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 commiss￿On.
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
I1￿45.000}
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
RES￿de￿f￿DJ$
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
End￿￿T￿￿￿t
End0￿￿ent
Tot•1
Total
Core workof artisticc0ffl￿nles
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
2.5￿45>
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
1￿￿tMè￿ts
oiher
investments
Investments
M4rkeiVa￿e?1 be￿nnIng 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
4.517￿21
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
42￿00,￿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
Tr￿t 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
Movernen*5 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
s￿3?,C￿2
6,037.062
1936
2.936
Transler5 fiofn re5rritred lund5
Less. Inve5tmentrnaDagemeni and
dministrat￿n costs
Le55. Unapplied total return albcated to Income
186S.1781
1865,Inl
119321
11,019.LWI
160mO
I60￿l￿}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
21*10.977
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 Gain5l1loss￿1
Perrninentendvwtnpnt
Main endowmentfund
aul Hamtyn Edu¢ation
Poul Fer6vS¢n Memor￿1 Fund
40,697.IS6
9.710.328
2.456.561
3.6)0.751
1835.9951
116.1701
6M37,062
619M80
2936
(1￿19.000i
48.450.791
LO.ZI9.303
2.SIL728
1114.F351
115.163
60.000)
Total Per￿an?￿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 MvS*thietttoi F￿nd
14691
70
Totsi ￿p?￿dIble￿nd0Wme￿t lund5
3.795.847
134.598
3.673.362
Re5trkted funé5
IL697
21.697
paul H¥mlyn Ed￿tatIon
Paul Ferguson M*mar￿1 Fund
Jean Sainsbury FuDd
280.265
IZW.265
IEO.rmi
fA),mO
100.419
18A26
I￿.426
Total 1q5lrict4dfv￿d5
1459.110
60.wo
Zl,697
unrtstritted fvnd5
20￿218
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
In*rtdowmèThtf￿Thd
Pa￿ F&mlynE(kntio
Fer8U5on F￿4
15.841615
5aa.y6E
4.043.117
253.OB8
1%.419
7,156
9.73Q328
2.254817
rotal pÈttmanéntiThdowff*ntfunds
1.355.g66
1563.9721
4451644
159.Y81
52AWC4S
￿Pe￿dIbl1 endowment
JeanSain5bury Fund
a2￿64?
14288)
1842611
140.QSL
3337.157
5R981
76L916
IIW51
L&F65
457.110
MuSic￿￿¢r￿rFUTrd
Total*xPartdablÈend(￿VfftÈ￿1f￿nds
I￿69D)
1979.9371
16%3
s.795.￿?
fteshltt8dfunds
IL597
297.9
5Qi26
.737
21.E47
l HJffllyn Edut3tio
vl Fe￿￿50n Trfernon31 Fund
I414￿1)
114074
IW7371
Frtttklin FuThd
DErekBuderAPP¢trtrlc•thlp
SvswnfAde Mu5iCDi￿ctsFund
7,469
L2g6
17.4691
IL￿6)
4￿,￿S2
$9.947
21697
Un￿strIcted1und
nèial
251A17
6.492
I815L￿)
2QQ218
IS￿.710
ISTJ.£521
4617.OL9
56.9)L*7
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,E￿8,28S}
Netg*nslllossesl 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
253￿37
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