The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Charity number 1089928 Year Ended 31 August 2025
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 io 13 14 15
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 Trustees, report The trustees present their report together with the audited accounts for the year ended 31 August 2025. These accounts and annual returns will be filed with Ihe Charity commissOn. Reference and adminlstrative details of the charityi its trustees and advisors Charity Number 1089928 Principal Offfice 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 TCI Fund Management Limited 7 Clifford Street London, WIS 2 Schroder & Co. Limited TIA Cazenove Capital l London Wall Place London, EC2Y SAU Trustees Dame Vivien Duffield (Chair} Sir Simon Robey (Deputy Chair, Independent Trustee) Tim Bunting IROHCGF Trustee) Caroline Britton (ROHCGF Trustee) Hamish Forsyth (Independent Trustee) Lady Gavron (Independent Trustee) Simon Freakley (Independent Trustee) Secretary to the trustees Leah Hurst
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 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'I 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 a5 trustee before the expiry of any terrn by notice in writing to the trustees. The trustees appoint one of thelr number as the chairman of the trustees. New trustees undergo an induction session with the secretary to the trustee5 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 managerrtent 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 charlties and companies ROHCGF registered charity no. 211775. The Charity holds investments and generates Incorne 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. In the 2023124 season ROHCGF announced a change in its operating name from the 'Royal Opera House, to the 'Royal Ballet and Opera,. 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. ROH Holdings Ltd registered company no. 02580395. This is a holding company. Its subsidiary, ROH Developments Limited, a property development company, was liquidated In May 2025. 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 2025 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 manager5 to ensure funds are invested as effectively as possible to maximise investment returns in accordance with the investment policy. As the Charity holds endowments and other funds of £65. Im, 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. Rlsk Management The trustees have examined the major strategic and operational risks that face the Charity and are satisfied there are system5 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 presentatlons 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 g rants to, or for the benefit of, ROHCGF. The Charity does this by seeking to increase its capital base by actively marketing the Charity a5 a recipient of legacy Income and other gifts. The Charity also generates capital growth and income in order to make grants to ROHCGF. ROHCGF 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 g round in the presentation of lyric theatre. Durlng the 2024125 season the ROHCGF delivered 470 live performances across both stages and 629,000 tickets were sold. Through the year 26 new productions were presented. Half of our tickets were bought by first timers and a fifth of bookers were under age 30. Remote audiences of over 2.5 million watched or listened to productions in the cinema, streamed online on RBO Stream or via radio broadcast. 10,900 chlldren and teachers enjoyed schools, matinee performances at the RBO In additlon to 144,500 students taking part in RBO Schools Programmes. 23 apprentices were employed on the RBO'S award-winning apprenticeship scheme. ROHCGF'S achlevements, SLJPPOrted by the Charlty, are detailed In ROHCGF'S report and financial statements for 2024125. Public Benefit The Charity delivers public benefit by making grants each year to ROHCGF. The Trustees of ROHCGF refer to the Charlty Commlsslon'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
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 ticket subsidy schemes, free events, clnema, live streaming, digltal and broadcast activity and an extensive learning and participation programme. Grant maklng policy The Charlty 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 LJP 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 Apprenticeshlp 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 fu nd and due to COVID interrupting the schedule, there is still a balance remalnlng and the Derek Butler Trust have agreed that apprentices continue to be funded untll the fund runs out. Paul Ferguson Memorial Fund is used to support ballet. Main Endowment Fund both unrestricted and restricted funds may be used in accordance with the charitable objects of the Charity at the discretion of Ihe Trustees. For the Main Endowment Fund and the Paul Ferguson Memorial Fund, the Trustees have adopted a total return approach to investment. Under this policyft the total return-comprising both income and capital gains is considered when asse55ing the resources available for charitable activities. Achievements and performance During the year the Charity made grants of £1,845,000 (Year ended 31 August 2024., £2,308,439) to ROHCGF. The grants made were a5 follows-. Productions £1,249,000: Main Endowment Fund - £1,019,000 to the core work of the artlStic companies. Jean Sainsbury Fund - £170,000 to support Onegin. Paul Ferguson Memorlal Fund £60,000 to support Cinderella. Education and Apprenticeship5 £596,000: Paul Hamlyn Education Fund - £395,000 to 5UPPOrt a variety of learning and access projects. Derek Butler Apprentlceshlp Fund Scheme. £201,000 to support the Apprenticeship The investments a re currer)tly held with The Children's Investment Fund and Cazenove Capital. The combined capital growth and income return net of investment management fees was 15.80/0 for the year ended 31 August 2025 (Year ended 31 August 2024 increase of 10.9 % ). The return for 2025 exceeded the blended target of CPI plus 3.50/0 {7. 30/0). Investments with Stonehage Fleming which are long term in nature are being prog ressively wound down. Financial review Grants totalling £1,845,000 (Year ended 31 August 2024 £2,308,439) 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
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 Augusl 2025 Charity number 1089928 income for the benefit of ROHCGF. The investment managers, fees were £860,125 (Year ended 31 August 2024 £579,662). The total funds at 31 August 2025 were £65.Im (Year ended 31 August 2024 £56.9m). The net increase in funds for the year as set out in the statement of financial activities was £8,175,292 (Year ended 31 August 2024.. increase of £4,299,517), comprising of net incoming resources of £1,380,7 16 and net realised and unrealised gains of £6,794,576 on investments held with investment managers. Funds held with investment managers at the end of the year were £53,109,289 12024.. £45,557,449) including cash holdings with investment manager5 of £868,202 (2024.. £144,987) 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 £11,776,309 (2024: £11,294,493). Investment powers and pollcy 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 Pollcy 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 Dellver capital growth to malntain 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. Effective from I September 2024, the Trustees adopted a total return approach to investment. The initial value of the trust for investrnent and the unapplied total return was established on this date. To determine the initial amount5 for investment, all donations, legacies, and similar incoming resources were accumulated from the inception of the fund to 31 ALJgust 2024. This was reduced by the investment management and administrative costs for the same period. To determine the initial amount of the unapplied total return, interest income, dividend income, and other net gains were accumulated from inception to 31 August 2024. This amount was reduced by the amounts paid out as grants for the same period. This analysis was performed in May 2024. To determine the amount of unapplied total return allocated to income in the period, the trustees have considered grants to be paid for each fund. For the Main Endowment Fund, the grant is determined as 40/0 of the preceding three-year average investment balance. The amount of the grant paid from the Paul Ferguson Memorial Fund is a consistent annual amount. No amounts were allocated to the trust for investment in the period. Under thls pollcy, the total return comprising both income and capital gains is considered when assessing the resources available for charitable activities. The adoption of the total return approach enables the Trustees to make grants based on the overall performance of the investment portfolio, rather than being restricted to income alone. This provides greater flexibility In supporting the charity's objectives while maintaining the long-term value of the investment assets. The Charity is focused on Inanaging investments in line with the broader environmental, social and governance (ESG) strategy, and over time, the Trustees are fully committed to ensure their fu nds reftect the ESG position of ROHCGF.
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charlty number 1089928 Reserve5 policy The trustees have reviewed the free reserves (comprising unrestricted net current assets) of the Charity which are £200,218 at 31 August 2025131 Augu5t2024.' £200,218). 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 2025. The aim has been to build up free reserves to ensure that grants can be rnade to ROHCGF in future years even if investment income underperftsrms. 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 future periods The Charity seeks to increase its capital base by actlvely marketing the Charity as the reciplent of legacy and philanthropic income pledged in support of ROHCGF and by achieving capital 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 12 March 2026
The Roy81 Opera House Endowment Fund 2000 Trustees, report and financial slatements Year Ended 31 August 2025 Charity number 1089928 Statement of trustees. responsibilities The trustees are responsible for preparing the Trustees, Annual Report and the flnancial 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 (Unlted Klngdom Accounting Standards and appllcable lawl, 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 affalrs 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 consistentlyi observe the methods and principles in the Charlties SORP (FRS 102),. make Judgments and accountlng 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 unle55 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 Report51 Regulation5 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 irregularities.
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 Independent Auditor's Report to the Trustees of Royal Opera House Endowment Fund 2000 Opinlon We have audited the financial statements of The Royal Opera House Endowment Fund 2000 for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including 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 2025 and of its incomi ng resources and appl ication of resources, includlng 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 conc5uded 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, i ndividual ly or col lectivelyi 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 responsibi lities and the responsi bi lities of the trustees with respect to going concern are described in the relevant sections of this report. io
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 Other Information The trustees are responsi ble for the other information contai ned 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, i n 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 inconslstencies 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. Matters on whlch we are requlred to report by exceptlon 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 suffficlent 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 Informatlon and explanations we requlre for our audit Responsibllitles 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 appl icable, 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. li
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 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 15As (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. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. 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 auditorsres onsibilities. This description forms part of our auditor's report. Extent to which the audlt was considered capable of detecting irregularltles, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial Statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 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 effert on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP (FRS 102), and tax regulations. We assessed the required compliance with these laws and regulation5 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 necessary to the charity's ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any, We also considered the opportunities and incentives that may exist within the charity for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition 12
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 of donations and legacies and management overrlde of controls. Our audit procedures to respond to these risks included enquiries of management, internal audit, legal counsel and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. 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 col lusion, forgeryi 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. 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. OL0& LIL Crowe U.K. LLP Statutory Auditor London Date.. 19 March 2026 Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility lor appointment a5 auditor of a company under section 1212 of the Companies Act 2006. 13
The Royal Opera House Endowment Fund 2000 Trustees, report and fi'nancial statements Year Ended 31 August 2025 Charity number 1089928 statement of financial activities for the year ended 31 August 2025 Note Z025 2024 Unre5trlcted Restri¢ted ErtdowmÈnt Total ToLal Incomt and endowment5 Irom.. Donation5 and le8acies Invesimeni 2,834,575 881,aa9 2,834,575 I.Z80.449 1.355,663 1,240,047 399,110 Total incoming 399,110 3,715,914 4.115,OZ4 2,595,710 Expenditure on.. 129,1831 186D.1251 129.1831 1860.1251 Investment m8nagers' fees IS79,6621 GraDlS to Royal Ope¢3 House Covent Garden Limited 11.019.000) 1459.1101 1366.8901 I145.000} 12.308,4391 Total expÈndiiure 11.019.000) 1459,1101 11.256.198) 12.734.3081 12,913,212) N@t8alnslllossesl on Invèstments 6,794.576 6.794.576 4,617,019 Net Incomellexpendi(urel 11.019,0001 I60.70) 9.254,292 ,175,292 4.299,517 TransfÈr beiween funds 1,019.OiX) fjo.000 11.079.CknJOI Net movement in funds 8.175.Z9Z 8,175.29Z 4,299,517 Total funds brought lorward 200.218 21.697 56,679.892 56,901,807 52.602.29) Totsifvnds carrled forward 14 200.218 21.697 64,855.184 65,077,099 56,901,807 Incoming resources arise from contlnuing 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. 14
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 Balance sheet as at 31 August 2025 2025 2024 Note Fixed assets Investments io 53.109.289 45,557,449 Current ?5setS Debtors amounts due more than one year Debtors, amounts due less than one year Cash at bank 12 li 213,313 11,776,309 141,118 11,294,493 Total current assets 11,989,622 11,435,611 Creditors: amounts falling due within one year 12 121,8121 191,2531 Net current 05sets 11,967,810 11,344,358 Net assets 13 65,077,099 56,901,807 Unrestricted Restricted Endowment 14 14 200.218 21,697 64,855,184 200,218 21,697 56,679,892 14 Funds 14 65,077,099 56,901,807 These financial statements were approved and signed on 12 March 2026 by: Dame Vivien Duffleld Chair The notes on pages 15 to 26 form part of these flnanclal statements. 15
The Royal Opera House Endowrnent Fund 2000 Trustees, report and financlal statements Year Ended 31 August 2025 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 appllcable 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 20191. 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 preparatlon of a cash flow statement and the disclosu re of financial instruments. The Charity was established by trust deed in the United Kingdom on 14 December 2001 and is a registered charlty 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 manager5 to invest the funds with minimal risk las 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. Publlc Benefit The Charity delivers public benefit by making grants on an annual basis to ROHCGF. The Charity is a public benefit entity under FRSIO2. Flxed 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 actlvities and are treated as attributable to Endowment fund5. 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 slgnificant to the fair value measurement in its entirety. Level l.. The unadjusted quoted price in an active market for identical assets or liabilities that the entlty can access at the measurement date. Level 2: Inputs other than qLJOted prices within Level I that are observable (i.e. developed using market datal for the asset or liability, either directly or indirectly. 16
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 Level 3.. Inputs are unobservable (i.e. for which market data is unavailable) for asset or Under Section 104A(2) of the Charities Act 2011, the Trustees have adopted a total return approach to investment. The overall financial investment objective is to achieve the investment benchmark of a total blended return of CPl+3.50/0 on a rolling basis. Additional withdrawals may be made from the unaccumulated unapplied total return at the trustees, discretion. Investment income Is allocated to the endowment funds when receivable. Withdrawals from the endowment funds are shown as transfers between funds. 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. The Trustees adopt a total return approach. The overall financial investment objective is to achieve the investment benchmark of a total blended return of CPI +3.50/0 on a rolling basis. Withdrawals may be made from the accumulated unapplied total return at the trustees, discretion. Functional Currency The Charity operates primarily in the UK and the functional currency as well as the reporting cu rrency 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 rig ht to receive payment is eslabli5hed. Income from g rants 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 recoonised 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 Expend iture 5 included on an accruals basis. Grants are recognised in the financial year in which the grant has been awarded. 17
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 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 benefit5 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. 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 receipl 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 past event, from which future economic benefits are expected to flow to the suppller 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 liabllltles and encompa55 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. 18
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 Donations and legacies 2025 2024 Re5til¢ied Permanent endowffleNt Restricted Peimanent endowmÈnt Legac$ Otherdonaib)ns 1,709,575 I.125.0 1,709,575 I,L25.0(N) 2L697 IA22,716 126.250 IA44.413 126.250 2.834.575 2,834.575 21.697 LM8.965 1.570.663 Over-a(crued Le8acle51D 2023 121S.OCK)I I215.} Total as perSOFA 1.834.575 834.575 2L697 1.333,966 1,355.653 Donatlons and legacies are directed to support and grow the capital in Ihe 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 15 estimated that the Charity will receive approximately £2.4m (2024: £2. Im) from these legacies. As the receipt of these legacies is dependent on future events, they are not recogni5ed 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 2025 2024 Dividend and interest income 1,280,449 1,240,047 1.280,449 1,240,047 Dividend and interest income is earned on funds managed by the Investment Managers and interest on bank deposits held at Coutts and Co. Expendlture on ralslng donatlons and legacles 2025 2024 Marketing and publicitv Ground rerit 23,183 18, 111 29,183 25, 111 19
The Royal Opera House Endowment Fund 2000 TrLJStees' report and financial statements Year Ended 31 August 2025 Charity number 1089928 Grants During the year the Charity made grants of £1,845,000 (2024.. £2,308,439) to ROHCGF in support of the following productions/projects'. Uwethrted RESdefDJ$ Permanènt &Yppndable EndovNnÈnt EndovJM¢ht Total LOL9.1kn) Lo19.} X7Q.(W 60. 395.Q 201,) lill419 69.581 Uke WoterFofChDcobEe Edvcitiun projects 2PQ265 1&126 114.735 IB2,574 181574 101g.LlYJ 114735 356AgD ¥84S.1ts) Lknre51riL*Ed funds 5knrtedfun& penwhent Endowment EKpend•bla EndTt End0ent Tot•1 Total Core workof artisticc0fflnles 15.WD 170,fp)J n7 81.263 81.263 411 7.469 [296 132.531 766.143 132,531 766,143 14ar 767.439 Antonio PappanoGala 815.r 511502 gY9.937 879.537 2.545> Gains and losses on revaluations and disposals of Investments 2025 2024 Realised gain5 on disposal of investments Unreali5ed gains1llossl on revaluation of other investments 544.494 6.250.082 4,379.366 237,653 6.794.576 4,617,019 During the year there were gains on investments totalling £6,794,576 {2024.- £4,618,019 gain51. Of this £6, 250,082 relates to unrealised gains in investments held with TCI and Cazenove, £544,494 relates to realised gains on the disposal of investments in Cazenove equity fund which have been reinvested in a different product within the same fund. Trustees, remuneratlon Trustees received no remuneration and were paid no expenses during the year {2024.' nil). The Charity does not have any employees. Taxation The Charity 15 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. 20
The Royal Opera House Endowment Fund 2000 Trustees. report and financial statements Year Ended 31 August 2025 Charity number 1089928 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 Ihe appropriate expenditure heading5. io a) Flxed asset Investments 2025 2024 Held with investment managers.. Venture funds Quoted equities Hedge funds Bonds Cash funds 55,264 42,026,978 3,701 10.155,144 868,202 107.610 35,251,( 4,881 10,048,963 144,987 Total investments with Investment Managers 53.109,289 45,557,449 The movements in investments held with investment managers were as follows.. 2024 tbted vestrrents Other Investments Total Inwstments Li5tsd 1tMèts oiher investments Investments M4rkeiVae?1 bennIng vf the periDd 45.359.767 i.ow.o 197,68Z 45.5S7.449 I,OCN),000 18LOOOI 729.393 189LIZ91 ,794.576 53 L(& 289 38.063,363 41.1,0 138.976,79n 303,825 211J45 38.274.6 Oispu5a15 Iwthdrawals) 138.976.7971 307.181 1664.5641 4.51721 45557 449 726.544 IW.7461 6.135,549 53,031,114 2,849 435fj 14061 1165121 Ig7.632 Investshent man•8erfees 40,973 78,175 4.633,S34 4S,3S9,767 Marketvalue41 Of the period Hlstorlcal c051ai 2nd of Ihe perloo 43 70,461 43,618.S5S 4200,0 193346 42,193,346 As at 31sl August 2025 investments held with investment managers are measured at fair value, £53.Im (2024,. £45.4m) categorised as Level l and £O.Im (2024.. £0.Im) as Level 3. Split of investments between those based in the UK and those that are based overseas.. UK Over5W UK OYer52as 711219 41,314,759 10,155,144 41026,978 10,155.144 58,Y65 868,202 6LL012 34,639,9% 10,048,963 35.2SLO( IOM48.963 112,491 144.987 8ond5 Alteinative Investments C45h 58.965 868,202 IIL491 144.987 L 639.386 51.469.903 53,109,289 86&4 44,688.959 45 57,449 Alternative investments include Hedge Funds, Comrlloditie5, Property, Special SItU3tlons LLPS, Infrastructure and Currency Options. 21
The Royal Opera House Endowment Fund 2000 Trustees, report and financial slatements Year Ended 31 August 2025 Charity number 1089928 io b) Permanent Endowment and total return Maln Endowment Fund Paul Ferguson Memorkl Asat 31Au4uSt 2015 at 3LAU8USt 102$ Trustfor Unapplied total investment Total Trt for unapplied in¥estment total return Al the Start of theyear fjift EDmponÈntof the permahentendowmeni Unapplied total return bryuEht forward 18.976.4Ql 18.976.402 21.920.972 1,426,319 L426.319 L030.242 21,92D,972 1,030,242 Total 18,976,4DE 21,920,972 40,897,374 L426,319 L,030,YIZ 2,456.561 Movernen5 in the repoiting p¢riDd Gllts added to germanenl endtswmÈnt in thè 2,834,575 2,834,575 766.176 766.176 115.163 115,163 s3?,C2 6,037.062 1936 2.936 Transler5 fiofn re5rritred lund5 Less. Inve5tmentrnaDagemeni and dministratn costs Le55. Unapplied total return albcated to Income 186S.1781 1865,Inl 119321 11,019.LWI 160mO I60l}I Tatsi 2,834,57S 4,919.060 7,753,535 55,167 55,167 Ner rnovementsln repoitinR period 2,834,575 4.919,060 7.7S3,635 55.167 S5,167 Ar the Bnd of the ieportlng perlod Giftiomp4nÈntof the permanent endowmenr UDapplied tot31 return Carried lorwèrd 21,810977 2110.977 26M40.032 IA26.319 1.426.319 1.085.409 26,840.032 1,085.409 11,BIO977 26,840,032 48.651,3 1,426,319 1,085.409 1.511.728 Incoming resources from the fund represents new donations Into the endowment fund and investment income generated from the endowment funds. Outgoing resources represents investment manager fees expended. Transfers from the endowment funds represents the transfers of unapplied total return to the relevant restricted and unrestricted funds. li Debtors 2025 2024 Debtors.. amounts falling due within one year Investment income receivable Accrued income 77,246 136,067 19.916 121.202 213,313 141,118 22
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 12 Creditors: amounts falling due withln one year 2025 2024 Amounts owingto ROHCGF Amounts owing to ROH Holdings Limited Other creditors 6.248 36,919 12,lJCX) 42,334 9,564 21,812 91,253 13 Analysis of net assets between funds Investments Cash at bank and In hand Other net urrent assets Total Unrestrlrted funds Restritted funds Endowment 128,972 21.697 11.625.640 71,246 200,218 21.697 64,855.184 53.109.289 120.255 At 31 August 2025 S3.109,289 11.776,309 191,501 65,077,099 Investment5 Cash at bank and in hand Other net current assets Total Unrestrirted funds Restricted funds Endowmènt 192,302 21,697 11,080.494 7,916 200.218 21,697 56.679B92 45.557,449 41,949 At 31 August 2024 45,557.449 11,294,493 49,865 56,901,807 23
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 14 Funds At I Septemb 2024 At31Au8U5t 2025 Income IM leÈ5 Gianb m4de expenditure Gain5l1loss1 Perrninentendvwtnpnt Main endowmentfund aul Hamtyn Edu¢ation Poul Fer6vS¢n Memor1 Fund 40,697.IS6 9.710.328 2.456.561 3.6)0.751 1835.9951 116.1701 6M37,062 619M80 2936 (119.000i 48.450.791 LO.ZI9.303 2.SIL728 1114.F351 115.163 60.000) Total Peran?tend0wM£ffttFunds 52W4.045 I655.7) 6.559178 IIMF9.0001 61,18L822 Expendable endovjrntnt Jean Saittsbury Fvnd 3.337.157 548 169.5811 134.228 3.397.245 548 174.537 L032 O&rekButlet tspprenlicesh¥> Su5?n Olde MvSthietttoi Fnd 14691 70 Totsi p?dIblend0Wmet lund5 3.795.847 134.598 3.673.362 Re5trkted funé5 IL697 21.697 paul H¥mlyn EdtatIon Paul Ferguson Mmar1 Fund Jean Sainsbury FuDd 280.265 IZW.265 IEO.rmi fA),mO 100.419 18A26 I.426 Total 1q5lrict4dfvd5 1459.110 60.wo Zl,697 unrtstritted fvnd5 20218 11,01g.CWI IM19.WU 2W.218 56.901.807 4.115J)Z IW.1251 IIA45.fts) 6.794.576 65.077.9 Main Endowment Fund is the Trust Fund as defined in the Charity's Trust Deed. The above disclosu re demonstrates the source of the Charity's funds. Transfers relate to movement of funds from permanent endowment to unrestricted funds to maintain the amount of unrestricted funds and the reinvestment of income into the endowment funds. 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 Charlty 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 Ihe 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. Thls 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 24
The Royal Opera House Endowment Fund 2000 Trustees. report and financlal statements Year Ended 31 August 2025 Charity number 1089928 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 apprentice5 until the fund runs out. The Paul Ferguson Memorial Fund was established by the Peyton Trust as a permanent endowment which supports ballet. Funds (as at 31 August 2024) At15epttthber OrhÈr At31Auw5t InwmE GTrnlstnadE InrtdowmèThtfThd Pa F&mlynE(kntio Fer8U5on F4 15.841615 5aa.y6E 4.043.117 253.OB8 1%.419 7,156 9.73Q328 2.254817 rotal pÈttmanéntiThdowffntfunds 1.355.g66 1563.9721 4451644 159.Y81 52AWC4S PedIbl1 endowment JeanSain5bury Fund a264? 14288) 1842611 140.QSL 3337.157 5R981 76L916 IIW51 L&F65 457.110 MuSic¢rrFUTrd TotalxPartdablÈend(VfftÈ1fnds I69D) 1979.9371 16%3 s.795.? fteshltt8dfunds IL597 297.9 5Qi26 .737 21.E47 l HJffllyn Edut3tio vl Fe50n Trfernon31 Fund I4141) 114074 IW7371 Frtttklin FuThd DErekBuderAPP¢trtrlc•thlp SvswnfAde Mu5iCDictsFund 7,469 L2g6 17.4691 IL6) 4,S2 $9.947 21697 UnstrIcted1und nèial 251A17 6.492 I815L) 2QQ218 IS.710 ISTJ.£521 4617.OL9 56.9)L7 15 Commltments The Charity has no capital commitments as at 31 August 2025 {2024'. nil). The Charity has commitments for future minimum lease payments under a non- cancellable operating lease a5 follows: 2025 2024 Not later than one year Laterthan one year and not later than five years Laterthan five years 5,OCO 20,OCQ 1,061,235 20,000 1.056,235 25
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 16 Transactions with trustees, connected persons, connected Charities and other related parties Connected Charities (a) Royal Opera House Covent Garden Foundatlon ('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 rnusical art in all its forms. The power of appointing new trustees of the Charity is vested in the trLJStees who consult ROHCGF 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. registered Grants made to ROHCGF are disclosed in note 7. (b) ROH Holdlngs Ltd - registered company no. 02580395 ROH Holdings Ltd is a holding company. Its subsidiary, ROH Developments Limited, property development company, was liquldated in May 2025. 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 2024 financial year, the Charity had a 50/0 income interest in the leases. The ground rent charged by ROH Holdings Lld to the Charity is disc105ed 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 accourits. 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 (2024.. nll). 17 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 asslstance shall be of a charitable natu re and in particu lar, 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 TrLJStees 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. 26
The Royal Opera House Endowment Fund 2000 Trustees, report and financial statements Year Ended 31 August 2025 Charity number 1089928 18 Statement of financial activities for the year ended 31 August 2024 Note 2023 Unr25trided Restricted Endowment Total Toi Income and endowments from.. Donation5 and Ip8aciEs Investmenr5 Other income 21,697 453,555 1.333.966 1.355,663 L240.047 913,733 L152,192 6,3(W),LKKI 786.492 Totsl incomin8 786,492 475,252 1.333.966 1595,710 &365,925 E¥penditure on.. RalslngfJnd5 Ralsin8donatlons and le8ades Investment fflanagers, fees Charitable activities Grant5 to Royal Opera House Covent Garden Mited 125,1111 1579,6621 115,1351 1269,1531 1579.ffi21 1513,$021 1979,9371 11308.4391 11324,(M)01 Totsl expendlture 1840,1111 1513,5021 11,559,599) 11913,2121 l2,E8,28S} Netgnslllossesl on investments 4,617,In9 4.617.019 51292 Net Incomellexpendlturel 153,6191 138,2501 4,391,386 4,299,517 5.809,929 Transferbetween funds 59.947 159.9471 Net movement Sn funds 153,6191 2¥697 4,33l4139 4,299,517 5809.929 RÈcontiliation of funds Total unds broughtforward 25337 52.348.453 52.flJ2,290 4fi791361 Total fund5 carried forw* 2r#i.218 21.697 56.679.892 s6.1.80? 52,fA)1290 27