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 Comm￿ee. Their r￿aPpointMent 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 Secretary￿reasurer.
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:
Unresln￿ed 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 re￿IlVable 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 fU￿lIment 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 re￿iVed 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 ￿n￿rtain
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