under Grft Ald. 1.9 Unrestrlcted Funds A single unrestricted fund is maintained and is used to pay Grants to those in need as described in accounting policy nole 1.3 and in accordance with the Reserves Policy shown in the Trustees, ReFQrt.
Page 10 KING GEORGE V FUND FOR ACTORS AND ACTRESSES NOTES TO THE FINANCIAL STATEMENTS- CONTINUED 31ST DECEMBER. 2025 DONATIONS AND LEGACIES 2025 2024 Donatlons Acting 4 Others Other 35,000 16,700 19,732 49.732 51,700 Lega¢le8 Sir Terence Rattigan Charitable Trust Other Legacies 10.000 15,000 65,000 10,000 £114.732 £61,700 INVESTMENT INCOME 2026 2024 Dividends and interest received (Gross.. £20,057 Less. Overseas Wrthholding Tax £8211 (Note.. All investment inwme anses from investments quoted on the London Stock Exchange) Bank interest receivable on cash dep3sits 19,236 24,724 767 1,619 £20,003 £26,343 OTHER INCOME Royalties received £1,987 £2.669 ANALYSIS OF CHARITABLE EXPENDITURE Grants mado 149,500 167,375 Governance costs: Professional f8es - see note 6 below Independent Examinerfs Fee Bank charges Sundry, website and postage- see note 6 below 13,000 2.550 230 439 13.000 2.520 225 525 £165.719 £183.645 During th8 year, charitable Grants were made to 31 people under the tems of the Fund's charitable charter (2024. 35 people) As the Fund has only one charitable activity, it is the opinion of the Trustees that all the governance costs should be allocated to that activity.
Page11 KING GEORGE V FUND FOR ACTORS AND ACTRESSES NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 31ST DECEMBER, 2025 TRUSTEE AND STAFF REMUNERATION The Fund employs no direL* staff. No Trustee or Committee member rec8ived any remuneration {2024: £Nil) No Trustee or member of the Committee reiVed any reimbursed expenses {2024.' £Nil). The professional fees were paid to Mr Mccuin for his accountancy and gen8ral financial assistance on the affairs of the Fund. RELATED PARTY TRANSACTIONS Mr Seale is a trustee of Acting 4 Others (see Note 2 above) bLrt receives no benefit from his trusteeship Mr Mccuin and Mr Wlliams ar8 trustees of The Sir Teren Rattigan Chantable Trust but receive no benefrts for their services as trustees. (See Note 2 above). INVESTMENTS 2025 2024 At 1st January, 2025 Net disposals and withdrawals Net Increase on Revaluation 1.677.772 {70.131) 250,370 1,663,321 1109,861) 124,312 At 31st December, 2025 at market value £1.858,011 £1,677,772 At 31 st December, 2025 at cost £1,354,213 £1,385,043 The investments are carried at their fair value and are all listed on recognised stock exchanges and indude bank and cash balances held by the brokers for the purpose of reinvestment. At 31 st December, 2025 these bank and cash balances were £{5.3391 (2024. £7,999) The values wer8 all determined using normal valuation principles by the investment broker al the year end. At the year end, three investments comprised more than 5% of the portfolio by value, Credit AGR amounting to £130.655. Blackrock Fund Managers amounting to £102.022 and Ishares lil PIC amounting to £111,605. The signrficance 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 TTustees' Report. The main risk to the Fund from the investment portfolio lies in the combination of nrtain investment markels and volatility in yields. The Fund maintains a very wide and diversified portfolio which is regularly reviewed by our invèstment brokers. 2025 saw significant swings in valuation. The retum on bonds has been higher and further funds have been invested in fixed interest securrties The Fund is partly reliant on dividend yield to finance rts work and in 2025 the market saw a reduction in dividend yield. It is hoped that 2026 will see a retum to higher dividend yields. The Fund has greater exposure to intemational companies, the values of which. logelher with their yield are exposed to exchange rate risk when converting the holdings into sterling. The outlook for the steding exchange rate is that rt is anliupated to maintain its position vis a vis other Currencies. 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, 2025 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 nsks by retaining expert advisers and operates a policy that provides for a high degree of diversifi¢ation of holdings within Investment ass6t classes that are quoted on recognised stock exchang8s. The geographical splrt of investments is as follows."- 2025 2024 Uniled Kingdom Overseas 1,164.102 693.909 703,506 974.266 £1,858,011 £1,677,772 DEBTORS Dividends receivable Interest receivable Gift Aid recoverable Legacy incorne receivable 937 1.996 32 30,000 1,560 £30,972 £3,558 10. ACCRUALS Independent examination Investment manager fee Bank Charges 2.550 4,180 28 2,520 26 £6,758 £2,546