The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Charity number 1089928
Year Ended 31 August 2024

Contents
Trustees, report
Statement of trustees, responsibilities
Independent auditor's report to the Trustees of the Royal Opera House
Endowment Fund 2000
Statement of financial activities
Balance sheet
Notes
10
13
14
15

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Trustees, report
The trustees present their report together with the audited accounts for the year ended 31
August 2024. These accounts and annual returns will be filed with the Charity Commission.
Reference and administrative details of the charityi its trustees and advisors
Charity Number
1089928
Principal Office
Royal Opera House, Covent Garden,
London, WC2E 9DD
Auditors
Crowe UK LLP
55 Ludgate Hill,
London, EC4M 7JW
Bankers
Coutts and Co
440 Strand
London, WC2R OQS
Solicitors
Farrer & Co LLP
66 Lincoln's Inn Fields
London, WC2A 3LH
Investment Managers
Stonehage Fleming Investment Management Limited
6 St James's Square
London, SWIY 4JU
Troy Asset Management Limited
33 Davies Street
London, WIK 4BP
Newton Investment Management Limited
BNY Mellon Centre
160 Queen Victoria Street
London, EC4V 4LA
TCI Fund Management Limited
7 Clifford Street
London, WIS 2Fr
Schroder & Co. Limited T/A Cazenove Capital
l London Wall Place
London, EC2Y SAU
Trustees
Dame Vivien Duffield (Chair)
Sir Simon Robey (Deputy Chair, Independent Trustee)
Tim Bunting (ROHCGF Trustee)
Caroline Britton (ROHCGF Trustee)
Hamish Forsyth (Independent Trustee)
Lady Gavron (Independent Trustee)
Simon Freakley (appointed March 2024)
Secretary to the trustees
Leah Hurst

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Structurei governance and management
Governing document
The Royal Opera House Endowment Fund 2000, ('the Charity,), was established by trust deed
on 14 December 2001 and is a registered charity number 1089928.
Appointment and training of trustees
The trustees who have served wholly or partly during the year are set out on the previous
page. The appointment of new trustees is vested in the existing trustees who shall consult the
Royal Opera House Covent Garden Foundation ('ROHCGF') appointment. The trustees shall
ensure that no more than two of the Trustees are directors of ROHCGF, and that no employee
of ROHCGF is appointed a trustee. There shall be not less than five nor more than eight
trustees of the Charity.
Trustees hold office for an initial term not exceeding three years and are eligible for
reappointment for further terms not exceeding three years but may resign as trustee before
the expiry of any term by notice in writing to the trustees.
The trustees appoint one of their number as the chairman of the trustees.
New trustees undergo an induction session with the secretary to the trustees to brief them on
their obligations under charity law, the content of the trust deed, and the conduct of trustee
meetings.
Organisation
The direction and control of the Charity is determined by the trustees, who meet at least twice
a year. As set out in the Charity SORP, the trustees are the key management personnel with
oversight of the management and activities of the Charity. They receive no compensation. Day
to day management and administration of the Charity is delegated to Alex Beard (Chief
Executive Officer of ROHCGF), who attends the trustee meetings.
Connected charities and companies
ROHCGF
registered charity no. 211775. The Charity holds investments and generates
income to grant to ROHCGF. The principal activity of ROHCGF is the presentation of opera and
ballet performances at the Royal Opera House and tours in the United Kingdom and overseas.
During the season ROHCGF announced a change in its operating name from the'Royal Opera
House, to the 'Royal Opera and Ballet,. The legal name remains ROHCGF. The power of
appointing new trustees of the Charity is vested in the trustees who consult ROHCGF before
any exercise of this power. The trustees ensure that no more than two of the Trustees are
directors of ROHCGF and that no employee of ROHCGF is appointed a trustee. There shall be
not less than five nor more than eight trustees of the Charity.
ROH Holdings Ltd
registered company no. 02580395. This is a holding company with one
subsidiary, ROH Developments Limited, a property development company.
Royal Opera House Enterprises Limited
subsidiary of ROHCGF.
registered company no. 04112266. This is a

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Going Concern
The Trustees must satisfy themselves as to the Charity's ability to continue as a going concern
for a minimum of 12 months from the signing of the financial statements. The Trustees
continue to work closely with the investment managers to ensure funds are invested as
effectively as possible to minimise exposure to risk. As the Charity holds endowments and
other funds of £56.9m, the Trustees feel there is little risk of the Charity not being able to
continue in operational existence for the foreseeable future and for this reason the financial
statements have been prepared on a going concern basis.
Risk Management
The trustees have examined the major strategic and operational risks that face the Charity
and are satisfied there are systems in place to mitigate identified risks. The trustees have
received assurances from the Audit & Risk Committee of ROHCGF of the effectiveness of the
internal controls. The main risks identified relate to the state of the UK economy, which has a
direct impact on investment values and fundraising generally. The performance of investments
is key to creating capital growth and income that can be granted to ROHCGF in the furtherance
of its charitable objects. The trustees manage this risk by regularly meeting with the
Investment Managers and by scrutinising regular updates and presentations from the
Investment Managers to understand the risk profile of the investments. Annually, the trustees
review the risk register for the Charity.
Objects and activities
The objects of the Charity are to promote the education of the public in the arts of opera and
ballet by making grants to, or for the benefit of, ROHCGF. The Charity does this by seeking
to increase its capital base by actively marketing the Charity as a recipient of legacy income
and other gifts. The Charity also generates capital growth and income in order to make grants
to ROHCGF.
RPHCGF aims to enrich people's lives through opera and ballet. Home to two of the world's
great artistic companies
The Royal Opera and The Royal Ballet, performing with the
Orchestra of the Royal Opera House- it seeks to be accessible to audiences across the UK and
to break new ground in the presentation of lyric theatre.
During the 2023124 season the ROHCGF delivered 425 live performances across both stages
and 668,763 tickets were sold. Through the year 24 new productions were presented, of which
3 were world premieres. Remote audiences of 134,000 watched productions streamed online
on RBO Stream. 18,000 subsidised tickets were bought by 16-25-year-olds through the Young
RBO scheme. Over 10,000 children enjoyed schools, matinee performances at the RBO in
addition to 93,000 students taking part in Create Programmes. 13 apprentices joined the
apprenticeship scheme which was awarded 'Best Apprenticeship in Creative Industries,.
ROHCGF'S achievements, supported by the Charityi are detailed in ROHCGF'S report and
financial statements for 2023/24.
Public Benefit
The Charity delivers public benefit by making grants each year to ROHCGF. The Trustees of
ROHCGF refer to the Charity Commission's general guidance on public benefit when shaping
and reviewing the charity's aims, objects and future strategies. In setting the level of ticket
prices, charges and concessions, and in developing digital and broadcast distribution, ROHCGF
Trustees give careful consideration to the accessibility of ROHCGF to those on low incomes.
This is addressed through maintaining a wide range of ticket prices, as well as through several
ticket subsidy schemes, free events, cinema, live streamingi digital and broadcast activity and
an extensive learning and participation programme.

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Grant making policy
The Charity comprises a number of separate funds. It determines the funding of projects which
accord with their objects and which benefit ROHCGF. Each fund has a specific purpose:
Jean Sainsbury Fund may be used for the support of grand opera and classical ballet.
The original transfer of funds to the Charity was made on the basis that the capital
amount could be used to augment any annual grant to ROHCGF up to a total value of
50/0 of the value of the funds at the start of the year.
Paul Hamlyn Education Fund may be used to support the activities of the educational
projects of ROHCGF. Applications are considered against the objects of the fund and
the most suitable projects chosen in consultation with the Paul Hamlyn Foundation;
Franklin Fund is used to support choreographic work at ROHCGF.
Derek Butler Apprenticeship Fund is to be used to support the training of
apprentices at ROHCGF. It is to be used over ten years from 2013 and due to the
financial performance of the fund and due to COVID interrupting the schedule, there is
still a balance remaining and the Derek Butler Trust have agreed that apprentices
continue to be funded until the fund runs out.
Paul Ferguson Memorial Fund is used to support ballet.
Susan A. Olde OBE Music Director Fund is to be used to support the office of the
Music Director. It is to be used over six seasons from 2017/18 and was agreed to use
the remaining funds to support the Antonio Pappano Gala in 2023124 season.
Main Endowment Fund Unrestricted funds may be used in accordance with the
charitable objects at the discretion of the trustees. The restricted funds may also be
used in accordance with the object of the Charity, specifically relating to grants out of
capital. This object requires that the trustees (acting unanimously) have a clear policy
for restoring any grant out of capital within a period of five years or in exceptional
circumstances a period not exceeding ten years.
Achievements and performance
During the year the Charity made grants of £2,308,439 (Year ended 31 August 2023..
£2,324,000) to ROHCGF. The grants made were as follows:
Productions £985,000:
Main Endowment Fund - £815,000 to the core work of the artistic companies.
Jean Sainsbury Fund £170,000 to support Andre Chenier.
Education and Apprenticeships £556,000:
Paul Hamlyn Education Fund - £416,000 to support a variety of learning and access
projects.
Derek Butler Apprenticeship Fund
Scheme.
£140,000 to support the Apprenticeship
other £767,439:
Susan A. Olde OBE Music Director Fund - £767,439 to support the Antonio Pappano
Gala.
At the start of the year, the investments were held with Stonehage Fleming Investment
Management Limited, Troy Asset Management Limited and Newton Investment Management
Limited. During the year the investments with both Troy and Newton were liquidated and
reinvested in The Children's Investment Fund and Cazenove Capital, including some additional
cash funds. Not including the additional investment, the combined capital growth and income
return net of investment management fees was 10.9 % for the year ended 31 August 2024
(Year ended 31 August 2023 increase of 1.56 % ). The return for 2024 exceeded the blended
target of CPI plus 3.50/0 (5.70/0). Investments with Stonehage Fleming which are long term in
nature are being progressively wound down.

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Financial review
Grants totalling £2,308,439 (Year ended 31 August 2023 £2,324,000) were made to ROHCGF
in furtherance of the Charity's objects. Other resources expended related primarily to the
management of investments, and the marketing of the Charity as a beneficiary of legacy
income for the benefit of ROHCGF. The investment managers, fees were £579,662 (Year
ended 31 August 2023 £269,153).
The total funds at 31 August 2024 were £56.9m (Year ended 31 August 2023 £52. 6m). The
net increase in funds for the year as set out in the statement of financial activities was
£4,299,517 ( Year ended 31 August 2023.. increase of £5,809,929), comprising net outgoing
resources of £317,502 and net realised and unrealised gains of £4,617,019 on investments
held with investment managers. Funds held with investment managers at the end of the year
were £45,557,449 (2023.. £38,274,608) including cash holdings with investment managers of
£144,987 (2023.. £9,566,971) disclosed under Fixed Assets. Additional cash balances at the
bank and held by Cazenove in a cash fund at the end of the year were £11,294,493 (2023:
£13,784,582).
Investment powers and policy
There are no restrictions on the investment powers of the trustees. The trustees are permitted
to invest and reinvest the trust fund, providing the objects and purposes of the Charity are
met, and subject to such consents as may be required by law.
Investment Policy
The Trustees reviewed and agreed an Investment Policy in line with the Charities Commission
Guidance CC14. A summary of the key investment objects are as follows:
Generate investment income to support the grant income available to support ROHCGF;
and
Deliver capital growth to maintain the real value of investments for future years.
To achieve the above objects the trustees have set the investment benchmark of a total
blended return of CPI +3.50/0 on a rolling basis.
The Charity is focused on managing investments in line with the broader environmental, social
and governance (ESG) strategy, and over time, the Trustees are fully committed to ensure
their funds reflect the ESG position of ROHCGF.
Reserves policy
The trustees have reviewed the free reserves (comprising unrestricted net current assets) of
the Charity which are £200,218 at 31 August 2024 (31 August 2023.. £253,837), Free reserves
are intended to give the Charity financial flexibility and a buffer against operational risks.
Having considered the Charity's commitments with regard to the sensitivity of investment
returns in the economic climate, the trustees have considered the level of free reserves and
believe total reserves are at an appropriate level at the year ended 31 August 2024. The aim
has been to build up free reserves to ensure that grants can be made to ROHCGF in future
years even if investment income underperforms.
Trustees and trustees, interests
No Trustee received any remuneration for his or her services or was reimbursed for out of
pocket expenses, nor was the Charity involved with any contracts or transactions in which any
trustee had a material interest.
Plans for futu￿ periods
The Charity seeks to increase its capital base by actively marketing the Charity as the recipient
of legacy and philanthropic income pledged in support of ROHCGF and by achieving capital

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
growth in line with or in excess of investment objects. Grant applications will continue to be
considered for the funding of projects which benefit ROHCGF which are consistent with the
Charity Commission's guidelines on public benefit.
Auditors
The trustees who held office at the date of approval of this trustees, report confirm that, so
far as they are each aware, there is no relevant audit information of which the Charity's
auditors are unaware. and each trustee has taken all the steps that helshe ought to have
taken as a trustee to make himself I herself aware of any relevant audit information and to
establish that the Charity's auditors are aware of that information.
On behalf of the trustees
Dame Vivien Duffield
Chair
19 March 2025

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Statement of trustees, responsibilities
The trustees are responsible for preparing the Trustees, Annual Report and the financial
statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the trustees to prepare financial statements for each financial
year. The trustees have to prepare the financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and
applicable law), including FRS 102, the Financial Reporting Standard applicable in the UK and
Republic of Ireland. 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 charity and of the
incoming resources and application of resources, including the income and expenditure, of the
charity 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 (FRS 102);
make judgments and accounting estimates that are reasonable and prudent.
state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial statements.
prepare the financial statements on the going concern basis unless it is inappropriate
to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that are sufficient to show
and explain the charity's transactions and disclose with reasonable accuracy at any time the
financial position of the charity and enable them to ensure that the financial statements comply
with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the
provisions of the trust deed. They are also responsible for safeguarding the assets of the
charity and hence for taking reasonable steps for the prevention and detection of fraud and
other irreg u larities.

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Independent Auditor's Report to the Trustees of Royal Opera House
Endowment Fund 2000
Opinion
We have audited the financial statements of Royal Opera House Endowment Fund 2000 (the
'charity') for the year ended 31 August 2024 which comprise Statement of Financial Activities,
the Balance Sheet and notes to the financial statements, inclLJding a summary of significant
accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic
of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charity's affairs as at 31 August 2024 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; and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS
(UK)) and applicable law. Our responsibilities under those standards are further described in
the Auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the charity in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees, use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt
on the charity's ability to continue as a going concern for a period of at least twelve months
from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are
described in the relevant sections of this report.
other information
The trustees are responsible for the other information contained within the annual report.
The other information comprises the information included in the annual report, other than
the financial statements and our auditor's report thereon. Our opinion on the financial
statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If we identify such
material inconsistencies or apparent material misstatements, we are required to determine
whether this gives rise to a material misstatement in the financial statements themselves.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing
to report in this regard.
10

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the
Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our
opinion:
the information given in the financial statements is inconsistent in any material
respect with the trustees, report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and
returns, or
we have not received all the information and explanations we require for our audit
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement set out on page 9, the
trustees are responsible for the preparation of the financial statements and for being
satisfied that they give a true and fair view, and for such internal control as the trustees
determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the
charity's ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the trustees either
intend to liquidate the charity or to cease operations, or have no realistic alternative but to
do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report
in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor's report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will
always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
We design procedures in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which
the charity operates, focusing on those laws and regulations that have a direct effect
on the determination of material amounts and disclosures in the Financial
Statements. The laws and regulations we considered in this context were the
Charities Act 2011 together with the Charities SORP (FRS102). We assessed the
required compliance with these laws and regulations as part of our audit procedures
on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have
a direct effect on the Financial Statements but compliance with which might be
fundamental to the charity's ability to operate or to avoid a material penalty. We also
considered the opportunities and incentives that may exist within the charity for
fraud. The laws and regulations we considered in this context for the UK operations
included General Data Protection Regulation (GDPR) and Health and Safety
legislation.
11

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Auditing standards limit the required audit procedures to identify non-compliance
with these laws and regulations through enquiry of the trustees and other
management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the Financial Statements from
irregularities, including fraud, to be within the timing of recognition of legacy and
donation income and the override of controls by management. Our audit procedures
to respond to these risks included enquiries of management, and those charged with
governance about its own identification and assessment of the risks of irregularities,
testing on the posting of journals, reviewing accounting estimates for biases,
reviewing regulatory correspondence and reading minutes of meetings of the board.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not
have detected some material misstatements in the Financial Statements, even though we
have properly planned and performed our audit in accordance with auditing standards. For
example, the further removed non-compliance with laws and regulations (irregularities) is
from the events and transactions reflected in the Financial Statements, the less likely the
inherently limited procedures required by auditing standards would identify it. In addition,
as with any audit, there remained a higher risk of non-detection of irregularities, as these
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal controls. We are not responsible for preventing non-compliance and cannot be
expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is
located on the Financial Reporting Council's website at..
www.frc.or
.uk
auditorsres
onsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of
the Charities (Accounts and Reports) Regulations 2008, Our audit work has been
undertaken so that we might state to the charity's trustees those matters we are required
to state to them in an auditor's 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
charity and the charity's trustees as a body, for our audit work, for this report, or for the
opinions we have formed.
Naziar Hashemi, Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
55 Ludgate Hill
London EC4M 7JW
Date: 26 March 2025
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility
for appointment as auditor of a company under section 1212 of the Companies Act 2006.
12

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Statement of financial activities for the year ended 31 August 2024
Note
2024
2023
Unre5trlcted
Restricted
Endowment
Total
Total
Income and endowments from..
Donations and legacies
Investment5
Other incorne
21,697
453.555
1.333,966
1,355,663
L240,047
913.733
1.152, 192
6,3(M),QKNJ
786,492
Total incoming
786,492
475,252
1,333,966
2,595,710
&365.925
Expenditure on..
Raising funds
Raising donations and legacies
Investment manager5. fees
Charitsble activities
Grants to Royal Opera House Covent
Garden Limited
125.1111
125.1111
1579.6621
115.1351
1269,1531
1579.6621
1815.(D)I
1513,5021
1979.9371
12.30B.4391
12,324,ooKJI
Total eKpenditure
1840.1111
1513.5021
11,559,599)
12.913.212)
12.608,2881
Net Bains/llossesl on investments
4,617.019
4.617.019
52,292
Net incomellexpenditurel
153,6191
138,2501
4,391,386
4,299,517
5.809,929
Transfer between funds
59,947
159.9471
Net movement in f unds
153,6191
21,697
4,331,439
4,299,S17
5,809,929
Reconciliation of fund5
Total funds brought forward
253,837
52,348.453
51601290
46,792,361
Total funds carried fonvard
15
2C(1,218
21,697
56.679.892
56,901,807
52,602,290
Incoming resources arise from continuing operations.
The Charity had no recognised gains or losses other than the net movement in funds for the
year.
The notes on pages 15 to 26 form part of these financial statements.
13

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2021
Charity number 1089928
Balance sheet
as at 31 August 2024
2024
2023
Note
Fixed assets
I nvestments
li
45,557,449
38,274,608
Current assets
Debtors amounts due less than one year
Cash at bank
12
141,118
11,294,493
548, IQ)
13,784,582
Total current assets
11,435,611
14,332,682
Creditors: amountsfalling due within one year
13
{91,2531
15,1))Jl
Net current assets
11,344,358
14,327,682
Net assets
14
56,901,807
52,602,290
Unrestricted
Restricted
Endowment
15
200,218
21,697
56,679,892
253,837
15
15
52,348,453
Funds
15
56,901,807
52,602,290
These financial statements were approved and signed on 19 March 2025 by:
Dame Vivien Duffield
Chair
The notes on pages 15 to 26 form part of these financial statements.
14

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Notes
(forming part of the financial statements)
Accounting policies
The following accounting policies have been applied consistently in dealing with items
which are considered material in relation to the Charity's financial statements.
Basis of preparation
The financial statements are prepared in accordance with the FRS102 applicable
accounting standards and the Charities Act 2011. They have been prepared under the
historical cost convention, modified to include the revaluation of fixed asset
investments.
The Charity has adopted the Statement of Recommended Practice
"Accounting and Reporting by Charities" applicable to charities preparing their accounts
in accordance with the Financial Reporting Standard in the UK and Republic of Ireland
(FRS102) (effective l January 2019). There are no material departures from FRSIO2.
The Charity meets the definition of a qualifying entity under FRS102 as the results of
the Charity are consolidated into ROHCGF'S financial statements which are publicly
available. In accordance with FRS 102 SI.12, the Charity has taken advantage of the
exemptions in respect of the preparation of a cash flow statement and the disclosure of
financial instruments.
The Charity was established by trust deed in the United Kingdom on 14 December 2001
and is a registered charity number 1089928. The charity is registered in England and
its principal address is Royal Opera House, Covent Garden, London, WC2E 9DD.
Going Concern
The Trustees consider that the going concern assumption is an appropriate basis on
which to prepare these financial statements. Working closely with the investment
managers to invest the funds with minimal risk (as set out within the heading Going
Concern on page 5) the Trustees consider the Charity has adequate resources to
continue in operational existence for the foreseeable future being a minimum of twelve
months from the date of the approval of these financial statements. For this reason, the
financial statements have been prepared on a going concern basis.
Public Benefit
The Charity delivers public benefit by making grants on an annual basis to ROHCGF. The
Charity is a public benefit entity under FRSIO2.
Fixed asset investments
Investments are shown at fair value as at the balance sheet date. Realised and
unrealised gains on investments are recognised in the statement of financial activities,
and are treated as attributable to Endowment funds. A breakdown of the level in the
following fair value hierarchy into which the fair value measurements are categorised is
disclosed. A fair value measurement is categorised in its entirety on the basis of the
lowest level input that is significant to the fair value measurement in its entirety.
Level I: The unadjusted quoted price in an active market for identical assets or liabilities
that the entity can access at the measurement date.
Level 2: Inputs other than quoted prices within Level I that are observable (i.e.
developed using market data) for the asset or liability, either directly or indirectly.
15

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Level 3.. Inputs are unobservable (i.e. for which market data is unavailable) for asset or
liability.
Fund accounting
Unrestricted funds may be used in accordance with the charitable objects at the
discretion of the trustees.
Restricted funds are to be used in accordance with the object of the Charity and specific
restrictions placed by the donor.
Endowment funds represent those assets that are required to be invested. These funds
include both permanent endowment funds, where there is no power to convert the
capital into income and the funds are required to be held permanently by the Charityi
and expendable endowment funds where the trustees have the power to convert the
capital into expendable income. These funds are invested to produce income to meet
expenditure, as directed by the terms of the endowment or by the terms of the Charity.
Functional Currency
The Charity operates primarily in the UK and the functional currency as well as the
reporting currency is the pound sterling.
Income
Income is recognised only when it is probable that the economic benefits associated
with the transaction will flow to the charity and the amount of the revenue can be
measured reliably. Investment income is recognised on an accruals basis. Specifically,
interest is recognised using the effective interest method and dividend income is
recognised when the right to receive payment is established. Income from grants and
donations is accounted for when the receipt is probable, there is evidence of entitlement
and can be measured reliably. Entitlement is assessed using performance and time-
restriction conditions. Pecuniary legacies are recognised when the legacy has been
received or if, before receipt, there is sufficient evidence to provide the necessary
certainty that the legacy will be received. Residual legacies are recognised on the earlier
of receipt or the finalisation of estate accounts. Where legacies have been notified to
the charity, but the income criteria have not been met, these are disclosed as contingent
assets, see note 3.
Charitable expenditure
Expenditure is included on an accruals basis. Grants are recognised in the financial year
in which the grant has been awarded.
Cash at bank and in hand
Cash at bank includes cash equivalents which are defined as short term, highly liquid
investments that are readily convertible to known amounts of cash and that are subject
to an insignificant risk of changes in value.
Assets
Assets are resources which are controlled by the company as a result of a past event,
from which future economic benefits are expected to flow to the company. Assets are
recognised only when it is probable that future economic benefits will flow to the
company when the item has a cost or value that can be measured reliably.
16

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Debtors
Debtors fall into the definition of assets and encompass trade debtors, accrued income,
prepayments and intra-group balances. Debtors are measured at the cost of the
transaction where receipt is not deferred beyond normal terms. Where receipt is
deferred beyond normal terms, the debtor is measured at the present value of the future
receipts discounted at a market rate of interest for a similar debt instrument. In both
instances, measurement is net of provision for doubtful debts.
Liabilities
Liabilities arise when there is a present obligation (legal or constructive) as a result of
a past event, from which future economic benefits are expected to flow to the supplier
or counterparty. Liabilities are recognised only when it is probable that future economic
benefits will flow to the supplier or counterparty and when the item has a cost or value
that can be measured reliably. Contracted commitments are not recorded as liabilities
on the balance sheet, as the criteria for recognition have not been met. Commitments
are disclosed in note 16.
Creditors
Creditors fall into the definition of liabilities and encompass trade creditors, accruals for
costs not yet billed or processed, deferred income and intra-group balances. Creditors
are measured at the cost of the transaction where payment is not deferred beyond
normal terms. Where payment is deferred beyond normal terms, the creditor is
measured at the present value of the future payments discounted at a market rate of
interest for a similar debt instrument.
17

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Donations and legacies
2024
Total
2023
Total
Restrlrted
Permanent
endowment
Restrirted
Permanent
endowment
Legacies
Other donaiions
2L697
1,422,716
126.250
IW4,413
126,250
843,144.
70,589.
843,144
70,589
Total recelved In the year
21,697
1.548,966
1.570,663
913,733
913,733
Less..
Legacies in 2023
Over-accrued
1215,rJ)Ji
I215,1￿)
Total as per 50FA
21.697
1,333,966
1.355,663
913,733
913,733
Donations and legacies are directed to support and grow the capital in the Charity unless
otherwise directed by the donor. The Trustees have declared a legal trust over these
incoming resources to invest and hold these funds as permanent endowment funds.
Contingent assets
The Charity is the beneficiary of a number of legacies, the value of which cannot be
ascertained with certainty. Based on the information available at the date of the
financial statements, it is estimated that the Charity will receive approximately £2. Im
(2023: £2.5m) from these legacies.
As the receipt of these legacies is dependent on future events, they are not recognised
as an asset in the statement of financial position. However, they are disclosed in this
note as a contingent asset in accordance with FRS 102 SORP paragraph 5.34.
Investment income
2024
2023
Finance lease interest income
Dividend and interest income
136,092
1,016, 100
1,240,047
1,240,047
1,152,192
Dividend and interest income is earned on funds managed by the Investment Managers
and interest on bank deposits held at Coutts and Co. Finance lease interest income and
contingent rents are derived from leases for the retail units on the site of the Royal
Opera House.
Other income
During the year ended 31st August 2023 the Charity recognised £6,300,000 in other
income. This income was generated from variation of the lease of retail units. The gain
of £6.3m resulting from the variation of the leases was after the property valuation
undertaken by Gerald Eve LLP on 19 September 2019 deemed the fair value of this
asset to be £12m and the book value held under debtors was £5.7m.
18

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Expenditure on raising donations and legacies
2024
2023
Marketing and publicity
Ground rent
,iii
10, 135
25,111
15, 135
Grants
During the year the Charity made grants of £2,308,439 (2023.. £2,324,000) to
ROHCGF in support of the following productions/projects:
Unrestyirted
fund5
ftesthctedfuTrd5
Permanent
Endowment
Expendable
Endowment
Endowment
Total
Total
Core work of artist1ccompan￿es
Anflrechenipr
Education projects
Derek BuilerAppreniices
Antonio Pappano Gala
815.(
88.737
416,(
7.469
L296
81,263
8l263
170,LDJ
416.1)X)
140,c
767,439
132,531
76S,143
132.531
766,143
513.502
97g,937
979,937
30E.435
Llnrèstrlrted
funds
Restrirted lunds
Permanent
Endowment
Expendable
Endowment
E￿d0￿ment
Total
Total
Core workof artlstlccompanles
lo Travioto
Tl,934
92,(
92,Q66
170,LbJ
Moyerfing
Edutation proletts
Derek 8utlerApprentices
Susan olde
415,(KM)
24.176
35,233
415,CDJ
140,
833.1)X)
115,824
797.767
115,824
797,767
612,343
2.324.OX)
Gains and losses on revaluations and disposals of investments
2024
2023
Realised gai ns on disposal of i nvestments
Unrealised Ilossllgain on revaluation of other investments
4,379,366
237,653
18,466
33,826
4,617,019
52,292
During the year there were gains on investments totalling £4,617,019 (2023.. £52,292
gains). Of this £237,653 relates to unrealised gains primarily due to negative
movements in the fair value of the investments held by Troy and Newton, offset by
positive movements in the new investments held with TCI and Cazenove, £4,379,366
relates to realised gains on the disposal of investments in Troy and Newton funds.
Realised gains on investments are classified as Endowment fLFnds within the Statement
of financial activities, as they are reinvested within the investment portfolio and are not
available to be utilised at the discretion of the trustees.
19

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Trustees, remuneration
Trustees received no remuneration and were paid no expenses during the year (2023..
nil). The Charity does not have any employees.
io
Taxation
The Charity is considered to pass the tests set out in Paragraph I Schedule 6 Finance
Act 2010 and therefore it meets the definition of a charitable trust for UK income tax
purposes. Accordingly, the Charity is exempt from taxation in respect of income or
capital gains received within categories covered by Part 10 Income Tax Act 2007 or
Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such
income or gains are applied exclusively to charitable purposes.
Due to the high value of non-business and exempt activities, the Charity is unable to
recover any tax on many of its purchases. All non-recoverable VAT is included within
the appropriate expenditure headings.
li
Fixed asset investments
2024
2023
Held with investment managers:
Venture funds
Quoted equities
Hedge funds
Bond5
107,610
35,251,008
4,881
10.048,963
144,987
129,160
12,642,182
5,115
12,308,405
9,566,971
3,622,775
Cash funds
Gold
Total investment5 Wlth Investment Managers
45,557,449
38,274,608
The movements in investments held with investment managers were as follows.,
2023
Other
investments
Listed
investments
Other
Investments
Total
investments
sted
investments
Total
investrnent5
Market value at beginning of the period
Addition5 lat costl
Disposa15 lat opening rnarket V31uel
Net realised and Un￿alISed investment gains
Market value at end ol the period
38,063,363
41089,154
139,426,284)
4,633,534
45,359,767
211,245
2,950
38,274,
42,092.101
139,426.2841
4.617,021
45.557,449
37.956,972
1,194
469,150
38,426,122
1,194
1205,IXX)I
52,292
38.274,608
1205,(ml
152,9051
211,245
16,513
105 197
38 C￿3 363
Historical cost at end of the period
4IIKIJ,C
193.346
41193,346
34,675,689
761,414
35,437,103
As at 31st August 2024 investments held with investment managers are measured at
fair value, £45.4m (2023.. £38.Im) categorised as Level l and £O.Im (2023: £0.Im)
as Level 3.
20

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Split of investments between those based in the UK and those that are based
overseas:
UK
Ovetseas
Yotal
UK
Overseas
Total
611,Inz
34,639,996
10,048,963
35.251C
10,(M8,953
111491
144,987
4,367,583
1,627,749
134,275
4,065.247
3,622.775
9,LKO,184
9,%2,632
13,427,767
I1.5￿.381
134,275
9.499,410
3,622,775
Bonds
Alternative Investments.
Cash
Gold
111491
144.987
5,434,163
868,490
44,688,959
45,557,449
13.817.629
24,456,979
38,274.FA)8
Alternative investments Include Hedge Funds, Commodities, Property, Special Situations LLPS, Infrastructure and
Currency Options.
12
Debtors
2024
2023
Debtors: amounts falling due within one year
Investment income receivable
Amounts owed by ROHCGF
Accrued income
19,916
144, 625
113,791
289, 684
121,202
141,118
548, 1(XJ
13
Creditors: amounts falling due within one year
2024
2023
Amounts owing to ROHCGF
Amounts owing to ROH Holdings Limited
Other creditors
36,919
12,000
42,334
91,253
21

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
14
Analysis of net assets between funds
Investments
Cash at bank
and in hand
Other net
curTent assets
Total
Unrestricted funds
Restricted f unds
Endowment
192,302
21,697
11,080,494
7,916
200,218
21,697
56,679,892
45,557,449
41,949
At 31 August 2024
45,557,449
11,294,493
49,865
56,901,807
Investrnents
Cash at bank
and in hand
Other net
current assets
Total
Unrestricted funds
Restricted funds
Endowment
114,212
139,625
253,837
38,274,608
13,670,370
403,475
52,348,453
At 31Augu5t 2023
38,274.608
13,784.582
543,1(K)
52,602,290
15
Funds
At Isppternber
2023
Oth2r
expendIt￿re
At31August
20Z4
Income
IM fee5
Grants mède
PemianenteTrdowrnent
in endowtnent fund
Paul Haffllyn Education
Paul Ferguson M?mor4al Fund
35,B41615
9,623,93a
Z,254,8l7
1,333.966
4043,127
253,OB8
155.419
40,697,156
9,730,328
2,451561
111,8Qil
58,126
Total petmanentendowrneni funds
47,721365
1,333.966
4,451,634
IS9,9481
52,884,015
EKpeDd8ble endowment
lean Sain5bury Fund
Franklin Fund
tkrek Butle1Apprentl￿shlp
Susan Olde Music ThrertorFund
J,291647
1112881
IBL2S31
140.061
3.337.157
S72,$8L
761,9
12,1051
14765
&5S5
457.110
L032
1766,1431
TDtsI expandable endowment fund5
4.62&L
115,6WI
1979.9371
165,385
3,195,PA7
Restrlded fyThds
21,697
297.926
58.126
88,737
21,697
14l6.(K)Dl
118,074
Paul Ferguson Memorial Fund
lean 5ainsbury Fund
188,737)
Derek eutlerApprenticeship
Susan Old@ Mu5ii 01￿CloT Fund
17.4691
1.296
Total restrittedfund5
475.252
1513.5021
59,947
2L697
Unre5trlcted lunds
General
251837
786,492
I815,￿￿)
?￿.218
Total fund5
52,6Q1290
2.595,710
1579,6621
12,30&4391
4,617,019
56,gJI.807
Main Endowment Fund is the Trust Fund as defined in the Charity's Trust Deed.
The above disclosure demonstrates the source of the Charity's funds.
22

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Transfers of £59,947 relate to reinvestment of income into the endowment funds and
payment of grants from permanent endowment funds as allowed by the Paul Hamlyn
Education Fund.
Funds currently represent:
The Main Endowment Fund is a permanent Endowment. This comprises the surplus
on the ROHCGF Development Appeal held in the form of cash and property assets, and
subsequent donations and legacies.
The Jean Sainsbury Fund was created from a transfer of funds from the Jean
Sainsbury Royal Opera House Fund, which was wound up in March 2004. The annual
grant, to be spent on grand opera or classical ballet, is in the name of the Jean Sainsbury
Fund. The original transfer of funds to the Charity was made on the basis that the
capital amount could be used to augment any annual grant to ROHCGF up to a total
value of 50/0 of the value of the funds at the start of the year. This is an expendable
endowment.
The Paul Hamlyn Education Fund is a separate fund comprising a donation received
from the Paul Hamlyn Foundation. Income generated and capital, subject to certain
restrictions, may be used to support the activities of the educational projects of
ROHCGF. This is a permanent endowment. The funding agreement was amended 28
September 2022 to approve the payment of £3,774,000 to the Royal Opera and Ballet
as an exceptional grant in the 2022 financial year, being part of the income accumulated
in the Paul Hamlyn Educational Fund.
The Franklin Fund is a separate fund comprising a donation received from the late
John Franklin. The income and capital from the Franklin Fund may be used to support
the choreographic work of ROHCGF, and is therefore an expendable endowment.
The Derek Butler Apprenticeship Fund is a separate fund created from a donation
of £1.875m from the Derek Butler Trust to endow the ROHCGF Apprenticeship Scheme.
This is an expendable endowment to be spent over 10 years starting from September
2013 and with the balance agreed to be used for apprentices until the fund runs out.
The Paul Ferguson Memorial Fund was established by the Peyton Trust as a
permanent endowment which supports ballet.
The Susan A. Olde OBE Music Director Fund is a separate fund created from a
donation received from Susan A. Olde OBE to support the office of the Music Director.
This is an expendable endowment to be spent over six seasons from 2017118. The sixth
payment was made in the year 22/23. The remaining income generated by the fund
was approved to be used for a special gala in honour of Sir Antonio Pappano in the
2023124 season.
23

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
Funds (as at 31 August 2023)
Ati
s￿pternb@r
2022 a5
prevlouslv
stated RoStaLÉment
Ati
sepletnber
1022 05
restated
At31
Transfers August 2023
Incomé
Expenditure Gainslllogsèsl
?￿r￿￿￿ent endowment
Main Endowment fund
P3uI Hamlyfj Educatso
P3uI Ferguson Memon31 Fund
28.711,726
9.799.402
2,210,29D
28,711.726
9,799,402
2.210.290
7,213,734
1143.5811
174,0021
67.851
173,1851
51,645
16.1151 35,843,615
127,6821
9.623.933
4.519
2,254,817
Total permanent endowment fvnds
4D,721 41B
40,7?1,418
7,213,734
1229,820
46,311
129,2791 47 722 365
Expendable endowrnent
Jèan $3insbury Fund
Franklin Fund
Derek euder AppreDbceship
Su53n Olde Music Director Fund
3,390,453
551
692.359
3,390,453
551
692,359
1,581,735
16,011
3,290.647
544
572.981
761,916
1,738
ILI.7651
1,581,735
1808,0541
TDtal Èxpandable endowment funds
4,083,363
I,S81,735
5,fjfj5,098
1.044,991
5,981
4 626 088
Restrlcted funds
Paul Hamlyn Education
Paul Ferguson MemDrial Fund
Jèan 5è1nsbury Fund
Fran￿1n Fund
Derek Butler App￿￿￿ceShiP
Susan Qlde Mu51C Director Fund
189,845
189,845
147,473
58,404
77,934
1415,0001
160.0001
177,9341
27,682
1.596
{5)
5,115
1,5BI,735
{5}
5,k15
19,061
35.233
124,1761
135,2331
11,5BI,7351
Total restncted funds
1,776,69D
1.58l.7351
194,955
188.113
1612,146
29.278
Unrestrlcted fund5
G&ner31
2ID B90
210 890
764.080
721,132
253 837
Total lunds
46 791.361
46 792 361
8.365,927
2 608 2891
52.602,Z9tI
16
Commitments
The Charity has no capital commitments as at 31 August 2024 (2023: nil).
The Charity has commitments for future minimum lease payments under a non-
cancellable operating lease as follows:
2024
2023
Not laterthan one year
Laterthan one year and not laterthan five years
Laterthan five years
20,000
1,061,235
20,000
1,066,235
17
Transactions with trustees, connected persons, connected Charities and other
related parties
Connected Charities
(a) Royal Opera House Covent Garden Foundation ('ROHCGF')
charity no. 211775 and registered company no. 480523
The principal activity of ROHCGF is to promote and assist in the advancement of
education so far as such promotion and assistance shall be of a charitable nature and
in particular, to raise the artistic taste of the country, and to procure and increase the
appreciation and understanding of the musical art in all its forms. The power of
appointing new trustees of the Charity is vested in the trustees who consult ROHCGF
registered
24

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
before any exercise of this power. The trustees ensure no more than two of the trustees
are directors of ROHCGF and that no employee of ROHCGF is appointed a trustee.
Grants made to ROHCGF are disclosed in note 7.
(b) ROH Holdings Ltd - registered company no. 02580395
ROH Holdings Ltd is a holding company with one subsidiary, ROH Developments Limited,
a property development company.
ROH Holdings Ltd charges the Charity for ground rent for the property lease held by the
Charity for the retail units on the site of the Royal Opera House. Up to the date of lease
variation during the August 2023 financial year, the Charity had a 50/0 income interest
in the leases.
The ground rent charged by ROH Holdings Ltd to the Charity is disclosed in note 6 and
the related operating lease commitments in note 16.
(c) Royal Opera House Enterprises Limited - registered company no. 04112266
Royal Opera House Enterprises Limited is a subsidiary of ROHCGF and is an event,
catering and video production company.
Amounts due to and from connected Charities are disclosed in the notes to these
accounts. There were no other transactions with trustees, connected persons or
connected charities during the year and trustees received no remuneration and were
paid no expenses during the year (2023: nil).
18
Ultimate parent undertaking
The smallest and largest group into which the accounts of the Charity are consolidated
is the ROHCGF, (Royal Opera House Covent Garden Foundation (Limited by guarantee),
company number 480523, registered charity no. 211775 whose object it is to promote
and assist in the advancement of education so far as such promotion and assistance
shall be of a charitable nature and in particular, to raise the artistic taste of the country,
and to procure and increase the appreciation and understanding of the musical art in all
its forms), the ultimate parent undertaking incorporated in the United Kingdom.
ROHCGF exercises dominant influence over the Charity being both the power to govern
and the ability to benefit from the Charity's activities. No more than two of the Trustees
are directors ROHCGF, all new trustees appointed must be done so in consultation with
the ROHCGF and all grants are made to, or for the benefit of the ROHCGF. Its accounts
are available to the public and may be obtained from The Royal Opera House, Covent
Garden, London WC2E 9DD.
25

The Royal Opera House Endowment Fund 2000
Trustees, report and financial statements
Year Ended 31 August 2024
Charity number 1089928
19
Statement of financial activities for the year ended 31 August 2023
2023
2022
Note
Unrestrlcted
Restricted
Endowment
Total
Total
Income and endowments from:
Donations and legacies
InvestnEnt
Other incoffe
913,733
913.733
1.152.192
6.300.000
1,797,741
489,357
764,082
388.110
6,300,000
Total incomlng
764,082
388.110
7,213,733
8,365.925
2,287,098
Expendlture on:
Raislng funds
PAlslng donatbns and legacles
Investffent m)nager5' fees
Charitable actlvltles
Grants to Royal Opera House Covent
Garden Foundatlon
(15,135)
(15,135)
(269, 153)
120,3041
{275,4521
(269,153)
(706,000)
(612,343) {1,005,657) (2.324.000)
16,072,000)
Total expenditure
(721.135)
(612,343)
(1.274.810) (2,608,288)
16,367,756)
Net gains/(losses) on investments
52,292
52,292
1647,776)
Net income l (expenditure)
42,947
(224.233)
5,991,215
5.809.929
{4,728,434)
Transfer between funds
15
29.278
(29,278)
Net movement in funds
42,947
(194,955)
5.961.937
5,809,929
14,728,434)
Reconclllatlon of funds
Fund balances brought forward at
I September 2022 as previously stated
14,'15
210.890
1,776,690
44,804,781 46,792,361
51,520,795
ReState￿Ent
15
(1,581,735)
1.581,735
Fund balances brought forward at
I septerr￿er 2022 restated
14,'15
210,890
194,955
46,386,516 46.792,361
51,520,795
Fund balances carrred forward at
31 August 2023
14,'15
253,837
52,348,453 52,602,290
46,792,361
26