The Royal Theatrical Fund Annual Report and Financial Statements 31 March 2023 Charity Reg$trabDn NL¥nbef Contents Reports Refe[er￿e and administrative infomalion Introduction Rep￿ of the Tru5tee$ Independent au(Jrtor's rerxjrt 15 Financial stst•ments St*ement ol finanoal ath"wties 20 Balan¢e sheet 21 Sl*emenl 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 m￿hael Ball OBE- appointed September 2022 &ephanie Cole OBE Barbara Leigh-Hunt S"r Derek Jacobi &"r Cameron Mad(inlosh John Nett￿S 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 Nata*ha 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 Pau￿tte 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$i¢lan Dr Keith McKee MBBS MRCS LRCP- resigned 13th January 2023 th Martin Saweirs GP - Apwint&J 11th March 2023 Hon Chaplain Rev'd Richard Syms Chiof Ex•cutive Officer Sharon Lomas Registered office 11 Garrick Street London 2E 9AR Auditor Jzzacott LLP 130 Wood Str￿1 London EC2V 60L Bankers Coutts & Co 440 Strand London I￿2R OQS Investm•nt manager5 QUI￿&r Cheviot 1 Kingsway 2B 6AN Solicitors Gowlings WLG LLP 4 More London Riverside Lcmdon SE12AU The Royal Thealrical Fund 2 Introduction The ¢all on the Royal Theatri￿ Fund is inc¥easng year cffl year Irom all genres of the entertainment business. we vL)rk dosety wth many of our ￿Ster ¢haritEs to ensure all those th* meet the cnteria recwve the maKmum financial help t￿Y need lo ensure 8 finaneial slress-free life during their batt￿ with illness, injury or infirmity. As the oldest theatrtal charity wrth thewdesl remitwe are experiencing high levels of appeals trom not onlythose that work on stage and in front of camera bLrt from many who work behind mera. backstage antj front of house. induding MUs￿lan$. dancers. directors and produc6rs. We share cases with many of our si*er 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, wh￿h 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￿$. The figm is not overthough. and we are working on ourfijture plans which we are pleasa¢ to announce will be an Emergency Crisis Grant. More details are in the Trustees, report under Futwe Plans. Finally, we thank our Benefactors, D￿Or$ and Supp)rters for their continued support and defial￿ns. 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 a￿a seas 2U19 1 knisnosed 547th an incurdbje ueurologitsl coij&'tson which m2kes noJ32221 speech Jmpo551ble anJbrou.4.lJr ro an ex￿￿7). (reÈsonabl)' 5uccessfvl.J arniJ& ¢4Ttter which bryryii m J987KoJlow7ngnjy￿JdUArIOn from the drwnA schooj LAMfJA. Throug.hout tharpen.od I ￿MInate enough ￿ 5UPPOrtJiiviel(rlJiough MY acong work ahne. Followsn&FJny &98￿05c$. IconDiiued w7th un5uccessthl trttats21¥nr, e12dleAsly forsonie mirdculous cure, which a tu￿7￿1).£. Kee]iiJ&r rojd mv w"ouldn'r C￿lIFe. TJ2dr n2￿>T￿lI lèebn¥ ha¥ so AT beeD n&4Jt. darn Ji. j'et I W￿red/Or a fvrrAct i"(TrupJe ol}'eArs. watchJn.¥ debr% 1220UlJt. ai condJDon nor onlyprevairedJJie hvJ21 workthg as an attor bur ai¥0 fro122 look￿￿￿or 2lrvrn3ti1"v vJnph)menL Ha%7n¥ 6nallJ' foundmJselfiJ3 a desper2te 53ft￿￿on fjnanci411y3nd wJ¢h k depreAiiOn ro top it off IswallowedmJ"nusplacedpndtt Jndioubthrhdp. WithJn day& the R TF. Acrors lIe￿evoltT}r Fujid wvre in rouch andhe]￿d￿Je 117rh appbc8ti011. wknch resulrvd in 4.4ranr. Thar 4rat3t hdped with household bilJ$ 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). woiJdv￿J. 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 helpvd1￿I￿7￿￿UrJb1y. Ofequ21. orpcrh3p5 vven 8r4rcr, iniporr4iic¢ is rhe kinJJpess 3rid emonoiia15upporr l Lr receil-ed. H4iyt2S*50131eone to ra]k ro ii-ho ￿￿d*￿tand5 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 WideritJijd￿s'd￿drttastynng rheTr.have beex2. Thefv. have a150 #d￿￿ed￿e 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¥P￿velIQTh%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 FO￿110￿} 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 aC￿Unting 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 aCcorda￿e wth the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021. STRUCTURE. GOVERNANCE AND MANAGEMENT Ref•rence and adrninistrati¥¢ dotsils Refere￿e and administrative details are shtrovn on pages 1 and 2 ofthe financial statements. Tho Tru$t¢•s The Trnstees vtho *rved the chanty during the year and up lo the date of signing these accounts w￿8 as follows" Date of apwintment or r8swnalh)n if within period Role Robert ￿nd$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 F*ilip Talbol Jonathan Wcks &"r Stephen Wal -cohen Bt PreS￿ent 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$is and is enbrety at the discretion of the Board. Appointment and olection Of trustees The Fund is based in the UK at Ihe registered office as shown on page 2, under the management of the Board of Trustees who may not exceed 21 In number. from whom Chairperson and Vice Chair a￿ appDinted every three years Ofthe composition ofthe Board. there may not be MO￿ than five rn?rnbers who are not of the theatrical profession. Cuslomanly. t, £15.331.62312022 - £16,163.363) of these were unrestricted. At 31 March 2023. £130,691 of re￿ncted funds were hekj 12022. £256.8051, and the charty also held as a permanent endowment fund called the Covènt Garden Fund of £41.361 12022 - £49.0471. Exduding the effect of the value$ of the endowment fvnd, the restricted fund as well as the value of tangible assets and inveStm￿t 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 benef￿larieS 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 fina￿eS 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 Garr￿ck 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 b￿aUSe ofthe conts'nuing t￿rKI 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 hO￿s. The Trustees, ain for the frJtU￿ is to be a￿e to accumulate and Increase the value of its portfolio of listed investments so that the ircome W￿ld 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 rese￿e¥ pOI￿y. 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 con￿rn 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. a￿1 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 benef￿laTIe5. 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 addIt￿nal 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 p￿￿le who come into contsct with OLsr charity. induding our seNice users, be￿rI¢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 e￿Sts"ng ber￿￿clarieS 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￿"n￿e 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 SepteML￿r and ￿11 te womoted via other I￿atrIcal charities and on all our soctal media cha￿r￿ls. 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 Prac￿e). 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 p￿paring 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 app*C8b￿ United lQ"ngth)m Accounting Standards have been followed. subject lo any material departure5 disclosed and explained in the financial sl*ement8', prepare the finanual statements cn the going COn￿M 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 1￿CountS 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 Th￿trIcal Fund QualIf￿d 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 actWIt￿S. the b*an￿ sheet, the statements of cash flow5, pnncipal a￿oU￿b"n9 wliues and the Th)tes to the accounts. The finaneial reporting framework that has been appl*d in their preparation is applicable law and Unrted Kingdom Accounb"ng Stsndards. indudirg Finanoal Reporting Standard 102 'The Financial Reporting Standard appliCa￿e in the UK and Republic of Irdand, Iunited lQngdom Generalty keepted ￿C￿nting Prartice). In our cpIn￿n. except for the posSi￿e effects of the matter dèscribed bèlow in the basis for qualrfied opinion seCt￿n 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 i￿rne and expenditure for the year then ended.. • have been property pryed in accordance ￿ United lfjngdom Generally Accepted A￿UntIng 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 pro￿rty at that date by using other audr( procedures Consequenlly, we were unable to determine whether any adjustments might have teen f￿rtd 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"l￿es 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 reSp￿sibIlItieS and the responsibilrtie5 of the trustees witt) respect to g￿ng cOn￿M 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 a￿UnIS 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 appa￿nt material misstatements. we are required to determine vthether there is a material mi8sl*ement 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[fiC￿nI 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 explan*ions we require for our audit. Responsibilities ¢1 tru$twJ As explained more in thetrustees respK•nsitiIrt￿S statement, the trustees are ￿sponSible for the p￿paratIon of the accounts and for being satisfied that they gwe a true and fair view, and for such Inlemal control as the trustees determine is necessary to enable the preparation of accounts that are free from matenal misstatement. whether due to fraud or eTror. In preparing the a¢￿unts. the tru$tee5 are responsi￿8 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 $0. The Royal Theatrical Fund 16 Inde￿ndent auditorfs report Year to 31 March 2023 Auditovs responsibilities for the audll of the accounts Our objethes are lo obtain reaSona￿e assuran￿ about Wheth￿ the a¢xounts as a whole a￿ free from material misst*ment. whether due lo fraud or error. and to issue an auditor's report that in¢lvdes our o￿n￿)n. Reasonable assurance is a hHJh lèvel of assurance. but is not a guarantee that an audit conducted in accordance wr(h ISAS IUKI will a￿VaYS delect a malenal misstatement when it exists_ Missl*ements can art$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&bilit￿s. outlined above. to detect material misstslemenls In respect of 1rregularrt￿s, induding fraud. Our approach to idenb"fying assessing the rsks of matertal mtsslalemenl in respect of irrwlarties. induding fra¥A and non 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 serV￿e chargel is re¢ognised when receivable. Otherlrading income is reCOgn￿ed10 the exientthat it is probable that the econornic benefits 11 flow to ttre charty and Ihe revenue ¢an be rella￿Y 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 a￿oUnted for on an accruals basL8. and Is allocated lo the appropriate heading in the finanaal ststements. Charitable ex￿ndrtUre 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 prOp￿ty 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 finar￿la] 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 obligat￿n 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 ValUat￿n 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 negotiat￿nS in respect of a tenant's lease renewal were ongoing. Any surplus or defittl angng is refi￿ted 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 unre￿Is8￿ gains and losses are S￿￿n 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 c￿1 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 e￿n0m￿ lrfe as follovts.. Office equiprnenl- 33% per annum on cost. No depre¢￿tIon is provided on the Trust's freehold pro￿rtIeS 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 d*e 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 estim*ed 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 di￿Ounting 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 un￿strIcted funds The UnreStr￿ted general lunds are those funds that are availab* for use at the discretion of the Trusteè$ in furtherance of the ger￿01 objectives of t￿ charity. Restri¢t•d funds The restr￿ted 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$lons Conkn"buts'ons lo empbyees, penson in respect to defined contributions scheme5 are tharged to the stateM￿t of finanaat ￿t￿￿tIeS in the year In which they are payable to the relevant scheme. The Royal Theatrical Fund 27 Notes to tho flnancial slatèments Year to 31 March 2023 1 Donations and 1ggaei•s TWI 2023 Restricted Tot81 5tIT¢led 2022 harty donaticr￿. ling fu Oty*r& COrtriP￿ts¢￿ fvom ollRf b)dE5 Put4icdonatio Legaues BerEfacttys AwEals Theatre CtrTrfrrtJnty F￿d F￿ab89 Sw)po1 FuThJ Tgtal do1￿111)￿$ 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 In￿m• from fundraising and ev¢nts Tolal 2023 Re5tiiderl (threstiycted Tolsl 3022 Resin&ed Ur￿￿tr1ded Loc*dw Theat cnrtsimas CorKert & p*ty 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 I￿￿e$l 2.$57 132.018 273.282 2,557 132,2S9 273.282 235 102.544 265,083 235 102.726 265.083 241 182 Reni ttteittat4e c*¥a￿e Other Total invesknent incomB 156.748 4074 14748 4.074 568.920 13,936 6.968 388. 766 13.936 6968 388.948 241 8.679 182 4 Property elpendi￿rg Total 2023 Total 2022 Consumancy Direct servicE tharge cc6ts Total property expendlture 49.543 7.500 57,043 30,984 8,625 39.609 The Royal Theatrical Fund 28 Notes to thg financlal statements Yèar lo 31 Mar¢h 2023 5 Charitable activiti•$ r*Jring the year welfare grants lo indimduds were as f￿lOW$.. Sumi gupptyt Tolal Wekn 2023 Totsl 2Q22 Inoie 6) GRrtts (not& 61 From unrestrictsd fvré5 From fthlcwr#J reslrithd fuT*Js.' . F*aDag 5utWl FUTh1 . ¢Crn￿ty 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 & te*pho 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 OftarYJl￿e 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 m￿agernent 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 me*ing-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 ￿n￿alISed 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 Un￿triCted (mte 181 FuThYs To181 2022 Fur¥J8 2023 InvMtmBnt an￿y$l* UK fixed Interest UK equitss Cfverseas equit*S 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.f￿1 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￿ Inva*m￿t 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 p￿p3Yrnents and accA￿l 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 ￿$5 than one year 2023 2022 Amounts fallin J d￿ wnthn year Other c￿￿1t0￿ Accruab and defeThJ trKc*re 128.711 63.355 190,066 32.957 58.711 91 668 14 Rolated party transaction$ The charity Is a member ofthe Comtsned Theatrtal Chanb'es, ￿pPealS Counal, a registered chartsble organisation. Two trustees represent the tharity at Tn￿lIngS 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(*$12022". £10.0001. In the prior year, the year ended 31 March 2022, the charity also re￿Ned rent and service charge income of £45,OCtO from Mousetrap Productions Limited. a related party due lo common trustee until January 2022. The ¢harty received grants of £nil12022". £5.0001 from the m￿kIntoSh Foundation, 8 related party due to a COMM￿ trustee. 15 Analysis of net 8$sèts b•tw••n fvnds un- ToiAI funds R*rriitsd 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,$46 7.507,119 5ll6.154 130 691 15 331 823 15.503,675 f.580.640 1.580.640 5.7T9.356 5.779.356 8 230 334 8.2T9.381 Tangb* f￿£￿ Quoted 1nve5kn*ftts t curyent as*•i¥ 4YX1 49047 13D691 356 805 573.033 829.538 256.805 16. f63.363 16.469 215 41*1 49.047 The Royal Theatrical Fund 32 Notes to the financlal statements Year to 31 March 2023 17 Unrgstrlctèd fvnds At31 March At1A 2022 Ii*iThe ExrerwJiturÈ (kjssesi Transf 2023 General lurvJ$ 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$8sl Dn Tr&n 7&480,419 QT.766 (562.4661 528.661 88.982 16.763.363 Ftsnd 188.8001 782 76,763.363 Tot81 15 580.319 627 766 1573.5661 528.661 18 Rèstri¢t•d funds At31 March 2023 22 Theatre Cc*rfftJW Fu￿j Fteabag SupF¥)rt FurKI Total restrlctsil fvnd* 256.805 1126,5951 175.0001 R01,5951 130,690 75.lJJO 75.480 256.805 130,69 A131 AIIArf4 2021 Inc¢)rn ExpeThtitu 2022 Theatrp CommufttyFund &upwrtFunLI roi*rwrKt6dffixKIS 475.914 177.538 9,456 186.994 (396.6461 19,456) 1406.1021 256.805 475.914 256.805 Theatre Community Fund.. this fund was established to provide Support to thealncal artists and professionals whose Iwelih¢x¥Js and creats've futures have ￿en threatenèd in the wake of the Covid-19 pandemic. ThefvTha wa5 separated thnto pn"ority 5trand$. Hardship grants were in partnership with the F￿abag Sl￿P9rt 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 ComMiss￿nerS 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 b￿1 of &r Henry Im￿j A late Victorian d*k stsnd A C*orge 111 style ts¥ts-h8ThY￿ ojp aTrJ cO￿r Two onginal marb* surrouTrY firepkce5 Minute books of Royal Ttr*atncal 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