Trustees' Review of the Year 2009

In our Report for 2008, written at a similar time of year in 2009, we pointed out the considerable capital loss we had suffered from falling markets but that it was not reflected in a similar loss of income. That reflection has now occurred and in 2009 our income fell some 7½% from the previous year. Bad for us but better than many.

A small part of the reduction in investment income was balanced by an increase of some £7,000 in commission income. This income is quite unpredictable. "Blood Brothers" must still contribute substantially but the rest is beyond our knowledge and control. Frustrating as this is the income resulting is both substantial and welcome.

As we write the state of investment markets in the future is equally hard to prophecy. The dark clouds of debt, of industrial catastrophe and of international capitalist insecurity continue to gather. The balancing act between growth and retrenchment is really difficult and not made any easier by threatening predictions. Competent acts are much more use than trying to inoculate the public against nasty shocks. In this climate investment is not easy. Interest rates are minimal and therefore holding large sums in cash seems improvident. However market volatility affects what once seemed the largest and safest investments. Probably the financial situation has never been so difficult to assess since wartime. It is no longer fact but personality which decides thinking.

In this circumstance, perhaps surprisingly, we managed in 2009 to expend almost as much in charitable grants as we did in 2008. To a small extent we achieved this by the use of some capital gains. The outcome was a satisfactory provision of resources much needed by individuals and organisations who received grants. Our policy again preferred individuals.
Many theatre companies usefully encourage new stage writing but it is often limited and for novices. There are very few chances for a writer with inadequate means to achieve further success and enough to live on even after an acclaimed first professional production. That is the gap we try to fill and our grants to individual playwrights rose in 2009 from 85 in 2008 to 89.

Our busy Trustees have again throughout 2009 proved attentive, effective and meticulous although for the first time there have been unexpected changes. Last year we reported the resignation of John Welch in April 2009. Shortly afterwards we were deeply saddened by his death. John Welch was one of our first Trustees and he also served most faithfully and successfully as our representative on the Board of Casarotto Ramsay. His consistent and knowledgeable work for the Foundation was of immense supportive value and we miss him.

In addition to that loss Dominic Cavendish felt that he had to resign due to his own professional pressures and we appointed two new Trustees to take these places. One was Rupert Rhymes O.B.E., experienced theatrical administrator and former Chief Executive of the Society of London Theatre and the Theatrical Management Association. The other was Neil Adleman, head of the Theatre Department at Harbottle & Lewis. Both add specialist and useful knowledge to the Foundation.

Our purpose must now be to husband our resources, expend them fruitfully as we may and continue to encourage talent.

GLH
10 June 2010