The trustees present their annual report and financial statements for the year ended 31 March 2026.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Objectives and aims
The charity's objects, as set out in article 4 of its Articles of Association, are specifically restricted to advancing public education, appreciation and understanding of the arts, particularly but without limitation the performing arts in all its aspects and related activities.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Significant activities
During the period, the charity's activities centered on fundraising to build the resources needed to deliver its charitable objects, together with the early-stage development of delivery plans for the Ian McKellen Producer Grants scheme. This included establishing the scheme's design, governance and application processes ready for grants to begin from the 2026/27 financial year onwards, enabling the charity to move from foundation-building into direct grant-making in support of emerging theatre producers.
Grant Funding for Emerging Producers
During the period, the Foundation received a donation to fund a grant scheme for emerging producers. The scheme will award 10 grants each year for a minimum of three years, starting Autumn 2026.
Website Development
The Foundation developed and launched a website at weareleaf.org.uk in January 2026. The website sets out the Foundation’s mission, presents its grant scheme, and supports its fundraising activities.
Audience Development Discussions
The Foundation began early discussions with producers about audience development initiatives. These initiatives are intended to be delivered in West End venues and across touring productions in the regions.
Partnerships and Fundraising
The Foundation established partnerships with regional and West End venues to raise funds in support of its charitable objectives
Preparations for Launch Event
Following the period end, the Foundation will hold a launch event on Friday 8 May 2026 at the Tom Stoppard Theatre, London. The event is intended to introduce the grant scheme to producers, raise awareness of the Foundation’s mission and aims to the wider sector.
Total income for the year was £778,372 comprising £725,587 of restricted donations received towards the Ian McKellen Producer Grants scheme, £52,500 of ATG contribution income and £285 of unrestricted donations. Total expenditure for the year was £12,014, significantly below the FY26 budget of £62,919, reflecting the charity's early-stage development activity during the period. As a result, total funds carried forward at 31 March 2026 were £866,358, comprising restricted funds of £725,587 and unrestricted funds of £140,771.
The trustees have no material uncertainties regarding the charity's ability to continue as a going concern, given its reserves position at the year end.
The trustees' policy is to hold unrestricted reserves equivalent to three months' core running costs, based on approximately £25,000, to provide a working capital buffer while the charity builds its income base ahead of the launch of grant-making activity. Restricted funds are held separately and applied solely for the specific purposes for which they were donated.
At 31 March 2026, the charity held total reserves of £866,358, comprising unrestricted reserves of £140,771 and restricted reserves of £725,587 (held for the Ian McKellen Producer Grants scheme). Unrestricted reserves of £140,771 exceed the trustees' target of approximately £75,000 (three months' core running costs).
No funds were in material deficit at the end of the period.
Governing document
The charitable company is governed by its articles of association as adopted on 21 December 2023.
Charity constitution
The charity is constituted as a charitable company limited by guarantee, not having a share capital. It is registered with Companies House (company number 15370796) and with the Charity Commission for England and Wales (charity registration number 1208861).
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Directors (who act as the charity's trustees) are appointed by ordinary resolution of the members in general meeting for a fixed term of up to three years, or by resolution of the other directors (in which case the director appointed must retire at the next annual general meeting). A retiring director who remains eligible may be re-elected, subject to the limits on consecutive terms set out in the Articles of Association.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Live Entertainment & Arts Foundation (the charity) for the year ended 31 March 2026.
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
The company’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 44(1)(a) of the Charities and Trustee Investment (Scotland) Act 2005, Regulation 4 of the Charities Accounts (Scotland) Regulations 2006 and section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 and the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Live Entertainment & Arts Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 4-5 High Street West, Sunderland, SR1 3EX, England.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by
FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
The charity is exempt from corporation tax on its charitable activities.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
There were no trustees' expenses paid for the year ended 31 March 2026 nor for the period ended 31 March 2025.
The average monthly number of employees during the year was Nil (
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2025 - none).