Registered number: 01928541 Charity number: 292559
THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 - 2 |
| Trustees' report | 3 - 7 |
| Independent auditor's report on the financial statements | 8 - 12 |
| Statement of financial activities | 13 |
| Balance sheet | 14 |
| Statement of cash flows | 15 |
| Notes to the financial statements | 16 - 21 |
THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
REFERENCE AND ADMINSTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees
Tristan Michael Douglas Baker Appointed on 3 July 2024 Kathryn Ruth Bennett Thomas William Bird Griselda Bourne Andrew James Neville Collier Alan Arthur Finch Henrietta Lucy Anne Finch Alexander Rupert Gavin Patrick Gracey Niove Rachel Janis Resigned on 3 July 2024 Eleanor Rose Lloyd Patrick Howard Murphy Natalie Pelman Constantinides Resigned on 7 November 2024 Rebecca Ellen Rae Andrew Rawlinson Appointed on 3 July 2024 Mark Gabriel Rubinstein Edward George Crighton Snape Rosemary Anne Squire Resigned on 3 July 2024 Kenneth Howard Wax Appointed on 3 July 2024 Anna Elizabeth Williams Company registered number 01928541 Charity registered number 292559 Registered office 32 Rose Street London WC2E9ET Independent auditor Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP
Page 1
THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
REFERENCE AND ADMINSTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
Bankers Lloyds TSB Bank PLC 48 - 49 Strand London WC2N 5LL 2 Gresham Street London EC2 7QP
Investment advisors Investec Wealth and Investments Limited
Page 2
THEATRE DEVELOPMENT TRUST
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the audited financial statements of the company for the year 1 January 2024 to 31 December 2024. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory
requirements, the requirements of the charitable 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 (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The principal activity of the charity is the promotion and advancement of the dramatic and other performing arts for the benefit of the public through supporting the work of various charitable foundations together with the provision of grants to individuals.
Each year the Trustees review the objectives and activities to ensure they continue to reflect the aims. In carrying out this review the Trustees have considered the Charity Commission's general guidance on public benefit.
Achievements and performance
a. Review of activities
Theatre Development Trust is a company. A loan of £11,150,000 from Society of London Theatre is held by the company with the aim of generating an ongoing source of income enabling the charity to fulfil its aims and objectives. From 1st January 2021, an interest charge has been levied on the loan. Additionally, donations continued to be received in support of the Theatre Artist Fund (TAF) programme of activity to support the development of skills in theatre.
Recent years have seen greater volatility in financial markets which has impacted the company's investments. In 2024, the investments went up by 7.1% in value. £1,036,674 was liquidated from the investment portfolio to fund the charity’s activities.
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THEATRE DEVELOPMENT TRUST
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Achievements and performance (continued)
A strategic review of the company was conducted in 2023 and this paused the programme of grant making temporarily. Following the strategic review, three new independent trustees were appointed to the Board. A review of the grants process was also undertaken which resulted in a new set of guidance and application forms for applicants. The new process has increased transparency and re-focused the charity’s aims to support work across its 3 core objectives: Workforce, Access and Audiences. As a result, grants made from unrestricted reserves in 2024 of £500,023 are much higher than 2023 which were unusually low at £181,461.
In 2024 the charity continued its support of the TAF Creative Workforce Pilot Programme. The remaining 25% of participants were recruited into the programme. 20 participants are being hosted by 16 partners (with either one or two participants) including Royal Opera House, Royal Edinburgh Lyceum, Scottish Opera, National Theatre Scotland Theatre Royal Plymouth. Theatre People remain the delivery partner for professional development workshops and HR support to all participants for the length of their contract. The final participants will complete the pilot study in Autumn 2026. Fundraising against the total target of £1.7m achieved £1.6m in cash - with notable grants made by Backstage Trust, Maria Bjornson Memorial Fund, Swire Charitable Trust and Vogue World Fund. Evaluation will be undertaken by University of Essex to be presented in early 2027.
In 2024, the charity continued its support of Stage One with a grant towards its Development Programme to support new producers. The grant went towards support for Stage One's flagship programmes including; The Bridge the Gap Scheme, the Bursary Scheme and the London Placement Scheme. This has included a focus towards supporting new producers from under-represented groups who identify as BAME, those with a disability and those at a financial disadvantage. For example - Bridge the Gap has supported 53 producers from under-represented backgrounds since its launch in 2018. We are also encouraged that TDT's endorsement and funding enables Stage One to apply for and un-lock funding from additional sources.
b. Investment policy and performance
The Trustees' investment powers are governed by the Memorandum and Articles of Association which permits the charity's funds to be invested in a wide range of securities and assets.
The Trustees' policy is to maintain a portfolio which generates a reasonable level of capital growth and income while operating at a medium risk profile. Detailed governance and strategy of the investments is delegated by the Trustees to the Investment sub-Committee, with specific investment decisions managed by the company's broker, Investec Wealth and Investment. All investment assets are controlled through the broker.
Page 4
THEATRE DEVELOPMENT TRUST
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Achievements and performance (continued)
Asset allocations are monitored closely and generally remained within target ranges. At the year end, the value of equities was at the lower end of the target range while fixed interest was towards the higher end of the range. Investment income was in line with the previous year at £424,269 (2023: £429,109) with a realised gain on disposal of £1,056,867 (2023: £65,974) and an unrealised gain on revaluation of £213,060 (2023: £602,599).
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 are included in the going concern note in the accounting policies section of the financial statements.
b. Reserves policy
The Board has reviewed the value of free reserves that should be held by the charity to mitigate risks to activity and the ability of the charity to deliver on its strategic objectives.
The Board has set the reserves policy as follows:
- -In addition, to hold 3 months of projected annual grant payments
The target for free reserves based on this policy is £2.6m. At the year end the actual level of free reserves is above this target at £4,011,294. The Trustees are mindful of the impact of high inflation on the charity’s grant making and reserves in the medium to long term, and the current uncertainty in the financial markets increasing investment risk.
c. Asset cover for funds
The Trustees are of the opinion that, as at the balance sheet date, the assets are sufficient to meet the charity's obligations.
Page 5
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
Structure, governance and management
a. Constitution
Theatre Development Trust is established as a company limited by guarantee and is registered as a charity with the Charity Commission. Its affairs, including the appointment of Trustees, are governed by its Articles of Association which allow the charity to undertake any activity covered by its objects with no specific restrictions and limits the liability of the Members in the event of the company being wound up to a sum not exceeding £10.
The Trustees of the charity are responsible for its overall management and control. The work of implementing the policies is carried out by the Board of Trustees which meets regularly. There are no paid employees.
b. Method of appointment of Trustees
New Trustees are appointed by the Trustees.
c. Policies adopted for the induction and training of Trustees
New Trustees receive copies of minutes of previous meetings and their induction and training includes meeting with key personnel and other Trustees and receiving relevant historical information.
d. Risk management
The Board of Trustees is responsible for the management of the risks faced by the Charity. Risks are identified, assessed and controls established as appropriate. The major risk to the Charity is to maintain the value of investment assets in real terms to protect the funds available for grant making. The Trustees continue to monitor closely the performance of the investments, level of reserves and extent of grant giving to ensure financial risks are mitigated.
Plans for future periods
For the immediate future, the principal areas of focus will continue to be to support initiatives in Workforce Training and Career Development, Audience Development and Access Requirements.
Page 6
THEATRE DEVELOPMENT TRUST
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company 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 period. 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 company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material
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departures disclosed and explained in the financial statements,
the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are
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unaware, and
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•that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Approved by order of the members of the board of Trustees on 11th June 2025 and signed on their behalf by:
Kash Bennett (Chair)
Page 7
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
Opinion
We have audited the financial statements of Theatre Development Trust ('the company') for the year ended 31st December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
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give a true and fair view of the state of the company’s affairs as at 31st December 2024 and of its Surplus for
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the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 8
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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 course of 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 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees’ report for the financial year for which the financial statements are
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prepared is consistent with the financial statements; and
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the Trustees’ report report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company 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 where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received
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from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made;
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the directors’ report and from the requirement to prepare a strategic report.
Page 9
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
Responsibilities of Trustees
As explained more fully in the Trustees’ responsibilities statement, the Trustees 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor’s 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 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
• Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Page 10
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
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We obtained an understanding of the legal and regulatory requirements applicable to the company and
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considered that the most significant are the Companies Act 2006, the Charities Act 2011, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
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We obtained an understanding of how the company complies with these requirements by discussions with
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management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
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We inquired of management and those charged with governance as to any known instances of non-
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compliance or suspected non-compliance with laws and regulations.
• Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
Page 11
NDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.
Use of our report
This report is made solely to the 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 for no purpose other than to draw to the attention of the company’s members those matters which we are required to include in an auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and company’s members as a body, for our work, for this report, or for the opinions we have formed.
Adam Fullerton (Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
Chartered Accountants 9 Appold Street London EC2A 2AP
Date: 12 June 2025
Page 12
THEATRE DEVELOPMENT TRUST
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Restricted | Unrestricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| Note | £ | £ | £ | £ | |
| Income from: | |||||
| Donations & legacies | 4 | 599,176 | - | 599,176 | 260,619 |
| Investments | 5 | 12,557 | 411,712 | 424,269 | 429,109 |
| Total income | 611,733 | 411,712 | 1,023,445 | 689,728 | |
| Expenditure on: | |||||
| Raising funds | 6 | - | 397,636 | 397,636 | 395,283 |
| Charitable activities | 7 | 381,182 | 569,155 | 950,337 | 949,647 |
| Total expenditure | 381,182 | 966,791 | 1,347,973 | 1,344,930 | |
| Net (expenditure)/income before net | |||||
| (losses)/gains on investments | 230,551 | (555,079) | (324,528) | (655,203) | |
| Realised gains/(losses) on investments | 19,885 | 1,036,982 | 1,056,867 | 65,974 | |
| Unrealised gains/(losses) on investments | (18,717) | 231,777 | 213,060 | 602,599 | |
| Net movement in funds | 231,719 | 713,680 | 945,399 | 13,370 | |
| Reconciliation of funds: | |||||
| Total funds brought forward | 2,323 | 3,297,614 | 3,299,937 | 3,286,566 | |
| Net movement in funds | 231,719 | 713,680 | 945,399 | 13,370 | |
| Total funds carried forward | 14 | 234,042 | 4,011,294 | 4,245,336 | 3,299,936 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 16 to 21 form part of these financial statements.
Page 13
THEATRE DEVELOPMENT TRUST
(A company limited by guarantee)
BALANCE SHEET AS AT 31 DECEMBER 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Fixed assets | ||||
| Investments | 11 | 15,837,978 | 15,597,157 | |
| 15,837,978 | 15,597,157 | |||
| Current assets | ||||
| Debtors | 12 | 250 | - | |
| Cash at bank and in hand | 346,917 | 100,112 | ||
| 347,167 | 100,112 | |||
| Creditors: amounts fallingdue within oneyear | 15 | (11,939,809) | (12,397,332) | |
| Net current liabilities | (11,592,642) | (12,297,220) | ||
| Total assets less current liabilities | 4,245,336 | 3,299,937 | ||
| Total net assets | 4,245,336 | 3,299,937 | ||
| Charity funds | ||||
| Restricted funds | 14 | 234,042 | 2,323 | |
| Unrestricted funds | 14 | 4,011,294 | 3,297,614 | |
| Total funds | 4,245,336 | 3,299,937 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 11th June and signed on their behalf by:
| Eleanor Lloyd | Kathryn Bennett |
|---|---|
| (Trustee) | (Trustee) |
The notes on pages 16 to 21 form part of these financial statements.
Page 14
THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Cash flows from operating activities | |||
| Net cash used in operating activities | 16 | (1,206,570) | (674,421) |
| Cash flows from investing activities | |||
| Dividends, interest and rents from investments | 424,269 | 429,109 | |
| Proceeds from sale of investments | 10,427,550 | 4,430,643 | |
| Purchase of investments | (9,487,805) | (4,243,542) | |
| Net Cash from investing activities | 1,364,014 | 616,210 | |
| Change in cash and cash equivalents in the year | 157,444 | (58,211) | |
| Cash and cash equivalents at beginning of year | 907,499 | 965,710 | |
| Cash and cash equivalents at end ofyear | 17 | 1,064,943 | 907,499 |
Page 15
THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. General information
Theatre Development Trust is a company limited by guarantee and registered in England & Wales. The address of its registered office is 32 Rose Street, London, WC2E 9ET.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.
Theatre Development Trust 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.
2.2 Company status
The company is a company limited by guarantee. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.
2.3 Going concern
The charity meets its day to day working capital requirements through the utilisation of its own funds and a loan advanced by Society of London Theatre (SOLT) as disclosed in note 18. The charity utilised the loan to invest in listed securities and generate ongoing income for the charity's operation. Whilst the loan is technically repayable on demand, the loan agreement specifies that it will only be repayable to the extent that the charity has surplus resources to enable such repayments to be made. The reserves policy and the investment policy ensure there are sufficient funds available to enable the loan to be repaid.
From 2021, SOLT have levied an interest charge on the loan and the charity relied on a moderate level of long term annual capital return (3-4%) to finance operations. The charity will reconsider the scope of future grant giving given repayment of the loan.
In May 2025 SOLT gave notice to the trustees that the loan would be recalled in a timescale to be agreed. When part or all of the loan becomes repayable, the charity will divest the required amount from the investment portfolio. This will reduce the amount of investment income received, and the amount of loan interest paid, in future. As a result, the charity may need to review its level of grant giving in future years. As the charity has no long-term grant commitments and has reserves in excess of the reserves policy, the trustees are content that the charity can continue as a going concern.
Total cash and investments increased by £488,000 to £16,185,000 and unrestricted reserves increased by £759,000.
After reviewing the charity's 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.
2.4 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donation income is recognised when received.
Legacy income is recognised when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution.
Dividends from investments are recognised when dividends are receivable. Interest receivable from investments is recognised over the period in which it is earned.
2.5 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.
All expenditure is accounted for on the accruals basis. All expenses including support costs and governance costs are all allocated to the applicable expenditure headings. Expenditure on raising funds comprises investment management fees and loan interest payable.
Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional and those conditions remain in control of the charity, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the bank.
2.7 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 Statement of Financial Position date, using closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Current asset investments are a form of basic financial instrument and are initially, and subsequently, recognised at their transaction value. Interest receivable is included in debtors and is recognised in the statement of comprehensive income.
Page 16
THEATRE DEVELOPMENT TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.8 Debtors
Debtors are recognised at their settlement amount.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 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.
2.11 Financial instruments
The Charity 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.
Financial instruments include a loan from Society of London Theatre (note 18) which is repayable on demand.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity 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 Charity 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.
3. Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following are the company's key sources of estimation uncertainty:
Accruals
The management makes an estimate of accruals at the year end based on invoices received after the year end which relate to the year and which have not been invoiced.
Page 17
THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
4 Income from donations and legacies
| Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Donations | 599,176 | - | 599,176 | 260,619 |
| Total 2023 | 259,834 | 785 | 260,619 |
5 Investment income
| Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Dividends and interest receivable from listed investments | 12,557 | 406,472 | 419,029 | 429,109 |
| Bank interest receivable | - | 5,240 | 5,240 |
- |
| Total | 12,557 | 411,712 | 424,269 | 429,109 |
| Total 2023 | 12,425 | 416,684 | 429,109 |
6 Expenditure on raising funds
Costs of raising voluntary income
| Costs of raising voluntary income | Unrestricted | Total | Total |
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Loan interest payable | 334,500 | 334,500 | 334,500 |
| Investment management charges | 63,136 | 63,136 | 60,783 |
| Total | 397,636 | 397,636 | 395,283 |
| Total 2023 | 395,283 | 395,283 |
7 Analysis of expenditure by activities
| Activities undertaken | Total | Total | ||
|---|---|---|---|---|
| directly | funds | funds | ||
| 2024 | 2024 | 2023 | ||
| £ | £ | £ | ||
| Charitable activities | 950,337 | 950,337 | 949,647 | |
| Total 2023 | 949,647 | 949,647 | ||
| Analysis of direct costs | Charitable | Total | Total | |
| activities | funds | funds | ||
| Note | 2024 | 2024 | 2023 | |
| £ | £ | £ | ||
| Grants to institutions | 8 | 457,523 | 457,523 | 209,461 |
| Theatre Artists Fund placements | 308,002 | 308,002 | 505,318 | |
| Olivier bursaries | 80,000 | 80,000 | 80,754 | |
| Theatre Artist Fund grants | - | - | 100,090 | |
| Theatre Artists Fund placements costs | 35,680 | 35,680 |
- | |
| Miscellaneous expenses | 69,132 | 69,132 | 54,024 | |
| Total | 950,337 | 950,337 | 949,647 | |
| Total 2023 | 949,647 | 949,647 |
Page 18
THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8 Analysis of grants to institutions
| 8 Analysis of grants to institutions | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Theatre Investment Fund Limited (t/a Stage One) | 130,000 | 85,000 |
| Society of London Theatre - Workforce Training & Development | 160,665 | 38,397 |
| Society of London Theatre - Flexible working research | 42950 |
- |
| Society of London Theatre - Access London Theatre Guide | 21,000 | 3,360 |
| Society of London Theatre - Theatre for Every Child Campaign | 12,200 |
- |
| Theatrecraft | 43,710 | 9,199 |
| Get Into Theatre | 31,998 |
- |
| Dancers Career Development | 10,000 |
- |
| English National Opera - Discover Opera Days and Relaxed Performances | 5,000 |
- |
| Schools Theatre Week | - | 15,000 |
| Go Live Theatre Projects | - | 12,500 |
| UK Theatre Association — Theatre Support Line | - | 3,202 |
| Council for Dance and Musical Theatre | - | 3,382 |
| Parents in Performing Arts | - | 1,000 |
| Other Grants to Institutions | - | 38,421 |
| Total | 457,523 | 209,461 |
The grant to Theatre Investment Fund Limited (t/a Stage One) was to help provide bursaries and placements to new & emerging theatre producers and support in the outreach project staff costs.
The grant to Society of London Theatre - Workforce Training & Development was to establish initiatives to address current and future skill shortages in the industry.
The grant to Society of London Theatre - Access London Theatre Guide was to fund the creation and publication of the guide to access for London theatres.
Theatrecraft provides careers events for anyone 16-30 seeking off-stage roles in theatre. Schools Theatre Week relates to a schools access to theatre grant.
The grant to Get Into Theatre is to fund their core costs.
The grant to Dancers Career Development was to assist in re-training dancers in other careers in the performing arts.
The grant to Go Live Theatre Projects (formerly Mousetrap Theatre Projects) was to support its work in the area of audience development and young people.
The grant to UK Theatre Association — Theatre Support Line was to set up a helpline to support workers in the industry with guidance and help on a number of issues.
The grant to Council for Dance, Drama and Musical Theatre was to support its work in providing training to the dance, drama and music industry.
Parents and carers in the Performing Arts address the challenges of parents in the performing arts.
Analysis of grants to individuals
Restricted Theatre Artist Fund grants to individuals
| 2024 | 2023 |
|---|---|
| £ | £ |
| - | 100,090 |
9 Staff costs
The company has no employees. The Trustees did not receive any remuneration or reimbursed expenses during the year (2023: £nil).
10 Auditors remuneration
During the year the company obtained the following services from the company's auditors:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| 11,508 | 10,386 | ||
| 11 Fixed asset investments | |||
| Listed | Other | ||
| Investments | Investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 January 2024 | 14,789,770 | 807,387 | 15,597,157 |
| Additions | 9,143,905 | (9,143,905) | - |
| Transfers out | - | (1,385,000) | (1,385,000) |
| Disposals | (10,427,550) | 10,427,550 | - |
| Realised gain/(loss) | 1,056,867 | - | 1,056,867 |
| Unrealised gain/(loss) | 213,060 | - | 213,060 |
| Management charges | - | (63,136) | (63,136) |
| Investment income reinvested | 343,900 | 75,130 | 419,030 |
| At 31 December 2024 | 15,119,952 | 718,026 | 15,837,978 |
| 12 Debtors | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Due within one year | |||
| Trade debtors | 250 | - | |
| Total | 250 | - |
Page 19
THEATRE DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13 Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 120,193 | - |
| Other creditors | 11,155,046 | 11,149,823 |
| Accruals and deferred income | 229,332 | 500,657 |
| Grant creditors | 435,238 | 746,852 |
| Total | 11,939,809 | 12,397,332 |
| 2024 | 2023 | |
| £ | £ | |
| Deferred income | ||
| Brought forward | 144,983 | 144,983 |
| Released in year | (144,983) | (144,983) |
| Newprovision added | 216,996 | 144,983 |
| Carried forward | 216,996 | 144,983 |
14 Statement of funds
| Balance at | Balance at | |||||
|---|---|---|---|---|---|---|
| 1 January | Income | Expenditure | Gains/(losses) | Transfers | 31 December | |
| 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds: | ||||||
| General funds | 3,297,614 | 411,712 | (966,791) | 1,268,759 | - | 4,011,294 |
| Restricted funds: | ||||||
| The Sir Peter and Lady Saunders Olivier Bursary Fund | 281,003 | 12,557 | (10,000) | 1,168 | - | 284,728 |
| Theatre Artists Fund Placements | (278,680) | 571,676 | (343,682) | - | - | (50,686) |
| Olivier Bursary | - | 27,500 | (27,500) | - | - | - |
| Total restricted funds | 2,323 | 611,733 | (381,182) | 1,168 | - | 234,042 |
| Total funds | 3,299,937 | 1,023,445 | (1,347,973) | 1,269,927 | - | 4,245,336 |
Restricted funds
The Sir Peter and Lady Saunders Olivier bursary fund is to be used to finance an annual bursary to a single student up to a maximum of £10,000, such amount to be reviewed every 5 years.
The Theatre Artists Fund was established to provide emergency support for theatre workers and freelancers across the UK. It was for theatre professionals who are in need of urgent and critical financial support due to the devastating impact of Covid-19 on the theatre sector. During 2023 the funders agreed to transfer the remaining funds to be used for Theatre Artist Placements.
The Theatre Artists Fund Pilot programme to provide placements in theatre venues to develop staff in a variety of technical skills in the performing arts. The deficit on this restricted fund will be made up by income in 2025.
The Olivier bursary fund exists to make grants to individual students within the theatrical industry.
| Balance at | Balance at | |||||
|---|---|---|---|---|---|---|
| 1 January | Income | Expenditure | Gains/(losses) | Transfers | 31 December | |
| 2023 | 2023 | 2023 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds: | ||||||
| General funds | 2,922,732 | 417,469 | (706,522) | 663,935 | - | 3,297,614 |
| Restricted funds: | ||||||
| The Sir Peter and Lady Saunders Olivier Bursary Fund | 273,940 | 12,425 | (10,000) | 4,638 | - | 281,003 |
| Theatre Artists Fund | 523,835 | 2,909 | - | - | (526,744) | - |
| Theatre Artists Fund Placements | (433,940) | 233,924 | (605,408) | - | 526,744 | (278,680) |
| Olivier Bursary | - | 23,000 | (23,000) | - |
- | - |
| Total restricted funds | 363,835 | 272,258 | (638,408) | 4,638 | - | 2,323 |
| Total funds | 3,286,567 | 689,727 | (1,344,930) | 668,573 | - | 3,299,937 |
| 15 Analysis of net assets between funds | ||||||
| Restricted | Unrestricted | Total | Restricted | Unrestricted | Total | |
| funds | funds | funds | funds | funds | funds | |
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Fixed asset investments | 718,026 | 15,119,952 | 15,837,978 | 281,003 | 15,316,154 | 15,597,157 |
| Current assets | 208,532 | 138,635 | 347,167 | - | 100,112 | 100,112 |
| Creditors due within oneyear | (692,516) | (11,247,293) | (11,939,809) | (278,680) | (12,118,651) | (12,397,331) |
| Total | 234,042 | 4,011,294 | 4,245,336 | 2,323 | 3,297,614 | 3,299,937 |
Page 20
THEATRE DEVELOPMENT TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16 Reconciliation of net movement in funds to net cash flow from operating activities
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Net income/expenditure for theyear(asper Statement of Financial Activities) | 945,399 | 13,370 |
| Adjustments for: | ||
| Dividend, interest and rents from investments | (424,269) | (429,109) |
| Profit on the sale of fixed assets investments | (1,056,867) | (65,974) |
| (Gain)/loss on the revaluation of fixed assets investments | (213,060) | (602,599) |
| (Increase)/decrease in debtors | (250) | 421 |
| (Decrease)/increase in creditors | (457,523) | 409,470 |
| Net Cashprovided by/(used in) operating activities | (1,206,570) | (674,421) |
| 17 Analysis of cash and cash equivalents | ||
| 2024 | 2023 | |
| £ | £ | |
| Cash in hand | 346,917 | 100,112 |
| Cash held byinvestment managers | 718,026 | 807,387 |
| Total cash and cash equivalents | 1,064,943 | 907,499 |
18 Related party transactions
During the year, expenditure (gross of irrecoverable VAT) totalling £20,265 (2023: £17,930) was made on behalf of Theatre Development Trust (TDT) by the Society of London Theatre (SOLT), a company with a Board of Directors and Members substantially in common with TDT. In the year there was a total reimbursement by TDT of £5,222 (2023: £49,314). As a result, at the reporting date an amount of £472 was due to SOLT by TDT (in 2023 £4,750 was due from SOLT to TDT). In additions there is a £60,000 management fee charged by SOLT to TDT (2023: £nil), which is included in trade creditors at year end.
In addition to the above there is a loan of £11,150,000 (2023: £11,150,000) from the Society of London Theatre to the Theatre Development Trust, to provide an ongoing source of finance for the charity. Interest was been levied on the loan at 2% per annum from 1 January 2021 to 30 June 2022 and 3% thereafter.
Eleanor Lloyd and Kenneth Wax who were Trustees of the charity in the year were also, for at least part of the year, Trustees of Theatre Investment Fund Limited (Stage One), a registered charity, to which grants were paid of £130,000 (2023: £85,000). At the balance sheet date £4,574 (2023: £4,574) was due to UK Theatre Association.
Page 21