Sara Kestelman won this Laurence Olivier Award for her role as Fraulein Schneider in Sam Mendes' revival of Cabaret at the Donmar Warehouse, 9 December 1993 to 26 March 1994. It was presented to her by the Society of West End Theatre for 'Best Performance in a Supporting Role in a Musical'. The other actors nominated in the category were Henry Goodman as Buddy Fidler in City of Angels at the Prince of Wales Theatre, and Barry James as Beadle Bamford and Adrian Lester as Anthony Hope, both in Sweeney Todd at the National Theatre.

In 1988 the sculptor Harry Franchetti was asked to create a new statuette to present to award recipients, based on an image of Laurence Olivier as Henry V. Franchetti modelled it in Plastoline, a mixture of clay and wax, and coated the base in plaster, on which he carved 'Laurence Olivier as Henry V 1937' by hand. In subsequent years, the words 'The Old Vic' were added. The first awards were cast by Chris Nash at the small Putney foundry, Arch Bronze. They are still produced there today. Over the years Franchetti has made small changes to the crown and the lettering to make it easier to cast. He checks the patina of every one since patinating bronze is more an art than chemistry, and adds a wooden base.