The Royal Theatrical Fund Annual Report and Financial Statements 31 March 2023 Charity Reg$trabDn NL¥nbef
Contents Reports Refe[ere and administrative infomalion Introduction Rep of the Tru5tee$ Independent au(Jrtor's rerxjrt 15 Financial stst•ments Stement ol finanoal ath"wties 20 Balan¢e sheet 21 Slemenl of cash flt)WS Pn"nap31 accounting policies 23 Notes to the financial statements 28
Reference and administrativo infomiation Her Late Majesty the Queen Presidfrn¢ Rotert LirKlsay Wic• Pr8sidonts 11 Kenwright C8E mhael Ball OBE- appointed September 2022 &ephanie Cole OBE Barbara Leigh-Hunt S"r Derek Jacobi &"r Cameron Mad(inlosh John NettS OBE 11 Nwhy Sir Howard Panler Leslie Phillips OBE - eased 7th Nov8mber 2022 norary Vica Presid•nts Dr David Hughes - resigned 22nd June 2022 Dr Keith McKeè- aFpoint¥d 1st February 2023 Barbara Vbhatley Board of Trust•es mantha Bond, Chairwoman Richard Clrfford. Vice Chair Giles Walling MP. Vice Chair Michael Ball OBE - resigned 19th August 2022 Jan Dee Ginny Hdder RO Lindsay Nataha McElhone Dr Keith McKee MB8S MRCS LRCP- resKJned 13tr January 2023 Davitl Mithagls Matthew Mitchdl Francesca Moody MBE - appointed 2 Novemter 2022 Robert Nobte OBE Peter Polycarpou Pautte Randall M8E Samantha Spiro Philip Talt)ot Jonathan Ck$ &"r Stephen Waley-Coh8n Bt trlonor4ry Treasurer Edward Oliver, Chaiman of Finance Committee The Royal Theatrical Fund 1
Reference and administrallve informatlon Honorary Legal Advlsor Martyn Gchvar MA FTII Consulting Phy$i¢lan Dr Keith McKee MBBS MRCS LRCP- resigned 13th January 2023 th Martin Saweirs GP - Apwint&J 11th March 2023 Hon Chaplain Rev'd Richard Syms Chiof Ex•cutive Officer Sharon Lomas Registered office 11 Garrick Street London 2E 9AR Auditor Jzzacott LLP 130 Wood Str1 London EC2V 60L Bankers Coutts & Co 440 Strand London I2R OQS Investm•nt manager5 QUI&r Cheviot 1 Kingsway 2B 6AN Solicitors Gowlings WLG LLP 4 More London Riverside Lcmdon SE12AU The Royal Thealrical Fund 2
Introduction The ¢all on the Royal Theatri Fund is inc¥easng year cffl year Irom all genres of the entertainment business. we vL)rk dosety wth many of our Ster ¢haritEs to ensure all those th meet the cnteria recwve the maKmum financial help tY need lo ensure 8 finaneial slress-free life during their batt with illness, injury or infirmity. As the oldest theatrtal charity wrth thewdesl remitwe are experiencing high levels of appeals trom not onlythose that work on stage and in front of camera bLrt from many who work behind mera. backstage antj front of house. induding MUslan$. dancers. directors and produc6rs. We share cases with many of our sier cl)arities and fdlowng this IntroductKsn we share a lesb.mony of how shanng a case truly helps a pefson in their hour of need. The The Community FurKJ through the Fleabag Support Fund, whh RTF administered 11 close n Septemkr 2023. Since the start of the pandemic and then more recèntly th8 Cost-of-LNing crisis over 3.000 Peop have been helped and over £1.8 million grants have been awarded. indudes the grant to MGcFutu$. The figm is not overthough. and we are working on ourfijture plans which we are pleasa¢ to announce will be an Emergency Crisis Grant. More details are in the Trustees, report under Futwe Plans. Finally, we thank our Benefactors, DOr$ and Supp)rters for their continued support and defialns. also thank all who remember the RTF by leawng a legacy. No matter how small or large this is a vlal source of income for the grchvth of RTF. Askin for hel isn't aa seas 2U19 1 knisnosed 547th an incurdbje ueurologitsl coij&'tson which m2kes noJ32221 speech Jmpo551ble anJbrou.4.lJr ro an ex7). (reÈsonabl)' 5uccessfvl.J arniJ& ¢4Ttter which bryryii m J987KoJlow7ngnjyJdUArIOn from the drwnA schooj LAMfJA. Throug.hout tharpen.od I MInate enough 5UPPOrtJiiviel(rlJiough MY acong work ahne. Followsn&FJny &9805c$. IconDiiued w7th un5uccessthl trttats21¥nr, e12dleAsly forsonie mirdculous cure, which a tu71).£. Kee]iiJ&r rojd mv w"ouldn'r ClIFe. TJ2dr n2>TlI lèebn¥ ha¥ so AT beeD n&4Jt. darn Ji. j'et I Wred/Or a fvrrAct i"(TrupJe ol}'eArs. watchJn.¥ debr% 1220UlJt. ai condJDon nor onlyprevairedJJie hvJ21 workthg as an attor bur ai¥0 fro122 lookor 2lrvrn3ti1"v vJnph)menL Ha%7n¥ 6nallJ' foundmJselfiJ3 a desper2te 53fton fjnanci411y3nd wJ¢h k depreAiiOn ro top it off IswallowedmJ"nusplacedpndtt Jndioubthrhdp. WithJn day& the R TF. Acrors lIeevoltT}r Fujid wvre in rouch andhe]dJe 117rh appbc8ti011. wknch resulrvd in 4.4ranr. Thar 4rat3t hdped with household bilJ$ aiTorJedine exrra, invA/uabJe oiiie in iiiy home. Thr rhantits thaf ro niy H'ere rhe R TF, AIgFkJ2d rhe The Ralph dMene1Rjch2rd$On FoundaDon. Forme. rjbng the thsrstep was htuJub4tsng. IJ2 th15prDfrxuoll ive survjvv UT fwlformanYrA50ns. bur ro losr our wurL"v ofuifome bec4usv Ol-]nc, 113Jun' or wiv nuniber ofra50ns oursjde our coTh¢roli5 to thr leAyt. IlorJ2 rhe R TFaiJd ABF were [ldh21, beeii sjnrc rhcn) tsul). woiJdvJ. knd m7fi1ynude Jjiv See I w25 wroJ2g' ro Ked the J djdabout appbcattoh. The Royal Theatrical Fund 3
Introduction Ihope J don t 50undni¢lodrantsnc in $4NDgIreally was Jt the ofni), rtrtJ2trr, howrver. thc 6ndnciJl iUPPOrt rhc ABF. R TF. wid2bo the R21ph wJdMeneJ (hArd¢On Fouijdation hapeprok7"Jed121e has helpvd1I7UrJb1y. Ofequ21. orpcrh3p5 vven 8r4rcr, iniporr4iic¢ is rhe kinJJpess 3rid emonoiia15upporr l Lr receil-ed. H4iyt2S50131eone to ra]k ro ii-ho dtand5 rhe od&'ries andpttdiannes ofourprokssioip h35 be¥iF ini'21u2ble. The rhanrjes 2re kEiid. c"oiiipknioJJ2re. eJtreiiirlF- C-OllJPrteiir. andknotvledgeable. andl ejxj r overirare how WideritJijds'ddrttastynng rheTr.have beex2. Thefv. have a150 #dede abovr otheriv2Elable rr50un"¢s arjd 6nanci3lh¢Jp for wlich thos¢ ofus rlu) posJnoii coddjpply re&ryJ8r conrart to cherk up on 112e. w.knch Is 17Juch appreL"iJr¥d_ Pkafe. IKI'OLP %Y hjlen on hJrdtiiJie5 throu$4J. Cor e.13iiiplc. Injun-, illne5.f. 3dvanLryiig J-e. or anTrYhin¥PvelIQTh%yQ hvJ?1 4ivrkin4rln tts'5profr55ion, do s30rhe5irartr ro L-OlJf2c-r rhe5V ch4nrivs. Mi" medJ"Trl njay J30rhave Jmproi"ed. but l an2 certwnly betrer FO110} noii"psYrholo(llv and6nanci4ll)" rhAn 2 feM"moTrrhs for wluch I w1llreiji ¢rernaU}".4rJr¢fvl. The Royal Theatrical Fund 4
Trusteos, report Year ended 31 Marth 2023 The Board of Tfuslees present thwr 180thAnnual Reporttogether the financial $latement$ of the Fund for the year ended 31 March 2023. The finanaal statÈments have been prepared using the aCUnting po+icies set out pages 23 to 27 compty with the Royal Charter, applicable law and the requirements of the Slalement of Recommended Practi applicable to charib.es prepanng their financial statements in aCcordae wth the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021. STRUCTURE. GOVERNANCE AND MANAGEMENT Ref•rence and adrninistrati¥¢ dotsils Referee and administrative details are shtrovn on pages 1 and 2 ofthe financial statements. Tho Tru$t¢•s The Trnstees vtho rved the chanty during the year and up lo the date of signing these accounts w8 as follows" Date of apwintment or r8swnalh)n if within period Role Robert nd$aY Samantha Bond Rj'chard Cltfford Giles Watling MP Michael Ball OBE Janie Dee Gmny Htjder Natasha MCElh¢e Dr Keith McKee MB8S MRCS LRCP Davbj Michaals Matth&v Milchdl Francesca Moody MBE Rob8rt Nobl• OBE Peter Potycarpou Pauwe Randall MBE Samantha Spiro Filip Talbol Jonathan Wcks &"r Stephen Wal -cohen Bt PreSent Chaimoman Cr>Mce Chair CerlA¢e Chair Resgned Iyth gUSt2022 ResHJned 13th January 2023 )p¢Jnled 2M November 2022 Constiiution and objects The Fund was eslablrshed as the General Theatncal Fund Assoaation in 1839 and granted a Royal Charter in 1853. Wder pf7wers were granted under a secorKI Royal Charter dated 25 January 1974. The Royal Theatrical Fund 5
Trustoes, report Year ended 31 Marth 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Iconbnuedl Constitution and obje¢is IcontmLFedl The objects of the FuThJ are The relief of any person in need vtho has professionalty pr8ctBed or contribut&Y to the theatrul arts l(M) stage. radio, films or television or any other medium by which such arts may be presented in the fvturel and the rdEf of the families or deFendants who are themsefves in need of relief of such persons or such deceased FErsons. The Board meets regLFlarty to consder the provisfv?n of asgstsnce lo individuals. Assistance can be provided on a one-off or on-gcmng ba$is and is enbrety at the discretion of the Board. Appointment and olection Of trustees The Fund is based in the UK at Ihe registered office as shown on page 2, under the management of the Board of Trustees who may not exceed 21 In number. from whom Chairperson and Vice Chair a appDinted every three years Ofthe composition ofthe Board. there may not be MO than five rn?rnbers who are not of the theatrical profession. Cuslomanly. t<Jth the PTesKlenl and Chairpuson shcrtjld also be members of the theatrical profession. The Fund. ir a general meetsng. shall elect the President of the Board. for a term of three years and the Board can Inle a maximum often vi¢e-presidents to hold offic8 for a period of len years. The Honorary Vice-Presidents are appcinled al the d1screlion of the Board for 8 rK)d of ten years. At the Special General meeb.ng on 4 Septemter 2013. it was pr¢)posed that the Chairperson aThJ Vits Chairs were elttted for a term of Ihree yeaTS. This resolution was carried unanimousty. The Trustees are elected I reo*led by thew peers for a Ihree-year term of office and a egIbb for re4lection at the Annual General Meeting. The followng Trustees. rtire by rotation. bw'ng eligible. offer themselves for re-ekdion at the forthcoming Annual General Meeting.. Samantha Pijnd, Richard cirfford. Robert Nobk, Jonathan Wcks. The Royal Theatrical Fund 6
Trustees, report Year ended 31 Marth 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT IntInued1 Appointment and el•dion of trustees Icontinuedl Followng the appoinlmenl of a new Truee u)ey are made aware of their duties and responsibilitses al their preliminary meetrn9. The Trustee is also given a copy of the Fund's Royal Charter. a copy of the Fund's Confi¢Jentialty Handbook. which gives greater detail of th&r reswnsibilities rertaining lo the GDPR regUlati(S and includes the Fund's Equal OpFQrtunrtie$, anb"_discrimination and harassment policy. The Truslees are a130 sent a copy of the Charity Commiswon Guide on Trustees. responsbilitses ICC31 together wth the handbook annuauy. The Finance Conimittee manages the Fund's knunls and normalty meely three times a year ot when required. An annual budw is set. the Committee monitors the leveL% of expenditu through the Fund's quarterty management accounts. There are 13 members and 10 of those are Oiredors. the Chaiman, Edward Oliver ha5 vast experience in the Finanaal Charty Sector. Al deci&ons of the Commrtlee are ¥Wed by the Board of Trustees. The thanty's key management p&sonnel consist of the Trustees and the CEO. The Trustees do ncl receive remunerab.on as¥Ye from mbUrseMent of travd expenses. The CEO'S salary is recommended by the Finance Crynmrttee to the Board for approval. R•lated partl•s The charity has a dose relationthip with its sistertat"Cal ¢harThes as well as other societies arJ assooations and throughjoint collaborab.ons is alle to be more effecb.ve in its assistance lo Ihose in need. Tr Trustees continue to ask supporters of the Fund to infom the CEO of any members of the profession. or their dendents, bdieved to be in need of help. Every application is dealt wth sympathetscalty arKI In stnctest COnfidee and the Trustees assess each applicant individually lo nSider rf they come witfiin the scope of the FLnd either lo be a grant or adce. Al apICationS are cowder&J by the Boar(l. The Trustees wish to thank those allied ¢ttarrtae organisatKJns, t)oth within the profession and outside it. for their assistance in sharing grants for the benefit of the ever-increasing number of applicants who are brought lo the Fund's notice by professional mlleagues. Our gr8tf(ude is expressed to the followng theatrical charit*es and other associations for their co- operation shared cases.. Actorfs Benevont Fund. Ador's chik1n.$ Trust. De1 Hall. Dance Professionals Fund, The Royal Variety Chanty, Equity Charitable Trus( Help Musiaans. The Theatrical Guild. The Ralph & Meriel Ri¢hardson Foundation. The Royal Theatrical Fund 7
Trustees, report Year ended 31 March 2023 AIMS AND OBJECTIVES The Obl11¥eS of the Fund are the relief of any Ferson whg is un8ble lo work and are in financial need due to illness. Injury OT infimrty The person should have professionally prath'ced or contributed to the wortd of entertainmentfor a minimum ofseven years. The Fund ensures all beneficiaries rttwve the corre(1 Ve1 of benefits they are entitled to. The Fund a¢vérb'ses the w(wk of the Fund VB the intemet. via swal media thannels and through their rnèmbership of Nth"ng for Others. The Trustees. Benefactors, donors and supp¢yters of the Fun¢J are also activety encouraged to raise aw3renèss by word of mouth. The 8oard meets rrylary to nsder eath individual appeal for help. il is at the discfetK)n of the Board the of assistance that is gwen. The level of sucGess 1$ measured by the number of beneficwes helped aTrJ the totsl Grant expenditure The aim of the Fund is lo raise awareness wthin the profession and to actwely erysure all who are in need and meet the Fund's criteria receive assistance. Publlc benefit We have refr*rred to the guidance contsined in the Charty Commtssion's general guidance on public benefit when revwing our aims and objectNes and in planning our future activities. REVIEW OF ACTIVITIES AND ACHIEVEMENTS Thoatre Community FundFlgabag Supp¢)rt Fund in Partnershlp with The Royal Theatrical Fund Restricted Fund The Theatre Communty FLd (fcFI was spearheaded by Olivia Colman CBE, Phoebe dller-Bridge. Ed Sinclair and Francesca Moody MBE and was established in July 2020 10 support the theatrical artists and professionals whose livdihoods and creative futures had been threatened In the wake of Cowd-19 The fund has been realised through generous donalK)ns from Amazon Studios. Theatre Support Fund (The Show Must Go On11 perfomers, creatives. artists. producers and executives Ttte fund 15 separated into tsvo priority strands gNing out Hardship grants administered through Fle8bag Supp¢)rt Fund and Creative and InnovatiC grants. The TCF ring-feed a share of the rneY Taised for cxeatsve and innovation grant$. The Creaknve and Innovation Grants is administered by the Michael Grandage Company Futures IMGCfuturesl and will help supwt and wowde bursaries for 3 years. en the restrictions were lrfted. and the entertainment irKlusty Started lo recover and wrt the permiss,on of the Theatre Communty Fund rt was agreed that the monies left in the restricted fund could hdp those expenenang financial hardship due to the Cost-of-LJ'ving Crisis. The criteri8 for this restricted fund airns are to be a CA)mplimentary altemative support grant to the already existy.ng tharitable funds availabkg to people working in the entertainment business. p.ppi¢an1s musl have been in active work PriOT lo the pandem wthin the entertainment business. The Royal Theatrical Fund
Trustses, report Year ended 31 Mard) 2023 REVIEW OF ACTMTIES AND ACHIEVEMENTS Icontinuedl This fund refiects and regrSe$ that peOe have an immediate need. The Stricted fund closed in September 2023. Rgview of Grant4lakiTrg Actfjvlti•s Dullng the financial year, the are Commfftee received 354 applicab.ons for assistance. all of 1¢h were conwdereij by the P£sard. The Fund assists 90 extsling beneficiaries. The total vRIra costs for the year amount lo £662.491. This sum include(J £139.372 paid on behaw of peop in nur55ng15lden'avcofiValescentyhQmeCare.. monthly allowances amounting to £191.850', one off grants in respect ol the FSF. Cost of .ng Crisis Fund d Q01,323, special gits totslling £49.211.' £62.173 being the birthday and Christmas gifts and winter fijel 9ranls funded by the Benefactors Scheme.. the annual d¢)nat'on 1Ved from Acting for Other5 and other sundry costs. Dunng tr*e year the Fund has at50 been able to provide advice alt entitlement to state benefits and provth emOtnal support and fn"endship lor those beneflaneS who are isolated. 7 befiC1arie$ died during the year. Review of Fundralsing adjvities The Annual Chnstmas Concert locA( place at St Paul's, Covent Garden. The cast induded, Riehard Clifford. Sir Derek Jacobi, Robert Lindsay. Janie Dee, Ginny Hdder. The RTF Choir th Musical Director Stefan Bednarr2yk The London Show Choir. Reverend Riehard Syms welcomed and blessed the seNice We look foward to returning in 2023 for another ¢heerful start to the festive season. The Royal Theatrical Fund rcnmenCed the nWcloVed coffee and clKJif momings * Sl Paul's Church. Covenl Gard. are e1hted that we i0ed for¢e5 With The klors Benevdenl Fund and invrted thwr beneficianes and members to attend. We now share the ¢0St of cur sessions Trmth the ABF. We also reached OLrt to other sister charities lo encourage thwr beneficiaries to c(Mre abng. For many attendees. rt is a lifeline and something that they greatty look forward to. The SeSonS continue lo be led by Musical Director Slefan Bednarczyk and are oten to any¢ trat enjoys smging and being part of the theatrical communty. The Trustees would like to express. once sIn, their immensa gratitud8 to the Benefactors. The amount raised during the finanaal year ended 31 March 2023 was £31,359 12022". £61,047). Legaaes we wtal to the growlh ofthe Fund and we were pleased to receive legaaes from Kalln Davses and AJ8n Curtis. The Royal Theatrical Fund 9
Trustees, report Year ended 31 Marth 2023 REVIEW OF ACTIVITIES AND ACHIEVEMENTS Icontrnuedl Revi•w of Fundraising actfvlttes Icontinuedl The Trustees take this opportunity to thank their Colleag and friends for their enwuragement and donab.ons especially at a tsme when there ire so many calls on their generosity. The Fund also attivety ertourages supput from members of the profession who are currently working and in the wblic eye. Public donations were recewed during the finanoal year ended 31 March 2023 totaling £69.32312022.. £23.6991. and in addrf(ion £90.000 12022.. £126.5001 vras received from Acting for Others of whh partwas used towards a wnler fud allowance lo the beneficiaries in 2022123. Special thanks go lo.. To ovr Former Patron Her Late Majesty The Queen, Phoebe Waller-Bridge, Francesca Moody MBE. Olivia Colman, Ed Sinckiir of the Theatre Communty Fund and Fleabag Support Fund. Acting for Otlers, Sir lan McKellen, Tallow Chandlers Company. Joseph Strong Fraser Trust the Mackn'ntosh Fourab"on. The Trustees wish lo record tlir ncere gratitude lo all our befaCtorS and donors and suppcrters for thwr generosty. Approach to fundraising The Royal Tiealrical Fund Is a value-drivgn tharity Ihat conducts rts activities in lino th the hghest elh¢cal standards. In accordarKe with the latest Charity Commission guidance, the charty wll irdLKle infomation on its approach lo fundraising in rts financial stateTnenls going forward. The main method5 the charty uses for atcessin9 indivual donors are fundraising events. The chanty does not contact members of the public. esperyally vulnerable people. in an unreasonably IntrusNe or persislent manner. The charity has robjst internal policies on data collection The tharity is prepare(I to refvnd any d¢Jnatson which is shown lo have been gained through unreasonable lundraising. whether a(hertentty or inadvertentty. There were no complaints rnade to the chanty in the year in respect of ils bJn(tra151ng. Financial review A summary of the Y,$ $yS can be fwrKI on page 20. The Fund generates income from its propety n Gak Street. rts Investments and from donations and grfts Total income for the year was £861.168 12022 £814.9421. This cons151ed of donations and g8cleS of £288,262 12022 £412.3401. investment income of £568.920 121Y22 £388.94818nd fundraising and events income of £3.98612022". £13.6541. Total expentjilure for the year was £1.029.354 ;2022- £980.0521. of which £862.491 12022 - £667.0581 was given in the form of weffare grants to IndNiduals. The remainder of total expenditure was spent on support costs and raising nds. The net movement In fvnds for the year was a defi¢it of £965.540 12022_ surplus of £363.0541. The Royal Theatrical Fund 10
Trustees, report Year ended 31 Marth 2023 REVIEW OF ACTMTIES AND ACHIEVEMENTS Inned) Financial rnview {conlinued) At 31 March 2023 the had totsl funds of £15.503.675 12022 - £16,469,215>, £15.331.62312022 - £16,163.363) of these were unrestricted. At 31 March 2023. £130,691 of rencted funds were hekj 12022. £256.8051, and the charty also held as a permanent endowment fund called the Covènt Garden Fund of £41.361 12022 - £49.0471. Exduding the effect of the value$ of the endowment fvnd, the restricted fund as well as the value of tangible assets and inveStmt properbes. the Charity's tolal free Teserves stC#Jd at £7,981.721 12022 - £8,803,367) Invostment policy The Board has delegated the day-to-day management of investments lo investment advisors uThJer a management agreement 8L*horised by the Charty Cornmissioners. A review of the FuThl's portfolio of investr)ents is a standard rtem on the agenda. Quilter Cheviot, who are the FuThY's investment advisors, have keptthe posib.on dosely under revEw, bearing in mind that the Fund relie5 to a consideratle exlenl upon dividends and rental income to help beneflarieS in rEed. The Twstee5 are confK18nl. that with careful management. the Fund has SLrffiaent money from these scxJces lo provide for our current benefKiaries. The Chaiman of Finance keeps the Fund's finaeS throughout the year under eonstant supervision R•s•rves pollcy The Fund's main assets consst of a investment portfolio which h8s a ojffent fnarkel value of £7,567.61912W22". £8.279.3811 and the propety 9, 11 and 13 Garrck Street, London 2E 9AR which Yfds last valued at £7,100.000 in 2017. These consb.tule the source from vknKh the Fund derives Investment income. The total fijnds stood at £15,503.675 12022.. £16,469.2151 at 31 March 2023. Exduding the effect of the values of the endowment fund, the restricted fynd. a5 well as the value of tangib assets and investment properties. the charty's total free reserves stood at £7,981.721 12022- £8,803.3671. The Trustees foresee that the calls upon its Fund will inuease both baUSe ofthe conts'nuing trKI t(Y•Yards more beneffiuaries seeking help, and because of the large increases in fees charged by nursing horrEs and residential eare homes and also the ¢2xl-of-livirYJ crisis. In previous years the Trustees. policy on reseryes was to meet the calls on rts funds from the ineome and lo preserve. as far as POswb. the serveS that il currently hOs. The Trustees, ain for the frJtU is to be ae to accumulate and Increase the value of its portfolio of listed investments so that the ircome Wld be increased from this source. bul also that the overall reservgs should irKxease prLyortionately to inflath)n. There ttas ncrt been a chaNJe to the resee¥ pOIy. Trustees have concluded that there are m material uncertaints'es related to events or condits'ons during the Cost-of-LNing Crisis. The Royal Theatrical Fund 11
Trustees, report Year ended 31 March 2023 REVIEW OF ACTMTIES AND ACHIEVEMENTS Icontinuedl 8sessmenl of going concern The Trustees have assessed whetherthe use ofthe going conrn assumption is appropriate in prepanng these finanaal statements. Tho Trustees hava made this assèssment in respect to 8 period of one year from the date of aFproval of these financial statements. In conclusion the Trustees are confident that even thcmjgh the tharity does fxe some challènges the Fund is a going concem. Risk managèment The Trustees have identifbed the followg key risk5 to which the Fund is exposed.. The risk of incurring svJnificant losses in the investment FQrtfol>) whith would continue to erode the reserves in light of the increasing demand for assstance from the Fund. Performance targets are set by the Trustees In Telation to the investment Portfolio. a1 the Investment performance Is kept under wular review by the Trustees The repuialional risk arising from inappropriate use of monies granted to the charity's beneflaTIe5. To mitigate the risk the charity carne$ out detailed assessments as part of the due diligenct process for all irnlivKlual grant appli(3nts. The risk of a tser attack is classed as high risk. The Trustees have assessed and implemented a rKJorous training programme for all officers and Directors and implemented addItnal securty through rts IT Mpany. Thè knss of key members of staff whith could affect the Ghartty's atslity lo carry otJt its day-¢041ay operations. The chanty has 'bath up. staff available in the event of death or incapacrty. The Chairwoman and Vice-chairs maintain good oversight of the ch8rity'$ operations. The Finance Committee. on behalf of the Board conducts a risk assessment annually to revow the major risks faced by the Fund and to ensure that they have a soun¢J knowledge of the charity and are in an informed posrtion regarding its operations Safoguarding Pollcy The RTF is committed to proteding ple who come into contsct with OLsr charity. induding our seNice users, berI¢lar1eS. wple w) supp¢yi our work. our Directors, 5tsff and volunteers. Everyone who works wth or on bthalf of the Charty is made aware of OUT safeguarding policy. whth covers the followng policEs'. vulnerab Adult Safeguarding Policy. Equal OpportunrtieslDiversity Policy. Anb"_8ullying and Harassment Policy. istkblowng Policy. Heakh & Safety Policy, IT Acceptable Use Pdicy, Relationships at Wryk Policy, Disuplinary an¢J Grievan Policies The Royal Theatrical Fund 12
TrustO0$' report Year ended 31 March 2023 REVIEW OF ACTivmES AND ACHIEVEMENTS {eonknnued) Plan$ for th• fvture The Royal Th8alrul FuTrJ c"nUeS lo focus on Suppo"n9 the industry'5 workforce in times of uisis. Infialion has reathed histoll¢ levels and as a resur( we contsnue lo see an increase in the need from new and eSts"ng berclarieS that are struggling wrth the risng cost of living. We are closely monrtoring w beneficiaries, finanaaj struggles as fo¢>J prices also incrgase akJrwJ wrth utilty bills. Increasing foott arKI pnvate ntaI and mortgage rale rises are a major concem for The RTF as highef rates of infiabon are predicted lo last untsl al least 2024. We Con"ne to review our winter fuel grants and will Increase these in line with inflab"on. As we look ahead and wth the dosure of the Fleabag gJpport Fund. The RTF wll launch an Emergency Cnss Gfant Scheme In the Autumn of 2023. The ethc6 of rhe Emergency Crisis Grantwill be to work ek•sety v*th sL8ler charrb"es. the fijll criterra of these plans will be finalisé in SepteMLr and 11 te womoted via other IatrIcal charities and on all our soctal media charls. are continualty IM&vIng our marketing and publirAty strategy to reach out lo the theatncal communty acxoss the UK, ensuring they know where we e in times of crisis. The Royal Theatrical Fund 13
Trust•es' roport Year ended 31 Marth 2023 STATEMENf OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Annual Report and the financial statements in ac£ordance viith applicable law and Unrted Kingdom Accounting Standards Iuniled Kingdom Generally Ao2pled Accounting Prace). The law applicatrle to charitses in England & Wales requires the Trustees to prepare financial $taternents for eath financial year whKh gi¥e a true and fair view of the 5tste of affairs of the harty and cf the income expenditure of the tharty for that pèriod. In preparing these financjal statements, the Trustees are wuired to.. sel£rl suitable accounting pjlicies and appty trem consistentty", observe the methods and principles in Aeeounkn"ng and Reporting by Charities". Statement of Recommended Practice applicable lo charities pparing their financial statements in accordance wth the Financial Rèporting Standard applicable in the UK and Republic of Irdand IFRS 102)., make judgments and e5b"mates that are reasonable and prudent., state whether appC8b United lQ"ngth)m Accounting Standards have been followed. subject lo any material departure5 disclosed and explained in the financial slement8', prepare the finanual statements cn the going COnM basis unless il Is inappropriate lo presum• that the charty wll continue in business. The Trustees are responsible for keeping proper accounb.ng records that disclose with reasonable accuracy at any time the finanu81 position of the charty and enable them to ensure that the finana81 statements comply wth the Charities Act 2011. applicable Charity 1CountS and Reports) Regulations and the provisions of the charity's trust deed They are also resFonsible for safeguarding the assets of the charity and henco lor taking re8wnable steps for the prevention and detection of fraud and otheT Irregularrtie5 The Trustees are responsible for the rnaintenance and integrity of the charity and financial Information Induded on the charity s websrte. Legislation In the Un(fed Kingdorn goveming the preparation and di8seminats.on of financial statements may drffer from legislations In other jvrisdictions. Approval This repx)rt was approved by the Board of Trustees on6 Decembei 2023 and signed on i(s behaff by Chairman Samantha Bond The Royal Theatrical Fund 14
Independent audltorfs report Year to 31 March 2023 Indop•nd8nl audltorfs repart to the Trustees of Thè Royal ThtrIcal Fund QualIfd oplnion We have audited the accounts of Royal Theatn"¢al Fund Ilhe 'charity'l frjr the year ended 31 March 2023 which comprise the statement of finanual actWItS. the ban sheet, the statements of cash flow5, pnncipal aoUb"n9 wliues and the Th)tes to the accounts. The finaneial reporting framework that has been appld in their preparation is applicable law and Unrted Kingdom Accounb"ng Stsndards. indudirg Finanoal Reporting Standard 102 'The Financial Reporting Standard appliCae in the UK and Republic of Irdand, Iunited lQngdom Generalty keepted Cnting Prartice). In our cpInn. except for the posSie effects of the matter dèscribed bèlow in the basis for qualrfied opinion seCtn of tyjr report, the unIs. gNe a true and fair view ofthè state of the Chanty's affairs as at 31 March 2023 and of ts irne and expenditure for the year then ended.. • have been property pryed in accordance United lfjngdom Generally Accepted AUntIng PTaclte', and have prepafed in xcordance the wuirements ofthg Charities Act 2011. Basis for qualrfi•d opinion Limitation of scope The charity did not obtain a valuation for ts investment propety * 31 March 2023, as il was thwght thai a reliable valuation would be hard to obtain gwen that negotiab.ons in respect of a tenant's lease renewal were ongoing. were Unab lo satisfy oursefves by artemative means ¢onceming the valuatton of the investment prorty at that date by using other audr( procedures Consequenlly, we were unable to determine whether any adjustments might have teen frtd necessary in res of the investh)ent PTopety valuab"on. conducted our audrt in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our resp¢nsibilthes under those standards are fvrther described in the auditols responsibililes for the audrt of the accounts section of otjr report. We are independent of the chanty in accordan with the ethical requirements that are relevant lo our audi( of the accounts in the UK. induding the FRC'S Ethical Standard, and we have fulfilled our ottt etht& respOn5itM"les in accordan with these requirements. We believe that the audrt 8wdenee we have obtsined is suffiaenl and appropn'ate to Provide a basis for our opiruon. The Royal Theatrical Fund 15
Independent audiior's rèport Year to 31 March 2023 Concluslons relating to going conc•m In auditing the accounts. we have concluded that the trustees, use of the going eoncem basis ol accounting in the preparab.on of the accounts is appropriate. Based on the work we have perforrned. we have not identffied any m8lerial uncertaint$ relating to events or conditions that, indwidually or collectively. may cast ggnificant doubt on the charity's ability to continue as a goiro concern foT a perh)d of at least tsvelve months from when the 8c¢ounts are authorised for issue. Our reSpsibIlItieS and the responsibilrtie5 of the trustees witt) respect to gng cOnM are d&cnbed in the relevant se¢tions of this report. Other informatlon The trustees are resw)nsible for the other nformth"cfj. The other irfomats.on comprises the information included in the annual report and accounts other than the aUnIS our audrtorfs report thereon. Our opinion on the accounts does not cover the other infomalion and we do not express any fom of assurance con¢lusK)n Ihereon. In connection our audit of the accgunts. our responsbility is to Tead the other infomiatitin and, in doing so, consder whether the other Infomation is materially incortsistent with the accounts or our kn¢Mledge obtained in the audit or otherwise appears lo be materially mtsstated. If we Identify such mater1al inrxnsistenaes OT appant material misstatements. we are required to determine vthether there is a material mi8slement in the accounts or a material mis5taternent of the other informath)n If. based on the work we have perfomed. we conclude that there is a materi81 misstatement ol this other inf(Ymab"on. we are required lo report that fact. We have rn)thir¥J lo report in this regard. Matters on which we are rvquirgd to report by 8xception È have nothing lo port in Tespe¢t of the followng rnatters in relation to which the Charities Act 2011 recu1$ us to report to you rf. n our opin10n." • the information given in Ihe trLtstees' annual rewi is inconsslent in any material respect wlh tre account5." or su[fiCnI accounting reeords have rot been kept.. or the accounts 8re nr>t n agreement ¥th the accounting records and returns.. or e have not received all the infomiath?n and explanions we require for our audit. Responsibilities ¢1 tru$twJ As explained more in thetrustees respK•nsitiIrtS statement, the trustees are sponSible for the pparatIon of the accounts and for being satisfied that they gwe a true and fair view, and for such Inlemal control as the trustees determine is necessary to enable the preparation of accounts that are free from matenal misstatement. whether due to fraud or eTror. In preparing the a¢unts. the tru$tee5 are responsi8 for assessing the charity'5 ability to continue a5 a going concern. disclossng. as applicable. matters related to 90ing ncerN an using the going conceTn basis of accounttng unless the trustees either intend to Iiouidate the charty or to cease operatK)ns. or have no reali5ttc altemative but to do $0. The Royal Theatrical Fund 16
Indendent auditorfs report Year to 31 March 2023 Auditovs responsibilities for the audll of the accounts Our objethes are lo obtain reaSonae assuran about Wheth the a¢xounts as a whole a free from material misstment. whether due lo fraud or error. and to issue an auditor's report that in¢lvdes our on)n. Reasonable assurance is a hHJh lèvel of assurance. but is not a guarantee that an audit conducted in accordance wr(h ISAS IUKI will aVaYS delect a malenal misstatement when it exists_ Misslements can art$e frorn fraud or error and are nsidere(I matenal if. IndNidually or in the aggregate. they eould reasonabty be expected lo infiuence the economic decisions of ¥Jsers taken cn the basis of these accounts. Irregularitie5. IrKluding fraud, e instsnces of non-compliance laws and regulat'ons. We design procedures in lirE wrth our Iespon&bilits. outlined above. to detect material misstslemenls In respect of 1rregularrts, induding fraud. Our approach to idenb"fying assessing the rsks of matertal mtsslalemenl in respect of irrwlarties. induding fra¥A and non<ompliano wrth kws and regUlatnS. was as follows.. the enwement partner ensured that the engagemerrt team collectively had the aFpropriate competence. capabilits and skn'll$ lo identfy or re¢ognLse non-compliance vthh appl laws and regulth"orts,' V+t idenlrfied the laws and regulats"s app1Kae to the tharity through dis¢ussions wlh Managerne, an¢J from ¢)ur commer(aal knowwe and experien of the sector., the idèntified laws aThJ rul1)nS were eommunieated within the aLJil team regularly and the team remwned alwl to instsnces of non-compliance Ihroughoul the aLdit,' IU$ on spe¢ffic la4VS arKI regulatnS %ich we o)nsidered may have a direct materi* effect on the accounts or the ath'vthes of the tharity. These included but were not limrted to the charit$ A¢t 2011, the Finanal Reporbng Standard applicable in the Unrted KinOrn and Reput4ic of Ireland Ichanties SORP FRS 1021, the Financial Rep(Yting Standard ar01le in the UK and Republ of Ireland IFRS 1021,. and • VE assesse(I eent of compl'ance wih laws and regulations identffied above through makn'ng enquir of management. inspecb"rrfJ legal correspondence and reviewng trustee meeting minutes. We assessed the suscepts"bilty of the chan"ty's accwnts to malwral misstatement, induding obtaining an urKlerstsnding of hcm fraud might ¢Ur, ty.. making enqumes of mageMeftt and ttrK charged wih govemance as to where they conwdered there was SpI1.1ty to fraud. therr knoedge of 8CtuaJ, suspected and aleged fraud,. and considng the intemal controL8 n Pla lo mtyate risks of fraud and non<ompliance ith LAWS and reguktDns. To address the risk of fraud through management bia5 and override of controls, we.. perfomed analybeal pr¢Kedures to identify any unusual or unexpected relationships", The Royal Theatrical Fund 17
Indepondent auditor's report Year to 31 March 2023 Audito¢s rnsponslbllltles for th• audit of the #ccounts IcontTriuedl • tested Joumal entr5 to identfy unusual transactions; • tested the authorisatb)n of eXpeIlture as part of our ¥ubstantive testirYJ theTeon', assessed whether judgements and assumptions made in determining the accc¥Jnling estimate5 sel out in the accounb.ng policies were indicatNe of potential bias.. and used data analytics to identify any signfficant or unusual transactions and identfy the rats)n&e for them. In response lo the risk of irregularities and fn-mplianGe with laws and reguiab'ons, we desoned procedures which induded. but were not limited to.. a9re¢ing firanrial slatement disdosures to un¢Jer'ng suppo"ng dcturnenlation," • r&iding the minutes of TNstg0 and Finance Commrtiee meetings.. enquiring of management and ttrK)se carged wlh govemance as to actual and potents'al litigabon and Claims.. and reviewng any available rreSpondenCe wth HMRC and the Charty Commisson. s a resur( of our proCedUS we did not identify any key audit matters relating lo irregularities. There are inherent limrtatKJns in our audrt procedures described above The more removed that laws and regulatn$ are from financK41 Iransath"ons, the le&8 likely rt is that we would become aware of non-compliance. Audib"ng standards also limit the audit procedures required to identify non-complian laws and regulations to enquiry of the trustees and other management and the inspecbon of ulatOry and legal correspc)ndence. rf any Material misstatements that arise d lo fraud can be har¢Jer to detect than those that arise from error as they may invd¥e deliberate concealment or Colluon A further description of our respLnstbilrties for the aLKIit of the accounts Is Ioc8ted on the Financial Reporbng Council's websrte at www.frc.org uk1auditorssponslbllitles. This description fomis part of our auditorfs report. The Royal Theatrical Fund 18
Independent audltorfs rèport Year lo 31 March 2023 Use of our report This reF)Ort is made sc4ety to the ch¥ity's trustees. as a bo(ty. in accordan wth section 144 of the Charibes Act 2011 and with regulions made under seth'on 154 of that Act. Our audit IAt)rk has been undertaken so that we might state to the charity's trustees those matters we are required to state lo them in an auditorfs rert and for no other purpose To the ftjllest extent pem)itted by law, we do not accept or assAJme responsibility to anyone other than the charty an¢J the charrty'5 trustees as a bt)Jy, for our aLJit work. for this report, or for the oFInnS we have f(Ymed. Buzzacott LLP Statutory Audi(or 130 Wood Strgel London EC2V6DL Date: 12 lanuary 2024 &Jzzacott LLP 15 eligib to act as an auditor in terms of Section 1212 of the Companies Act 2006 The Royal Theatrical Fund 19
Stat8ment of financial activitles Year ended 31 March 20283 Un- endowirnnt R*stricted rnstri¢t•d funds funds fvnd5 2023 Total ErwM0nt Restricted lerfe¢ nds ftjthys fvnds 2022 Total Inwn• and •ndowm•nts from: DortIOnS and legao FuNJralsing and everts Investments Total Income ory1 ondowmgnts 212.782 28B.262 18&994 225.346 11654 388.766 412.34D 73.654 388.948 241 679 $6&¥40 182 241 75880 n&447 861,168 782 186.994 52T.766 814,942 Exynthiur• on.. Raising fund¥ Invesimem man8gemerrt costs FundraisKW Property expendrture 89,39S 1.774 1,774 57.04J 57,043 13&528 1.15 39.609 1)6.912 1,154 39,t9 char819 •dvlties 201.59$ 679.154 180.749 406.lQ2 396.275 2,377 Total exyndituro 201.595 827,366 1,029.354 406, to? 573.566 980.052 t18xpenditur•l Incomo befor8 Snvestrent mov0nts 11521 1125.11S) 141.9191 I1186) 1219.708? Nel1105sesl gain$ on nveslrnen15 Tran$fer beiww fLThJs IT.2931 R411 1797.3541 (497) (1821 528.661 182 528.164 241 Not mov•m•nt in fund$ (T.6} 1126,t151 (831.7391 19645401 18811 19.108} 583.043 363.054 Reconciliation of fun(18: Total fu8 browht forw&d t7.18,19 44,047 25Q805 16,163.363 16.469,215 49.928 47&914 15.$80.319 16, 106.toi Totsl fvnds carfod lorn3fd 17.18.19 41,361 130.691 15,331,623 15.503.675 49.047 256.805 18. 163 363 16.469.215 AJI amwnts relatè to eontinuing actTVrties. The statement of financial actsvrh.es indudes all gans antj bsses recognised in the year. The notes on pages 288 to 34 form part of these financ1 stslemenls. The Royal Theatrical Fund 20
Balance sheet 31 Mwch 2023 2023 2022 )tss x•d ass819 Investment propety Listed Investrnents Tangibk assets 10 5,779,356 5.779.356 11 7,S67.619 8.279.381 9 1,SIO,$46 1,580.640 14917.521 15.639.377 Debtor5 Cash at bank and in haThJ 72 124.692 651,528 776.220 13 1190.0661 77,552 843,954 921.5( 191,6681 Creditors: arnourts lalkn9 due wrthn or y8ar N•t curr•nt assets 586,154 829.838 Nèt a88ets 15.503,675 16.469.215 Tho fvnds oftl ¢lArlty Unresirith8J funds C*reral funds Resth¢ted fiJn(Is EndLMrnent fvn 17 14331,623 16,163.363 18 130,691 256.8 19 41,361 49,047 Total funds 15.503.675 16,469,215 The financial statements We approvad by the Tru51ees and auihorised for issue on and signed on their behalf by". Chairman Samantha Bond - 6 December 2023 Tho rK)les on pages 28 to 34 form part ofthese finanoal statements. The Royal Theatrical Fund 21
Statement of cash flows Year lo 31 March 2023 2023 2022 Net Gash (used in) operin9 a¢tfvltlgs 1681,5961 1494.2391 Cash flows from Investing xlivtb¢s.' Payments to acquire trn91b fixed assets paymts to acquirè lnvestrnts pro¢1$ froff the Sa of investsments Inve5trnent income ¢eNed 119S,6911 11,721,0011 1418,1021 1,748,598 336210 56B,920 388.948 596,517 110.365 chall in ¢a$h and cash 8qJivalents In the year Cash and cash equivaknts atthe teginning of the yeai Cash and cash •quEvalènts at the ond of th• y•ar 185.0791 967,448 882,369 1383.8741 1,351,322 967 448 2023 2022 Reconeillatlon of incom• to n•t $h flow from op•ratlng adivities Net movernent in fvnds for the year Deprwahon Investrnent Income Reall1 ILwe5 loairtsl on investrnents nalised Ic&ses Igainsl Inve5trnents Ilncreasel drease In debtors Ircrease Id8cTrasel in credrtor5 1ndudiro wnson liabilty Net cash used In opgrating adtvitl•s 1965.$40 363,054 4,253 8147 1568.9201 1388.9481 205.316 3.173 592,038 1531.3371 147,14fl 196,7 98,398 1145.2351 1681,5961 1494.2391 2023 2022 Analysls of cash and ush eqU1¥ats Cash at bank and In han Cash held by Investsment maroger Total Cash and cash equiVanI$ 651.528 230,841 882.369 843.954 123.494 967.448 The Royal Theatrical Fund 22
Principal accountlng policies Year to 31 Mah 2023 The pnncipal accounting policies ath)pted. judgements and key swrces of eStimatKsn UrrtaIfity in the preparation of the finanual statements a Lqid OLrt below. Accounting convention These financial statements have t)een prepared for the year lo 31 March 2023 and are presented in sterling 8nd are roundeil to the nearest POU1. The financi81 statements have been prepared under the historieal cost Convention with itams recogni$ed at cost or transaction value unless otherwse staled in rdevanl accounting pclicies bek)w or the notes to these finanaal stalemenls. The finaneial stslements have been prepared in acLordance with Accounting and Reporting by Charities. Statement of Recommended PractKe appIae to charf(ies prepanng their fancIal statements in accordance wth the Finanual Reporting Standard applicable In the Uni(ed lQngdom and Republic of Ireland {FRS I2) (Char"e$ SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Rewblic of Ireland IFRS 1021. The charty mistrtut8s a Wb1 benefit entty as defid by FRS 102. ritical •imates and Judg¢ments The most significant areas of Iutjgemenl and key assumptions that affect rtems in the financ¥al statements are in relab'on to". The charty's irwestmenl wokErty valuation. The investment propety portion is carried at the last formal valuats'on coThJucted in 2017. and as such this is only an estimate of the current value of this portft of the propety. The chanty did not obtain an updated valuation foi ils investmerrt propety at 31 March 2023, as it was thought that a reliable valuation would be hard to obtain given that ne9Otiations in respect of a tenant's lease renewal were orooing. th respecl to the next reForbng perv)d for the year end 31 March 2024. the most signiftant areas of urertaInty that affect the ¢ary"ng value of assets held by the charity aFP the level of investment retum and th8 performance of the investment markets. Assessmgrrt of going concern The Trustees have assessed vthether the vse of the going concem assumption is aFpfowie in preparing these financial ststements. The Trustees have made this assessment in sPeCt lo a Feriod of one year frcm date of approval of these financial statements. The Tru$lee5 have condsjdèd that the are no makrial uncertainties related to events or condrtior6 that may cast significant ¢sutrA on the ats.lity of the charity to Contin as a going concern. The Royal Theatrical Fund 23
Princlpal accountlng policies Year lo 31 March 2023 Incom• recognltlon Income is recognised in the period in which the ¢harty is entitled lo receipt and the amount can be measured rellaY and rt is probable that the income will be received. Income is deferred only when the charty has to fuKIl conditions before becoming entiued lo It or where the donor or funder has speafied th* the income is to be exnded in a future accounting Period. Income comprises donabons. legacies. income from fijndraising events, investment income and other income. Donations are recognised vthen the charty ha$ confimalion of both the amount and setuement date. In the event of th)nalions pledged bLrt not received. the amount is acLrued for where the receipt is consideretl probable. In the event that a donation is subject to condf(ions that require a level of performance before the charity 15 enlrtled to the funds, the income is deferred and not recognised until erther those conditions are met. or the fulfilment of those condtbons B wholty within the control of thg charity and it 1$ probable that those Conditior wll fulfilled in the reporb'ng period. Legacies are inchjded in the ststement of finanual activities when the charity is entrtled to the legacy. the executors have established that there are suffi¢nt surplu5 assets In the estaie to pa> the legaGy. and any condrtions attached to the legaw are wrthin the control of the charity. Investment income in respeclof listed investment is recognised once the dwidend or interest has been dedared and notrficatson has been rgceNed ofthe amount due. Investment income n respect of th¥ charity's inveslment propety (rent and serVe chargel is re¢ognised when receivable. Otherlrading income is reCOgned10 the exientthat it is probable that the econornic benefits 11 flow to ttre charty and Ihe revenue ¢an be rellaY measured. Expendituro LkAbilrties are recognised a5 eXpendrtU as soon as there is a legal or constructive obligathjn eommitting the eharity lo make a payment lo a third party. il is probable that a transfer of economic benefits will be requi in settlement and the amount of the obligation can be measured reliabty. l expendi(ure is aoUnted for on an accruals basL8. and Is allocated lo the appropriate heading in the finanaal ststements. Charitable exndrtUre comprise grants and financial assistance which is provided foT en approved b>. the Trustees. The costs 01 r8igrg lunds comprise those costs diTectty attributable to managing the charty's Invèstment portfolio. its investment prOpty linduding refiJfbLshment expenditure} alld raisin9 fundraLsing income. The Royal Theatrical Fund 24
Principal accounting policies Year to 37 Ntsrch 2023 Expondituro leontinuedl Govemance costs comprise the costs of complkgnce wth constilulional and statutory requirements and Include the auditor's remuneralvm. and these are allocated within suFport cost to a relevant expense category. Support ¢03ts a Ihose o)sts whth enable fvnd generating and charitable activities to be undertaken. Where vilies incurred relate to more than one cost category, rt is appointed on the most appropriate basis and on a reasonable and consistent basis. Finan¢ial instrum•nts The Charty only holds basic finanoal instruments as defined in FRS 102 The finanaal assets and finanual liabilitses of Charity and their measurèment basis are as folk>w8'. Flnancial assets other debtors and accrued in¢ome are basic financial Instruments and are debt Instwments measured at amortL8ed cost as detailed Èn note 12. Prepayments are nc fInanri instruments. Cash at bank- ts clas5ffied as a basic finarla] instrument and is measured al face value. Financial liabilities other creditors, accruats and the pension Ik8bility are financial instruments, and are measured at amortised cost as detailed in notes 13. Deferred income is not deemed to be a financial lia.1, as the Cash settlement has already taken place and there is an obligatn lo deliver services rather than cash or another financral inslrumenl. Investment property The propety has no histmcal cost to the Charity as rt was grfted to the Fund. The propety is held al a ValUatn conducted in 2017. The eharity did not obtain a valuation for i£s investment property at 31 March 2023, as rt was thought thai a reliable valuation would be hard to obtsin given that negotiatnS in respect of a tenant's lease renewal were ongoing. Any surplus or defittl angng is refited within the statement of finanoal actNrties and is recognised in the reserve5. List•d Investm•nts Investments have been stated in the balance sheet at market value atlhe yearend. Realised and unreIs8 gains and losses are Sn in the stslement of financaal actiMb"es. The Royal Theatrical Fund 25
Princlpal accounting policies Year to 31 PIArch 2023 Fixed a$$ets ssets purchased with a cosl or value exceeding £1.500 are capitalised. Fixed assets are caprtaltsed at c1 or in the case of the pety at valuation. Those which S not freehokl property. i.e. office equipment. are depreaated on a straight line basis over Ihwr usefijl en0m lrfe as follovts.. Office equiprnenl- 33% per annum on cost. No depre¢tIon is provided on the Trust's freehold prortIeS as il is considered that ther8 is no material drffefence betrrfeen the residual value of the freehold properties and their carrying value. The econom life of the freehold properb.es 1s, in the Trustees, opinion, significandy greaterthan fify years. It is therefore consdered that anycharge to depreryation on freehold propertÈs would be Immatenal in the context of these financial ststements. The freehold properties were last revalued as al 31 March 2017. The carrwng values of these revalued assets are reviewed annually for impairment and no prowsion for any impairnient was nN3de as al 31 March 2023. DebtOFS Debtors are recognised al their settkment amcunt. less any provision for non-recoverabilrty. Prepayments afe valued al the amount prepaid. Debtors have been discounted to the present value of the fulure cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and In hand represents suth financial statements a instruments that are available on demand or have a maturity of less than three months from the de of acquisith?n. Deposits for m¢ye than three months but less than one year have been disclosed as short lerrn deposrts. Cash placed on deposrt for MO than one year is d15dosed as a fLKed asset investment. Cradiiors and provisions Credrtors and provisions are cOgnised when theTe 15 an oblwJation at the balance sheet date a5 8 resutt of a past event. it Is Pfobable that a transfer of economic beneff( will be required in settlement. and the amount ofthe 5etUemenl can be estimed reliably. Credilorg arKS provisions a COgnised at the amount the charty anticipates it will pay lo settle the debt. They have been disc(xJnted to the present value of the future cash payment where such diOunting is material. Value Added Tax Value Added Tax Is not recoverable by the chanty. and as such is included in the relevant eosts in the Statement of Finanaal ktivib"es. The Royal Theatrical Fund 26
PTlndpal accountlng pollcl•s Year to 31 March 2023 unstrIcted funds The UnreStrted general lunds are those funds that are availab* for use at the discretion of the Trusteè$ in furtherance of the ger01 objectives of t charity. Restri¢t•d funds The restrted funds of the charty are funds which may be used for a certain purpose in line wth restrictions on their use imposed by the donfx Endowment funds The endowment funds of the chanty ¢ornpr¢se of a pemianent endowment which musl be hdd Indefinrtely. Only the investment inwme generated from those funds can be utilised by the charty towards its ath"vities. Pon$lons Conkn"buts'ons lo empbyees, penson in respect to defined contributions scheme5 are tharged to the stateMt of finanaat ttIeS in the year In which they are payable to the relevant scheme. The Royal Theatrical Fund 27
Notes to tho flnancial slatèments Year to 31 March 2023 1 Donations and 1ggaei•s TWI 2023 Restricted Tot81 5tIT¢led 2022 harty donaticr. ling fu Otyr& COrtriPts¢ fvom ollRf b)dE5 Put4icdonatio Legaues BerEfacttys AwEals Theatre CtrTrfrrtJnty Fd Fab89 Sw)po1 FuThJ Tgtal do1111)$ and legaci .000 126.500 t26.500 6.700 23.699 &ioo 23.699 .323 21.C 31.359 .323 ,000 31,359 61.Q4T 61,047 177 538 9456 ?77.538 9.456 75 0(Ml 75,0fy) 212.782 288,262 186.994 225.346 412.340 2 Inm• from fundraising and ev¢nts Tolal 2023 Re5tiiderl (threstiycted Tolsl 3022 Resin&ed Urtr1ded Locdw Theat cnrtsimas CorKert & pty RO hire S¥$ of DOOkS Total fvndraisin 10.325 a235 10.325 3,235 2.756 1.23Q 1756 1,230 and •v•r 3.9B6 13.654 13.654 3 Investmènt Incom• Tot•1 2023 Enrt)W777ert Unr951rided cÈpoyt Ie$l 2.$57 132.018 273.282 2,557 132,2S9 273.282 235 102.544 265,083 235 102.726 265.083 241 182 Reni ttteittat4e c*¥ae Other Total invesknent incomB 156.748 4074 14748 4.074 568.920 13,936 6.968 388. 766 13.936 6968 388.948 241 8.679 182 4 Property elpendirg Total 2023 Total 2022 Consumancy Direct servicE tharge cc6ts Total property expendlture 49.543 7.500 57,043 30,984 8,625 39.609 The Royal Theatrical Fund 28
Notes to thg financlal statements Yèar lo 31 Mar¢h 2023 5 Charitable activiti•$ rJring the year welfare grants lo indimduds were as flOW$.. Sumi gupptyt Tolal Wekn 2023 Totsl 2Q22 Inoie 6) GRrtts (not& 61 From unrestrictsd fvré5 From fthlcwr#J reslrithd fuTJs.' . FaDag 5utWl FUTh1 . ¢Crnty Furrtl 460.856 218.258 619.154 260,956 135.319 396.275 75.fK#) 126.595 eé2.491 9.4SS 1?&5 396,646 880,749 667.058 9.456 396,646 802.3T7 218.258 135.319 6 Support costs 2023 2022 Stsff 8rnolurrents Inat8 81 8uihYiry exws85 Staty'onery & tepho Insurawe Equipm8nt Maintenance LighbrvJ and heatry 123,146 18,771 3.978 1.517 16.023 7,066 28,49) 13.042 4.383 1.227 16.618 2,247 K-l] Finarn (arg&s Depreoation Publieity & Audrtols remureration Grant commrttee exFensas Travelling eypanses Lè3al costs Printing and offte eypersas l Other Total $upport costs 3,239 4,253 8,491 16.122 891 276 3,278 ,147 25,605 821 199 9.829 21.397 135.319 14,485 218,258 7 Net mov•m•nt in funds This been arrived at aftor charyng.. 2023 2022 Deprea"on OftarYJle fixed assèts Auditorfs wuneratyon . ststutory audit 4,253 8.147 19.080 12,9581 18.660 2,520 The Royal Theatrical Fund 29
Notes to the financial statements Year to 31 Mard12023 8 Staff costs 2023 2022 Wa9es and salan8S National Insurancè Pension costs e back of prmi 96.015 5,890 21.235 93,614 3,858 20.018 188.8001 28.490 123.146 The average number of staff dLFring the yearwas 412022- 41 and rKs stsff memter received sakry ol mre than £60.00012022- none). The key management personnel of the chanty MpriSe the TTU5tees and the Chief Execubve Officer. The TTUStees of Ihe chanty are not remunerated. The total amount of employee kneffts linduding employer pensK)n and national insurance conlribulionsl receNed by the key magernent personnel In the year wa5 £69.17512022- £68.7211. Travel expenses of £276 were reimbursed lo ts¥o Trustees during the year12022 - £199 10 two Trustee¢l. In addition £891 of meing-roLatad ewnses were incurred k>r Trusteg and Committee meetings in 2022r23 9 Tangiblè fixèd ass•ts Freehold Office Propety equipment Total Cost I valuation At 1 April 20Z2 A(Jditiors At 31 Marth 2023 1,564.349 24 438 15.8421 18 596 1.588,787 15.8421 1,582.945 1.564349 D•pr•dalon At 1 April 2022 Charge for the yèaf At 31 Marth £023 8.147 4.253 12.400 8.147 4.253 12,400 N•1 Ix)ok value At 31 MaiL £023 At 31 Mart* £022 1,564.349 1 5S4.349 6.196 16.291 1.570,515 1,580,640 10 Investment property 2023 2022 At l April 2(r22 at 31 Marth 2023 5.779,356 5,779,356 The propety w8s revalued during 2017 by Innes England to total value of£7.100.000, vsng rental yields as a basis of valuation. The property is consKJered to be mixed use as part of it is used the Charty in its day-to-day athvrties 118.6%) and therefore that porb.on has been sh¢)wn %Mthin tangible fixed assets (see note 91. The Royal Theatrical Fund 30
Notss to the financial statements Year to 31 Marth 2023 11 Llsted inY•stments 2023 2022 Mathet value at 1 &)ril Add". Acquithons at CC6t L6s5 disFwl proLwJs Realisaj Ikjssl gain on insesbnents Net nalISed IIc6sesl gains 4.482.256 7.545.831 1,721.1)01 {1,742.7561 1205.3161 1592.0381 418.102 1336.2101 13,1731 531.337 Market value at 31 March 7.336.778 8,155,887 Cash hekj by inve5trnent managers 230.841 123,494 Total rnarket valuo irK4u¢Jng cash 8131 March 7.567,619 8.279.381 Historical cost at 31 March 4.482,2S6 4.482.256 Fur#J$ its) 181 FUNJS UntriCted (mte 181 FuThYs To181 2022 Fur¥J8 2023 InvMtmBnt any$l UK fixed Interest UK equitss Cfverseas equitS Al8matNe InvoStr[ts Cash 422.875 422,875 2.614 6LM) 2.655201 3.4032&3 3,403,283 445.124 445.124 49.047 2.898,929 2,947.092 4,4,553 4,4,553 40.f1 85fj.439 B55A39 230.081 230.841 7.528.258 7,567.819 303.778 303.718 723.494 723.494 49.047 8.230.334 8,279.381 41.%1 The following investments irKlividualty amounted to over 5% of the portfdio at 31 March 2023. Unlts Value JPMorgan Amer Invamt Tnjst Ord GBPO.05 Schrty*r Inv Vomt Eurcpe S4 US Large X G8P DIS 59.200 2,450 420.320 420,182 12 D•btors 2023 2022 &"ft aid reco%erab ()her debtor5 pp3Yrnents and accAl incryne 9.149 111.391 4,1S2 124.692 24.855 52.697 77,552 The Royal Theatrical Fund 31
Notes to tho financial statements Year lo 31 March 2023 13 Credito. due in $5 than one year 2023 2022 Amounts fallin J d wnthn year Other c1t0 Accruab and defeThJ trKcre 128.711 63.355 190,066 32.957 58.711 91 668 14 Rolated party transaction$ The charity Is a member ofthe Comtsned Theatrtal Chanb'es, pPealS Counal, a registered chartsble organisation. Two trustees represent the tharity at TnlIngS of the Council. During the year the charty retsNèd a total of£65.00012022'. £126.5001 In voluntary incomo from the CoJnal. In addrtion. the chwty receNed reimbursement from the Council of a further £12.500 for the use of office Space 8nd resouf($12022". £10.0001. In the prior year, the year ended 31 March 2022, the charity also reNed rent and service charge income of £45,OCtO from Mousetrap Productions Limited. a related party due lo common trustee until January 2022. The ¢harty received grants of £nil12022". £5.0001 from the mkIntoSh Foundation, 8 related party due to a COMM trustee. 15 Analysis of net 8$sèts b•tw••n fvnds un- ToiAI funds Rrriitsd 2023 Furn Fund$ UR- Td FuNJ5 FUTh Funds 2022 5.779.356 1.570 Y6 7 526 258 455 483 5.T19.356 1.570,$46 7.507,119 5ll6.154 130 691 15 331 823 15.503,675 f.580.640 1.580.640 5.7T9.356 5.779.356 8 230 334 8.2T9.381 Tangb f£ Quoted 1nve5knftts t curyent as•i¥ 4YX1 49047 13D691 356 805 573.033 829.538 256.805 16. f63.363 16.469 215 41*1 49.047 The Royal Theatrical Fund 32
Notes to the financlal statements Year to 31 March 2023 17 Unrgstrlctèd fvnds At31 March At1A 2022 IiiThe ExrerwJiturÈ (kjssesi Transf 2023 General lurvJ$ Total ndS 16.163.363 785.447 16.163.263 785.447 1827.3661 (790.rA111 1827.368) (790 C611 241 15,331.383 241 15.331.383 A131 MaKh 2022 AtiAw tbs$8sl Dn Tr&n 7&480,419 QT.766 (562.4661 528.661 88.982 16.763.363 Ftsnd 188.8001 782 76,763.363 Tot81 15 580.319 627 766 1573.5661 528.661 18 Rèstri¢t•d funds At31 March 2023 22 Theatre CcrfftJW Fuj Fteabag SupF¥)rt FurKI Total restrlctsil fvnd 256.805 1126,5951 175.0001 R01,5951 130,690 75.lJJO 75.480 256.805 130,69 A131 AIIArf4 2021 Inc¢)rn ExpeThtitu 2022 Theatrp CommufttyFund &upwrtFunLI roirwrKt6dffixKIS 475.914 177.538 9,456 186.994 (396.6461 19,456) 1406.1021 256.805 475.914 256.805 Theatre Community Fund.. this fund was established to provide Support to thealncal artists and professionals whose Iwelih¢x¥Js and creats've futures have en threatenèd in the wake of the Covid-19 pandemic. ThefvTha wa5 separated thnto pn"ority 5trand$. Hardship grants were in partnership with the Fabag SlP9rt Fund and were distributed in partnership with the Royal Theatrical Fund. Creab"ve aTrJ innovatK)n grants were managed by MGCfutures, induding the app¢tIon kyocess. Fleabag Support Fund.. thi% lund was set up in response to the Covid-19 pandemic wth the ots'eth"ve of prowding a small crisis grant to those that were in greatest need. The Royal Theatrical Fund 33
Notes to the flnanclal statements Year to 31 March 2023 19 P•mian•nt endowment funds At31 March 23 oosÈe&i (xi invs. Transferts 2022 Income Exp¥&.re Cowem Garden Fwd 49.047 241 13931 (7.2931 12411 41,361 A13t Alarch 2022 IAMI Ibssesl on inw& TrèrJsftrT$ Peffti8n8nl fvnd.. Covgnl Gardon Fund 49 928 182 13841 14971 (1821 49,047 In 1899 one third of the Covent Garden Theatre Fund was directed by Court Order to be hdd as a separate ftjnd for the berefit of the Royal Theatrical Fund wrth the income being available for the general purposes of the Fund. In 199611997 the Charity ComMissnerS transferred one third of the fvThJ into the name of the Royal Theatrical Fund. The Trustees foresee that-.his fund will continue In rPetuIty. The transfer from the Covenl Garden Fund represents investment income receivable which is permitted lo be relocated lo the charity's general funds. 20 Fine art assets The charity tra5 In it5 ownershp a collecbon of fine art assets. These are treated as heritage assets 8$ lfrey are maintainèd for their historical value. but are not recognised on thg balance sheet as their monetary value is uncertain. An indicative value based on the value for insurancè purposes is as fc41ows'. 2023 An eaty Victonan mahtxjany extending dining tsb18. CJTra 1840 A set of tswti-fDur Geowe111 swe mahogany dining chairs H8rbert Harnrton- Brcnze b1 of &r Henry Imj A late Victorian dk stsnd A Corge 111 style ts¥ts-h8ThY ojp aTrJ cOr Two onginal marb surrouTrY firepkce5 Minute books of Royal Ttratncal Fund and Coveni G¥den Fund Klisc2llaneoLS rten no one Itern eX&ing £1,C¢X) n vJue 2,500 500 1,792 1,545 3,172 16,810 30.000 4.000 60.319 No addrtion$ or dispc6als occuffed in respect of herrtage assets during the current or prior year. 21 Capital commithient$ A8 at 31 March 2023, the charrty had £nil caprfal wnmitments12022.' £nill. The Royal Theatfi¢al Fund 34