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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 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 Page 28