## THE ROYAL OPERA HOUSE BENEVOLENT FUND
## **Trustees’ Report**
**and Financial Statements** for the year ended 31 March 2025
**Registered Charity Number 1193337**
## **THE ROYAL OPERA HOUSE BENEVOLENT FUND**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## **INDEX**
||**Page**|
|---|---|
|**Charity Information**|**1**|
|**Report of the Trustees**|**3**|
|**Independent Auditor’s Report**|**9**|
|**Statement of Financial Activities**|**10**|
|**Balance Sheet**|**11**|
|**Accounting Policies**|**12**|
|**Notes to the Financial Statements**|**14**|
**THE ROYAL OPERA HOUSE BENEVOLENT FUND** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## **CHARITY INFORMATION**
## **Trustees**
Mr Oliver Parr (Chairman) Mrs Tessa King-Farlow (Vice-Chairman, to 17 September 2025) Sir Alex Beard CBE Mr Neil Dolby Mr Greg Jauncey (Vice-Chairman, from 17 September 2025) Mr Andrew Kaufman MBE Mr James Parry Ms Eleanor Sepanski Mrs Nicki Spencer
## **Key Management Personnel**
Matthew Dewhirst (Secretary) Maureen Baker (Welfare & Administration Officer)
## **Registered and Principal Office**
Royal Ballet and Opera Covent Garden London WC2E 9DD
## **Registered Charity Number**
1193337
## **Independent Auditor**
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
**1**
**THE ROYAL OPERA HOUSE BENEVOLENT FUND**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## **REPORT OF THE TRUSTEES**
The Trustees present their statutory report with the financial statements of The Royal Opera House Benevolent Fund (“the Fund”) for the year ended 31 March 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Fund.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
## **Structure**
The Fund was originally established in 1961 and the Fund’s application to the Charity Commission to change its legal structure from a registered charity to a CIO was approved with effect from 1 April 2021. The Fund is now governed by a Deed of Constitution dated 22 September 2020.
## **Governance**
Responsibility for the management of the Fund is vested in the Trustees shown on page 1. The Trustees meet quarterly to, inter alia, assess requests for assistance, investment matters and financial performance.
The Trustees who served during the year were as follows:
Mr Oliver Parr - Chairman Mrs Tessa King-Farlow – Vice Chairman Sir Alex Beard CBE Mr Neil Dolby Mr Greg Jauncey Mr Andrew Kaufman MBE Mr James Parry Ms Eleanor Sepanski Mrs Nicki Spencer
The Trustees formed a Nominations Sub-Committee to assist the Chairman and the Trustees’ Board in appointing new Trustees and a Sub-Committee on grants to registered charities on 5 May 2015 and 17 April 2015, respectively. In addition, the Investment Sub-Committee continues to meet on a regular basis.
New Trustees are nominated and appointed by the existing Trustees. The Constitution provides for a minimum of three Trustees and a maximum of ten. Trustees are selected in order to ensure that there is a balance of experience, including knowledge of the Royal Ballet and Opera (“RBO”), investment, legal and financial matters. Following the appointment of a new Trustee, the Officers ensure that he or she is made aware of the duties and responsibilities of a Trustee as set out by the Charity Commission. They are also provided with a copy of the Constitution and the latest set of accounts.
## **Management**
The Trustees are responsible for setting strategies and policies and for ensuring that these are implemented by the Officers of the Fund. The Trustees take professional advice, when necessary, generally on legal matters.
Applications for help are reviewed against specific criteria, and, generally, each individual applicant has to submit a statement of income and expenditure. These criteria are based on Minimum Income Standards guidelines, published statistics (e.g. The Family Budget Unit) and the need to meet the objectives of the Fund. Help may be given by way of one or more grants, a monthly allowance (subject to regular review) or a loan. Applications for help from other charities within the Fund’s objectives are also considered.
**2**
**THE ROYAL OPERA HOUSE BENEVOLENT FUND** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## **REPORT OF THE TRUSTEES**
## **Management – continued**
The Fund is a member of the Association of Charitable Organisations (ACO). The ACO provides much helpful information on good practice and changes in the law affecting charities and acts as an authoritative lobby on behalf of charitable foundations with the Government and regulators.
## _Auditors_
Following a decision to tender the Fund's audit for renewal, the Trustees appointed Blue Spire Limited to succeed Azets Audit Services on 26 February 2025. The Trustees extend their thanks to Azets for their past services to the Fund.
## _Risk Management_
The Trustees examine the major strategic, business and operational risks which the Fund faces each year and confirm that formal systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks.
The major risks identified and the ways to mitigate them include the following:
_Lack of funds to meet the Fund’s commitments_ - overseen by the Investment Sub-Committee with regular reviews. The Fund maintains two bank accounts. Cash flow projections are reviewed quarterly. If required, cash can be raised from the investment portfolio.
_Payment of funds to people who are not eligible beneficiaries_ - overseen by the staff. Adherence to the new Grants Policy as agreed by the Trustees on 24 July 2024. This is reviewed annually.
_Misappropriation of funds_ - strict procedures are in place for approval of investments and signing of cheques, and dual authorisation of online payments.
_Unavailability of staff_ - the Fund has a small team of two who cover each other with assistance from the RBO’s Occupational Health Advisor when required. A Procedures Manual and Guidelines folder is available.
Strategies are in place to manage and mitigate these risks and ensure that they do not adversely affect the Fund’s operations or the welfare of its beneficiaries.
Through the above risk management process, the Trustees anticipate that major risks will be identified and, as far as practicable, adequately mitigated. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed.
## _Public Benefit_
The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the Fund’s aims and objectives and in planning the Fund’s future activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives that have been set. The Trustees are satisfied that the Fund continues to meet the Charity Commission’s guidelines with regard to delivering public benefit.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives**
The objects of the Fund are, for the public benefit, the prevention of poverty, the advancement of education and the advancement of health principally by providing financial or other assistance (including help with re-training) to past or present employees or engagees of the RBO or the Birmingham Royal Ballet (“BRB”) or their dependents who are in financial need. The Fund may provide grant funding to charities and organisations in order to support such individuals or their dependents, as well as artists and/or other persons employed by a company that gives performances of opera, ballet or music. In addition, the Fund may make grants to any charity or organisation involved with education in the fields of opera, ballet or music or do all such other things to promote the objects as the Trustees may decide.
**3**
**THE ROYAL OPERA HOUSE BENEVOLENT FUND** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## **REPORT OF THE TRUSTEES**
## **Activities**
The key activities of the Fund are as follows:
## _Charitable Activities_
Grants to individuals (including loans) and organisations, and regular monthly payments to retired RBO or BRB employees and their dependents remain the principal activities of the Fund. In addition, the Fund, on behalf of RBO employees, has fully funded the fees of Care First – a confidential counselling service – and continues to support the RBO’s Occupational Health Unit (“OHU”).
## _Fundraising Activities_
The Fund was originally established in 1961 as a registered charity with the prime object of assisting retired RBO employees at a time when there was no general occupational pension scheme available. The generous funding from successive galas in the first two decades of its existence has enabled the Fund, to date, to be self-financing from its investments without any further major fundraising.
## _Governance Activities_
The day-to-day running of the Fund is vested in the Secretary and includes maintaining the financial records and ensuring that all constitutional and statutory requirements are met.
Whilst the Fund operates from within the RBO and assists past and present members of the RBO and BRB, it is not a related party although Sir Alex Beard CBE (a Trustee) is the CEO of the RBO.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Achievements**
In the year to 31 March 2025, the Fund provided a total of £323k in direct grant payments (23/24: £288k). These payments were made up of allowances to long-term beneficiaries, grants to short-term beneficiaries and a number of awards to other charitable organisations.
Regular monthly allowances to retired RBO/BRB employees and their dependents remain an important activity and the number of beneficiaries assisted in this way during the period was 12 (23/24: 12). These payments (a total of £83k in 24/25, £86k in 23/24) are made mainly to those struggling to get by on inadequate or non-existent occupational pensions. In addition, the Fund offers practical advice and support to beneficiaries and, through its Welfare & Administration Officer, provides home visits for comfort and support to UK-based beneficiaries.
During the year, the Fund provided £90k in short-term grants to 41 (23/24: £54k/33) individual beneficiaries to assist with issues such as recovery from injury, unemployment and unforeseen items of expenditure. At the end of the period, the Fund was supporting eight recipients of these short-term grants, and it is anticipated that a small number of these will become longer-term beneficiaries.
Support to other charitable organisations included grants of £49.65k to Dancers’ Career Development (“DCD”), in support of its Evolve Workshops and its career and personal coaching sessions, and £25k to the Royal Ballet School for its Healthy Dancer Programme. The Fund continued its commitment to provide educational grants to the Sloane Square Choral Society (£3.75k), Ex-Cathedra (£6.5k) and Chelsea Chamber Choir (£2k).
The Fund continued its support to BRB in the period (£60k) to help fund health screening initiatives, sports psychology, nutrition, occupational health and a dedicated staff resource devoted to health and wellbeing. A separate grant of £3.4k was approved to fund the BRB’s employee assistance programme provided by Care First. The Fund is also pleased to continue to support the RBO’s OHU, with a reimbursement of expenditure of £99k (23/24: £79k). This grant funds weekly visits by an osteopath, physiotherapist and acupuncturist for the benefit of RBO’s employees, as well as the RBO’s employee assistance programme provided by Care First.
The Trustees consider that the Fund has robust financial controls.
**4**
**THE ROYAL OPERA HOUSE BENEVOLENT FUND** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## **REPORT OF THE TRUSTEES**
## **INVESTMENT POLICY AND PERFORMANCE**
## **Investment Policy**
The Trustees’ long term investment objectives are the creation of a sufficient investment return to enable the Fund to carry out its purposes effectively and without interruption, and the maintenance of value and (if possible) the enhancement of the Fund’s investments.
To achieve these objectives, the Trustees’ policy is to invest in a mixture of index tracking equity funds, real return funds and short-term deposits.
## **Investment Performance**
Both the Investment Sub-Committee and the Trustees as a group regularly reviewed the Fund’s investments and asset allocation during the period.
In view of the level of giving agreed during the period, the Trustees consider the period end outturn to be acceptable. Total investments as at 31 March 2025 were £5.690k (31/03/24: £5.803k) and net investment gains during the period were £190k (23/24: £241k). Net disposals of assets to fund the programme of grants totalled £304k (23/24: £632k).
The assets of the Fund continue to be invested in a mixture of BlackRock equity tracker funds, absolute return funds (the Newton Real Return Fund, CF Ruffer Absolute Return Fund and the Trojan Investment Income Fund) and short term deposits.
Following a review of the Common Reporting Standard (CRS), which came into effect on 1 January 2016, and consequent amendments made to arrangements with certain investment managers, the Trustees concluded that the Fund is not a Financial Institution under the terms of the CRS and that it is classified as an “Active Non-Financial Entity” with no further reporting requirements to HMRC.
## **FINANCIAL REVIEW**
Total income from investment income and donations for the year was £132k (23/24: £155k) which included donations and legacies of £16k. Total expenditure for the year was £516k (23/24: £468k). This resulted in net expenditure before gains on investments of £384k (23/24: £312k). After accounting for gains on investments of £190k (23/24: £241k), there was a decrease in funds for the year of £194k (23/24: decrease in funds of £72k).
## _Reserves Policy_
It is the policy of the Fund to maintain unrestricted funds in liquid investments sufficient to enable it to meet its charitable commitments and governance costs for the foreseeable future. The Trustees review the level of reserves on an ongoing basis. Any unspent income in a year is transferred to reserves for future contingencies.
Unrestricted general funds at 31 March 2025 were £6,131k (2024: £6,325k).
## _Going concern_
After making appropriate enquiries, the Trustees have a reasonable expectation that the Fund has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **PLANS FOR FUTURE PERIODS**
The Fund would welcome a greater number of individuals applying for assistance and works closely with the RBO to identify and encourage applicants to approach the Fund for support. It also looks to extend its reach by forging closer links with people involved in other opera, ballet and music companies in line with its giving criteria and charitable objectives set out above.
**5**
THE ROYAL OPERA HOUSE BENEVOLENT FUND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
REPORT OF THE TRUSTEES
Support lo organisalions 15 expected to continue, with corllmilmenls already in place with the RBO'S OHU, BRB, DCD,
Royal Ballet School. Sloane Square Choral Society and Chelsea Chamber Choir. A reslructuring of the RBO'S OHU
look place in 2024125 and an uplift in the Fund's support was approved for 2025126.
Operational efficiencies have also been achieved through the implemenlalion of a grant management system.
The Trustees will continue to review the Fund's activities and associated financial commitments following the creation
of the Charitable Incorporated Organisation ICIOI on 1 April 2021.
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees. Annual Report and the financial slalemenls in accordance
with applicab law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting
Praclicel.
The law applicable lo charities in Eng18nd & Wales requires the Tiuslees to prepare financial slalemenls for each
financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming resources and
application of resources of the Charity for that period.
In preparing these financial slalemenls. the Trustees are required lo..
select suitabk a¢counling ptsliEs and hen apply them consislenlty.,
observe the metho& and principles in the Charities SORP 2019 IFRS 1021.,
makejudgemenls and estimates that are reasonable and prudent",
stale whether applic2ble awtsunling standwds have been followed.,
preparelhe financial statements on the going con¢em bass unless rt is inappropriate to presume that the Charrty will
cxJnlinu& in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any
lime the financial position of the Charity and enable them lo ensLJre that the financial slalemenls compty with the
Charrties Act 2011, the Charities IA¢¢ounls and Reports) Regulations 2008 and the provisions of the trust deed. They
are a150 responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf.
Oliver Parr
Chairman
Dale
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## **THE ROYAL OPERA HOUSE BENEVOLENT FUND**
## **INDEPENDENT AUDITOR’S REPORT**
## **Opinion**
We have audited the financial statements of The Royal Opera House Benevolent Fund (the ‘Charity’) for the year ended 31 March 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 March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
**7**
**THE ROYAL OPERA HOUSE BENEVOLENT FUND** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## **INDEPENDENT AUDITOR’S REPORT**
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We have obtained an understanding of the Charity, its activities and control environment together with the principal laws and regulations that directly affect the financial statements. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. There is a limitation to areas most likely to have such an effect. 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.
In response to the risk of irregularities and non-compliance our designed procedures which included:
- Enquiry of management, those charged with governance around actual and potential litigation and claims in addition to fraud;
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor. This description forms part of our auditor’s report.
**8**
**THE ROYAL OPERA HOUSE BENEVOLENT FUND** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## **INDEPENDENT AUDITOR’S REPORT**
## **Use of our report**
This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY Date: 23 December 2025
**9**
## **THE ROYAL OPERA HOUSE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **STATEMENT OF FINANCIAL ACTIVITIES**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**1**
Grants receivable
**2**
Investments
**3**
**Total**
**EXPENDITURE ON:**
Charitable activities
**4**
Benevolent grants
Counselling
Occupational Health Unit
Welfare costs
**Total**
Net gains/(losses) on investments
**11**
**Net Income/(expenditure) and net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**14**
**Total funds carried forward**
**14**|**31 March 25**
**Total**
**Funds**
**£**
15,700
12,500
103,695
131,895
340,164
5,585
104,566
65,844
516,159
190,392
(193,872)
6,324,791
6,130,919|**31 March 24**
**Total**
**Funds**
**£**
40,332
15,000
100,038|
|---|---|---|
|||155,370|
|||307,938
5,665
84,286
69,937|
|||467,826|
|||240,882|
|||(71,574)
6,396,365|
|||6,324,791|
None of the charity’s other activities were acquired or discontinued during the above two financial years.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
**10**
THE ROYAL OPERA HOUSE BENEVOLENT FUND
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
STATEMENT OF FINANCIAL ACTIVITIES
31 March 25
31 March 24
Not•
FIXED ASSETS
Tawible 355e15
Inve51menls
io
11
5.689.852
5.689,852
5.803.486
5.803.486
CURRENT ASSETS
Oetylors
Current as5el investments- Fixed term deposits
Cash al hand and in bank
Total ¢urrÈnt as8frts
12
39.755
250,000
175,791
465,546
39,1g5
350.000
169.968
559.162
CURRENT LIABILITIES
Credilor5' gmounls falling due within one year
24.479
37.858
Not ¢uvr8nt as$atlI1abIItle£1
441.(67
521.305
6.130.919
6.324.791
THE FUNDS OF THE CHARITY
Unrestricted total tunds
6,130.919
6,324.791
Total charlty tundg
6,130.919
6,324,791
Th2 accompany9 noles fom part of these financial slalernenls
These financial slalements were approved by Ihe Board on
liver Parr
Chairman
Grey Jauncey
Vice-chairman
## **THE ROYAL OPERA HOUSE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **General information, scope and basis of the financial statements**
The Royal Opera House Benevolent Fund is an unincorporated charity established as a charitable incorporated organisation. The address of the principal office is given in the reference and administrative details section and the nature of the Charity’s operations and principal activities are given in the trustees' report.
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The Charity does not include a statement of cash flows on the basis the charity is a smaller entity and using the exemptions within the SORP and FRS102 1A.
## **Income recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
For legacies, entitlement is the earlier of the Charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the Charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Charity’s right to receive payment is established.
## **Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
## _Support and governance costs_
Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. Support and governance costs have been allocated to expenditure on charitable activities on and allocated to cost headings on the basis of direct costs incurred.
## _Governance costs_
Governance costs comprise the costs associated with the governance arrangements of the Charity and include audit fees, legal advice (if any) for Trustees, costs associated with constitutional and statutory requirements and any costs associated with the strategic as opposed to the day to day management of the Charity’s assets.
## **Employee benefits**
When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
Contributions are made to the employee's personal pension arrangements. The pension costs charged to the statement of financial activities are the contributions payable to the scheme in respect of the accounting period.
## **VAT**
The Charity is not registered for VAT and cannot recover VAT incurred on costs. These are therefore stated inclusive of any VAT element.
**12**
## **THE ROYAL OPERA HOUSE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **Taxation**
The Charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the Charity's activities.
## **Tangible fixed Assets**
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
OHU equipment 25% straight line Office equipment 25% straight line
## **Fixed asset investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘gains/(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
## **Debtors receivable and creditors payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## _Loans_
Loans are initially recognised at face value including transaction costs. Subsequently, they are measured at amortised cost, less impairment. If an agreement constitutes a finance transaction it is measured at present value.
## **Cash and cash equivalents**
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
## **Fund accounting**
Unrestricted (general) funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
## **Going concern**
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
**13**
## **THE ROYAL OPERA HOUSE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **1. Donations and legacies**
|Legacies receivable
Donations|**31 March 25**
**Total**
**Funds**
**£**
15,000
700
15,700|**31 March 24**
**Total**
**Funds**
**£**
40,082
250|
|---|---|---|
|||40,332|
## **2. Grants receivable**
|Acting for Others|**31 March 25**
**Total**
**Funds**
**£**
12,500
12,500|**31 March 24**
**Total**
**Funds**
**£**
15,000|
|---|---|---|
|||15,000|
## **3. Income from investments**
|Income from investments
Interest receivable|**31 March 25**
**Total**
**Funds**
**£**
88,045
15,650
103,695|**31 March 24**
**Total**
**Funds**
**£**
89,734
10,304|
|---|---|---|
|||100,038|
## **4. Expenditure on charitable activities**
|Benevolent grants
Counselling
Occupational Health Unit
Welfare costs
Benevolent grants
Counselling
Occupational Health Unit
Welfare costs|**Direct staff**
**costs**
**£**
-
-
-
60,771
60,771
**Direct staff**
**costs**
**£**
-
-
-
63,860
63,860|**Grant funded**
**activities**
**£**
323,295
-
-
-
323,295
**Grant funded**
**activities**
**£**
288,123
-
-
-
288,123|**Other direct**
**Total direct**
**costs**
**costs**
**£**
**£**
-
323,295
5,304
5,304
99,369
99,369
1,821
62,592
106,494
490,560
**Other direct**
**Total direct**
**costs**
**costs**
**£**
**£**
-
288,123
5,304
5,304
78,865
78,865
1,559
65,419
85,728
437,711
**31 March 25**
**31 March 24**|**Support**
**costs**
**£**
16,869
281
5,197
3,252
25,599
**Support**
**costs**
**£**
19,815
361
5,421
4,518
30,115|**Total**
**£**
340,164
5,585
104,566
65,844|
|---|---|---|---|---|---|
||||||516,159|
||||||**Total**
**£**
307,938
5,665
84,286
69,937|
||||||467,826|
**14**
## **THE ROYAL OPERA HOUSE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **5. Grants funded activities**
|Grants to individuals:
Allowances for beneficiaries in financial need
Other benevolent grants
Grants to institutions:
Dancers' Career Development
Birmingham Royal Ballet
Chelsea Chamber Choir
Ex Cathedra
Royal Ballet School
Sloane Square Choral Society|**31 March 25**
**Total**
**Funds**
**£**
83,210
89,787
172,997
49,650
63,398
2,000
6,500
25,000
3,750
150,298
323,295|**31 March 24**
**Total**
**Funds**
**£**
85,585
54,240|
|---|---|---|
|||139,825|
|||49,650
61,398
2,000
6,500
25,000
3,750|
|||148,298|
|||288,123|
## **6. Support costs**
|Wages and salaries
Other expenses
Accountancy fees
Legal and professional fees
Database costs
Governance costs:
Auditor's remuneration
Board meeting expenses
Wages and salaries
Other expenses
Accountancy fees
Legal and professional fees
Database costs
Governance costs:
Auditor's remuneration
Board meeting expenses|**Benevolent**
**grants**
**£**
3,173
422
6,791
-
2,421
4,017
45
16,869
**Benevolent**
**grants**
**£**
3,018
833
6,138
293
3,533
5,922
78
19,815|**Counselling**
**£**
53
7
113
-
40
67
1
281
**Counselling**
**£**
56
15
112
5
64
108
1
361|**Occupational**
**Health Unit**
**£**
978
130
2,092
-
746
1,237
14
5,197
**Occupational**
**Health Unit**
**£**
826
228
1,679
80
967
1,620
21
5,421
**31 March 25**
**31 March 24**|**Welfare**
**costs**
**£**
612
81
1,309
-
467
774
9
3,252
**Welfare**
**costs**
**£**
688
190
1,399
67
806
1,350
18
4,518|**Total**
**Funds**
**£**
4,816
640
10,305
-
3,674
6,095
69|
|---|---|---|---|---|---|
||||||25,599|
||||||**Total**
**Funds**
**£**
4,588
1,266
9,328
445
5,370
9,000
118|
||||||30,115|
**15**
## **THE ROYAL OPERA HOUSE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **7. Auditor's remuneration**
|**7. Auditor's remuneration**|||
|---|---|---|
|Auditor's remuneration - Audit
Auditor's remuneration - under/(over) accrual in prior year|**31 March 25**
**Total**
**Funds**
**£**
7,200
(1,105)
6,095|**31 March 24**
**Total**
**Funds**
**£**
9,000
-|
|||9,000|
## **8. Wages and salary cost**
|Gross wages
Employer's national insurance costs
Pension costs
Redundancy costs
Staff numbers:
Average head count|**31 March 25**
**Total**
**Funds**
**£**
57,809
5,466
2,312
-
65,587
**31 March 25**
2|**31 March 24**
**Total**
**Funds**
**£**
56,865
5,279
2,152
4,152|
|---|---|---|
|||68,448|
|||**31 March 24**
3|
No employees had emoluments (excluding employer pension costs) above £60,000 in the year under review nor the comparative year.
## _Pension scheme_
The Charity contributes to defined contribution personal pension schemes on behalf of its employees. The total amount of employer contributions charged in the year under review were £2,312 (2024: £2,152).
## **9. Related party transactions**
No remuneration nor reimbursed expenses were received by Trustees during the year or in the comparative year. Meeting costs in the form of refreshments totalled £68 during the year under review.
The Charity's key management personnel (set out on page 1) received employee benefits, inclusive of salary, social security and pension costs, totalling £65,586 (2024: £68,448) during the year under review.
During the year a £2,000 donation was made to Chelsea Chamber Choir (2024: £2,000). Mrs Tessa King-Farlow (Trustee) is also a Trustee of the charity.
There were no other transactions with related parties that require disclosure in the financial statements.
**16**
## **THE ROYAL OPERA HOUSE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **10. Tangible fixed assets**
|**10. Tangible fixed assets**||||
|---|---|---|---|
||**OHU**|**Office**||
||**equipment**|**equipment**|**Total**|
||**£**|**£**|**£**|
|_Cost_||||
|At 1 April 2024|7,852|139|7,991|
|Additions|-|-|-|
|Disposals|(7,852)|(139)|(7,991)|
|At 31 March 2025|-|-|-|
|_Depreciation_||||
|Accumulated at 1 April 2024|7,852|139|7,991|
|Charge for the year|-|-|-|
|On disposals|(7,852)|(139)|(7,991)|
|At 31 March 2025|-|-|-|
|Net book value at 31 March 2025|-|-|-|
|Net book value at 31 March 2024|-|-|-|
## **11. Fixed asset investments - Managed funds**
|Market value brought forward
Additions
Disposals proceeds
Gains/(losses) on investments
Market value carried forward|**31 March 25**
**£**
5,803,486
226,900
(530,926)
190,392
5,689,852|**31 March 24**
**£**
6,194,130
29,360
(660,886)
240,882|
|---|---|---|
|||5,803,486|
## **12. Debtors**
|**12. Debtors**|||
|---|---|---|
|Loans to beneficiaries
Accrued income
Prepayments|**31 March 25**
**Total**
**Funds**
**£**
19,007
19,274
1,474
39,755|**31 March 24**
**Total**
**Funds**
**£**
21,833
16,042
1,320|
|||39,195|
**17**
## **THE ROYAL OPERA HOUSE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **13. Creditors**
|**13. Creditors**|||
|---|---|---|
|Accrued expenses
The Royal Opera House Covent Garden
Limited|**31 March 25**
**Total**
**Funds**
**£**
8,933
24,479
15,546|**31 March 24**
**Total**
**Funds**
**£**
10,510
27,348|
|||37,858|
## **14. Analysis of net movement in funds**
|Unrestricted funds
_General funds_
Total unrestricted funds
Unrestricted funds
_General funds_
Total unrestricted funds||**Year ended 31 March**|**Year ended 31 March**|**2025**||
|---|---|---|---|---|---|
||**Total funds**
**brought**
**forward**
**£**
6,324,791
6,324,791|**Total**
**Total**
**incoming**
**resources**
**resources**
**expended**
**£**
**£**
131,895
(516,159)
131,895
(516,159)
**Year ended 31 March**||**Gains/**
**(losses) on**
**revaluation**
**£**
190,392
190,392
**2024**|**Total funds**
**carried**
**forward**
**£**
6,130,919|
||||||6,130,919|
|||||||
||**Total funds**
**brought**
**forward**
**£**
6,396,365
6,396,365|**Total**
**incoming**
**resources**
**£**
155,370
155,370|**Total**
**resources**
**expended**
**£**
(467,826)
(467,826)|**Gains/**
**(losses) on**
**revaluation**
**£**
240,882
240,882|**Total funds**
**carried**
**forward**
**£**
6,324,791|
||||||6,324,791|
**18**
## **THE ROYAL OPERA HOUSE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **15. Financial instruments**
|**15. Financial instruments**||
|---|---|
|The carrying amounts of the Charity's financial instruments are as follows:
**31 March 25**
**Total**
**Funds**
**£**
_Financial assets_
Measured at fair value through net income/(expenditure):
Fixed asset investments
5,689,852
5,689,852
The income, expense, net gains and net losses attributable to the Charity's financial instruments are summarised as follows:
**31 March 25**
**Total**
**Funds**
**£**
_Income and expense_
Financial assets measured at fair value through net income/(expenditure)
Investment income
88,045
88,045
_Net gains and losses (including changes In fair value)_
Financial assets measured at fair value through net income/(expenditure)
Gains/(losses) on investments
190,392
190,392|**31 March 24**
**Total**
**Funds**
**£**
5,803,486|
||5,803,486|
||**31 March 24**
**Total**
**Funds**
**£**
89,734|
||89,734|
||240,882|
||240,882|
**19**