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2024-03-31-accounts

The Royal Theatrical Fund

Annual Report and Financial Statements

31 March 2024

Charity Registration Number 222080

Contents

Reports

Reports
Reference and administrative information 1
Introduction 3
Report of the Trustees 5
Independent auditor’s report 15
Financial statements
Statement of financial activities 20
Balance sheet 21
Statement of cash flows 22
Principal accounting policies 23
Notes to the financial statements 27

Reference and administrative information

Patron His Majesty King Charles III
President Robert Lindsay
Vice Presidents Bill Kenwright CBE – deceased October 2023
Michael Ball OBE
Stephanie Cole OBE
Barbara Leigh-Hunt
Sir Derek Jacobi
Sir Cameron Mackintosh
John Nettles OBE
Bill Nighy
Sir Howard Panter
Dame Maggie Smith CH, DBE
Honorary Vice Presidents Dr Keith McKee
Barbara Whatley
Jonathan Wicks – appointed March 2024
Board of Trustees Samantha Bond, Chairwoman
Richard Clifford, Vice Chair
Giles Watling, Vice Chair
Janie Dee
Ginny Holder
Sam Hunter – appointed June 2024
Robert Lindsay
Natascha McElhone
David Michaels
Matthew Mitchell
Francesca Moody MBE
Robert Noble OBE
Peter Polycarpou
Paulette Randall MBE
Amanda Redman MBE – appointed February 2024
Samantha Spiro
Philip Talbot
Jonathan Wicks - resigned March 2024
Honorary Treasurer Edward Oliver, Chairman of Finance Committee
Honorary Legal Advisor Martyn Gowar MA FTII

The Royal Theatrical Fund 1

Reference and administrative information

Consulting Physician Dr Martin Saweirs GP
Hon Chaplain Rev’d Richard Syms
Chief Executive Officer Sharon Lomas MBE
Registered office 11 Garrick Street
London
WC2E 9AR
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers Coutts & Co
440 Strand
London
WC2R 0QS
Investment managers Quilter Cheviot
Senator House
85 Queen Victoria Street
London
EC4V 4AB
Solicitors Gowlings WLG LLP
4 More London Riverside
London
SE1 2AU

The Royal Theatrical Fund 2

Introduction

We are delighted that His Majesty King Charles III has graciously consented to become Royal Patron of The Royal Theatrical Fund.

The RTF is honoured to be incorporated under two Royal Charters: the first granted in 1853 during the reign of Queen Victoria, and the second in 1974 by our former patron, Her Majesty Queen Elizabeth II. The support from the Royal Family has been instrumental in our mission, and we are grateful for their continued patronage.

Since our humble beginnings, we have aided thousands of individuals and families experiencing desperate times. His Majesty King Charles III’s patronage marks a new chapter in our history, reinforcing our commitment to supporting the entertainment community.

The Theatre Community Fund through the Fleabag Support Fund, which RTF administered, has now closed. Since the start of the pandemic and then more recently the Cost-of-Living crisis over 3,000 people have been supported and over £1.8 million grants have been awarded, which includes the grant to MGCFutures.

With the closing of the Fleabag Support Fund, this year we launched the Emergency Crisis Grant. This scheme is to help those that are experiencing an unexpected financial crisis but are not suffering from ill health or injury. We strive to turn no person down who has proved a need and meets the criteria of RTF, we work closely with our sister charities to ensure that those that are in need receive the maximum help from the theatrical charities.

All applications are assessed, and our welfare advisor Sue Basten ensures all clients receive all the benefits they are entitled to, she also helps with Personal Independent Payment and Attendance Allowance applications.

The RTF has recently reviewed their Governance with a view to the best practice guidance raised by the Charity Commission. The Finance Committee keep a watchful eye over the finances, and we are delighted to welcome Robert Noble OBE as Vice Chairman of this Committee. We thank Edward Oliver who has guided our finances since 2002 firstly as Hon Treasurer and then as Chairman of the Committee, sadly he is stepping down this year.

Jonathan Wicks has been a Director of the Fund since 1987 and has decided to stand down, we are incredibly grateful not to lose his years of experience and welcome him as our Hon Vice Chairman .

We are also delighted to announce Sharon Lomas has been awarded an MBE for her 30 years services to the Performing Arts Industry in her role as CEO of the RTF and Acting for Others.

Since the essential refurbishment of the offices, we welcome and host many charity meetings and we are now reaching out to young talent by offering a space to those starting out in the business. By providing the Dickens Room for free, as part of our charitable giving, we have been able to support the development of new work and the careers of talented writers, directors and performers. We have welcomed play readings, workshops and more recently the development of a new podcast.

The Royal Theatrical Fund 3

Introduction

We thank our Benefactors, Donors and Supporters for their continued support and donations. Legacies are an essential source of income for our growth, and we thank all who remember the RTF by leaving a legacy. No matter how small or large this is a vital source of income.

Asking for help isn’t always easy, we hope that you enjoy reading a selection of testimonials, their words are much better than ours!

“Thank you so much for your message and ongoing emotional, psychological, and financial support... it means a lot to me as I am finding this whole situation increasingly harder to deal with. “

“I cannot tell you the feeling of relief and support I experienced on reading your email offering your very generous help and support for me, while I am being treated for and recovering from my illness, because it is impossible to put into words. You have not only helped ease my financial stress but the kindness and understanding you have shown me has been of huge comfort to me.”

“I am truly overwhelmed by the kindness and generosity displayed by the Royal Theatrical Fund. Your email brought a glimmer of hope on what had seemed like one of the darkest days of my life. Your generosity and compassion have truly touched our hearts.

Acknowledging receipt of your email, I want to convey my heartfelt appreciation for the Committee's decision to provide us with a One-Off Emergency Crisis Grant. Your willingness to help in various fields is extremely remarkable, and it will undoubtedly alleviate the burden we have been carrying.

Yesterday was particularly challenging for me. It was one of the worst days of my life, and I was extremely disappointed and disheartened. I found myself grappling with disappointment and despair, unable even to speak with my family.

In an attempt to make ends meet, I transitioned into the hospitality industry. However, after applying for nearly 40 different roles, I only managed to secure four interviews. Unfortunately, yesterday, I was rejected by two of them, one as a supermarket assistant and the other as a catering assistant. It was a dreadful day!

But today, your unexpected support has lifted my spirits! Knowing that there are still people willing to help has rejuvenated my hope. I will never forget your empathy and support. This month, I will approach my challenges with renewed determination.”

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Report of the Trustees Year to 31 March 2024

The Board of Trustees present their 180[th ] Annual Report together with the financial statements of the Fund for the year ended 31 March 2024. The financial statements have been prepared using the accounting policies set out on pages 23 to 26 comply with the Royal Charter, applicable law and the requirements of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Reference and administrative details

Reference and administrative details are shown on pages 1 and 2 of the financial statements.

The Trustees

The Trustees who served the charity during the year and up to the date of signing these accounts were as follows:

accounts were as follows:
Date of appointment or
Role resignation if withinperiod
Robert Lindsay President
Samantha Bond Chairwoman
Richard Clifford Co-Vice Chair
Giles Watling Co-Vice Chair
Janie Dee
Ginny Holder
Sam Hunter Appointed June 2024
Natasha McElhone
David Michaels
Matthew Mitchell
Francesca Moody MBE
Robert Noble OBE
Peter Polycarpou
Paulette Randall MBE
Amanda Redman MBE Appointed February 2024
Samantha Spiro
Philip Talbot
Jonathan Wicks Resigned March 2024
Sir Stephen Waley-Cohen Bt

Constitution and objects

The Fund was established as the General Theatrical Fund Association in 1839 and granted a Royal Charter in 1853. Wider powers were granted under a second Royal Charter dated 25 January 1974.

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Report of the Trustees Year to 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Constitution and objects (continued)

The objects of the Fund are the relief of any person in need who has professionally practised or contributed to the theatrical arts (on stage, radio, films or television or any other medium by which such arts may be presented in the future) and the relief of the families or dependants who are themselves in need of relief of such persons or such deceased persons.

The Board meets regularly to consider the provision of assistance to individuals. Assistance can be provided on a one-off or on-going basis and is entirely at the discretion of the Board.

Appointment and election of trustees

The Fund is based in the UK at the registered office as shown on page 2, under the management of the Board of Trustees who may not exceed 21 in number, from whom a Chairperson and Vice Chair are appointed every three years. Of the composition of the Board, there may not be more than five members who are not of the theatrical profession. Customarily, both the President and Chairperson should also be members of the theatrical profession.

The Fund, in a general meeting, shall elect the President of the Board, for a term of three years and the Board can invite a maximum of ten vice-presidents to hold office for a period of ten years. The Honorary Vice-Presidents are appointed at the discretion of the Board for a period of ten years.

At the Special General Meeting on 4 September 2013, it was proposed that the Chairperson and Vice Chairs were elected for a term of three years. This resolution was carried unanimously.

The Trustees are elected / re-elected by their peers for a three-year term of office and are eligible for re-election at the Annual General Meeting.

The following newly appointed Trustees offer themselves for election at the forthcoming Annual General Meeting:

Amanda Redman MBE, Sam Hunter

The following Trustees, who retire by rotation, being eligible, offer themselves for re-election at the forthcoming Annual General Meeting:

Robert Lindsay, Natascha McElhone, Matthew Mitchell, Peter Polycarpou, Samantha Spiro, Sir Stephen Waley-Cohen Bt

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Report of the Trustees Year to 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Appointment and election of trustees (continued)

Following the appointment of a new Trustee they are made aware of their duties and responsibilities at their preliminary meeting. The Trustees are also given a copy of the Fund’s Royal Charter, a copy of the Fund’s Confidentiality Handbook, which gives greater detail of their responsibilities pertaining to the GDPR regulations and includes the Fund’s Equal Opportunities, anti-discrimination and harassment policy. The Trustees are also sent a copy of the Charity Commission Guide on Trustees’ responsibilities (CC3) together with the handbook annually.

The Finance Committee manages the Fund’s Accounts and normally meets three times a year or when required. An annual budget is set, the Committee monitors the levels of expenditure through the Fund’s quarterly management accounts. There are 13 members and 11 of those are Directors, the Chairman, Edward Oliver has vast experience in the Financial Charity Sector. All decisions of the Committee are reviewed by the Board of Trustees. The charity’s key management personnel consist of the Trustees and the CEO. The Trustees do not receive remuneration aside from reimbursement of travel expenses. The CEO’s salary is recommended by the Finance Committee to the Board for approval.

Related parties

The charity has a close relationship with its sister theatrical charities as well as other societies and associations and through joint collaborations is able to be more effective in its assistance to those in need. The Trustees continue to ask supporters of the Fund to inform the CEO of any members of the profession, or their dependents, believed to be in need of help. Every application is dealt with sympathetically and in strictest confidence and the Trustees assess each applicant individually to consider if they come within the scope of the Fund either to be given a grant or advice. All applications are considered by the Board.

The Trustees wish to thank those allied charitable organisations, both 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 to the Fund’s notice by professional colleagues. Our gratitude is expressed to the following theatrical charities and other associations for their cooperation with shared cases:

Actor’s Benevolent Fund, Actor’s Children’s Trust, Denville Hall, The Royal Variety Charity, Equity Charitable Trust, Help Musicians, The Theatrical Guild, The Ralph & Meriel Richardson Foundation and The Film & TV Charity.

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Report of the Trustees Year to 31 March 2024

AIMS AND OBJECTIVES

The objectives of the Fund are the relief of any person who is unable to work and are in financial need due to illness, injury or infirmity. The person should have professionally practiced or contributed to the world of entertainment for a minimum of seven years. The Fund ensures all beneficiaries receive the correct level of benefits they are entitled to.

The Fund advertises the work of the Fund via the internet, via social media channels and through their membership of Acting for Others. The Trustees, Benefactors, donors and supporters of the Fund are also actively encouraged to raise awareness by word of mouth.

The Board meets regularly to consider each individual appeal for help, it is at the discretion of the Board the level of assistance that is given. The level of success is measured by the number of beneficiaries helped and the total grant expenditure.

The aim of the Fund is to raise awareness within the profession and to actively ensure all who are in need and meet the Fund’s criteria receive assistance.

Public benefit

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

REVIEW OF ACTIVITIES AND ACHIEVEMENTS

Theatre Community Fund/Fleabag Support Fund in Partnership with The Royal Theatrical Fund Restricted Fund

The Theatre Community Fund (TCF) was spearheaded by Olivia Colman CBE, Phoebe Waller-Bridge, Ed Sinclair and Francesca Moody MBE and was established in July 2020 to support the theatrical artists and professionals whose livelihoods and creative futures had been threatened in the wake of Covid-19. The fund has been realised through generous donations from Amazon Studios, Theatre Support Fund (The Show Must Go On!) performers, creatives, artists, producers and executives. The fund is separated into two priority strands giving out Hardship grants administered through Fleabag Support Fund and Creative and Innovation grants.

The TCF ring-fenced a share of the money raised for creative and innovation grants. The Creative and Innovation Grants is administered by the Michael Grandage Company Futures (MGCfutures) and will help support and provide bursaries for 3 years.

When the restrictions were lifted, and the entertainment industry started to recover and with the permission of the Theatre Community Fund it was agreed that the monies left in the restricted fund could help those experiencing financial hardship due to the Cost-of-Living Crisis.

This restrictive fund has now been fully disbursed.

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Report of the Trustees Year to 31 March 2024

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Emergency Crises Grant

The Trustees recognised the success of Fleabag Support Fund and formulated the Emergency Crises Grant. The aim of the one-off Crises Grant is to keep food on the table, keep warm by easing fuel crises, keep the phone connected, buy essential school uniform, white goods and if possible, keep a roof over their head. In 2023/24 we have helped 44 families/individuals.

Review of Grant-Making Activities

During the financial year, the Welfare Committee received 422 applications for assistance, all of which were considered by the Board. The Fund assists 87 existing beneficiaries. The total welfare costs for the year amount to £512,164. This sum included £47,313 paid on behalf of people in nursing/residential/convalescent/homecare; monthly allowances amounting to £182,156; one off grants in respect of the FSF, Cost of Living Crisis Fund of £131,106; special gifts and Emergency Crises Grants totalling £122,687; £52,995 being the birthday and Christmas gifts and winter fuel grants funded by the Benefactors’ Scheme; and a donation received from the Equity Charitable Trust. During the year the Fund has also been able to provide advice about entitlement to state benefits and provide emotional support and friendship for those beneficiaries who are isolated. Sadly, 6 beneficiaries died during the year.

Review of Fundraising activities

The Annual Christmas Concert took place at St Paul’s, Covent Garden. The Royal Theatrical Fund and Actors Benevolent Fund Choir, Matthew Mitchell, Peter Polycarpou, Samantha Spiro and Robert Lindsay. Led by Reverend Richard Syms, our Musical Director Stefan Bednarczyk, Reverend Simon Grigg and Organist Simon Gutteridge. Reverend Richard Syms welcomed and blessed the service. We look forward to returning in 2024 for another cheerful start to the festive season.

The Royal Theatrical Fund much-loved coffee and choir mornings at St Paul’s Church, Covent Garden continue. We are delighted that we joined forces with The Actors Benevolent Fund and invited their beneficiaries and members to attend. The sessions continue to be led by Musical Director Stefan Bednarczyk and are open to anyone that enjoys singing and being part of the theatrical community.

We now have over 45 members that join the fortnightly sessions at St Pauls Church. We have organised trips to perform at Denville Hall, the residential home for all members of the theatrical profession and Brinsworth House, The Royal Variety Charities care home, for retired artists and those who have spent their lives serving the entertainment industry.

We encourage our sister charities to promote the choir so we can reach more people in the business that would benefit from the social aspect of being with like-minded people, and that enjoy singing. We welcome all ages and abilities and offer opportunities to perform at our concerts and fellow charities events.

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Report of the Trustees Year to 31 March 2024

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Review of Fundraising activities (continued)

The Trustees would like to express, once again, their immense gratitude to the Benefactors. The amount raised during the financial year ended 31 March 2024 was £26,669 (2023: £31,359).

Legacies are vital to the growth of the Fund and we were pleased to receive one legacy from the late Hilary Young. We were also notified of a legacy from the late Alan Thompson, and is included in accrued income.

The Trustees take this opportunity to thank their colleagues and friends for their encouragement and donations, especially at a time when there are so many calls on their generosity. The Fund also actively encourages support from members of the profession who are currently working and in the public eye. Public donations were received during the financial year ended 31 March 2024 totalling £17,879 (2023: £69,323), and in addition £nil (2023: £90,000) was received from Acting for Others of which part was used to help with the cost of nursing home fees.

Special thanks go to:

To our Patron His Majesty King Charles III, Acting for Others, Tallow Chandlers Company, Joseph Strong Fraser Trust and The Mackintosh Foundation.

The Trustees wish to record their sincere gratitude to all our benefactors and donors and supporters for their generosity.

Approach to fundraising

The Royal Theatrical Fund is a value-driven charity that conducts its activities in line with the highest ethical standards. In accordance with the latest Charity Commission guidance, the charity will include information on its approach to fundraising in its financial statements going forward.

The main methods the charity uses for accessing individual donors are fundraising events. The charity does not contact members of the public, especially vulnerable people, in an unreasonably intrusive or persistent manner. The charity has robust internal policies on data collection. The charity is prepared to refund any donation which is shown to have been gained through unreasonable fundraising, whether advertently or inadvertently. There were no complaints made to the charity in the year in respect of its fundraising.

The Royal Theatrical Fund 10

Report of the Trustees Year to 31 March 2024

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Financial review

A summary of the year’s results can be found on page 20. The Fund generates income from its property in Garrick Street, its investments and from donations and gifts. Total income for the year was £805,512 (2023 - £861,168). This consisted of donations and legacies of £268,059 (2023 - £288,262), investment income of £532,902 (2023 - £568,920) and fundraising and events income of £4,551 (2023: £3,986). Total expenditure for the year was £834,056 (2023 - £1,029,354), of which £530,098 (2023 - £662,491) was given in the form of welfare grants to individuals. The remainder of total expenditure was spent on support costs and raising funds. The net movement in funds for the year was a surplus of £456,972. (2023 – deficit of £965,540).

At 31 March 2024 the charity had total funds of £15,960,647 (2023 - £15,503,675), £15,913,952 (2023 - £15,331,623) of these were unrestricted. At 31 March 2024, £nil of restricted funds were held (2023: £130,691), and the charity also held as a permanent endowment fund called the Covent Garden Fund of £46,695. (2023 - £41,361). Excluding the effect of the values of the endowment fund, the restricted fund as well as the value of tangible assets and investment properties, the charity’s total free reserves stood at £9,332,212 (2023 - £7,981,721).

Investment policy

The Board has delegated the day-to-day management of investments to investment advisors under a management agreement authorised by the Charity Commissioners. A review of the Fund’s portfolio of investments is a standard item on the agenda. Quilter Cheviot, who are the Fund’s investment advisors, have kept the position closely under review, bearing in mind that the Fund relies to a considerable extent upon dividends and rental income to help beneficiaries in need. The Trustees are confident, that with careful management, the Fund has sufficient money from these sources to provide for our current beneficiaries. The Chairman of Finance keeps the Fund’s finances throughout the year under constant supervision.

Reserves policy

The Fund’s main assets consist of a listed investment portfolio which has a current market value of £8,920,408 (2023: £7,567,619) and the property 9, 11 and 13 Garrick Street, London WC2E 9AR which was last valued at £6,580,000 in 2024. These constitute the source from which the Fund derives investment income. The total funds stood at £15,960,647 (2023: £15,503,675) at 31 March 2024. Excluding the effect of the values of the endowment fund, the restricted fund, as well as the value of tangible assets and investment properties, the charity’s total free reserves stood at £9,332,212 (2023 - £7,981,721).

The Trustees foresee that the calls upon its Fund will increase both because of the continuing trend towards more beneficiaries seeking help, and because of the large increases in fees charged by nursing homes and residential care homes and also the cost-of-living crisis.

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Report of the Trustees Year to 31 March 2024

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Reserves policy (continued)

The Trustees’ policy on reserves is to maintain a certain level of charitable activity from the funds from income, whilst being able to accumulate and increase the value of its portfolio of listed investments so as to be able to generate additional income for charitable activities in future years.

The level of unrestricted reserves at 31 March 2024 was £15,913,952. The level is considered sufficient for carrying out the charitable activities of the charity whilst maintaining the value of its investment assets for future income generation.

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. In conclusion the Trustees are confident that the Fund is a going concern.

Risk management

The Trustees have identified the following key risks to which the Fund is exposed:

The Finance Committee, on behalf of the Board conducts a risk assessment annually to review the major risks faced by the Fund and to ensure that they have a sound knowledge of the charity and are in an informed position regarding its operations.

The Royal Theatrical Fund 12

Report of the Trustees Year to 31 March 2024

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Safeguarding Policy

The RTF is committed to protecting people who come into contact with our charity, including our service users, beneficiaries, people who support our work, our Directors, staff and volunteers. Everyone who works with or on behalf of the Charity is made aware of our safeguarding policy, which covers the following policies; Vulnerable Adult Safeguarding Policy, Equal Opportunities/Diversity Policy, Anti-Bullying and Harassment Policy, Whistleblowing Policy, Health & Safety Policy, IT Acceptable Use Policy, Relationships at Work Policy, Disciplinary and Grievance Policies.

Plans for the future

The Royal Theatrical Fund continues to focus on supporting the industry’s workforce in times of crisis.

The RTF will continue the Emergency Crisis Grant Scheme. The ethos of the Emergency Crisis Grant will be to work closely with sister charities.

The RTF aims to support the future of our young talent by offering a space to those starting out in the business. By providing the Dickens Room for free, as part of our charitable giving, we have been able to support the development of new work and the careers of talented writers, directors and performers. Over the past two years we have welcomed play readings, workshops and more recently the development of a new podcast.

We are currently working to create a series of free masterclasses with Casting Directors, Actors, Directors, Stage Managers and other roles within the industry that can support the growth of creative talent.

We are continually improving our marketing and publicity strategy to reach out to the theatrical community across the UK, ensuring they know where we are in times of crisis.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Royal Theatrical Fund 13

Report of tho Trustses Year lo 31 March 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES (Gontsnuedl make judgments and estimates that are reasonabk and prudent,. slate whether applicable United Kingdom Accounting Stsndards have been followed, subject lo any malerral departures disckjsed and explained in the financial stslements; prepare the financial slalements on the going concem basis unless rt is inappropriate to presume that the ¢harty will continue in business. The Tnjstees ar8 TesF<insible for keeping proper accounting records that dis¢k)$e wrth reasonable accuracy at any time the financial posf(ion of the charity and enable them to ensure that the financial statements compty wrth the Charities Act 2011, applicable Charty (Accounts and RerKJrts} RegUlat￿nS and the provIs￿)nS of the charity's trust deed. They are also responsib￿ for safeguarding the assets of the chanty and hence for taking reasonable steps for the prevention and del&ttion of fraud and other i￿egula￿￿"eS. The Trustees are responsiblè for the Maintenan￿ and inlegnty of the charity and financial inf0m￿l￿n Included on the charty's websf(e. Legi8Lgtion in the United Kingdom governing the preparation and disseminatM)n of financol stslements may drffer from legislalKJns in other jurisdictK)ns. Approval This report was approved by the Board of Trustees on l o*%y and S￿ned on its behalf by". Ch Sir Stephen Waley-cohen Bt The Royal Theatrical Fund 14

Independent auditor’s report Year to 31 March 2024

Independent auditor’s report to the Trustees of The Royal Theatrical Fund

Opinion

We have audited the accounts of Royal Theatrical Fund (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

The Royal Theatrical Fund 15

Independent auditor’s report Year to 31 March 2024

Other information (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 12 to 13, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

The Royal Theatrical Fund 16

Independent auditor’s report Year to 31 March 2024

Auditor’s responsibilities for the audit of the accounts (continued)

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

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Independent auditor’s report Year to 31 March 2024

Auditor’s responsibilities for the audit of the accounts (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

As a result of our procedures we did not identify any key audit matters relating to irregularities.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The Royal Theatrical Fund 18

Independent auditor’s report Year to 31 March 2024

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Royal Theatrical Fund 19

Statement of financial activities Year ended 31 March 2024

Notes Endowment
funds
£
Restricted
funds
£		 Un-
restricted
funds
£		 2024
Total
funds
£		 Endowment
funds
£		 Restricted
funds
£		 Un-
restricted
funds
£		 2023
Total
funds
£
Income and
endowments from:
Donations and
legacies
1
Fundraising and
events
2
Investments
3
Total income and
endowments
Expenditure on:
Raising funds
Investment
management costs
Fundraising
Property expenditure
4
Charitable
activities
5
Total expenditure
Net (expenditure)
income before
investment
movements and
losses on tangible
fixed assets
Net gains (losses)
on listed investments
11
Net losses on
revaluation of
investment property
Transfer between
funds
Other recognised
gains/(losses):
Loss on revaluation
of fixed assets
Net movement in
funds
7
Reconciliation of
funds:
Total funds brought
forward
17,18,
19
Total funds carried
forward
17,18,
19		 —
—
515
200

—

—		 267,859
4,551
532,387		 268,059
4,551
532,902		 —
—
241		 75,480
—
—		 212,782
3,986
568,679		 288,262
3,986
568,920
515
200		 804,797 805,512 241 75,480 785,447 861,168
373
—
—
—
—

—

—

131,106		 22,336
1,735
14,393
664,113		 22,709
1,735
14,393
795,219		 393
—
—
—		 —
—
—
201,595		 89,395
1,774
57,043
679,154		 89,788
1,774
57,043
880,749
373
131,106		 702,577 834,056 393 201,595 827,366 1,029,354
142
5,707
—
(515)
—
(130,906)

—

—

215

—
102,220
1,243,514
(455,526)
300
(308,179)
(28,544)
1,249,221
(455,526)
—
(308,179)		 (152)
(7,293)
—
(241)
—		 (126,115)
—
—
—
—
(41,919)
(790,061)
—
241
—
(168,186)

(797,354)

—
—
—
5,334
41,361
(130,691)

130,691		 582,329
15,331,623		 456,972
15,503,675		 (7,686)
49,047
(126,115)
256,805
(831,739)
16,163,363
(965,540)
16,469,215
46,695
—		 15,913,952 15,960,647 41,361 130,691 15,331,623 15,503,675

All amounts relate to continuing activities.

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 27 to 33 form part of these financial statements.

The Royal Theatrical Fund 20

Balance sheet 31 March 2024 2024 2023 Notes Fixed assets Inve5trnent property Listed investments Tangib￿ assets 10 5,764,080 5,779.356 11 8.920,408 7,￿7.819 817,600 1,570.546 15.502.088 14,917,521 Curr•nt a88ets DebtcKs Cash at bank and in hand 12 17S403 SOt,099 676.502 1217.9431 124,692 651,528 776,220 1190,LK61 Cr•dltor8'. ￿nrAInts falling wthin one ytrar 13 Net currnnt assets 458,559 586, 154 15.960.647 15,503.675 Th• funds of the charlty Unrestricted f￿￿S . Gèneral fvJr*Ys Rèstricted fiJTh En(lo￿&￿t fijnds 16 15,913,952 15.331.623 17 130.691 18 41.361 46,695 Total funds 15.960.647 15.503.675 The financial statements were approved by the Trustees and authorised for issue on and sKJned on their behaff by: 2 October 2024 Chai man Sir ephen Waley-cohen Bt The notes on pages 27 10 33 form part of these financial statemerrts. The Royal Theatrical Fund 21

Statement of cash flows Year to 31 March 2024

2024
£		 2023
£
Net cash (used in) operating activities
Cash flows from investing activities:
Payments to acquire tangible fixed assets
Payments to acquire investments
Proceeds from the sale of investments
Investment income received
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of theyear		 (577,244)


(2,519)
(861,651)
747,788
532,902		 (681,596)
—
(1,721,001)
1,748,598
568,920
416,520

(160,724)
882,369		 596,517
(85,079)
967,448
721,645 882,369
2024
£		 2023
£
Reconciliation of net income to net cash flow from operating
activities
Net movement in funds for the year
Depreciation
Loss on revaluation of fixed assets
Investment income
Realised (gains) losses on investments
Unrealised (gains) losses on investments
Loss on freehold property revaluation
(Increase) decrease in debtors
Increase (decrease) in creditors including pension liability
Net cash used in operating activities		 456,972
7,036
308,179
(532,902)
(38,638)
(1,210,583)
455,526
(50,711)
27,877		 (965,540)
4,253
—
(568,920)
205,316
592,038
—
(47,141)
98,398
(577,244) (681,596)
2024
£		 2023
£
Analysis of cash and cash equivalents
Cash at bank and in hand
Cash held by investment manager
Total cash and cash equivalents		 501,099
220,546		 651,528
230,841
721,645 882,369

The Royal Theatrical Fund 22

Principal accounting policies Year to 31 March 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Accounting convention

These financial statements have been prepared for the year to 31 March 2024 and are presented in sterling and are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The charity constitutes a public benefit entity as defined by FRS 102.

Critical estimates and judgements

The most significant areas of judgement and key assumptions that affect items in the financial statements are in relation to the charity’s investment property and fixed asset freehold property valuation, and the allocation of the property between investment property and tangible fixed assets.

With respect to the next reporting period for the year ended 31 March 2025, the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level of investment return and the performance of the investment markets.

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

Income recognition

Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured reliably and it is probable that the income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

The Royal Theatrical Fund 23

Principal accounting policies Year to 31 March 2024

Income recognition (continued)

Income comprises donations, legacies, income from fundraising events, investment income and other income.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Investment income in respect of listed investments is recognised once the dividend or interest has been declared and notification has been received of the amount due. Investment income in respect of the charity’s investment property (rent and service charge) is recognised when receivable.

Other trading income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be reliably measured.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis, and is allocated to the appropriate heading in the financial statements.

Charitable expenditure comprise grants and financial assistance which is provided for when approved by the Trustees.

The costs of raising funds comprise those costs directly attributable to managing the charity’s investment portfolio, its investment property (including refurbishment expenditure) and raising fundraising income.

Governance costs comprise the costs of compliance with constitutional and statutory requirements and include the auditor’s remuneration, and these are allocated within support cost to a relevant expense category.

Support costs are those costs which enable fund generating and charitable activities to be undertaken. Where activities incurred relate to more than one cost category, it is appointed on the most appropriate basis and on a reasonable and consistent basis.

The Royal Theatrical Fund 24

Principal accounting policies Year to 31 March 2024

Financial instruments

The Charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Charity and their measurement basis are as follows:

Financial assets – other debtors and accrued income are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 12. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – other creditors and accruals are financial instruments, and are measured at amortised cost as detailed in notes 13. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Investment property

The property has no historical cost to the Charity as it was gifted to the Fund. The property is held at a valuation conducted in 2024. Any surplus or deficit arising is reflected within the statement of financial activities and is recognised in the reserves.

Listed investments

Investments have been stated in the balance sheet at market value at the year end. Realised and unrealised gains and losses are shown in the statement of financial activities.

Fixed assets

Assets purchased with a cost or value exceeding £1,500 are capitalised.

Fixed assets are capitalised at cost or in the case of the property at valuation. Those which are not freehold property, i.e. office equipment, are depreciated on a straight line basis over their useful economic life as follows:

Office equipment – 33% per annum on cost.

No depreciation is provided on the Trust’s freehold properties as it is considered that there is no material difference between the residual value of the freehold properties and their carrying value. The economic life of the freehold properties is, in the Trustees’ opinion, significantly greater than fifty years. It is therefore considered that any charge to depreciation on freehold properties would be immaterial in the context of these financial statements.

The freehold properties were last revalued as at 31 March 2024. The carrying values of these revalued assets are reviewed annually for impairment and a loss on revaluation was recognised as at 31 March 2024.

The Royal Theatrical Fund 25

Principal accounting policies Year to 31 March 2024

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Debtors have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such financial statements and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Value Added Tax

Value Added Tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.

Unrestricted funds

The unrestricted general funds are those funds that are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Restricted funds

The restricted funds of the charity are funds which may only be used for a certain purpose in line with restrictions on their use imposed by the donor.

Endowment funds

The endowment funds of the charity comprise of a permanent endowment which must be held indefinitely. Only the investment income generated from those funds can be utilised by the charity towards its activities.

Pensions

Contributions to employees’ pension in respect to defined contributions schemes are charged to the statement of financial activities in the year in which they are payable to the relevant scheme.

The Royal Theatrical Fund 26

Notes to the financial statements Year to 31 March 2024

1 Donations and legacies

Restricted
£		 Un-
restricted
£		 Total
2024
£		 Restricted
£		 Un-
restricted
£
90,000
1,100
69,323
21,000
31,359
—
—
212,782		 Total
2023
£
Charity donations:
. Acting for Others
. Contributions from other
bodies
Public donations
Legacies
Benefactors
Appeals:
Theatre Community Fund
Fleabag Support Fund
Total donations and
legacies		 —
—
—
—
—
200
—		 —
63,278
17,879
160,033
26,669
—
—		 —
63,278
17,879
160,033
26,669
200
—		 —
—
—
—
—
480
75,000		 90,000
1,100
69,323
21,000
31,359
480
75,000
200 267,859 268,059 75,480 288,262

2 Income from fundraising and events

Restricted
£		 Unrestricted
£		 Total
2024
£
2,765
1,786
4,551		 Restricted
£
—
—
—		 Unrestricted
£
2,756
1,230
3,986

Total
2023
£

2,756

1,230

3,986
Christmas Concert & party
Room hire
Total fundraising and
events		 —
—		 2,765
1,786
— 4,551

3 Investment income

Investment income
Endowment
£
Unrestricted
£
Total
2024
£		 Endowment
£
—
241
—
—
—
241		 Unrestricted
£
Total
2023
£
Deposit interest
Dividends
Rent receivable
Service charges income
receivable
Other
Total investment income		 —
515
—
—
—
6,330

150,299

293,150

77,445

5,163
6,330

150,814

293,150

77,445

5,163		 2,557
132,018
273,282
156,748
4,074
2,557

132,259

273,282

156,748

4,074
515
532,387
532,902		 568,679
568,920

4 Property expenditure

Property expenditure
Total
2024
£		 Total
2023
£
Consultancy
Direct service charge costs
Totalproperty expenditure		 4,393
10,000		 49,543
7,500
14,393 57,043

The Royal Theatrical Fund 27

Notes to the financial statements Year to 31 March 2024

5 Charitable activities

During the year welfare grants to individuals were as follows:

Welfare
Grants
£
Support
costs
(note 6)
£		 Total
2024
£		 Welfare
Grants
£
Support
costs
(note 6)
£		 Total
2023
£
Fromunrestrictedfunds
From the followingrestricted
funds:
. Fleabag Support Fund
. Theatre Community Fund		 398,992
—
131,106
265,121

—

—		 664,113
—
131,106		 460,896
75,000
126,595
218,258

—

—		 679,154
75,000
126,595
530,098
265,121		 795,219 662,491
218,258		 880,749

6 Support costs

Support costs
2024
£		 2023
£
Staff emoluments (note 8)
Building expenses
Stationery & telephone
Insurance
Equipment maintenance
Lighting and heating
Finance charges
Depreciation
Publicity & website
Auditor’s remuneration
Grant committee expenses
Travelling expenses
Legal costs
Printing and office expenses / Other
Total support costs		 142,199
33,302
3,225
2,677
17,086
2,770
3,136
7,036
10,328
22,188
1,527
348
8,451
10,848		 123,146
18,771
3,978
1,517
16,023
7,066
3,239
4,253
8,491
16,122
891
276
—
14,485
265,121 218,258

7 Net movement in funds

This has been arrived at after charging:

2024
£		 2023
£
Depreciation of tangible fixed assets
Auditor’s remuneration
. Statutory audit
. Other		 7,036
22,188
—		 4,253
19,080
(2,958)

The Royal Theatrical Fund 28

Notes to the financial statements Year to 31 March 2024

8 Staff costs

Staff costs
2024
£
101,541
5,614
35,044
142,199		 2023
£
Wages and salaries
National Insurance
Pension costs		 96,015
5,896
21,235
123,146

The average number of staff during the year was 4 (2023 - 4) and one staff member received salary of £70,000 - £80,000 (2023 – none).

The key management personnel of the charity comprise the Trustees and the Chief Executive Officer. The Trustees of the charity are not remunerated. The total amount of employee benefits (including employer pension and national insurance contributions) received by the key management personnel in the year was £89,461 (2023 - £69,175). This includes a three year underpayment to the employer pension plan.

Travel expenses of £416 were reimbursed to three Trustees during the year (2023 - £276 to two Trustees). In addition £1,494 of meeting-related expenses were incurred for Trustee and Committee meetings in 2023/24 (£891 in 2022/23).

9 Tangible fixed assets

Tangible fixed assets
Freehold
Property
£		 Office
equipment
£		 Total
£
Cost / valuation
At 1 April 2023
Additions
Reclassification to investment property (see note 10)
Loss on revaluation
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 1,564,349
—
(440,250)
(308,179)		 18,597
2,519
—
—		 1,582,946
2,519
(440,250)
(308,179)
815,920 21,116 837,036
—
—		 12,400
7,036		 12,400
7,036
— 19,436 19,436
815,920 1,680 817,600
1,564,349 6,197 1,570,546

10 Investment property

Investment property
2024
£
5,779,356
440,250
(455,526)
5,764,080		 2023
£
5,779,356
—
—
5,779,356
At 1 April 2023 and at 31 March 2024
Reclassification from tangible fixed assets (see note 10)
Loss on revaluation
At 31 March 2024

The Royal Theatrical Fund 29

Notes to the financial statements Year to 31 March 2024

10 Investment property (continued)

The property was revalued during 2024 by Lambert Smith Hampton to total value of £6,580,000, using rental yields as a basis of valuation. The property is considered to be mixed use as part of it is used by the charity in its day-to-day activities (12.4%) and therefore that portion has been shown within tangible fixed assets (see note 9). Since the last valuation, the percentage used by the charity has changed from 18.6% to 12.4%. A transfer has been made from tangible fixed assets to investment property to reflect the change in use.

11 Listed investments

Listed investments
2024
£		 2023
£
Market value at 1 April
Add:
. Acquisitions at cost
Less: disposal proceeds
Realised gain (loss) on investments
Net unrealised gains (losses)
Market value at 31 March
Cash held by investment managers
Total market value including cash at 31 March
Historical cost at 31 March		 7,336,778
861,651
(747,788)
38,638
1,210,583		 8,155,887
1,721,001
(1,742,756)
(205,316)
(592,038)
8,699,862 7,336,778
220,546
8,920,408		 230,841
7,567,619
5,232,887 4,986,456
Endowment
Funds
(note 18)
£
Unrestricted
Funds
£		 Total
2024
£		 Endowment
Funds
(note 18)
£		 Unrestricted
Funds
£		 Total
2023
£
Investment analysis
UK fixed interest
UK equities
Overseas equities
Alternative
Investments
Cash
Total		 —
39,867
—
6,171
657		 897,318
6,927,970
—
828,534
219,891

897,318

6,967,837

—

834,705

220,548		 —
40,601
—
—
_760 _
422,875

2,614,600

3,403,263

855,439
230,081
422,875
2,655,201
3,403,263

855,439

230,841
46,695 8,873,713
8,920,408		 41,361
7,526,258		 7,567,619

The following investments individually amounted to over 5% of the portfolio at 31 March 2024:

JPMorgan American Investment Trust Ord. GBP0.05
Schroder Inv. Mgmt. Europe SA US Large Cao X GBP Dis		 Units
59,200
2,450		 Value
£
583,712
557,818

The Royal Theatrical Fund 30

Notes to the financial statements Year to 31 March 2024

12 Debtors

Debtors
2024
£
5,426
78,458
91,519
175,403		 2023
£
9,149
111,391
4,152
124,692
Gift aid recoverable
Other debtors
Prepayments and accrued income

13 Creditors: due in less than one year

Amounts falling due within one year:
Other creditors
Accruals and deferred income		 2024
£		 2023
£
147,379
70,564		 126,711
63,355
217,943 190,066

14 Related party transactions

The charity is a member of the Combined Theatrical Charities’ Appeals Council, a registered charitable organisation. Two trustees represent the charity at meetings of the Council. During the year the charity received a total of £nil (2023: £65,000) in voluntary income from the Council. In addition, the charity received reimbursement from the Council of £15,000 for the use of office space and resources (2023: £12,500).

The charity received grants of £10,000 (2023: £nil) from the Mackintosh Foundation, a related party due to a common trustee.

15 Analysis of net assets between funds

Endowment
Fund
£
Restricted
Funds
£		 Un-
restricted
Funds
£		 Total
funds
2024
£		 Endowment
Fund
£
Restricted
Funds
£
Un-
restricted
Funds
£
Total
funds
2023
£
Investment property
Tangible fixed assets
Quoted investments
Net current assets		 —

—
46,695
—
—

—

—

—
5,764,080

817,600

8,873,713

458,559		 5,764,080
817,600
8,920,408
458,559		 —
—
41,361
—
—

—

—

130,691
5,779,356

1,570,546

7,526,258

455,463
5,779,356

1,570,546

7,567,619

586,154
46,695
—		 15,913,952 15,960,647 41,361
130,691		 15,331,623 15,503,675

The Royal Theatrical Fund 31

Notes to the financial statements Year to 31 March 2024

16 Unrestricted funds

Unrestricted funds
At 1 April
2023
£		 Income
£
Expenditure
£
(702,577)
(702,577)		 Net
(losses) on
invs. and
fixed
assets
£		 Transfers
£		 At 31
March
2024
£
General funds
Total unrestricted funds		 15,331,623 804,797 479,809 300 15,913,952
15,331,623 804,797 479,809 300 15,913,952
At 1 April
2022
£		 Income
£
Expenditure
£
(827,366)
(827,366)
Net
(losses) on
invs.
£		 Transfers
£		 At 31
March
2023
£
General funds
Total unrestricted funds		 16,163,363 785,447 (790,061) 241
 15,331,624
16,163,363 785,447 (790,061) 241
 15,331,624

17 Restricted funds

Restricted funds
Theatre Community Fund
Fleabag Support Fund
Total restricted funds		 At 1 April
2023
£		 Income
£
Expenditure
£
Transfers
£
At 31
March
2024
£
130,690
—		 200
—
(131,106)
—
216

—
—

—
130,690 200 (131,106) 216
—
At 1 April
2022
£
Income
£
Expenditure
£

At 31
March
2023
£
Theatre Community Fund
Fleabag Support Fund
Total restricted funds		 256,805
—
480

75,000
(126,595)

(75,000)
130,690
—
256,805
75,480
(201,595)		 130,690

Theatre Community Fund: this fund was established to provide support to theatrical artists and professionals whose livelihoods and creative futures have been threatened in the wake of the Covid-19 pandemic. The fund was separated into two priority strands. Hardship grants were in partnership with the Fleabag Support Fund and were distributed in partnership with the Royal Theatrical Fund. Creative and innovation grants were managed by MGC futures, including the application process.

Fleabag Support Fund: this fund was set up in response to the Covid-19 pandemic with the objective of providing a small crisis grant to those that were in greatest need.

The Royal Theatrical Fund 32

Notes to the financial statements Year to 31 March 2024

18 Permanent endowment funds

At 1 April
2023
£
Income
£
Expenditure
£
Net (losses)
on invs.
£
Transfers
£
At 31
March
2024
£
Permanent endowment fund:
Covent Garden Fund		 41,361 515
(373)		 5,707
(515)		 46,695
At 1 April
2022
£		 Income
£		 Expenditure
£
Net
(losses) on
invs.
£		 Transfers
£		 At 31
March
2023
£
Permanent endowment fund:
Covent Garden Fund		 49,047 241 (393) (7,293) (241) 41,361

In 1899 one third of the Covent Garden Theatre Fund was directed by Court Order to be held as a separate fund for the benefit of the Royal Theatrical Fund with the income being available for the general purposes of the Fund. In 1996/1997 the Charity Commissioners transferred one third of the fund into the name of the Royal Theatrical Fund. The Trustees foresee that this fund will continue in perpetuity.

The transfer from the Covent Garden Fund represents investment income receivable which is permitted to be relocated to the charity’s general funds.

19 Fine art assets

The charity has in its ownership a collection of fine art assets. These are treated as heritage assets as they are maintained for their historical value, but are not recognised on the balance sheet as their monetary value is uncertain. An indicative value based on the value for insurance purposes is as follows:

balance sheet as their monetary value is uncertain. An indicative
for insurance purposes is as follows:		 value based on the value
2024
£		 2023
£
An early Victorian mahogany extending dining table, circa 1840
A set of twenty-four George III style mahogany dining chairs
Herbert Hampton – Bronze bust of Sir Henry Irving
A late Victorian silver desk stand
A George III style two-handled trophy cup and cover
Two original marble surround fireplaces
Minute books of The Royal Theatrical Fund and Covent Garden Fund
Miscellaneous items no one item exceeding £1,000 in value		 —
500
1,792
1,545
3,172
16,810
30,000
4,000		 2,500
500
1,792
1,545
3,172
16,810
30,000
4,000
57,819 60,319

The early Victorian mahogany extending dining table was disposed of during the year. No other additions or disposals occurred in respect of heritage assets during the current or prior year.

20 Capital commitments

As at 31 March 2024, the charity had £nil capital commitments (2023: £nil).

The Royal Theatrical Fund 33