2023-03-31-accounts

Equity Charitable Trust Trustees, Annual Report & Financial Statements Year ended 31 March 2023 Charity number 328103 Company number 02341733 Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Contents Page Legal and Administrative Information Report of the Trustees Independent Auditors, Report 10-12 Statement of Financial Activities 13 Balance Sheet 14 Cashflow Statement 15 Notes forming part of the Financial Statements 16-27

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 Legal and admlnlstratlve Informatlon Board of Trustees Je3n Rogers Ichairl 13n Talbot (Co-vice Chairl Christine Payne (Co-vice Chairl Robin Brown& Stephen Ross Oliv&r Ford D3vies~ Sh31om Lee-Ramsbottom (appointed 13 April 20221 Stephen Nigel Gilchrist William Cummings Thompson Helen Louise Grang&r (appointed 13 April 20221 M3lcolm Sinclair Tonia D3ley Campbell t (appointed 12 October 20221 Sh&nagh Gov3n t lappoint&d 12 October 20221 Rachael Fagan t (appointed 12 October 20221 David Johnt Lizzie May Coop&r t lappoint&d 12 October 20221 Barbara Hyslop (resigned 13 April 20221 Annie Bright Iresigned 28 Sept&mb&r 20221 Martin Brown (resigned 23 April 20231 Bryn Alun Evans Iresigned 30 November 20221 Company Secretsry Kaethe Cherney Registered office Plouviez House 19-20 H3tton Place London ECIN 8RU Charity number 328103 Company number 02341733 Solicitors H3rbottle & Lewis LLP H3nover House 14 Hanover Squ3re London WIS IHP Investment managers Charles Stanley & Company Ltd 25 Luke Str&&t London EC2A 4AR Auditors Nym3n Libson P3ul LLP 124 Finchley Ro3d London NW3 SJS Principal bankers Unity Trust Bank plc Nin& Brindleyplace Birmingh3m Bl 2HB These trustees retire by mtotion ond were re-elected on 13th October2021. * These trustees were nominoted by The Equity Council to servefor o two yeorperiod as opproved by theAGM on 12th October 2022 Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone [phone] Enquiries.. [e-mail] www. equitycharitabletrust.org.uk

Equity Charitable Trust Trustees. Annual Report and Financial Statements for the Year Ended 31 March 2023 Report of the Trustees The Trustee5 of the Equity Charitable Trust Ithe Trust) are pleased to present their annual report together with the financial Statements for the year ended 31 March 2023 which are a150 prepared to meet the requirements for a director5, report and account5 for Companie5 Act purp05e5. The reference and administrative information set out in page I form5 part of thi5 report. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the second edition Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Objectives and activities The principal activities of the charitable company at the present time are the provision of education and welfare grant5 and also providing the services of a welfare rights and debt adviser for the benefit of industry professionals. The Welfare Right5 and Debt Adviser works on a part time basis only11 day per weekl but will as515t any industry professional who 15 experiencing benefit or debt related problems either by phone or face to face interview from the office based at Plouviez House. Since Covid thi5 has been provided remotely. The grants awarded under our education bursary system enable industry professionals either to develop an alternative career or a second String career 50 that when they are not performing they have another Source of income rather than relying on State Benefits. Once they have retrained thev can then add something back into the community through their new careers e.g. teaching. psychotherapy etc. The Trust ha5 also provided support to professional theatre5 for the maintenance and promotion of the performing arts as well a5 encouraging the employment of profe55ional performers. This activitv has been less prominent in recent years because the Board has W15hed to concentrate on assisting individua15 in need through retraining or welfare grants. Since Covid the focus ha5 been on welfare grants. The Trust regularly reviews its objectives to ensure that they remain relevant to helping those in most need of asS15tance. Public Benefit The Trustee5 confirm that they have had regard to the Charity Commission's guidance on Public Benefit in planning the charitV'5 aims, activitie5 and future plans. Structurei governance and management The Trust 15 a charitable company limited by guarantee, incorporated on 31 January 1989 and registered as a charity on 21 February 1989, number 328103 under a Memorandum and Article5 of Association. The number of director5 Iwho act a5 trustees) shall be not les5 than 3 nor exceed 30. The Council of Equity (the entertainment professionals, union) may nominate persons to be admitted to membership of the charitable company to serve a5 director5 Ithe Council Members) for a period of 2 year5. Other director5 are appointed from members of the company and one third of them shall retire at the Annual General Meeting in every other year, but may be reappointed. New trustees are inducted and provided with appropriate training. Equity Charitable Trust, Plouwez House, 19-20 Hatton Place, London ECIN 8RU Telephone.. [phone] Enquirie5.' [e-mail] www. equitycharitabletrust.org.uk

Equity Charitable Trust Trustees. Annual Report and Financial Statements for the Year Ended 31 March 2023 Report of the Trustees Charity Governance Code During the year, the trustees carried out a self-evaluation by benchmarking the Trust's activities against the latest version of the Charity Governance Code to identify any areas for improvement. The results of this exercise informed the charitV'5 ongoing governance review and implementation plans. The Trust ha5 undertaken to meet its beneficiarie5' needs with compassion and respect. It speaks to the other theatrical charities regularly, and often work together to help its clients get back on the right foot. For instance, the Royal Variety Charity offers career coaching sessions, so the Trust referred struggling performer5 to that service, or to the Actors Children's Trust if they fit their criteria. The Trust Spreads The Combined Theatrical Charitie5 Appeal Council on its Social media platform5 and has highlighted its education grants to those that have mentioned they're considering a career change or need a second string. The Trust's Welfare Advi50r has helped people navigate the complexity of the Benefit5 System, and has brought organi5ations such as Step Change to their attention if they're struggling with debt. The Board meet5 at least S times a year and it discusse5 the broad strategy and area5 of activity for the Trust. It also review5 the inve5tment5 in line with the investment and reserve5 policies and holds six monthly meeting5 Wlth the investment managers. The full Board meet5 at least twice a year. The Board will also undertake periodic reviews of our investment manager5 and auditor5 in line with best practice for charities. It also reviews the budget5 and risk management and undertake5 any other administrative issues that may arise. The Education Sub Committee meet5 three or four times a year to as5e55 new application5 for grants to provide training or retraining in line with the current criteria. The Board also as5es5es applications for welfare grant5. The day to day administration of the charitable company 15 the responsibility of the Secretary and the Welfare Caseworker whilst a Finance Officer monitors the financial activities. Any new trustees are invited to Spend time with the Finance Officer, Secretary and Welfare Caseworker to become acquainted with the Trust and its objectives and activitie5, a5 well as receiving information on their responsibilities as a member of the Board. All trustee5 give their time freely and no trustee remuneration wa5 paid in the year. Trustees are required to disclose all relevant interests and register them with the Secretary and in accordance with the Trusvs policy withdraw from decision5 where a conflict of interest arises. The Trust Is a member of the Combined Theatrical Charities Appeals Council, which undertakes a fundraising appeal in professional theatres across the UK over two weeks in October under the banner'Acting for Others,. The money raised is then distributed amongst the 15 members who receive Sums that will be based upon their application to the Combined Theatrical Charities. As a result of the pandemic, the Trust did not receive funding from the appeal in 202212312022.. £nill. Instead, the Trust was awarded £35,00012022.. £75,0001 to augment its welfare grants programme. The Trust does not generally fundraise in it5 own right and seek5 to continue its work through careful management of its existing resources and the occasional donation. Equity Charitable Trust, Plouwez House, 19-20 Hatton Place, London ECIN 8RU Telephone.. [phone] Enquirie5.' [e-mail] www. equitycharitabletrust.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 Report of the Trustees Risk management The Trust has considered the major risks to which it is exposed and has reviewed these risks and established systems and procedures to manage them. A risk assessment is conducted regularly to review the major risks faced by the Trust and to ensure that the directors have a sound knowledge of the charity and are in an informed position regarding its operations. The directors consider that one of the major risks to which the charity is exposed- namely the maintenance of capital values and income levels- is mitigated by delegating the management of the charity's investment portfolio to a firm of investment managers. The directors monitor its performance on a regular basis. John Fernald Award This provides support to professional theatres for the training of new assistant directors. The Trust incorporated this charity in 1998 and took over all aspects of the administration. There is one committee meeting per year, usually in March. Two Board members serve on the committee together with eight other representatives. Grant making policy The Trust operates its policy for grant making, in particular the delivery of welfare grants, in accordance with a set of guidelines drawn up in accordance with Charity Commission recommendations and the charIt￿S own constitution and which has then been approved by the Board. The Trust's priority is that of full transparency and accordingly the guidelines are published on its website and accessible to all potential applicants. Their purpose is to ensure consistency in fairness to applicants, so they know that broadly, performance professionals in similar circumstances will receive similar consideration and amounts and to set the expertations of applicants. The procedures are also designed to ensure that those making the decisions art fairly and are accountable and all decisions are fully documented. Welfare grants are usually one off payments but may be spread if paying for treatment received e.g. psychotherapy sessions. Education grants may be paid over a period of up to 12 months dependent upon the course undertaken. A requirement of each grant is that the applicant provides a copy of the certificate, degree, etc at the end of the course. If a course is funded over a number of years, the Students must reapply at the end of each year for the grant to be continued. Reports are also requested so that the student's progress can be monitored. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 Report of the Trustees Achievementsi performance and how our grant programmes deliver public benefit We have referred to the Charity Commission's general guidance on public benefit when reviewing our objectives and in planning our future activities. In particular, we have considered how planned activities will contribute to the objectives that we have set. The directors are satisfied that the Trust meets the Charity Commission's guidelines with regard to delivering public benefit. In total, grants amounting to £597,80112022'. £596,439) were payable in the financial year ended 31 March 2023. The effects of the Covid pandemic upon those working within the performing arts industry resulted in the signif icant increase in welfare and other assistance grants payable. An anonymous CAF Donor gave the Trust £50,00012022'. £250,000) to distribute to those individuals working within the industry facing serious financial hardship. The Trust received £35,00012022'. £75,000) grant funding from The Combined Theatrical Appeals Council. This grant was designed to augment the Trust's existing welfare grants giving programme to SUPPOrt the increased applications for financial assistance from those individuals facing severe financial hardship caused by the pandemic. Welfare.. The Covid pandemic and attendant lockdown resulted in many individuals facing serious financial hardship as arts venues throughout the country were temporarily closed down. Without doubt, the performing arts industry was massively impacted upon by the pandemic. While many venues have reopened, the lingering impact will take some time to address. As a result, there remains many within the industry struggling to manage with day to day costs such as home utility bills. During the year, Welfare grants of £226,90912022.' £299,332) were allocated to 175 individuals 12022: 2841. These grants were awarded for various reasons including payment of household bills, medical bills, convalescence care, mortgage arrears, bankruptcy fees, car repairs, new furniture and a new boiler. Education.. In the same period, £76,53012022'. £87,808) was allocated to 52 individuals12022: 521. Theatre.. The Board awarded theatre grants to 2 institutions12022.' 31 totalling £18,00012022.' £20,000) The John Fernald Award Committee did not make grant awards12022.' £Nill to any institutions12022'. £Nill for the year ending 31 March 2023. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 Report of the Trustees Financial review of the year Total incoming resources for the year were £583,82212022'. £731,899) and total resources expended were £770,074 12022.. £756,486). Net deficit for the year before recognised gains and losses was £186,25212022.' £24,587 deficit). There was a net loss on investments of £516,534 compared with a net loss the previous year of £153,147. The Trust is reliant upon the income from its investments (including investment property). This was £491,091 including the John Fernald Award12022: £401,902). Income was supplemented with a number donations totalling £90,107. While there was no donation this year from The Combined Theatrical Charities Appeal Council12022.' £Nill, they provided grant funding of £35,00012022'. £75,000) towards the Trust's welfare grants disbursements programme. The value of the Trust's listed investments showed an decrease in value from £10,981,342 to £10,427,414 during the year. The value of the freehold property is £1,800,000 based upon a professional valuation undertaken by Cluttons in March 2023. There being no impairment and bearing in mind the planned maintenance programme, the trustees decided that the current valuation is acceptable. Plouviez House The Trust's investment property, Plouviez House, was acquired in 2007. The building is mainly rented to two charities at below market rents. Until July 2023 Ect staff also utilised space within the building. They have since relocated to offices that are more fit for purpose. One of the tenants ceased physical occupation of the building at the start of the Covid pandemic in 2020. The other utilises their space on a two to three day a week basis. Plouviez House is valued at £1.8 million. Due to the combination of below market rental income, escalating maintenance costs and the stagnant market valuation of the property the Trustees initiated a review as to the rationale for continued ownership of the building. At an Extraordinary General Meeting of the Trustees on 31 October 2022 it was proposed and agreed that Plouviez House should be marketed for sale. The proceeds of sale are to be re- invested in the Trust's investment portfolio. The Trust has appointed the Ethical Property Foundation la charity) to manage the sales process. We are in the early stages of that process. Real Estate Agents have been invited to bid for the work. If and when we receive a suitable offer the Trustees with convene an Extraordinary Meeting at which the details of the offer will be considered and voted upon. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 Report of the Trustees Investrnent policy and performance The trustee5 have a general power of investment and have agreed to delegate the management of available funds to an independent investment manager. The Trust avoids investments in arms and tobacco manufacturers. A medium risk investment strategy ha5 been adopted to provide income to finance the planned programme of charitable expenditure and a degree of capital appreciation. The trustees have adopted a total return policy, should the need for additional monie5 be required. Reserves policy The purpose of the Reserves Policy for Equity Charitable Trust is to ensure the stability of the rnission, program5, ernployment, and ongoing operation5 of the organi5ation and to provide a source of internal funds for organi5ational prioritie5 such a5 building repair and irnprovemerit. The Accumulated General Fund as at 31 March 2023 was £12,489,80912022.. £13,054,909),. it enables Equity Charitable Trust to maintain it5 grant giving capacity and ensures financial stability. The designated John Fernald Fund a5 at 31 March 2023 was £24,471 12022.. £23,7061,' it provides financial support to emerging theatre directors. The designated Sinking Fund 85 at 31 March 2023 wa5 £8,21712022.. £7,826),. it repre5ent5 arnount5 set aside by Equity Charitable Trust to pay for long term repair5 to the building. The Restricted Fund contain5 two donor amounts representing unspent grant5 provided to augment the Trust's welfare grants prograrn. The £35,000 balance wa5 received from The Cornbined Theatrical Appeals Council on 23rd March 2023 and was unspent at the year end. The anonymou5 CAF Donor donated £50,(100 on 6th December 2022 and wa5 unspent at the year end. The Restricted Sinking Fund as at 31st March 2023 wa5 £23,846 12022.. £21,987),. it represents amount5 received frorn tenants which 15 set aside to pay for long term repair5 to the building. Plans for the future Most of Equity Charitable Trust'5 iricome derives from it5 listed inve5tmerits. Given the climate of uncertainty brought about by Covid, long range forecast5 of stock market performance and its impact upon dividend income ha5 been sought from it5 investment bank Charles Stanley. This will enable the Trust to plan accordingly through to March 2025. Going concern On the ba515 of their as5es5ment of the Trust's financial position, and of the enquiries made by the Director5 of Charle5 Stanley, the Tru5t'5 Director5 have reasonable expectation that the Trust will be able to continue in operational existence for the foreseeable future. Thus the Director5 continue to adopt the going coricerri ba515 of accounting in preparing the Financial Statement5. Equity Charitable Trust, Plouvie2 House. 19-20 Hatton Place. London ECIN 8RU TÈlephone 020 7831 1926 Enquiries .' [e-mail] www. equitycharitablÈtrust.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 Report of the Trustees Statement of Trustees, responsibilities The trustees (who are also the dirertors of Equity Charitable Trust for the purposes of company lawl are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistentlv; observe the methods and principles in the Charities SORP IFRS 1021,. make judgements and estimates that are reasonable and prudent,. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue on that basis. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in Statement as to disclosure to our auditors In so far as the trustees are aware at the time of approving our trustees, annual report.. there is no relevant audit information, being information needed by the auditor in connection with preparing their report, of which the charitable company's auditor is unaware,. and the trustees, having made enquiries of fellow directors and the charitable company's auditor that ought to have individually taken, have each taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the auditor is aware of that information. Auditors Nyman Libson Paul LLP, Chartered Accountants, were appointed as auditors in November 2019 and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone [phone] Enquirie5 .' [e-mail] www. equitycharitsbletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 Report of the Trustees Small companies note In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. By order of the Board of Directors Jean Rogers Director Approved by the Board of Directors on 26 July 2023 Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Auditors, Report for the Year Ended 31 March 2023 io Opinion We have audited the financial 5tatement5 of Equity Charitable Trust Ithe'charitable company'l for the vear ended 31 March 2023 which comprise the Statement of Financial Activitie5, the Statement of Financial P051tion, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statement5'. give a true and fair view of the State of the charitable company'5 affair5 as at 31 March 2023 and of the charitable company's incoming resource5 and application of resources, including it5 income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirement5 of the Companies Act 2006 and the Charitie5 Act 2011. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those 5tandard5 are further described in the Auditor5, respon5ibilitie5 for the audit of the financial statement5 Section of our report. We are independent of the Charitable company in accordance with the ethical requirement5 that are relevant to our audit of the financial Statements in the United Kingdom, including the Financial Reporting Council'5 Ethical Standard, and we have fulfilled our other ethical re5ponsibilitie5 in accordance with these requirement5. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going eoneern In auditing the financial statements, we have concluded that the Trustees, use of the going concern ba515 of accounting in the preparation of the financial Statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to event5 or condition5 that, individually or collectively, may cast significant doubt on the charitable company'5 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 re5ponsibilitie5 and the responsibilities of the Trustee5 Wlth respect to going concern are described in the relevant Sections of this report. Other information The Tru5tee5 are responsible for the other information. The other information comprise5 the information included in the Annual report, other than the financial statements and our Auditor5, report thereon. Our opinion on the financial Statements does not cover the other information and, except to the extent othenNise explicitly stated in our report, we do not expre55 any form of assurance conclusion thereon. In connection with our audit of the fin3nci31 statement5, our responsibility 15 to read the other information and, in doing so, consider whether the other information is materially incon515tent with the financial statements or our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such material inconsi5tencie5 or apparent material misstatement5, 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 thi5 regard. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone.. [phone] Enquiries.. [e-mail] www. equitycharitabletrust.org.uk

Equity Charitable Trust Auditors, Report for the Year Ended 31 March 2023 li Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees, Annual Report have 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the trustees, report. the charitable company has not kept adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit,. or 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 trustees, report. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl 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 the parent charitable company or to cease operations, or have no realistic alternative but to do so. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Auditors, Report for the Year Ended 31 March 2023 12 Audltorfs responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the f1nancial statements as 3 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 I5￿(uKI will always detert 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 deterting irregu13rities, including fraud is detailed below.. We gained an understanding of the leg313nd regulatory framework applicable to the charitable company and the industry in which it operates and considered the risk of atts by the company that were contrary to applic3ble13ws 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 on1aws and regulations which could give rise to 3 material misstatement in the financial statements, including, but not limited to, the Companies Art 2006 and the Charities Act 2011. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflerted 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 testingjournals and evaluating whether there was evidence of bi3s by the trustees that represented 3 risk of materi31 misstatement due to fraud. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financi31 statements is located on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors. report. Use of our report This report is made solely to the charitable company's members, as 3 body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 bylaw. 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. Jennlfer Pope. Senlor Statlrtory Audltor For and on behalf of Nyman Llbson Paul LLP 124 Finchley Road London NW3 5JS Date.. 26 J Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone.. [phone] Enquiries.. [e-mail] www. equitycharitabletrust.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 13 Statement of Financial Artivities for the year ended 31 March 2023 (incorporating an income and expenditure account) Unrestricted Funds Restricted Funds Total 2023 Total 2022 Note5 Income: Donation5 and legacie5 Charitable activities 5,107 85,000 90,107 327,547 Investrnent5 430,050 61,041 765 430,815 62,900 343,178 61,174 Rental income 1,859 Total incorne 496,198 87,624 583,822 731,899 Expenditure: Raising Funds Investrnent management Property expenditure 37,395 38,068 37,395 38,068 36,487 42,174 Charitable activities Grant5 payable Grant related 5UPPOrt cost5 Welfare and bad debt advice 366,439 75,545 21,265 231,362 597,801 75,545 21,265 596,439 66,287 15,099 Total expenditure 538,712 231,362 770,074 756,486 Operating surpluslldeficitl before other recognised gains znd1055es 142,5141 1143,7381 1186,2521 124,5871 Transfers between funds 15,6611 5,661 Other recognised gains znd1055es: Gainslllossesl on listed investment5 Reali5ed gair15/llos5esl Unreali5ed gains/llos5e51 Gainslllossesl on freehold property Unreali5ed gairis/llos5e51 li 159,4711 1457,0631 159,4711 1457,0631 12,017 1165,1641 li li loo,000 Net movement in fund5 for the year 1564,7091 1138,0771 1702,7861 177,7341 Reconciliation of funds Total fund5 brought forward Total funds carried forward 15 13,062,735 12,498,026 271,394 133,317 13,334,129 12,631,343 13,411,863 13,334,129 The statement of financial activite5 include5 all gains and losses recognised in the year. All income and expenditLJre derive from continuing activities. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 14 Balance Sheet as at 31 March 2023 Totsl 2023 Total 2022 Notes Fixed assets Freehold property T3ngibl& assets Investments.. io 1,8(M),000 1,800,000 io List&d investments li 10,362.578 10,966,737 12,162.579 12,766.738 Current assets Debtors.. amount falling due within one year Debtors.. amount falling due after more than one year Cash at bank 13 166,354 5,940 466,502 638,796 166,306 6,180 630,272 802,758 13 Current liabilities Creditors.. amounts falling due in one year 14 1170.0321 1235,3671 Net current assets 468.764 567.391 Totsl assets less current liabilities 12.631,343 13,334.129 Net assets 12.631.343 13.334.129 Funds Unrestricted funds Gener31 fund 15 12,489,809 13,054,909 8,217 7,826 133,317 271,394 Designated funds Restricted funds 15 15 Totsl funds 12.631.343 13.334.129 These accounts have been prepared in 3ccord3nce with the provisions applic3ble to companies subject to the sm311 companies r&gime. The fin3ncial statements were 3pproved by the Board 3nd authorised for issue on 26 July 2023 and signed on its behalf bv.. Jean Rogers Dir&ctor Bill Thompson Dir&ctor Company number 02341733 The notes on pages 16 to 27 are an integral p3rt of the financi31 statements. Equity Charitable Trust, Plouvi&z House, 19-20 Hatton Place. London ECIN 8RU Telephone [phone] Enquiries .' [e-mail] www. equitycharitabletrust.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 15 Cashflow Statement Total 2023 Total 2022 C35h used in operating activitie5: Net c85h provided by operating activitie5 1682,2101 1201,1691 Interest income 527 30 Dividend income 430,288 343,148 1729,5861 11,095,296) 817,211 931764 Purchase of investments Proceed5 from Sale of investments C35h provided by Iu5ed in) investing activitie5 518,440 179,646 Change in cash and cash equivalents in the reporting period 1163,7701 121,5231 Cash and cash eqLJivalent5 at the beginning of the year 630,272 651,795 Total cash and cash equivalents at the end of the year 466,502 630,272 Reconciliation of cash equivalents at the end of the year: Cash at bank 401,666 64,836 466,502 615,667 14,605 630,272 Cash awaiting investment Reconciliation of net incorne to net Cash flow frorn operating activities Net expenditure for the reporting period Deduct interest income shown in investing activities Deduct dividend income shown in investing activities Add back losses on investments 1702,7861 15261 1430,2881 516,534 192 177,7341 1311 1343,1481 53,147 14,1811 170,778 1201,1691 Decrease I lincreasel in debtors IDecrea5el / increase in creditors Net cash used in operating activities 165,3361 1682,2101 Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 16 Notes forming part of the Financial Statements l Accounting Policies The principal accounting policies are summarised below. The accounting policies have been applied consistently in dealing with items considered material in relation to the financial statements. General information Equity Charitable Trust is a charitable company (registered number 023417331, limited by guarantee, domiciled in England and Wales. The registered office, charity and company number is as stated on page I The charitable company's funrtional and presentational currency is Pound Sterling and rounded to the nearest £1 Basis of accounting 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 second edition Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191- (Charities SORP IFRS 10211 and the Companies Act 2006. The company has applied all amendments to FRS 102, as set out in the Financial Reporting Council's triennial review published in December 2017, and included in Update Bulletin 2 to the Charities SORP IFRS 1021. The charitable company 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 note. Going concern The charity meets its day to day working capital requirements from income generated by its investment portfolio and from its investment propertv. After reviewing the charity's forecasts and projections, at the time of approving these financial statements, the trustees consider that adequate resources continue to be available to fund the activities of the Trust for the next 12 months. The trustees therefore consider it appropriate to continue to adopt the going concern basis in preparing the CharIt￿S financial statements. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone [phone] Enquirie5 .' [e-mail] www. equitycharitsbletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 17 Notes forming part of the Financial Statements l Accounting Policies {continuedl Fund accounting Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Board of Trustees in furtherance of the charitable objectives of the charitable company. Designated funds comprise unrestricted funds set aside by the trustees for specific future purposes or projects. Restricted funds comprise monies raised for, and their use restricted to, a specific purpose, or donations subject to conditions imposed by the donor or through the terms of an appeal. Income Income is included in the Statement of Financial Activities when the charitable company is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Voluntary income, received by way of donations, legacies and grants, is included in full in the Statement of Financial Activities when receivable. Investment income, bank interest, rent and service charges receivable are fully accrued at the balance sheet date. Expenditure Expenditure is recognised on an accruals basis when a liability is incurred, as soon as there is a legal or constructive obligation committing the charitable company to the expenditure. Expenditure includes any VAT, which cannot be recovered, and is reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the charitable company in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grants payable are charged in the year when the offer is agreed by trustees except in those cases where the offer is conditional, such awards being recognised as expenditure when the conditions attaching to the grants are fulfilled. Grants offered subject to conditions that have not been met at the year end are noted as a commitment, but not accrued as expenditure. Governance costs include those costs primarily associated with meeting the constitutional and statutory requirements of the charitable company and include the auditors, remuneration and legal fees and costs linked to the charitable company's compliance with regulation and good practice. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on the basis of estimates of the proportion of time spent by staff on those activities. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 18 Notes forming part of the Financial Statements l Accounting Policies {continuedl Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation. Tangible fixed assets are depreciated at rates calculated to write off the cost of each asset over its estimated useful life as follows.. Furniture and equipment lover £1,000 per item) 25% straight line basis No depreciation has been charged on the property as it is considered that the residual value is at least as great as the carrying value and any depreciation charge would be immaterial. The charity operates a rolling repairs cycle to ensure that this policy continues to be appropriate. Fixed asset investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the fair value for investment properties and closing quoted market price for other quoted investments. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their carrying value. Financial instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic f1nancial instruments. Basic financial instruments are initially recognised at transartion value and subsequently measured at their settlement value. Pension costs Contributions in respect of personal stakeholder pension schemes are charged to the statement of f inancial activities for the year in which they are payable to the scheme. Accounting estimates and key judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. There were no critical judgements or estimation uncertainty in 2022-23 Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 19 Notes forming part of the Financial Statements Donations and1￿0cleS 2023 2022 The Combined Theatrical Charitie5 Appeals Council Irestrictedl Anonymous CAF donations Irestrictedl Other unrestricted donations 35,0 50,0 5,107 90.107 75,0 250,0 2,547 327.547 Of total income from donations and legacies £5,10712022.. £2,547) was unrestricted and E85,0￿{2022.. £325,￿0} was restricted. An anonymous CAF Donor made a donation of £50,0￿ which was to be used to augment the welfare grants. The Combined Theatrical Charities Appeals Council donation was to be used to augment the welfare grants programme. Investments 2023 2022 Dividends and interest receiveable from investments 430,288 527 430.815 343,148 30 343.178 Of total income from investments £430,05012022.. £342,587) was unrestricted and £76512022.. ££5911 was restricted. Of total income from property £61,04112022.. £60,228) was unrestricted and £1,85912022.. £1,859) was restricted. Grants payable 2023 2022 Education & traininggrants to 52 individuals12022.. 521 Welfare & benevolence grant5 to 175 individua15 (2022.. 2841 76,530 226,909 45,0 18,0 231,362 597.801 87,808 299,332 90,0 20,0 99,299 596.439 Theatrical grants to 2 in5titution512022.. 31 Ener￿ grants to 134 individuals12022.. 651 Grants made to institutions comprise.. Dancers, Career Development 45,( 90,0 10,0 Traverse Theatre Kings Head Theatre Pleasance Theatre BAPAM 5,0(N) 13,000 63.LK¥) IiO.LKN) Of total grants payable £366,43912022.. £497,140) were unrestricted and £231,36212022.. £99,299) were restricted. Equity Charitable Trust, Plouviez House. 19-20 Hatton Place, London ECIN SRU Telephone.. [phone] Enquiries.. [e-mail] www. equitycharitabletru5t.orE.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 20 Notes forming part of the Financial Statements Reconciliation of grants payable 2023 2022 Commitments at l April 2022 203,618 44,071 Commitments made in the year Grants cancelled and returned Grants payable for the year 597,801 596,439 597,801 596,440 Grants paid during the year Commitments at 31 March 2023 1663,3671 138,052 1436,8921 203,618 Commitments payable.. Within one year 138,052 203,618 Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 21 Notes forming part of the Financial Statements Office support costs Total costs 2023 Total expenditure Dirett costs Staff costs Raising funds Investment management Investment property 37,395 19,200 37,395 38,068 8,355 10,513 Charitable activities Grants payable Grant related support costs Welfare and bad debt advice 597,801 597,801 75,545 21,265 42,704 3,095 32,841 13,835 4,335 658,732 54,154 57,188 770,074 Office support costs Total costs 2022 Comparative analysis Dirett costs Staff costs Raising funds Investment management Investment property 36,487 26,748 36,487 42,174 7,059 8,367 Charitable activities Grants payable Grant related support costs Welfare and bad debt advice 596,439 596,439 66,287 15,100 40,896 4,220 25,391 10,879 659,674 52,175 44,637 756,486 Total costs Total costs Analysis of support costs 2023 2022 Professional fees Audit fees 29,190 6,960 13,244 7,044 750 31,803 5,400 3,899 2,535 1,000 44,637 Copier, telephone and printing Other administration costs Advertising 57,188 Support costs are allocated on the basis of estimates of the proportion of time spent by staff on those activities. The charity has had to consider the cost benefit of detailed calculations and record keeping and cost allocations therefore include an element of judgement. The support costs shown above are a best estimate of the costs which have been so allocated. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 22 Notes forming part of the Financial Statements Governance costs 2023 2022 Governance costs include: Staff costs Other Auditors remuneration: Audit fee 12,532 10,588 3,527 6,960 4,478 5,400 23,970 19,515 Of total expenditure £538,71212022'.£657,1871 was unrestricted and £231,36212022'. £99,299) was restricted. Remuneration and reimbursement of expenses to Trustees No Trustees received or waived any emoluments for their services during the year12022.' £Nill. 2 Trustees12022: £Nill were reimbursed £205 for directly incurred out of pocket travel expenses during the year12022.' £Nill Staff costs 2023 2022 Salaries Social security costs Pension costs 46,376 4,303 3,475 54,154 44,640 4,411 3,124 52,175 The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the period was Nil12022'. Nill. The key management personnel are considered to be the Management Committee. Remuneration for the year ended 31 March 2023 was £Nil12022'. £Nill The average number of employees (who are part time, so no full time equivalent exists), analysed by function was.. 2023 2022 Grant makin& welfare and debt advice Governance and property managei The charity makes payments to a stakeholder pension scheme in respect of one of its employees. Contributions are charged to the Statement of Financial Activities as incurred. Pensions costs charged in the year amounted to £2,00112022'. £1,904). There were no outstanding or proposed contributions at the balance sheet date. 10 Tangible fixed assets 2023 2022 Freeholdproperty Market value at l April 2022 Revaluation Market value at 31 March 2023 1,800,000 1,700,000 loo,000 1,800,000 1,800,000 Historical cost representing acquisition and refurbishment expenditure 1,845,534 1,845,534 Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 23 Notes forming part of the Financial Statements 10 Tangible fixed assets {continuedl Freeholdproperty Equity Charitable Trust is the registered proprietor of a freehold property, Plouviez House, part of which is rented out with the remainder housing the administrative and registered office of the Trust The property is defined as a mixed use property and the trustees have adopted the revaluation model (alternative accounting rules) to revalue the property whose fair value can be measured reliably. The property was last valued by formal valuation at £1,800,000 as at 31 March 2023 by Cluttons LLP, Chartered Surveyors. The basis of the valuation is market value as defined by the RICS Valuation Standards. The trustees consider that the current value does not differ materially from this valuation. Furniture ond equipment 2023 2022 Net book value At31 March 2023 At31 March 2022 11 Fixed asset investments 2023 2022 Listed investments Market value at l April 2022 Additions at cost Disposal proceeds Realised investment gainslllossesl in the year Unrealised investment gains/llossesl in the year Market value at 31 March 2023 10,966,737 729,586 1817,2111 159,4711 1457,0631 10,362,578 10,956,352 1,095,296 1931,7641 12,017 1165,1641 10,966,737 Cash awaiting investment 64,836 10,427,414 14,605 10,981,342 Historical cost 6,082,641 6,082,641 Investments at market value comprise.. Equity shares UK Equity shares overseas Fixed interest securities UK Property and alternative investments 6,940,912 2,537,178 711,288 173,200 10,362,578 7,871,250 2,056,077 786,410 253,000 10,966,737 12 Current asset: loan payable on demand Included within debtors (Note 121 is the following amount:_ 2023 2022 The Actors Professional Centre Limited 150,000 150,000 The loan due from The Actors Professional Centre is payable on demand and secured by a legal charge over the leasehold property known as la Tower Street, London WC2H 9NP. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 24 Notes forming part of the Financial Statements 13 Debtors 2023 2022 The Actors Professional Centre Limited (Note 121 Loans due from beneficiaries Investment income due from Charles Stanley Prepaid expenditure and accrued income 150,000 5,940 13,475 2,879 172,294 150,000 6,180 14,292 2,014 172,486 Debtors include an amount of £5,94012022'. £6,180) in respect of loans due from beneficiaries falling due after more than one year. 14 Creditors: amounts falling due within one year 2023 2022 Grant commitments (note 51 Accrued expenditure & income received in advance Other tax & social security Rent deposit 138,052 20,321 1,457 10,202 170,032 203,618 20,450 1,201 10,098 235,367 Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 25 Notes forming part of the Financial Statements Transfers an(1 Other recognised gainsl Ilossesl Incoming Resources Resources Expended 15 Funds 2022 2023 Restricte(I funds John Fernald Award Sinking Fund- Tenants CAF anonymous Donor The Combined Theatrical Appeals Council 23,706 21,987 150,701 75,000 765 1,859 so,000 35,000 24,471 23,846 50,000 35,000 1231,3621 80,661 175,0001 271,394 87,624 1231,3621 5,661 133,317 Unrestricte(l Funds Accumulated General Fund 13,054,909 495,807 1538,7121 1522,1951 12,489,809 Designated Funds- Sinking Fund Charitv 7,826 391 8,217 13,062,735 496,198 1538,7121 1522,1951 12,498,026 Total funds 13,334,129 583,822 1770,0741 1516,5341 12,631,343 Comparative analysis.. Other Incoming Resources Resources Expended recognised gains 2021 2022 Restricte(I funds John Fernald Award Sinking Fund- Tenants CAF anonymous Donor The Combined Theatrical Appeals Council 23,115 20,128 591 1,859 250,000 75,000 23,706 21,987 150,701 75,000 199,2991 43,243 327,450 199,2991 271,394 Unrestricte(l Funds Accumulated General Fund Designated Funds- Sinking Fund Charitv 13,361,185 404,058 1657,1871 153,1471 13,054,909 7,435 391 7,826 13,368,620 404,449 1657,1871 153,1471 13,062,735 Total funds 13,411,863 731,899 1756,4861 153,1471 13,334,129 John FernoldAwt7rd This Award within Restricted Funds represents monies raised in 1988 in honour of the late John Fernald for the purpose of giving financial assistance to young directors to gain prartical experience of working in the live theatre. Sinking Fund The charity is accumulating a sinking fund against irregular and major property expenditure. Within Restricted Funds this represents monies collerted from the tenants of Plouviez House. Within Designated sums this represents monies set aside by Equity Charitable Trust. This money will likely be spent around 2025-30, subject to 3 costed major repairs programme, as structur313nd other major repairs outside of routine maintenance are likley to become due. Equity Charitable Trust, Plouvi&z House, 19-20 Hatton Place. London ECIN 8RU Telephone [phone] Enquiries .' [e-mail] www. equitycharitabletrust.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 26 Notes forming part of the Financial Statements 16 Analysis of net assets between total funds Unrestricted Restricted funds funds Total 2023 Fund balances at 31 March 2023 are represented by: Fixed assets including freehold property Listed investments Loans: amounts falling in due in more than one year Cash at bankand in hand Other net current liabilities 1,800,001 10,362,578 150,000 333,185 1147,7381 12,498,026 1,800,001 10,362,578 150,000 466,502 1147,7381 133,317 12,631,343 133,317 Comparative analysis: Unrestricted Restricted funds funds Total 2022 Fund balances at 31 March 2022 are represented by: Fixed assets including freehold property Listed investments Loans: amounts falling in due in more than one year Cash at bank and in hand Other net current liabilities 1,800,001 10,966,737 150,000 358,878 1212,8811 13,062,735 1,800,001 10,966,737 150,000 630,272 1212,8811 271,394 13,334,129 271,394 17 Taxation The Equity Charitable Trust is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities as they fall within the various exemptions available to registered charities. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk

Equity Charitable Trust Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2023 27 Notes forming part of the Financial Statements 18 Liability of members The Equity Charitable Trust is constituted as a company limited by guarantee and has no share capital. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £1 each. 19 Related party transactions On 31 May 2017 Equity Charitable Trust entered into a 10 year rental and service charge lease with a 5 - year break clause with The British Equity Collecting Society. One Trustee is involved with that organisation. The annual lease rent is £40,000, the annual capped service charge is £13,200. The lease was made on an arms length basis with the Trustee not involved in the decision making process. No amounts were outstanding at the year end. Equity Charitable Trust, Plouviez House, 19-20 Hatton Place, London ECIN 8RU Telephone . [phone] Enquirie5 .' [e-mail] www. equitycharitabletru5t.org.uk