Download theatre investment fund limited

Registered number: 01252595
Charity number: 271349
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
CONTENTS
Page
Reference and administrative details of the charity, its trustees and advisers
1-2
Chairman's statement
3 - 11
Trustees' report
12 - 14
Independent auditors' report
15 - 16
Statement of financial activities
17
Statement of total recognised gains and losses
19
Balance sheet
20
Notes to the financial statements
21 - 28
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2014
Trustees
Luke Johnson, Chairman
Neil Adleman
Julian Bird
Matthew Byam Shaw
William Differ (appointed 11 November 2013)
Thelma Holt CBE (appointed 11 November 2013)
Richard Johnston (resigned 11 November 2013)
Robert Jude (resigned 11 November 2013)
Adam Kenwright
Michael Lynas (resigned 11 November 2013)
Michael McCabe
Caroline Newling (appointed 11 November 2013)
Derek Nicholls
Natalie Pelman
Ryan Petersen
Kim Poster
Rebecca Quigley
Tobias Round
Mark Rubinstein
Rachel Tackley
Sir Stephen Waley- Cohen
Carole Winter (resigned 11 November 2013)
Company registered number
01252595
Charity registered number
271349
Registered office
32 Rose Street
London
WC2E 9ET
Company secretary
Martin Scott
Independent auditors
Nyman Libson Paul
Chartered Accountants
Statutory Auditors
Regina House
124 Finchley Road
London
NW3 5JS
Page 1
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2014
Administrative details (continued)
Bankers
Clydesdale Bank
35 Regent Street
London
SW1Y 4ND
Page 2
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2014
In 2013 I tasked the team at Stage One to explore the idea of a season of work to be produced by Stage One’s
most promising talent, which allowed them an opportunity to take a step away from the fringe and towards the
West End. This would be a challenge, especially to create the right model which provided support and guidance
whilst simultaneously placing the responsibility to deliver a production firmly in the producer’s hands. After a
period of research, the St. James Theatre, a newly built venue in Victoria with 312 seats, was pencilled for 15
weeks in the autumn of 2014. It was agreed that Stage One would support the Season with an investment of
£100,000 which would pay the equivalent rent of the theatre as an investment to the producers selected to take
part.
The next step was to ‘curate’ a season of 3 plays or musicals that had commercial potential and producers
behind the projects able to deliver them, not least in raising the capital. Our key aims as a charity, to support the
next generation of commercial theatre producers were paramount when firstly formalising the aims and secondly
in writing guidelines to the season, which had now taken the name of ONE STAGE.
Applications opened in December 2013 and by 17 January 2014, 58 applications for plays and musicals had
been submitted. We were encouraged by the number of applications as it proved the thirst for this type of
opportunity within the community of new producers and meant we had a good chance of shortlisting 3 quality
productions. The team selected 13 productions to take through a ‘second-stage’ process which included
workshops and mentoring on key issues such as budgeting, contracts, ticketing and raising investment. After this
process the 13 producers submitted a full proposal with budget and recoupment schedules which were passed
on to a panel of industry professionals. On the 19 March the 13 producers each delivered a 25 minute
presentation and pitch to try and secure one of the three slots available at the St. James Theatre. At the end of
the pitches, the panel voted and 3 productions were unanimously selected:
Slot 1: 1st September – 4th October
Producer: Vicky Graham
Breeders by Ben Ockrent (New Play)
Director – Tamara Harvey
Slot 2: 6th October – 8th November
Producer: Emily Dobbs
Uncle Vanya by Chekov
in a new version by Anya Reiss
(New Adaptation)
Director – Russell Bolam
Slot 3: 10th November – 13th December
Producer: Nicola Seed
Accolade by Emlyn Williams (Revival)
Director – Blanche McIntyre
The One Stage Season adds another string to Stage One’s bow in arming new producers with the skills to
become successful and responsible risk takers and theatre makers. I look forward to following the 3 producers’
progress over the coming months and hope that at the end of this process the West End is the next tangible step
in touching distance.
We have also maintained our more traditional development programme and in the past year we have awarded
15 bursaries, funded apprentices in London and the rest of the UK, granted investment via the Start-Up fund for
4 producers’ first West End commercial productions and delivered the 3 day workshop twice for 80 participants.
I would once again like to offer a special thanks to the many industry professionals offering their time, skills and
advice to help new producers and Stage One to deliver its aims as a charity.
Page 3
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2014
Fundraising
In 2013 we welcomed Elizabeth Duducu as our new Development Manager as Zoe Davies emigrated with her
family to Australia. Zoe and Elizabeth conducted a thorough handover and all donors were introduced to
Elizabeth at a network event to ensure that she could maintain the strength of relationships with our donors that
Zoe had cultivated.
In 2013/14 the fundraising target was raised from £166,666 to £220,000 to meet the growth of the bursary and
apprentice schemes. Zoe Davies continued to match raise the money donated by the Theatre Development
Trust (the charitable arm of Society of London Theatre) of £85,000 and additionally fund raise to enable the
extension of the apprentice scheme into the subsidised and regional theatre sectors. It was agreed that as this
additional money had been raised these programmes would only continue in further years if the additional
funding could be secured.
This target was met by the following donations:
Bursary/Apprentice 2013/14 target: £220,000
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Society of London Theatre: £85,000
Eranda Foundation: £30,000 (for regional apprenticeships)
Underwood Trust: £30,000
Esmee Fairbairn: £20,650 (for subsidised apprenticeships)
Underwood Trust: £12,500
Lady Saunders: £10,000
Garfield Weston Foundation: £10,000
The Williams Trust £7,500
Andrew Treagus Associates: £5,000
The Agency: £5,000
Luke Johnson: £2,500
Garrick Trust: 2,500
Total raised: £220,650
Corporate – Producers’ Hub
We were once again very grateful to Shaftesbury plc and their continued support and part subsidy of our office
space for Stage One new producers. In September 2013 we re-located from 23 Garrick Street to 12 Fouberts
Place (off Carnaby Street) and we appointed Sheridans on a pro bono basis to work on the lease for Fouberts
Place on Stage One's behalf. We were able to sign a lease for 3 years from the end of September 2013.
The Start Up Fund
The original Start Up donors signed up for three years. Our strategy for the next three years was to ask existing
donors for renewals at 50% of their original donation as we had a level of funding accumulated. A report/letter
was sent to all Start Up donors (in consultation with Adam Kenwright, Richard Johnston and Michael Lynas) to
ask them to continue their support.
The report highlighted the successes of the last three years. Up front, our goal was to have at least 3 recipients
established as active commercial producers by the end of the pilot period. In fact every single one of our
recipients are active commercial producers. Looking back over the last 3 years, the Start Up Fund has achieved
exactly what it was set up to do. It is the ONLY formal investment scheme for new producers designed to offer
financial support coupled with industry mentoring and guidance.
Page 4
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2014
Now that the scheme is established, we are seeing a trend toward increased applications for bigger awards.
Elizabeth Duducu has now successfully raised the full £50,000 for 2013/14 and is working on a new strategy to
raise Start-Up funds for the future.
Income was also received from Start-Up Investments which returned a proportion of our share of the capital
recouped and in some cases in profit.
Investment in Productions
In 2013 – 2014 Stage One continued to invest in new commercial theatre productions in the West End and on
tour in the regions.
During the year ended 31st March 2014 Stage One invested in 27 new productions totalling £467,000 (2012/13:
£381,715) which included 10 tours and recovered £233,292 (2012/13: £287,364) from all investments.
In the year ended 31st March 2014 Stage One invested in the following productions in the West End and in the
regions on tour:
West End Productions
From Here to Eternity
Merrily We Roll Along
Passion Play
Pirates Of Penzance
Brainiac Live
A Doll's House
Much Ado About Nothing
Resistible Rise of Arturo Ui
The Weir
Stephen Ward
Ghost Stories
Fortune's Fool
Ghosts
Some Girl I Used To Know
Bakersfield Mist
Another Country
Touring Productions
Noises Off
A Passionate Woman
Aliens Love Underpants
Kinderstransport
Robin Cousins ICE
Eric and Little Ern
Let it Be
Dial M For Murder
The Play That Goes Wrong
Happy Days
The Start-Up Fund
In late 2012, we increased the total investment amount that a new producer could apply for from £25,000 to
£50,000. When we launched the Start Up fund in 2009, it was felt that £25,000 was enough when matched
(therefore £50,000 in total) to secure a meaningful ‘place at the table’. As capitalisations in productions have
continued to rise, it was decided after much consultation with the council, that we should increase the award to
£50,000 to ensure that new producers could invest a minimum of £100,000 in a production and therefore earn a
place in the decision making process.
The first award of the £50,000 went to James Quaife, a former bursary recipient who co-produced BARKING IN
ESSEX with MJE Productions. The production opened at the Wyndham’s Theatre in the autumn of 2013 and
starred Lee Evans, Sheila Hancock, Keeley Hawes, Karl Johnson and Montserrat Lombard. James began his
relationship with MJE through Stage One’s apprentice scheme and this led to him asking Carole Winter if he
could co-produce this project with them.
Page 5
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2014
“I am thrilled to have received this investment from the Stage One Start-Up Fund for the West End production of
‘Barking In Essex’. To have both the financial support and the support from industry professionals is absolutely
crucial with the development of my career as a commercial producer. I am extremely proud and excited to be a
part of ‘Barking In Essex’ and wish to thank MJE Productions and Stage One for allowing me this incredible
opportunity”. – James Quaife
A second award of £30,000 went to Gavin Kalin who co-produced the transfer of A DOLL’S HOUSE to The Duke
of York’s Theatre. Gavin began his development at the Stage One workshop and was swiftly able to demonstrate
his ability to raise money and willingness to learn the general management side of producing a West End show.
“Within seven months I have gone from attending the Stage One New Producer Course to being awarded the
Start-up Fund and I could not be happier! Stage One has helped me realise my potential for working as a
Theatre Producer and I thank everyone involved in this fantastic organisation for their continued support and
guidance”. – Gavin Kalin
Simon Cummin, another past bursary recipient applied to the Start-Up Fund for an investment of £11,500
towards his production of DICKEN’S ABRIDGED at the Arts Theatre. This production was the largest production
to date in Simon’s career and his biggest raise too. Simon began his relationship with Stage One at the
Edinburgh Fringe in 2010 and went onto a bursary award with James Seabright as his mentor, who continues to
support Simon in his endeavours.
“Having received the Stage One bursary in 2010 I have gained a lot of experience in commercial producing and
received invaluable mentoring and support from Stage One, this has allowed me to confidently grow and nurture
my own company to the stage where my first West End show as main producer would be possible. To receive
the Start Up fund, governed by a committee of role models and commercial producers at the top of the industry
is a great honour.” – Simon Cummin
The fourth award went to previous Start Up recipient Tracey Childs for a tour of KINDERTRANSPORT. Tracey
was awarded an investment of £12,000 and receiving this prestigious award a second time is testament to
Tracey’s tireless work as a producer. This project was her first production without a co-producer and showed
significant progression.
“Taking out my first solo tour of Diane Samuels’ Kindertransport is an exhilarating and sobering prospect. To
have a firm financial foundation and all the wisdom, inspiration and experience of Stage One behind me gives
me confidence and strength. I am immensely grateful to everyone who has made this award possible by
supporting the Start-Up Fund - I hope I, and the production, will make you all proud.” – Tracey Childs
Bursaries for New Producers & Apprentice Scheme
The Bursary and Apprentice schemes is co-financed with matching funding from the Society of London Theatre
(SOLT), and additional funding from The Eranda Foundation, The Esmée Fairbairn Foundation, The Underwood
Trust, The Mackintosh Foundation, Andrew Treagus Associates, the Garfield Western Foundation, The Garrick
Charitable Trust, The Williams Trust, Lady Saunders, Risk Capital Partners and David Dein to whom we are
enormously grateful.
The Bursary scheme is aimed at new producers in the early years of their careers who are trying to get projects
off the ground and establish themselves and their businesses. It is a vital source of financial support and industry
guidance for talented individuals. New producers can apply for up to £15,000 to help them develop and/or stage
a production. In addition, they are coupled with a professional mentor, and offered office space in the Stage One
Hub with other new producers. The mentor is on hand to support the bursary recipient for the duration of their
project and in practice for much longer.
Page 6
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2014
During the year 2013/14 bursaries totalling £142,438 were awarded, including to the following first-time
recipients:
Recipient Name
Tim Johanson
Yvette Griffith
David Hutchinson
Lucy Jackson
Brendan Riding
Alex Rodin
Sarah Stribley
Leonora Twynam
Sam Yates
Aidan Grounds
Trish Wadley
George Warren
Rebecca Targett
Nick Hennegan
Project
Dirty Great Love Story at E59E in
NYC
Keepsake
Various Projects under the Sell A
Door banner
Development of new musical
Development of Tumbledown
Tour of Animal Farm
Othello
Harriet
Cornelius
The Nativity That Goes Wrong
The Hotel Plays/Knuckle/Hard
Feelings
The Jungle Book and various
projects
Various Projects
Various Projects
Mentor
Thelma Holt
Rebecca Quigley
David Pugh
Edward Snape
Georgia Gatti
James Bierman
Joseph Smith
Rachel Tackley
Caro Newling
Michael Rose
Jon Bath
Nicola Seed
Peter Wilson
Quotes from a selection of the Bursary recipients:
“The Bursary has enabled me to reach named performers through recruitment of a casting director for
‘TUMBLEDOWN’ adapted from Bafta winning film by Charles Wood. I have also hired Tony award winning
director David Grindley. When approaching David Grindley it was the Bursary and Stage One’s association that
engaged David’s agent. As a young produce approaching a named director it is often hard to be taken as a
serious entity. However, it was Stage One and the bursary that opened the door for the subsequent discussions
and negotiations. I have also been able to have successful meetings with co-producers and theatre partners as
a direct result of the Bursary. These relationships are still on going.” - Brendan Riding
“One of the pitfalls of being a young entrepreneur is the ability to conduct day to day affairs outside your own
home. The ability to invite people for meetings at the HUB offices has made my producing much more
professional and both more financially and time efficient. Further to this, the network of young producers around
every day is a huge resource of information to draw on. I use the office every day and without it would achieve
considerably less and do everything more slowly and less accurately.” - Tim Johanson
“Use of a shared office space has transformed my working life. I am better informed about the West End and
better placed for meetings.” - Yvette Griffiths
“I am incredibly grateful to Stage One and my mentor Caro Newling for giving me the financial support and belief
to pursue my aim to be a commercial theatre producer. ABG Productions now has a slate of three scripts with
commercial potential. Thanks to Caro, I am now in a position to produce one of these commercially having set
up my production company appropriately to raise investment and developed the scripts to a point where we can
recruit creative teams and negotiate with venues.” - Aidan Grounds
“The Stage Two workshop on contracts came at a key time, as I was able to learn about the key points and
potential pitfalls in advance.” - Lucy Jackson
Page 7
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2014
Apprentice Scheme for New Producers
The apprentice scheme was launched in 2007 as a programme to train aspiring theatre producers in London’s
commercial West End and in 2011 the scheme expanded to the subsidised sector. In 2013 we wanted to extend
the scheme's reach further into Regional theatre to ensure our work is developing producers across the UK.
Stage One had received increasing requests from both venues and new producers about regional opportunities
for apprentices. From the venue perspective, they are producing their own work and creating hit shows that
regularly go on tour and transfer in to the West End. They would benefit in just the same way as a London office
by having a young entrepreneurial producer in their midst, plus they have just as much expertise and experience
to impart and train an apprentice.
‘Rolling out the Apprentice Scheme regionally would have great mutual benefit to both the apprentice and to
regional theatres. The ability to experience production under an actual theatre’s roof rather than from within a
West End production office will have incalculable benefits to the apprentice. The theatre building itself will enjoy
the presence of a talented, eager to learn, and energetic new producer coming in with fresh eyes and ears, who
will be keen to make a good impression and forge lasting relationships. So hopefully – win, win.‘
Matthew Byam Shaw - (Producer, Playful Productions and Board Member of Sheffield Theatres)
Once we established the demand and potential benefits of rolling out the scheme into the Regions, we applied to
The Eranda Foundation and were successful in securing a £30,000 grant to make it happen. We opened
applications for Regional producing theatres to apply for an apprentice and were overwhelmed with the strength
and number received. We decided to fund 2 x 12 month apprenticeships at Sheffield Theatres and Manchester
International Festival as they could deliver the best hands-on training to a new producer. The apprentices would
receive the same salary as any apprentice as well as a small bursary to allow them to travel to London and take
part in our other training events.
Dan Bates, Chief Executive of Sheffield Theatres commented “We are thrilled to have been selected as one of
the two regional host producers for the expansion of the Stage One Apprentice scheme outside of London.
Stage One is a highly successful organisation and we are delighted to be involved with the support and nurturing
of new producing talent. It is particularly fantastic to be selected during our year as The Stage 100 Regional
Theatre of the Year 2013.”
Paul Clay, Executive Producer of the MIF added “Manchester International Festival is delighted to have been
successful in this application. We feel it's extremely important to be able to develop the producers of the future
and we are proud to be part of the Stage One scheme.”
As the applications were so strong, we also decided to fund an additional 2 x 6 month placements at The Curve,
Leicester and Royal and Derngate in Northampton.
To recruit the apprentices we focused our marketing on each of the specific regions and received over 60
applications for each post. After a rigorous recruitment process, the following new producers were recruited:
John Tomlinson – Sheffield Theatres
“Being chosen to be part of Stage One’s regional apprentice scheme will give me the perfect platform I crave to
continue to build and develop my career as a theatre producer. Working in the nation’s best regional theatre will
give me invaluable experience of working with the best creative teams in the world. I’ll be learning in a
supportive environment, where I can understand the granular detail and day to day work of a producing theatre
to gain a greater knowledge of the industry.”
Tricia Coleman – Manchester International Festival
Page 8
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2014
Verity Bartesch – Curve Theatre, Leicester
“Being able to take part in the Stage One apprenticeship in Leicester is incredible, it’s allowed me to stay in place
that I know and increase my knowledge and contacts in an area that I really care about. I don’t have the finances
to support a move to London, so the opportunity to be part of Stage One would not have happened if the regional
apprenticeships weren’t available. I am only two months into my apprentice and I can already say I have learnt
knowledge and skills that will absolutely influence and have a positive effect on my career as a producer.”
Rebecca Targett – Royal and Derngate, Northampton
Commercial Placements - London
Apprentice
Lucy Jackson & Catherine Hooper
Anna Haigh
Meera Shekar & Isobel David
Debbie Hicks
Josh Beaumont
Louise Ryder
Placement 1
Mark Rubinstein Limited
Seabright Productions Limited
Playful Productions
Jamie Hendry Productions
Seabright Productions Limited
Working Title Limited
Placement 2
N/A
Bill Kenwright Limited
Runaway Entertainments
Jamie Hendry Productions
Seabright Productions Limited
N/A
Anna Haigh – “The apprenticeship has been not only an amazing and worthwhile experience but a true eye
opener of the industry and fundamentally what it means to be a theatre producer. It's given me a wealth of
knowledge that I have been able to implement into my own productions which I would never have gained without
it. I think I've also been very lucky to have worked with two very different and unique companies; Seabright
Productions and Bill Kenwright Productions - especially as they have given me a lot of integral experience within
producing and general management. Stage One has given me the support to get me started on my career as a
theatre producer and given me further confidence to continue as an independent producer.”
Workshop for New Producers
The New Producers Workshop continues to attract a variety of participants from a wide cross section of the
industry. The workshop was held at the RSA in June and November and we were thrilled to welcome back the
following Industry professionals to lead our sessions and to be joined by some different practitioners to expand
the range of topics covered; Nicola Seed, Tom O’Connell, Katy Lipson, Richard Darbourne, Lucinda Harvey
Richard Johnston, Neil Adleman, Jon Bath, Kim Poster, Ros Povey, Dafydd Rogers, Eleanor Lloyd, Becky
Barber, Vicky Graham, Sarah Pons, Simon Woolley, Sam Sargant, Lettie Graham, Julian Bird, Tom Littlechild,
Chloe Pritchard Gordon, Michael McCabe, Ryan Petersen, Blanche McIntyre, Mark Rubinstein, Jonathan
Church, Jamie Hendry, Simon Cummin, Tracey Childs, James Quaife, Gavin Kalin, Charlotte Longstaff, Luke
Fredericks, Eleanor Lloyd, Peter Huntley, Emily Dobbs, Caitlin Albery Beavan, Charlotte Bayley, Sean Holmes,
Imogen Kinchin, Sarah Nicholson, John Manning and course leader Andrew Treagus.
Andrew Treagus seamlessly guided both courses through the three days, along with all of our fantastic speakers
who by imparting a wealth of knowledge and experience have provided a solid foundation and spring board into
the commercial sector for all of our delegates.
In December 2013 a survey was carried out specifically looking at the progress of the workshop participants from
the last 10 years. An impressive 95% of those who responded were still active within the industry and those who
took part in this year’s workshops commented how they believe taking part in the workshop had impacted on
their career:
“The workshop has been very beneficial in cementing processes and practices involved in producing that I was
aware of but hadn't had direct experience with. Having completed the workshop I was given the opportunity to
have more involvement in the investment aspect, which I wouldn't have normally done.” - June participant
Page 9
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2014
“Brilliantly, I'm still working in - and would love to continue to work in - the West End. I hope to get more of my
own projects off the ground this year. I'm very aware of, but invigorated by, the challenges lying ahead of me.
And I've developed a great network of friends and associates!” - June participant
“I feel it has given me the confidence in my abilities and knowledge as a producer to break the glass barrier from
being a subsidised producer to a commercial producer.” - November participant
“The workshops offered up a pool of other producers to communicate and socialise with. This is a great source
as often producing can be quite a solitary job and having fellow producers to talk to and ask advice from is a
priceless outcome. Stage One as an organisation has opened doors for me within the theatre industry and
helped me create opportunities for myself.” - November participant
Endowment Fund
At the end of this year monies in the Fund totalled £4,874,542 (2012/13: £4,482,584). The Endowment Fund was
set up to provide Stage One with a secure ongoing income.
Voluntary Levy
A significant contribution to the Endowment Fund continues to be made by theatres and producers whereby the
value of a number of top price seats is donated to Stage One. Since its commencement in September 1993, this
Voluntary Levy has generated £3,332,223 for the Endowment Fund to March 2014 (including £331,264 in
2013/14). The Voluntary Levy is an extraordinary example of the Industry investing in its future through Stage
One. Grateful appreciation and thanks are given to the following theatres and producers who have contributed to
the Voluntary Levy this year:
Theatres:
Adeplhi
Ambassadors
Apollo Victoria
The Harold Pinter Theatre
The Criterion
Drury Lane
Duke of York's
Duchess
Fortune
Gielgud
Her Majesty's
London Palladium
Noel Coward
Novello
The Old Vic
Palace Theatre
Phoenix
Piccadilly
Playhouse
Prince of Wales
Queens
St Martin's
Shaftesbury Theatre
Trafalgar Studios
Victoria Palace Theatre
Wyndham's
Page 10
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2014
Producers:
Andrew Lloyd-Webber
Andre Ptaszynski
Adam Spiegel
Bob Bartner
Cameron Mackintosh
Carole Winter
David Ian
David Pugh
Daniel Sparrow
Duncan Weldon
Headlong Theatre
Jerry Frankel
Jessica Hepburn
John Richardson
Judy Cramer
Joseph Smith
Lee Menzies
Michael Grandage
Michael Edwards
Michael Harrison
Michael Rose
Royal Shakespeare Company
Tali Pelman
Ambassador Theatre Group
Andrew Treagus
Bill Kenwright
Caro Newling
Chichester Festival Theatre
Donna Munday
Daffyd Rogers
David Stone
Edward Snape
Greg Ripley-Duggan
Howard Panter
Jamie Hendry
Jeffrey Richards
James Seabright
James Williams
Kim Poster
Lyric Hammersmith Productions
Matthew Byam Shaw
Mark Goucher
Mark Rubinstein
Sonia Friedman
Rebecca Quigley
Working Title
The Society of London Theatre
SOLT once again demonstrated their wholehearted commitment to Stage One’s objectives by their generous
annual donation. We are very grateful to the Society for continuing this valuable support, which is in addition to
its contribution to the Bursaries, and without which Stage One would not be able to undertake its breadth of
activities.
I would like to thank the unfaltering commitment of the Stage One Council and those members’ who serve on the
Finance and General Purposes Sub-Committee for their time and generosity.
Luke Johnson
Chairman
Date:
15 October 2014
Page 11
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2014
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual
report together with the audited financial statements of Theatre Investment Fund Limited (the company) for
the year ended 31 March 2014. The Trustees confirm that the annual report and financial statements of the
company comply with the current statutory requirements, the requirements of the company's governing
document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by
Charities" issued in March 2005.
Objectives and Activities
Policies and objectives
The objects of the company during the year were the investment in theatrical productions and the granting of
bursaries and apprenticeships for new and emerging theatrical producers. The Chairman’s Annual Report
dealing with achievements and performance and plans for future periods is as attached. In setting objectives for
the year and planning activities, the trustees have considered the Charity Commission’s guidance on public
benefit. The charity’s interests are in developing the theatrical community and expanding theatrical arts
education.
Structure, governance and management
Constitution
Theatre Investment Fund Limited is a charitable company limited by guarantee, incorporated on 31 March 1976.
The company was established under a Memorandum of Association which established the objects and powers
of the charitable company and is governed under its Articles of Association. In the event of the company being
wound up members are required to contribute an amount not exceeding £1.
Method of appointment or election of Trustees
The directors of the charitable company are its trustees for the purpose of charity law and throughout this report
are collectively referred to as the trustees. Under the Articles of Association, the members of the Council are
appointed by nomination and approval of the Council to serve a period of three years.
Policies adopted for the induction and training of Trustees
Trustees are invariably already familiar with the practical work of the charity. New trustees are briefed on their
legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the
committee and decision making processes and recent financial performance of the charity.
Organisational structure and decision making
The Board of Trustees, which can have up to 50 members, administer the charity. At present, the Council, which
meets twice per year, has 18 members from a variety of professional backgrounds relevant to the work of the
charity. A Chief Executive is appointed by the trustees to manage the day to day operations of the charity. To
facilitate effective operations, the Chief Executive has delegated authority within terms of delegation approved by
the trustees for operational matters, including finance, administration and employment related activities.
Page 12
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2014
Related party relationships
During the year four trustees were involved in productions invested in by the charity. The trustees were not party
to the decisions made to invest, and declared such interest at Board Meetings. These investments were subject
to normal trading conditions and no preferential treatment was given to the trustees concerned, who were
Matthew Byam Shaw, Luke Johnson, Michael Lynas and Mark Rubinstein.
During the year a donation was received from the Theatre Development Trust. The trustees listed below are also
trustees of the Theatre Development Trust:
Matthew Byam Shaw (to 20th June 2013), Adam Kenwright, Michael Lynas, Caro Newling (from 20th June
2013), Kim Poster and Mark Rubinstein.
Risk management
The trustees have conducted a risk analysis to identify the major risks to which the charity is exposed. Systems
have been put in place to mitigate those risks whereby the risks are reviewed annually at a trustees’ meeting.
Achievements and performance
Investment policy and performance
During the year the Endowment Fund was managed by Investec on the basis of the trustees’ instructions to
follow a low to medium investment risk strategy. The broker’s performance is monitored by the Finance SubCommittee who will continue to ensure that the charity’s investments are managed in conformity with this policy.
Financial review
Reserves policy
The trustees aim to maintain the free reserves of the charity at a level no less than 12 months of unrestricted
resources expended. At 31st March 2014 this figure was approximately £370,000. Free reserves at 31st March
2014 were £319,050. The trustees’ policy has been to balance maximising the endowment fund for long term
growth with meeting their continuing objectives.
Trustees' responsibilities statement
The Trustees (who are also directors of Theatre Investment Fund Limited for the purposes of company law) are
responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law
the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair
view of the state of affairs of the charitable company and of the incoming resources and application of resources,
including the income and expenditure, of the charitable company for that period. In preparing these financial
statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charities SORP;

make judgments and accounting estimates that are reasonable and prudent;
Page 13
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2014

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of
the charitable company and enable them to ensure that the financial statements comply with the Companies Act
2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charitable company's
auditors are unaware, and

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 charitable company's auditors are aware of that
information.
Auditors
Nyman Libson Paul were appointed auditors to the company during the year and in accordance with section 485
of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by
section 415A of the Companies Act 2006.
This report was approved by the Trustees on 15 October 2014 and signed on their behalf by:
Julian Bird
Trustee
Page 14
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THEATRE INVESTMENT FUND LIMITED
We have audited the financial statements of Theatre Investment Fund Limited for the year ended 31 March 2014
set out on pages 17 to 28. The financial reporting framework that has been applied in their preparation is
applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom
Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable
company's members those matters we are required to state to them in an auditors' report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the charitable company and its members, as a body, for our audit work, for this report, or for the opinion we have
formed.
Respective responsibilities of Trustees and auditors
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 law) are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable
law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the
Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to
give reasonable assurance that the financial statements are free from material misstatement, whether caused by
fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's
circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant
accounting estimates made by the Trustees; and the overall presentation of the financial statements. In addition,
we read all the financial and non-financial information in the Trustees' report to identify material inconsistencies
with the audited financial statements and to identify any information that is apparently materially incorrect based
on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we
become aware of any apparent material misstatements or inconsistencies we consider the implications for our
report.
Opinion on financial statements
In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 March 2014 and of its
incoming resources and application of resources, including its income and expenditure, for the year then
ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
applicable to Smaller Entities; and

have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Trustees' report and the Chairman's Statement for the financial year
for which the financial statements are prepared is consistent with the financial statements.
Page 15
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THEATRE INVESTMENT FUND LIMITED
Matters on which we are required to report by exception
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:

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 to take advantage of the small companies' exemption from the requirement to prepare a
strategic report or in preparing the Trustees' report.
Paul Taiano (senior statutory auditor)
for and on behalf of
Nyman Libson Paul
Chartered Accountants
Statutory Auditors
Regina House
124 Finchley Road
London
NW3 5JS
15 October 2014
Page 16
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2014
Unrestricted
funds
2014
£
Restricted
funds
2014
£
Endowment
funds
2014
£
Total
funds
2014
£
Total
funds
2013
£
2
3
54,000
2,778
316,900
-
331,264
137,704
702,164
140,482
697,552
129,187
4
32,087
32,087
30,879
874,733
857,618
Note
INCOMING RESOURCES
Incoming resources from
generated funds:
Voluntary income
Investment income
Incoming resources from
charitable activities
TOTAL INCOMING
RESOURCES
88,865
-
316,900
-
468,968
RESOURCES EXPENDED
Costs of generating funds:
Costs of generating voluntary
income
Fundraising expenses and
other costs
Investment management
expenses
Charitable activities
Governance costs
Other resources expended
TOTAL RESOURCES
EXPENDED
NET INCOMING / (OUTGOING)
RESOURCES BEFORE
TRANSFERS
5
6
7,10
8
9
48,423
-
-
48,423
45,761
26,331
-
-
26,331
18,454
259,372
7,186
35,900
383,672
-
19,445
-
19,445
643,044
7,186
35,900
15,369
498,497
6,910
31,522
377,212
383,672
19,445
780,329
616,513
(288,347)
(66,772)
449,523
94,404
241,105
Page 17
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT (continued)
FOR THE YEAR ENDED 31 MARCH 2014
Note
Transfers between funds
16
NET INCOMING RESOURCES
BEFORE INVESTMENT
ASSET DISPOSALS
Gains and losses on disposals
of investment assets
NET INCOMING RESOURCES
BEFORE REVALUATIONS
Gains and losses on
revaluations of investment
assets
Unrestricted
funds
2014
£
256,555
(31,792)
12
-
(31,792)
-
Restricted
funds
2014
£
-
(66,772)
-
(66,772)
-
Endowment
funds
2014
£
(256,555)
Total
funds
2014
£
Total
funds
2013
£
-
-
192,968
94,404
241,105
156,051
156,051
31,666
349,019
250,455
272,771
42,939
42,939
347,523
391,958
293,394
620,294
NET MOVEMENT IN FUNDS
FOR THE YEAR
(31,792)
(66,772)
Total funds at 1 April 2013
350,842
409,842
4,482,584
5,243,268
4,622,974
TOTAL FUNDS AT 31 MARCH
2014
319,050
343,070
4,874,542
5,536,662
5,243,268
The notes on pages 21 to 28 form part of these financial statements.
Page 18
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2014
Note
NET INCOME FOR THE
YEAR
16
Gains and losses on
revaluations of investment
assets
TOTAL GAINS AND
LOSSES RECOGNISED
SINCE 1 APRIL 2013
Unrestricted
funds
2014
£
Restricted
funds
2014
£
Endowment
funds
2014
£
Total
funds
2014
£
Total
funds
2013
£
(31,792)
(66,772)
349,019
250,455
272,771
42,939
42,939
347,523
391,958
293,394
620,294
-
16
(31,792)
-
(66,772)
The notes on pages 21 to 28 form part of these financial statements.
Page 19
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 01252595
BALANCE SHEET
AS AT 31 MARCH 2014
Note
£
2014
£
£
2013
£
FIXED ASSETS
Investments
12
5,131,097
4,612,584
CURRENT ASSETS
Debtors
13
18,754
53,514
Investments
14
106,000
91,618
370,289
594,742
495,043
739,874
(89,478)
(109,190)
Cash at bank
CREDITORS: amounts falling due within
one year
15
NET CURRENT ASSETS
NET ASSETS
405,565
630,684
5,536,662
5,243,268
CHARITY FUNDS
Endowment funds
16
4,874,542
4,482,584
Restricted funds
16
343,070
409,842
Unrestricted funds
16
319,050
350,842
5,536,662
5,243,268
TOTAL FUNDS
The financial statements have been prepared in accordance with the provisions applicable to small companies
within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller
Entities (effective April 2008).
The financial statements were approved by the Trustees on 15 October 2014 and signed on their behalf, by:
Luke Johnson, Chairman
Julian Bird
The notes on pages 21 to 28 form part of these financial statements.
Page 20
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
1.
ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention, with the
exception of investments which are included at market value, and in accordance with the Financial
Reporting Standard for Smaller Entities (effective April 2008). The financial statements have been
prepared in accordance with the Statement of Recommended Practice (SORP), 'Accounting and
Reporting by Charities' published in March 2005, applicable accounting standards and the
Companies Act 2006.
1.2 Company status
The company is a company limited by guarantee. The members of the company are the Trustees
named on page 1. In the event of the company being wound up, the liability in respect of the
guarantee is limited to £1 per member of the company.
1.3 Fund accounting
Funds held by the charity are either

Unrestricted general funds - these funds which can be used in accordance with the charitable
objects at the discretion of the trustees

Restricted funds - these are funds that can only be used for particular restricted purposes
within the objects of the charity. Restrictions arise when specified by the donor or when funds
are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial
statements.
1.4 Incoming resources
Income from services invoiced to practitioners which relate to workshop income, is included in
incoming resources in the relevant period.
Grants/sponsorships/donations are recognised in incoming resources in the year which they are
receivable, except as follows:

when the donors specify that grants/donations given to the charity must be used in future
accounting periods, the income is deferred and not included in incoming resources until the
preconditions for use are met,

when the donors impose conditions which have to be fulfilled before the charity becomes
entitled to use such income, the income is deferred and not included in incoming resources
until the preconditions for use are met.
When donors specify that donations and grants, including capital grants, are for particular restricted
purposes, which do not amount to preconditions regarding entitlement, this income is included in
incoming resources of restricted funds when receivable.
Voluntary income is received by way of donations and gifts and is included in incoming resources
when receivable.
Interest receivable is included when receivable by the charity.
Page 21
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
1.
ACCOUNTING POLICIES (continued)
1.5 Resources expended
All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and
is recognised when there us a legal or constructive obligation to incur costs. All costs have been
directly attributed to one of the functional categories of resources expended in the statement of
financial activities.
1.6 Investments
Fixed asset investments are stated at market value at the balance sheet date. The statement of
financial activities includes the net gains and losses arising on revaluations and disposals throughout
the year.
1.7 Investments in productions
Investments in productions are included at amounts invested less amounts recovered and after
making provision for losses where recovery of outstanding investments is not anticipated.
1.8 Endowment fund
The fund was set up to ensure the long term survival of the charitable company. The fund was,
initially, formalised by a Declaration of Charitable Trust dated 3 February 1993. On 10 May 2000 a
Theatre Investment Fund Declaration of Charitable Trust was set up taking over the assets of the
Trust originally set up on 3 February 1993. Under the terms of the Deed of Declaration of Charitable
Trust of the Theatre Investment Fund Endowment Fund "all accumulations of income held as an
accretion to and as part of the capital of the Endowment Fund (and any investments thereof from
time to time representing the same) or 5% of the market value of the said Fund (including such
accumulations) at the end of each accounting period whichever is the greater shall (to the exclusion
of any other) be designated as Expendable Endowment to be applied, expended or distributed by
the Trustees within the scope of their powers under this Deed".
2.
VOLUNTARY INCOME
Grants/ Donations/ Gifts
3.
Unrestricted
funds
2014
£
Restricted
funds
2014
£
Endowment
funds
2014
£
Total
funds
2014
£
Total
funds
2013
£
54,000
316,900
331,264
702,164
697,552
Unrestricted
funds
2014
£
Restricted
funds
2014
£
Endowment
funds
2014
£
Total
funds
2014
£
Total
funds
2013
£
137,704
140,482
129,187
INVESTMENT INCOME
Investment income
2,778
-
Page 22
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
4.
INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
Unrestricted
funds
2014
£
Workshops
5.
32,087
Salary recharge
Consultancy fees
Office overheads
-
Total
funds
2014
£
Total
funds
2013
£
32,087
30,879
Restricted
funds
2014
£
Endowment
funds
2014
£
Total
funds
2014
£
Total
funds
2013
£
24,226
16,900
7,297
-
-
24,226
16,900
7,297
22,049
16,900
6,812
48,423
-
-
48,423
45,761
Endowment
funds
2014
£
Total
funds
2014
£
Total
funds
2013
£
INVESTMENT MANAGEMENT COSTS
Unrestricted
funds
2014
£
Bank charges
Investment management
fees
7.
-
Endowment
funds
2014
£
COSTS OF GENERATING VOLUNTARY INCOME
Unrestricted
funds
2014
£
6.
Restricted
funds
2014
£
Restricted
funds
2014
£
-
-
24
24
-
-
-
19,421
19,421
15,369
-
-
19,445
19,445
15,369
2014
£
2013
£
102,964
280,708
44,862
256,729
383,672
301,591
GRANTS TO INSTITUTIONS
Start up scheme
New producer bursaries
Page 23
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
8.
GOVERNANCE COSTS
Unrestricted
funds
2014
£
Auditors' remuneration
SOLT office overheads
Consultancy fees
Salary recharge
9.
Endowment
funds
2014
£
Total
funds
2014
£
Total
funds
2013
£
2,400
1,622
1,300
1,864
-
-
2,400
1,622
1,300
1,864
2,160
1,514
1,300
1,936
7,186
-
-
7,186
6,910
Total
funds
2014
£
Total
funds
2013
£
OTHER RESOURCES EXPENDED
Unrestricted
funds
2014
£
Salary recharge
Accountancy - SOLT
Bank charges
Consultancy fees
SOLT office
Sundry expenses
Printing and stationery
Insurance
10.
Restricted
funds
2014
£
Restricted
funds
2014
£
Endowment
funds
2014
£
11,181
2,660
350
7,800
7,298
5,380
911
320
-
-
11,181
2,660
350
7,800
7,298
5,380
911
320
10,177
2,408
174
7,800
6,812
1,577
2,259
315
35,900
-
-
35,900
31,522
DIRECT COSTS
Production investments written off
Website costs
Workshop costs
Unrestricted
funds
2014
£
Total
2014
£
Total
2013
£
219,327
6,759
33,286
219,327
6,759
33,286
130,232
35,089
31,585
259,372
259,372
196,906
Page 24
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
11.
NET INCOMING / (OUTGOING) RESOURCES
This is stated after charging:
Auditors' remuneration
2014
£
2013
£
2,400
2,400
During the year, no Trustees received any remuneration, benefits in kind or reimbursement of expenses
(2013 - £NIL).
12.
FIXED ASSET INVESTMENTS
Investments in
shares
£
Cash
investments
£
Total
£
At 1 April 2013
Additions
Disposals
Dividends reinvested
Revaluations
Management fees
Net cash movement
3,624,088
1,424,787
(691,752)
1,883
198,990
-
988,496
(1,424,787)
691,752
134,376
(19,423)
202,687
4,612,584
136,259
198,990
(19,423)
202,687
At 31 March 2014
4,557,996
Market value
573,101
5,131,097
2014
£
2013
£
Investments in shares
Cash investments
4,557,996
573,101
3,624,088
988,496
Total market value
5,131,097
4,612,584
Investments at market value comprise:
All the fixed asset investments are held in the UK.
Page 25
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
13.
DEBTORS
Other debtors
Prepayments and accrued income
14.
2013
£
18,754
40,676
12,838
18,754
53,514
2014
£
2013
£
106,000
91,618
2014
£
2013
£
16,327
73,151
13,355
95,835
89,478
109,190
CURRENT ASSET INVESTMENTS
Investments in productions
15.
2014
£
CREDITORS:
Amounts falling due within one year
Other creditors
Accruals and deferred income
Page 26
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
16.
STATEMENT OF FUNDS
Brought
Forward
£
Incoming
resources
£
Resources
Expended
£
Transfers
in/out
£
Gains/
(Losses)
£
Carried
Forward
£
350,842
88,865
(377,212)
256,555
4,482,584
468,968
(19,445)
(256,555)
178,179
231,663
220,650
96,250
(280,708)
(102,964)
-
-
118,121
224,949
409,842
316,900
(383,672)
-
-
343,070
5,243,268
874,733
(780,329)
-
Unrestricted
funds
General Funds
-
319,050
Endowment funds
Endowment Funds
198,990
4,874,542
Restricted funds
New producers
bursary
Start up Scheme
Total of funds
198,990
5,536,662
New Producers Bursaries - this fund is to provide new and emerging theatrical producers with office
accommodation during that process. In addition, the scheme contributes towards the funding of
apprenticeships, giving experience in the offices of established producers. By also providing a mentor, the
aim of the scheme is to develop the careers of these producers.
Start Up Scheme - this fund is to assist in kick-starting the careers of outstanding new theatre producers
by awarding up to £50,000 investment into a commercial West End or touring production.
SUMMARY OF FUNDS
General funds
Endowment funds
Restricted funds
Brought
Forward
£
Incoming
resources
£
Resources
Expended
£
Transfers
in/out
£
Gains/
(Losses)
£
Carried
Forward
£
350,842
4,482,584
409,842
88,865
468,968
316,900
(377,212)
(19,445)
(383,672)
256,555
(256,555)
-
198,990
-
319,050
4,874,542
343,070
5,243,268
874,733
(780,329)
198,990
5,536,662
-
Page 27
THEATRE INVESTMENT FUND LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
funds
2014
£
Restricted
funds
2014
£
Endowment
funds
2014
£
Total
funds
2014
£
Total
funds
2013
£
256,555
151,973
(89,478)
343,070
-
4,874,542
-
5,131,097
495,043
(89,478)
4,612,584
739,874
(109,190)
319,050
343,070
4,874,542
5,536,662
5,243,268
Fixed asset investments
Current assets
Creditors due within one year
18.
RELATED PARTY TRANSACTIONS
During the year four trustees of the company were involved in productions in which £124,000 was
invested. The trustees were not party to the decisions made to invest, and declared such interest to Board
Meetings. These investments were subject to normal trading conditions and no preferential treatment was
given to the trustees concerned, who were:
Matthew Byam Shaw
Luke Johnson
Michael Lynas
Mark Rubinstein
During the year a donation of £54,000 was received from the Theatre Development Trust. The trustees
listed below are also trustees of the Theatre Development Trust.
Matthew Byam Shaw (to 20th June 2013)
Adam Kenwright
Michael Lynas
Caroline Newling (from 20th June 2013)
Kim Poster
Mark Rubinstein
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