The Royal Theatrical Fund Annual Report and Financial Statements 31 March 2022 Chanty R6gtstrati¢)n Number 222080 Reports Reference and administrative infomiation IntroduCt￿n Report of the Trustees IrKlependenl aud(tor's report 15 Financial statements Slatemenl ol financial activities 20 Balance sheet 21 Statement of cash flows 22 Principal accounting policies 23 Notes to the financial slalements 28 Rèference and admlnistrative infonnation Patron Her Majesty the Quèèn- deceased 8th September 2022 President Robert Lindsay Ice Presidents Bill Kenwright CBE Michael Ball OBE- 3tv¥nted ty September 2022 Stephanie CO￿ OBE Barbara Leigh-Hunt Sir Derek Jacobi Sir Cameron Mackintosh John Nettles OBE Bill Nighy Sir H¢)ward Panler Le51ie Phillips OBE Dame Maggie Smith CH, DBE Honorary Wic8 Pr•sid8nts Paul Gane- deceased February 2022 Dr David Hughes- resigned June 2022 Barbara Whalley Board ot Tru$tee5 Samantha Bond, Chainmoman Richard Clifford, Vice Chair les Walling MP, Vice Chair Michael Ball OBE - resKJned August 2022 Janie Dee Ginny Hohler Robert Lindsay Natasha McElhone Dr Keith McKee MBBS MRCS LRCP David Michaels Matthew Mitchell Francesca Moody MBE Robert Noble OBE Peter Polycarpou Paulette Randall MBE Samantha Spiro Philip Talbol Jonathan Vvicks Sir Stephen Waloy-cohen Bt The Roy81 Theatrical Fund 1 Reference and admlnlstratlve Infomiatlon Honorary Treasurer Edward Oliver. Ch8iman of Finance Commtitee Honorary Legal Advisor Matyn Gowar MA FTII Consulting Physician Dr Keith M¢Kee MBBS MRCS LRCP Hon Chaplain Rev'd Richard Sym$ Chief Executive Officer Sharon Lomas Registèred office 11 Garrick Street London WC2E 9AR Auditgr BLttzacott LLP 130 Wood St￿l London EC2V 6DL Bankers Coutts & Co 440 Strand London WC2R OQS Investment managers Quilter Cheviot 1 Kingsway London WC2B 6AN Solicitors Gowlings WLG LLP 4 More London Riverside London SE1 2AU The Roy21 Theatrical Fund 2 Introduction It is with deep sadness that my intr(Kluction to this ￿pOrt is the satl loss of OUT Patron Her Majesty The Queen. We will a￿lay$ chensh Her Majesty's long association with The Royal Theatrical Fund and are deeply grateful for her years ol support. Under her kind palronage thousands of people in great need have been supported by us and we know her inVo￿ement in the RTF was a privi*e, for wh￿h we are truty grateful. The Royal Theatrical Fund has once again had a very busy year arml we will continue to reach out lo all those that need us. We are currentty working on a Massive publicity drive and will be contacting all agents. directors. producers. theatres, company managers and all the other theatrical charities to raise awareness of both RTF. Theatre Community Fund and Fleabag Support Fund. We are 811 extremely concemed that many in the industry have just about survived during the pandemic and now will be struggling due to the cosl-of-living crises. We are acutely aware of the financial struggles that our new and existing beneficiaries are facing. As one of the oldest lheatn.cal charities, with the widest remit, we will continue to provide comfort and support throughout this time. We will work with our 515ter charities to ensure that all who are struggling finanoalty do not have to choose between healirlg or eating. The RTF aims lo help all applicants in crisis that meet the remit of the RTF or the Theatre Community Fund through the Fleabag Support Fund. l am delighted to announce we have two new Directors and welcome Ginny Holder and Francesca Moody MBE. I thank again Phoebe Waller Bridge, Olivia Colman, Ed Sinclair and of course our new director Francesca Moody fol choosing the RTF to administer the Theatre Communrty Fund through the Fleabag Support Fund. We are deeply &iddenéd that this year Paul Gane our past Chaiman and Roz Foster our prewous General Secretary passed away. I would like to thank Edward Oliver Ichaimian of Finance), Our Hon Legal Advisor, Martyn Gowar for all their guidance throughout the year. Thank you also to my Vi¢e-Chairs, the Directors and Vice Presidents and our stsff who work tirejessty on b8half of RTF. I know the few tesb"monials below are a true reflecb.on to how their appeals for help have been answered. Finally I thank all our Benefactors. Donors and Supporters for all their donations throughout the year. "Thonk you so much, I'm absolutely over the rn￿¥, groteful bryond words ond crying with joy right nowl The Royal Theatrical Fund generosity ar￿ kindness is a huge blessin to me ond hos put fry mind at rest. Thonk you for listening to me, toking rny situation so seriously Gnd believing in me. Honestly, I'm 50 moved and touched that you hove done this for me. It's my birthdoy t(Kloy and this news hos mode fny d(ry." 'I￿e just hod a look throush my bank stotement, and o highlight was the RTF winter fuel sift mGde in Jonuory ond March. Its shockins how oll our heoting bi115 have suddenly shot up, so I want you to know that lin more srateful than ever. How lucky l am to be one of your beneficiorieslTr The Royal Theatrical Fund 3 Introduction "l om totally in awe of your terrific orgonisation. I conrnt tell you the relief we felt when this emoil orrived. As o family. we have neyer been in so much difficulty ond you have prov7ded o light ot this (Nful time. "l just wanted to soy thank you a5 1 have just had my finol physio. I could not have gotten though thNs ordeal without you, ond everyone involved. I'm happy to soy I storted on Heother's the musicol 3 weeks oso, but of this would hove l)een possible wlthout the RTF. 50, thonk you 50 much. You are all irKredible. The Royal Theatrical Fund 4 Trustees. report The Board of TnJstee3 present Ihwr 179V) Annual Report togglher with the financial statements of the Fund for the year ended 31 March 2022. The financial statements have been prepared using the accounting policies sel out on pages 23 10 27 comply with the Royal Charter, applicable law and the requirements of the Statement of Recommended Practice applicable to charib.es preparlng their financial statements in accordance with the Financial Reporting Standard appltsble in the UK and Republic of Ireland IFRS 1021. STRUCTURE. GOVERNANCE AND MANAGEMENT R￿erence and administrative details Referenc& and administrative detsils are shown on pages 1 and 2 of the financial stslements. Th¢ Trustees The Trustees who serye(J the tharity duriThJ the year and up to the date of sigrting these accounts were as follows.. Date of appointment or resignation if wNlhffn period Role Robert Lindsay Samantha Bond Richard Clifford Giles Walling MP Michael Ball OBE Janie Dee Ginny Holder Natasha McElhone Dr Keith M¢Kee MBBS MRCS LRCP David Michaels Matthew Mitchell Fran¢es¢a Moody MBE Robert Noble OBE Peter Polycarpou Paulette Randall MBE Samantha Spiro Philip Talbol Jonathan Wicks Sir Stephen Waley-cohen Bt President Chairwoman C(>v￿ Chair c¢￿v￿ Chair Resigned 19th August 2022 Appointed 2rtd February 2022 Appoint8d 61h July 2022 Constitution and objects The Fund was established as the General Theatrical Fund Association in 1839 and granted a Royal Charter in 1853. Wider w)wers were granted under a second Royal Charter dated 25 January 1974. The Royal Theatrical Fund 5 Trustees, report STRUCTURE, GOVERNANCE AND MANAGEMENT (continued} Constitution and objects Icontsnuedl The otijects of the Fund are the relief of any person in need who has professionalty practiced or contributed to the enlertainment media lon stage, radio, films or lelevision or any other medium by which such arts may be ￿sented in the future). The B08rd meets on a monthty basis to consider the prowsion of assistance lo individuals. Assistance can be provided C￿ a one-off or on-goiryJ basis arKI is entirely at the discretion of the Boar(J. Appointment and ele¢tion of trUSt￿S The Fund Is based in the UK at the registered Off￿ as shown on page 2, under the management of the Board of Trustees who rnay not èxcèed 21 in number, from whom a Chaifman and Vice Chair are appointed every three years. Of the composition of the Board, there may not be more than five members who are not of the theatrical profession. Cuslornarily, both the President and Chaimian should also be members of the theatrical professMJll. The Fund, In 8 general meeting, shall elect the President of the Board, for a lemi of three ygars and tho Board can invite a maximum of ten wce-presidents to hold office for a perriod o* ten years. The Honorary Wic&PTrsidents are appointed at the diSCret￿n of the Board for a period ol ten years. Al the Special General Meeting on 4 September 2013. it was proposed that the Chairman and Vice Chairs We￿ elected for a term of three years. This resolution was carried nanimously. The Trustees are elected I rethelected by their peers for a three-year temi of oftice and are eligible for revelection al the Annual General Meeting. The following Tnjstees, who retire by rolation, being eligible, offer themsefves for reelection at the forthcoming Annual General Meeting.. Janie Dee, David Mich8els. P8ulette Randall MBE, Philip Talbot and Gi￿S Walling MP, New Trustees for election.. Ginny Hold8r and Francesca Moody M8E. Vice-President Michael Ball OBE The Royal Theatrical Fund 6 Tru$toes' report STRUCTURE. GOVERNANCE AND MANAGEMENT Icontinuedl Appointment and election of trust¢e$ IGontinued} Following the appointment of a new Trustee they are made aware of thglf duties and responsibilities at their preliminary meeting. The Trustee rs also given a copy of the Funds Royal Charter. a copy of the Fur￿'S Confidentiality Handbook, which gives greater detail of their resFX)nsibilities pertaining lo the GDPR regulats.ons and indudes the Funds Equal Opportunities, ant￿￿1$CriminatIon and harassment policy. The Trustees are also sent a copy of the Charity Commission Guide on Trusiees. responsibilrties ICC31 together with the handb(L>k annually. The Finance Committee manages the Fund's Accounts and nomalty meets three limes a year or when required. An annu81 budget is set. the Committee monitors the levels of expenditure thfough the Fund's quanerty management accounts. There are 13 membgrs and 10 of those are Directors, the Chairman, E¢tsard Oliver has vast experience in the Financial Charity Sector. Ml decisions of the Committee are reviewed by the Board of Trustees. The Charty's key rnanagemenl peTsonnel consist of the Trustees and the secretary. The Trustees do nol receivè remuneration aside from reimbursement of travel expenses. The secretary's salary is recommended by the Finance Commrttoe to the Board for approval. Related parties The charity has 8 close reLationship with its sister th8atrical charities as well as other societies and associats'ons an¢J through joint collaborations is able to be more effe¢live in rts assistance to those in need. The Trustees continkje to ask supporters of the Fund to inform the se¢retsry of any member5 of the profession, or their dependents. believed to be in need of help. Every application is dealt with sympalhelically and in strictest confidence and the Trustees 148¥￿ assess each applicant indNidually to consider if they come wsthin the scope of the Fund either lo be given a grant or advice. All applications are Considered by the The Trustees ￿sh to thank those allied charitable organisalions, bolh within the profession and outside it, their assislan￿ in shanng grants lor the benefit of the ever-increasing number ol applicants who are brought lo the Fund's notice by professional colleagues. Our gratitude is expressed to the following theatncal charits'es and other assoo8lions for their ¢o- operation with shared Cases.. Actorfs Benevolent Fund, ActK's Children's Trust. Denwlle Hall. Dance Professionals Fund, The Royal Variety Charity, Equity Charitable Trust, Help Musicians, The Theatrical Guild, The Ralph & Meriel Richardson Foundatson. The Roy81 Theatrical Fund 7 Trustees, report AIMS AND OBJEcnvES The objectives of the Fund are the relief of any person who is unable to work and are in financial nee(J due lo illness, injury or infimiity- The person should have professionally practiced or contn"buted to the wodd of entertainment for a mTnimum of seven years. The Fund enSU￿S all benefiGi8ries receive the correct level of benefits and if needed. The Fund advertises ihe work of the Fund on via the intemel. via social media channels and through their memb8rship ol Aciing for Others. The Tfustees, Benefactors. donors 8nd supporter5 of the Fund are also aclivety encourdged to raise awareness by word of mouth. The Board meets on a monthly basis to ￿lS￿ley each individual appeal for help. il is al the discretion of the Board the level of assistance that is given. The level of success is measured by the number of beneficiaries helped and the total Grant expendf(ure. The aim of the Fund is to raise awareness within the profession and lo actively ensur8 all who are in need and meet the Fund's crileria receive a5sistsrh¢o. Publlc benefit We have refeffed to the guidan￿ contained in the Charity Commission's general guidance on public benefil when reviewing our aims and objects.ves and in planning our future activilies. REVIEW OF ACTIVITIES AND ACHIEVEMENTS Fleabag Support Fund and Thgatre Community Fund in Partnèrship with the Royal Theatrical Fund Restricted Fund FSF and TCF in partnership with RTF worked ckjsely 109elher and agreed the criteria for this reslncled fund. The FSF and TCF aims a￿ to be a complimentary alternative support grant lo the already existing charrtable fvnds available to people working in the entertainment business. AprAiGgnts must have been in active work prior to the pandemic within the entertainment busine5S. This fund reftects and recognises that people have an immediate need due to the Cost of Living Crises. The restricted fund is ongoing and opens ffK)nthly and will continue lo do so for the forèseeable future. The Royal Theatrical Fund Tru5tees' report REVIEW OF ACTivmES AND ACHIEVEMENTS Iconts"nu8dl Theatre Communty Fund Restricted Fund Speatheaded by Olivia Colman. Phoebe WalSer-Bridge, Ed Sindair and Francesca Mo(xJy MBE. Theatre Community Fund ITCFI was established in July 2020 to support the theatrical arb5ts and profess¢onals whose liveliho)ds and ¢￿a￿'ve futures had been threatened in the wake of Covid-19. The ftjnd has been realised through generous donations from Amazon Studios. perfomiers. creatives, artists, producers, and executsves. The fund is separated into fv40 priority 51rands giving oul Hardship grants administered through Fleabag SupFlOrt Fund and Creative and Innovatton grants. The TCF ring-fenced a share of the money raised for creative and innovation grants. The Creative and lnnovakn.on Grants is administe￿d by the Michael Grandage Company Futures IMGCftJturtrsl and will help support and provide bursaries for the next 3 years. Review of Grant-making Activitiè$ During the Iinancial year. the Welfare Committee received 843 applications for assistance, all of which were considered by the Board. The Furid assists 110 extsting beneficiaries. The total welfare costs for the year amount to £667.058. This sum included £48,725 paid on behaW of people in nursinglresidenlollconvalescenvhomecare.. rnonlhly allowances amounting to £93,704.. one off grants in rèspect of the FsF￿cF, RTF or Covid Crises Fund of £383,297,. special gifts totalling £34.426.. £47,996 being the birthday and Christmas gifts and winler fuel grants funded by the Benefactors. Scheme." the annual donation received from Acting for Others and other sundry costs. During the year the Fund has also been able lo provide advice about entrtlernent to state benefrts and provide emotional support and friendship for those beneficiaries who are isolated. Sadly, 8 beneficiaries died during the year. Revlgw of Fundraising activities The Annual Christmas Concert was revived following the lifted restrictions, performers include(J. Stefan 8ednarc￿k. Lucinda Hawksley. Ginny Holder. Roben Lindsay, Emma Lindars, Peter Polyearpou, Stephen Rahman-Hughes. hrtarina Sirtis, Sophie Thompson. Joseph Timm and The Wesl End Gospel Choir. RTF'S Hon. Chaplain. Reverend Richard Syms welcomed and blessed the serv1r￿. The Trustees would like to express. once again. their immense grab.tude to the Benefactors. The amount raised during the financial year ended 31 March 2022 was £61,047 12021". £88.8281. Legacies are vital to the growth of the Fund and we were pleased lo ￿ceIve two legacies from the estate of the late G￿ffreY Palmer and Mark Brackenbury. The Royal Theatrical Fund 9 Trustees. report REVIEW OF ACTivmES AND ACHIEVEMENTS Icontinuedl Review of Fundraising aetivitiès Icontinuedl Th8 Tnjstees take this Op￿rtUnIty lo lJ)ank their colleagues and friends for their encouragement and donations especially at a time when tt)ere are so many calls on their generosity. The Fund also aclively encourages support from members of the rKofession who are currently working and in the public eye. Public donats"on5 were re¢eivÈd during the financial year ended 31 March 2022 totaling £23,699 12021.. £39,4221, and in a¢Jditson £126,500 12021.. £170.0001 was received from Acting for Others of which part was used towards a winter fuel albwance to the benef￿laries in 2021122. Speual thanks go lo.. Her Majesty The Qu8en, Phc*be Walkr-Bridge, Frarlcesca M(MyJy MBE. Olivia Colman, Ed Sinclair ol the Theatre Communty Fund and Fleabag Support Fun¢J. Acting for Others, Sir lan McKelten. Tallow Chandlers Company. Joseph Strong Fraser Trust. The Trustees wish to re(x)rd their sincere gratitude lo all our benefactors and (Jonors and supporters for their generosÈty. Approach to fundraising The Royal Theatrical Fund is a ValUe￿rIVen charrty that conducts its aclivities in line with the highest ethical standards. In accordance with the latest Charity Commission guidance, the charity will include infomalion on its approach to fundraising in its financial ststements going forward. The main methcxys the charity uses for 8ccessing individual donors afe fundraising evènts. The charity does not contact members of ihe public. especrally vulnerable people, in an unreasonably intrusive or persistent mannef. The charity has robust intemal policies on dats collection. The charrty is prepared to ￿fvnd any donation which is shown lo have been gained through unreasonable fundraising. whether adverttntly or inadvertently. There we no complaints made lo the Charity in the year in respect of its fundraising. Financial review A summary of the year's rèsults can be found on page 20. The Fund generates income from rts property in Garrick Street. rts investments and from donakn'ons antl grfts. Total income for the year was £814.942 12021 £2.418.0471. This consisted of donations and legacies of £412,340 12021 £1.942.1041. investment income of £388.948 12021 £371,841) and furKITaising and events income of £13.65412021.. £104.1021. Total expenditure for the year was £980.05212021- £1.371.1721, of which £667,05812021- £1.046.7071 was given in the form of welfare grants lo individuals. The remainder of total expenditure was spent on support costs and raising funds. The nel rnovemenl in lunds for the year was £363,054 12021- £3,044,345) The Royal Theatrical Fund 10 Trustees, report REVIEW OF ACTMTIES AND ACHIEVEMENTS I￿ntinued) Financial review Iconb"niJedl Al 31 March 2022 the charity had total fvnds of £16,469,215 12021 £16,106,161), £16, 163.36312021 - £15.580.3201 of these We￿ ufirestriGted. Within unrestricted funds, £nil 12021 £99,900) has been designated lo fund future pension contrsbulions in respect of one ex-employee. At 31 March 2022 £256.805 of restricted funds were held 12021.. £475,9131, and the charity also he￿ a5 a permanent endowment fund called the Covent Garden Fund of £49,04712021 £49.9281. ExGluding the effect of ihe values of the endowment fund, the restricted fund. the design8ted fund as well as the value of tangible assets and investment properties, the charty'5 totsl Iree reserves stood at £8,803,36712021 - £8.308,9671. Inv•stm•nt policy The Board has delegated the day-104ay management of investments to investment advisors under a management agree￿￿nI authorised by the Charity Commissioners. review of the Fund's portfolio of investments is a standard tiem on the agenda. Quilter Cheviot. who are the Fund's investment advisofs. have kept the position closely under view, bearing in mind that the Fund ￿lieS lo a Considerable exlenl upon dividends and ntal incorne to help beneficianes in need. The Tfustees are confident. that with careful management. the Fund has sufficient money from these sources to provide for our current beneficiaries. The Chairman of Finance keeps the Fund's finances throughout the year under constant supervision. Roserves policy The Fund s main assets ¢onsi5t of an investment portfolio which has a current market value of £8,279,381 12021.. £7,683.3931 and the Property 9, 11 and 13 Garrick Street, London WC2E 9AR which was last valued at £7,100.000 in 2017. These constitute the source from whieh the Fund dertves investment ineome. The totsl funds stood al £16,469.215 12021.. £16,106,161) at 31 March 2022. Excluding thè Èffett of the values of the endowrnent fund. the reslricte¢J fund, the designated fund as well as the value of tangible assets and investment properts"es, the charity's total free reserves st(y)d at £8,803,367 12021 £8,308,967). The Truslee5 foresee thal the calls Up￿ ils Fund will increase both because of the continuing trend towards more beneficiaries seeking help, and because of the large increases in fees charged by nursing homes and residents'al carè homes and also the cost- of4iving crises. In previous years the Trustees. policy on reserves was lo meet the calls on its funds from the incorne and to preserve. as far as possible. the reserves that il currently holds. The TTUStees' aim for the future is to be ab￿ lo accumulate ar￿ increase the value of ils portfolio of listed investrnents so that the income be increased from this source. but also that the overall reseives shoukj increase proportionalely to inflation_ Sutr4'8Ct to the comments below about the Trustees response to the effects of the Covid19 pandemic there has nol been a change to the reserves kN)Iicy. The Royal Theatrical Fund 11 Trustees, report REVIEW OF AcTIV￿lEs AND ACHIEVEMENTS {continued} As$e5$rnent of going ¢oncern The Truste85 have assessed whether the use of the going concem assumption is appropriate in preparing Ihese financial ststements. The Trustees have made this assessment in respect to a period of one year from the dale of 8pprov81 of these financial statements. The Trustees have concluded that there are Tro material uncertainties related to events or conditions during the pandemic. thè Trustèes ￿11 actively fundraisa through RTF Lockdown Theatre and supports'ng Acting for Others in their fundraising drive. In conclusion the Tru51ees are confvjent thal even though the charty does face some challenges the Fund FS a going concern. Risk management The Trustees have Njentrfied the folhm.ng key r¢sks to which the Fund is exposed.. The risk of incurrirbg significant tjsses in the inveslmenl portfolio which would continue lo erode the reserves in light of the increasing demand for assistsnce frorn the Fund. Perfomiance targets are set by the Trustees in ￿latiOn to the investment portfolio, and the invèslment ￿rf0m)ance is kepl under regular revièw by thé Trustees. The reputab.onal risk arising from inappropriate use of monies granted ID the charity's beneficiaries. To mrtigate the nsk the charity carries out detailed assessments as part of the due diligence process for all individual grant applicants. The loss of key mernbers of staff which could affect the charity's ability lo cary out its day-to-day operations. The charity has 'back up, staff available in the event of death or incapacity. The Chairman maintsins good oversight of the charity's operations. The Finance Committee. on bthalf of the Board conducts a risk assessment annually to review the major risks faced by the Fund and to ensure that they have a sound knowledge of the charrty and are in an inlormed wsiiion ￿3rding its opefations. Coronavirus {COVID-191 pathlemic - The Board a￿d￿ssed the drfficulties that had arisen as a result of the pandemic outb￿ak by focusing on th￿e key factors.. staffing, premises and income. For each factor. plans had been put in place to ensure that disruption to the Fund's operations was minimised. This polKy has been reviewed and will continue to be reviewed annual Effgcts on our beneficiaries The pandemic slill affects the benef￿larieS of the Fund gravely because of the closing of the the3t￿S and other places of entertainment. The Trustees, will continue to raise funds and even if there is a short-tem) reduth.on in the charity's r8sourcgs, th8 Trustaès feel that this cognise5 the purposes for which the FurKJ was created and conts'nues to be administered. At the present time this PLlicy has not re51ricled the long-lefm security of the Fund's resources. The Royal Theatrical Fund 12 Trustees. report REVIEW OF ACTivmES AND ACHIEVEMENTS Icontsnuedl Plans for the future The Royal Theatrical Fund conkn'nues to focus on supporting the industry's workforce in times of crisis. Inflation has reached historic levels and as a result we have seen an increase in the need Irom rwi and existing benefickarie5 that are Struggling with the rising cost of living. We are closety monttoring our bèneficiaries. financial struggles as food priegs also increase along with utiltty bilL8. In(*easing fuel pr￿ are a major concem for RTF as higher rates ol inflation are predicted to last unbl at least 2024. We continue to revièw our Winter fuel grants and will Increase these in line with inflation. Through Fleabag Support Fund and Theatre Communty Fund we continue to extend our reach and offer support not just to those that ar8 ill or injured. bul those that are eX￿rien¢4ng financial crisis. A new marketing carnpa￿n is being planned for us lo extend our reach to the theatrical communty. The Royal Theatrical Fund 13 Trustees, report STATEMENT OF TRUSTEES, RESPoNSIBIL￿lEs The Trustees are responsible lor preparing the Annual Report and Ihe financial statements in accordance with applicaNe law and Untte¢J Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounb'rvJ Practs"cel. The law 8pplicat￿e to charib.es in England & Wales require5 the Trustees lo prepare financial slalements for each finanaal year whth give a true and fair view of the stsle of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial ststements. the Tnjstees are required to.. sele¢t suitable accounting policies and appty Ihem consislenlly., observe the methods and pnnciples in Accountsng and Reporting by Charities.. Slalemenl of Recommended Practice appli(aNe to ¢harrties ￿paring their financial slatemenis in accordance w?Ih the Finanual Reporting StarKlard applicable in the UK and Republic ol Ireland {FRS 1021., make judgments an¢J estimates that are reasonable and prudent., state whether applicab￿ United Kingdom Accounting Stsndards have been followed, subject to any material departUTes disclosed and explained in the financial statements,. prepare the fin3nrAal ststements on the g￿ng concem basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are res￿nsi￿e for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial slalements comply with the Charities Act 2011, applicable Charity (Accounts and Rewrtsl Regulations and the provisions of the charity's trust deed. They are also responsible for safeguarding the asse15 of the charity and hence for 18king reasonable steps for the prevention and deleth.on of fraud and other irregLtlarilies. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charty's website. Legislation in the United Kingdom governin9 the preparation and disseminalion of financial ststements may dtffer from legis18tions in otherjurisdiclions. Approval This report was approved by the Board of Trustees on z l i I l aD74nd signed on its behalf by.. Chairman The Royal Theatrical Fund 14 Independent auditor's report Year lo 31 March 2022 Independent auditor's report to the Twst¢es of The Royal Theatrical Fund Qualified opinion We have audited the accounts of Royal Theatricsl Fund (the '¢harty'l for the ye8r ènded 31 March 2022 which comprise the statement of finan￿al activities, the bala￿￿ sheet, the statements of cash flows, principal a￿o￿nting policies and the notes lo the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicab￿ in the UK and Republic of Ireland, {Uni(ed Kingdom Generally Accepted Accounbng Practice). In our opink)n. except for the possibk effects of the matter described below in the basis for qualifie(J opinion section of our report. the accounts". give a true and fair vw of the state of the charity's affairs as al 31 March 2022 and of its incom8 and expendilure for the year then ended", • have been properly prepared in accordance with United Kingdom General￿ Accepted Accounting Practice.. arml • have been prepared in accordanc8 with the requirements of the Charrties Act 2011. Basis for qualified opinlon Limitation of scop• The charity did not obtain a valuatson for its investment property al 37 March 2022, as il was thought that a reliable valuation would be hard to obtsin given ongoing uncertainty in the comrrercial market. We were unable to sats.sfy ourselves by altemative means conceming the valuation of the investrnent property at that date by using other audit procedures. Consequenlty, we were unable lo detemine whether any adjustments might have been found necessary in respect of the investment property valuation. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicab￿ law. Our responsibilities undar those standards are further descnbed in the auditor's reswnsibll￿"eS for the audit of the accounts section of our report. We arg independent of the charity in accordance wrth the ethical requirements that are relevant lo our audit of the accounts in the UK. inclL¢ding the FRC'S Ethical Stsndard, and we have fulfilled our other èthical resw)nsibilits"es in accordance with these requirèments. We believe that the audtt evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. The Royal Theatrical Fund 15 Independent auditor's report Year to 31 March 2022 Conclusions relating to going concern In auditing the account5. we have conduded that the Irustees. use of the going concern basis of accounting in the preparaty.on of the a¢wunts is appropriate. Basod on the work we have perforrned, we have not idenlrf*d any material uncertainties relating to events or conditions thal. individualty Of ￿lle¢tivety, may cast significant doubt on the charity's ability to continue as 8 going concem for 8 period of at least twelve months from when the accounts are aulhorised for issue. Our responsibilit￿S and the responsibilities of the tnJstees with respect to going concem are described in the relevant sections of this report. Other intormatlon The trustees are responsibk for the other information. The other information comprises the infom)ation included in the annual report aThJ accounts other than the accounts and our auditor's report Ihereon. Our opinK)n on the accounts does not cover the oiher infom)ation and we do not express any lorm of assurance conclusK)n thereon. In connection with our audit of the ac¢ounts. our responsibility is to read the other infomiatson and, in doing so, Cons￿er whether the olher infomiation is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such matenal inconsistencies or apparent material misstatements, we are required to determine whether there is a material misststement in the accounts or a material misstatement of the olher informabon. If, based on the work we have performed. wè conclude that there is a malenal misslalemenl of this other information. we are required to report that fact. We have nolhing to report in this regard. Matters on whi¢h WÈ are r4uired to report by exception We have nothing to report In respect of the following matters in relation to bthich the Charrties Act 2011 ￿qUireS us lo report to you if. in our opinion.. • the infomiation given In the Irustees. annual report is inconsistent in any material respect with the accounts.. or sufficient accounting rec(Yds have not been kept.. or the accounts are not in agreement with the accounting records arKI returns.. or we have not receive(l all the Inf￿ation and explanations we requi￿ for our audit. The Roy81 Theatn'cal Fund 16 Independent auditor's report Year to 31 March 2022 Responsibilities of trustees As explained rnore lully in the trustees, responsibilities stslemenl, the trustees are responsible lor the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees delerTnine is ne￿$sary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing Ihe accounts. the trustees are responsible for assessing the charity's ability to coniinue 8s a going con￿rn. disclosing, as applicable. matters related to going concem and using the going concem basis of accounts.ng unless the trustees either Intend to liquidate the charty or to cease operations, or have no realistic altemative but to do $0. Auditorfs responsibilitiès for the #udit of the accounts Our objectives a￿ to obtsin reasonable assurance atx)ut whether the account$ as a whole are free from material rnisstatement. whether due to fraud or error. and to issue an auditor's report that Includes our opinM)n. Reasonable assurance is a high lèvel of assurance, but is not a guarantee that an audit Conducted In accordance wrth ISAS IUKI will always detect a material misstatement when li exists. Misslalements Can arise from fraud or error and are considered material if, indivK1ually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these accounts. Irregularitiès. induding fraud, are inslances of non4ompliance with laws and regulations. We design procedures in line ￿th our ￿spOnsibl1rties, outlined above, lo detect material rnisststements in respect of Irregukrities. indudirTrg fraud. Our approach lo idenlrfying and assessing the risks of material m¢sstatemenl in respect of irwularities, inclLKling fraud an¢J nonryCoM￿1ance with laws and regulations, was as follows.. the er)gagem8nt partner ensured that the engagement team Collectively had the appropriale competence, capabilities and skills to identrfy or recognise r)on-compliance with appI￿able laws and regulations." we idenlrfied the laws and regulations applicable to the charity through discussions with management, and from our (x)mmer¢ial knowledge and experience of the sector., the identtfied laws and ￿gulatIOnS were commun￿ted within the audit team regularly and the team remained a￿rt to instances of nonwcompliance throughout the audit.. + We frfused on specffj￿ laws alld regulations vthich we LX)nsidered may have a direct material effect on the accounts or the activities of the Charity. These included but were not lirnited to the Charities Acl 2011. the Fsnancial Reporting Stand8rd applicable in the United Kingdom and Rep$Jbl￿ of Ireland (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Rep4Jblic of Ireland IFRS 1021,. and we assessed the extent of Compliance with the laws and regulations identffied 8bgve through making enquiries of managemenl, inspecting legal correspondence and reviewing Iruslee meeting minutes. The Royal Theatrical Fund 17 Independent auditor's report Year to 31 March 2022 Auditorfs responsibilities for the audit of the accounts l¢ontinvedl We assessed the sijsceptibility ol the charity's accounts to material misststemenl. including obtaining an understanding of how fratjd rnuhl (￿1r. by.. makTrng enquiries of mar￿aM$￿t and those charged with governance as lo where they constdered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraLKI.' and con5KJering the inlemal controls in place lo miligale risks of fraud and nonund. The financial statements have been prepared under Ihe historical cost convention with items recognised al cosl or transaCt￿n value unle$5 Otherwise staled in the relevant accountsng policies ￿loW or the notes to these financial stalemenls. The finaneral statements have been prepared in accordance with Accounting and Reporting by Charities". Statement of Recommended Practice applicable to ¢harilies preparing their financial ststements in a¢Gordance with the Financial Reporting Stsndard applicable in Ihe United K5ngdom and Republic of Ireland IFRS 1021 Icharilies SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. Tho Charity ¢x)nstitutes a public benefft entrty as defined by FRS 102. Critical estimates and judgements The most signthcant areas of judgement and key assumptions that affect items in the fin8naal ststements are in relalk)n lo: The charty's investment property valuation. The investment propety portion is carried at the last fomial Valuati￿ conducted in 2017, and as such this is only an estimate of the current value of this wrtion of the property. The charity did not obtain an updated valuation for its investrnent property at 31 March 2022. as il was thought that a reliable valuation woukl be hard to obtsin given ongoing Un￿rtaInty in the commercid market.. Thè valuation of the liabilty in relation to the pension of the lormer employee in the prior year.. and The bad debt proVis￿n induded in respect of rental incorne in the prior year. With respect to the nexl reporting for the year ended 31 March 2023, Ihe most significant areas of uncertainty that affect the c8rying value of assets held by the charity are the level of investment return and Ihe perfornian￿ of the investment markets. The Royal Theatrical Fund 23 Principal a¢¢ounting policies Year lo 31 AAarch 2022 Assessment of going ¢oncem The Trustees have assessed whether the use of the going concem assumption is appropriate in Preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from the dale of approval of these financial statements. Thè Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on Ihe ability of the charity to continue as a going concem. As set out in the Iru5tees' report, the trustees have Cons￿ered the impact of the pandemic on the charty and have concluded that although there may be some n￿ative consequences, il is appropriate for the charity lo continue to prepare ils accounts on the gThng rnncern basis. Income recognition Income is re￿gnIsed in the per*)d in whi¢h the charity is entitled to receipt and tha amount can be measured reliabty and rt is probable that the Income will be received. Income is defe￿ed onty when the charity has to fulfil conditions before becoming entitled to rt or where the donor or funder has specified that the income is to be expended in a lutufe accounting period. Income comprises donations, legacies, income from fiJndrai5ing events, investment income and other income. Donations are recognised when the chanty has confirniation of both the amount and settlement dale. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of pèrfomiance before the ¢harity is entilled lo the funds. the income is deferrwj and not recognised until erthèr those conditions a￿ fully met. or lh8 luifilmenl of those Gonditions is wholly ￿thin the control of the charity and it is probable thal those conditions will be lulfilled in Ihe reporting period. Legacies are included in the stalemenl of financial activities when the charity is enlilled lo the legacy. the executors have estsblished that there are sufficient surplus assets in the estate to pay the legacy. and any conditions attached lo the legacy are within the control of Ihe charity. Investment irwme in respect of listed investmenl is recognised once the dividend or intèrest has been declared and nobficalion has been rèceived of the amount dkjè. Investment income in respect of the charrty's investment property Irenl and servic9 charge) is recognised when receivab￿. Other Irading income is recognised to the extent that ti is probable that the economic benefrts will flow to the tharrty and Ihe revenue can LE reliabty measured. The Royal Theatrical Fund 24 Principal accountin9 policies Year to 31 March 2022 Expenditure Liabilities are ￿C(￿j￿ised as &xpenditure as soon as there is a legal or constructive obligation commith.ng the chanty to make a payment lo a third paty. il is probable that transfer of econofflic benefits will be required in setuement and the amount of the obligation can be r￿s￿red reliab￿. All expenditure is accounted for on an accruals basis. and is allocated lo the appropriate heading in the financial statements. Charttable expendf(ure comprise grants and financial assistance which is provmded for when approved by ts Trustees. The costs of raising funds comprise tl)ose cosls directly attributable to managing the eharity's investmerht portfolio, its investment propety {includin9 refvrbishment expenditure) and raising furmlraising bncome. Governance costs compn'se the costs of ￿MplianCe with consliluts'onal antl statutory r￿UiTementS and in¢liJde the auditor's remuneration, and these are allocated within support cost lo a relevant expense category. Support Costs are those costs which enable fun¢J generatsng an¢J charitable activities lo be undertaken. Where acts'vibes in¢urred relate to more than one cost ¢8legory. it is appointed on the most appropriate b8515 and on a reasonable and consistent basis. A liabilty in relation to the pension for a former employee has been included in the finallcial statements at its nel present value. anij Is presented on the balance sheet as a pension liabilty (see r￿e 141- Flnancial instruments The Charily only holds basic financial instnjments as defined in FRS 102. The financial assets and financial lialN"lits"es of the Charty and their measurement basis are as follows.. Financial assets- other debtors and accrue(l I￿orne are basic financial instruments and are debt instruments measured al amortised cost as detailed in note 12. Prepayments are not financial instruments. Cash at bank- is dassffied as a basic ffinan(ial instrument and is MeaSu￿d at face value. Financial liabmit￿S other Creditors. 8ccnJals and the pension liabilty are financial instruments. and are measured al arnortised cost as detsiled in notes 13. Deferred income is nol deemed lo be a financrdl liability. as the cash settlement has already taken place and there is an ob15gation lo deliver services rather than cash or another financial instrument. The Roy81 Theatrical Fund 25 Principal accounting policies Year to 31 March 2022 Investment property The property has no historical cost to the Charity as rt was 9ifted lo the Fund. The property is held at a valuation conducted in 2017. The charity did not obtsin a valuakn.on for rts investment property al 31 March 2022, as Il wa5 thought that a reliable valuation would tre hard to obtain given ongoing un¢ertainty in the commercial market. Any surplus or deficit arising is reflected within the statement of financial activities and Is re¢ognised in the reserves. Listed investm•nt$ Investments have been stated in the balance slwt at market value at th8 year end. Realised and unrealised gains and kjsses are shown in the statement of financial activities. Fix•d assets Assets p¢Jrchased with a cost or value exceeding £1,500 are capilalised. Flxed assets are capitalised al or in the case of the propety at valuation. Those which arè not freehold property. i.e. office equipment, are dep￿CIated on a straight line basis over Ihwr useful economic lrfe as follows: Office equipment- 33% per annum on cost. No depreciation is Provided on the Trust's freehold properbes as Tt is considered that there is no material drff8rence be￿een the residual value of the freehold properties and their C8rrwng value. The economic Irf8 of the freehokl properties Is, in the Truslees. opinion, significantly greater than fifty years. It is the￿fore considered that any charge to depreciation on freehold properties would be Immaterial in the context of these financial stslemenls. The freehold pmperties were last revalued as at 31 March 2017. The car￿.ng values of these revalued assets a￿ reviewed annually for impaimienl and no provisK)n for any impairment was made as at 31 March 2022. Debtors Debtors are re¢ognised at their settlement amount, less any provision for non- recoverability. Prepayrnents are valued at the amount prepaid. Debtors have b88n discounted to the present value of the futtjre cash receipt where such discounting is material. The Royal Theatrical Fund 26 Principal accounting pollcles Year to 31 March 2022 Cash at bank and in hand Cash at bank and in hand represents such financial statements and instwments that are available on demand or have a maturity of less than three months from the dale of acquisith)n. Deposrts for mcwe than three months but less than one yeaT have been disclosed as short term deposits. Cash placed on deposit for MO￿ than one year is disclosed as a fixed asset investment. Creditors and provisions Creditors and provisions are r8cognised when therè is an obligation 8t the balance sheet date 85 a result of a past event. il is probable that a transfer of eeonomic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at Ihe amount the challty anticipates il w411 pay to settle the debt. They have been discounted to the present value of the future cash payment wttere such discourrting is material. Value Addgd Tax Value Added Tax is not recoverable by the charity. and as such is included in the relevant Costs In the Ststemenl of Finanual Acttvtb'es. Unrestrictèd funds The unrestricted general funds are those funds that are available for use at the discretion of the Trustees in furtherance of the general objeth"ve5 of the charity. Designated funds are used for Ihe specific purposes laid down by the Trustees. Expenditure wh￿h meeis their criteria Is charged to the fun¢J together with a laii allocation of management arHJ supm costs. R•stricted fund$ The restricled funds of the charity are fvnds which may only be used for a certain purpose in line with restrictions ortr their use imtK)sed by the donor. Endowment ￿ndS The en¢Yowment fvnds of the charty comprise of a pemanent endowment which musl be held indefinitely. Only the investment income generated from those funds can be ulilised by ihe charity towards ils aclivilies. Pensions Contributions to employees, pension in respect lo defin8d contributions schemes are charged lo the slalemenl of financial activitbes in the year in which they are payable to the relevant scheme. The Royal Theatrical Fund 27 Notes lo the financial statements Year to 31 March 2022 1 Donations and legacies Totsl 2022 ResI￿led Unrestricted Tolal 202t Chanty d(￿&t￿)n$.. . Acting for Other5 126.% 126.500 35,CW 35.￿0 i*)dYes 6.10) 6,100 23.699 41. ft¥J 39.422 433.588 88.828 41.100 39.422 433.588 88.828 Pubhc (knnatK)ns Legauès B8n8father¥ Covid-19 appe8b". Theatre Ctrmmunity FuThY F￿aba9 Supw1 Fund RTF Covid Cnsis FufKI Toial donations and legxies 61.047 fj1,047 177. 9.456 177.538 9.456 T62.45t 404.302 737.413 762.451 404.302 13T.41J 186.994 225.316 412,340 1.304.166 637.938 1.942.104 2 Income from fundraising and events Total 2022 Rest￿e￿ u1￿$tr1ded Ttrtsl 2021 R8slrth¢J iknrnsiriLled Theatre 10.325 3.235 10,325 3.235 104,102 104.102 Chnstsn85 C￿rt & p3rty Sales ol books Total fundralsing and events 13.6Y 13.654 704.102 IQ4.702 3 Investment income T¢Aal 2022 ETrd¢yh7￿t LIF￿$tr￿a0 Totèl:. 20?1:: Deposit Inlertst DIY￿endS Rem recewaL4e Sepoice char￿5 wic(Nr* r￿c￿VaNt Other Total inv•slrnent incor 235 102.544 265.083 235 102.726 26S.O83 374 109.795 190.549 574 770.OT6 190.Y9 281 13.936 13.936 67.245 3.597 371.560 67.345 3.597 371841 388 766 287 4 Property expenditure Total 2022 Total 2021 Consultar Direct Service tharye ws Fund contribution to cornmon parts ￿￿￿)ishMen1 Total property expenditure 30,984 8,625 13,713 9.000 15.0001 17,713 39,609 The Royal Theatrical Fund 28 Notes to the financial staternents Year to 31 March 2022 5 Charitable activities During the y&ar weffare grants to individuals were as follows.. Supwt cosfs Wtrlta Grants Toial 2022 Wtrmè Gwts Total 2021 (note 61 (note 6) From unrestricted funds From the f￿lOWIng restricted fund5'. . F￿ba9 Sljpwi Fund . Theatre C(wrfflurty Fw . RTF Cly4￿ C￿S￿ Fund 2eo.956 135.319 396275 218,454 181.542 399,996 9,456 404,302 396.616 286.538 137 472 404.302 286.538 137.472 667.058 135.319 802.377 1.046 706 181,542 1,228.248 6 Support costs 2022 2021 Staff emoluments {rnotè 81 Building expenses ststionery & telep￿￿e Insur8ncÈ Eouipmènt main￿na[ LvJhting and heabng Ftnance charges Dep￿CIall0n PUbl￿ty & website Auditorfs ￿mUne￿￿.0￿ L05s on disposal of fix*Y assets Grant committee expenses Travelling expenses Legal cos15 Pnnb"ng and office expènses I (￿h￿r Totsl suFp)rt costs 28,490 13,042 4,383 1,227 16,618 2.247 3,278 8,147 36 25,605 106,385 8.568 4.262 1.308 15.199 1.324 3,563 191 21.920 6.588 821 199 9,829 21,397 135,319 1.327 10,907 181,542 The Royal Theatrical Fund 29 Notes to th¢ financial statements Year lo 31 March 2022 7 Net movement in funds This has been aryived al after charging". 2022 2021 Depwation of tangible fixed assets Auditor'5 remureration . Statutory audit . (Xher 8.147 18.660 2,520 19.740 2.340 8 Staff costs 2022 2021 Wages and sakrEs Nalronal Insurance PensKJn costs Write bad( of pension provi8icffi Inote 141 93,614 3,658 20,018 188.8001 28.490 85.167 4,089 17,128 106.384 Th8 averagè number of stsff during the year was 4 12021 41 and no staff mamb8r eNed salary of more than £60,LK)012021- non81. The key rnanagemenl personnel of the charity comprise the Trustees and the Secretary. The Trustees of the charily are not ￿MUnerated. The total amount of employee benefits (including employer pension and national insLEran¢e ¢onlributronsl re¢eNed by the key management pefsonnel in the year was £68.721 12021 £62.5401. Expenses of £198.70 were rgimbursed to two Twstg8s during the ytsar. 9 Tangible fixed assets Fr8ehdd Proporty Offico •quipmgnt Totsl Cost I vzluation At 1 Apnl 2021 Addibons At 31 March 2022 1.392.096 172.253 1.564.349 1,392.096 196,691 1,588,787 24.438 24.438 Dèpreclation At 1 April 2021 Charye for the year At 31 March 2022 8,147 8.147 .147 ,147 Net book ¥alu¢ At 31 March 2022 At 31 March 2021 1,564,349 1,392,096 16,291 1.580,640 1.392.096 The Royal Theatrical Fund 30 Notes to tha flnancial statom•nts Year to 31 Mard) 2022 10 Investment property 2022 2021 At 1 April 2021 and at 31 Marth 2022 5,779.356 5.779.356 The property was revalued during 2017 by Innes England lo total value of £7,100,000. using rental y￿1￿$ as a basis of valu8tr"on. The property is considèred lo be mixed use as part of it is used by the charity in rts daY-t(￿daY activilies118.6Vol and therefore that portion has been shown wf(hin tsngible fixed assets (see note 91. 11 List•d Invfrstments 2022 2021 Market valve at 1 Arrril Add". 7.545.831 5.584,917 . A¢qui&ticffjs at cosi Les5". disp￿1 proceeds Realised Ilossl gain ￿ investsn8nts Net unrealised Ik)ssesl gains 416,102 1336,2101 13,1731 531,337 614.668 1651,2241 101.541 1.895,929 Market valu8 al 31 March 6,155.887 7.545,831 Cash hehj by in￿￿￿ent rnanag8rs 123,WJ4 137.562 Total rna￿&t value induding cash at 31 March 8.279,381 7,683.393 Hi$tryi¢al c05t at 31 4.482,256 4,330.S25 Ethment Funds Uftrestithd Inote 181 Funds Endowmenl Furjtls un￿Stn¢t&d (￿te 181 Funds Total 2022 rot81 2027 Investrnent anatysls UK fixed Interest UK equ￿6$ Ov8rsea$ equ￿eS Altematsve Invesknents Tolal 445.124 445.124 2,898.929 2.947,092 4,460.553 4.460.553 303.118 303,118 377.704 3,4S3.977 3.807.784 377.704 3,503.905 3.807.784 48,163 49.928 48.163 8.107.724 8,155,887 49.928 7.633.465 7.683.393 The following investments indivKJualty amounted to over 5% of the portfolio at 31 March 202212021.. r￿ne}. 2022 Findlay Park Funds Ple American USD Dis 5 210A 424.888 The Royal Theatrscal Fund 31 Notes to the financial statements Year to 31 Marth 2022 12 Debtors 2022 2021 Grft aid recoverable Other debtors Prepayrnents and accrued incow Z4,855 52,697 61,320 126.441 86.698 274,459 77,552 13 Creditors.. du• in lèss than one year 2022 2021 Amounts falling due ￿thIn one year. Other credrtors Pension li8bility lrnte 141 Accruals aThJ deferred in(Thne 32,957 34.904 11.100 102.099 148.103 58,711 91,668 14 Pension liability The pension liabslity in 2021 related to pension contribub.ons payable to an exvemployee. The liability had previousty been eslimat8d in 2015 using rnortality assumptions and an estimated dbscount rate. On 31 March 2019. the Trustees recalculated the liability to Teflecl updated rnortality as5umplions. resurting in an increase in the totsl liability to £122.100. Olher movements on the liability including the movement in the yèars ended 31 March 2021 and 31 March 2022 a￿ the pension conlnbutions paKI throughout the year lo the ex- employee. As at the date of approv81 of these accounts the ex*mployee for whom this provisiori had been made died and consequenlly the provision has now been written back as a credit to stsff costs in these accourits. 2022 2021 Due in less than one year (note 131 Due in greal8r than one ye Totsl liab*'lity ag al 31 March 11,100 88.800 99.900 15 Related party transactions The charity is a member of the Combined Theatrical Charities, Appeals Council. 8 registered Charitable organisation. Two trustees represent the charity at meetings of the Council. During the year the charity received a lolal of £126.500 12021." £170,0001 in voluntary income from the Council. In addition, the charity received reimburstrmont from the Council of a further £10.000 for the use of office space and ￿sourceS{202l.. £10,000). The charity also received ￿￿t and service charge income of £45,00012021.' £45,000) from Mousetrap Pr¢Jdu¢tions Limrted. a feL2led party due to 3 common trustee. At 31 March 2022 an amount of £9.918 had been overpaid12021.. £12,121 was outstanding al the year endl. The Royal Theatrical Fund 32 Notes to the flnancial statements Year to 31 March 2022 15 Related party transactlons Icontsnuedl The charity receNed grants of £5,00012021= £30,1)001 from the Mackintosh Foundation. a rekled party due lo a common truslee. 16 Analysis of net assets between funds Tot*1 T¢>tal Erknent R•strkxed lthreSthc￿j Fund Funds Fund5 2022 Funds 3021 Tangible fixed assets Investrnenl propety Quoted inveslrnents Net current assets Pension I￿￿lty 1.580.640 1,580,640 5.779.356 S.TT9.355 8.230.334 8,279,3B1 573.033 1.392.096 1.392.096 5.719.356 5.7T9.356 7.633.465 7.683.393 664.203 1.340. 11fj 188.8001 188.80QI 475 913 15.580 320 16 106 161 49,047 49.928 475.913 49.047 256.805 16,163,363 16.469.215 49.926 17 Unrestricted funds At31 P4ar¢h 2022 At 1 Aw"1 2021 (k)$5e5lon Invs. Int4kn ExpEnditure TransfeTS 15.480.419 627.766 1562.4661 528.661 88.982 16,163,363 Dwned fuxls." Pension Fund 111.1rKJi 1573.5661 188.8rKJi 182 16.163,363 T¢)tal Unr￿¢10￿ frJnd5 15.580.319 627.766 528.661 At37 AtiAwS l*)sses} on iftivs. TBnslers 2027 Gener*ftmas 12.917.530 1.113.600 1531.820? 7.981.7(YJ 7&480.419 . Pension ￿1￿$s1￿Cle& fvnLIs 99.900 13.028.53(1 1 115 600 r54&.9201 1.98ff. 109 15.580.319 Pension Fund This was a designated lund which was set up in 2015 by the Trustees to cover the pension liability In relatw to a fornier empkjyee Isee note 141. This has now been released lo general funds as the liability has been released. 18 Restricted funds At31 Ilarch 2022 At 1 Aptil Ir*thne Expendibjre Treat￿ Cornm￿ty Fund Fkabag FuTrJ Totsl r•8trid•d funds 475.914 177.538 9.456 186.994 13%.6461 19.4561 1406,1021 256,805 475.914 256,B05 The Royal Theatrical FLtnd 33 Noles to the financial slatements Year to 31 March 2022 18 RÈstrieted funds (continL￿) A13t March 2021 AtiAp Theabe CoNnmuNty Furt Sup￿tFU￿9 RTF Co¥qdgrants Tot81 feslJKl&t 762.451 404.302 137.413 7.304. 166 1286.5371 1404.3021 1137.4131 (828.2521 475,914 476.914 Theatre Community Fund.. this fvnd was established to provide support to theatrical artists and professionals whose livelihoods and creative futures have been threatened in the wake of the Covi&19 pandemic. The fund was separated into two priority strands. Hardship gr8nls were in partnership wth the Fleabag Support Fund and were distributed in partnefship with the Royal Theatrical Fund. Creative and innovation grants were managed by MGCfutures, including the application process. F¢eabag Support Fund-. this lund was Sel up in response to the CovKI-19 pandemic wrth the objective of prowding a small crisis grant lo those that were in greatest need. RTF Covid Fund.. this fund consists of donations made specrfir4lly to The Royal Theatric81 Fund with the aim lo support those in the entertainment irK*u$try affgctÈd by thè Covid-19 pandemic. 19 Pemianent endowment funds Net (losse51 on inv8. At31 March 2022 At1Awl 2021 Incom8 Exp6ndrtiJ Trar￿fer5 Permanenl ¢nd¢y￿nert fund." CoverTrt Garden Furvj 49 928 182 13841 14971 11821 49,047 A131 March 2021 A¢1￿￿. IkA%sgsl tyj Invs. Tr8n5fe Covgnl Garden FuThl 33.286 281 16.361 49.928 In 1899 one third of the Covenl Garden Theatre Fund was directed by Court Order lo be held as a separate fund for the benefit of the Royal Theatrical Fund with the income being available for the general purposes of the Fund. In 199611997 the Charity Commissioners transferred one third of the fund into the name of the Royal Theatric81 Fund. The Trustees foresee that this fvnd wtll continue in perpetuity. The transf8r from the Covent Garden Fund represents investment income re¢erv8bl8 which is pemiitted to be relocat￿ to the ch8rty's gener81 funds. The Royal Theatrical Fund 34 Notes to the financial statements Year lo 31 March 2022 20 Fino art assats The chanty has In its ownership a collecb'on of fine art assets. These are treated as heritage assets as they are maintained for their historical value, but are not recognised on the balance sheet as Iheir moneiary value is ￿n￿rtaIn. An indicative value based on the value foT insurance purposes Is as follows.. 2022 An earfy Victorian ma￿g￿Y extending dining ta￿e. circa 1840 A $et Of t*enty-lour George 111 style maho9any dinirvJ thairs Herbert Hamp¢on- Bronze bust of &r Henry Imng A late Victorian silver desk stand A George 111 Sty￿ tw(￿nd￿d trophy and cover Two original rnarb￿ Sufround fireplacès Minute books of The Royal The*rtal Fund and Covent Garden Funf1 m1scellane￿S items no one Item ex￿edIng £1,000 in value 2.500 soo 1,792 1,545 3,172 16.810 30,000 4,000 60,319 No additions or disrM)saLs occurred in respect of heritage assets during the current or prior year. 21 Capttal commitinents As at 31 Mèrch 2022, the tharity had £nil caprtal commitments 12021-. £362,704 capital mmilmenls in respect of refvrbishment ol the Garrick Street building). 22 Agency arrang8m•nts Sn the prior year, the year erKled 31 March 2021, the Fund received £300,000 in the year to be spent on Creative and InnovatDn grants. The full £300,000 was passed over lo the third paty MGCfutures. who disseminated Ihe funds. The Furnl acted as an agent in the reLgttonship as MGClutures retained full discretion over the dissemination of grants from the funds, and hence no In￿Me or gxpendilure was recognised in the statement of financial activitses in the Fund's accounts as a resull. The Royal Theatrical Fund 35