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2022-03-31-accounts

REPORT AND ACCOUNTS THE ROYAL VICTORIA HALL FOUNDATION 31st MARCH 2022

THE ROYAL VICTORIA HALL FOUNDATION REFERENCE AND ADMINISTRATIVE INFORMATION

Charity registration number

211246

Trustees

Miss Valerie Colgan (Chair) Mr David Collier (Vice-Chair) Ms Lolita Chakrabarti OBE Mr Brian Daniels Mr Peader Kirk Ms Katie Lancaster Mr Gerald Lidstone Ms Patricia Myers OBE Ms Vivienne Rochester

The Clerk / Correspondence address

Mrs Carol Cooper 111 Green Street Sunbury-On-Thames Middlesex TW16 6QX www.rvhf.org rvhfoundation@ntlworld.com

Investment Managers

Rathbones 8 Finsbury Circus London EC2M 7AZ

Accountants

Hogg Martin The Timbers, White Rose Lane Woking Surrey GU22 7JX

THE ROYAL VICTORIA HALL FOUNDATION

TRUSTEES’ ANNUAL REPORT for the year ended 31 March 2022

The Trustees present their Report and the Accounts of the Charity for the year ended 31st March 2022.

The Royal Victoria Hall Foundation is a charity constituted by a Scheme of the Charity Commission of England and Wales sealed on 12 August 1983. It is administered and managed subject to and in conformity with the provisions of the Scheme by a body of Trustees.

The work of the Foundation is funded by a permanent endowment fund established from the proceeds of the sale of The Old Vic Theatre in 1982.

The Foundation is no longer legally or administratively connected to Old Vic Theatre, although retains fond historical links. The Foundation owns the Theatre’s archives since 1818 which are held at The University of Bristol Theatre collection and holds the annual Lilian Baylis Award ceremony at The Old Vic, by kind permission of the management.

The Royal Victoria Hall Foundation dates from 1891 when it held the freehold of The Old Vic Theatre. The Old Vic Theatre opened long before this, in 1818, when it was known as The Royal Coburg. In 1833, it was renamed The Royal Victoria Theatre to honour the new queen.

In the 1870s, Emma Cons bought the theatre and reopened it as The Royal Victoria Hall, from which the charity takes its name. This was a temperance venue, a tea and coffee house. They provided entertainment but also wanted to bring education to people who were excluded from proper schooling, as so many were in the Victorian age. Lectures were held backstage. This plan was financially supported by Samuel Morley. The educational programme was a great success and eventually developed into Morley College, which still provides highly regarded courses on Westminster Bridge Road, close to the Theatre.

In 1898 Emma Cons’ niece came to work at the Theatre, Lilian Baylis, after whom the Foundation’s awards are named. Lilian Baylis is one of the most important figures in British theatre, instrumental in establishing or strongly influencing the development of the National Theatre, The Royal Ballet, English National Opera and The Royal Ballet School. Baylis took over the Sadler’s Wells theatre in 1931 with the aim to make opera and dance more widely seen. It is these ambitions that The Royal Victoria Hall Foundation tries to support: helping to make theatre a valuable part of people’s lives.

Hundreds of performances from most of the biggest names in world theatre have been seen on The Old Vic stage. It was the home of Olivier’s National Theatre before it moved to its purpose-built site on the river.

Trustees

The Foundation has nine Trustees.

The Trustees meet twice a year in London. At these meetings the Trustees decide which grants to make and pass any other resolutions necessary for the running of the Charity.

Theatre companies staging a production in the Greater London area can apply for grant funding. Grants awarded are normally in the range of £500 to £2,000.

The Trustees listed on page 1 of this Report held office both during the reporting period and on the date the Report was approved.

THE ROYAL VICTORIA HALL FOUNDATION TRUSTEES’ ANNUAL REPORT for the year ended 31 March 2022

Clerk

The Charity has one employee, The Clerk. The Clerk handles all the administration and correspondence of the Charity.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The purposes of the charity as set out in its governing document

The Trustees are required to apply the income of the Charity in providing, or assisting in the provision of, facilities in Greater London for the education, primarily in the arts of music and drama, of persons who by reason of their social and economic circumstances have need of such facilities.

The main activities undertaken in relation to those purposes

The Trustees achieve those purposes by awarding grants to small scale professional theatre projects.

In order to target the limited resources of the Charity in an efficient and effective manner the Trustees concentrate on the funding of projects concerned with the performance and/or development of professional dramatic work which coincide with the Foundation’s charitable objectives.

The Foundation also funds the Lilian Baylis Awards for promising students who attend the accredited drama schools in London. These awards are made at the end of the students’ second year to ease the financial pressures in their final year of study. Each student is recommended for an award by their drama school.

The student nominated must exhibit the potential to make a significant contribution to the development of theatre and be experiencing some financial hardship in completing their studies.

The Charity maintains The Old Vic Archives. There is a separate, restricted fund, The Old Vic Archive Fund, which is held for this purpose. The Old Vic Archives are held at the University of Bristol Theatre Collection.

All grants are awarded in order to further the Charity’s aims for the public benefit.

How our grant awards deliver public benefit: A review of ACHIEVEMENTS AND PERFORMANCE

The benefits of the Foundation’s work are to invest in the future of theatre via the Lilian Baylis awards, help professional productions in need of financial support and to introduce high-quality live performance to groups who are not traditional or regular theatregoers.

The Royal Victoria Hall Foundation is committed to supporting and championing work that represents diverse people and perspectives, challenges bias and inequality (historical, systemic and cultural), and is inclusive and accessible for artists/producers and audiences.

To enable this, we strive to maintain a diverse and inclusive Board of Trustees; in terms of gender, race, ethnicity, age, ability, religion/belief and LGBTQI+ identities.

THE ROYAL VICTORIA HALL FOUNDATION

TRUSTEES’ ANNUAL REPORT for the year ended 31 March 2022

The trustees are pleased that the grants awarded during the year deliver public benefit as follows:-

On the nomination of the relevant drama schools, Lilian Baylis Awards of £2,000 to:

Lucinda Buckley Rose Bruford Eleri Davies Drama Studio Shona Hart Lamda Kira Hayes East 15 Manan Joshi Artsed Tyreke Leslie Guildhall Jamie O’Donnell RADA Jasmine Spence Italia Conti Jennifer Walker Central Jordan Woodhouse-Anyanwu ALRA Aviv Zalishankski Mountview

Unfortunately we were unable to hold an awards ceremony due to COVID-19.

£1,500 to the Unicorn Theatre towards Marvin’s Binoculars touring to London primary schools June-July 2021.

£1,500 to Tramshed towards The Hare and the Tortoise at outdoor venues May-August 2021.

£1,500 to Wayward Productions towards The Language of Kindness at Shoreditch Town Hall in June 2021.

£1,000 to the Bread and Roses Theatre Company towards I and the Village above the Bread and Roses Pub in May 2021.

£500 to Bush Theatre towards Lava June/July 2021.

£1,500 to Live Wire Theatre towards Unknown at Greenwich Theatre September 2021.

£1,500 to Iris Theatre towards the eight week summer season festival June to August 2021.

£1,500 to The Opera Makers towards Hope and Fears at the Arcola Theatre in summer 2021.

£1,900 to Nick of Time Productions towards Grenfell:Value Engineering – scenes from the Inquiry at the Tabernacle Theatre in October 2021.

£1,500 to Burnt Lemon Theatre towards Tokyo Rose at Southwark Playhouse September/October 2021.

£1,500 to Papatango towards Old Bridge at the Bush Theatre autumn 2021.

£1,500 to Stonecrabs Productions towards Playdoh Festival - The Things That Shape Us at Southwark Playhouse in September 2021.

£1,500 to Spare Tyre Theatre Company towards We Will Be Happy Here at St Margaret’s House, Tower Hamlets in August 2021.

THE ROYAL VICTORIA HALL FOUNDATION

TRUSTEES’ ANNUAL REPORT for the year ended 31 March 2022

£1,500 to English Touring Opera towards Back into the World touring to primary schools autumn 2021.

£1,500 to All Ignite Theatre Company towards The Duration at the Playground Theatre in August/September 2021.

£1,000 to A Million Freds Productions towards The Sugar House at Finborough Theatre October/November 2021.

£1,500 to Jessie Anand Productions towards Yellowfin at Southwark Playhouse in October 2021.

£1,000 to Ardent Theatre Company towards a new one hour play at the Union Theatre in September 2021.

£1,800 to David Adkin Limited towards Straight White Men at Southwark Playhouse November-December 2021.

£1,950 to Hampstead Theatre towards their £5 ticket scheme.

£2,000 to Little Angel Theatre towards There may be a Castle at the Little Angel Theatre November 2021 – January 2022.

£2,000 to Metta Theatre towards BL signing for The Rhythmics at Southwark Playhouse December 2021 – January 2022.

£2,500 to Royal Court Theatre towards their participation work with young people and communities.

£1,000 to Theatre Lab Company towards Emmeline at the Cockpit Theatre 3-11 November 2021.

£2,000 to The Young Vic Theatre towards Sundown Kiki at the Young Vic Maria Theatre 5-12 November 2021.

£1,500 to Southwark Playhouse towards Romeo and Juliet at Southwark Playhouse in November 2021.

£2,000 to Kandinsky Theatre Company towards The Winston Machine at The New Diorama Theatre in January 2022.

£2,000 to Peut-etre Theatre towards The Dark at various London venues in February 2022.

THE ROYAL VICTORIA HALL FOUNDATION TRUSTEES’ ANNUAL REPORT for the year ended 31 March 2022

FINANCIAL REVIEW

The Foundation’s work is reliant on investment income from its permanent endowment fund. Our Investment Managers are instructed to maintain the future income potential of the permanent endowment fund whilst generating sufficient income on an annual basis for our grant making activities. The Trustees are satisfied that these objectives have been met during the year.

Policy on reserves

Unrestricted fund reserves are maintained at a level which is equivalent to at least six months operational expenses. At the six monthly Trustees meetings, reserves are reviewed so as to establish the surplus reserves. Half of the amount of the annual Lilian Baylis awards are set aside out of this surplus. Grants are then awarded to suitable applicants out of the remaining surplus.

Covid lockdowns and restrictions had a devastating effect on the small theatre sector. In the previous financial year to 31 March 2021, with the exception of the Lilian Baylis awards, only three of the grants awarded were able to be taken up. The other theatre companies were unable to stage their productions. For this reason the Foundation’s unrestricted fund reserves as at 31 March 2021 were higher than our reserves policy would suggest. Reserves have now returned to more usual levels.

This report was approved by the board of trustees on 18 October 2022

VALERIE COLGAN Chair

THE ROYAL VICTORIA HALL FOUNDATION INDEPENDENT EXAMINER’S REPORT to the Trustees of THE ROYAL VICTORIA HALL FOUNDATION

I report to the trustees on my examination of the accounts for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity trustees 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 charity’s accounts carried out under section 145 of the Act. 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 statement

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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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 matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

WENDY HOGG Of HOGG MARTIN, Accountants The Timbers, White Rose Lane Woking Surrey GU22 7JX

18 October 2022

THE ROYAL VICTORIA HALL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022

Notes
Income from:
Investments
Total income
Expenditure on
Charitable activities:
Grants payable
2
Management & administration
3
Investment management costs
Total expenditure
Net income / (expenditure)
Other recognised gains / (losses)
Gains / (losses) on
investment assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted Restricted Endowment
Total
Total
Fund
Fund
Fund
Funds
Funds
2022
2022
2022
2022
2021
£
£
£
£
£
65,217
25
-
65,242
64,437
65,217
25
-
65,242
64,437
67,150
-
-
67,150
30,000
14,779
1,443
-
16,222
18,226
-
65
21,354
21,419
19,079
81,929
1,508
21,354
104,791
67,305
(16,712)
(1,483)
(21,354)
(39,549)
(2,868)
-
(275)
84,360
84,085
278,465
(16,712)
(1,758)
63,006
44,536
275,597
50,586
4,433
1,435,754 1,490,773 1,215,176
33,874
2,675
1,498,760 1,535,309 1,490,773

THE ROYAL VICTORIA HALL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022

Analysis of prior year funds

Notes
Income from
Investments
Total income
Expenditure on
Charitable activities:
Grants payable
2
Management &
administration
3
Investment management costs
Total expenditure
Net income / (expenditure)
Other recognised gains / (losses)
Gains / (losses) on
investment assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Prior year
Prior year
Prior year
Prior year
Unrestricted Restricted Endowment
Total
Fund
Fund
Fund
Funds
2021
2021
2021
2021
£
£
£
£
64,399
38
-
64,437
64,399
38
-
64,437
30,000
-
-
30,000
14,681
3,545
-
18,226
-
112
18,967
19,079
44,681
3,657
18,967
67,305
19,718
(3,619)
(18,967)
(2,868)
-
8
278,457
278,465
19,718
(3,611)
259,490
275,597
30,868
8,044
1,176,264
1,215,176
50,586
4,433
1,435,754
1,490,773

THE ROYAL VICTORIA HALL FOUNDATION BALANCE SHEET as at 31 March 2022

Note
FIXED ASSETS
Investments
5
CURRENT ASSETS
Debtors
6
Cash at bank and in hand
LIABILITIES
Creditors:
Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS
8
Endowment fund
Restricted fund
Unrestricted fund
TOTAL CHARITY FUNDS		 390
35,764		 2022
£
1,501,435
33,874
1,535,309
1,498,760
2,675
33,874
1,535,309		 689
52,177		 2021
£
1,440,187
50,586
36,154
2,280		 52,866
2,280
1,490,773
1,435,754
4,433
50,586
1,490,773

The accounts were approved by the Trustees on 18 October 2022

VALERIE COLGAN Chair

DAVID COLLIER Vice-chair

THE ROYAL VICTORIA HALL FOUNDATION NOTES TO THE ACCOUNTS for the year ended 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparation and accounting convention

The accounts have been prepared under the historical cost convention (except for investments which are included at fair value) and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts under the Financial Reporting Standard (FRS102) and applicable charity law.

Income

All income derives from investments. Investment income is dealt with in the accounts when receivable.

Liabilities and expenditure

Grants payable are recognised as expenditure when the conditions attached to their payment are met. Management and administration expenses are accounted for on an accruals basis. Investment management costs are accounted for when they are charged to the funds.

Tangible fixed assets

Tangible fixed assets for use by the charity which cost less than £1500 are not capitalised.

Heritage assets

Heritage assets are not recognised on the Balance Sheet.

Fixed asset investments

Investments are initially recognised at their transaction value and are subsequently measured at fair value which is the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

2. GRANTS PAYABLE

Grants payable during the year are detailed in the Trustees’ Annual Report on pages 4 and 5.

THE ROYAL VICTORIA HALL FOUNDATION NOTES TO THE ACCOUNTS for the year ended 31 March 2022

3. MANAGEMENT AND ADMINISTRATIVE EXPENSES

Staff costs:
Salaries
Accountants' fees
Insurance
Print, post and stationery
Computer / website expenses
Digitising historic records
Other expenses
Average number of employees		 Unrestricted
Restricted
Unrestricted
Restricted
Fund
Fund
Fund
Fund
2022
2022
2021
2021
£
£
£
£
10,947
-
10,733
-
2,280
-
2,280
-
537
-
524
-
745
-
780
-
450
-
184
-
-
1,443
-
3,545
-180
-
180
-
14,779
1,443
14,681
3,545
1
1

4. HERITAGE ASSETS NOT INCLUDED IN THE ACCOUNTS

The Foundation owns The Old Vic Theatre archives since 1818. These are housed at The University of Bristol Theatre Collection.

The original cost and current value of the Old Vic Theatre archives is not known. The trustees are of the opinion that the cost of undertaking a formal valuation of these assets would not be commensurate with the benefit to the users of these accounts. For this reason, The Old Vic Theatre archives are not recognised on the Balance Sheet on page 10.

5. INVESTMENTS

Fair value brought forward at 1 April 2021
Additions to investments at cost
Disposals at carrying value
Gain on revaluation and disposal
Fair value as at 31 March 2022		 Listed
investments
£
1,440,187
843,608
(866,445)
84,085
1,501,435

THE ROYAL VICTORIA HALL FOUNDATION NOTES TO THE ACCOUNTS for the year ended 31 March 2022

6. DEBTORS

Other debtors
Prepayments
7. CREDITORS: amounts falling due within one year
Accruals		 2022
£
-
390
390
2022
£
2,280		 2021
£
299
390
689
2021
£
2,280

8. FUNDS

The charity’s permanent endowment is held within a Capital Endowment Fund in accordance with Scheme rules. The investment income arising on the Capital Endowment Fund is taken to the Accumulated Fund, an unrestricted fund available for the general charitable purposes of the Foundation.

The charity holds a restricted fund to be expended at the discretion of the trustees for the purpose of the preservation and the storage of The Old Vic archives.

At 31 March 2022 the assets and liabilities of each fund are represented as follows:

Investments
Net Current Assets		 Accumulated
Old Vic
Endowment
Fund
Archive Fund
Fund
Total
£
£
£
£
-
2,675
1,498,760
1,501,435
33,874
-
-
33,874
33,874
2,675
1,498,760
1,535,309

9. TRUSTEES’ EXPENSES AND REMUNERATION

The trustees all give freely their time and expertise without any form of remuneration or benefit in cash or kind (2021 £nil). No trustees were reimbursed for travel expenses in the year (2021 £nil).