THEATRE INVESTMENT FUND LIMITED - Stage One Investment Fund Limited... · process the 13 producers submitted a full proposal with budget and recoupment schedules which were ... Brainiac

Registered number: 01252595Charity number: 271349

THEATRE INVESTMENT FUND LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014



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



REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERSFOR THE YEAR ENDED 31 MARCH 2014

Trustees Luke Johnson, ChairmanNeil AdlemanJulian BirdMatthew Byam ShawWilliam 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 KenwrightMichael Lynas (resigned 11 November 2013)Michael McCabeCaroline Newling (appointed 11 November 2013)Derek NichollsNatalie PelmanRyan PetersenKim PosterRebecca QuigleyTobias RoundMark RubinsteinRachel TackleySir Stephen Waley- CohenCarole Winter (resigned 11 November 2013)

Company registered number

01252595

Charity registered number

271349

Registered office

32 Rose StreetLondonWC2E 9ET

Company secretary

Martin Scott

Independent auditors

Nyman Libson PaulChartered AccountantsStatutory AuditorsRegina House124 Finchley RoadLondonNW3 5JS

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERSFOR THE YEAR ENDED 31 MARCH 2014

Administrative details (continued)

Bankers

Clydesdale Bank35 Regent StreetLondonSW1Y 4ND

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CHAIRMAN'S STATEMENTFOR 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’smost promising talent, which allowed them an opportunity to take a step away from the fringe and towards theWest End. This would be a challenge, especially to create the right model which provided support and guidancewhilst simultaneously placing the responsibility to deliver a production firmly in the producer’s hands. After aperiod of research, the St. James Theatre, a newly built venue in Victoria with 312 seats, was pencilled for 15weeks 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 takepart.

The next step was to ‘curate’ a season of 3 plays or musicals that had commercial potential and producersbehind the projects able to deliver them, not least in raising the capital. Our key aims as a charity, to support thenext generation of commercial theatre producers were paramount when firstly formalising the aims and secondlyin 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 hadbeen submitted. We were encouraged by the number of applications as it proved the thirst for this type ofopportunity within the community of new producers and meant we had a good chance of shortlisting 3 qualityproductions. The team selected 13 productions to take through a ‘second-stage’ process which includedworkshops and mentoring on key issues such as budgeting, contracts, ticketing and raising investment. After thisprocess the 13 producers submitted a full proposal with budget and recoupment schedules which were passedon to a panel of industry professionals. On the 19 March the 13 producers each delivered a 25 minutepresentation and pitch to try and secure one of the three slots available at the St. James Theatre. At the end ofthe pitches, the panel voted and 3 productions were unanimously selected:

Slot 1: 1st September – 4th OctoberProducer: Vicky Graham Breeders by Ben Ockrent (New Play)Director – Tamara Harvey

Slot 2: 6th October – 8th November Producer: Emily DobbsUncle Vanya by Chekov in a new version by Anya Reiss (New Adaptation)Director – Russell Bolam

Slot 3: 10th November – 13th DecemberProducer: Nicola SeedAccolade 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 tobecome 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 stepin touching distance.

We have also maintained our more traditional development programme and in the past year we have awarded15 bursaries, funded apprentices in London and the rest of the UK, granted investment via the Start-Up fund for4 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 andadvice to help new producers and Stage One to deliver its aims as a charity.

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Fundraising

In 2013 we welcomed Elizabeth Duducu as our new Development Manager as Zoe Davies emigrated with herfamily to Australia. Zoe and Elizabeth conducted a thorough handover and all donors were introduced toElizabeth at a network event to ensure that she could maintain the strength of relationships with our donors thatZoe had cultivated.

In 2013/14 the fundraising target was raised from £166,666 to £220,000 to meet the growth of the bursary andapprentice schemes. Zoe Davies continued to match raise the money donated by the Theatre DevelopmentTrust (the charitable arm of Society of London Theatre) of £85,000 and additionally fund raise to enable theextension of the apprentice scheme into the subsidised and regional theatre sectors. It was agreed that as thisadditional money had been raised these programmes would only continue in further years if the additionalfunding 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 officespace for Stage One new producers. In September 2013 we re-located from 23 Garrick Street to 12 FoubertsPlace (off Carnaby Street) and we appointed Sheridans on a pro bono basis to work on the lease for FoubertsPlace 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 existingdonors for renewals at 50% of their original donation as we had a level of funding accumulated. A report/letterwas sent to all Start Up donors (in consultation with Adam Kenwright, Richard Johnston and Michael Lynas) toask 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 recipientsestablished as active commercial producers by the end of the pilot period. In fact every single one of ourrecipients are active commercial producers. Looking back over the last 3 years, the Start Up Fund has achievedexactly what it was set up to do. It is the ONLY formal investment scheme for new producers designed to offerfinancial support coupled with industry mentoring and guidance.

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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 toraise Start-Up funds for the future.

Income was also received from Start-Up Investments which returned a proportion of our share of the capitalrecouped 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 ontour 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 theregions on tour:

West End Productions Touring ProductionsFrom Here to Eternity Noises OffMerrily We Roll Along A Passionate WomanPassion Play Aliens Love UnderpantsPirates Of Penzance KinderstransportBrainiac Live Robin Cousins ICEA Doll's House Eric and Little ErnMuch Ado About Nothing Let it BeResistible Rise of Arturo Ui Dial M For MurderThe Weir The Play That Goes WrongStephen Ward Happy DaysGhost StoriesFortune's FoolGhostsSome Girl I Used To KnowBakersfield MistAnother Country

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 havecontinued 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 aplace in the decision making process.

The first award of the £50,000 went to James Quaife, a former bursary recipient who co-produced BARKING INESSEX with MJE Productions. The production opened at the Wyndham’s Theatre in the autumn of 2013 andstarred Lee Evans, Sheila Hancock, Keeley Hawes, Karl Johnson and Montserrat Lombard. James began hisrelationship with MJE through Stage One’s apprentice scheme and this led to him asking Carole Winter if hecould co-produce this project with them.

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“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 absolutelycrucial with the development of my career as a commercial producer. I am extremely proud and excited to be apart of ‘Barking In Essex’ and wish to thank MJE Productions and Stage One for allowing me this incredibleopportunity”. – James Quaife

A second award of £30,000 went to Gavin Kalin who co-produced the transfer of A DOLL’S HOUSE to The Dukeof York’s Theatre. Gavin began his development at the Stage One workshop and was swiftly able to demonstratehis 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 theStart-up Fund and I could not be happier! Stage One has helped me realise my potential for working as aTheatre Producer and I thank everyone involved in this fantastic organisation for their continued support andguidance”. – Gavin Kalin

Simon Cummin, another past bursary recipient applied to the Start-Up Fund for an investment of £11,500towards his production of DICKEN’S ABRIDGED at the Arts Theatre. This production was the largest productionto date in Simon’s career and his biggest raise too. Simon began his relationship with Stage One at theEdinburgh Fringe in 2010 and went onto a bursary award with James Seabright as his mentor, who continues tosupport Simon in his endeavours.

“Having received the Stage One bursary in 2010 I have gained a lot of experience in commercial producing andreceived invaluable mentoring and support from Stage One, this has allowed me to confidently grow and nurturemy own company to the stage where my first West End show as main producer would be possible. To receivethe Start Up fund, governed by a committee of role models and commercial producers at the top of the industryis a great honour.” – Simon Cummin

The fourth award went to previous Start Up recipient Tracey Childs for a tour of KINDERTRANSPORT. Traceywas awarded an investment of £12,000 and receiving this prestigious award a second time is testament toTracey’s tireless work as a producer. This project was her first production without a co-producer and showedsignificant progression.

“Taking out my first solo tour of Diane Samuels’ Kindertransport is an exhilarating and sobering prospect. Tohave a firm financial foundation and all the wisdom, inspiration and experience of Stage One behind me givesme confidence and strength. I am immensely grateful to everyone who has made this award possible bysupporting 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 UnderwoodTrust, The Mackintosh Foundation, Andrew Treagus Associates, the Garfield Western Foundation, The GarrickCharitable Trust, The Williams Trust, Lady Saunders, Risk Capital Partners and David Dein to whom we areenormously grateful.

The Bursary scheme is aimed at new producers in the early years of their careers who are trying to get projectsoff the ground and establish themselves and their businesses. It is a vital source of financial support and industryguidance for talented individuals. New producers can apply for up to £15,000 to help them develop and/or stagea production. In addition, they are coupled with a professional mentor, and offered office space in the Stage OneHub with other new producers. The mentor is on hand to support the bursary recipient for the duration of theirproject and in practice for much longer.

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During the year 2013/14 bursaries totalling £142,438 were awarded, including to the following first-timerecipients:

Recipient Name Project MentorTim Johanson Dirty Great Love Story at E59E in

NYCThelma Holt

Yvette Griffith Keepsake Rebecca QuigleyDavid Hutchinson Various Projects under the Sell A

Door bannerDavid Pugh

Lucy Jackson Development of new musicalBrendan Riding Development of Tumbledown Edward SnapeAlex Rodin Tour of Animal Farm Georgia GattiSarah Stribley Othello James BiermanLeonora Twynam Harriet Joseph SmithSam Yates Cornelius Rachel TackleyAidan Grounds The Nativity That Goes Wrong Caro NewlingTrish Wadley The Hotel Plays/Knuckle/Hard

FeelingsMichael Rose

George Warren The Jungle Book and variousprojects

Jon Bath

Rebecca Targett Various Projects Nicola SeedNick Hennegan Various Projects 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 winningdirector David Grindley. When approaching David Grindley it was the Bursary and Stage One’s association thatengaged David’s agent. As a young produce approaching a named director it is often hard to be taken as aserious entity. However, it was Stage One and the bursary that opened the door for the subsequent discussionsand negotiations. I have also been able to have successful meetings with co-producers and theatre partners asa 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 ownhome. The ability to invite people for meetings at the HUB offices has made my producing much moreprofessional and both more financially and time efficient. Further to this, the network of young producers aroundevery day is a huge resource of information to draw on. I use the office every day and without it would achieveconsiderably 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 andbetter placed for meetings.” - Yvette Griffiths

“I am incredibly grateful to Stage One and my mentor Caro Newling for giving me the financial support and beliefto pursue my aim to be a commercial theatre producer. ABG Productions now has a slate of three scripts withcommercial potential. Thanks to Caro, I am now in a position to produce one of these commercially having setup my production company appropriately to raise investment and developed the scripts to a point where we canrecruit 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 andpotential pitfalls in advance.” - Lucy Jackson

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Apprentice Scheme for New Producers

The apprentice scheme was launched in 2007 as a programme to train aspiring theatre producers in London’scommercial West End and in 2011 the scheme expanded to the subsidised sector. In 2013 we wanted to extendthe 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 opportunitiesfor apprentices. From the venue perspective, they are producing their own work and creating hit shows thatregularly go on tour and transfer in to the West End. They would benefit in just the same way as a London officeby having a young entrepreneurial producer in their midst, plus they have just as much expertise and experienceto impart and train an apprentice.

‘Rolling out the Apprentice Scheme regionally would have great mutual benefit to both the apprentice and toregional theatres. The ability to experience production under an actual theatre’s roof rather than from within aWest End production office will have incalculable benefits to the apprentice. The theatre building itself will enjoythe presence of a talented, eager to learn, and energetic new producer coming in with fresh eyes and ears, whowill 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 toThe Eranda Foundation and were successful in securing a £30,000 grant to make it happen. We openedapplications for Regional producing theatres to apply for an apprentice and were overwhelmed with the strengthand number received. We decided to fund 2 x 12 month apprenticeships at Sheffield Theatres and ManchesterInternational Festival as they could deliver the best hands-on training to a new producer. The apprentices wouldreceive the same salary as any apprentice as well as a small bursary to allow them to travel to London and takepart in our other training events.

Dan Bates, Chief Executive of Sheffield Theatres commented “We are thrilled to have been selected as one ofthe 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 nurturingof new producing talent. It is particularly fantastic to be selected during our year as The Stage 100 RegionalTheatre of the Year 2013.”

Paul Clay, Executive Producer of the MIF added “Manchester International Festival is delighted to have beensuccessful in this application. We feel it's extremely important to be able to develop the producers of the futureand 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 60applications 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 tocontinue to build and develop my career as a theatre producer. Working in the nation’s best regional theatre willgive me invaluable experience of working with the best creative teams in the world. I’ll be learning in asupportive environment, where I can understand the granular detail and day to day work of a producing theatreto gain a greater knowledge of the industry.”

Tricia Coleman – Manchester International Festival

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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 placethat I know and increase my knowledge and contacts in an area that I really care about. I don’t have the financesto support a move to London, so the opportunity to be part of Stage One would not have happened if the regionalapprenticeships weren’t available. I am only two months into my apprentice and I can already say I have learntknowledge 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 Placement 1 Placement 2Lucy Jackson & Catherine Hooper Mark Rubinstein Limited N/AAnna Haigh Seabright Productions Limited Bill Kenwright LimitedMeera Shekar & Isobel David Playful Productions Runaway EntertainmentsDebbie Hicks Jamie Hendry Productions Jamie Hendry ProductionsJosh Beaumont Seabright Productions Limited Seabright Productions LimitedLouise Ryder Working Title Limited N/A

Anna Haigh – “The apprenticeship has been not only an amazing and worthwhile experience but a true eyeopener of the industry and fundamentally what it means to be a theatre producer. It's given me a wealth ofknowledge that I have been able to implement into my own productions which I would never have gained withoutit. I think I've also been very lucky to have worked with two very different and unique companies; SeabrightProductions and Bill Kenwright Productions - especially as they have given me a lot of integral experience withinproducing and general management. Stage One has given me the support to get me started on my career as atheatre 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 theindustry. The workshop was held at the RSA in June and November and we were thrilled to welcome back thefollowing Industry professionals to lead our sessions and to be joined by some different practitioners to expandthe range of topics covered; Nicola Seed, Tom O’Connell, Katy Lipson, Richard Darbourne, Lucinda HarveyRichard Johnston, Neil Adleman, Jon Bath, Kim Poster, Ros Povey, Dafydd Rogers, Eleanor Lloyd, BeckyBarber, 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, JonathanChurch, Jamie Hendry, Simon Cummin, Tracey Childs, James Quaife, Gavin Kalin, Charlotte Longstaff, LukeFredericks, 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 speakerswho by imparting a wealth of knowledge and experience have provided a solid foundation and spring board intothe commercial sector for all of our delegates.

In December 2013 a survey was carried out specifically looking at the progress of the workshop participants fromthe last 10 years. An impressive 95% of those who responded were still active within the industry and those whotook part in this year’s workshops commented how they believe taking part in the workshop had impacted ontheir career:

“The workshop has been very beneficial in cementing processes and practices involved in producing that I wasaware of but hadn't had direct experience with. Having completed the workshop I was given the opportunity tohave more involvement in the investment aspect, which I wouldn't have normally done.” - June participant

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“Brilliantly, I'm still working in - and would love to continue to work in - the West End. I hope to get more of myown 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 frombeing 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 sourceas often producing can be quite a solitary job and having fellow producers to talk to and ask advice from is apriceless outcome. Stage One as an organisation has opened doors for me within the theatre industry andhelped 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 wasset 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 thevalue of a number of top price seats is donated to Stage One. Since its commencement in September 1993, thisVoluntary Levy has generated £3,332,223 for the Endowment Fund to March 2014 (including £331,264 in2013/14). The Voluntary Levy is an extraordinary example of the Industry investing in its future through StageOne. Grateful appreciation and thanks are given to the following theatres and producers who have contributed tothe Voluntary Levy this year:

Theatres:

Adeplhi NovelloAmbassadors The Old VicApollo Victoria Palace TheatreThe Harold Pinter Theatre PhoenixThe Criterion PiccadillyDrury Lane PlayhouseDuke of York's Prince of WalesDuchess QueensFortune St Martin'sGielgud Shaftesbury TheatreHer Majesty's Trafalgar StudiosLondon Palladium Victoria Palace TheatreNoel Coward Wyndham's

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Producers:

Andrew Lloyd-Webber Ambassador Theatre GroupAndre Ptaszynski Andrew TreagusAdam Spiegel Bill KenwrightBob Bartner Caro NewlingCameron Mackintosh Chichester Festival TheatreCarole Winter Donna MundayDavid Ian Daffyd RogersDavid Pugh David StoneDaniel Sparrow Edward SnapeDuncan Weldon Greg Ripley-DugganHeadlong Theatre Howard PanterJerry Frankel Jamie HendryJessica Hepburn Jeffrey RichardsJohn Richardson James SeabrightJudy Cramer James WilliamsJoseph Smith Kim PosterLee Menzies Lyric Hammersmith ProductionsMichael Grandage Matthew Byam ShawMichael Edwards Mark GoucherMichael Harrison Mark RubinsteinMichael Rose Sonia FriedmanRoyal Shakespeare Company Rebecca QuigleyTali Pelman Working Title

The Society of London Theatre

SOLT once again demonstrated their wholehearted commitment to Stage One’s objectives by their generousannual donation. We are very grateful to the Society for continuing this valuable support, which is in addition toits contribution to the Bursaries, and without which Stage One would not be able to undertake its breadth ofactivities.

I would like to thank the unfaltering commitment of the Stage One Council and those members’ who serve on theFinance and General Purposes Sub-Committee for their time and generosity.

Luke JohnsonChairman

Date: 15 October 2014

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TRUSTEES' REPORT


The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annualreport together with the audited financial statements of Theatre Investment Fund Limited (the company) forthe year ended 31 March 2014. The Trustees confirm that the annual report and financial statements of thecompany comply with the current statutory requirements, the requirements of the company's governingdocument and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting byCharities" 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 ofbursaries and apprenticeships for new and emerging theatrical producers. The Chairman’s Annual Reportdealing with achievements and performance and plans for future periods is as attached. In setting objectives forthe year and planning activities, the trustees have considered the Charity Commission’s guidance on publicbenefit. The charity’s interests are in developing the theatrical community and expanding theatrical artseducation.

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 powersof the charitable company and is governed under its Articles of Association. In the event of the company beingwound 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 reportare collectively referred to as the trustees. Under the Articles of Association, the members of the Council areappointed 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 theirlegal obligations under charity and company law, the content of the Memorandum and Articles of Association, thecommittee 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, whichmeets twice per year, has 18 members from a variety of professional backgrounds relevant to the work of thecharity. A Chief Executive is appointed by the trustees to manage the day to day operations of the charity. Tofacilitate effective operations, the Chief Executive has delegated authority within terms of delegation approved bythe trustees for operational matters, including finance, administration and employment related activities.

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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 partyto the decisions made to invest, and declared such interest at Board Meetings. These investments were subjectto normal trading conditions and no preferential treatment was given to the trustees concerned, who wereMatthew 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 alsotrustees of the Theatre Development Trust:Matthew Byam Shaw (to 20th June 2013), Adam Kenwright, Michael Lynas, Caro Newling (from 20th June2013), 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. Systemshave 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 tofollow a low to medium investment risk strategy. The broker’s performance is monitored by the Finance Sub-Committee 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 unrestrictedresources expended. At 31st March 2014 this figure was approximately £370,000. Free reserves at 31st March2014 were £319,050. The trustees’ policy has been to balance maximising the endowment fund for long termgrowth 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) areresponsible for preparing the Trustees' report and the financial statements in accordance with applicable law andUnited Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company lawthe Trustees must not approve the financial statements unless they are satisfied that they give a true and fairview 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 financialstatements, 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;

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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 explainthe charitable company's transactions and disclose with reasonable accuracy at any time the financial position ofthe charitable company and enable them to ensure that the financial statements comply with the Companies Act2006. They are also responsible for safeguarding the assets of the charitable company and hence for takingreasonable 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 485of 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 bysection 415A of the Companies Act 2006.

This report was approved by the Trustees on 15 October 2014 and signed on their behalf by:

Julian BirdTrustee

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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 2014set out on pages 17 to 28. The financial reporting framework that has been applied in their preparation isapplicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United KingdomGenerally 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 Part16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitablecompany's members those matters we are required to state to them in an auditors' report and for no otherpurpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other thanthe charitable company and its members, as a body, for our audit work, for this report, or for the opinion we haveformed.

Respective responsibilities of Trustees and auditors

As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of thecharitable company for the purposes of company law) are responsible for the preparation of the financialstatements 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 applicablelaw and International Standards on Auditing (UK and Ireland). Those standards require us to comply with theAuditing 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 togive reasonable assurance that the financial statements are free from material misstatement, whether caused byfraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company'scircumstances and have been consistently applied and adequately disclosed; the reasonableness of significantaccounting 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 inconsistencieswith the audited financial statements and to identify any information that is apparently materially incorrect basedon, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If webecome aware of any apparent material misstatements or inconsistencies we consider the implications for ourreport.

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 yearfor which the financial statements are prepared is consistent with the financial statements.

Page 15



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 toreport 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 AccountantsStatutory Auditors Regina House124 Finchley RoadLondonNW3 5JS15 October 2014

Page 16



STATEMENT OF FINANCIAL ACTIVITIESINCORPORATING AN INCOME AND EXPENDITURE ACCOUNT


Unrestrictedfunds

Restrictedfunds

Endowmentfunds

Totalfunds

Totalfunds

Note2014

£2014

£2014

£2014

£2013

£

INCOMING RESOURCES

Incoming resources fromgenerated funds:

Voluntary income 2 54,000 316,900 331,264 702,164 697,552 Investment income 3 2,778 - 137,704 140,482 129,187Incoming resources from

charitable activities 4 32,087 - - 32,087 30,879

TOTAL INCOMINGRESOURCES 88,865 316,900 468,968 874,733 857,618

RESOURCES EXPENDED

Costs of generating funds: Costs of generating voluntary

income 5 48,423 - - 48,423 45,761 Fundraising expenses and

other costs 26,331 - - 26,331 18,454 Investment management

expenses 6 - - 19,445 19,445 15,369Charitable activities 7,10 259,372 383,672 - 643,044 498,497Governance costs 8 7,186 - - 7,186 6,910Other resources expended 9 35,900 - - 35,900 31,522

TOTAL RESOURCESEXPENDED 377,212 383,672 19,445 780,329 616,513

NET INCOMING / (OUTGOING)RESOURCES BEFORE TRANSFERS (288,347) (66,772) 449,523 94,404 241,105

Page 17



STATEMENT OF FINANCIAL ACTIVITIESINCORPORATING AN INCOME AND EXPENDITURE ACCOUNT (continued)


Unrestrictedfunds

Restrictedfunds

Endowmentfunds

Totalfunds

Totalfunds

Note2014

£2014

£2014

£2014

£2013

£

Transfers between funds 16 256,555 - (256,555) - -

NET INCOMING RESOURCESBEFORE INVESTMENTASSET DISPOSALS (31,792) (66,772) 192,968 94,404 241,105

Gains and losses on disposalsof investment assets 12 - - 156,051 156,051 31,666

NET INCOMING RESOURCESBEFORE REVALUATIONS (31,792) (66,772) 349,019 250,455 272,771

Gains and losses onrevaluations of investmentassets - - 42,939 42,939 347,523

NET MOVEMENT IN FUNDSFOR THE YEAR (31,792) (66,772) 391,958 293,394 620,294

Total funds at 1 April 2013 350,842 409,842 4,482,584 5,243,268 4,622,974

TOTAL FUNDS AT 31 MARCH2014 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



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSESFOR THE YEAR ENDED 31 MARCH 2014

Unrestrictedfunds

Restrictedfunds

Endowmentfunds

Totalfunds

Totalfunds

Note2014

£2014

£2014

£2014

£2013

£

NET INCOME FOR THEYEAR 16 (31,792) (66,772) 349,019 250,455 272,771

Gains and losses onrevaluations of investmentassets - - 42,939 42,939 347,523

TOTAL GAINS ANDLOSSES RECOGNISEDSINCE 1 APRIL 2013 16 (31,792) (66,772) 391,958 293,394 620,294


Page 19


(A company limited by guarantee)REGISTERED NUMBER: 01252595

BALANCE SHEETAS AT 31 MARCH 2014

2014 2013Note £ £ £ £

FIXED ASSETS

Investments 12 5,131,097 4,612,584

CURRENT ASSETS

Debtors 13 18,754 53,514

Investments 14 106,000 91,618

Cash at bank 370,289 594,742

495,043 739,874

CREDITORS: amounts falling due withinone year 15 (89,478) (109,190)

NET CURRENT ASSETS 405,565 630,684

NET ASSETS 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

TOTAL FUNDS 5,536,662 5,243,268

The financial statements have been prepared in accordance with the provisions applicable to small companieswithin Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for SmallerEntities (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


Page 20



NOTES TO THE FINANCIAL STATEMENTSFOR 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 theexception of investments which are included at market value, and in accordance with the FinancialReporting Standard for Smaller Entities (effective April 2008). The financial statements have beenprepared in accordance with the Statement of Recommended Practice (SORP), 'Accounting andReporting by Charities' published in March 2005, applicable accounting standards and theCompanies Act 2006.

1.2 Company status

The company is a company limited by guarantee. The members of the company are the Trusteesnamed on page 1. In the event of the company being wound up, the liability in respect of theguarantee 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 financialstatements.

1.4 Incoming resources

Income from services invoiced to practitioners which relate to workshop income, is included inincoming resources in the relevant period.

Grants/sponsorships/donations are recognised in incoming resources in the year which they arereceivable, 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 restrictedpurposes, which do not amount to preconditions regarding entitlement, this income is included inincoming resources of restricted funds when receivable.

Voluntary income is received by way of donations and gifts and is included in incoming resourceswhen receivable.

Interest receivable is included when receivable by the charity.

Page 21




1. ACCOUNTING POLICIES (continued)

1.5 Resources expended

All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered andis recognised when there us a legal or constructive obligation to incur costs. All costs have beendirectly attributed to one of the functional categories of resources expended in the statement offinancial activities.

1.6 Investments

Fixed asset investments are stated at market value at the balance sheet date. The statement offinancial activities includes the net gains and losses arising on revaluations and disposals throughoutthe year.

1.7 Investments in productions

Investments in productions are included at amounts invested less amounts recovered and aftermaking 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 aTheatre Investment Fund Declaration of Charitable Trust was set up taking over the assets of theTrust originally set up on 3 February 1993. Under the terms of the Deed of Declaration of CharitableTrust of the Theatre Investment Fund Endowment Fund "all accumulations of income held as anaccretion to and as part of the capital of the Endowment Fund (and any investments thereof fromtime to time representing the same) or 5% of the market value of the said Fund (including suchaccumulations) at the end of each accounting period whichever is the greater shall (to the exclusionof any other) be designated as Expendable Endowment to be applied, expended or distributed bythe Trustees within the scope of their powers under this Deed".

2. VOLUNTARY INCOME

Unrestrictedfunds

Restrictedfunds

Endowmentfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2014£

2013£

Grants/ Donations/ Gifts 54,000 316,900 331,264 702,164 697,552

3. INVESTMENT INCOME

Unrestrictedfunds

Restrictedfunds

Endowmentfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2014£

2013£

Investment income 2,778 - 137,704 140,482 129,187

Page 22




4. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Unrestrictedfunds

Restrictedfunds

Endowmentfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2014£

2013£

Workshops 32,087 - - 32,087 30,879

5. COSTS OF GENERATING VOLUNTARY INCOME

Unrestrictedfunds

Restrictedfunds

Endowmentfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2014£

2013£

Salary recharge 24,226 - - 24,226 22,049Consultancy fees 16,900 - - 16,900 16,900Office overheads 7,297 - - 7,297 6,812

48,423 - - 48,423 45,761

6. INVESTMENT MANAGEMENT COSTS

Unrestrictedfunds

Restrictedfunds

Endowmentfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2014£

2013£

Bank charges - - 24 24 -Investment management

fees - - 19,421 19,421 15,369

- - 19,445 19,445 15,369

7. GRANTS TO INSTITUTIONS

2014£

2013£

Start up scheme 102,964 44,862New producer bursaries 280,708 256,729

383,672 301,591

Page 23




8. GOVERNANCE COSTS

Unrestrictedfunds

Restrictedfunds

Endowmentfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2014£

2013£

Auditors' remuneration 2,400 - - 2,400 2,160SOLT office overheads 1,622 - - 1,622 1,514Consultancy fees 1,300 - - 1,300 1,300Salary recharge 1,864 - - 1,864 1,936

7,186 - - 7,186 6,910

9. OTHER RESOURCES EXPENDED

Unrestrictedfunds

Restrictedfunds

Endowmentfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2014£

2013£

Salary recharge 11,181 - - 11,181 10,177Accountancy - SOLT 2,660 - - 2,660 2,408Bank charges 350 - - 350 174Consultancy fees 7,800 - - 7,800 7,800SOLT office 7,298 - - 7,298 6,812Sundry expenses 5,380 - - 5,380 1,577Printing and stationery 911 - - 911 2,259Insurance 320 - - 320 315

35,900 - - 35,900 31,522

10. DIRECT COSTS

Unrestrictedfunds 2014

Total2014

Total2013

£ £ £

Production investments written off 219,327 219,327 130,232Website costs 6,759 6,759 35,089Workshop costs 33,286 33,286 31,585

259,372 259,372 196,906

Page 24




11. NET INCOMING / (OUTGOING) RESOURCES

This is stated after charging:

2014 2013 £ £

Auditors' remuneration 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 inshares

Cashinvestments Total

£ £ £

Market value

At 1 April 2013 3,624,088 988,496 4,612,584Additions 1,424,787 (1,424,787) -Disposals (691,752) 691,752 -Dividends reinvested 1,883 134,376 136,259Revaluations 198,990 - 198,990Management fees - (19,423) (19,423)Net cash movement - 202,687 202,687

At 31 March 2014 4,557,996 573,101 5,131,097

Investments at market value comprise:2014 2013

£ £

Investments in shares 4,557,996 3,624,088Cash investments 573,101 988,496

Total market value 5,131,097 4,612,584

All the fixed asset investments are held in the UK.

Page 25




13. DEBTORS

2014 2013 £ £

Other debtors - 40,676Prepayments and accrued income 18,754 12,838

18,754 53,514

14. CURRENT ASSET INVESTMENTS

2014 2013 £ £

Investments in productions 106,000 91,618

15. CREDITORS:Amounts falling due within one year

2014 2013 £ £

Other creditors 16,327 13,355Accruals and deferred income 73,151 95,835

89,478 109,190

Page 26




16. STATEMENT OF FUNDS

BroughtForward

Incomingresources

ResourcesExpended

Transfersin/out

Gains/(Losses)

CarriedForward

£ £ £ £ £ £

Unrestrictedfunds

General Funds 350,842 88,865 (377,212) 256,555 - 319,050

Endowment funds

Endowment Funds 4,482,584 468,968 (19,445) (256,555) 198,990 4,874,542

Restricted funds

New producersbursary 178,179 220,650 (280,708) - - 118,121

Start up Scheme 231,663 96,250 (102,964) - - 224,949

409,842 316,900 (383,672) - - 343,070

Total of funds 5,243,268 874,733 (780,329) - 198,990 5,536,662

New Producers Bursaries - this fund is to provide new and emerging theatrical producers with officeaccommodation during that process. In addition, the scheme contributes towards the funding ofapprenticeships, giving experience in the offices of established producers. By also providing a mentor, theaim 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 producersby awarding up to £50,000 investment into a commercial West End or touring production.

SUMMARY OF FUNDS

BroughtForward

Incomingresources

ResourcesExpended

Transfersin/out

Gains/(Losses)

CarriedForward

£ £ £ £ £ £

General funds 350,842 88,865 (377,212) 256,555 - 319,050Endowment funds 4,482,584 468,968 (19,445) (256,555) 198,990 4,874,542Restricted funds 409,842 316,900 (383,672) - - 343,070

5,243,268 874,733 (780,329) - 198,990 5,536,662

Page 27




17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestrictedfunds

Restrictedfunds

Endowmentfunds

Totalfunds

Totalfunds

2014£

2014£

2014£

2014£

2013£

Fixed asset investments 256,555 - 4,874,542 5,131,097 4,612,584Current assets 151,973 343,070 - 495,043 739,874Creditors due within one year (89,478) - - (89,478) (109,190)

319,050 343,070 4,874,542 5,536,662 5,243,268

18. RELATED PARTY TRANSACTIONS

During the year four trustees of the company were involved in productions in which £124,000 wasinvested. The trustees were not party to the decisions made to invest, and declared such interest to BoardMeetings. These investments were subject to normal trading conditions and no preferential treatment wasgiven to the trustees concerned, who were:

Matthew Byam Shaw Michael LynasLuke Johnson Mark Rubinstein

During the year a donation of £54,000 was received from the Theatre Development Trust. The trusteeslisted below are also trustees of the Theatre Development Trust.

Matthew Byam Shaw (to 20th June 2013) Caroline Newling (from 20th June 2013)Adam Kenwright Kim Poster Michael Lynas Mark Rubinstein

Page 28

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