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2021-03-31-accounts

Trustees’ Report and Financial Statements

For the year ended 31 March 2021

Stage One is the trading name of the Theatre Investment Fund Limited

(a company limited by guarantee)

Company Number: 1252595 Charity Number: 271349

Contents

Page
Reference and administrative details of the charity 1
Statement from the Chair & Trustees’ Report 2
Independent Auditors Report 11
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Financial Statements 18

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees

Mark Burch, Chair

Fiona Allan

Julian Bird Emma Brünjes Tracey Childs Aidan Grounds Thelma Holt CBE Jonathan Hull Nia Janis

Eleanor Lloyd Charlotte Longstaff Michael Lynas Mark Rubinstein Nicola Seed Edward Snape Kenny Wax James Williams Jamie Wilson

Company Registered Number

01252595

Charity Registered Number

271349

Registered Office

Independent Auditors

Nyman Libson Paul LLP Chartered Accountants 124 Finchley Road London NW3 5JS

32 Rose Street London WC2E 9ET

Company Secretary

Martin Scott

Bankers

Clydesdale Bank 35 Regent Street London SW1Y 4ND

1

STATEMENT FROM THE CHAIR

For Stage One 2020-21 was a very challenging year dominated by the impact of the pandemic but we were able again to demonstrate our commitment to the support and development of emerging producers.

In March 2020 the FGPC agreed that funds needed to be made available to the emerging producers most affected by the pandemic and awarded over £200,000 to those facing financial hardship due to the closure of theatres. We were able to

use our historic endowment resources to fund this support as well as continuing our development programmes, although our normal fundraising income was depleted. Whilst we were unable to provide placement opportunities with our partners or invest in theatre productions we continued with our other activities including: online workshops, bursaries and Bridge the Gap. Demand for bursaries was inevitably high and our increased spend reflected this need as we recognised our role to support producers working independently to create new work which will be vital to theatres

and audiences as theatre re-opens. Bridge the Gap participants have shown extraordinary commitment and determination not only by continuing with the programme during such a difficult year but also by developing their practice and skills.

We have taken time to re-evaluate all of the work done by Stage One and implement changes to reflect the challenges in the industry including: exploring different approaches to the workshop programme, increasing the availability of mentoring to emerging producers and broadening the investment activity to support emerging producers. We have temporarily increased the level of investment in both the traditional scheme and the new smaller investment scheme while meeting our regular criteria as our contribution to restarting the theatre industry.

Mark Burch

2

BRIDGE THE GAP

The 10 producers recruited in September 2019 continued their programme online and 5 attended the 3 day workshop in May. They met regularly with Outreach Leader, Siobhan Walsh, throughout the summer and resumed training workshops from October. Due to the delays caused by the pandemic their programme was extended to April 2021.

Despite not being able to meet in person, feedback has shown that knowledge and skill gaps were catered to via online training. We ensured that workshops led by industry experts had lived experiences which reflected those of the group. They continued to work with professional coach Samenua Sesher who they described as fundamental in navigating their career progression . They also were successfully matched with mentors who have made valuable impact on their journeys.

We addressed the concerns raised by the group regarding obtaining financial investment through workshops focused on networking, cold calling and pitching your work to investors. Eight of the ten cohort were awarded Bridge the Gap kickstart grants of up to £5,000. These grants enabled the producers to develop new work and support artists across the UK. Recipients include Ameena Hamid, Clarissa Widya, Sam Luffman, Lauren Townsend and Salome Wagaine.

“Professional coaching by Samenua has been one of the best things I have gained from the entire course. She has been instrumental in me dealing with working during COVID and in getting together in my head what I need to do in the next 12 months.”

Lauren Townsend, Bridge The Gap Participant & Independent Producer

Three producers were invited to join the League of Independent Producers and fed back to the rest of the group after each meeting.

Ameena Hamid was an associate producer on Death Drop at the Garrick Theatre, making her the youngest, female producer in the West End.

With the launch of the new Stage One website we wanted to showcase our BTG producers and help deepen their understanding of who they are and what the programme involves. We created a short video which can be found here:

htps://www.youtube.com/watch?v=C_tExOWh0Dc

The strength of this programme relies on the conversations between underrepresented producers and our Outreach Leader. Constant evaluation and reflection is fundamental to ensuring the impact of this work makes lasting change. The programme will continue to look at creating pathways for producers who graduate from the programme to ensure progress continues. We have been in discussions with companies who have offered associate producer roles on their shows and this is something we continue to consider. We are also keeping this group and their needs in mind when planning future Stage One programmes such as the Bursary awards and Placements.

3

STAGE ONE ONLINE

Due to the impact of COVID-19 and the restrictions in place, All in-person workshops planned for May and October 2020 were cancelled. We adapted to working online through a number of different ways to stay connected with producers, whether currently on a development programme or not. In March 2020, we launched a webinar series called Zoom In On, a one hour Q&A style session focussed on an individual producer or theatre professionals, open to all, for opportunity to ask questions and gain a better understanding of the work that they do.

Some example sessions included:

Jez Bond ( Park Theatre): Producing your show at an Off-West End venue—from pitch to production.

Katy Lipson & Alex Turner: Raising Funds— approaching investors and the initial pitch

Nisha Oza: Producing independently— taking the leap to just do it!

Each session was fully-booked with 100 sign ups and an average of 80 participants attended. This new online programme has resulted in our work reaching far more prospective participants than we are usually able to and has enabled us to connect with over 250 new producers interested in producer training from all across the globe.

“Thank you so much Fiona Steed and John Brant for sharing “Buzzing with ideas following on from Stage One’s webinar you experiences and advice in producing. Your comments on on digital marketing, big thanks to the team and Sine Digital grass-roots diversity and investment were particularly for a great presentation.”

brilliant. And thank you Stage One, these sessions are INVALUABLE .”

We have taken this time to redevelop our website and introduce a new style to Stage One online content. The new site has a less “corporate” look and is more accessible to future applicants. We look forward to how this will help us engage with a wider range of applicants.

Our two aims in updating the site and in all our online content are;

Before & After:

4

BURSARIES FOR NEW PRODUCERS

The Bursary scheme supports individuals who are establishing their careers and helps to get projects and productions off the ground. Applicants can apply for up to £15,000 to accelerate their development as commercial producers.

Alongside the financial support, producers are paired with a mentor who can help guide them during the time they are on the scheme. They are also offered hot desking at an office space in central London with other producers taking part in Stage One programmes. This provides an essential network for the producers and allows them the opportunity to work with each other as well as pursue independent projects.

“After years of producing small-mid scale independent projects, I was ready to take the next step and scale up. Stage One have been instrumental in helping this transition, not just financially but supporting business planning, mentoring and developing essential relationships in the industry. This support has enabled me to confidently develop this work through the pandemic and utilise this time as best I can whilst theatres remain closed.”

Sofi Berenger, Bursary Award recipient Autumn 2020

During the year 2020/21 bursaries were awarded to the following first-time recipients:

Alastair Michael £4,440
Alex Ferguson £6,000
Charlie Mackellar £5,800
Ellie Keel £7,060
Emma Hall £4,000
Emma Hill £7,500
Emma O’Mara £7,000
Germma Orleans-Thompson £8,120
Hannah Farley-Hills £6,750
James Pearson £3,000
Jenny Pearce £3,250
Joey Dawson £3,575
Justn Nardella & Charlote Howley £7,350
Kevin Wat £8,970
Liam McLaughlin & Kristan Wall £5,950
Mathew Emeny £9,680
Natalie Allison £2,113
Nur Khairiyah £6,000
Rebecca Gwyther £4,403
Ruby Gilmour £4,300
Sof Berenger £6,120
Stephanie Hunter £7,500
Vikesh Godhwani & Marta Vella £3,137
Wofai JE £7,500

This year, the panel awarded a total of £139,518. An increase of 71% from 2019/20. This is due to; the impact of COVID-19, a 300% increase in applications and a want to support more producers and future productions at this critical time.

17 of the 26 recipients are new to Stage One, whilst the others have participated in other development programmes and have made the move to produce independently.

Bursary recipients can apply for “top-ups” to receive the maximum award of £15,000. In Autumn 2020 and Spring 2021, 12 producers were awarded “top-ups” totalling £50,362.

CASE STUDY: ALEX FERGUSON

Alex was awarded £6,000 in Autumn 2020. £5,000 was to go towards his subsistence whilst he develops Young Man Angry Movements for Liverpool Everyman & Playhouse, with the remaining £1,000 towards the writer’s fee.

“After learning so much from Stage One over the years, I decided to apply for the bursary, so I could really focus my time and energy on my own new projects, and developing new ideas. As someone living outside of London, this allows me to network and work more in London as well as regionally, and I think it is vital to the UK’s theatre ecology to have producers based regionally to receive this bursary. “

5

TRAINEE PRODUCER PLACEMENT SCHEME

In April 2020 all placements were paused as 9 producers were due to be placed in London and 4 in regional producing houses and as venues and offices. As the year progressed we were able to continue with the regional placement scheme and place; Lucy Thompson at Birmingham Repertory Theatre, Jess Donn at Mercury Theatre Colchester, Nancy Msiska at Liverpool Everyman and Playhouse and Ceriann Williams at Sherman Theatre. All these producers receive ‘on the job’ training alongside additional training from Stage One and add considerable value to the organisations whilst also focussing on their own professional development.

“We are thrilled that, as the Mercury reopens the doors to our newly refurbished building for an exciting new season, we do so with a Stage One Regional Producer Placement on our team. Jess has managed to learn and absorb so many skills throughout lockdown, but putting on shows is what we do best (and what they joined for!) so this is where the fun and the real learning starts. We are extremely grateful to Stage One for letting this placement go ahead. Now, more than ever, it is essential to invest in, support and nurture new talent and enable the producers of the future to flourish.”

Tracey Childs, Executive Producer and Joint CEO of the Mercury Theatre

Nancy Msiska joined Bridge the Gap in 2019 and then was successful in her application to the Placement Scheme and started at Liverpool Everyman and Playhouse in November 2020.

"Unexpectedly starting my placement in the midst of a pandemic and national lockdown had me concerned and unsure on how my experience would go. The support and encouragement of Stage One and Liverpool Everyman & Playhouse however was much appreciated. They helped encourage me in going forward into this new landscape of creating theatre. I don't feel I have missed out on the learning experiences it offers. The way I've worked has been different but the commitment to continue creating theatre and adapting to all the changes and challenges has given me an extra layer of experience and understanding of producing theatre.

In addition it's allowed me to level up skills which are applicable not just for producing theatre in a regional venue but also independently as I continue to develop my career. The theatre has given me the space to lead on certain projects, engage in significant meetings and work on a wide variety of productions, including digital and outdoor. Furthermore, I've benefitted from networking with great people and organisations; getting further insights into the industry and having a greater awareness of all the various components involved in successfully staging a range of shows."

6

FUNDRAISING & FINANCE

Fundraising

Stage One is extremely grateful to the following individuals, Trusts, Foundations and organisations for their donations to the development programmes up to 31st March 2021:

The Theatre Development Trust, The Mackintosh Foundation, The Garrick Trust, The Underwood Trust, The Garfield Weston Foundation, Ray Cooney Plays, Trafalgar Entertainment Ltd, Andrew Treagus, Moore Kingston Smith, Nyman Libson Paul LLP, Breckman & Co, Hamilton Hodell, Sir Alan Ayckbourn, Gordon & Co.

Voluntary Levy

A contribution to the Endowment Fund continues to be made by theatres whereby the value of a number of top price seats is donated to Stage One.

In the year to March 2021, contributions of £28,567 (2019/20 £408,672) were received. This significant decrease in contributions was a result of theatres remaining closed for the majority of 2020/21. It is a vital part of Stage One’s income to support the future of theatre producers and we hope that this figure increases as theatres re-open.

We are very grateful to the theatres and producers who have contributed to the Voluntary Levy this year and who plan to in the future.

Endowment Fund

As of 31st March 2021, the Fund totalled £7,977,142 (£6,907,767 2019/20). The Endowment Fund was set up to provide Stage One with a secure ongoing income and is being used to support programmes in response to the impact of the pandemic.

I would like to thank the unfaltering commitment of the Stage One Council and all those who serve on the Finance and General Purposes Sub-Committee, Bursary and Investment panels for their time and generosity.

Mark Burch

Chairman

7

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Theatre Investment Fund Limited (the company) for the year ended 31 March 2021. The trustees confirm that the annual report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required.

Objectives and Activities

a. Policies and objectives

The objects of the company during the year were the investment in theatrical productions, the granting of bursaries and training placements for emerging theatrical producers and the development of a programme to encourage a greater level of diverse participation in producing. The Chairman’s Annual Report dealing with achievements and performance and plans for future periods is attached. In setting objectives for the years and planning activities, the trustees have considered the Charity Commision’s guidance on public benefit. The charity’s interests are in developing the theatrical community and expanding theatrical arts education.

Structure, governance and management

a. Constitution

Theatre Investment Fund Limited is a charitable company limited by guarantee, incorporated on 31 March 1976. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

b. Method of appointment or election of trustees

The directors of the charitable company are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. Under the Articles of Association, the members of the Council are appointed by nomination and approval of the Council to serve a period of three years.

c. Policies adopted for the induction and training of trustees

Trustees are invariably already familiar with the practical work of the charity. New trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes and recent financial performance of the charity.

d. Organisational structure and decision making

The Board of Trustees, which can have up to 50 members, administer the charity. At present, the Council, which meets twice per year, has 18 members from a variety of professional backgrounds relevant to the work of the charity. A Chief Executive is appointed by the trustees to manage the day to day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority within terms of delegation approved by the trustees for operational matters, including finance, administration and employment related activities.

8

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

e. Related party relationships

During the year there were no productions invested in by the charity in which trustees were involved.

f. Risk management

The trustees have conducted a risk analysis to identify the major risks to which the charity is exposed. Systems have been put in place to mitigate those risks whereby the risks are reviewed annually at a trustees’ meeting.

Achievements and performance

a. Investment policy and performance

During the year the Endowment Fund was managed by Investec on the basis of the trustees’ instructions to follow a low to medium investment risk strategy. The broker’s performance is monitored by the Finance and General Purposes Sub-Committee who continue to ensure that the charity’s investments are managed in conformity with this policy.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Full details of the Trustees’ reasoning for the adoption of the going concern basis, in the light of the recent and ongoing Covid-19 pandemic are included in the going concern note in the accounting policies section of the financial statements.

b. Reserves policy

The trustees aim to maintain the free reserves of the charity at a level no less than 12 months of normal operating costs. Free reserves at 31st March 2021 were £99,719 which is close to target. The trustees are mindful that current circumstances surrounding the Covid-19 pandemic will continue to place different demands on the organisation’s finances and they continue to monitor these carefully. The trustees’ policy is to balance maximising the endowment fund for long term growth with meeting their continuing objectives and believe the current level of free reserves to be appropriate.

c. Trustees' responsibilities statement

The trustees (who are also directors of Theatre Investment Fund Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charities SORP;

make judgments and accounting estimates that are reasonable and prudent;

9

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

c. Disclosure of information to auditors

Each of the persons who are trustees at the time when this trustees' report is approved has confirmed that:

so far as the trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and

that each trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of that information.

Auditors

Nyman Libson Paul LLP have indicated their willingness to continue to act as auditors to the company and a resolution proposing that they be re-appointed will be put at a General Meeting.

This report was approved by the Trustees on 3rd November 2021 and signed on their behalf by:

Chairman

10

THEATRE INVESTMENT FUND LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THEATRE INVESTMENT FUND LIMITED

Opinion

We have audited the financial statements of Theatre Investment Fund Limited (the 'charitable company') for the year ended 31 March 2021 set out on pages 15 to 26. 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 financial statements:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The Trustee is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 11

THEATRE INVESTMENT FUND LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THEATRE INVESTMENT FUND LIMITED

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustee's Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

THEATRE INVESTMENT FUND LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THEATRE INVESTMENT FUND LIMITED

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 financial statements.

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and Charities Act 2011. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, reading minutes of meetings of those charged with governance, enquiries with management and review of accounting estimates.

There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 13

(A Company Limited by Guarantee)

THEATRE INVESTMENT FUND LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THEATRE INVESTMENT FUND LIMITED

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Taiano (Senior Statutory Auditor)

for and on behalf of

Nyman Libson Paul LLP

Chartered Accountants Registered Auditors 124 Finchley Road London NW3 5JS Date:

Page 14

THEATRE INVESTMENT FUND LIMITED (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Note
Income and endowments
from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income and
endowments
Expenditure on:
Raising funds
6
Charitable activities
6
Other expenditure
Total expenditure
Net income / (expenditure)
before investment losses
Net losses on investments
8
Net income / (expenditure)
before transfers
Transfers between funds
12
Net income / (expenditure)
before other recognised
gains and losses
Gains/(losses) on revaluations
of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2021
£
15,061
49,889
640
65,590
125,427
233,708
-
359,135
(293,545)
-
(293,545)
274,963
(18,582)
-
(18,582)
407,411
388,829		 Restricted
funds
2021
£
382,937
-
-
382,937
-
432,288
-
432,288
(49,351)
-
(49,351)
85,037
35,686
-
35,686
313,040
348,726		 Endowment
funds
2021
£
28,567
-
205,666
234,233
30,003
-
-
30,003
204,230
(67,214)
137,016
(360,000)
(222,984)
1,292,359
1,069,375
6,907,767
7,977,142		 Total
funds
2021
£
426,565
49,889
206,306
682,760
155,430
665,996
-
821,426
(138,666)
(67,214)
(205,880)
-
(205,880)
1,292,359
1,086,479
7,628,218
8,714,697		 Total
funds
2020
£
649,684
26,969
254,265
930,918
144,892
574,514
3,701
723,107
207,811
(21,390)
186,421
-
186,421
(758,703)
(572,282)
8,200,500
7,628,218

The notes on pages 18 to 26 form part of these financial statements.

Page 15

THEATRE INVESTMENT FUND LIMITED

(A Company Limited by Guarantee) REGISTERED NUMBER: 01252595

BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Investments
8
Current assets
Debtors
9
Investments
10
Cash at bank and in hand
Creditors:amounts falling due within one
year
11
Net current assets
Net assets
Charity Funds
Endowment funds
12
Restricted funds
12
Unrestricted funds
12
Total funds		 £
27,039
863,637
374,355
1,265,031
(406,506)		 2021
£
7,856,172
858,525
8,714,697
7,977,142
348,726
388,829
8,714,697		 £
34,772
885,064
482,936
1,402,772
(242,220)		 2020
£
6,467,666
1,160,552
7,628,218
6,907,767
313,040
407,411
7,628,218

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustee on and signed on their behalf, by:

Mark Burch Trustee

The notes on pages 18 to 26 form part of these financial statements.

Page 16

(A Company Limited by Guarantee)

THEATRE INVESTMENT FUND LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash flows from operating activities
Net cash (used in)/provided by operating activities
14
Cash flows from investing activities:
Proceeds on maturity of fixed term deposits
Investment in fixed term deposits
Proceeds from sale of investments
Purchase of investments
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
15		 2021
£
(179,897)
850,000
(863,637)
84,953
-
71,316
(108,581)
482,936
374,355		 2020
£
28,760
850,000
(850,000)
248,334
(320,607)
(72,273)
(43,513)
526,449
482,936

The notes on pages 18 to 26 form part of these financial statements.

Page 17

THEATRE INVESTMENT FUND LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting Policies

1.1 Basis of preparation of 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Theatre Investment Fund Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Company status

The company is a company limited by guarantee. The members of the company are the Trustee named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.3 Going concern

The charity meets its day to day working capital requirements through the utilisation of its own funds.

Theatres, on which a significant proportion of the charitable company's revenue streams are dependent, were initially closed on government advice on 16 March 2020 and remained closed for the vast majority of the accounting period with most reopening in the Autumn of 2021. Whilst the full, final effect of these closures is still not yet known, it is clear that the company’s revenue streams will continue to be impacted.

The trustees have prepared updated forecasts and projections based on a number of potential scenarios and these, together with reserves held, indicate that it has adequate resources to continue its operations, albeit at a potentially lower level. It is, however, difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of uncertainty existing.

After reviewing the charity’s forecasts and projections, at the time of approving these financial statements the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the next 12 months. The trustees therefore consider it appropriate to continue to adopt the going concern basis in preparing the charity’s financial statements.

1.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 18

THEATRE INVESTMENT FUND LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting Policies (continued)

1.5 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Investment income comprises dividends received from listed investments and is recognised in the period the dividends are received.

Donations are recognised in the period in which they are received.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

1.7 Government grants

Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme (‘Furlough’).

1.8 Fixed asset investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities incorporating Income and Expenditure Account.

Page 19

THEATRE INVESTMENT FUND LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting Policies (continued)

1.9 Investments in productions

Investments in productions are recognised at the recoupable amount at the reporting date being the amount invested less amounts recovered, plus anticipated profits and after making provision for losses where recovery of outstanding investments in full is not anticipated. Net surplus' on investments in productions are recognised as charitable activities income within the Statement of Financial Activities. Net shortfalls on investments in productions are recognised as charitable activities expenditure within the Statement of Financial Activities.

1.10 Interest receivable

1.11 Debtors

Debtors are recognised at the settlement amount after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

1.12 Cash at Bank and in hand

1.13 Liabilities and provisions

Liabilities 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. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.14 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 20

THEATRE INVESTMENT FUND LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Judgements in applying the accounting policies and key sources of estimation uncertainty

Impairment of debtors

The company makes an estimate of the recoverable value of debtors. When assessing impairment, management considers factors including the current credit rating of the debtor, the ageing profile and historical experience.

Impairment of investments

The company makes an estimate of the recoverable value of current asset investments. When assessing impairment, management considers factors including the current and advanced ticket sales and historical experience.

Accruals

The company makes an estimate of accruals at the year end based on invoices received after the year end, work undertaken which has not been invoiced based on quotations or estimates of amounts that maybe due for payment.

Allocation of costs

The company makes an estimate of the apportionment of certain central costs between expenditure categories based on an estimate of the time spent on each expenditure category.

3. Income from donations and legacies

Donations
Government grants
Total donations and legacies
Total 2020		 Unrestricted
funds
2021
£
-
15,061
15,061
-		 Restricted
funds
2021
£
382,937
-
382,937
241,012		 Endowment
funds
2021
£
28,567
-
28,567
408,672		 Total
funds
2021
£
411,504
15,061
426,565
649,684		 Total
funds
2020
£
649,684
-
649,684

4. Income from charitable activities

Workshop income
Net surplus on investment in
productions
Total 2020		 Unrestricted
funds
2021
£
-
49,889
49,889
26,969		 Restricted
funds
2021
£
-
-
-
-		 Endowment
funds
2021
£
-
-
-
-		 Total
funds
2021
£
-
49,889
49,889
26,969		 Total
funds
2020
£
26,969
-
26,969

Page 21

(A Company Limited by Guarantee)

THEATRE INVESTMENT FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Investment income

Investment income
Investment income
Total 2020
Direct costs
Producers'
bursary
Smaller scale
investments
Bridge the gap
Investment
management
Net shortfall on
investments in
productions
Salary recharges
Consultancy fees
Promotion and
website
Auditors'
remuneration
Legal and
professional
Miscellaneous
expenses
Workshop costs
Theatre Artist
Fund
Hardship fund
Small scale
investment
NY Exchange
Total 2020		 Unrestricted
funds
Restricted
funds
2021
£
2021
£
640
-
5,019
-
Fundraising
expenses
Governance
£
£
-
-
-
-
-
-
30,003
-
-
-
73,721
5,671
18,525
1,425
6,856
-
-
9,980
26,325
-
-
-
-
-
-
-
-
-
-
-
-
-
155,430
17,076
148,593
15,506		 Endowment
funds
2021
£
205,666
249,246

Activities

£
216,435
10,000
32,802
-
-
34,026
8,550
-
-
28
4,249
-
173,051
169,779
-
-
648,920
559,008		 Total
funds
2021
£
206,306
254,265
Total
2021
£
216,435
10,000
32,802
30,003
-
113,418
28,500
6,856
9,980
26,353
4,249
-
173,051
169,779
-
-
821,426
723,107		 Total
funds
2020
£
254,265
Total
2020
£
223,842
10,373
17,235
30,836
122,225
90,029
27,075
9,353
9,580
32,913
4,214
30,242
-
44,500
48,009
22,681
723,107
17,076
15,506

6. Direct costs

Page 22

(A Company Limited by Guarantee)

THEATRE INVESTMENT FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7. Trustees remuneration

During the year, no Trustees received any remuneration, benefits in kind or reimbursed expenses (2020 - £NIL).

8. Fixed asset investments

Market value
At 1 April 2020
Additions
Disposals
Dividends reinvested
Revaluations
Management fees
(Loss)/Profit on disposal of investments
At 31 March 2021
Investments at market value comprise:
Listed investments
Cash investments
Total market value
All the fixed asset investments are held in the UK.		 Listed
securities
£
6,029,944
1,470,967
(939,715)
-
1,292,359
-
(67,214)
7,786,341		 Cash
£
437,722
(1,470,967)
939,715
193,364
-
(30,003)
-
69,831
2021
£
7,786,341
69,831
7,856,172		 Total
£
6,467,666
-
-
193,364
1,292,359
(30,003)
(67,214)
7,856,172
2020
£
6,029,944
437,722
6,467,666

9. Debtors

Other debtors
Prepayments and accrued income		 2021
£
14,144
12,895
27,039		 2020
£
-
34,772
34,772

Page 23

(A Company Limited by Guarantee)

THEATRE INVESTMENT FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Current asset investments

Investments in productions
Fixed term deposit
Creditors: Amounts falling due within one year
Other creditors
Accruals and deferred income		 2021
£
-
863,637
863,637
2021
£
41,110
365,396
406,506		 2020
£
35,064
850,000
885,064
2020
£
30,104
212,116
242,220

11. Creditors: Amounts falling due within one year

12. Statement of funds

Statement of funds - current year

Balance at 1
April 2020
£
Unrestricted funds
General Funds - all funds
407,411
Endowment funds
Endowment Funds - all
funds
6,907,767
Restricted funds
New producers bursary
22,177
Start up scheme
273,098
Bridge the gap
17,765
Theatre Artist Fund
-
313,040
Total of funds
7,628,218		 Income
£
65,590
234,233
158,100
41,786
10,000
173,051
382,937
682,760		 Expenditure
£
(359,135)
(30,003)
(216,435)
(10,000)
(32,802)
(173,051)
(432,288)
(821,426)		 Transfers
in/out
£
274,963
(360,000)
80,000
-
5,037
-
85,037
-		 Gains/
(Losses)
£
-
1,225,145
-
-
-
-
-
1,225,145		 Balance at
31 March
2021
£
388,829
7,977,142
43,842
304,884
-
-
348,726
8,714,697

Page 24

THEATRE INVESTMENT FUND LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Statement of funds (continued)

Statement of funds - prior year


General Funds - all funds
Endowment Funds - all
funds
Restricted funds
New producers bursary
Start up scheme
Bridge the gap		 Balance at
1 April 2019
£
454,244
7,480,778
60,733
204,745
-
265,478		 Income
£
31,988
657,918
127,286
78,726
35,000
241,012		 Expenditure
£
(440,821)
(30,836)
(223,842)
(10,373)
(17,235)
(251,450)		 Transfers
in/out
£
362,000
(420,000)
58,000
-
-
58,000		 Gains/
(Losses)
£
-
(780,093)
-
-
-
-		 Balance at
31 March
2020
£
407,411
6,907,767
22,177
273,098
17,765
313,040

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments
Current assets
Creditors due within one year
Analysis of net assets between funds - prior year
Fixed asset investments
Current assets
Creditors due within one year		 Unrestricted
funds
2021
£
289,110
171,637
(71,918)
388,829
Unrestricted
funds
2020
£
103,869
340,171
(36,629)
407,411		 Restricted
funds
2021
£
672,314
11,000
(334,588)
348,726
Restricted
funds
2020
£
496,131
22,500
(205,591)
313,040		 Endowment
funds
2021
£
6,894,748
1,082,394
-
7,977,142
Endowment
funds
2020
£
5,867,666
1,040,101
-
6,907,767		 Total
funds
2021
£
7,856,172
1,265,031
(406,506)
8,714,697
Total
funds
2020
£
6,467,666
1,402,772
(242,220)
7,628,218

Page 25

THEATRE INVESTMENT FUND LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Reconciliation of net movement in funds to net cash flow from operating activities

Net (expenditure)/income for the year (as per Statement of Financial
Activities)
Adjustment for:
Losses/(gains) on disposal of investments
Dividends, interest and rents from investments
Amounts written off/(recovered from) current asset investments
Management fees paid from cash held as fixed asset investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash (used in)/provided by operating activities
Analysis of cash and cash equivalents
Cash in hand
Total		 2021
£
(205,880)
67,214
(193,364)
(49,888)
30,003
7,733
164,285
(179,897)
2021
£
374,355
374,355		 2020
£
186,421
21,390
(238,787)
122,225
30,836
(22,698)
(70,627)
28,760
2020
£
482,936
482,936

15. Analysis of cash and cash equivalents

16. Related party transactions

During the year investments totalling £nil (2020: £110,000) were made in theatrical productions in which certain Trustees have an interest. The Trustees were not party to the decision to invest, and declared such interest to Board Meetings. These investments were subject to normal trade conditions and no preferential treatment was given to the Trustees concerned.

During the year administrative costs totalling £64,005 (2020: £20,956) were recharged from a company in which certain Trustees are directors. At the reporting date creditors include £38,655 (2020: £27,648) due to the company.

During the year the company received £nil (2020: £9,825) for the sub-let of part of a premises it leases to a company controlled by the Chief Executive of Theatre Investment Fund.

Page 26