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2022-03-31-accounts

Page
Charity
Information
Report ofthe Trustees 2 —6
Independent
Auditor's		 Report
Statement of Financial Activities 10
Balance Sheet
Notes to the Financial Statements 12-18
Trustees Mr Oliver Parr (Chairman) Mr Oliver Parr (Chairman) Mr Oliver Parr (Chairman)
Mrs Tessa King-Farlow (Vice-Chairman)
Mr Alex Beard CBE
Ms Felicity Clark (resigned 23 February 2022)
The Earl of Darnley
Mr Neil Dolby
Mr Greg Jauncey (appointed 23 February 2022)
Mr Andrew
Kaufman		 MBE
Ms Eleanor Sepanski
Mrs Nicki Spencer
All Trustees were appointed
on incorporation		 on 1 February 2021
unless otherwise
stated
Charity Registration Number 1193337
Principal Office Royal Opera House
Covent Garden
London
WC2E 9DD
Key Management Chang Loo —Secretary (to 30June 2022)
Matthew
Dewhirst —Secretary (from 1 July 2022)
Maureen
Baker —Welfare &Administration		 Officer
Rose Goodman
—OHU		 Advisor
Banker Coutts &Co
440 Strand
London
WC2R OQS
Statutory Auditor Azets Audit Services
Greytown
House
221-227 High Street
Orpington
Kent
BR6ONZ
Investment managers: BlackRock Advisors (LIK) Limited
12Throgmorton
Avenue
London
EC2N 2DL
Newton
Investment
160Oueen Victoria		 Management
Street		 Limited
London
EC4V 4LA
Ruffer LLP
80Victoria Street
London
SW1E5JL
Trojan Asset Management
33Device Street
London
W1A 5JA

Unrestricted
funds
31 March 2022
Notes 6
Income from:
Donations and legacies 2,106
Grants receivable 50,000
Investment
income		 82,461
Transfer offunds from Royal Opera House
Benevolent
Fund registered		 charity 7,335,657
Total income 7,470,223
Expenditure
on:
Charitable
activities
Benevolent grants payable 6 534,395
Counselling 8 5,457
Occupational
Health		 Unit 9 106,489
Welfare Support costs 10 63,902
Total expenditure 710,243
Net income and net movement
in
gains and losses on investments		 funds before 6,759,980
Net gains /(losses)
on investment		 assets 16 473,816
Net movement
in funds		 7,233,796
Fund balances
Fund balance brought forward 1 February 2021
Fund balance carried forward 31 March 2022 7,233,796

2. DONATIONS
AND LEGACIES		 DONATIONS
AND LEGACIES		 DONATIONS
AND LEGACIES		 31.3.22
8
Donations 104
Legacies 2,002
2,106
3. GRANTS RECEIVABLE 31.3.22
8
Headley Trust: Covid-19 support grant 10,000
Acting for Others: Covid-19 emergency funding 40,000
50,000
INVESTMENT INCOME 31.3.22
6
Dividends receivable from investments and interest receivable from fixed
interest securities and deposits with investment managers 82,418
Interest receivable 43
82,461

ANALYSIS OF EXPENDITURE ANALYSIS OF EXPENDITURE Staff Direct Support Total
costsf costs
f		 costs
f		 31.3.22
Charitable
activities
Benevolent grants payable 3,373 520,034 10,988 534,395
Counselling 36 5,304 117 5,457
Occupational
Health		 Unit 673 103,624 2,192 106,489
Welfare costs 60,551 2,036 1,315 63,902
64,633 630,998 14,612 710,243

BENEVOLENT GRANTS PAYABLE 31.3.22
Number of
Recipients
Allowances
for beneficiaries
in financial		 need 17 63,655
Other benevolent
grants		 (Individuals) 28 18,576
Other benevolent
grants		 (Covid-19) 60 106,750
Other benevolent
grants		 (Organisations —note 7) 7 331,053
Support staff costs (note 13) 3,373
Allocated support costs 10,988
534,395
BENEVOLENT GRANTS TO ORGANISATIONS 31.3.22
6
Dancers' Career Development 49,700
Birmingham
Royal Ballet		 121,521
Ex Cathedra 5,500
Royal Ballet School
—Healthy Dancer Programme		 20,000
Dance Professional
Fund		 (RBBF) 5,500
Sloane Square Choral Society 2,200
The Royal Opera House 126,632
331,053
COUNSELLING (Employee Assisted 31.3.22
Prog ramme) 2
Counselling 5,304
Support staff costs (note 13) 36
Allocated support costs 117
6,467
9. OCCUPATIONAL
HEALTH UNIT		 31.3.22
E
Osteopathy 103,624
Support staff costs (note 13) 673
Allocated support costs 2,192
105,489
10. WELFARE SUPPORT COSTS 31.3.22
E.
Direct staff costs (note 13) 60,147
Other expenses 2,036
Support staff costs (note 13) 404
Allocated support costs 1,315
63,902
11. SUPPORT COSTS 31.3.22
Other expenses 1,542
Accountancy
fees		 8,150
Governance
(note 12)		 4,920
14,612
12. GOVERNANCE COSTS 31.3,22f
Auditors'
remuneration		 4,920
13. STAFF COSTS 31.3.21
E
Wages and salaries 55,184
Social Security costs 5,023
Pension costs 4,426
64,633
15. TANGIBLE FIXED ASSET S
OHU Office
Equipmentf Equipmentf Totalf
Cost
Transfer offunds from Royal Opera
House Benevolent Fund 7,852 139 7,991
At 31 March 2022 7,852 139 7,991
Depreciation
Transfer offunds from Royal Opera
House Benevolent Fund 7,852 139 7,991
At 31 March 2022 7,852 139 7,991
Net BookValue
At 31 March 2022
16. INVESTMENTS
Transfer offunds
from Royal		 Opera House
Benevolent
Fund		 6,954,391
Additions 24,797
Disposals (420,119)
Investment
gains /		 (losses) 473,816
Market value at 31 March 2022 7,032,885
Histoncal cost at 31 March 2022 5,271,158
Market value of investments oom rise
UK listed investments 5,406,614
Overseas
listed investments.		 1,626,271
7,032,885
The following each represent more than 5%ofthe total market value of investments:
BlackRock Charities
UK Equity Index Fund		 691,972
Newton
Real Return Exempt		 Fund (Inc) 1,457,549
CF Ruder Absolute Return CAcc 1,569,390
BlackRock North America Index Fund Flexible Distributing Class 1,237,725
BlackRock Europe EX-UK Index Fund Flexible Distributing Class 388,545
BlackRock Emerging
Markets		 Index Fund Institutional 431,171
Trojan Investment Fund S income 1,256,533

DEBTORS
31.3.22
8
Loans to beneficiaries 18,391
Prepayments 2,427
20,818
18. CREDITORS: Amounts falling due
within one year
31.3.22
8
The Royal Opera House Covent Garden Limited 40,432
Grants payable 5,500
Accrued expenses 6,600
52,532