2021-08-27-accounts

DOcuS￿n En¥elwg ID.. A129sDSg-3427439￿g4D7￿O89E4B64?9T ROYAL OPERA HOUSE THE ANNUAL REPORT 2020121 ¥A84RF9DU' 25105f2oT2 PANIES HOUSE

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Do¢uSibm Enve)pe ID.. Al29505W27439A-94D7￿gE4B64?97 Royal Opera House Cov8nt Garden Foundati￿ (Limited by guaranleel.".Company f4vmber 00480523." Truslees'.rewrt consdmlaled knancA￿ slatemen￿. 52 perNJJ ended 29 Auousl 2021. 80,000 vkw5 oFC¥eate and Leam Hotne pr￿￿mme 233.COJ ￿tw5 of 15 Iwe-5t(eaThed b41t and opE¥a perftyrmancesand 23 archwe prodLKtKhn5 0th pJy-per- view. ￿MbÈr￿fyouTubetollow￿rs reJched Im. fot NHS M•lf. 2 of ROH unbtktd in co￿tGardenplazUJrydA0H0pen Ho￿￿ Launched and pu￿1Shed Éouality. thvÈrsity& IndusKin Plan.tolncrease dive¢sityamon8 our ud￿nces. le•dernhipwd workforce, and performEr5and ot￿r creaifv sta8ed balet aTrd opera pvlorm•n¢es ifs 3 stoplstsrt mini Sea50n5during pandemi .Newdwital cornmi55ion5. in(Win8 thefifst hyper-realirl opera Icurrent. Risingl.. affld nèw ballet prodLKtions Including Cry5rJl ￿te,5 ThEStorementandSkn Etho LAST YEAR IN SUMMARY Recv4ery •thievÈd E56Jffl InthEperi¢d I.￿tea￿Er$ Supportedthiou8h our NaTip￿1 Pwogr?mrne5•nd LEarnin8 Platfom 19performwKe5 ￿¢adr•s[ rathoaDdlV Chfa 20.(WCrM&19testsfcr5tafland in ROH c￿d-19 Clin iw the icrtal on the 9wramrneto 14

0￿us￿n En%lcpe ID." Al295DS&￿27438A.94D7-OO8gE40O479T Royal Op8ra HO￿Se Covenl Garden Foundalion (Limited by guarantee)." Ctsmpany Nvrnber 00480523. Trustee5' feFQrt and consolidated financial statements. 52 ￿ek per￿d ended 29 Au9usI 2021. INCOME 2021 £0.8M In¥estmeni infome £2.8M Box office re¢eipts 3% INCOME £6.3M Commer¢lal aod other Income £25.2fv1 ACE- NPOand Bridge £38.6M Fundr4iwnK & Sponsorshlp 46% £10.6M Government grant 13% EXPENDITURE 2021 EXPENDITURE £2.2M Commercial 3% £2.4M Fundralsi 3% £i.OM Fnmt of House Ix £0.7M 1% £5.SM Manazement. adrnlnlstration arhd zovemznce E6.8M Markèting and publicity £43.5M Performance. lezrning and outreach 53% £19.8M Premises and deprttlation 24% Totsi IrK(The E84.3m. Ind￿Ing c¥al dongtKms and furKrvJ Ll EO.&D. Tow expenduffj £81.gm. exduthg captsl eX￿￿lIUr8. FvJure5 exdude gairts on in%sb)WK tay*?n afvj fvnd wartsler5.'

DotyJSiw En¥•k)￿ ID.. A1295D58-3427439A-9407-BOB8E4864797 Royal Opera House Covent Garden FcAJndaiH)n (Limited by guaTrnteel". Company NEsmber 00480523. Trustees, report and con501Mlaled f￿￿141 staiements. 52 week peno(J ended 29 A￿9U￿ 2021. INCOME 2020 £1.3M £20.8M Commer¢lal and other income INCOME Investment incorne 1% £27.6M Box oifice re￿ip1S 23% £31.OM Fundraisin8 & Sponsorship 26% £24.9M ACE- NPO and 8rid8e 21% £12.4M Go¥ernmen¢ cra 11% EXPENDITURE 2020 EXPENDITURE Restrurture £5.8M 5% £8.2M £IJM Frnnt of House Ix Commercial 6% £3.7M Fundrnisin 3% £6.3M Managetneni administration and Bo¥ernance 5% £74.7M Pertorm•n¢e. Itarning and oirtreath. 59% £7.3M Maikeiln8 •nd publicity 6% £19.7M Premises and depre(iation 15% Total Irrome 1118.1m. induding wqtal aThJ I￿thnY ol £0.Sn. eNp**lure £127.Sm, x¢hJdHIg cawial expèndQure. Fiwr8s exclude ga¥is ￿ ine$bY￿E la¥thn fvryl Ir•￿er5.

Docusign Envekjpe ID.. A129505B-3427439A-94D7•4B64797 Royal Opera-House Covenl Garden FoUndat￿n ILimitÈd by 9varanteel." Company Number 00480523. Trustees. rel￿rt and consolidated financial slalements. S2 week period ended 29 August 2021.. TIMESCALE FOR THIS REPORT Th8 Trustee$ are p￿ased to pr¢$8nt thwr rernrt I￿Jether with the audited ffinancral Stslen￿nts of the Royal Opera House Covent Garden Ftyjndats'on for thè 52-week pen(xl ended 29 August 2021. Tha comparatNe F)wioJ is the 5&week pwiod ended 30 August 2020. This document will be fi18d the Charity CrynrrXs5ic￿ and the Registrar of Companw.

Ooojsign Envew ￿.. A1295DS8-3427439A4ID7•J89E4864797 Royal QpeTa House C(Ivenl Garden Founda11￿ ILimite(J by gvarnnÉeel." Company Number 00480523. Trustees. report and consolmjaled fffiirKial 51alements. 52 week period eThJed 29 August 2021. SIR SIMON ROBEY Chair W&lcom8 lo thè Royal Opw3 House Covent Garden Foundati￿ (Limited by Gu8Trnt8è} 2020t21 Amual Report. Oue to the vagaries ol cthnpany administration tiffelables thls 15 the third consecutive Royal Op6ra Holtse Annual Report to be completed in the shadow of the Covid-19 pandemic. The period il covers, induding the 2020121 Season, has been a profoundly drficum one for the House. I would therefore like to extend my gratitude to everyone who has conlribuied so much to securing Ihe sutmval ol the ROH and to puiting it on a sustainable looh.ng for Ihe future. It has been a privilege lo hav• workéd ￿ such a dedicated and'talented team. During the perK)d ol this report Dawd Ross slocxy dowTr as Chairand l agreed to take up the role again. for 8 limited peiiod. I would like to reiterate my thanks to Oavid for his leadership and guidance. In the 2020121 Season, much reduced as it was, Ihe qual¢ty and rdnge of work that emerged wa5 remarkable. It was inspiring to observe the House being opened whenever it was possible. Ihe extension and growth of our digital and other remote offerings. aThJ adjustmenls made to prthjuctions and audience farAlitses. often at the last minute, to acconmnodate rapidly changing uThmstances. l offer my huge congrntulations to our staff and my thauks to everyone who ha5 SUPPOrted u5 and shown suth pab.tnce aryj understand￿9 é&spite th8 disrUp￿.0n 8nd uncertainty. At the tirrE of writing our frtouse is open. There are signs that plans for the fthure can be made without th8 sha¢Jow of Covid and from our posits.on as a twly wcrfid-class arb"S1￿ inslitution. That said we still face many challenges. Notrrfithstanding the support from HMG, ACE, thjr patrons. friends and othets. to each of whom l offer desp 9￿￿tude. we inevitably emerge from the parKJemiG in a Igss robust finanthal posib.on than we would like. We remain reli8nt of the continued support of ACE and all of you. The tearn also instigated 8 f8r- reaching restructuring of Ihe organisation to ensure our long4erm Via￿"(1ty and prepa￿dDesS to respond to rapidly changing wortd. Many C￿￿agueS have sadly left us aTrJ I would like to pay tribute lo their hard work and contribution over many years. They ¥￿# be missed. The appalling events unfolding in Ukraine foll(rMng the Ru55ian invasion present new difficulties. Our thoughts are above all wth those. in our wmnvjnity of staff a￿$1￿. 8nd amongst our audien￿ and supporters vthose friends and lamily a￿ d1￿CuY impacted. Wewill do whal we can to show our s()lidarity and io offer support. L4y)king further ahead. the attending geopolitical uncertainty, and h)nger-term economic impacts will test anew the iesilience and detemiinatKJn of the Royal Q)era House team. Thgre are other rhan9es ahead. We wll have a new Chair and ￿11 Gomplete Ihe searGh for a n8w Music Diredorto replace the extraordInaryAn￿10 PapparK) who h8s been us since 2002. But Tony will remain at the helm until 2024, and we hope lo see him in the pit often for many, many years beyond that. Both recruitment processes ￿11 hakyn this year. Thèrè is much for us to It￿k forward to over the corrmry Sèasons. Sir Simon Robey 29 March 2022

Royal Opera H¢wse Covenl Garderj FouThlalion ILinNted by guarantee). Company Number 00480523. Trusiees. and wnsdKlateiJ financial statements. 52 week perirys end8d 29 Augu512021. ALEX BEARD Chief Executive The 2020121 Season was amongst the Thk)sl thallengro in thè Royal Oper8 Hovse's history. For most of it we were unablè to welcm audiences into the ￿lIdIng and could perfomi on sf8ge only sporadically. The . Nutcracker, our Chriskni￿ favoyrile. ran for only 4 perfomiances out of a $ch￿Uled 17. for example. Aside from the many lost prlyJuct￿ns and perfO￿nanCeS - many of which were in ths advanced stages of. prtrparation and will be revisited in futurè Seasons-cwjr ability to engagè more generalty ￿th audieTKes that would nOM￿llY include schco)Is. young people and the wthr wnmunity. was sgverety Gurtailed. Nevertheless, against consi(Jerable odds, we continued to produce outstanding work and exiend accèss to our art forrns both physically and di9italty, workiThJ wth leadin9 a￿SIS and techn¥a8￿ from across the UK and intemalionally. In all we slaggd 48 balbt and owa performances in Ihrge $loplst2rt Mini￿￿a$0n$.. In October 2020, The Royal 8allel's first perfomTrnce in over 6 months was a poignanl seleclicffi of èxcerpts curated by Kevin O'Hare, Dir8dor of The Royal Ballet opening, appwiatèty, with Tchaikovsky's overbjre from The Sleeping Beauty. The Royal 8allet.. Back on S139& was perfor[T￿d in fronl ol an invited socially distancetj audience induding Speci￿lY invited heallh workers. wih Ihe cwchestra scattefe(I Ihroughout thtr sta115, and was streamed worklwKYe. A rfrworked NufGracker provKled some feslive rdbef wthile thg first show in 2021, 21st£•nlury choreo9￿phers. was a showcase of contemporary work by Christopher whee￿On. Crystal Pite and ri5in9 star Kyle Abraham. In a second programrr* we howjred the American giants of dance George Balanchine and. Jerome Robbins. It 4Wdsnl urbtil June that we coukl welcome a full 1K￿se and the 86auty Mixed ProgTrmme was a fine Cele￿aD'On of the breadth ol The Royal Ballet's heritage and ret)ertory. In Apnl. w• leamed of Liam Scarfett's trajic ¢Jeath. He was an exceptional talent who had a long history wth" the Cornpany both as a dancer and as a dwrapher. Our deepest sympathies ￿maIn with Liam's family, hi5 friends and al olhers affected. Opwa returned to thè House amtdsl lockdown in September 2020 with The Royal Opera.. Live in Ctsneèrt. Kwramrr@ of dassic excerpts curateil by The Royal Opera's Director of MUS￿ Antonio Pappano. slreamed line. In Octcljer socially distanced audierKes rètumed for 414 a quartei of stagèd sortgs and canlalas, by Handel, Gruber. Barber and Brilten. New taknt then took centre stage in a hvo-opera prograrnme- The Knife of Dawn, a one-person chamber opera by Hannah Kendall set in the prtson cell ol a Guyanese political activisl 8nd poet, and A New Dafk Age. a music drama incorporatiThJ WO￿ by Missy Mazzoli, Anna Meredith nd Anna Thorvaldsdoth'r. In Novèmber. duriTrJ the Season's second lockdown. we streamed a concert performance of Handel's griwng Ariodanle. his fiwst written for Covent Garden, in its first preSenta￿n her Sin￿ 1735. In April 2021, thè Jèlle Parkw Young Artists perforn￿d a Wall and Brecht mixed programme of the satirical Tlje Seven Deadly Sins and Mahagonny Songspiel_ Live audiences relumed in May. albeil to an auditoriurn at hall capacity, for Richafd Jones's new pioduction of Mozarfs ￿$1 opera seria La clemenza di rrtD. Eighl perf0m￿n¢t$ of La bohéme H)clu¢Jed a speo.al perf0M￿nCe thanking NHS workers. and the lasl operatic p?rformance of the Season on the Main Stage came from the Jette Parker Young ArtFsts in their annual surnmer show, once again sh)￿a51ng the star5 of the future. Oth•r opèra projects included 88it. a series of eBJht works for an exdusivety online audience in the form of shgrtfilms. audio performances and a web browser experimenL In May. we were at last able to open Cutrgnt, Rising, the wortd's first opera experience in hyper ￿alty. in a speual staging within the LiTrbury Theatre.. Although dèveloped before CovKI-19. this ground-breaking wojett took fwr audience members at a bme on a 15-minule operatic ioumey combining virlual realTrty rnultisensory effects. We continued to extend our reach Ihrough broadcast'aThJ dKJrtal channels. The #OurHouseToYourHtyJse digltal programme. launched during the first lod(down in the Spmg of 2020. established a home for full- length perf0m￿nceS. concerts, mini-documentaries and interactive activitses for children, generatiro more than 206 million views from IB3 countries. In the 2020121 S8a50n there were 15 live-slfeamed performances of ballel and opera and 23 archive productsons on payyr-view. For the first time, during thi5 ￿riod. more than 1 million peopl8 subscribed to our YouTube channel. Meanwhile our Create and Learn cfflline programme provided much needed 8duCati￿al resources for parents to home-school Iheir ehildrèn, and 1,400 teachers accessed CL￿te￿I IhirAJgh our online Leamin9 Plaffom to support remote lessons in schools across the county.

Royal Opera House Covenl Garden Foundalkm ILimiled by guaranteel.. Company Nurnber 00480523_ Tru$lees' report con501KJaled finaftc181 slatements. 52 week perirxl en<Jed 29 Augu512021. Away from the sta9e our first pnority was to Secu￿ our suNwal. and then to eslabli%h long-term viabblity in chaDged. and ever-changing. environff￿￿l. Our inGome was dramatically reduced due to performing restrictions with every possible ellort exlended to sustain tyjr core communty of artists uaftspeorAe and backstag? staff through the.ygar. We again wekomed government support tha Ihe Coronaviws Job Retention Scheme for furfoughed staff. a kjan through the Cultural Recovery Fund, as well a5 continued supwrt from Arts Council EftgLand. Wè embarked on a mapr lundraising campaign aryj completed the sale of ihè David Hockney portrait of our lormer chief executive Sir David Webster. Sadty, wè also lost large nlNn￿r5 of staff through a large-seale organisation wide redundancy and restnjcturing pro9iamm. We work•d closdy wth our Tradès UrM¢)ns to achieve these changès and to manage the inevilabty painf process in as fair and equilable way as possi1￿e. add￿ssing gender pay issues ano sustaining the organisation's overall protected characteristic employee profile. all. as validated through a cOMp￿￿enSive Equalsty Impact Assessmenl of proposals and outcomes. The support thal the Royal Opera Housè Benevolent lund was atAe to offer casual and frèelance staff, in partiCLlar. was dee￿Y apprec¥aled. In all around 25% of permanent staff left the ROH. alongshde many more in our casual workforce. These efforts enabled us to surwve financialty. lo c￿tinue to seThe audien￿ arKI to delivgr publi¢ bgngfit, including through our Leaming and Pa￿"CipatiOn programmes..The long-terni heallh of ROH also depgnds on Ihe applicabon ol our values. The ROH has a lorg-standirg cornmitmentto equality, diversity.and indusion and the events of the past 24 months highlighted further the stark disparities ol lives between communities in the UK. We tegan to implement a new Equality. Diversity and Inclusion plan ineluding many initiatives to improve-the way we recruit, develop and ￿laIn stsff Irom dNerse backgrounds. Environmental sustainability 15 now a cèntral eonsideratitin ol all ¢Jur a￿l￿￿"t$, as we slnve to ￿uce our.own Cart￿ footprint. It was an en(¥rrKJusly drficult for the ROH team in practical tems. wh&ther navigab'ng the challenges of ￿mote homeaworkin9 in cramped accOmr￿lati0n. coping with salary reduclions or adapting to Cowd- safe working practlC85 as we retumed to 51te'. rehear5Fng in masks. perfomiing in artistic bubbks. w0￿1ng around office capacity constraints, adapting air handliThJ systems or.managiThJ the lo3iStI¢s of carrying out over20,000 CO￿d-19 PCR tests onthosé working in dose contact. The patience, ded1￿￿On, professionalism and creativity shown by all was truty inspirirwJ_ Many ¢h8llenge5 lie ahead. W¢ wil be dealing 7Aith the after-effects of thè panderThc for many months, il nol years to come. The humanitarian cri&s in the Ukrwne has an immediate Impact on staff and artists with Triends and farnily at risk. 8n(l FK)lenti81 I¢￿94e1M consequences for the economy aThJ £onfidence more generally. The￿ is also a likely significant rea14erff6 reduction In our Arts Coungl Funding to managa in the. years ahead. We ￿11 do what we can to address thèsè d￿llen￿$. while conb"nuing to present wryk of the very highest wality vlith the exlraoidinary comnwjnity that Is Ihe artists, cfafispeopb and staff htrr¥. l also extend my gratitude to ovr loyal audiences. ￿lLaboratOrs. friends arKI patrons. Your support and 98n8rosity h85 been truly excepb"onal. and is now nKJre inyxtsnt and mre deeply appreciated than ever. All of us on the ROH team are enorrnousty gratefvl. aThJ we Iwk forward to wnakirw wonderful opera and ball$t together for many years to come. Alex Beard, Chief Exe¢ubve, 29 March 2022

Royal Opera House CoveThl Garden Foundation (Limited by guaranleel.- Company Number 00480523. Trustees, report and consolid81ed financi81 51aternent5. 52 week perKxY ervjed 29 AwJust 2021

Docusign Envebpe ID.. A1295DS9-3427439A-94D7-8￿4884T97 Royal Opera House Co¥enl Garden FOundath￿ {LinNted by guaranleel.. Company Number 00480523. Truslee5' report ¢onsolNJated financial slaternenls. 52 %￿k penod ended 29 Augu512021. I)JT mlssion Our mission is to enrich the cultural life of nats"L￿ by growing Ihe publK enioym•nt and appreciation of exceptional ballet and oper8_ Our visic Wè aspire to be a global ¢¥ntr• of exc•ll8nc8 for the great art we prfyluce and for the indusive way we do it. We want to grow our reputation sbll fvrlher. de￿￿nStra1lng ow scrial aTrJ environmental re5POrtsibilTty.. How we achieve our mission and vision We home to thm of th• worfd's great p8rfMnng art cunpan¢es.' Th• Royal Bal￿1. The Royal Opera and the Orchestra of Ihe Royal Opera House. We tell stories that speak to the univers81 Ihèmes that nv)ve us all {love and hate, revgng8 and reconcib'ab"on, hope and fearl. from the great works ol the past ¢0 new commiss40ns, reflecling contemporary cutture and concems. Our theatres are in London's Coveni Garden but our work is accessed and exFerienced across the UK and globalty through tourirg partnerships. ciwn prograrnmes. radio. TV and onlinè-streamiw¥J. We aim to bè a leading artistic force that tskes calojlated risks. bolh to invest in the artfom)s of the future and to sustain the existing repertory for new audiences. We work with the best creative ￿arn5 and perforrners from around the worfd, conslstenuy achiewng lh8 highest standards of stagecraft, and embedding constant improvement inio our processes and cullu￿. We have W0￿e￿ hard to maximise our reach. despitè the panderric. by providing access tts our artfOr￿￿ onl1￿_ AAists"c excellencg Sirotchas beyond our Main Stage and thè oft•n mom ex￿rimental Linbury Th•atre. Io OLW foyers and pubh"c spaces as We￿ as outs'de our building. We have invested in St￿ngthenIng ourcapabilities in data generation and analysi5 to ensure we are capluriDg and responding to audiertrce feedback. both from those who already engage wilh our artf¢)rms an¢J Ihos who currentty do not. so that we have the jnf0rmall￿ we need to continually improve. We are a National Portfolio Organisation. SUPF#Xtsd by the British wblic Arts C(￿n￿l England, and a registered charily. receiving dC￿ationS from t￿8 who shwe our arnbilicffls. Challè Thè turnultuous evenls oflhè past 24 ￿￿th5 have hvy)lighted ststh disparibes in th8 livesof ihe UK'S vaN)us comrnuniti•s, often detemined by ethnic ￿10-eConoMiC background. There is a lack of equity in the provision of arts edvcation in scools and a lack of dÉversity among those participating in class￿1 singing and ballet. This is having a direct impact on thé tslent pipeline and on the audiences and artists of the futu￿. Diversifying participants in the arts is c￿e of the nw)st pressing issues ol oui time. So. in 2020121, as well as onlinuing to focus on artistic excellence ￿ our stsges, perfomiing whgn we eould. w• also prK)riti$ed achieving positive swetal impacl. We have a long track record of njnning programmes to ￿den access. including wilh young peO￿e through tyjf national programme with xhoojs acr058 the country. wh￿h we continued to deliver despite Ihe re51rictions reS￿￿Thj frorn bckdNfn. The following pages expand on the ways in whth we worked to uphold our priorities and value5 throughout ihe 2020121 Season. despile the challew, and how we conDnved to deliver public benefit, finding new ways to Serve our audiences. support Ihose who needed IL induding home-schoolirvj familiè$, arid to ènsu we can get back to a sustainable Position as qLKkly as Fty)SSit4e. Lookin9 ahèad to 2021122 aThJ twd. sb3nificant finanaal challenges reman despite the Suc￿sS of our Recovery Plan (asset sales, mapr funtlrais￿g Ca￿paign an(1 or9anisabonal restnlctwe. and the CRF loan), Emergng major risks indude.. Increasing inflation. conservalivety 5-7% pa- driiien by ri5iry energy costs At best a static Arts England grant frorn 2023. whth covkj be a ￿31 tenn reduclM)n of eirca £1.2m per annum to our grant li

J(yJ&w Erwekjpe ID.. A1295DW3427439A.94D7408gE4B64797 Roy81 Opera House Covenl Garden F￿￿JaI￿)n ILitnile(J by gvar8nteel.' Company Number 00480523. TrusleÈs' report and ctsnsolidatett finanoal slainenis_ 52 week period ended 29 Aug￿51 2021. Geo-poh"tical uncertainty following the Russian irwa5￿n of Ukraine impacting fundraising confidence For our 2021122 financial yew we are forecasling an inwmB arKJ expènditu￿ defKil as audiences rebuild post-pandernic, covgr8d by R•covtrry Funds. In addrtion. we have a majorcatytal investment nèed to replace" and upgrade end life building and equiprnenl. We aim for ROH'S 0￿ratIng positi.on reluming to a breakven positson in future years. the pace of which wll be govèmed by Ihe factors above.. 12

D￿US￿n Envelope ￿". A129505&3427439M4074089E4B64797 Royal Opera House Coveni Garden Foundation {Lirnited by 9uaranteel.' Company Number 00480523. Trustees. rewt antl consolidaled finan¢k81 slatement5. 52 week period ended 29 Augusl 2021. OUR PRIORITIES 13

DooJSi9n En¥ekJpo ID.. A1295D58-34274J9￿g4D74os9E4864797 Royal Opera House Covent Garfen Foundalion ILirD¢18d by guwanleel-" Company Number 00480523. Trustees. report and fA)nsolKlaled financial Slaiernen15. 52 week Penc￿ ended 29 AiJ9v$I 2021. Our overriding objectsve in 2020121 was to enstjre the kJng4erm viability of the ROH. as it soon became clear that the pandemic would have Seve￿ I0￿-tem7 impact5. We also ￿Mained committed to conkn'nuing io serve audiences and supp)rt our community ol staff and artists. We implemented a comprehensive Rgcov8ry Plan wluch ind￿jed.. MapN charoes lo ourorganisaljc￿aI stralegy and operating TrN)del. significanuy reduung costs. while simultaneously, ke8piry Ihe ￿re of the organisaticm inlad so Ihat we could retum lo perfoming al scale. This induded a restrucluring wth over 25% staff redu¢bon." changes to contracts. Im￿err￿t￿t10n of new working practices. and a reikjcbon in all salaries over £75,000 Disposal of assèts- the Sa￿ of David Httkrw painting of Sif David Webster A major fundraising campaign ihat induded asking for addilional donations. ar￿ a9reein9 r•d$ploymant of gtrts already donated or CoMm￿e￿ lo support recovery Govemment support, Ihrough the Coronavirus Job Reternt)n Scheme and a loan Irom the cultu.ral Recovery Fund. as well as Ihe ojnlinuing grant support from ACE-for which we arg d88pIy 9rat¢ful While this Recovery Wan was being implemented. we k.ept cjose to our audience5 and artists onlinè, ontinuing to shtsw performance$ through digital StreamiThJ arml on radio and TV. We aLw continued to supp)rt schO￿s, families and communities by engagirKJ them ￿ digital conlent and acbvibes. With the gradual •asing ol lockdown rriStrict￿￿s. in Spring 2021 we wèrè ablè to open ￿J1 doors again to audiences, albeil at significantty reduced capacity irb order lo meet social distanang requirements. Our prioriiies induded the following.. Artistic Excelle We consistently Tr)7ecl t(xlays best people and ideas. appealing to Ihtr ljroadèst possiblè a£￿1•ne8. This incl£rt#es.' Balanced pwarnming on wr slaw when wewere able to perform. but alsovia thgital channels.. clnema, radio and TV and in our public spaces. Chjr goal was lo continue lo serve audiences. despite lockdown reslricltons (the Appendix at the end of the khievement5 S¢Ction sets oul what the ROH were able to perfomi in Season 20201211 Championing talert( including foregrounding our Jette YouThJ AJbsts Programrne and offering employrnent to as rnany performers and freelancers as wjssible New and underqepresented arllsts - we conb.nued lo deliver programmes de5wJn•Y to support areef Pr￿reSsion ol arts"sts, induding women Ihough our E[￿nder programme, and aiming to ' increase the ethnic diversity of our perfornws Outcomes summary.. we maintained audience satislaction.. gave Aew opportunities lo diverse ryealives and pèrfomrs', and wè increasèd ateess to pèrfomuncès ￿lIne. enin andE Divetsi and Inclusion Wt opèn up ￿ a$￿ts of th• ROH so w• ean totKh morè p8opl•s liv•s and ernat• a d*8per sense of belonging. We conts'nued to welcome peop.le into our building when we co￿d, daYty'n￿ opening. We ensured there were tickets avaIL9b￿ at affordable piices lor Perfo￿￿nceS on our 51ages and lorthose that were broadcast via digital channels. We gave special performances for NHS stsff who had dor￿ so rnuth io support Ihe nat￿n t1urino Ihè pand￿n￿. We a￿ committed to providing engagement opportunth'es for the potenbal perforn￿rS of the fvture, as well 8s audiences of the lthure, W￿uding pu￿15. a focus on those from well￿ff soc40-economic and diverse ethn￿ backgiounds. We inere8set1 staff in¥ofvement in conVersalic￿$, ￿k1￿j to surface issues of Co￿eM io them and.to talk about potential solutions. In swnmary. we wm to wekome people lo us, whether they are audiences, 14

Dwjsyn Env8k41e ID.. Al29￿5￿￿427439A.94o?.e089E488479T Royal Opera House Coveni Garden Foundalion (Limiled by guaranleel. Company Nurnber 00480523. . Trustees, report and (>)nsolKJ8led financial slatenTrents_ S2 wk period ended 29 Attrgusl 2021. performers. other creatives or our workforce. ensuring everyone is tr•ated with res￿¢t. As part of that, we launched a new Equality. Diversity and Indusion IEDII Plan that indvdes a commitment to listenirwJ more closely tr) the wews of thosé wfK> engage us and respoThling lo vthat we hear. Our wiwties includwi.. Natlonal particlpatlon- we conlin￿d to support teache￿ acr055 the county to bring ballet. oper and thealre<raft into classrooms nation￿￿• and lo ¢onnect with under-seryed communiliès Audienee development-we slarted a process to idenlify barriers lo engagement with our artforms and to deveknp strategies to address Ihem. The pandemic was a Ca￿ty51 for us to axpand our digital output.. analysis demonstrated thai this enabkd us to extend our reach geographicalty. Even as we open Ihe buildirrfj again. we a￿ ¢)intinuing to develop our digilal offer. building on what we learnt during th8 pandemic Supporting the secior - we engaged proactivety wth peer artlslic organisations and the wider Sgctor to shar8 what we leamt. f( èxamplè working within govemmènt Cowd-19 guidlines and processes to keep slaff, a￿sts aThJ athjiences safe", and we contin¢Jed to p•r on Engender. our Ini￿atiVe to Change gender imbalance in opera and music theatre Inclusive workfor¢e-we began to Im￿ement the new Equality, Diversty and Indusion plan. vthich ft)¢uses on iryro¥in9 Ihe way we recruit arKI relain stsff from diverse backgrounds OutGomes sumrnary. we SUPF4)rted schools and FKMne-schcdir#J tsrTMlies w¢th digilal content, growiThJ ou engagement with young pewe and their families, schools and communities and SUPF¥ffiing them to dance and 51119 and enjoy our aitlorms. We irrJeased access lo our art fonns digital channels. We Sirengthened our ￿lab"onShIpS with the sector. We began lo implèment ournew EDI plan, including ¢ompulsory anb'4acism training for all recruiting managers.. Revenu Growth Giver) the impacts of the pandemiG on box office revènue, we frKussed hèavily on rnaximising incomè from a variety of other source5 to support the h)nTrlerm wa￿"11ty of.lhe organisabon, ens¢Jring we h8ve a sustainable in¢orne base to enabk us to deliver ¢)ur other objectives in thè future. This induded. Cuslomer spend- opening our door5 vthenever we cwld. HcA¥ever. our box office incorne shrank by 94Y over the Season compareil wth the last fvll Sèason before lockdown, and hosprtality an¢J retsil sales fell in line End¢Mtm•nt- ou¥ longer-tem goal is to double the ROH Endowmènt and increase the income 1¢ will generate for luture aclivity. However, given the financial implications of.the pandemic. we also louJss&d on redeploying sc¥n8 of th• en¢Jowment as part of the Re￿Very Plan Recovery CampJl9n- we redoubled our efforts to raise funds thrcwh philanthropic giving Grant fr¢Kn Arts Counc•l England-wè drew dowrb our 2020r21 and secured a roll4)vargrant for 2021122 . Outcomes summaw. although ovÈrAII. irome ijropFd si9nifficanlty. by Iho end 012020121. we were well- placed to achieve our goal on the Recovery Campaign in 2021122. anisati We undertook amaiorreslnthringpmgramme lo ensurg th Iwtem? finencial wats'lityofthe oryanisat￿. We revièwed all our adivib.es and" iiHle difficult deasiorts Ihat affected all areas of th¢ organi5ation. .In conducting the rewéw. we recognised thal rM)st IlKkdry￿. W￿ couldn't simpty relum to'nomial,. We needed 15

DoeuSwJn Env81)pè ID." A1295058-3427439A-94D7•)89E4864797 Royal Opera House Covenl Garden FoUndat￿n (Lifflited by gvaranteel. Company Nurnber 00480523. Trustees, report and consoh"dated financial statemenls. 52 week period ended 29 Augu512021. a laskn"n9 restructure to a¢Jdress prè-èxislir¥J finanoal pressures thal were exacerbated by the pandemic. and to ant￿iPate the fulure impacl on our audiènce5 and commercbal nN)del in the rnonths and years ahead. Wè iVLYked closèly wth our Trades Vnions to achteve realistic structural and contraciual changes to the way we work. while maintsining our abilily to deliver worby dass performances_ Thèse contractual changes enabled us lo achieve short-term operational saviThJs. which will secure and protect jobs in the long-term. OufGomes SLImma￿. a total of 272 empbyees left between Juty 2020 and November 2020125% of staff). Having carried (wit an Equalty Impad Assessmènt of the restruC￿n￿g process.. we are cvnfident that the organisation's overall protected characteristic enwoyee profik wa5 r￿1 disprffjortionally impacted. 16

Dooisyn Ersvdope ID.. A129505&3427439A-94D7-80B9E4B64797 Royal Opera House Covenl Gaiden Foundation (Limited by guaranleel.. ConM)any Number 00480523_ Trusl8e5' rel￿ ar￿ cons01￿aled financial sl3lements."52 week perio¢l Ènded 29 A4us12021. ACHIEVEMENTS 17

Docusun Env•ky ID. A1295D5&3427439A-94O7-￿8gE486479? .Royal Opera House Ctsvenl G8rdÈn FouThYalirJn ILimiled by guaranteel." Company Number 00480523. Trusiees. re￿rt ènd con501Klated f1riw￿ Slalements. 52 week peri¢)d endeé 29 Au9usI 2021. ARTISTIC EXCELLENCE Balaneéd Pfo rammin When lockJown reslriclions ptrmitled. we perfomMI conternporary %wrks and ￿pertOry classtcs live on stage at Ihe ROH as set out below. In total, though we had to cancel or FX)styx)ne a s￿n￿￿tint numbèr of productions and performan￿5. we gave 48 on-stsge perfom)ances. We had to mako adjustments to all the productions we were able to wl on - for example. a pared-back production.ol Mozart's La clemenza di fito- lo meet govemment guidelines and honour ourfirn conwnitment to the safety of tyJr audiences and.perfO￿rErs Nevertheless we maintained broadly the same level i)f audience Satisfac￿On asfor the last full Yearbel0￿ the k)ckdown. The responses Irom b811et and opera crits'G$ and the ènthusiasm of audiencès was èxtremdy pleayng. Balle¢ The 2020121 Season opèned on 9 Octobèr 2020 ryth Thè Royal Ballel.. Back Stage. an exhilarating programme presentsng Ihe Ccmnpany's world4lass dancèrs at their dathing best and highlighting the broad artistic breadth of The Royal Balleys ￿pertOry. It was perfOr1￿'befOre a tMk)l audience and Streamed worldwde. The repertory featured soaalty th"slanced group works as well as S￿0$ and pas de deux. The evenin9 was dedicated to lan Taylor. lormer Chatrman of the Board of Trustegs. in rttLJnib"on of his tongstanding seThice. philanthropy an¢J advocaty for the work ol The Royal Bal￿t. In November, ￿ prTrJramme5 of repertcry hvJhI￿Jhls were kMBsented in The Royal Ballot." Live. Each programme ctosed a one-act ballet (Kenneth MacMilLan's Ehts Syncopations in Programme A and Christopher Wheeldon's Within the Golden Hour in Pro9ramme Bl. In Iwjht of thè nats.onal lockdown that rrKJnth. an expanded live pérf0rn￿nce PrcrfJramme A was gNen on 4 Novernberand a streamed performance of Prograrnme B on 13 November. This second programme include(1 a new shoriwork byvalenlino Zucchetti, Schetto. which went on to a Southbank Sky Arts Award and was a highlNJhl later in the Season at Da￿eY Bussell's British Ballet Charity Gala at the Royal Albert Hall. The Ntrtcrackerwas brought to the stage for lh& festive Seasc￿ in a,TeW￿ke￿. ¥ersion to make il CovidThryafe. including a rduc•d numbèr of Royal Bal￿t scho￿ students and a new battle scene choreographed by Will Tuckeit. We p￿SentedfoUr of the 17 scheduled perfomrnces of The Nutcracker before the prgduction had to ba cancelled bécau￿ of sln.ctèr lockdowm measures the UK'S move into Tier 4. Creaknvity continued to shine in onhne programffryJ inchJdirrfJ n the ¢P￿reOgr#rAlic plaifomi. Draft Works. which was presented as a film wrth rxjntent generaled by some of the dancers during lockdown. A SI￿aM of Spnng Draft W0￿S folknyed wrfh a wogramme c￿ted specially for the Main Stage. A Ihird prograrnme was dev8k)p8d for a live audience èxtemal chtsreugraphers induding Jason Kittelberger, Dickson Mbi. Hannah Rudd and Didy Velttman. tmjt this had to be due to 5thedulin9 issues arising fr(X￿ Ihè Pandè￿e. Other strong onfine content included Wortd Balel Day. the erK￿rin9fy wjpular online celebration of dancè, which took place on 29 Octobtr 2020, hwjhlights.rtg young and dwerse talent and female C￿Ne09raphers. Royal Opera House Insights induded a discussion wlh sixdancer5for BlaGk Hi$tory Month around influences in thèir livgs and the 8la¢k Livès Mattèr movernent. A Meel tha Young Dancers Masterclass Insight introduced audiences to the youngesl dancers in the Company. In ￿ri1. special popstyle Pr0￿cts commissioned by The Roy81 Ballet We￿ fil￿d on Ihe Main Stage. Lyssa choreographed by Lynnè Page with singer Nadin8 Shah and 17 dancers. aThJ Arthur Pita's Agnus Dei. a ￿llaboratIOn with singer and composer RUfu5Warbwiightfea￿￿9 Leo D￿. Royal Balletdantéfs also part￿ipated in The Royal Opera's 8ts't digital inibative. Dancers ￿tUme1 to the stage to perf(xm for INe audieTKes in •Aay and Jvne in three rich programmes spanning 1V<entury daSsi￿. worts by American master choreographers ol the 20 century choreo9raphers working today. The 21£entury Chorèographers Programme featured a new ballet by Ameri￿ choreographer Kyle Abraham. Oplional Famity." a DNertissernent and works by Crystal Pile thal were new to the Company. Thg Statement and Solo Echo. The 'Balanchin8 and Robbins. Pr<4rammè included Balanchine's Apollo and Tchaikovsky Pas de Doux and Robbin's Dances at a Gathering. This was followed by the 'Beauty Mixed Prcgramme., lealumg the w)rld premiere of Valèntino Zucchti's Anènkw {a 18

Docuswn ETh¥ek)￿ ID.. Al295Ds￿342T439A-9¢D7-e089E4B84T97 Royal Opera House Covenl Garden Foundation (Limited by 9uarante81." Company Number 00480523.. Trustees, report and consoli¢Jaled financial slaiements. 52 peri(KJ eithd ?9 August 2021. thorèographic devèlopment of Schenol. Wayne kkGregx's Atrgen. Macmillan's Winler Dr8èrn&, Christopher Wheeldon's Afterlhe Ratn. Ashton's Votces ofspnng. woman with watsr by Gelebratgd vtrt¢ran choreographer Mats Ek and conrluding w71h Ad111 of Thè sle￿"￿ Beauty. The Linbury Théatre's dancè season opened ¥wih summer performances by Rambert School and The'Royal . Baltèt School, 0ri9inaNy scheduled to be part of the scheduled Next Generation Festival that would have included w)te1nation￿ guèsts. Q)era In'opara. n&w woth highl￿1￿ induded: 414 In rèsponse to the very Spect￿ e()ndibL￿$ ofthe pandfft in autu￿ 2020. The Royal Owa embraced the challenges ol Ihe moment (social distar￿ng on stage and in the pit. ￿duced stsff and financial r&source. travel difficulties and quarantsne} and programmèd an .eveniThJ lèaluring four distincttve shori works ihal showc8sed world-c￿55 vocal quality arKI cornposltions - but that were rK)t gperas. The mini-productions ol Handel's Apollo and Daphne. Barberfs I￿￿x￿lIe." Summer ol 1915, Britten's Phaedra and Gruberfs Frankenslein!I were ngt only a creab.ve msrM)nse to cO￿￿-19 trNJt 8 bold departure from Th& Royal Opera's traditlW81 repèrtory. Four of the UK'S outstanding oper8 arml theatre directors - Deborah Warner. Richard Jones. Adele Thornas and Aniony McDonald- worked vffjth top 8ritssh opera singers Chnsline Rice and ￿lan Clayton and from lurth•r ar￿d, Soulb African soprano Cecilia Masabane Rangwanasha, one of our Jette Parker Young Artisis. These short works of hvJh Iheairiral lenston and'drdma, m05tty sun9 in English. were irnmediately accessible and direct. and challerged many negabve precDrrption5 of the art forffl. The products'ons themselves, minimal in terms of set and costume. also challenged the tradit(mal as50ciabon ol opgra Wbth ￿8￿1¢ excess. perhaps provrdirg a of what opera bg when at its most disb.lled and powerful. N¢w Dark Age This project took the same irnpulses behind 414 arKI presented works by womèn Com￿ser5. These were directed by ￿ leading female theatre practib"oners - Kabe Mitchell and Ola Ince - and designed by Vicki m0￿Mer. Traditionalty Ur￿e1-rePresented sn the afea of opera o)mposition and direction, ferna￿ creativity became central for one ol ihe few b.mes in The Royal Opera's hislory". The Knrfe of Dawn is only the fourth opera by a wofflan to be performed rm the Covenl Garden's stage in 300 years. It was also the first opera on our Main Stage by a wmposerof colour. supported by a mainly diverse creattve tearn, wth Peter Brathwalle in the lead rde, Jonathon Heyward corKIu¢tiTrJ and video designs byAkhkila Krishnan. Touthin9 on troubling themes of colonialism and creative isoLqbon. the opera explored the lile of Guyanesè r)et Martin Carter. Ince's production drawing wt contemporary iesonances ol raual oppress¥)n and discriminatson. This was follow8d by a unique meldin9 of works by female composers - AnrFa Meredith. Missy Mazoli and Anna ThorvaldsdotDr- In a vtdeo inslallation called A New Dark.Age. created by Katie Mitchell and Grant G8è. The atomisalion wrought by the paThJemic was brought home in a radical piece that combined live and re¢tyd material, an urgent assetts.on ol the Royal Opera House's rol& in ￿flecting society. Operas in Progress - The enynder Fests"val A key part ofthe work of The Royal Opera House on tM)th stage5 is commissioniThJ contèmporary op8ra that enablès the cannon lo devÈk)p. and to tell new stories with diverse perspectives that reflèct our changiryJ world and society. As ￿ s8ek the nexl generab.on of artists and audiences we continually explore wa￿-t0 open up the foryn ol opera. Our Opera in Pro9￿SS Ser￿ wovKle an exchange bets￿en arbsts and audiencgs. Thg audience gain an insWt inlo Ihe very slart o[ma￿.￿j an OPBra, hearing from the artists about h(￿ their ideas and initial text and Th￿S1¢ havè.èm￿ge￿. Artisls are able to ask the audiences quesbons and understsnd their response to these initial ideas. whth suppM)rts them in Ihe next steps of the opera'3 development. Three piojects were presenled.. Hist¢xy of thg Present, a hybrKI workin9vclass opera that explores the resonances and le98¢ies of the pea¢elines in Northem Ifeland, by interdisaplinary writer Maria Fusco and director Judo Chfistsan." Booker Prits shorth"sted. The Fortune Men, by writer Nadifa Mohammed and composer Nina Whitman.. and Lambs. an opera Ihattakes ihefom of a podcast, by Director D8isy Evans . and composer Laura 8owler_ 19

Docu&gn Envew ID.. A1295D5B4427439A-94D7-8[￿E4B64797. Royal Opera House Covent GardeF>"Foufidation (Limrted by guaran￿e1." Company Numl)er 00480523. Trustees, report and consohdaied staiements. 52 week petiod ended 29 Augusi 2021. Curr•nt Rislng The wortd's first opera in hywr ￿alty, Curmnt. Rising. was a uniqu• collaboration b￿￿en Ihe Royal Opera Housè's innovation Pfogramme, Audience Labs. award•winning FignEnt Productions and Royal Holloway, University ol London. Developed by 8 fernale-led creative team and lunded by UK Resèafeth and Innovation, Cuffènt, Risirw was an experiment in blending stagecraft. arbstic exc4lencÉ cuth'ng4(Ige t¢chrnology to develop a ra(Jical new way of seeing opera that puts Ihe audierTrce al the cenlre of the perfom)ance. The result was a 15-minute hyper-feality experience. comlx.ning virtual reality with a muhisensory set, invits.ng audièncès to step into a bespoke 'Opera" Tardis, and experience. a dream-like joum8y carried musically by a poern layer8d in sorrfJ. Cnb"cally acdaimed, Curngnt, Risingdemnstratet1 a wsion forthe future of eultural foms, encapsulabng a new lomi. r￿ted in stsge tradib'on, enriched by the magic oftechndogy. It won the VR Award for 0￿-01-hOMe VR enlertainfflent of the year. The creative 18m was Director Netia Jones. composer Samantha Femando. Designer and CGI Art Director Joanna Scotcher. librelb'st Melaniè Wilson and sound designer Oavid Sheppard. 84lt 8*it marked the first curated digital shorts cpera serie5 frryn The Royal Opera. A serigs of eight ￿8￿Y- ornmissioned, experwnental expèriencès of digrtal opera brought togetl)er some of the nKJSt innovatsve conternporary artists. Crealed in ￿sponSe to the impact of Covid-19. available for free, and hosted across Facebook, YouTubè and Instagram, 8-knt gave existing and new audiences new ways to experience exceptional opera and challeroe the stereotypes often assiKiated wilh th8 art form. With century-spanning music.. ITOM Han¢Jel and fchaikovsky to John Barber. Brian Irvine. Matt Huxky and Anna Me￿d1th, the opera series reached an audience of over 87.5CX) perwle.'The bead arbsts for thesè short operab"c pieces we Dumbworld. Patrick Eakin Young, ELaye¢ Ismail, Akhik Krishnan. Kalie Mitchell, Anna ￿rri$seY, André dè Ridder and Katherine Manley and Rakhi Singh_ Although kxkd¢)wn prevented us Irom dth.ng as mLth work on the Main Stage as we had.planned, we nevertheless fielded a Icp-rate list of artists. indLKI¥u: Aigul Akhmetshina Sophie Bevan Peter 8rathw8lte Charles Castronovo. Nicde Chevallèr Allan Clayton chris11￿ Cuman Enwly D Angelo lestyn Davies Danielle de Niese Riccardo Fassi Gerald Finley Joshua Guèrrero Paula Murrihy Kristine Opolais Lisette Oiopesa Anna Prin¢eva Chen Reiss Christine Rice 20

()ocvSffjn Enyebpe ID.. A129sD￿342743gA-94D7-￿8gE4B6479T Royal Opera Hwse Covenl Garden Foundation ILirni18d by guardnleel.. Company Number 00480523. .Trustees' report and consol￿ated financial stalem8nt5. 52 peiTr)d e￿Ied 29 Augusl 2021. . Erwin Schrott Roderick Willk4ms Adela Zaharia Streamed Wè incrèased our reach via digital channels, with 15 live streams and 23 previously recorded r4)eras and ballets made available on pay-per-wew. f<yJr which were provided for frè8. The streamèd pf¢)Juctions were watch•d 233,000 times, wth two thirds ol UK ¥￿￿erS liwng crtJtside London. The lessrms leamt from streaming and payer-iew ale feeding into our fijlure pknn5 In￿51￿j our dvjital otjtyjut and w¢h. works filmgd and straarned induded." Lyssa - a spectacldar perfoThnance by Nadine Shah. wilh dKJre(Jraphy by Lynn Pa9e, fealuwing Royal 8allet dancers Agnus Dei-a sdo performarw by Royal Bal￿￿ FI￿tAl#st Leo Dixon. c￿. phed byArt￿rP4la in collaborats.on wth singèr and comws8r Rufus waln￿ght Draft Works q - a streamed film of wrxk created by Royal Bal￿1"dance15 duriNJ ￿kdr}Wn. shared ex¢lusivety with ROH members Draft Works 2-a film of short works Créat￿ on the •Aain Stage of Ihe ROH. featuring chorwiaphy . by Royal Bal￿t dancers An￿118 Townsend. Stsnislaw W¢grzyn. Joshua Junker, Ashley Dean. Matthew Ball, Kristen McNally. Valentino Zucrheth" arky ma￿?11￿0 Sambg Yorke Dance Proiect- Romany Pajdak. Firsl SI￿015[ Lockdown Port￿118 choreography by Robert Cohan., this solo was thé last dance kn be created for Cohan's final %w)rk-Aftemoon Convetsatsons wrth Dancers. Filrned on the PAain Stsge at the FIOH Evalua1￿? To further strengthen ourfoM8fd prcrf)rammè plannin9. initiated 8 new evalualion process to wrprove our ability to leam frcffn and react to audience feedback. Cham taknt Royal 0￿ra H(￿se enwoys nKJre artists than any other UK arts O￿aniSa￿On and works with a laTge ne￿ork ol freelance creatsves. sirwJers and other perfrynEr5. Ai Ihe heart of ourcreative output are our three pem)anent ensembles." The Royal Bal￿1. The Royal Opefa Chorus, and the Orchestra of the Royal Opera House_ Their repulation for technical and theatrical exCel￿rKe attracts intemational lalgnt to the UK and 1$ a source of grèat pride. whi￿ the size ol the ensembles ￿rfuCed over ihe year. we ￿￿teCted the core as rrvch .. as possi￿e. This was a very diffvjtt year for t*rformers. creati¥es aThJ free18r￿￿Tr. fflany of wFbyn ww• unabl? to work . for rrKJst of the year. The pertornNng Companies were furI￿ghed for muth of 2020121. but we continued to sustsin daily class for dancers via Zoom and, when possible. we begarr to bring our dancers back lo the Studios for limited. socially distanced rghearsals. en8bling th•m to gradually r•gain ess¥ntial fitness. We also continue¢J to support freelancers. including pa￿n9 them cancellaljon lees when shows couldn'l go ahead. and maintainiro our partngrships. lor exarnple with Engender (see bdowl. The Jatte Parker Young Artist5 Progrnmmè. one of thè wodd's leading cèntras for nèw operalic talent, offers Yo years, training for arti8ts with the polential to forge an intemational career. It also provides additv)nal support for.emerging artists from under-represenied backgrounds. In 2020121 the programme produced a broad range Of filmed work, including oui first opera to be Irve stréamed Irom both the stage and the auditorium, and with a Ive Instsgram feed embedded into the show. half of the director Ir8iniThJ cohort have goTre on to paid wwk wilh the Company. The Programmè also delivered Nvo live coursgs for ¢onduetors with the Orchèstra of the Royal Opera House * the City of Lffitknn Sinfca)ia. 21

DoDJSYJn En¥ekn￿ ID.. A129sD￿342?439A-94D7Q]89E4864797 Royal Opera House Covent Garden Foundaik)n (Limited by guarantee).. Company Number 00480523. Trustees. rep)rt and ¢onsolidated ffftan¢iJ statemenis. 52 ￿￿k pericxl ended 29 Augusi 2021. New and underre nt artists We are committed to Increa￿n9 the diversity of iyjr utab.ve programmes. and the people who creats and perform them. We affj on track to achieve our goa of al least 50% of the c¥gativès we commission being women by 2022. Engender is the ROH'S initiatNe lo grow and hKJhhght w(MYw) and noninary talent bolh ￿$trge and bèhind the scenes and to move Ihe sector iowards gender inclusivity. The programme thrived during the pande￿c, rroving online, which enabled more people to join from outsbd Loftdc￿ and across Ihe UK. En98nder n(trw has members from across Europe. tt)e USA and. wih support and fu￿ling from th& British Council. is developing partne￿￿1p5 in several tess economtilly devekjped couniries. Ind￿JIng South Africa and Egypt. The nefv￿rk met every two ft￿nths and supported arttsts dumg that period sttsions lèd by Tonic on varièty of subjects including wellbeing arbj resiliènce. The ErYJendèr Festival 2021 was a hybrid of live and online events. with 15 ple￿5 of ￿1￿1 ronlent "generating 425.000 views and 12.500 engagerrents. OPENING UP AND DNERSITY, EQUALITY AND INCLUSION Our prcxJrammes continued to pro￿lJe opportunities fN a wide range of people to engage with and ¢nioy our perforrnanGè5. both inside buikluw and beyond. Examples are summarised below. ROH Unlocked ROH Unlocked took placa in the co￿nt Garden pia22a on Saturday 10 Juty and Sunday 11 July 2021. This was our first pU￿1C festival since tockdown bringing ROH artists out into Ihts pU￿le spaee lor world-class performances and giving the public a chance to take part in workshops. There were live performarbces from mbers of the Royal Opera Chorus. world4enovmed soprano Anush H¢)vh8nnisyaA and Zoo-Nalion Youth Company, as wèll as participatory singing ar￿ ballet-t)arrè workshops. Audiences were also inviied to visit the ROH Story Shop. an imrnersi¥e Iheatrical experience ¢yeated in ¢olLaboration with LitNe Bulb theatre eompany. Open House Our Daytime Events and Festivals programme was ￿laUnched in 2020121 with Open House attracting ts￿r 4,500 people over rme weekend. Ifisitors to the ROH coukl enjoy ptsp-up performances from soprwo Anush Hovhannisyan, (enor Alan Pingarroen aThJ harpist Elin Samuel as well as explore an èxhibititsn of costumes, set, props. hats and j?￿11￿ry frorn The Royal Opera's prLKluction of The Tsarina s Slippers. Fhe weekend also markèd the unveiling of the installa11c￿ of Nvo exceptional works of art.. Da￿d Hocknèl5 Portrait of Sir David Webster, displayeil in Ihe Main Entrance Foyer, and Taiita Dean's exlraordinary chalk-on-board Inlemo, one of the desNJns forwayne McGregorfs n￿t ballet The Dante ProiKt. in the Paul Hamlyn Hall. with le and Iheir famil￿ schc)ts and crynm nili Our LearniTrJ and ParlicyatK)n work i*nts"nued tts ￿Y a role in plan to trwjikl the futu￿ of ballet and opera and to diversify the talent pipeline and our future audiences_ For example, one part of the ovèrall National Prcsramm8 was a suite of'create. pro3ramnEs that 5UPPOrted teachers. schools, children and, for first-time, freelanc8rs thr(wJgh the pandenNc. 22

Doojsign En￿￿pa ID." A129so￿3427439A-84D74DS9E4Bfj4197 Royal Opera Ilouse Covent Garden Foundation {Lirniled by 9UW8nleel' Company Nvmber 00480S23. Twstees. ￿pOrt and consolidated financial slatemenls. 52 week pericJ endeo 29 August 2021. rhe numbers achieve(l are summansed in the tatAe below. Everts Teach•rs Freolanc•r5 Total participation5 Total School$ Children and young people Imax estimated 6.050 Creat• & Oanc• Crgate & Desi Creat• & Sing TOTAL.. 16 114 78 79 91 49 5.380 14 213 59 432 175 18.670 30.100 35 723 302 ' We also continued with our Chaneè to Dance programmè. which worts wth The Royal Ballet School and private dance schools to diversrfy the eady talent pipeline for ballet. In May, we were once again able to deliver in-person w0￿hopS in 10 primary schools lfive in Essex. five in ihe Wesl Midlands}. 142 young people attended these sessions and also attended in-s¢h￿l se55ion5 to leam dance and movèment Irb5pirèd by Macmillan's Romeo and Juliel. We also prov¥Jed bursaries and support for aspiring young dancers. Doncaster Oanc8S Was a three-week long prc¥ect that broughl together groups from across Doncasier to create an ortginal dance ￿ece that ￿flected the Covid-19 siluation at the time including social distancing practic•s. This resulted in a short filrn. inspired by Kenneth Macmillan's R¢ynoo and jul￿1. 135 individuals took part in the project induding six conThinity grnips. care homès and schwls ROH 8rKI Royal Opera HtsJse Bridgè w?rks Io CL￿nect ¢Mdren and y￿rfj perwè with greal art and cumure. . Through research. advocacy and co-investrnent we nurture nètworks. share leamin9 and foster ir4v)vatson within thè èducation. artsarKI ¢ultur¢ sector- particulaty in Cornrwn￿eS where there is limited local prowsion or experience. Our sct( support %bvrk as a Bridge became a virlual prcJramme for 2020121 just under 1.000 teachers and cultural partners eroaging with over 47 d[ffe￿nt training and nehyorking events across the year. We Continued our w(Yk wlh 12 Local Cultural E{jL￿t￿ partr￿TshIps (LCEPS) across the South East, including distrrbuting 8.286 Creativè 'L•t's Create. resryjrce packs to targeted children in reswise to the pandemlc. A further£181.000 was invested in partnership progrnmmes with the LCEPS. Through tsvo further re¥sKls of the Leamin9 Ofler Developmènt FurKI grant prc¥3raMn￿. £115.000 has now been invested in the learn￿9 programmes gf 23 cullufal partsws.. 51% of the rwtients We￿ diverse-led organi5alions. Audience develo nt We implemenled a wide range ol in￿ativeS to attract MO￿ dIVe￿e audiences to our art forms. which have h8(1 some notab￿"$U¢¢e%ses, ircluding performances for NHS staff and ROH Unlocked. We inibated work to ￿entsty key challenges artty barrier5 and to begin puitiThJ pkns in place to address them. induding starting . work with a new creative agency pather lo help us connect ROH produth.ons wth arid morg diversa audiences across scoal. digital and also fftJre traditional media. Wè initiat8d a review of our Young ROH offer- our prcsramme fry 1￿25-Year￿￿$ in¢ludes tickets for £25 - the aim of incrèasing s19n4j￿, espeu.alty I￿rn groups of people whJ"haven't traditionally engaged with the offw. Wè Ir￿e85ed c￿r di9ltal outy)Ut wrth 15 51reametJ yerformanc8s of live ballet and opera and 23 archive productions on paY-per-￿ew, and during Ihis period. our You Tube lollowing reached 1milli¢)n. This has" widened our audiénce base including out of London. 23

DoEuSyn Envelopv ID.. A1295D5&3427439￿5407￿)￿É4Bfi4791 Royal Opera House Coveni Garden FoundatK)n (Limited by guarantee)". Company Number 00480573. Trustees. report and consolidated finwKial ststements. 52 we8k peryid ended 29 August 2O21_ Inclusive workforce Our nttw Equality, Diversity and rAan i8 in the early st•3es of impkmentsbon but we have already seen progress during the year. incknling greatér staff Èngagemenl in conversalion5. All recruib.ng managers have bÈ8n through an anii-racism training cwrse and an ant￿at￿elSrn one is pLanned. We have established Staff Diversity and Inclusion Nets¥ork. a forum for heaMh"y diswssTron, action and refleth.on and, a new A￿$S Matters Group has been fom)ed lof disabled stsff and people with long tèr.m heallh conditions. We have fevièwed and rèfreshed our HR recruitment tr) strengthen our ability to recruit more diverso new staff. REVENUE GRowfH Customer s The impact of Ihe Covrd-19 p8ndefflic was the irnrnedial8 k)ss of all box 0lThce and ancillary trading income Icataring. rétail and onemal. The box office took £41.2M.￿SS than in the last full season befo￿ knkdown. W• put pèrfomanees oft stage when we were atAe to and we reopened restsurants. bars and the shop. always in compliance with the govemmenl's Covid-19 g￿dance al the tim8. Philanthro and rtnershi A major fundraising campaign, launched in Ihe 2019120 Season, continued lo bts a key pillar of (￿r recovery plan. Fundraising incomè over tso Yea￿ was over £60m. a rernarka￿e achievement given our limited abilty to perform on slage. In addilion. many donrms generoLFsty relaxed rerictK)N% on committed gifts. The Campaign ha5 sh¢Avn a deep sense of loyalty frt>m t￿r dorb)r bas•, th• majorrty of vthom responded SW￿lY and emolionalty - they gave in wder lo safeguard thwr beloved Opera House. We arè extrèmely 9faieful to all Iho$8 whts conth"bLbt8tl. Endowment W¥w(yJld like to thank our Baton AssLXOtes vtho made Ihe generc¥Js and thoy9hrful deci*on lo leave a gift to the Royal Opera Hwse in their will. ORGANISATIONAL HEALTH Restructure In undertaking the ￿$tructtlfe. we were rnindfvl of thè ithpact that the ehanges we needed to implement would have on all ￿￿r staff. in partiujlar those whose jobs were al risk of compulsory redundancy or vthosÈ teTfflS and conditions were proposed to change. To milwate Ihe Impact. we irnplemented a range of mèasures. including.. The invitation to all stsff to express their Inte￿$t in voluntary redundancy. reduciryJ Ihe need for ¥ compulsory kaver prcsramme Amendments lo proposals follo￿rt9 Staff feedback and Mlaas Increase¢J iob-malchry inlo new roks More job-sharing and Part￿rne working Open and transparent process￿ for sdgdion for redundarw whèrè rèquir8d. 24

DopJSvJn Envelope ID.. A1295DW3427439A-94D74089E4864797 Royal Opera House Covenl Gard￿ Foundation (Limiled by guaranl¢el". Company Number 00480523. Trustees. rep)rt and consolidated financial statements. 52 week perictyj enLleO 29 August 2021. A total of 272 employees lèft betsveen Juty 2020 and November 2020.. 4310 took voluntary redLrndancy 31% Compuls￿ redundancy 26% left through end of hxed4wm eonlract. resignation. etc. To svpport those staff who lèft, WÈ offered a package of redundaw paynnts, outplacement job search support and aGce$s to a retrainirrfJ fund. Wé would like to exlend (￿1 Ihanks to the"pe0￿e we sadly had lo let go for their u)ntribubon (o the work of the ROH, many of them over a tirre. Estate The Covent Garden estate was Wevefoped in the 1W)s. reweniryJ in Oecembef 1999. Since then we completed a major upgrade to the public spaces and the Linbury Theatre. re-opening in Sèptember 2018 nd January 2019. respÈetively, and we alsocomkqeted a multi-year upgrade to the main stage flying system. However, much of the back-stage and buikling infrastructurè is erther nearing or past its lrfe. and even failiThJ in.some instances. We developed the framework of an Eslates Plan designed to maintain. upgrada and new our stage and buildings infrastructure an(1 equipnntover Ihe next. 15 years. The plan includes an indicative cosl FAan aThJ programme ol works over the period. opportunitiès lor e51atts reconfiguration and upgrades to drive èfficienc￿$ al￿ 3upwI fflexible wayE of wothing and a ty)vemance struciure for project desmjn delivery. allagainsl the backdrop of ¢Jurnetzero and sustainability 9oals. FUrt￿r suThey work and feasibility studies art planned to enable us to ￿fine and dèvelop the plan with a focus on thè next th￿ years. Covid-safe workin Througmoulthè pandemicwe conlinuèd to adaptand implèmènt our Cowd-safe Working plansforstaff. artists and audiences in ￿ponSe to govemmenl guidance. ￿1 front•olthouse and bad(-of-housè activities wè carefully risk-assessed and control rreasurès were w in plarR. Wè also set-up an In-r￿Use co￿d-19 testing clinic and, wofking with several parlners. im￿emented a lesting regime to enable us to re<ommènce FerfOrrnan￿S. initially via online Streaming arKI then sorially-distanced audienctrs. Our tests.ng strategy reduced the ptstents.al for infection sp￿all amorKJst leams and safeguarded Ihe rehear581 arml perforrnan¢e schedule- CArca 20,000 tests were cafried out on staff during the year. En I sust While tackling th.e pandemic ha5 been a woddwde emergerw over the past pericrfj, in the longer tsrm, cjirnale change is the 5in9le bvJgesl cha118ng8 ever faced by humanity. Cullural organisations can play a lèading role in addfessiTh3 tr issuès fmm engaging audinces in conversatKmS. to reducing wr own carbon footprint arKI using (xjr purcha￿ng F￿Wer to influence the supplitrrs.we work with to bocome more env7ronm•ntally Sustsina￿a. We are determined to play our part'so. in 2021. the Board of Trustegs approved Ihg .ROH's rw'Environmental Polity. nét-zero cornrwmtmonts and Suslainabilrty Strale9y these were subsequently published extemalty. We have also been ach.ve in raising susts¥"nability siandards auoss the theatre sector through part¢cipation in initsatives such as ihe Theatre Trust Green Book and the Suslainability in Alliar￿. We are p.ublicly committed to becoming cathn net zero on scopes 1 and 2 by 2035 ISCO￿ 1 covers dirÈet emissions from owned or Gontrolled sources- Scope 2 covers indiwl emissions from the generation of purchased electriuly, steam, heab.ng and cooling consumBd by an organisat40n). The new strategy o)mmits us lo: Making progress to make our building5 in Covent Garden, Thurr¢xk and Aberdarè more environmentally s"ustainable, by reducing carbon emissigns and iMpro￿ng waste management antj rerycling 25

DouJSign Envebpe ID: A1295D59-3427439A-9lD7-8L￿yE4864?97 . Royal OpeTa H£￿5 Covent Garden Foundalion (Limited by guafanteel.. Cornpany Nurnber 00480523. Tru$iees' report and consobdated fiftancial 5ts1ements. 52 week period 8￿e￿ 29 Augu512021. Improving our ability to measure progress wilh robjst data. embedding environmèntal sustainability In our procurement strategies. imwowng the sustainability Df w fiKKJ offering. and minim¢sing sI￿e use plastic and using re¢ydatAe packaging wherever possible Reducing the enviror¥nental impact ofourproducti￿s by enga9ing V•ith •xperts in impacl measurement. making moffj efficient Use of malerials. and avLNding unrcessary use of hazar(kws" materials and prnduds SupportirvJ staff and audiences lo iethjce their ènvironmentsl impact by enablirMJ aud￿¢¢$ and ¥i￿tarS to undetstand and minimize their pollulion and Carb￿ footprint when visib.ng us, promoting environmental awareness amongst our empkjyees and enwiragirBJ them to work in an environmentally responsible manner., erthuraging usè of zero and low rartion forms o! transport amongst staff and audiences. and enabling and parb'ripating in Wb1￿ discussions th)ceming envIron￿en￿l issues 26

DouJSvJn Envelcy ID". A129s058-3427439￿94O7-e0￿48s4T97 Royal Opera House Covemi Garden Founclaiion (Limiled by 9uaranleel.' Company Number 00480523.. Trustees. rewrt and consolNJJled finarfial slalements. 52 week perio(J en(Jed 29 Augusi 2021_ Streamllne Enwgy and Cart￿￿ Reporting In accordance ith lh• r8quirèm8nts of Streamlined Erw and Cartr)n Reporting ISECRI imposed by th8 2018 SECR Regulations, we are required to disdosÈ the folkhwryj èrwy and cafbon infomwtion for the reporting y•ar 1 Sep(emb&r 2020 to 31A￿3￿$t 2021. Seope l= Effli55ions fromcomlNJsth)n of GastC02e 2021.. 1,334 lE￿rgY consumption." Gas 7281.114 Kwhl 2020. 1.127 IEneWconswnpt￿n.' Gas 6.127.551 Kwh) 2019= 1502 (EnE￿(On51￿nPl1On= Gas 8.168.576 Kwhl methodolo￿.. tC02e calculatedfrom the of in¥oiced Eas consumption in KWhduri￿ the reporting period and the 202012019 UKGovemment CHG Conversion Factors lor Conwany ReF¢)rtint (version 1.01 for'Natural Gas, Scope 2.. Emissiorts from purCh35ede￿t￿City tC02e 2021.. L478 lE￿er￿cOnsUMpt1On'. Electricity 6.960,717 Kwh) 2020.. 1.748 IEnergy con5umption'. Electricity 7.49B,289 Kwh) 2019.. 1393 lE￿r￿conSumptIon'. Electricrty 9.360,362 Kwh) MÈthodolD8V.' tC02e calculatedfrom the produrt of at>)ve 5tatetl elettricity ron5LYnption in wh duringthe reporting period and the 20211202012019 UKGovemmeTrt CHG Conversion Fattorsfor Comparry Reporti￿ Iversion 1.311.01 for'Elertricity GentratedlElectriciw. ur Scope 3.. Emissior& from business travel in rentalcats oremF4oye&owned vehic￿$ where comparry is fesponsible for purchèsirvdforfuel tC02e 2021.. 319.672 2020.. 13147.W miles) 2019_. 20168.557 rnilEsl Methodology". tC02e calcuièted from the total mileage expewesclaimed duriryq the ￿liOd las stated abovel multiplied by the 202ty202012019 UK Govemment CHG Corp4ersion Factors forCorN)any Reportire (Version 1.3/1.01 foran AveraEe Car and unknown fuel typ Iniensity Ratto.. IC02e 8rossfwe based from mandatoryfl¢ts ItCOlelm212021.. 0.0506 2020.. 0.0520 2019.. 0.0744 M¢thodology- The Inter￿it¥ ratKJ stated a￿Ve has ￿eTh calcylated as Tonre5 of C02e ptrtotal square rrelres of Useful floor area157.438 rn21 The 18s1 ￿ years have had an unprec4dènted impact on cullurd organisalions. During the k>anLlemic, the energy use in trjr buihyings changed with our buildings needing to be dosed andlor (Ipene¢Y for reduced hours with staff on furk)ugh. Non-essential plant and syslems were kJentifI￿ arbd wère $witGhed off durirvj thg peri<xJ to reduce energy consumption. Our buildiThJs were cl)sedlopened for red￿11 ￿(￿rS between mid-march 2020- Aw"12021. As our buildings started lo re-open from April 2021 lor staff, ballet company rehearsals, a￿"st$ and audiencès al! ventilats"th) syslems were roqu*8d tooperale al 100% ff￿h air makeupfor Covid-19 control. This.resulted in a svJnific8nt increase in energy use. especially cwJr heatir¥J systems {in nalurnl gasl. duriro the wnter months. In the whole estate, ty￿callY. el8ctsicity accwnts f(w aft￿nd SS% of total annual energy demand and Natural Gas 45%. For the reporting period 1 Sep 2019- 31 Aug 2020 Ouf Electriryty showed an overall.decrease in consumption of 1.9 Mwh, a 20% decreas•. Our Gas consumption showed an overall ¢Yècrease of 2MWh, a . 25+A decrease. This improved performan￿ is largely attributsble to the buildings beiro closedloperaling for reduced h)urs loi a 6-mnth period duriThJ Cowd-19. For the repth.ng period 1 Sep 2020- 31 Aug 2021 our Ewricity consumptson showed an overall decwse in consumption by 0.5 Mwh. a 7.2% decrèase. Our Gas Consumptson showed an overall increase in cortsumptth by 1.1 Mwh. a 18.1% increase. This performance is reflects've of the buiklin9s belng dose¢Jloperating for reduced hou￿ for on 8-n￿￿th ￿riod followed by a 4•mnth penod of hNJh energy use lin particular natural ga5 lor our heating syslemsl for 100.10 Ventilati￿ for Covid-19 contrd. ROH are ccvmmitted to gelb.ng to N•t Zwo Carbon by 2035 for S¢opes 1 aThJ 2 emiSS￿n$ we continue to set targets lo meet this commitmenl. Wh￿81 acGountin9 lor Ihe exceptional rircurr6lan￿5 Qf Covid-19. 27

JGw&gn En¥•￿p￿10.. A1295D58-3427439A-9107-)89E4864797. Royal Opera House Covenl Garden FoU￿lat￿n ILimrteiJ by guarantee)." Company Nurnber 00480523. Trustees. rekN)rt and Consolidated firnanci￿ stslemeiits. 52 tek fv)erK¥J ended 29 Aw512021. Apptndix- 2020121 Pertorniance Schedule The lable below illustrates the p￿￿m￿nCe we We￿ abbe to put on, ar#J also the stopjstart natur8 of the season. NATION￿ LOCKDOWN.. THEATRES SHUT 4 SepteM￿r 2020 The Royal Owa". Lrye In Cortyt 9 Octc4)er 2020 The Royal Bal￿." Sl•38 Pik)t artd stream 17 Qctobef 2020 414 IA[￿￿ and Daphne I Frath•isteinll l KJK)x¥i1￿". Suftwnwaf 19151 L￿ j￿(l perf¢)nnxl and st18￿} New Dak Age ￿ Knrfe OawThlA Nw Dafk Age) 26-31 Iktober 2020 leet the Y¢yJNJ ￿￿$￿week SthNs_ 3 streamed. 2 lh ILbnbury Theatre) NATIONAL LO¢KOOVIN ENOS: THE4TRES OPEN IReDu¢eD ¢ApxifYi $OClALLY-DISTAN¢EO AUDIENCESI 4 N￿rnber 2020 The Roy Bavd.. LNe IPrwamme Al 5 NOVEM8ER 2020- NATIQNAL LO¢KDOIW AE4NTRODUCED: THEATrES SHUT 13 Novefflber2020 Thè RW 8a18t.. Cbss ￿ Stage The Roydl Ba16t'. LNe IProgrammB BI 20 No¥ernber 202 Stre•n rm 2 0ECEM8ER 2020- h7ATIONAL LOCKD￿ ENDS.. TrIEATRES OPEN IREOUCEO CAP.AcffYa SOCIALLY DISTANCED I 11-15 Dec8mtr 2020 The Nutcracker ve Jdienc814 c￿1 of8 pknnad 171 18 December 2020 Royal Owa C￿ls￿n>9 stre•n 19 DECEMBER 2020- IMPEND1tr4G TIER4 RESTRICTIONS FOR LONDON AJ4140UNCED: ROM CLOSES 8 JANUARY 2021- NATKINAL LQCKDOWPI 9 Apri 2021 The Seven D• &ns/ Strewn rty Ifir5t productirffi kve streaml 17 klAY2Q21- NATIONAL LQCKDOYIN WEtI: TheATre$ ¢peN ¢H￿F CAPA¢rrY AND UP TO 1000 PEOPLEI 17-23 May 2021 La Lmenzodt Frto LNe aUd￿rKe14 perfoinartrsl and stream 18-30 M8y 2021 Live audien￿19 wrtornarKe51 slrwn (rn￿¢d w&3rnm81 21 IAay-10June 2021 CLKY8nl. Ris¥ig Live path"p3nts ILintwTheatrel 25. 26 May& 2 June 2021 The BalEt. Ckss oi Stag¢ ¥e ￿￿ence13 e¥entsl' 4-13 June 2021 . wSeKe18 perf¢>7nancesl ￿ stream ramm81 16 & 17 Jur 2021 Rarnbert ETrJ d Tem) Perf4rnn¢è Live FWfUm￿9l IUrtbJry Theatrel 19 June4 July 2￿￿1 ¥e a￿1￿￿(8 performances, 1 NHS ￿￿fOrmanCe1 . 28

Docusgn ErwEIop8 ID.. A1295OW3427439A-9407-W9E4864797 Royal Opera House Covenl Garden F¢)undalion (Lirnitecf by guaran18el Comp8ny Number 00480523. TrLtslees' report and ccn501wJaied fwlanc1￿ slatemenlS_ 52 week period ended 29 A￿a￿st 2021. 2>26 J￿e 2021 The Roy31 Balkt LNe ￿enCe 16 [w1￿m￿te$l [In wr ￿nblry Thèatr•l Term Pertormwe 21'JUNE 2021 -LL GOVERNIIE14T RESTrICTION$ REMOVED- RON CONT¥4UES wrrH REDUCED ePACITY AUDIENCES 26 Jun8-11 JLty 2021 BeèutyMix8d Programmelmixed . LNe drte18 perfcmartssl &stream. 5-18 Juty 2021 10 July 2021 12-17 ￿lY 2021 Eryndei Festival ve •XlW￿ laore SiudK)l and streamed events 16 & 17 Juty 2021 aNJithK812 wfrrnanc8s1 ￿￿b￿ry Theel Opern 17 Juty X>21 Jefte ParkerYtxThJ Stsmmw Perfrrfm 29-31 July 2W21 ltilimar¥aro Presents.. ChtssN? ynde sings Bckn aThJ Olh 24 Au9USI 2021 29

DDcuSiw En¥2￿pe ID.. A1295D5B-3427439A-94D7-￿9E488479? Royal Operè House Covenl Garden Foundalujn (Limited by guaranleel.. Company Number 00480523. Truste, report aThd c0050hdaled ffinarwl statements. 52 week peft(￿ ende(129 August 2021. Finan¢e and Gov•manG• The Royal Opera House strives to p￿sent an am￿.1t0￿$ programme of work while ￿lancIr9 its books on unreSt￿cted general fuThJs in each full fjrWKi￿ year. .The results forthe period are 5etout in the con501idat8d statementof finanLial actiwties. Nole 1 to thtrfinancial staternenls sets out the basis on which these financial statements have been P￿pared. The ROH'S business plan Ir￿￿￿eS a set ofoulcomes and related KPIS. agreed with thè Execufr"ve team and Board of Trustaès. Linked to a detailed action tracker. the KPIS included.. the level of new work being gènèrated", publbc errfJagement across performances. digbtsl activity and learning and participation initiatives.. diversity of audiences, parbopants. staff and artists: re5uILs against budget." and environmental performance. Performance againsl the KPIS is ￿vieWed in detabl at the end of each year. Pre Covid-19, progress with the action tracker is rewewed by the full Execub've team every 34 rrt)nths. As the pandemic severely impactèd. the KPIS, rrwitorin9 of the pwously established KPIS was suspend•(J. and nve ¢rurially, frequent règulmr reportirrfj ol cashflow and progress on the Recovery Plan was a priority. In addition, the Board ol Trustees and Arts C￿n￿l Engiind Teceive Management AC￿unt$ on a monthly basis. effta￿lng them lo dosely monitor progress againa finanryal tar9èts throughout the year. The importanl continuing investment from Arts Cc¥Jnal England enabks the undertaking of a rartye and depth ol wtsrk and investment in new woth. a￿"st development. craft excellence. eng&gen￿nI and access whith coul¢J not be sustained otherwse. As a National Porwolio Orywisabon {NPOI. a grant of £24.5m153 ￿riod ended 30 August 2020." £24.2ml wa5 received froffl AJt5 Council England, representing 36% of total lun￿s1n¢tedI incomè153 week period 8nded 30 August 2020." 25%}. The Royal Opera House is one of only f(yJr National Portfdio Organisations to be awarded fundir4J from Arts Council England lo lead Ihe Bridge progiamme for Bedford Borough, Central Bedfordshire. Luton. Hertford5hire. Essex. Thu1￿k, Southend, Dartlord, G¥avesham. Swale and Mthay. Funding of £0.7m was received in the current year153 week period ended 30 August 2020.. £0.7ml. It was an extremely challenging year for the L￿ganisatIon finarKially and Ihe charity was able to manage through ca￿T￿l financial siewwdship. resFM)ndin9 to the pandemic through our Recovery Plan. which included government support through CJRS (Corona￿Tu$ Job RetentKJn Scheme) and securing a loan Irom the Cullural Rteovery Fund, a major reslructure ol the organisalion. a fundraising campaign and the sale of thè HaCk￿Y paints.ng of Sir David Webster. Exduding income wilhin the Endowment, fundraising income targets of £19m (53 week period ended 30 August 2020.. £29. Im) were set against fundraising aclM"b"os in the de¥ekJpment departmenl for the pèritid and these were with lund5 raised of£36.7m153 we•l¢ period ended 30 Augusl 2020.. £31.Iml. Our trading subsidiary, ROY￿ Opefa House Enterp￿S Lirrmted. rec(Yded an operating profit b•fore tax of £1.2m for Ihe 52-week period ended 29 August 2021 153 week p8riod ended 30 August 2020~. £1.9ml. This decr¢ase in operating profit is aitributabje io thg G¢)ntinued closurè of the Opera House du8 lo Covid-19 for the majority of ¢he 20121. Seas￿. Th• ovèiall result for Ihe group unrestricted general funds was a decrease on the Unrèstrieted gènèral funds of £0.3m (53 week period ended 30 August 2020.. £0.1m) after transfers from Re51rtcted fuThJs of £1.7m (53 weekperiodended 30August 2020.. £2.OmJ and net transfers to Unrestricted Designated funds of £1.7m f53 week period ended 30 August 2020." n$t bsnsfèrs fram Unrèstiicteel Designated Funds of £8.Om). Refer to Note 17 on pages 80-81 for details. AI 29August 2021 unrestricted lunds were E213.5m (30August 2020.. £211.8m) before Unrestrictèd pensi ieseNe deficit of £30.1m f30 August 2020.. £36.3mJ_ There is £209.Om (30 Augtjst 2020." £199. 7m) held in Unrestricted DesignaiedfuThJs and a fwlher £0.4m (30Au9USt 2020.. £7. Tnp) held In Unrestrict8d Revaluation funds. At Ihe end of the period Restn"cted fund baLancesvwe £12.3m (30August 2020.. £13. Im). Forfurthèrd8tails refer to Note 27. Al the end of per￿d the Endowment fund balance of £48.7m (30 August 2020.. £43.4mJ is represented by restricted capital assets of the Royal Opera House Endowment Fund 2000. The Royal Opera House group held positive¢ash balancesthrou￿tsutVI• ￿ritS. Unr•stricted cash, including unrestric¢ed cash with a noti￿ peri¢xl of Tr￿Te than 3 rnonths, hekl at thè p•riod ènd was £58.8m (30 August 2020.. £22.4mJ, advance booking5 held at the period en¢J of t8.6m (>0 August 2020." nil), required to meet the charity's working ca￿131 requirerrEnt5 and ¥eserves. This increase in overall cash balances was a result 30

E)￿S￿Jn Envekjpe ID.. A1295D5&3427439A-94D74089E4B64797 Royal Opera House C<ivent Garden Fou4Klation (Limited by guardnleel.. Cornpany Number 00480523. Trustees. report and ￿nsOlKI3ted fN)artial slalemenls. 52 week period ended 29 August 2021. of the impact or the recovèry plan thal was pul in place to deal ￿th lh¢ impact ol th• pandemic on Ihe chaflty. and included the pfoceeds of the"k)an from the Culture Recovery Fund. £21.7m. R•s•tv•s The Truslees regularly rewew reserve levers. and designated IheldloY4ing amounts at the period end: Fixe¢ Asset and Hentage Asset funds. d £179.kn arKI £5.4m rE5￿ty, equlva￿nt lo the tangible and intangible fwed assets owned by the charity. plus the current anticipatgij ex¢ess of capilal expenditure over depreciab.on in the nextseason. Designated Future Project Fur¥J of £23.7m. ThisfuThJ o)mprisesspeofic amount5 Putasidgforftrture acimty, which indudes a fuThJ 01 £5..6m (30Au9USt 2020.. £1.4m) toward the planned invèstment in dtgilal. The level ol free reserves IrepresentÈd by the unrestn.cted General fund} at 29 Augusl 2021 of t4.2m (53 weekperiod ended 30August 2020.. £4.4fft) equates to only 6.1% ofcurrent unrestricted incoming f8sources. The Trustee5 agree that a higher level of reseryes is desirable in order to protecl against reductions in box office and fundraising income. ec4)nomi¢ yncertairtliès, unforeseen events and any fvrther redu¢tign$ in public funding. The Truslees review the level of Ir88 reserve5 annually. and considering the financi81 model of the charity, core expenditure and levels ol cash held in advanced bookings, have determined that a tar9è1 level ol free reserves of £10rn ￿ apFWW'ate. ￿ Ihs ha5 Len Ihè targel ￿ the Last seve¥af yew5. Howevèr, -Trustees acknowledge that any iwease lolree re5eThes over thè next two to three years wll be unlikely due to both the impact of the Covid-19 pandem￿ and to Ihe idenithed needs for the programme ol major capitsl works and digital investments. As the finanual strategy is io budgetfora minimum E2m contingency in annual" budgets. while building desonated funds for specrfic. futtjre. longef term planning, the Trustees wll also considef increases to Ihe free feserves when possib￿ ￿ ordor to makè prog￿SS towards the £10m tWgeL The totsl funds held at 29 August 2021 was £244.4m (30 August 2020." £232. Im). The deS￿nated Fulure Projects Fund is likety lo ￿ spent in the next yea￿. in line wTrth sjur foThYard planning assumptions. Levels ol unrestn'cled funds, both current and forecast, are rN)nrtored ckjsely to ensure ihey rernain al 8n adequate level in order to provrde finanual flexibilty and a buffer-a9ainst operalional risk. Pension sehèmè In line with the requinernents ol FRS 102 S28 'Employee Ber￿fits.. Ihe Royal Opera House defined benefit Pension S¢hernè liability and related costs a￿ included in these finarKial statements_ Within the Statement of FinanGi81 Acb"¥ities employer contribubons as determined by the actyary are re¢orded as an operating cost in the unrestrided general furKI. Th• charge lo the statement of financial actrvities is £0.9m less than contributions153 week penod ended 30 August 2020". £0.4m ThKI￿ than contribution51. bn accordance with FRS 102 (refer to note 31 of thè finanaal statements). The actuaiial gatn. net of actual ￿luM less interests on plan assets for thè pèn.¢￿ was £5.3m153 week pen'od ended 30 August 2020.. £7.6m. actuarial lossl. The net pensiw liability at the peri(xl end was £30.1m (30 August 2020.. £36.3ml, wilh the dècrèase from the prior p8ri0(J driven by ass&t retums in excess of the discount rate. all as part of the actuarial assumptions. 11 15 important tts notè that thè liability represented by this.value (being based upon actuarial assvmptionsl will alter in respons¢ lo changes to the future funding and structure of the pension schèmè las wèll as to .econornic and In￿¥1m8￿t markt corYlib"ons) and th)es r¥)t crystallise in Ihe short ty medium t•m). Investment pow•rs and poliey und￿ the Merrwandum andArbdes tsfAswiati"CM). the charity hasthe powerto investfurHJs not immediately quired for its purposes in such investments. seeurits orpropertyas may be considered appropriate by Ihè Trustees. Aside from balances hehl wlh Ihe Royal Opera House bankers. Coutts & Co. monies are only invested in funds that are regulated by the FCA. The Tfustèès of the Royal Opefa House Endovfftnt Fund 2000 have rK) restri¢kn"ons on their investment tswers and arè p¢rrnitted to irw¢st and reinvest the Trust Fund. wowding the objediv&$ and purpo￿ ofthe charitable fvnd are met, and subjed to suGh wnsents as may be required by law. The Trustees reviewed and agreed an Investment Policy Mi line with the Charits Crynml$s￿Th Guidance CC14. This ts not shown in fLII in the accounts trfrta of thè kèy in￿StMent objectives are as follows.. Gèntrratè investn￿l incom• to maximise the wt incoTh availab￿ to support the Royal Opera Housè Covent Garden Foundalitin" Deliver capitsl gfowth, as well a5 Income. to maintsin ihe real value of investments for future years., 31

OowSvJn Envek)pe10.. A129505U427439A-9407•J89E4864797 Royal Opera House Covenl Gafden FouTrlalvJn (Limited by guaranteel.. Company Number (ID480523. Trustees, rewt and consolidated financrdl sta18ment5. 52 %4Eek peri¢xJ enLl8d 29 Augvsi 2021. Toachieve the above objectives. the Trustees have sel the investment benchmark of a blended ratum of CPI ' +3.5% on a rolling basis. (net income 1.5% and capital return ol CPl+2%1. The inveslment Manager5. Sl¢Jnehage Flerng InvestnEnl ManagÈment Limit8d. Troy Assel Management Lirnited and Newlon Investment Management Limiteil, achieved a Combined Ca￿"tal growth and income return nel of investment management fee5 of 11.99% f(x th8 yèar ended 31 August 2021 (Year ended 31 August 2020 0.79%1. The retum for2021 exceèded the bbènded target of CPI ￿uS 3.5%15.5%1. Invesfftnts with Stonohagè:Flèminy which arè temi nature are beiNJ wcwjressively wound down. Flnancial Risk Management The fc4loMng statements sUMm￿se the Bowds in managing identtfjed forms of finanoal risk. Credit Risk.. Risk on armunts owed to Ihè charty by its cusiomers is k)w as payment for tKket sales and operats"on&through th• tradin9 subsith.ary are moslly setued at the poinl of purchase. Prie• risk: Payroll costs represenl 56% of total expen¢Jiture for the Royal Opera House and higher levels of inllation ￿present a risk also as 36°A of lolal incorre for Ihe Royal Opera House group comes from Arts Council England119% of totsl inwne in a normal year), wknich 15 eX1￿cld to remain flat from Aprtl 2022. The Royal Opera Hous? hasfreedom overit51i¢ket pnung. and box olfice income in a nomial yearrepresents 33% of ￿￿nUe. The priGing strakn aims to thè knw•st ticknt wice at an accwssible kvel. Cash flow risk: Excludir¥J Endowment assets. surplus funds are placed on short-tem) deposits with major cthring and CCLA Shryt-term are th0￿ wilh a temi ￿'9￿ater than six months. Liquidity risk: The Royal Opera House manages cash fk)w to ensure that sufficient levels ale held as operabng capital. The Royal Opera House look (￿rt a 20 year loan during thè yèar for £21.Tm from the Government's Culture Recovery Fund to provide additirgnal liquidity duè to thè impact of CoMd-19 (see Note 26 of the financial staternents for further details). There is one Olher loan wslh an outstanding loan balance for the year ended 30 August 2021 of£1.3m. Risk on repayment of loans is low as the annu81 loan payment. due In 2021122 is 0.1% of lotal Incc¥￿. Golng Crncern The Trustees rnusl Satisfy theMSe￿e$ 8s to the Royal Orjèra H(NJse's abilty to continue as a going concern for a minimum of 12 rTK)nths from the signing of the financial sialements. The 8oard of Trustees have considered business plans arKI budgets based on an artist¥c programme of activity to Au9USt 2023, supplemenied by outline plans in other a￿a$. These plans show improvernent in the retum to financjal sustainability post£ovid-19. bul there we still challenge5 ahead, and in the Board'5 assessment of going concem take into consideration whether the Royal Opera House has adequate ￿sOurceS to meet Its obligations as they fall duè in arKI bttyond the 12 months from the date of approval of these finantya 5talgmgnts. Undedying assunwtions in Ihe plans and budgets are thai therè wll be further ￿kdown$ or Social distancing 90ing forwards, however. we dts antiupate a k)ThJ-t*m) negatsve impact on levels of box office iThcom8. In assèssirtg goiNJ concèrn. the Boa￿ also Conside￿ financial r4sk should further Oostjres occur. the irnpacl of any shortfall in lundraising and tsading incc¥))e, and Ihe impact of increasing inflation on costs. If thè FIOH werè to experience perfomHnce cancellations in wnier months there would be an impact on our box office income, with esbmates rarKJing from £3.9m to £5.8rn in losl box office across a w7nter fflonth (Nov to Febl. Whilst the Trustees are confident Ihal these risks have adequate rnitigation lo ensure the ROH remains a goin9 concern, Ihe Th￿)elling shows that there is Suffic￿￿1 liquidty to August 2023 exduding mitigations. After conshjeration ol thè scenarios and the impact of the Re¢o¥ery Plan. the Trustees ￿nSIder that the Royal Opera House {Group and Parenl Charitsble Crynpanyl has adequate resources to continue in operational exi5t8nc8 forthe foreseeable lutvre being a minimum of twefve months from when these financ¢al slatem8nts are approved. For this ￿aSOn, the financial statements of the Grovp and Parent Charrtable Company hav& been prepared on a gtyng ¢on¢em bas￿. 32

D¢)cuSvJn Envelope ID.. A129505B.3427439A-9407•)89E4B64797 Royal Opera House Covenl Garden Foundation ILimited by guardlltee}. Company Number 00480523. Twslees, re￿rt artd consolidaled financ581 slalennts. 52 hek period e￿Ie4 29 August 2021. 2020121.. Rlsk Management approa¢h During the period the Tru3teÈs have tsFerated a risk marwèmenl strategyvthich comprises". Rewew ￿ as$8ssrTth bylh• full Board ofTrustees of ihe risks which the charity may face arhd the appwch to risk management. The estsblishment of systems and procedures to mitigate those risks identified. Detailed. re￿eW by the Audit and Risk c￿nn￿ttee ol strategK and operational risks, includiThJ Heajth & Safety, the IAaior Inc￿lent P&n and Technology and Data Se¢urty matters.. procedu￿ desffjnèd to mirNmise Wential impact on the Chahty should any of those risks materiali￿. The govemance and management of risk is dI￿d￿j behveen Strategle risk and Opèradonal ri$k. Strategic fisk is fewewed by the ExecutFve at key meth.ngs regularty throughout Ihe year arKI is linketl to the ROH Plan. The Executive considers each risk against its agreed risk appetite and r¢view5 existing rnitlgaknons and planned actions. OperationaF risk is nom)ally and upjated by the Operational Risk Group which operates under clear terms of ￿erenCe. As the majority of the y.ear was spenl dealing Wlth the impact of Covid-19 and other spÈcific [￿leCts and t￿1r related risks, meeb.ngs ofthis tyoup were SLIs￿nded for the . year. As a result of this. we are rewewing the Structy￿ aTrJ make-up of the Operational Risk Group wrih a wiew fo WKlen participatign arNI improve intemal iisk discussions. Speryfic prLyects and risk5 Inonitore regularfy throughout the year included Health & Safety. Capitsl & Eststes, Planning & Scheduling. major projects in¢luding Main Stag8 Flwng System and th￿tal Stage, as wéll as an extensive risk assassment règime throughout the organisatson. In dealing with the impact of Covid-19, the Board and the Executive rrt more frequenlly lo discuss thè strategic risks faced by the organisation. and to uKI￿Sta￿￿ artty ryXtsKJèr the pandem was affèeting wr businèss cperatsjns, (¥JrmkaThl to assurè themsefves of the &uacy of controls and mitigatic￿5 in pE. Strategic Risks The Covid-19 pandemic is the nY)8tsKJnffjcanl risk to have impacted Royal Cyera House in recenthistory. In response to the unprecednt*d ¢hallgngè that thè Pand￿￿c Caused, the organisal¥)n responded quickly to ensure Ihe ¢ontinu8d opefaljon of the business. Since thè Opera House first closed on 16 March 2020, èmploye•s Work￿ r•motely and a slgnificanl number of •mployees We￿ furfoughed, subject to operational r•quirements, supported by funding thrcwgh the Gmmment's Coronavirus Job Retentson Scheme which finished al the end of Sepiember 2021. ActKJn was tsken lo reduce ￿shfIDW ￿quirementS and maintain ' sufficien¢ liquidity. To ensure Ihe longer4errn suslainakn.lity of the business a swnificant restructure was implemented in the lasl quarler of 2020 and Ihe Royal Opera Hcwse were successful in"applying for a loan from the Governmen¢s Culture Recovery Fund. In August 2020 the govemmÈnt relaxed rulès rÈlated to ￿ve performance5 in EftgIar￿ allwng them to happen if Social distancing rules were followed and 5ubiecl to loc￿ restrictions rf ap￿ICable. From September 2020 the Royal Oper3 Hou5È deltvered perf0M￿nceS and events with live audiènces attending. albeit wth much rèdueed ￿paCity than usual. which tt￿￿ ceased fofiowing ￿ fyrther kxkdown from Deeèmbef 2020. Thè organisalion c￿￿"nU£S to monitor and tsk8 nacgsswy a¢bons to ènsuo wè c>)m& throu9h thls perbd sufficient re5ervtr ￿¥&1$ io operale. .33

Oocu&gn Envew IO". A1295D5B-3427439A.94074089E4864797 Royal Opera House Coveni Garden Founda"on ILimited by guaranleel". Company Numbef IK)480523. Trustees. and c¢nsolNJated finarKial stslemenls. 52 ￿8k period ènded 29 Auws12021. Other strategic risks are listed bebw.. Cost Control Inabilty to dehver planned pr(9ranNme, in turn impacting (Mjrability to a¢hve a Wanc8d finarrial oullvm. Caused by increasing inflation resuming in even greater pressure on saLaries. fees and prcK)Jremenl, al best a sta￿'C ACE grant from 202a. po￿ planniry aThJ prioriDsatKJn. and failu￿ to ￿8Th for equment needs. Mibgated Ihrough an overall framewoth and govemance for baLqncing prioritie5 and change pm9rammes. ir￿lUding investr￿n1 r￿￿$. Ihree- y8ar budg8t prrxess. res(wrce mana9ement a￿j r￿just pro(Jjrem￿t poIK?e$ and contro￿. Capacity lo delNer ROH . programme Failure to marry our irrJBased ¢ygan6ational and arb5tic obj8Ctive5 wilh suff￿lenuY rrtwst s￿￿1, planniNJ systenL8 arKI decisi￿ ming 51wclure5. Mitigat8d by Jnment of p￿9￿ a￿1 ambibons riwrous planning p￿￿eSseS. integrate(I chan9e ￿annI￿9 and contintsous reviews of syst•ms arwj processes. Access to creative la￿nI Inability to attra¢l arKJ WO￿ wih exceptional lalent to deh.vera high quality programme lo insuffia'enttinadequate training pathways. inability to pay compelttive fees and salaries. CO¥￿-19 travel restlic￿n$. post.8￿Xit sa regi￿￿. rewtab.onal con￿M$ or redUCtiC￿ in range of repertory. PAtigated by a r￿8 of lant th4O￿ent iThbotiws. creative and force diversity Stra￿gies. fair pay. a(Ivocacy on em￿0Yrren1 issues and a rnUtti4aye￿d staff eryagernent progratnme. Reputation Perceived drop in inrwmtin inve5tfnent, arbsb"c quality and xcess to talent. or a5sLKialKm wilh an indrvidual or 0ryanl5atlL￿ whose reputab.on b8come5 damaged. impa¢kng 11.in￿rne str8ams and abiknty to attract talent "tigated by b8￿n￿ programming. clear processes for sharing production concepts. acbwty. suslalnab￿lty policy and ROH Valu85 aryj 8ehawl<¥J￿. Eamed Incom8 Inability to dehver pl￿ne￿ pr(¥Jramme aThJ related revewe targets required to Sustain ROH as a wng concem. Caused by retsxed phiL8nthropy and customer spend. Mitwjated lhrc￿h amkn.01￿ IAJt balw¢ed wiang strategy, 8xpanded igitsl offering. infrthed atKJ elfe¢live fu￿ra￿lA9 $tralegy, including Recovery ¢ampaKJn. and strong stakelv)kJer relati)ns. Heatth, safety phystal serjjrity The risks Inhe￿nt in theatre p￿￿U￿10N and p￿entatI(￿ le.g. working a¢ heighL ntyse. themical, rnanual handling). Ctsmb￿ed wth Ihe thallenges ol cperalw a busy publt¢ verth and Ihe pjlential for a terTOriSt attack on LoThJon. Ihr(Kr9h a rLust management and 9ovemance stswlu￿ for safeguarding. safety issue5 and rewling. staff tsaining and awa￿ne$S raising. inve5tigalion of r￿r M￿SeS and inc4dents. and drawing on spewlisl external Supp￿ as wu1￿. Technology equipftnt failu cancellab.on of perfomwrte or k)ss of customer data or business infomaiion as a result of systeffls faikjw or cyber attack. . ￿t13ated tya r¢t¥J5t lest1￿ regirne. training and planned investments for transformm supported by ¢xt¢mal expertise as required. Publi¢ Investment via A Counul England IACEI MisalwThftnl beWn ROH pTh)nt18s arKJ ACE strategy. including Investrnent Princi5, breach offvnding agree￿nI andlor a drop in pubk investrnent in arts. balbet or Lcthi.

DopJSiw Envelo￿ ID.. A1295D58-3427439A-S1O7-8O￿4B6479T Rtsyal Opera House Covenl Garden Foundalion {Limiled by guaranleel." Company Number (X)480523. Trustees. report and ¢onsoli(Jaled financial statements. 52 week Deri(KJ ended 29 Au USI 2021. Mitigated through p￿ents￿(m of a balanced programme, (Jeb"veTed aemss a variety of platform5, that seek5 to pLxe opera and bal￿1 in a broaderculturnl conte￿. through national Leamin9 and PartiC4palion programmes. thrO￿h Measu￿ lo incTras8 Ihe diversty of new and underrepre5ente(l arb5ts. I￿rkfOrCe an(1 audier￿e5, uThJerpinned by Equah"ty. ￿Versity & Inclusion plan monrtwing. and through coltsbwations Ihat strenglhgn the wider se¢lor. 35

DocuSKJrb Envel)￿ ID.. A1295058-3427439A.94074089E4864797 Royal Opera House Covent GaTden Found3on (Limiied by guafanleel". Company Number e0480523. Trustees, report ￿)d Consol￿aled financial 51alements. 52 WEek peTiod eryjed 29 Augusl 2021. Tru$t••s' duty to promote thé success of.lhe Ch•rity- S•ctlon 172 Statement Se¢tion 172 of th& Companies Act 2006 requires the T￿$t￿$ to act in the way they ¢onswJ8r. in good faith, vthild be most likely to Kwmte Ihe s￿¢0$￿ rflhe charity to achieve its charitsble purposes. The Companies Act 2006 ￿qUIreS the Royal 0￿ra House, as a large company. to repcrft on how Truslees have complied with Section 172 and other linked mattets. Seclton 172.. the Twslees must prorrKJie Ihe success of Ihe charity to achieve its Charitab￿ purtx)sts by havin9 rtgard to_. (A) Th& likely consequences of any dw3sion W term Th8 current ROH Plan apwoved by the Trustees sets four PriLxilie5 Wh￿1) aligned wilh the investment principles as set out by ACE and the acljons perfonTwice indicatows for each over the periTrY 2018-22. These four princi￿e5 are.. In¢lu5ivity and Relevan¢è .Dynamism Ambition and Quality Enwronmental ResP￿lS1b1lty All the decisions made by Trustees are preilicated on the desire to acfmève Ihese long term aims. The needs of all our beneficiaries.. our cxjrrent and luture audien￿$ as well as the many participants in our educational programmes as weu as our other key Stskehtslders". wrempwes. Ourf￿lanCer5, Ihe Arts Council En9laThJ and donors. arè vital to the success ol tyji stfategic plans. Trustees aso keep ￿der ￿vIeW the.ch￿￿$ ￿n¢1￿ risk$ 3r￿ ¢wtunits and ensure thal our plans can adapt to ￿s￿ond to changes as required. These are set out on pagtrs 33 to 35 of this rep Trustees responded to the Covid-19 pandemic by lomvJlating a fDW-pronged ￿an for reco￿.. a programme ol r85tructuring and staffing cuts. ￿uCing costs wherever rx)5sitye', a fundraisirvj campaign.. support from Government". and realising such value as we We￿ ab￿ to from our assets. These have allowed the ROH to move into the current se8son with a full programrne of prL¥Juctths. As we nKJ¥e foryiard the Trustees ha also approved thè dèveli)pméfit of a new digrtal pL8ffomi IBI The interests of the Charity's empkjyees The Trustees recognise Ihat it is Ihe extraordinarity commitied stsff and artists that make Ihe Royal Opèra House such a remarkable insliiution. Con$￿tring and protecting their inlerest5 is crucial to thè"succ8ss of Ihe ROH and our decision-making w(￿esseS lake into account the impacl of potentlal decision. our staff and artists. Over Ihe period of this reFyt Trus1￿ re¢csnised thè Incredib￿ contribubon of staff in keeping thè ROH operatirrfJ in the pandemic whether by wowkn"NJ more fftexibly, re(luung hours or being on furlough.. collaborating to enablè soaally distancef1 performances on stage and in w(xking togethèr.to ensure a L￿esSIu1 start to ihe 2021122 season. The latter element has been made rnrè drffitsjlt by wdely labour shortages in all parts of the labwr rriarket caused both by th$ parTrd8mic and also by 8￿¥1¢ and a desire for dIffe￿nI workin9 patters. The ROH.￿crJn1ses three Irdde unmM)S￿1h vAx)m WÈ work closety and consutt wilh on key aspecls ol ROH operations. (Cl The need lo fostèr the diariVs tsjsiness relationships ¥bYlh supplie￿. custorrers and others. It is impctant for the ROH to ensure that we er4J8ge our customers whethef they are audiences in our theatre or th? parts"cipants in our Learning and Parhcbpabon KKogrammes or simply those who visil the ROH. The Executive tèam regularty receives infommtson on the audience feedback as well as detailed feedback from tèachers aFKI olher educats.onal participants. Thè ROH also CA)mmunicates with our audiÈrtcè and those who are part of our membership programmes ￿th targeted information aw)rding to Iheir prèfèrences vthilst Ot Ihe Sa￿ tsme being mindful ol data privacy concems. Chjr procurernent fvnction ensures that we deal wilh suppliers fairly and a professional mann8r. We a150 develop stroro working relationships with key suppliers who ar$ able to work wth us to best support and maintain our unique building. 36

DoGuSwTr Envdcye ID". A1295D5B-3427439A-94D7-8089E4864797 Royal Opera House Covenl Garden FoundalK)n ILimiled by guaranleel.. Cornpany Nvrnber 00480523. Tw51ees' repm and consolidated financial statements. 52 week period ended 29 August 2021.. {D} The impact of the charl￿$ operations ￿ the con¥nunity and the enwronmènt Trusiees and Managementrecojnisethalsustainability and the enwronment are atthe centre of ouractivities and curren¢ly we are continuing wck on a sustainability plan being implemented at all levels of the ROH. This is set out on page 27. The ROH also works wth both our ￿al CL¥nmunity but also communities elsewhere in the UK. We have local progrdmrne5 in Thurrock as well as in Don(xsterwhere we aim to loster community engagement with wl f(rn. IE) The desirability of Ihe chanty maintainin9 a reputslion fc hwjh stsndards of business conduct Thè TNsteès rec(YJnisè both that lh• ROH'S ￿PutatIon is critical bolh to its success bul that we also have an obligab.orn to rnaintain the highest standards given our position in the UK arts and charity sectors. Thè. Trustees fom)alty adopted the Charity Govemance Code in July 2021 and will MOr￿lOr actmties against.rt on a regLlar basis. There are a number of polie4es in place to prorTK)tè corporate responsibility as well as ethical behav)ur including anti-fraud and bribery. mcéern slavery. safeguarding. conflids of interest, bullying and harassment. as well as donation and income aC￿p18￿ce. Summaries of 811 F¥)lici•s are availab￿ on the ROH website and full versions are available rm request. The ROH Values and BehavI￿j15 refe￿d to previo¢Jsty underpin our recruitsment and inductM)n processes.. ChJf procu￿Ment strategy embeds ethical standards in cMJr supply chain 8s well and health and safety arky safeguarding comF4iance. (Fl How Trustee5 have erwJa9e(I wth other slakehc4(Jer5, e9 service users. beneficiaries, funders and the w¥Jer community We have ouuined elsewhere in the ￿port and in this statement how we ervJage suppliers, employee5. the wider community, customers and other users. Our donors are a critul part ol our success and this.has been esperAalty Irue in the last year when we have had to call on thern to help suprth our recovery plan whith succ85slully raised £62m. We contin¢Jeto acts.vely engagé with all our donors at all kvels. W8 receive signsficant funding from the Arts Council England IACEI and it is an ess8ntial part ol our finanual wellbeing. We have a strong working ￿latIonShIp with ACE and kèèp them règularty Infwmed on all aspecis of our acti￿￿"eS induding havirwJ a representative attend some Board meetings. IG) The need to acl fairly as be￿een ffembers of the Charity diredtysltrustees have engaged employees and taken accwnt of th￿r intwèsts Wè wantto make 5ur• we are able to attract aThJ develop lalented people who bnng n￿re, precisely because of the breadth ortheir drfferent backgrounds, experiences. culIu￿$ and outboks. Recruiti'ng and working ￿th those I8￿nted people ￿ just part of the v￿rk. We kn¢)w that we need to create an enV¥ronn￿nt where everyone believes they bek)rvJ and can do their best woth. Achieving inclusion require5 incjusive leaders the ability ar￿ des1￿ to continually seek feedback, realty listen an¢J then act to establish a culiure wherè difference 15 gènuinely valued. WÈ commit to wularly measuring our progress. holding our leadership team aCewntab￿ for a¢h￿￿n9 ¢)ur goals but w￿ acknowledge that we Must ￿arn as we go. Equalrty, DweAs￿ and Indusion Our EDI c(xnrnitments fall urKler six themes". R•￿&s•nI8￿"0n. Talent Pipelines. Indrvthal V0￿e$. Authanticity. A¢￿sS and Govemanc•. REPRESENTATION- Ckn slages aTh1 events belter refbecl and ¢elthate a diversity of. eommunities and experiences AUTHENTICITY_ We errfJage more proactNely wth communibe$ to ensure that our portrayals of diverse cultums are respectful and authentic TALENT PIPELINES- Wqwll do rrore to attract and nurture WKJer tsleni pools, parti¢ularty in those aieas of our wor gender. ethnic diversity and disability af& curi8nMy undèr- presented. 37

D¢c'uSKJn Envebpe ID". A1295D5B-3427439A-9407-eA)89E4864797 Royal Opera House Covenl Garden Foundal)n ILTrmiled by 9uararnt8el." Company Number D0480523. TnJ51ees' report and consolidated financial slalements. 52 week period ended 29 August 2021. INDWIOUAL VOICES- We wll ￿pect everyone as indiwduaL% and ensure equal aeeess the support needed for peoFde to perfomTr at Ihèir bèst. We will be sensikn.ve to different lived experiences and will seek and listen trj different ojltural perspectives ACCESS-We wll do rnore to irryjrove the access to and visib'lity of our work lo communits.ès who have histori¢ally had less engagement wth our art lorrrts and rernove or duce any practical barriers to access for our audiences and workfo￿? GOVERNANCE- We wll do rnC￿e to develop Ihe skills required to lead wr EDI work with cijltural ryirnpeténeé and confidence. arbd ¢rrsure we have effeciive policies and procedures in place to support our values.arKI ts¢ha￿rs." Monttoring Progress The Royal Opera House Board of Trustees and Executive Team a￿ responsiNe fry Ihe delivery of this strategy. Assessment of our success will be dats driven. and high-level KPIS fof EDI havè been embedd in the ROH Business Plan. Transparency with slaff on ¢)ur plans atKI progress is key. We will consult with the Staff Diversity and Indusion Netwofk bef¢ye Ihis stralegy and future LtFrflates ar• finalised and will r8POrt. back lormally to staff twi￿ a Season. This strategy ill next be forn￿lIy updated ir September 2022. 38

Docu&9n ID.. A1295058-3427439A-94074089EW797 Royal Opera House Covenl Garden Foundation (Limrted by guaranteel-. Company Nurnber 00480523. Trustees, reFQrt and consolid8led financial statefflents. 52 perKyJ ended 29 August 2021. ACKNOWLEDGEMENTS 39

Siw Envekp8 ID.. A12y5D3427439K94D7-&￿4ll647y7 Royal Opera House Covenl Garden Foundaiw)n lknmiled by guaranleel-" Company Number lJ)480523. Trustees. report and consolidated financial statemen15. 52 week period ended 29 August 2021. Thè pandemic rneanl we we￿n't able to work wilh all the organisations we nom)alty would. but we did work with a Signifi￿nI numbr wè woukj lik& to thank thèm for their partnership: Ajbany Deplofd Anlhony Clifford Dance Studios Appetite (Stoke on Trenll Art4Thinking Arts Council England Arts 4 Demenlia Association of British Orth&stras "￿50Cla￿.0￿ Of British Choral ￿"TeCt0 Aurofa Orchestra Arup Ballét Boyz 8allet Boyz Parknnsons Group 8arbican 8BC Beacon Hill Academy 8enesh International miingham Conservatcire rniingham Opera rniingham Royal Bal￿t Bolsh¢y Ballet 8reakin'.Convention 8ritten Pears Arts Jilding Crafts Col Candoco The Camden ScKaely Canadian Opera Company Cast Theatre Richard Chappèll Dance Chelsea and Westminster Hospital Coalhouse fort Confidance The Completè Commedia Company Corona Housè Creative Barking & Dagenham Creative and Cultural Skilts Creative Industries Federalitin Cutture Devi¢e Dancer Development FUNI Oance2Drama The OepressKJn Alliance Oerbyshire Music Hub Don￿ster CounGil Doncaslèr Crèatès Dutch Nats'onal Ballel East Sussex Music Educaliw Hub Elmhurst Dance School English Touring Opera Enoa (European Nelvmrk of Opera Academies) Essèx Dancè Thèatrè Essex Music Educabon Hub Figment Firstsi¢e GUAP Ggnd¢r8d Intglli9enc Great Ormnd Street Hosptsl Gem Arts Google Graeae Greater Manchestermusic Educab"on Hub GU1￿hat1 School of Music and Drama Historic Royal Palaces Home Isloughl High House Production Park 40

Oocvsw Envew ID.. A1295D58-3427439A.94D7-8089E4B64797 Royal Opwa House Coveril Garden Foundalton (Limiled by gltaranleel". Company Number 00480523. Tntstees, report Cons￿1￿31ed financial slalemenls.'52 %*Eek pernd en(Jed 29 August 2021. Hull Music Edvcation Hub Ideas Test Imedwayl Into Film Intèmational Society ts Te&hws of Dance Imaginarium lsango Ensefflblfy Job Centre Plus Keychange Kinetika Kite Spirit textile group London Handel Festival Lond£￿ Sinkniietla Lyrici Arts Maggie's Cancèr C￿treS Magi¢ L8ap MasterGlas5 al th¢ Theatre Royal Hayma"rket Mercury Theatr$ Mousetrap projécts Muziektheater Transparant The Natasha Project The National Bal￿t of Canada National College for Cfeative Industries National Opera StudK) . National Theatrè Notlingham Music Hub Norwegian Natsonal Ballat Oedipa Opera Europa Optra North OperaUK PACT Pa¥ents in Performing Arts Piclurehouse iinèmas Pride London Rambert Srhwl Red Cross. Tilbury Revoluti¢)n (Lutonl Royal Aeadèmy of Darte Royal Academy of DramatK Arls Royal Academy of Music The Royal 8all6t Schc Royal Holloway London Royal Shakespeare Coftwany Satore Studio Shapè Arts Shbffièld Music Educath"on Hub Shubback Festh"val Sinfonia Viva and Ofchestra Live SIRT, Sheridan College Sky Arts Silent Uproar Sino-UK Performing Awts Skills Exchange Sl¢wgh Music EduGation Hub SOLT and UK Theatre Southbank Centre Southbank Sinfonia Stonewall Streetwise Opera St Mary s University Sludio Wayne McGregor SWAP'ra Synergy Thealrecraft Thurrock'communty College Thurrock Music Services Thurrock Education Hub Tilbury-on-Tham8s Trust 41

OoGuSign Envek)pe ID.. A1295D58-3427439A-91074089E4B64797 Floyal Opera House Covent Garden Foundalion (knmiled by gvaranteel". Company Number 00480523. Tru5tees' report aDd COr￿￿'dated fiThan¢k81 Slal8ments. 52 MEek period ended 29 Auw512021. Time to Change Together Producbons Tonic Theatre Trestle Tri.Borough Music Fkjb ILryth} Trinity Laban UK Dance NeiwNk United Leaming University of West En9larMI WNO Yorke Dance.ProJect Young Crealives 42

Do￿￿9￿ Enveknpe ID." AIZ95D5B.3427439M407•89E4864797 Royal Opera House Covenl Garden Founda1M￿ ILimi¢ed by 9uaranleel'. Company Number (X)480523. tWSlees' report and cOn%￿ld¥1¢￿ frnarrial slalernents. 52 TrNeek perityj e￿Ie￿ 29 Augu$l 2021. STRUCTURE, GOVERNANCE AND MANAGEMENT 43

.TrKuSign EnvBlopo10." A1295D5&3427439A"91074)89E4861797 Royal Oper@ House Covent Gatden F0unLlat￿￿ (Limited by guaianleel". Conwany Number 00480523.. Truslees, report arKJ ¢¢)nsolidaied f￿ar￿la1 statements_ 52 week perio(l ended 29 Au9usI 2021. Dlr•ctors and Trustee$ The directofs of the charitable"company I'The Royal Opera Hwse. or Ihe charrty) are its Trustèès for the purp)se of charity law and ihroughout Ihis ￿pOrt a￿ collectivèly referred to as the Tru¥teas. Thè Trustees who held office during the penod and since period end were as follows.. Lady HeywcrfKI (Ading Chair- ￿tsTed 1st Seplerrthr 20201 Ioeputy Chair- appolited I September 20201 Daid R055 (Ch￿r- aPPLynted 1 Septelnber 2020". retsred 13 May 20211 Sir Simon Robey (Chair- appointed 14 May 20211 Zeinab Badawi Caroline Britton lappointed 14 December 20211 Lwd John 8Thne (appointed 1 September 20201 Tim Bunting Kirsty Cooper Dr Geneweve Davies (retired 1 Seplembgr 20211 "Sir Lloyd Dorfman CBE Dame Vi￿en Duffièkl Susan Hoyle OBE (Senior Indepènd8nt Dirctor- apw.nted 26 May 2021) Sir NIc￿￿S HytnÈr {reb"red 1 September 2021) Sir John Kingman (Senior Indepen¢Jenl Director- rell￿d 26 May 2021. D1￿Clor- retired 1 Septerrtw 20211 j￿lan Metherell Paul Morrell OBE Indhu Rubasin9ham MBE (appointed 1 September 20201 Christopher Townsend CBE lapwnted 1 January 20211. Laura Wade-Gery (retired l January 20211. Roger Wright CBE D￿nY Wyler ChielExecutiv• Alex Beard UE CompanyS•¢r•taty Leah Hurst Governing Document The Royal Opera House Covent Garden Foundation a company limited by guarantee (company nurnber_' (X)4805231 governed by its Memorandurn and Arti￿ of Assock4tion, which We￿ lasl amended on 7 July 2017 for changes in Trustee re- appointment terms. It is registe￿ as a charity at the Charity Commission {¢harity numb8r.'2117751. Charltabl• obJ•¢ts Jr charita￿e objects, as staled in the RO￿ Opera House uK)vemirwJ d(xumtnL are." to pr(m￿te and asyst in the 8dvanwrent of education $0 far as such promot)n and ssistance sh1 be of a charitable nature arKI in particular. to raise the artistic tasle of the county. and to procure arKI increase the appreaakn.on and uThJeYstanding of the musical art in all its foms. The athievement of our aims as lisled in the pages above Ip12%J291 enablg us to lulfil our charitable obiecls and iherelore our legal purpose. Publie b•n•fit Thè Trustéès refar to the Charty Commission's general guidance on publbc benefit when Shaping and revièwing the Charity's aims, ob￿ctiVeS and futufè strategies. In se￿.ng the level of licket prices. chargès and e¢)ncessions, and in deVelo￿n9 digital and broadcast L1islribution. the Trustees 9ive careful Consideration to acctrssibility of the Royal Opera House to ihosts h)w incomes. As ouuined in this report, this is addressed through maintaining a v•id& fange of ti￿et prices. as as through several ticket subsidy schemes. Iree events. digital and broadcast acbwty ar*Y an exlenwve lèaming and partiopatN)n programme.

Docusign Envtrw ID.. A1295DS8-3427439M407-8089e4864797 Royal Oper8 House Covenl Ga¥den Fwndation (Limited by gU￿antee1.. Company Trlumber 00480523. Trustees, report and consolidated financial Slaieinenis. 52 week peri(xl e￿Ie0 29 ALKJUSI 2021. Appolntment of Trnsttts Trustees are appointed for an inib.al temi ol up to f￿r years and are seff-appointing. The Nominalions and Remuneralion Comrnittee has dèlegated authtsrity to ￿rUit Twstees who are lomially elected at Board meetings and ratified al the next followiro Annual General Meèting of the Company. On the expiry of such initial temi they may be ￿-ap￿)Inted for add1￿.￿nal ttm)s"expiring on or before the finanual year end followin9 eilher the second or fourth wniversary ol ihe date of re-appointment. No Trustee sha51 be appoinled lor term exceeding ￿e1ve years. Thè Trustees aptK)int a Chair for a tèm or rive years or less and on expiry ol such term he or she may be ré4pw.nted for a second temi of thrèè yeafs or fèwer by approval of the Trustees provided that on expiry of such second tèm ￿ or sha shall, unless thè TrUSt￿S othetwse xcepiionally determin$, retire trom office. Thè Nominatsons and Remuneration Committee reviews ￿gUladY the struGfure, slze, composiliort, diversity and succession needs of the Board, ensuring that the Board has the required blend of skills and expèrience and its rerrit Trs to Trdants"fy. assess and fomially recommend lo the 8oard candidatès for apwintmant as TruSI￿s. Trusto0 Induction and trainlng New Trustees"undergo an inducb.on session W￿th the Company Seuetary to brief them on their obligations under charity and company law, the contents of the MenN)randum and Artic￿$ ol Assoaats"on. Ihe tiaid manual and the committee and deasion- making processes. tkn.ng th8 iTrJuclion now Trustees are also introduced to key employees and other Trustees. Oryanisation The dirèc￿.0ri aThJ control of the Royal Opera H(Nise is delerrnined by the Board ofTrustees. vthich meets at leasl six times a year. The role of the Board is to direct the Royal Opera House slrategy and lo ensure that the Royal Opera House is on the approved strategic course {including arbstic straiegyl and that it is property and effectively managed. The lollowin9 sub-committees of the Board are estsblished (which in the ease of Development. Lewning and Partirypal￿ and D•3ilal Strategy. inchjde wnber5 who are Trustaèsl. Audit and Risk.. The Gommrttee m8gts at lea51 thr￿ b.rnes a yew. Thg wmmittee is Chaired by Julian Metherell. Other rn8mbers are Caroline Britton lappoinled 8 Fetjruary 2022), Kirsty Cooper, Lady Heywood, Sir Nicholas Hyther Iretired 1 S8Ptèmber 20211, Sir John Kingman I￿￿"Ted 1 September 20211, Paul Morrell OBE. Laura Wad8&ry Irelired 1 January. 20211 and Danny Wfvr. Ajex Beard, Mindy Kilby IDirector of Financ81 and Heather Walker (Dirèctor of Operab"ons). report lo all meetings. The committee is responsible for considering and revievring matters reL8ling to the conirol enwronmenl. including intemal audiL health and safetyand risk management, induding consideration ofmatlersraised bythe extemal audi¢o"rs. The committee is ￿sponsible for the appoinlment of the external auditW5. meets regulwty with them and ￿¥￿w5 the perfomiance and independence. Frnanc• and Operations.. The commrttee rneets six timès a year. The committee is chaired by Lady Heywood. Other rrembers are Caroline Britton {app(xnled 8 February 20221,Lor(J John Browne (appointed 26 Fèbruary 20211. TinK>thy Bunbng lapwinted 6 July 20211. Sir Uoyd Dorfman CBE, Sir Nicholas Hyiner (retired 1 September 20211, Sir John Kingman 1rets.red 1 Septèmber 20211, Julian Methe￿Il, Paul Morrell OBE, Laura Wade-G•ry {rètir8d 1 January 20211 and Danny W￿er. Alex Beard, ￿"ndY Kilby IDirector of Financel and Heather Walker IDirectOf of Operalionsl. ￿pOrt to all meetings. The committee is responsible for rewewng and assessing the balance. integrity and Iransparency ol financial infomiation. thè adequacy of financia planning, budgeting and forecasbng. an(1 Ihe Royal Opera H¢iuse's annual finaneial statements. It rnakes recommendations to the Board on major capital expenditure an(1 rtvtrnue ¢ontra¢ts and On Ihe overall framework for delegated financial aulhority in the Royal Opera House. Developm•nt: Thecommittee is chaired by Danny Wyter. Other members a￿ TiThthyBurity.Thè Countèss ol Chichester, Davmtson (￿tir& 4 May 2ffL1). Sr Lkjyd Dclthwn lar4Jinted 14 Decwnber 20211, Da Vwien Duffield, ￿Y He￿¢0Y (retired 1 Sefviber2020k Rotrrt Kamf Iretsred 31 August 2021), Paul Raphaèl Iretired 11 August 2021 I, Sir SIn￿n R¢w lapprAnted 14 May .20211. Darne Gail "Ronson, David Ross (appointed 1 Seplember 2020. retired 13 May 20211. The Eari ol Snowdon, AndrwW4ton lrèb.rèd 31 A(4ust 2021 I and Lady Young of Graffham. Alex Beard and Amanda Saunder5 (Diww of Devalopment and Enlerwsesl report to all meets'ngs. The wnmittee supports. the Development departmgnt in maximi$irrfJ fundraising opportunities and incorre. Oonatlon and Incorne Ac¢Èptan¢e: Lady Heywood lh8 oJ1￿rt1ee unbl 1 Septernber 2020, when . David Ross assurned the chair. David Ross ￿Li￿ on 13 May 2021, arid Sir Simon Robey a5sum8d the chair on 14 May 2021. OlheF membeis a￿ Zeinab Badawi (appointed 6 Juty 20211. Kirsty Cooper, Susan Hoyle lappointo(J 26 May 20211 aTrl Danny W￿er. The committee SUPPC•rts th& organisab.on around the ethical acceptanc¢lr8j8cbon of srA)nsor5hip. donab.ons and mèmbership. This inclut1es making decisions, 45

Docu&"gn Envefw ID.. A1295099.3427439A-94D7-￿9e4B64797 Royal Opeia House Covent GaTd8rk FoundatK)n (Limited by guaranleel.. Company Nuwbw tM)480523. Trustees feport and Consoliéaled financial slalemeftts. 52 week peri&Y ended 29 Au9USI 2021. re¢ommending referral 01 those decisions to the Chanty Ctsmmission whefe appropriate. a55essing the potential impact of those d￿1$￿ whik adwsiThJ the t￿sinesS communications department with règard to their rabonale, advising the main Board on the assorialed risks, annually ￿vie￿n9 Ihe policy on arxeplinglrejectirg such fvnd$ arKI n￿lIOTtr￿j ￿lar￿e ￿th Ih"$ pK)licy. L¢arnin9 and Partieipatlon: Thè committee is Chaired by Susan Hoyle. Other member5 ar8 Alex Beard, Helen Bnjckdorfer. Hilary Carty, Ann cromb￿l8p￿Anled 20 Api"120211, Dame Viwen Duffiekl, Janè Ellison (retired 19 November 20201, Dawid Hall {rets￿d 19 November 20201. Anne McElvoy {retired 19 November 20201, Tanya Joseph lapw.nted 20 A￿"120211, Sirm) Pearson lappynted S October 20211, Dame Theresa Sackler (retired 19 November 20201. Jonathan Sands an(J Bn"dW Whyte. Jillian Barker (Directorof Leaming and Partiupalionl reports lo all meetings. The committee support5 th8organisalion in planni￿, implements'ng and monitoring programmes and inibatives focused on leamirg. partiopab.on and wdening eroagement. Nomination$ and Rgmun•ration: Lady H•ywLrfl chaired the committee untl 1 September 2020. when David Ross assurned the chair. Dawd Ross r•tired on 13 May 2021, when Sir Simon Robey assumed the hair fri)ffl 14 May 2021. Sir Simon Robey retired on 26 May 2021. when Susan Hoyle OBE assumed the chair. Other members a￿ Dame Vivien Duffield. Laty He￿￿￿￿, S"r John Kryman Irèbred 1 September 20211. Julian Metherell and Dannyw￿er. A￿X Beard and Da￿ Haddon also aitends these meetings. The committee nominates appointees lo the Board and other Senior Executives for approval by the Board. It may co-opt additional members where pa￿'cUl¥ expertise is required and a particular role is under consideration. The commfftee is 8150 responsible forthe conbnuous reviewof8oard membershipto ensure Ihala proper balance of skills, experience and diversity is maintained. The ojmmittee is ￿spOnSible lor rèviewing and benchmarking inlemationaly the pay. benefits and total compensation of the Executive Team. The aC￿￿tieS of Ihe Royd Opera House a￿ driven by the arb5ti¢ rlans rA tr Royal ealletaThJ the Royal Opera, and mwaged by Ihe Chief ExecuiNe the suprKJrt of Ihe ExeaJti¥e T￿. The Comnwttee con9der the Chief Execubve, Musi¢ Ojrector. Pirectry of Ihe RO￿ Balet Lhredor of 0￿8 as key M￿89￿nI personnel reswn5Ue for these aciwties. The Cornfflitt8é conducts an annual le￿eW of executive compensaiion. focussing on survey data from a lange ol ¢warat￿e UK and intem8t￿81 arts organisation5. and a150 takes into account the annual pay award for all staff. Undèr th• chaimwnship of the Senior Independènt Dir•cEor thè Nominations and Remuneration Committee wll sel up a suiKommittee to propos& and assess candidates for the Chaimianship of ihe Board. 0i9ital Slrate9y: The (x)rNrillee ￿ cha.rwj ty Chrtsb¥r T¢y•mseThJ laFfKnted ￿ Ayl 20211. Othèr mèmbers 8r$ Timothy Bunting (app￿nted 20 Apiil 20211, SiiKXI laprM)wited 20 AFrfl 20211, Sir Simc¥) Robey 14)pJ"nt&J 14 W 20211, DavAJ Rc6s (ap[￿In￿ 20 Ar￿1 2021. retired 13 May 20211. The committee support5 4he organisation in overseeing the developrrenl and implémèntab.on ol the organisation's strategy for digital content and communicalion5. Ex•cud￿ T•anL the day40-day management is the task olthe Royal Owra House Execub"ve The Trustees appoint the C￿'ef Executive and. with him, the most senwx management. Royal Opera House. oPeral￿n$ are marwd by the Chief Execub"ve wtth the assistance of an Executive Team CoMw￿l￿g.. A￿X Beard. Chiel Executive Jillian Barker, Director ol LÈamirvJ and Paitipab"on Heather Baxter. AdmirNstrativt Director, The Royal Ballet Bob Brandsen, Production 0￿¢tOr (until 31 August 2020) Melanie Crompton, Orchestra AdmIn￿tra￿"ve Oirector (unt# 30Awil 2021) Mark Dakin, Technical Direct Lindsey Glen. Head of Policy and Strategy (until 10 DeGèiiib•r 2020) Dale Haddon. Director of Human Resources Mark Heholt. Head ol Pdicy and Stratsgic Fundlng Ifmm 8 Marth 20211 Leah Hurst, Head ol Legal and 8usin•ss Affairs Petar Kat￿a. Oir8Ctor of caskn.ng Koen Kessels, Music Director. The Royal B*1 Mindy Kilby. Director of Finance Terry McGrath. Director of Audience5 & Med Oliver Mears. DireGior of Ope K8vin O'Harè, Director, Th8 Royal 8811è1 Antonio Pappano, Music Director Amanda Saunders, Director of D￿￿0pMent.and Enterprises Cormac Simms, Admini5ts3kn"ve DI￿tor. The Royal Opera Laura Stevenson. Renewal Programme Director .Heather Walker, Director of Operations James Whitebread. Chief Technology Thfficer {from 10 Jun• 20211 46

DocuSi9n Ellve4)e ID.. A1295D5W27439A-94D7-8089e4e84797 Royal Opera House Covenl Gaf¢Jen FouThYaiKJn {LiM￿ed by 9uaranteel.' Company Number 00480523. Trustees, report and consolidaied financial slatements. 52 week perityj ended 29 AugiJ512021. Emma Wilson. Deputy Director of Technical & ProJuctMJn The Chief Executive lassisled by thè Executive Teanl is responsible for the devekjpment and implemenlatyon ol the strategy arKJ business plans of the Royal Opera House. The Execulive re￿n meets weeklyto monitor a￿'slIc. operati(]n81 and financkal pro9￿$$ against ￿an$ apwoved by Trustees. Itshould be noted that whefe the title'Directorf 15 used In the above table this is an inlemal managemenl temi only and does not indicate directorship according to the Companies Act definition. The Royal 0￿ra Company and Th• Royal Ballet Company a￿ intemal divisions of the charity. The Royal Ballèt has a,Royal Charter dating in its ortginal form from 1956. The Royal Opera House, Thè Royal Ballèt and The Roydl Opera Company have the S0Ve￿ign,$ pemisSi￿ to use Ihe vhyd 'R¢)yal' in their tiues. We wo￿￿ •lso to thank Ihe followlng for 5uppor( advice and oncourngement throughout th• year: .Ambass8dors The Countess of Chichesler Dame Gail Ronson OBE The 8oard ofthe Royal Opera House Endowrnenl FuTrt Dame Vivien Duffield. Chair Tirn Buntin9, Hamish Forsyth, L•ty Ga￿￿. Sir sir[￿ Rotey, Peler Tr￿ghton CBE 808rt1 ofHonordry Diractors Lady Htry￿, Chair (retirèd 1 Septemb&r 20201 David Ross, Chair lapp¢inted 1 Sèptemter 2020. ratif￿ 13 May 202.11 Sir Simon Robey, Chair (appointed 14 May 20211 The Countess ofchichester. Honorary Vice Chair Oame Gail Ronson. Honorary Vice Chair Doug'and Ceri King fiya and Timur Kuanyshev Lord aTrJ Lady Laidlaw Rena and Sandro Lavery Margarita Louts-Dreyfus and Phillipp Hildebrand The Marguiles Famity Bertrand and Elisabeth Meunier . K4ant Mohn OANDA Europe Limited - David Hodgè Mrs Susan A Olde 08E Stelan Sten Olsson Jette and Alan Parker Natalie Parker Melinda and Donald Quintin Julia and Hans Rausng Yvonne and Bjame Riebe( Sir Simon and Lady Robertson Rdex- Amaud 8oetsch The Gerald and Gail Ronson Family FpundatIc￿. Ruinart- Mr Bertrand.Stwp Dame Theresa SaCk￿r Lily Salra Lord and Lady Sainsbury of"Pre$ton Candover Kirn SamLTrel rina Taylor ndsay and Sarah Tomlinson Van aeef & tyls- Geoffroy Medinger Dr and Mrs Mithal West Danny and Lillian w￿er Anonymous14} Gregory and Regina Annenb?rg WeirvJarten Lady A5hrroft Mikhail Bakhbafov Celia Blakey Mr & Mr5 Arthony Bo1￿) Bo(xSles- Micha81 Wainvrright BP International- Peter Mather rim and Sarah Bunts"ng Susan Burns OBE and Jthn Burns Ricki Gail Conway Dr Genevieve and Mr Peler Davies Sir Mick and Lady Barbara Davis Sir Lloyd and Lady Oorfman Dame Wivien Duffield 'Aline Foriel-Destezel Hamish and Sophie FOrS￿h The Deborah Loeb 8rice Foundalion David and Sarah Fransen Kenneth and Susan Green Lady Hamlym Jane Hamly Dr Catherine Hogel Charles Holioviay Aud Jebsen Frances Kirsh Th• Royal Opèra Hous• P•nslon Fund: Richard Scyer. Chair 47

Docu&"gn ￿1. A1295058-3427439A.9q07•9E4864797 Royal Opera House Covenl Qorden FOU*￿3110￿ ILimrted.by 9u)ran¢ee)". Company N￿mber 00480523. rwstees, report and coftsolKYated finar6kql statements. 52 week perNxJ ended 29 August 2021. REFERENCE AND ADMINISTRATIVE DETAILS

DLuSigTh Em+ek)pt"IO." A1295D5B-3427439A-9407-8Q89E4864797 Royal Opera House Covenl GaTden FovrKlalM)n ILirnited by guaranleel.. Company Number 00480523. Trustees, report and consolided financial stalement5. 52 week perifyy ended 29 Augu$t 2021. Charity number ACTUARIES 211775 (ta the Roy81 Opera House Pension S¢hemeJ Lane Clark & Peacock LLP Company numb8r 95 Wigmre Strrt Lonth)n. W1U1DQ. tX1480523 PRINCIPALOFFICE INTERNALAUOITORS Royal Opera Hous• Covgnt Gardgn. London, WC2E 9DD RSM VK Group LLP 25 FarrintykAI Street London EC4A 4AB AUDITORS Grant Thomton UK LLP 30 Finsbury. Square, London. EC2A 1AG BANKERS Coutts & Co. 440 Strand. London. WC2R OQS INVESTMENT ADVISORS Stonèhage Fl•mlng Investm•nt Management Limit•d, 15 Suffolk Street, London SW1Y 4HG Troy Asset Management Limitèd Brookfiekl House. 3&34 Davies Street. L￿(jOn . W1K4BP N•wton Investrnent anagement Limit￿ 8NY Mellon Centre, 160 Queen Victoria Slreet, London, EC4V 4LA ARTS COUNCIL ENGLAND 49

Oo¢uS¥Jn E￿￿¢￿0 ID.. A129SDW3427439￿g4D7¥￿}89E48£4797 Royal Opere House Covenl GardÈn Foundation (Limited by guaranleel." Company Number 00480523. Tmstees, ￿pOrt and consolx1aled finan¢pl slalernents. 52 week peri(rfJ e￿1¢￿ 29 August 2021. Group entitles On 29 August 2021 the gK4Jp ￿cluded the charity and.. Royal Opèra Hous• Endovffli•nt Fund 2000 Royal Opgr• House Entrprise$ Limiiod ROH Holdings Limited ROPI Developments Lim•ted The consdidated financial slatemènts inelude thtt results of thesè Èntrtrts. as dètailed in Note 2. See Note 2 for Ihe principal actiwts"8s ol thèsè èntities. Equality policylstatem•nt The Royal Opera House has an ongoing commilment io promotin9 diversity throughout all its work- as an employer, in the artwe perform. aThJ in the exIentofoura￿jIenCe. We repcrt annually to Arts Countil England on cJr progress agairtst an acticffj ￿an. which is keenty monitored by the Board olTru5tees. EnV￿rgnmental strategy 11 ts the ambition ol the Royal Opera HcwJse to be a kajer in envirrmmental svslainabiltty and to acl as a. catalyst for positsve change in this fiehy. Rècognisiny our global ffjach ar￿ 1$adetsh￿ r￿• wrthin ihe UK arts sector. we"embrace our ￿SpOnsIbl11ty and obligation to reduce OLtr impact on the enwronment and we aim to eThJage wth our audiences. stsff, suppliers and partnets io raise awareness about sustainability issues. It is our belief Ihat reducing our environmental impactwill notonly have a positsveeffecton theenwronment. but will also makeouroperations more efficient and economical and will enhance our Organisati￿al re¥ilience in Ihe kjng terrn. Hèalth and saf•ty The charily hqs a health and safely Con￿lItee comprised of representatives from rn8ny departments. All. now employe8s are issued witha health and safety wjlicy d(xurr£nl. In additi¢Ji, under the supemsion of the occupational health unit, there'are traird fitst-aiders in all depath￿nts. A full report on Health and Safety is Considered annually by tha Board. Employees The chaiity informs and Seeks Ihe ￿ewS of its empkjyees by means of regular department meetings open lo. all employeèsand nèwslèttèts. Règular rntetings arè heklwith Ihe recognised unions." BECTU18roadcasting Entertainment cInen￿t0)r8ph and Theatre Union). The Musicians. Union and Equty. Dis•bl?d person¥ The chanty encourages the employmenl of disabled persons. It is Board policy to ensure th8t continued èmploym•nt is offerèd, wherever rnssible. to èmpbyèÈs who bècts￿ temporarity disabled and special . arrangements ar mad lor thos• ￿lma1￿ty d¢sabl8d. Politlcal arid charftable conlrfbutlons The charity made no political contributions d￿ng thè peri(*J. No tharilablo ¢fjntribub'ons were made during . thè period. othér than as disdosed in Note 9 to the financial statèmerts. Paymènt polley It Is the charity's polity to pay Suppliers in accordance agreed c￿rt tern￿. The Royal 0￿ra House had trade t￿￿110rS equivalènt lo 20 days supply at Ihe p￿0￿ end (53 week peiiod ended 30 August 2020.. 18 days). 50

Docu&'gn Envekjpe ID.. A129505B-3427439A-94D7-8089E4B64797 Royal Opera House Covent Garden Foundation ILimsled by gyaranieel. Company Number 00480523. Tru51ees' rekK)rt and wn$olidated financial stalements. 52 week per￿ ended 29 ALNJUSI 2021. Audltors Pursuant to section 487 ofthe Companie5Act 2rA)6, Ihe audit￿$ will bts deemed to ￿ reappointed and Gt8nt Thomton UK LLP will lh￿￿C￿e conlinue in offi￿. Fundraisin sta Our guiding prineipk for furKJraising is to build seoJr8. b)NJ tenn1uThJraising support (￿￿ our Members. encouraging thèir inlèresl iri our charitable work. altowng them to engage with our staff and projects and seeing how their additional 9rt15 help Lbs. Our fundrasng materials are wntten and d&￿gned around this principlè. Fundraising activities indude targeted direct mail, events and leaflets al prornoting donations and bequèsts. donations through our website. and approaches to Trusls. Foundathyts. e¢xnp8nies .and indiwdual benefactors. Our fuThJraising is Carri￿,>JI by our inthouse fuThJraising teaNts and we are a regISte￿d member of The . Fundraising Regulalor. We have procedures in place to ensure our staff and volunteers comply wth fundraising standards and regulation," we are not awa￿ ol any fadure by our staff or vdunleers to meet these standards. We are committed to acb.ng pfonyuy if we receive any infcmation indicating we have rKt mel these standards. In 2020121 we received 7 general fvndraising complaints about our fvndraising acimty. If cornplaints are received we respond quickty and ensure corrective aclion is tsken as required. If complaints are recetvgd about the suggested donations added lo tKket purchases. these are refunded al the point of complaint. We take our responsibilities on managing our cOn1a￿ data very serKJusly and we strive to ensure th8t our policies and procedures around data and prrKessing meet tyjr legal requirements, our high expectations and those ol our supporter5. As part of the risk4Jased audit plan and in line our risk managemenl processès. Intemal Audit performs regular reviews of the FundraisiryJ team actiwbes and tontrol environment. We r8cognise the need lo protectvulw￿abI8 pwle. We ensurè ctsmprehensive training is provided to ensure that empathy respaGI are derHonstrated towards peopl¢ in vulnerabk circumstances and that no donation is s¢Jught or gained from SLYn￿n& who may not have thè capacity to make an infom)ed and conSide￿d decision. We respect our supporters. privaGy and rights to decide how aThJ it We ¢LYtta¢t them. Wg mak$ it easy for supporters to choose how they wantto hearfrryn Us. and rfthey ask us to contact them we wll not. unless it is a legal or adnunistrative requirement. 51

Owu&"w Envebw ID.. Al295059.3427439￿g4D74089E4864797 Royal Opera House Covenl Garden Fovndalion I￿rn￿ed by 9uaranteel.' Company Number 00480523. Trustees. ￿pOrt and consolidated financd slatemenls. 52 week peritsa eft#ed 29 August 2021. Trust••s' r•sponslbilitles statem•nt The trustees {who a￿ also directors of Royal Owa Hovse Covent Gwden Foundalion for the purposes of company lawl a￿ ￿Sp(￿sIble for preparir¥J Ihe Tnjstees, Annual RerAyt and the financial statements in accordance with applicable law and wuLil¥)ns. Company law wuires the trustees to wepare f￿anCIal staternents fry each financial y8ar. Under that law the trustees have elected to prepa￿ the financial slalement5 in accordance wth United Kingdom Generally Accepted Accountin9 Ptactice Iunited Kingdorn Accounting Standards and applicable lawl. including FRS 102 The Financi81 Reporting Standard ap￿ICable in the UK and Repl￿11¢ of I￿land. Under compgny law the twstee5 must not approve the financial statements unless they a￿ satisfied Ihat Ihey g¥v8 a truè and fair vitrw of the stale ol affai￿ of Ihe chanta￿e company and the group of the incoffling rèsourtes and applicats.on of ￿sourCes. Ind￿lir￿j the incon and expenditu￿. of the charitabk group for that period. In Pfeparing these financial state￿nts. the trustees are required to.. select surtable accounting pcAicaes and Ihen 8prAy them (onsistèntly." obserye the rnethods and pnnciples in the Charitses SORP IFRS 102).. make judgments and accounting estimates that are reasonable and prudenl., state whether applicable UK Ac¢ountiThJ Standards have been followed, subjéct to any material departures disdosed ar￿ explairwl in the fina￿al statements- prepare the financial statements on the going b￿"$ unlèss it is Kwypropnate to wesume that the tharitatAe grtyjp will c(x)tinue in bU￿ness. The trustees responsible forkeeping •uale acc￿ntir￿a records that a￿ SUffi￿entIO show an(1 explairb the charitable company's transact￿nS and disclose with reasonat+le accuracy at any tirne the financial position ofthe company and enab￿ them to ensure that Ihe financial slatements comply wth thg Cgmpani8S Act 2006. They are also responSi￿e lor saleguarding the assets ol the tharitable company artd hence for iaking reasonable sleps for Ihe p￿Vention and detectw offrdud and other brregularitses. The trustees confiryn that.. far as èach Iwstee is aware. therè is Th) relevant audit infom)thn ofwhith Ihe charitsble company's auditor is unaware." and the trustsles have taken all the sieps that they ought lo have taken as twstees in orderto make Ihernsefves aware of any relevant audit inftxmatson and to establish that the Char¥lab￿ companys auditor is aw¥e of Ihat informabon. The trustees are responsible lor the maintenancg and int89rity of the corpmle and financial informabon included on th8 chantable companls website. Legisktion in the Uniled Kingdom governing thg preparatson and dissemination of financial ststemenis may differ from legisLibon in other jurisdictions. The Trustees. Annual R8FrfYt [Irn)JF￿ts"NJ ret*Jtl was appyoved by the Board of Truslees and signed on 29 March 2022. Sir Simon Robey, Chair 52

Docusign Enwkpb ID". A129sD￿3427439A-9dD7-￿E4B64797 Royal Opeia House Covenl Garden Foundah"on ILimited by guaranleel". Company Numbei 00480523. Trusiees, ￿port and co￿501￿18ted financial siaiements. 52 Eek pefiLKI ende(J 29 August 2021. Indèp•nd•nt auditors r•port ¢0 thg m•mbgrs of Royal Houx Covent Gard¢n Foundatlon Op•nion Wve have atKJiled the financial s1ateff￿ts of Roy¥ Opera House Covent Garden Foundation {the 'parent charitable company'l and its subsidiaries (the 'group'l for the 52 week period ended 29 August 2021. which comprise the Consolidated Ststennt of Finan￿￿ ACti￿tIes. Ihe C(Yts0lidated Incorre and Expendrture Aceouni. the Consolidated Balance Sheet, the Parent Charitable Company Batance Sheet, the Consolidated Stalement ol Cash Flows and notes to thefinancial slaterrents. including a summary of signthcant8ecounting licies. The finanaal reFyxling framework that bas been aprAied in Iheir P￿parat￿)n is applicat￿È law and Uniled Kirvjdom Accountin9 Standards, induding Financial RepcU'ng Standard 102.. The Financial Reporting Standard applicA¢ in the UK and RepubFi¢ of Ireland {Unitèd Kingjom Generalty Accepted Accounts'n9 Practice). In our opin￿n, the financial slatemenls.. give a true and lairview of Ihe stateofthe group's and parenlcharitable conyanls affairs as at 29 Augusl 2021 and of the group's ineoming resoureès and applic1￿ of resources indudin9. its income and expenditurg for period thèn en¢Jed", havtr been properfy prepared in accordancè Uniied Kingdom Generally Aeewed A¢¢ounting Practice,. and . have been prepared in accordance w¢th the requIren￿ts of Ihe Comparies Act 2006. Basis for op•nion We have been appointed as audr(or underthe Companies Aet 2LK)6 aThJ ￿POrt in accOrdar￿ regulations made under that Act. We conducted our aydit in accordance Intefflational Standards on Auditsng IUKI IISAS IUKII and applicabte law. Our ￿S[%)nsIbIlItieS undef Ihose sfandards are further described tn Ihe 'Auditor's responsibilities for Ihe audrt of the finanual statements. section ol cwjr report. We are independent of thg group and parent ¢haritable cr￿panY in accordance with èthical reqU1￿m$nts that arts relavant to our audit of the financial stateffenis in Ihe UK. including the FRC'S Ethical Stsndard. and we have fulfillèd our other ethical iesFM)nsibilibes in accordance with these reqU1￿mentS. We believe that the audit evidence we have obtainèd is suffiaenl and appropnate to prowde a basis for our o￿nIon. Th• Impact of mauo4¢onom5e unc•rtahrtl•s on our autht . audit ol the financial ststements requires us to obfain an understandiThJ of 811 relevant uncertainties. including those arising as a COnsequer￿ of the effects of macro-economic uncertainties such as Covid-19 and Brexit. Ml audits ass•ss and challtng• Ihe reasonabb&ness of esbmat•s made by the directors and the ralated disclosures and Ihè appropriat8ness of the going CL￿cern basi5 01 preparation ol the financial. slatements. All of these ￿e￿nd on assessments of the fvlur¢ e￿n9M￿ en￿￿)nn￿nt and thè group aThJ companls futur• prospects and parf0m￿￿e. Cowd.19 and Brexit are amongst the n>)st significanl eccwnK e¥ents currently faced by the UK. and al the date of this report their effects are Subje￿ to unprecedented levels of urlcertainty, with the full range of possible outcomes and their impacts unknown. Wè applied a 5tsndardised firm-wide'approach in response to these uncertainties when assessing the group and companys future prospects and performance. However, no audit should bè expected to pr￿let Ihe unknowable faetors ¢y all Frttssible future implieations for a group or lor a company associated wth Ihese particular events. Conclusions relating to goin9 concem We a￿ responsible for concluding on the 8kvopriatene5s of the Iwustèes-ts5e of thtr going concem basis of accounting and. based on the audit evidence obtained, whethera maierial uncertaintyexists related to events or conditions that may cast slgnir￿CanI doubt on the gioup's arKI the parent chafitablè company's ability to continue as a g￿ng concem. If we conclude that a material uncertainty exists. we are required to draw attent)n in our report to the ￿lated disdosures in the finanoal statements or. if such disdosures a￿ '" in8dequate. to modify the audilorfs ownion. C￿clusIOnS are based on the audil evidenGe obtaine(l up to the date of our repyjrt. However. futurè èvents or condrtions nw caus& the group ￿ parent tharitable npany to cease to ￿tinue as a wng concem. 53

Oowsign Envebpe ID.. A129505&3427439A-94D7-8089E4864797 Royal Opera House Covenl Garden Foundatwjn ILimite(I by guarante81." Cornpany NumbeT 00480523. Truslees, report and consolM1ated ffnallcial slaiements. 52 week Per￿ endetl 29 Augu512021 In our evaluation of the trustees, conclu&ons, we consKl•red the inherent risk5 aSStdat•d with the group's and paranl chaiitable companYs business rTh)del including èffects ansin9from macroveconomic unc8rtainties Such 8s Brexit and Cowd-19, we assessed and chalkngeLI the rea¥￿ab￿&ness of estimates made by th8 tnjstees and the related disclosures and analysed how those risks might affs¢t thè group's and parent eharilable CoMpan￿S finanoal res￿re•S or atmlity to ￿nIlAu Lyrations over the going con¢em ￿n1￿j. Baseil on the work WÈ havè ￿rfomed, we have not Klentified any matèrial uncertainties ￿lating to events or ¢￿ditionS thal. indwidualty ￿ cdlecbvety. may cast s￿nifiCant doubt M the group's and pa￿nI charity's abilityto conbnuè as a g￿r￿j concern lora period ofal ￿$l￿fve months fromwhen th• financial statements are auth0ri5ed for issue. In auditing the finanoal stat8ments. we have condvdèd thal the Irustees. use of the basis of accounting in the preparation of the finarKial slaternents is appwiate. The responsibilities of the trustees ￿1h rèsp8ct to wryj Co￿￿M are described in ihe 'Re5ponsibiliti95 of trustees lor the financial statements. secb'w of this ￿pOrt. Other ib)forniation The (ruslees a￿ responsible for Ihe other information. The olher information comprises the inf0m￿tIOn included in the Annual Report. olhef than the financjal ststements and our auditor's report thereon. Our opinion on th8 finarKial sialem8nts doe5 not cover the other information and. excepl to the extent otherwise explicity stated in our report, we do not expre55 any fom) of assurance Conclus￿ thereon. In connection wrth our audit of the finanrial staternents, our r¢spon5itM"lity is to rèad tht oth•r inlomation and. in dring so. consider whether the olher informalion is materialty inconsistenl with thé financial statements or our knO¥￿edge obtained in the audrt OT otherwise appears to be materially rnisslated. If wè idèntify such material inconsistencias orapparènt rnaterial misstatements. we are requi￿ fo determine Ithetherthere is a mattrrial misstatement in the finanrAal slatements or a rnalerial misststement of the other infomialion. tf. based on the work we have perfomied. we ¢on¢lude that there is a malerial misstatement ol thts othèr infom)at¢on. we are uired io ￿port that lacl. We have nothing to report in thtrs regard. Opinion on other matters pres¢ribed by the Companitis Aet 2006 In our opinion. based on Iht wowk undertaken in Ihe c(xKse of the audit". the inlomiation given in the Stfategic Report and the DirectOfS' report, prepare(I for the purposes of company law. irKluded in the Trustee5' Annual RekK)rt for the financial period for which the financial statèm•nts arè prèparèd is consistent wlh the financial statem￿1￿. the Strategic Rep)rt an(1 Ihe Dire¢lor5' ReFX)rt I￿u￿d in the Trustees, Annual Report been prepared in accordanc• vAth appI￿a￿t legal requrrements. Matter on which we ar¢ reqU5r￿ to r•port under thè Companles Act 2006 In the light of the knowledge and understanding of the group and parent charitable cornpany and its env1r0nmentobtai￿d in the course of the audil. we have nol KIe￿tir￿d material misstatements in the Slrategic Report w the Owectors. Rewl included in the fwstees'Annual Rwjrt. Matters on which we are wuired lo report by exception We have nothing to ￿pOrt in ￿sPeCt of the fc41owry matters vknere the Compani85 Act 2006 rew1￿$ us to report to you il, Jn our oF4nion= adequate accounkn.ng records hav• not bMI kept by the parent tharilable ￿rnpany. or rtiums adequate for our audit have not been réetived from branthes not visited by us: or the parent chantable company's finarwl ststeThnts afe not in ag￿ement wth the %counting records and rlums.' or certain disclosures of trust8és' rnmunerab.on specified by law are not made" r we have nol receive(1 all Ihe informalion and explanations we require for our audit. 54

DocuS¥Jn En¥dope ID". A1295058-3427439A-94D7-8089E4B64797 Royal Opera House Covenl Garden FoundalwJn ILimiled by guardnleel.. Company Number 00480523. Truslees. rekx)rt and consolid81ed financial 51alemenls 52 week peri￿ ended 29 Augu512021. Responsibilities of Iru$te¢$ for th• financlal statements As oxplaineard minute5. and through our lègal and professional expÈnsÈs rewew. We assessèd the suscéptibility of thè gioup and parénl Charitab￿ company's financial slatemenls to material mssstatement, induding how fraud might occur and the risk of material override of controls. Audit pr￿eduleS perforrned by the engagèment leam included.. Idenlifying and assesgng the design effecb"vgne55 of ceit8in controls management has in pjace to prevent and detect fraud Challeryaing assumptions and judgmeAts made by management in its significant accounting policie5 Identi￿.n9 and tèsting journal entries - Identifyir¥J and testing related party tran58(kns Inspecting ihe board rninutes 55

DooJSKJn Env8top8 ID.. A129sDw342743g￿D74J89E4B64797 Royal Opera House"Covent Garden Foundati¢Jn (Limited by gvaranteel." Company Nurnber 00480523. Trustees. repon and ¢onsolidaled financial slalernents. 52 week pefi(Ml ended 29 AugU51'2021. - Assessing the extent of compliarKe with the relevanl bws and regukitions as part of procedures on the related financial ststement item The$tr audit procadures wèrè deSig[￿d lo prowde reasonablg assurance that the finanrial statèmènts were free from fraud orerror. The risk of not detecting a mat•nal misstatement duè to fravj is higher than the risk of not detecting one resulting. fr￿ effor and detecting.irregularTties that result from fraud is inherenuy rTh)re difficull than detecbry Ihose Ihal ￿su￿ from error,. as fraud May invo￿8 collusion. dèlibefatè concealnnt, forgery or inteniitsnal misreprèsenkiions. ALSO. the further removed non- compliance with laws and regulalions is from eventsand transacts'￿5 reflèctèd in the finanual stalements. the less likèly we wol￿ become aware of it The assessment of Ihe appropriateness ofthe conecbve ojmpelence and capabilities of the engagemeht team includeil conssderation of the engagement team's.. Understanding of. and practical experierKe wth. ajdil engageffents of 8 sirru￿r nature and complexity through Èpprtspriaté trainiNJ and partieipat Ur¢derstanding ol, and practical experier￿e wth. audit eThJageffenls of 8 siftmlar nature and complexity through appropriate trainiTrJ and participation Understanding of the legal and regulatory requirements specffi¢ io Ihe erbtity Ir￿ud￿g the prowsions of the applicable ￿gislatiOn. The team communicats'ons in respect of potential non•fA)mp)iance laws and regUlat￿S and fraud included the ￿t￿nti￿ for Iraud in r•vètsu& recognition through manipulation ol income. We did not identfy any rnatte￿ rekgtiryJ to non-ccnpliance with laws and rggulab.on and fraud. In assessing th¥ wtènb.al risks of material mlsstaten￿t. we obtained an understanding of. The group and parenl charitable ¢i)mpany's O￿lOn$. induding the nature of ils revenue Sour￿$, to urKlerstand the dasses of transacl¥)ns, accotsnts balances. expected finaneial ststement disclosures and business risks that May result in risks of matèrial misstatement, and The group and Pa￿nI charitable coryany's c￿￿01 enwfonmenl. in¢kwJing". - Manag•ment's knovAedge of relevant laws and rwAations and h(w thè charilabk company is 'conwtying wilh those laws and wulalion5 - Th• ad•quacy of prO￿dureS for authortsation of transacti(￿ an(1 revivw of management accounts. and Proceilures to ensure that possi￿8 breaches crf l•¥s and regulalions approwiat8ly resolved Use 01 our rewt This report is madè solèly to thè charitabl• ¢￿￿ny'S men*ers. as a body. in xC￿dar￿e %wih Chapter 3 of Part 16 of Ihe Companiès Act 2[￿. Our audit work has been undertaken so that we n￿gh1 slate to the charita￿e company's membefs those matters we are required to state to them In an auditorfs report and for no othef purpose. To the fullest extent perniitied by law, we do rKJt accepl ￿ assume responsitx.lity to anyone other than the charitabfe company and the charitable CLYnpanYs mentss as a tXKly. for our audit work. for this report. or lor the opinions we have fom)ed. Michael Redlem Senior Ststutory Audilor for and on behalf of Grant.Thomton UK LLP ststutory Auditor. Chart•red Accountants Sheff5eld 29 M8rch 2022 56

DotsJSi9n En￿0￿& ID.. A129SD5&3427439A-94D74089E4864797 . Royal Opera House Covenl Garden Foundation (Limited by guaranieel". Company Ntimber 00480523. Tru51ges' a￿j consdhYale<l [￿ancIal statements. 52 week pe￿￿ er￿ed 29 August 2021. FINANCIAL STATEMENTS ROYAL OPERA HOUSE COVENT GARDEN FOUNDATION (LIMITED BY GUARANTEE) Consdidated finantsal stateTh*nts 52 wiod"èndgd 29 August 2021 Regist¢r8d chanty number."211775. Registered con4)any nLMnLwr." 00480523. 57.

DDoJSign Enveknpe ID.. A1295DW3427439A.94D74089E4664797 Royal Opera House Covent Gafden FoundalK)n ILimiled by guaranteel.- Compathy NumbeT OD481i523. Tru51ees' report and consdxjaled fiRanCI￿ Stat￿ents. 52 week period en0e(129 Augusi 2021. Consolidated statement of finanelal aetlvltiès fortha 52 weok period onded 29August 2021 S¥ w•• 53vR p4rtrJ Ix 30-Auy-20 Tatsl F￿Thd5 Tolil Fund5 r• £'ooo opEra￿on ol HwJse Ilrth0in9 w¢ffltyi 46X• 6.•19 Y7,71 10,6 12.416 Oonab¢ns and 14W5 Dona¥ens. lega￿¢$•1￿ incornill9 Ilif￿1¢¢5 3l274 391 29,090 IV72 740 IS.ZX2 24,945 Other 4324 4.324 12,502 531 ?zz 754 Totrl In￿rne and enda¥Arneibts 118 016 ($i.¥s} .(75.314) 106frym partdV finarKaa slai•))￿. 58

Docuspjn En¥ekpe ID.. AI295D￿342143gA.94DT-8o8gE4864757 Royal Opera House Covenl Garden Foundaiw ILFmited by guarantee).. Company Number 00480523: Tru5lpes'.￿Wrt and cJJAsolidaled financial slaiement5. 52 week per¥od eThJed 29 August 2021. Consolidated Income and •xpènditui• account for the 52 w6•k period entled 29 August 2021 . per Z9-AuTr21 -fvJy-20 Total Incorne FLid& Op•raJcn ofwal Hc4K•(thdlrq c41kol •,6A• 37.765 12.416 Donat￿nS and Iw5 28.923 2%2X2 24.945 Crnordal lficrfflo 12.502 754 Ch•rbtlb￿ PtOOvthtylS. s*swJ (7¥.J14) 1108.7311 Rahlng FunLts Genera&ig ¥dthit•ryinr(the I44￿) 12 Is (wx) 202 16 359 19.6001 The con$olidated income and expenditure ac£wnl 15 prèpared for Companies Ad purposes and prèsents the group's gross income and expenditure. The consolidaled statement of finamal actNities includes the consolidated income and expeThJiture account aknng wth movements in endowmenl fvnds and unrealised gains and losses and aetuarial gains and bjsses on pènsion h"akn"lty. Ngtg$ from pp. s>1￿ forrn part of thg f￿an￿al slat¢m8nts. 59

Docusiw Erm•)￿ ID.. A129505￿27439A-g4o7-&￿E4￿64T9T Royal Opera House Co¥enl Garden Fouhdation ILimited by guarantee): CoMp￿Y Number 00480523. Trustees, rel￿ anij consolKJ3led financ1￿ statements. 52 w8ek perityj ended 29 August 2021. Consolldat•d balance sheet as at 29 August 2021 30 August 2020 Tot•1 Fund 2•Auguil 1021 T¢ltal FuMd& Fund £'ooo 1.317 J2? 1.377 assÉts 21 X&260 x•o.Iso 196.664 ertthge assdts 23 5.760 5.760 10.79l tnvestrnFrts Tot•1 IL¥￿ Cuvrent isset 957 43• AJ9 422 25 6.760 yvr .25 X&•07 xsAxg IB.454 2.•28 $0.393 472 9.00 61.154 16.307 Total xsats <uivoiil UaWIiII•s 297,566 269.723 26 y••w (1.323) j4•23). 213J25 11337 274.543 268.358 Oeflrtd benefit oengw schemÈ 3J IJO.X8) 136.3041 IIJO07 14337 &68X I44￿15 232.OS4 Fuftds 27 4,156 4.470 27 7.708 27 213.515 213.525 211.841 Lknrestrtctod rS¢ (JD.Ii•i (36.3•4} Re5trttEd 27 X1337 12.337 13.090 27 4&68X 43.427 232 054 These financkil slatements were aptwoved by ts ix)arwJ of Trustees on 29 March 2022 and were signed on its behaw by.. SIR SIMON ROBEY JUUAN METHERELL. Tmslee Trustee Notes from pagos 63-106 fomi part of these fina￿la1 statew*nts. 60

D￿S￿an Env81)pe10.. A1295D5&3427439A.94074089E4B64797 RDyal Opera House Covenl Gar(Yen Fourxjation (Limiled by guaonteel". Company Number 00480523. Truslee5' rewjrt and ¢(￿oI￿aled fmancial stalemenis. 52 week peiiod ended 29 Augusi 2021. Parent charilable etimpany balane• sheet as al 29 August 2021 30W# 201D T(rf Funds EMO 1.327 X7¥J90 1.327 X90.XS0 1.377 196.664 T￿tI•￿￿ed 055eb 21 23 5.7 L$.791 Investrnent In T•tslfiied oss•ts z2(b) "193 fj5J J91J Produthon5 In Dobtors.. amOW￿ th è year 1427 1427 957 2S 25 400 XS.57• 600 19.098 149 65• ts5h at bank aDd in Iwid 63 01.012 01271 41.09$ 4?.t6Y 65• 48,526 7,48? Total •ss•ts les5 curvefftt 4abllW•s J41.$2• 1•.gX 251439 22D.990 IL.3651 Ilryt aSS•tS 119WO 219,416 227,62S oenned >￿tAl pen¥cffl S(h￿¢ ¥41 JJ (Jo.ii•i (JO.Ll8)' 156.3041 109.7 9.5 199,Z Funth Unr•sfArtod &r￿fIl fL&ids 27 6n 4,•7Z 4,670 lknre51rfrted tsds. 27 319 J•> 7.708 rE5trfrf¢d D¢#9nated 2T 1141 75y 114 75• Lknrestri(te¢ Fvnds . 21•112• 219.810 2L7.814 31 (Ml!8) j30.11•1 27 9,590 The parent company's profil for thè period. belore other comprehensive inwme. was £2_505m12020." £8.712m lossl. Aftef gain on re￿luatIon of henlage assets 8nd actuarial gain on definèd benefit s¢h•me the profit lor the period was £7.977m12020.. £20.052ml. These finanGial stments were approve(I by Ihe trA)ard of Trustee5 on 29 March 2022 and ware signed on its behaK by.. Sli SIMON ROBEY JULIAN METHERELL Trustee )tes from paw 63-106 fowm part of these finaTh>al statemènts. 61

D￿$￿JD 10.. A1295D50-3427439A-94074)89E4B64797 Royal Opera HoLtse Coveni Garden F¢)undation (Litniled by 9uaranleel-' Company Numbei IY)480523. Tyuslees. ￿port an(J 0)nsol￿ated financial s&iemenLS. 52 week perKyJ ended 29 AU￿51 2021. Consolidated statement ol cash flows forthe $2 weekperiodended29August2021 53 week 30-Au*20 a) 12.Y741 32lbl" 3.596 21 47.175 72 23.080 23,800 Notes frc¥n pa￿S 6&106 lomi part of these financial statements. 62

DwJSKJn Envaknw ID.. A1295D564427439K94D7•89E4B64797 Royal Opeia House Covenl Garden Foundath'on {Limiled by guaranleel." Company Number (10480523. Trustees, report and Conso1￿1#1ed financial stalemÈn15. 52 ¥￿ek perKMJ ended 29 Augu512021. NOTES {fomiing part of thg financffal statements) 1. Accounting pollcies The fcAlowing aeeounting wlioes have been applS consislenlly in dtr8lirg ￿ items whth are consKler¢d material in relab.on to the financial stalements_' Basls of preparatlon The financial slalements have been prepared in accrffdance with FRS102 .' The Financial Reporting Standar(I applicable in the UK and Republic of I￿land and urKler the hisiorical cost convention. mgdified to include the revaluation of investments and heritage asset5. and in accordarKe with the Ststement of Recommended. Practice "AGcoJnting and Reporting by Charities- applicable to charibe5 preparing their acwunts in accordance the Financial Reporb'ng Slandard in the UK and Republic of Ireland IFRS10211gff•ctiv? I January 20191 and Cornpanies Act 2006. There are no material departures from FRS102. Compaiativè figures are $lw)vm for the 53 wgttk period ended 30August 2020. Going Con¢•rn Thè TnJstees musl satisfy themsefves as to the Royal Opera House's ability to contsnije as a going corKkrn for a minimum of 12 months from the signing of th"6 finarrial slatements. The Board of Trustees have considered business plans and budgets based on an artistsc programme of aCti￿tY to Au9U5t 2023,. supplemented by outline plans in other areas. These pLqns show imwovement in the return to financial SU5tainability posi-covid. but there are sb"Il challenges ahead. and in the Board's assessment ol going concern takè into ¢on5ideratitin whether the Royal Opera Housè has adequatè rèsources to m&8t oblyations as Ihey tsll due in and tsey￿d the 12 months from the date of approval of thesg financial ststemgnts. Underlying assumptions in the plans and budgets are that there will not be further lockdowns or 3ockql distanciThJ going f￿ards. however. we do antiupate a long-term negatsve impact tsn levels of box office income. In assessing going concem. the Board also Considered finan￿al risk should further c105ures occur. the irnpact of'any $hortf811 in fu[￿raIsIng and tradiwvJ income, and impacl of increasing Inflaiion on costs. If the ROH wer8 to experience performanc8 cancellations in ￿fiter nN)nths there would be an impact on our box office inci>me. with ests"mates ranging from £3.9m to £5.8m in k)sl bo¥ office across a wnter month (Nov to Fèbl. Whilst thè Trustees afe confidènt that thes• risks have adequate mitigation lo ensure the ROH remains a goin9 concem. the modtlh.ng shows that there is suffioenl Iwuidity to August 2023 excluding mitigations. After consid8ration of the sren8rios and the impact of Ihe Recov8ry Plan. Trustees cori￿￿r that the Royal Opera House (Group arKI Parenl Charitable Company) has adequate resources to contsnue in opèrational extstencè lor the foreseeab￿ fLrtLWè bèing a minimum ol tswejve months from when these fJr*ancial statèments are approved.. For this rèason. the financial statements of the Group and Parent Charitable Company have been prepared on a going concem basis. Basis of ￿n$011￿¥tion The conscAidated statement of financial actiwtyes and balance sheet include Ihe firwcial staterrents of the charity IRoyal Opera House Covenl Garden Foundation (Limited by Guarantee). incorporated in the United .Kingdom with regislered addres5 aThJ principal address of Royal Opera House. Covent Garden, London WC2E 9DDI and its subsidiarie5 as set out in Note 22lbl- Ml subsidiary resulis are prestrnted for their statutoryfinancial period. which falls wthin Ihree rrrfjnths of the yearerKI of the tharity. The results ol the ROH Holding5 Lirnited Group 8nd Royal Opera House Enlerprises Limited (Company Number 0411T2661 have been included in the consdidated statement of financial activitie5 throughc4rt thè period. ROH HoldiThJs Limited (Company Number 025803951 is the hdding ccfftpany of ROH Developments Limited (Company Numb8r0258041JOI. In the charitys finanoal statements. the inveslment in subsidiary undertakings is stated at cost. The Royal Opera House Endowmènt Fund 2000 {Charity Registration Number 10899281 has also btrèn consolKlated in full Ihroughout the penod. Since sls ￿rep￿.￿ the Fund has been able to make grant$ {dirècUy or indirecuyl for the benefit of Ihe Royal OFera House."The exient to thch the Royal Opèra House ￿nefits 63

Dow&"gn En¥ekye ID: A1295058.3427439A-94074)89E4864797 Rtsya Opera House Covenl Garden F(xJndation ILimile¢ by guarantee).. Company Number 00480523. Trustees. report and ¢onsolNY3ted finwKial stslements. 52 week peri¢)d ended 29 August 2021. frrAn Ihe Royal Opera House Endowment Fund 20￿ and extent ofgrants and consideration of grants tg other bodies has.been rewewed annually by the Trustees since tts creation. Since the beginning of the pgriod ended 25 March 2007, the-Trustees have considered it appropriate to consolidate the Royal Opera House Endowment Fund 2000 into Ihe Royal Opera House Coven¢ Garden Foundation Group Ifornrty the Royal Opera House Covent Garden Limited Group). In the Trustees. view, Royal Opera HotJS8 Covent Garden F￿ndatiOn has control in that it actually exercjses dominant influence over thtr Royal Opera House Endowment Fund 2000, through influenryn9 the operatiThJ and financial polioe5 for the benefrt of the ROH and both entities are rnanaged on a urtified basis. Aso. the objects of Royal Opera House Endowment Fund 20￿ are substsnb.alty confined to thè bènefrt of Royal Opera House Covent Gden Foundation. A separate Stat?msnt of Finanoal Athiti¢5. or incom8 and •xkiditure account. has not been presented for the charity in accordance with Sectron 408 of the Companies Act 2006. The income and expenditure of the charity a￿ detailed in note 27. A separate cash flow statement has been presented for the charity in accordance FRS 102 secl￿ 1.12(bl. Publlc 8•n•flt Entity Tho Royal Opera House Covent Gard￿ F￿jnda1jn lknmited by ￿arantee) is a Public Benefit Entity undèr FRS102. Signifieant judgem•nts" and key sourees of estimation uncertainty Management have exerused Iheirjudgement in ihe followirMJ area5.' Ass8ssrng th• usèful hves ol taThJrbk fixed a559ts {s8e Tangibl• fixed a55ets al￿ d•pr•¢lation below) as well as any Impalm￿nt prowsKJn requirad lor tlv)se assets. See Note 21 for caffwng values f￿ the current and prKJr periods. The valuation ￿thOd of hèrilage assets. See Hewltsgta55ets beknv arKI Noiè 23 for ￿￿ details and carrying values for the Cur￿nt and piior peri￿1$. The decisionloin¢hMJg ROH Endowment Fund 21KK) Intr￿GrOup COnsolthti￿. See Ba$1$ ofeonsolidatlon abova. .In addition, Ihe pension acluarial assumptions (see Pensi￿ Costs bek)w and Note 311 arè arèas of significantlud￿rnenl That the rate payabl8 on thè intragroup loan payabfe from Royal Opera House Enterprises Limited to Royal Opera House Covent GarLlen FtyJndation Limiled a ￿m￿r￿al rate of inte￿$t and that. given the decision to continue not to demand immediaie payThnt, thatthe bng term ￿rIt.On ofthe b)an conts'nue to be ijisclos in Oeblovs: amounts due after more than one ye•r (see Note 251. manag•m￿t have used estinations in the f(Aknn"ng areas: Oeterrnining Ihat the fair value of the leased cornwerual vnits at the inception of the le85ing 8rrdngement arTK)unis lo th8 initial payrnents pai¢J by the third party and the P￿sent value of r8nt feceipts over the term of the lease and delemining that the fy5idual value of the leased units at the eTrJ ol the lease lerm is negligible when discounted to present value. See Note 25 for carrwng values for the current and prior periods. In addition, the valualion of Investment in Prwamming assels {s•e Intan9ible Fixed Assèts below and Nptg 201 is an area of signthcant judgernent and estirnation. Functlonal Cmncy The Group operates primarity economically in ￿ UK and Ihe fvncti¢￿l currency as well as the reKx)rtin9 urrew is the l￿n￿ st8rfing. 64

Oo¢uSign Envew ID.. A7295058-3427439A-94D7-8089E4B64797 Royal Opera House Covenl Garden FourKlahon (Limited by gvaranieel." Company Number 00480523. Trustees, repK)rt and consolidated financial staternenls. 52 week peri￿ ended 29 August 2021. Incom• Box offi¢e and other income from thè operation of thè Royal OpÈra Fhwse is Stat￿ n&t ofvalue Added Tax and eonsists primarily ol tickel sales together wlh saks of othÈr Wmlds sèMe•s.' R￿nU• from ticket sales is recognised on the night of the perf0M￿nce. Membership incomè receivèd is recognised on a lime4pportioned basis over the peri(xl to which the mèmbership relates. Grants donat￿$ arè accounted for when Ihe recpt is wobable. the￿ is e￿dénCe of 9nbtlè￿nl and . can bè measured reliatAy. Entiuement is assessed usirrfJ perfO￿aTr¢e and tiffle-restn.ctsw eondits"ons. Legacies are accounted for when the receipt is probabk. there is evidencg of entttbament and CAn be measured reliabty. Entiuemenl is assessed using c￿dI1￿$ as set Qui in thè will of thè ¢Jeceased legacy ownar. Sponsorship ￿come repras¥nts Inc0Th￿ from Comr￿ClaI organisab.ons in"support of specrfic activities. come is r8cognis•d at the date of th¢ ev8nt whrch is thè FX)mt of ddivw fLV gc(rffjs oi seNces. Co-production income represents incom• from otw th•atre compani•s as a contributson towards thg c05tS . of delivering a new Opera or Bal￿t prtsjucbon. Income is recogn4sed at the dale of Ihe first perfomjance of .the produciion. Grants from Arts Council England ar• recogni5ed on entiUemeDt and when Ih8ir receipt is probable. Comrner¢ial trading In￿M0 ar￿Other incom• is recoJnised atthe po￿told1￿ery ofgoods(ff seNces. Investm&nt income is recognised on ￿ accIL￿S ￿s. SpJfica.ty. interest is recognised using the effectNe interest method and divK1end income is recognised when Ihe right lo re￿Ve payment is eslabltshed. Amounts due to the Royal Opera House in respectolthe Theatre Taxcredit are included in thè financial yèar to which the claim relales. These amounts are recognised in incomtr, watherthan as a tax credit or reco¥ery ol èxpèriditure, as Ihè intenb'on arKI nature of thè Theatrè Tax Credrt is akn"n to wvemment grant income. Paymentfrom a trading subsidiary undèr GfftAid Royal o￿Ta House EnteFpiises Limited has" a¢Jopted a policy of pwng all its taxable profits to it5 parent charity, Royal Opera House Covent Garoen Foun¢Jaiion, under Grft Aid. These gift aid payments are recognised in Royal Opèra House Entwprises Limileil as distributions through equty in the financial period in which the profits arise, under the temis of the t)eed of Covenant between Royal Opera House Enterpri58s Limited aThJ Royal Opera House Covent Gar(len Ftjundalion. The Royal Opera House Covent Garden Foundation rec(Jnises the Micomtr in the ￿rKYlIn wfmch the Fyoffts of the subsidiary arise. Assets Asseis a￿ ￿sourceS which are controled by the company as a resuli of a past èvent, frryn which futur• economic benefits ar• expecte¢J to ffiow to Ihe Charity. Assets a￿ re￿nised only when it is probable that future economic benefits will Ilow lo th? Charity when the item has a cost or"valuè thal can bÈ mèasured liably. Debtors Debtors lal into the dffiniti"on of assèts arKI encompass trade debtots. accrued income. prepayments and intra-group balances. D•btors are measured al the cost of the Iran$￿ts"0n where receipt is not deferred beyond normal terms. Whére rèceipt is defeffed beyond nomial terms. thedeblor is measured at the present . value ol the future receipis discounted at a market ratè of inlerest for a similar debt instrvment. In both instancas. measuremènt is nel ol provisim for doubuul debls. 65

QocvSKJn ID". A1295D5B-3427439A.94D7Q4J89E4864797 Royal Opera klouse Covenl Garden Foundation (Limited by gvarant8el'. Cornpany Number 00480523.. TDJStees' rewrt aThd consolyjaied firtancral slatemen￿. 52 %pek perKKI en(JeLI 29 Augu512021. Ltabilities Liabilities anse when there is a present Ob￿gatIOn 0￿10rconsh7JCtsve)aS a resulEof3 p3stevefit, from whkh fulure economi¢ benefft5 are expected lo flow to the supplier or counterparty., Liabilitl8s are ￿cOgnised only vthen it is probable that future ec￿ornI¢ benefits wll flow to the supplser or counterparty and when the item has a cost or valu8 that can be measured rdiably. Contracted cornmitmenls are not recorde¢J as liabilitses on the balance sheet. as the criteria for recogn1b￿ have not been nt. Convnitments are disc4Jsed in notes 30lbl and 301¢1. Creditors Creditors 1811 into the definitM)n ol liabilities and encompa55 trade creditors, accruals for costs not yet billed or p¥ocessed, deferred income and intra￿1()UP balances. Cfeditors are measured al the cosl of the transaction where payrrnt is not deferred beyond normal temis. Where payrrenl is deferred beyond norrnal tern%. the creditor is measured at ¢he present value of the future payTronts discounled al a market rata of . terest a siJrilar debt instrument. Fund accounting Unrestricted funds are those that can.be used in accordance with the charitable objectives at the discretson of Ihe Trustees and include destrJnated funds. reprvJentsrffJ tjnrestrided funds whKh have b¢grTr earmafked lor particular purposes. Restricted funds are to be vsed in accrydarKe with tharilable objects and sFecific restri¢tions rAacèd by the donor. Restricted funds have been lurther subdivided into restricted ir￿orne funds and endowment.funds. Restricted income funds are expendable at the discretion ofthe Tnjslees on spec¢fic purpo5e5 as requirèd by Endowment funds rep￿SeTrt those assets that a￿ requi￿ to be invested to pr(xlu¢e to meet expenditure. eitheras dsrecled by the endo￿nI (K for general purposes. Atransler is rnadebe￿een ￿SIncIe{l capital furbJ5. represenliThJ tang)le fixed ass8ts required to be held for resthcted purpow, and unrésthcièd funds to matth charg8d ￿ Ihw tangib￿ fixed assets. Cash at bank and In hand Cash at bank and in hand lic￿deS cash equiroknts are defined as short-term, highly IN]uid investments that are readily convertible to krth￿ amounts of cash and that are subject to an insignificant risk of changes in value. These inckjde deposts wilh more 24 hours. nobce toacce5s.Anycash deposits ' at instrtutsons with a notice pwirAI of lorser than three monlhs are separatety diseloséd under Short temi nvostments.. De[￿lts. Short tgTm Inv•stin¢nts'. Dopo$its Cash deposits wilh nots"c8P8nixls of mor than three months ar8 separalety disd05ed on the balance sheet and included in investing actiwts loi Ihe purposes ofthe cash flowststement. These have a maturity date of less than one year and a￿ hdd lor invesbmenl PUfFK)ses raiher than to meet short-teim cash commitments as tw fall t1ue. Tangible fixed assets and depreciati¢)n T8ngitrAe fixed assets are staled al cosl bs5 accunKJlated (Jewe¢iatrf)rb. TaThib ffixed assets ￿$tIng less ' than £1.500 are r￿1 capitalised and are expensed through the ir￿A)me and expenditurè account. Depreciatson is prowdad at annual ratès on a strawJht4inè basis to writè off the cost of tangible fixed assets over their estsmated us•fullives. rhé prin¢ip ratès US811 arè as foEbws'. Freehold land and b￿ldIng$ . Eqyipmentand vehicles 2-33% 66

0￿$VY￿ En¥8hy ID.. A1295DW3427439A.91D7-8089E4864797 Royal OFera House Covenl Garden Foundation (Lirniled by 9uaranleel. Company Nurnber 00480523. Trustees, report and consoliéale(l finan¢131 slatemeni$_ 52 week peri{￿ ended 29 August 2021. 2-20% Stagè, producbonandtechnical equIpr￿¢ Othèrequipment 2-25% Computer hardware 33% .Motorvehides 25% Assets in eourse of construction are transferred to functional tangitle fixed asset Categ￿ when Ihe asset is ready for u$• and depreeiatet1 therèafter. Hgrllag• a￿ets The Royal Owa House maintsins Ihefollowng types of herrtagè assets.. Finè art Costumes and a￿¢SsOrieS Other coltions Heritage assets are carrie¢J at fair value. Fa value of the fine art collects.on Is based on retail replacement cost. Management have made refere￿e to the ￿teSt avaiLqble extemal valuati￿S in lorrnin9 their assessment of period end fair value. Gains and losses on revaluation are rerANJnised throtjgh 'Other . recognised g84ns' in Ihe Stslemenl ol Financial Actiwties. The Royal Opera Housè only recognisès acquis￿On$ on the Balance Sheet where the value of these acquisitions is g￿01r than £10,000. Purchases under £10,000 are recognised as an expense in the iwwme and expendIlu￿ account in the period they we inCur￿d. Jtside ol those assets recognised on the balance sheet. there is an exten￿Ve collèction of othèr itèms that are not valved and not induded on Ihe balance sheet. These indtKle. but arè not limitéd to. costumès, accessories, rrMJsic scor85 and thè audio visual colleciKJn. Before embarking on a comprehensive valuation. these assèts woukl need to be lulty catalogued, and given theextent ol the rtems this would be a conshderable and lèngthy task. Also, thje to the uniqutness of the majortty ofthese assets, there is no Comparab￿ market value. Expenditure which is required tc> preserve Ix prevenl further deleriorats'c¥J of individual colJèctK)n items is. r¢cognised in thè income and exp8ndilure account when it 15 InCu￿ed. Thè Collectsons department has a rolling pr(¥Jramme of￿￿eW arKI restoratson and thè budget put asidè for this on an annual basis is £15,000. Investments Invèstmènts. excludiThJ inveslmenls in subsit1iaries, ar• shown at fair value as at the balance sheet datè. A fair value measurement is categorisd in its entsrety on the basis of the bwesl level input that is signtficant to the fair value measurement in its ents"rety. Lèvel 1.. The unadjusted quoted prio in an active market for idènkn.cal a55èts or liabilities that the entty can access at the m?a5urement date. Level 2.. Inputs other than the quoted prices wrlhin Level 1 that observable li.è. davèJop¢d using markot datal for the asset ￿ liability. either directly or indireclly. Level 3.. lriwts.are unobservabl¢ {i.e. for whth martel dats is Lwwailablel for thè asset or liability. Realised ar￿ ￿n￿alised gains on inveS￿nIS are.recw.5$8d in the ineome and expenditure ￿CoUnt. Investrnènts in subsidiari8s are r*cor(led at cost in the irKJiwdual balancè shèet ol the charity. Forelgn curronel•s Assets and liabilitiès in forewJn currenctes are transkte(l into sterling at the exchange rate njling at balance sheet dale. Transactions in fOre￿n currency are translated at the exchange rate ruling at that date of the Iransaclion. Foreign currency gains and losses are recowised a5 resource5 ￿p￿nded in th&"income and expenditure acwunt. 67

D￿&"￿7 Envew ID.. A129s05B4427439A.94D74￿4￿64797 Royal Opera House Covenl Garden FouThYalion (Limited by guaranteel". Company Number 00480523. Trustees. reporl andconsokndaled finaw slalernent5. 52 week peri(xJ ended 29 Auousl 2021. Intsn9Sblg fixed assèts Intangible fixed assets iftduik investment in'FwograrrwThng costs aThl eorwyuter SO￿are. Investsnent in progfamming costs are capitalised and arnrb5ed ov•r t￿1r expected useful Irfg, which is up lo years depending on lornHt and the terms of licenres acquired. The costs caytalised are third party osts that indude caplure Costs. Post-producbon wsts. rights dearartrces and otherdI￿C￿Y attributable ¢x)sts. Thase assets are ￿￿eWed lor impalrment where events or changes in circumstances indicate that the carrying anjjunl may not be recoverablè. anbo"pated k)sses on inLfjvi¢Jual projects ar axpènsed in the income and expenditure aco)unl. .Comput•r softwè is Stat￿ at Cost less ar￿￿#￿ated ar1K)rtiSati￿. ComFthr SO￿are costing less Ihan £1,500 is not capitalised and is expensed thr(xJgh the incom• an¢J expenditure account. Amgrtisalion is provided at an annual rate of 33% on a straight4in• basis to write off the cosl of the ¢omputsr software t)vèr its estimated useful life. Computer softNIa￿ in cwrse of constructw is transferred to thè intangible asset category vthen asset is ready for use. and amorb'sed Ihereafter. Basic Loans Loans payatAtr arè included attheiramortised cost and disck)sed in Note 26. The long term portion is induded ' in Creditors." amounts falliTrJ due afterone year with the ojrrent port)n inchjjed in Creditors.. amounts falling due within one year. Loans r￿e1vable arè indudèd at th•ir cost and disdosed in Note 25..The lorJ term porbon is included in Dèbtots.. Amounts t1ue after one year the c￿￿￿t porb(￿ included in Deblors.. arnunts due thin one year. Expondltur• Expenditure on charitable activites comprises expenditure ￿ prcYuctions. sales and operations ofthe Royal Opera House. and grants and transfer5 to third patyorganisations. Directexpenditure on productions staged. . is charged to Costs of produditsn and sales on thè day of thè first pèrfom)ance. Expenditure relating to produ¢lK>ns which havtr not had th"rfirSI￿rfornIan¢t bythe period end a￿ held on the balar￿e sheet under thè caption'Productions in prepafatKin.' Expenditure on raisin9 lund5 consist ol direct fvndra￿rg costs arKJ costs of conwnercial tradi￿ operations. Thèsè costs ar• recognised when incurned. Support costs. inclvding managemenl and adrrmnistration. and preryllses and depreciation (x)sts have bèèn allocated across expenditure on production. sales and operntion, and expendrlure on raising fijnds. SLrppcKI'. costs are anatysed in notè 14. On occasion, management deodes to make ￿UndanCY w terminalion payments for operalJnal rèasons. These a￿ expensed in the SOFA on an ac£nJJs basis. Governance cost5. induding auditfee5 and legal and profesS￿al fees on statutoryand go¥￿nance matters. ara allocated across expenditure on woductions. sales and operatioTh. aThJ expenditure on raising lunds. These are analysed in note 13. Inte￿st payable is shovm separ*ety in the Strtement of Financial Acti￿￿e$ and in note 26. Any irraeovèrdbk VATIS ind￿Je￿ as part of the cost tOvth￿ it relates. L•as•s As a lessee.. OperaiirNJ lease rentals a￿ charged to the StaterI￿t of Finanrial Activities w a straight line basis over the period of the ￿ase. As a le5sor'. Finanee leases a￿ kases in which 5ubstanb.ally all the risks and rewards ol CMneFship. other than 18941 trfè. afg transfeired to thè f8sseè. Assats acquired and held for use under finarsce leases are presented as a debtorat an amount equal lo the net investment in the lease_ FIrtan￿ income is svbsequendy cognised at a constant pen.odic rate ol retum on that net inves11￿1. Conbngent rent8ls arising undèr finance leases are recojnised on receipt. 68

th)cu&9n Envok)p• ID.. A129505844Z7439M4D7-8089E4B64797 Royal Opera House Covent Garden FoundalK)n (Lirniied by guaranteel." Company Number 00480523. Trustees. report ant1 ￿nsOl1￿81ed financial slalernenis. 52 week period encJ8d 29 Au9U5t 2021. Pension costs The chafityoperatesa penS￿nSchemèpro￿d1ry beneffts based on final pensionaue pay,which is nowclosed to future accrual. Pensw)n schèmè assetsar& measvred at fairvalue. Pension scheme liabilities are n)easured using a prosected unil rrettrK)d and discounted at the cJJrrent rate of retum ￿ a high qualrty corporate bond of equivalent temi and currancy to thè liabilty method. The penston scheme Tr"ability Is d6sclosed on the balance sheet within unreslricted funds. The acluarial gain or k)ss fix thè period 15 disclosed und8r other recognised gains and losses in the Slaternenl of Financial Actmlies. Thè Current servicè costs and finance charge are included within expervjitureon pr0dud1￿$. salesando￿TatiOn&.Th￿llKy￿Me￿ts analysed in detail in note 31. Th? group also contwTrbulès to five definèd contn"bulion sch8m•s for dancews. siNJ8rs, musicians, and administrdtion staff. The arrv)unts charged to th• state￿nt of Finanual Actiwts"•s r•present the contnbutions payablè to tts sth¢més during the pènod. The.amounts are shoym in the Stst•mnt of Financial Acts'vities in the same activity as Ihe payr￿1 costs which relaie to that actmty. For amounts which relate to payroll c95ts . wilhin sL￿port costs. these are all¢xated io the rekvant activity cn the same basis as other 5UPPOrt ￿Sts(S￿8 ' Note 141. Any liabilities for unpaid contributions at ye.arend are inckKled in unrestricted creLlitNs ￿ the balance sheÈL Sto¢k$ Retsil itèms.are included at the bw¢rofcost and net ￿affi$ab￿ value. Producllons In preparatlon Expendilure relating directy to a Pfoduction which is incurred in advance of its staging, such as commissioning, t￿11￿ costs and stocks of production materials. are hekl in the first instsnce on the bal8nce sheet and disclosed under the headiThJ 'Productions in p￿parall0n.' These costs are subsequently charged the income and expendilure accthjnl in the perKxl in which Ihe w(xluction's first performancè take$ plac•. Glfts In klnd Investments and other donateil to thè charrty 8r• Inc[￿ed as donat8d voluntary income valued a markét value atthe timè of rèceipt. Volunt¢•rs The Royal Opera House Group benefits from the robg played by voluntegrs, which indudes assisting,in t4Trn leaming and partiapation 8ctivibes, hdping Vith lary& mail-ouls and Some general administrative support. Royal Opera Housevolunltrer Programme includes a numberofvolunteers in Thurrock. C)onated Sofvices such as the coniribution from unpavj vdunteers are not reczgnised in Ihe Slalerrenl of FinanGial Activi￿.eS as the amounis involved wouhy be impractical lo measure. Financial Instrum•nls Financial instruments are ac¢Aiunted for in aCcOrdar￿ with FRS102. Financial instruments are rèeognised only when Ihe Group and Charity becomes a party to the contradual provisKMis of the instrumenl. The initial amount recognised is the transaction prire. except for finanryng tranSactir￿S[ftyr èx8mpl8, loans below market rate ￿ acccKJnts where payment is deferred beyond normal term51 where the amount recognised initially is the presenl value of the ftrture pay￿￿ntS. discounted at a market rate of in¢erést for a similar debt insinjmenl and subsequentty at amoTb"sed Cost using Ihe effecrive rale of intèrèst deteminèd at inceplion of the knan. Subsequent meaSu￿rnen1 ateath yearend for non￿nancing tran5a¢ti¢)ns is: un(liscounted cash receivable or paYa￿e fordebt inslruments due or receNable wtthin one year{thi$ 1ndtsd￿ intra-group balances. apwl Irom intra-groLP loans.. whith are deem8d to be T8pay*Ae on demandl".or amortised cost using thè elTe¢tsve ￿terest rate meth>J lor debt instmments due or receivable for rTh)re than ￿e year. or 69

Doojsign 10.. A1295D5&3427439A.91074Ak89E4864797 Royal Opera House Covenl Garden Ffxjndaiion ILimiled by guarantee).. Company Number 0048C1523. Twslees, report and rxjnso1￿aIed financial siaiernenls. 52 week period ended 29 August 2021. fair value fcjr investments in pubh"t traded shares. fur￿5 and bonds. For financial assets meaSts￿ at arThytised cost, an wnpaimient assessment 15 condueted 8t year end and there is any objeclive evKlence of an impairment loss, that loss Is ￿cogniSed in thè Statement of Financial Acthvities imrredialdy.Where Ihefe is sub5equenlly obl.ectNee￿den¢e thatlhe circumstances have improved. the impairment. Ioss 15 reversed in the Ststement of Financial Acbvitie5 immed4ately, limited lo what the carrying amounl woukd havo bèèn WithL￿1 Ihtr irbiti irrpairrrnt. Afinancial asset and a finanoal lia￿"l1ty is offset and the nel amthJnt presented in the Balance Sheèt whan. and onlywhen, lal the￿ is Cur￿ntIY a legallyenforceabte (ight to setoff the recognised amounts,. and Ibl theie. is intention either to setde on a nel basis. or to realise Ihe assel and sewe th8 liability simultaneously. Financial instruments ar¢ di5d<)sèil in Notè 33. Seè policiès abovèfor'specffic poliues forcash at bank and in hand. debtows. cr8ditors, ifivèstm8nts and basic loans. Taxatlon As a charitable entity. the Royal Opera House Covent Garden Fwndalion {Limiteil by Guarantee) is èxèmpt from corporale taxation. There are no rewgnised deferred tax in subsidiaries as the￿ are no recognised ￿9n￿Can1 tirThng dtfference5. Employ•• bènèf All employee benefrts a￿ reccanised as expenses in the per￿ in which they are incurnad. Post- employment benefit5. ￿presenting conlritryjtions into defined conknbubon plans for current employees are équally rèeogniséd as èxpènsés in thè p8riod in which the contributTon payable is exchanged for servirxs rendered by ernploy¢es. The assèts of the scheme are held separately frorn the charity. A teminab.on benefit lability is recognised at the earfierof Ihe fdbwiro dates". when the entity can no Icrfw wthdraw the offer of those benèfits ar. when the entity rerA)gnise5 costs lor the roskncb"rvJ whth invofves the payment of tekniination benelits. 70

DotrJSvJn Erw+)￿ ID". A12950584421-439A-YD7-W9E4B64797 Royal Opera House Covent Gardén Foundalion ILimlett by guaranleal.. Cornpany Numbei (XJ480523. Twstees, rpport and consolKJ3ted financi￿ statements. 52 week pertod 8￿je(l 29 Augusi 2021. 2. Subsldiary undertaklngs Charitable sul>sidiari•$ The Gharity has one Connected charity- Ihe Royal Opera H￿se EThJowment Fund 2000. The Royal 0￿ra House Endowment Fur￿ 2(x￿ is Ireatéd as a subsidrdry for ¢yJtlned in Notè 1. Royal Opefa House Endowment Fund 2000 Ithe-Endovmnt Fund") supports ihe work of the Royal Opera House and other ofganisations by raisiThJ funds to support proiects which" incfease the appreciation and understanding of the musical ats in all fomis. It isa separately regisiered charity. and its board ha5 8 majority ofTrustees wh) are independent ofthe Royal Opera HcwJse. The summary resums torthe Endowment fvThY are shown bebw. Y•ar ÈTrd• Year Ended Jl.Auy-20 Lgw" 620 711 61Z EApondftur• Cost c¢ sES eTper6es (•) OonBtknn& and tyanfs trthr9W {1426) Ih¥ern•rt mwrs. rees Z4fj 20L 4.462 (2321 4393 71

DouJS¥)n En¥eknp810." A1295D5B-3427439A.91074089E4864797 Royal Opera House Covenl Garden Foundalbjry (Lirniled by guaranieel." Company Nurnber 00480523. Truslee5' rewrt and consdi(Jated financial stalernenls. 52 week pery(￿ etKSÈd 29 Augu512021. 2. Subsidiary undertakings (continued> The assets and liabilits.es of the Endowmsnl fund werè: EYJOJ J9.D75 31.S84 Currert45ts Ll.645 (￿r￿ni￿a￿L l01iil fund5 Exceptforfixed asset investmentswhich at 31 August 2021 had an historical (x)sloft3S.4m [31 Augusl 2020.- £33.Sm) the￿ is no dIfferer￿ be￿n the carrying values and their historical cost equivalents. Trading subsidiaries Thecharity has h¥0 trading subsidiaries- ROH Holdings Lnited and Royal Opera Hous9 EniWS￿ Limited. Royal Opera House Enterprises Lirnited I'ROHEL-I 15 a wholly owned trading subsidiary. whose principal activities are catering io custorrers siaff of the Royal Opera House. lh• sponsorship of Royal Opera House producty'ons, multirnedw pr<)duGtion and distribution. hi￿ of allocated spaces within the Royal Oper House. the sale of rnerchandise through the Royal Opera House shop. the sale of advertising through the Royal Opera House programmes an¢J Ihe licensing of the Royal Opera Hryjse brands. The charity owns the entire issued Sha￿ capital. The feporbng dale of ROHEL is the sarr as the chanty's. which lls on the last Sunday in Augusl each y?ar. ROH Hddings is a holdirvj conyny and has one whdly owned subsidiary. ROH Davtlopments Limited. a . property developmenl company. The ROH Hddings Group prepares its accounts to 31 August each year. Summary irading resuts of all tradin9 subshliaries are shown belw. ROIIIIL 52 $3 52 wq• pwSod eTrded 3X-Au9-Zl É'ooo 52 week . peDod enoed 31-•JJ9-20 E'QQO 123bqO 18,6501 Cast cf Saks (4609) {5) r¥fa55 24? 3.390 (X.051) {1.4561 S.193 Profil b•forn tsxailoTr 1.934 Tèxalknn oJrrErt (IX7) 1367} Tèxalbn rEWlyryJrrnii VEorf5 pr•*ts 367 1.934 {&193} 11.934) r￿&7 fwth• 72

DocuSwJn Envelo￿ ID." A1295o5B-￿27439A-g1D7￿o89ElB64797 Royal Opera House Covent Garden Fourvjalion (Limiled by guaianleel". Corwny Number 00480523. Truslees, feJKJrt and consolidaled.financial slalernerbt5. 52 week perhyj ende<l 29 Augusl 2021. 2. Subsidiary undertakings (continued) The assets and liaknlities of èaeh tr¥Ang subsKliarywerè: ItOHblL 3X-IW-2X 320 X534 2.9$5 Cumt Ith1￿¢5 (L950) (2.1791 (5) {fj￿) 176 176 J20 320 176 32 3. Income from operation of Royal Opera House $2 SJ pefjod endtd -Ay.2Q É'ooo Si SJ 29."21 30.JJ9.20 É'ODO vTrre￿6Eledfvryd The Roy41 Ova The 15.8UJ Ll.744 n5 27.617 Jbllcatbj othe 478 A.J 3.551 $1• 35,)48 2.418 &6X9 37.766 Other incorre includes £1.97m (53 week period ended 30 August 2020.. £3.69m). This represents box receipts from producbons. other than those on the main stage, ¢¢wroduction in￿rne and incgrrp from produdion and coslume hires. income from audi(Trwsual exploitabon, income from ￿arning and parts"cipation, income from ice-crearn sales and backstage touws and other inwrT from sundry sources. 4. Grants from Arts Council England 52 7-Aug-2 AL¥.2 Its 9rtrtth ¥d 24,213 Re¥trf<ted ￿￿¥1 Arts ￿n(rf Engiirto. &1OL¢fiJKlr*J 740 7J2 "Other forms of government assistance, apart from Arts Council England. included grants from the Thurrock Borough Council and other government agenoes for leaming and participatson projects ol £0.02m (53 week period ended 30 August 2020.. £0. In7) included as other income ￿ Note 3. 73

Docusiw Envebpo ID.. A1295D584427439A-94D7-W89E4B64797 Royal Opera House Covent Garden Foundation (Limited by gu3ranleel". Company Number 00480523. Trustees. ￿[KIrt and consolidated financial stalement5. 52 ￿ek pericxl ended 29 ALgusl 2021. 5. Grants from the UK Government 52w¢ 53wtk )0￿9-20 5theme 10.636 The UK Gov•mment's CoffjnavinJs Job Retenljon Scheme ICJRSI was announced on 20 March 2020 as one ol a numbèr of support schemes for UK emFJloyers as a result of the impad of the CovKY-19 pandemic. 'Initially the scherre was lo run for three months. backdaied to 1 March 2020. The UK Governr￿￿t extended the schem¢ into 2021 wth support varwn9 from 60% of a staff wage up to a maximum of £1.875 per per50n pèr rn￿th to 80¥0 of a staff wage up to a total of £2,500 pef person per rrKJnth. No national insuwcg or employer pension contributions were supported. The Sche￿ closed at 30 Septemlr 2021. 6. Donations. legacies and similar incoming resources 52 wetlr perlod ended 39.Awg- £'ooo Memberlp 737 ,737 Events io 26.527 io .9 )l.V4 I￿18 3&74• 53 i¥q¢ Èrl JD-Aug- 20 M•m￿r1P 7.453 7.453 Everyts 369 IS.754 5.347 L67 23.576 5.347 74

Oocii&gn Envekjpe 10.. A1295D58-3427439A-9107-W9E4B64797 .Royal Opera House Covenl Garden Foundation (Limited by guarantee)." Company Nurnber 00480523. Trustees, report and con501KSaleil linancial statements. 52 week perKKI ended 29 AtWU512021. 7. Commercial Trading Income 52 ¥•ek S) 'pthod onded 3￿￿9-10 £￿1￿) Cateth 5.551 X.7• 1.904 42? 340 2S7 2.5$6 Rot41 uttrw 21 463 4JZ4. I2,502 The closure of the Opera House for Ihe majority of the 2020121 Season resulted in significant impact lo commereAal incoTh streams. in parb¢ukr catèring. cinema. rètail and venu• hire. 8. Investment in¢ome É'o "262 414 l70 Z70 sji -222 Y54 5J ¥J•• Funth 30-Aug.ZO 463 1,027 nance IthT5e Irrtere5t 270 834 463 L.2t*7 Oividend and interest income is èamed on fuTrds managed IIOT the Royal Opera House Endowmént Fund 21Y)01 by the investment managers St￿ehage Fleming Investment Management Limited, Troy Asset Management Limiled and Newton Invèslmenl Management Limited. and as well as interest r8ceived on bank dèposits. Finance lease inteiest income 1$ dérived from th• leases fN the r&tail unrts on the 51te of the Roy81 Opera Housè. 75

Docusiqn En¥eknw10." A1295D5B-3427439A-9407-WE4864797 Royal Oper8 House Covenl Garden Fwndalion ILitThted by gua￿nIeel- Company Number 00480523. Trustees, report Consol￿￿ted financial slatemenis. 52 week persod ended 29 August 2021. 9. Expenditure on productions. sales and operations l•-Aug-21 E'ooo 7he Rvy cyva k.179 233 1.fj2J 9.426 th¢sy• ol the AoyJi 4.163 Aoythis and trlrefe 81 2.357 4.924 SIOYE trar6Wt 6.)>? I,n? X24 197 SQ3 Frtint ol House 437 VArkebry Ond puW￿ty 6.49$ &770 E¢bj¢a¥￿. attfmves oJ ISIS- pw costs (note L41 22.391 1.$61 IrJt• LOI AO Im) {•70} 61.365 13.919 75.3J4 53 w•0 perlod ended Fur Rw41 CVEV 14.945 l.D72 X6,017 ThE Rayal &Mel 9.286 X¥070 estra ofth¢ Rtrral H 1.53fy 9.575 Royallsand le 423 413 5.3n X2.758 sttye transwrt 9.585 3.D¥l X¥676 Twrkng ¢XWS¢5 1.959 6.417 185 Fmnt or bl(wS¢ 1.4 I,A23 6.e07 407 ?.274 Eduwtyl. èrthves b IN¢ r¥$ 1.0)4 Supwrt costs Itiot 141 24.329 61$ 24.947 Grlrts (not io J53 91,18S 17,$45 76

Docusign Envd4)e IO". A1295D5&3427439A-940740gYE48fj4797 Royal Opera House Covenl Garden FoUndat￿n (Limiled by gtsaranl881.' Company Numbet 00480523. Trustees. reptsrt and consolhaled financial statemenis. 52 Eek pe￿￿ 8￿￿e￿ 29 August 2021.. 9. Expenditure on produ¢tions, sales and operations {continued The employer cash contribution to ihe defined benefit pension Sche￿￿ is included in the eX￿ndIture on productions, 58les and in operations in the Unrestricted fund in the Statement of Finanual Aclivities. The gain ￿ the pension scheme above. whth is recognised in the un￿StriCted pensKJn reserve in note 27, represents the difference befften the cash contributions and the &¥pense in the Staternent of Financial Activities a5 calculated by Ihe Scheme's acbjary Irefer to Mte 311. 10. Grants $2 53w 3trAv9-20 É￿00 ilnre¥trf¢ted fvnds Giant to rtQy41 S( io io Grants made are in fvrtherance of the charivs obiectNes. 11.'Expenditure on generating voluntary income 53 w•¢k F￿r *hd•d 29-Au9-21 i.s78 10 Fun4raS4w o¥•rh••Jx 530 057 .007 L•73 3.115 53 perfod <¢Hs 175 L790 Qv i.sis 15$ Supportcasts 1.012 Is 037 4,152 355 4.507 77

Oocuslgn En¥tknpB10.. A129SD5&3427439A-9407-8089E4864797 Royal Ope¢a House Covenl Garden Foundalion ILimrte4 by guaranleel.. Company Nurnber 00480523. Truslees, report and con501KJaled financial 5ts1emen15_ 52 ek per￿d ended 29 August 2021. 12. Expenditure on commercial activities 52 weqk p•rtod ¢nd•d 19-Auy-IA 29$ ond IlcerN (asts 05 Ortetha WY¢aSt COSTS 301 16 JX7 Catsnng cofs 507 soy 512 587 91 53 wo• pertod eTrded 70? 39 194 Autho prndth disrrtbu¥m o>5ts L21 132 ¥171 46J Caterfng roals 4.765 765 761 932 210

•J . 13. Governance costs 53 WEek 30-Au9-20 £y)uo Exte￿1 authf 15¢¢ 14) Log41.￿d costs 104 359 461 468 78

Docusyn EnvekJw ID.. A1295D5B-3427439A-9407-W89E4B64797 Royal Opera House Covenl Garden FoundalK)n (Lirniièd by guaranteel"..Company Number 00480523. Trustees. report * consolidated financial 51aie(nen15. 52 week pe¥iod enrjeil 29 Augu512021. 14. Allocation of support costs y￿u￿ry T•t4152 ¥J•• 2Wu9.21 29-W21 2•-Aw2X É'ooo 20S 439 4.795 Prern15es 9.810 9,109 ify) 343 9.S17 104 ¥59 Leyl and ￿$9￿￿(￿$ 1.0 2&024 Total 53 wetk pirfud Ende 3Q-Aw•-20 'ooo eratw Itwe 91 IKcTre 11} ju-￿9.20 5.539 9.459 9.498 XfNJ 149 230- 393 39$ 5.769 •.•$2 9,B93 Extern414utht 15 364 14.945 1.037 2S.M2 Directly attributable support Costs are allocated to govemance costs vthere appropriate. The remaining support costs are pro•raied btheen the key ry￿t driving areas.. expendilure on produelions." sa16S ond optrations and eX￿ndItUre on raising fvnds. based on th￿[ proportional eosts to the ovèrall costs. 15. Restru¢turing Costs 52 *HIL 53 week no¢ ertde 30+WJp20 Uiirastvbrt•d 5.816 6•1 s.816 In July 2020 the Royal Opera House announced a ￿strUctr￿le of the Organisat￿n as part ol a fouryint plan to deal with the lonTrterm impacts of the Cowd-19 pandemic on the Royal Opera House and ensure its continued existence. The consuRabon process wlh affected staff and the three recognised unions.. Equity, the Broadcasting, Entertainment, Cinefflatogrnphic and Theatre Union IBECTUI and the Musician's Union concluded in December 2020. The impact of Ihe r&strucbJre conbnued into ihe 2020121 Season with further slruclural char¥Jes planned, rn partiojlarwjthin the Hvman Resources team. 79

rknusign EnveW10.. A129505B-3427439A-94074AI89E4B64797 Royal Oper8 House Coveni Garden F(XJfhyaik￿ ILimited by gvaranleel.. Cornpany Number OD480523. Trustees, reFX)rt and Consolidated financial slalements. 52 week perirmy ended 29 Au9usI 2021. 16. Total expenditure Net lexFendiiTr)l ino)me 15 Stated after thargin9 th• folkming: 53we penoo ¢r￿e¢ 30-Aug-20 Z9-Aug.31 E'ooo Fqes payatle tothe th•rt4t4e<ompany%auLty fvrrttw%EryKe5'. 2S It tEe5 re&Dn9 fc ppnLl Dopredation and othet WLIxWltS￿lsttÉrl{•.. Tèn¥iLIE fixed InoLE 21) AmorOsadDTr & inrangiNé fLY￿ assÈts(we 20)" orttingieastS- Llnd lrter¢ ptyab 15 466 9.402 1,09) 24 62 loz 17. Gross transfers between funds 52 week p•rlod en4¢• 2fvAug-2X Fun l¥nd$ E'ooo Dtpredakn &•Ano1￿￿ 17(47) 271 xed A55tt Fur 17(t•) {5.W) 17(¢) 10.71 17t¢) 926 192$) 41.697) 53 we¢k P￿id Fun Furts 30-Autr20 Gross trimkn b•tW•E rufflds 7fa) (JOU? 1.502 (sssi other DeskJnat¢d Futyts J7f¢3 7.Tr3 [7￿]0? J4d? (M.oJ7) 11.9871 {al Depreciation ol £0.3m (53 week periodended 30 August 2020.. £0.3m) was charged againsl unrestricted incorne Ihen matched by a Iranslerfrom restricted funds. Restricted funds inCl￿e those funds ihat havé bèèn granled specifically tofinance Ihecapital expenditureon the Bob afKITamw Manwkian PrrAlu¢tion Workshop and the Bob and Tamar Manoukian Costurne Centre. Ibl A nel transfer of £5.5m (53 wèèk Fwiod eRKfed 30 August 2020.. £1.6m) was rri8de to Ihe Un￿stricted ' Gènèral Fund. There was a transf•rfr￿ Rèstrictèd Funds ol £0.5m, ￿p￿sent￿)9 am￿JntS received for the O￿n Up project (53 ￿8k P￿0d ertd￿ 30August 2020.. £0.6m). There was a transfer ￿ £5.0rn from the Unrostricted Fixed Asset Fund to the un￿StriCted General Fund. ￿p￿sentsng a transfer for Ihe net dscreasè in the charity's tsngibl& r￿ed assets (53 wegk pgricl ended 30Augusl 2020.. £1.Om). 80

r)cvSign Enveknpe ID.. A129￿lS￿2743gm4D7-ao89E486479? Royal Opera House Coveni Garden Fourmlalion ILimited by guarant8el-. Cornp3ny Number 00480523. Trustees. report and (x)nsolKJaled financial 51alements 52 eek periL1 ended 29 Augu512021. 17. Gross transfers between funds (continued) Icl A net transfer of £6.8m (53 week pwiod ended 30 August 2020." £7.OmJ was madè to other designated funds. A transfer was made frcm Unrestricled General Funds t+oIIEr ¢ks•Jad fuK15 of£6.8m ￿pr￿S•ntifig rg¢overy campaign funt1s accunbjlated in the 20121 Season. Idl Transfèrs of £0.9m (53 period ended 30August 2020.. £1. Im) were rnade to Unrestricted General Funds from Restricted Funds. 18. Staff numbers and costs The lull time equivalent numbèrof casu¥J 51aff èmploy8d by the group during the ￿riOd was as folliws: . 53 I9-A￿lI JO-Av9-20 440 L29 14J Rwai ortrt S?lÈsand markeb(J Manawent antt Fvndrai9lWJ 71 67 71 91 4) 35 36 Prernlsos Shup 16 •21 The aggregate payroll costs ofthese Pe￿nS wtts as folbws: $1 weEh S3 29-Aty.21 £'ooo È￿00 Jco Waws Ind sw sethrty <V5ts Othti Pe￿0￿ costs. ol W￿.. 21• SI￿70 5,560 4.160 2.960 1.2 3.$ 1.434 1.232 .opwalhg costsoldefirnd b￿fit r￿￿-PAyE pay￿1 costs 4S679 64.299 The average salary cost per eWoyee1£40.7871. exc]udirwJ terrination costs. 15 a decrèase e4)mpared to prior period1£41,2151 and includes •￿eaSeS for the London Living w￿e. The decrease in average salary cast pef em￿oyee is partly due lo a in sakry for all tlxe.eaming £37,5CQ ar￿ abtsve from May 2020 unbl December 2020 Ic*Jethervrith a saw fw all those earmg a base salary of £75.ry)O #nd over as a response to the irW ol the Covid-19 pandemic. Included in the wages and salaries a￿ terminalion and redundancy payments of £1.334.682 (lor 53 wè8k period ended 30 Augusl 2020.. £417, 179) thal left empkjyment up to 29 August 2021. Wl ttrmination and redundancy costs a￿ induded in total payroll cosls of £45.7rn. as above.. During 20121 w& recogni5ed £691,103 (lor53 week period ended 30 August 2020.. £5.876.342) of addibonal payroll costs associated with the ￿struCture that was first annwnced in J￿Y 2020. which are ￿d￿jed in the £45.7m of total payrol costs. See Note 1 S for fvrther details. 81

. O¢¢uSun Envdcw ID". A1295D5B-34Z7439A-9407-W89E4864797 Royal Opera Fk)use Covenl Garden Foundat￿ 1￿Mr1ed by guaranleel.. Company Nvmber 00480523. Tru51ees' report and consdrfjated finanrA31 stalemenls. 52 ek peri¢>d e￿e<l 29 ALVJUSI 2021. 18. Staff numbers and costs (continued) Tho èrnolumsnts olall employees, induding ern￿oYeeS wtM)se ernlwrnts exceeded £6Q.¢x￿10rtha p8ri0d. fèll within the folhxing bands.. Ilurnb•t of 52tt 53 weelL p•rlod ended 3￿￿¥9-20 Tètal GÈnÈr•i E59.599 235 $02 19$ 777 972. 2$ 16 41 22 ?1 É70.¢ É?9.999 1¢ 14 13 19 g9.W) £1￿.0￿) EXQ9.999 £iio.o £119.999 É12U.QiX) 129. £139,999 £140,OtyJ £149,999 É150.0 159.999 £160.0 £169.Y99 17¥.99J ' 180,QtsJ Ei89,999 £220.UQJ £229.999 £260.0 £39Q,O £399.999 279 543 Z77 811 X,09• En￿luM0Th￿ comprise wages and saLaries togetherwith benefrts ￿ kn'nd. For employees in bandings from £60.0￿ above, contrib¢Jtions of £428.644 (for 53 wètk period erlded 30 August 2020.. £700. 737J We￿ made during the period to defined ¢￿tributiOn pènsion schemes. Retirement benefils were acuuing lo 81 (30 August 2020.. 125) of the above employees under defined contribLrtK)n pension schernes. and to nil (30August 2020." under a defined benefit pensIC￿ scheme. 82

DoDJSign EThvdo￿ IO". A1295DsB-3427439A-94D7￿89E4B64797 Royal Opera House Covent Garden FourKJation Ibmited by 9varanteel.' Cornpany Number 00480523. Trustees. rewfl alld consolidated finanual slalements. 52 week period ended 29 hugusl 2021. 18. Stsff numbers and costs {¢onlinued) Emo1um￿ts for the key management as folkxws... 5Z week endod 2•.Aii To bDn XTrsur•Trc• Tr•1 Sir AThtty40 papp4￿. MySi¢ DhTCtDr PJÈxandtr 8ear¢. ceE. ief Excuti¥e Kevin O'MaYe, Dlrertor. The Over MEar& fNre(Igror 12 198 495 7Q3 673 53w . perkd 3￿￿Al-l0 Tow %rAntQThi• P•ppano. Sic CNrÈttor Beard. C8E. Chlef Eyecuffve Kevin OorE. ￿￿t￿r. The vLYMeJrs. L¥rottorrf . 268 Le9 303 999 •62 As noted on pa9e 85. Ihere were reduetioris in Salaries in lirnè with the tem￿ of our Cunural Rècovery Fund loan wilh senior staff 8aming in excess 01 £150.000 taking a reduction of 10% from Dèc8mbar 2020. Voluntarily. A19x Baard increased his reduciKJn to 25% and S￿Aoloni9 Pappano waived his salary from April 2020 to Jufy 2021. Emolurnents for Sir Antonio Pappano comprise a salary and separately contracted lees for conduclng and directing, respectively. The tolal level of fees varies season to season depending on the number of Royal Opw8 House engagert)ts undertsken: Kèy managèmènt parsonnel arè rèllèctèd in the iable abovè."Their compènsakn.on for the $2 we&k péri￿1 ended 29 August 2021 in¢ludèd èmolument5 of £0.6m (53 wèek pg1itxI énded 30AUgU￿ 2020." £1.024m) which tOgèlh&rwth pensKJn costs 01£24,411 (53 w&èkpèiyodend8d30August 2020." £31,530) and employer C￿tributi￿$ to nats.onal insurancè 01 £78.998 (53 wèèk period ended 30 August 2Q20.. £136,968) Camè tr) £0.7m (53 ￿8k period end&d 30 Au9USt 2020.. £1. 19mJ. Key managèment personnel also include Trustees who receive no compensation as fletai￿ in Note 29. W fflanwje￿ftt personnel do not include all of the Executivè Tèam as I'sted in thè TnJsteÈs' rekX)rt. 83

DocuSvJn Env8knpe10.. A12950sW2743￿9407&184B647gT Royal Opera House Covent Garden FoundatKJn (Limiled by gvaranleel". ComF4Hny Numbef IY1480523. Tru$lees' rek￿ and ti)ns¢YNJated financial slalements. 52 %eek permyl e￿Ied 29 Augusl 2021. 19. Net Galns on investments and on revaluation of heriiage assets 52 53 wmk rtr ertthd )Q-Au9-20 Èndowfflwt FuTrds 5.•69 (1.507) 1,?$9 $2 wq• p￿h￿d ended 3O-Au9-20 YJ-Au9-2X X56 (1,719} G•lnJ l (LoJ¥) w hu#•wE•s5¢ts 156 (3.739) 20. Intangible fixed assets É'ooo E'OOO At bE4lnnlig 441¥¢rts 13.74• 6.078 913 19.826 •id rfptmod 10,663 Al twinn￿9 AmortiSalLty) ftpetfQO 14482 176 4,967 13.65• S.678 19,336 Al 29 2021 15 I.YX2 1,327 1.377 84

Oocusign En¥gk)pe ID". A12950￿34274M94O74OsgE4B64797 Royal Opera House Covenl Garden Foundation (Limiled by gvaranleel.. Company Number 00480523. Trustees. report and consolidated fInar￿￿￿1 slalements. S2 week period endgd ￿ Augusl 2021. 20. Intanglble fixed assets (continued) th•vity Ai bo•nnhg W pwloo .•70 911 11678 1137 (75) A4525 49 23.515 1&334 176 4.967 2L30I 4￿rtis&l10n for oeriOO Atond ofperto) 16.5JO 5.678 22.188 129 2QZI is 1.311 1 30 AyJ51 2020 166 1.377 21. Tangible fixed assets Tot•1 fjr•w At bE91n￿￿ &pedrJ 210.533 9.391 819 89.418 264 309.4LI 2.293 Tronthr 1198) 11,Y41 ¢tP¢rfr*J .211.545 .$$1 310.163 AI olptfvd SS.3 57.3 .Il2.74 Charye tor wrkd j.oyi 1.46? 5pvM15 (1.0041 11.102} E￿Of￿d S9.967 12D.013 A129 Auyugl 1021 1S1.578 9.Q67 19.505 190.150 At 30 z020 155.164 9.391 196.664 85

Dowsign Enkpe ID.. A1295D5B-3427439A-94D74JB9E4864797 Royal Opera House Covenl Garden Foundation ILimrt8d by 9uarantèel.' Company Number 00480523. TrJstees' report and con501MJaied.financial stalements. 52 ￿￿k perKxl ended 29 Augusi 2021. Totsl £'o )e9inr¥ty ol ger dLWJr 210.5JJ 9,391 819 89.466 3¢9.390 1.293 ' 1191) 11.3441 X tndof perf 111.54$ 9m7 09.$29 JIO.l41 b￿￿￿1￿9 ol wtOO Charye tsr Dkr#xals 55.369" 57.357 3.6YI 1l2.ns 8.467 (Jg81 l•nd olpthrJ $9,957 Il9,991 Al 29 2111X. 9.067" 29.505 1911.150 At 30 Au4uX 2020 IS5.164 9.391. 3£LOg 1&.064 Assets in the course ol construction represents txoJert5 in pr£¥Jress and equiprnent received but not placed in S6￿Ce before th? perroj end1£9.1m). In 2013. a fixed and floa￿ng tharge lasting 30 years was prowded as security for the potentl81 repaymènt obligab'ons under a grant of t10m from Arts cour￿11 England for eapital projects. . In October 2014. a thrsl deed ol TrThytgag• over Ihe Bob and Tamar Marthkian Costume Centre and by way of first fixed charge. all its presenl and futu￿ plan¢ and machinery on or serving the Property (apart from th& mortgage charge) and the'rents (il any) was prowde(J a5 secuity fc¢ a k>an of £1.5m from the Thurrock Borough Council. The curyent baLance of the loan is £1.32m. The net book value of Ihe Bob and.Tamar Manoukian Costume Centre at 29 August 2021 was £4.2m (30 August 2020.. £4.3m). As part of the actuarial valuation ofthe pension scheme Isee Note 311, Ihe Trustèè sècured a charge on th& Royal Opera Htsuse's main seff-occu￿ed t)r0￿rtY10 help coverthecostoftransferring the Scheme's liabilit￿S to an insuraru company (up lo the amount of £65.3m) if the Royal Oper• House became insolvent. 86

Docu&9n Envekjpt ID.. A1295D5B-3427439A-94D7-mE4864797 Royal Opera House Covenl Garden Foundat￿ ILirniled by guaranleel. Company.Number 00480523. Tnjstees. rpkV1 and eonsolth1ated financial statements. 52 week period erKJed 29 August 2021. 22. Inveslments {a} Group: The followNJ investments We￿ hekl Ihrough the Royal Opera House Endowmenl FvrKI 2000 at period end.. 30 Avwst zo . fvn05 358 - Qurthd e4ui¥ - H•L¥JÈ 291 - C•sh Iwds ?Nos 7.17X 6S2 39.075- Movements in investments held wth investment managers.. 37.017 76Y AddiVon5 l•t usti Dlsposals Net {3.774} 4.423 (3.909) 37 r¥￿Ular￿￿nI￿F￿ .D7¥ 34.676 761 35.43? Total JO 2020 Titsl EndowmErf Fwnds Pr 41 begin￿ry5 olptsi90 AdLltionslalcrdll c4spr￿lS )) 1.997 11.98fr1 1209) 1,146 39.149 1.997 1)501 (112) )?ii 773 J8,$84 O># * end pthLxI 761 33.33r As at 31 August 2021 investments hekj with in￿stM￿nt managers arè n*aswed at fair value, £38".5m 12020.. £37.9ml categorised as Level 1 and £0.5rrr{2020'. £0.6m} a5 Level 3. 87

Dwisyn ErN9￿P& ID.. A1295D5&3427439A-94D7-￿9E4B6479? Royal Opera House Covenl Garden Foundation ILimiled by guaranteel- Company Number 00480523. T￿steeS, report and consdKJaled financial 6talernenis. 52 TrHeek period ended 29 Augu512021. Ib) Charlly: The folk)wing were the subsidiary undertaknrtrjs of Royat Opera House Covent Garden Foundation as at 29 August 2021.. $h•r¢$ h¢14 ROM ROH oeV¥Wth￿r$ PefjslonTrust4o i•0 loo 100 IODVA The issued Sha￿ ca￿'la1 in ROH HoldiTrJs Liff¥led Iwlmch is thg IK)klbng ¢Lknpany for ROH Developments Limited) is 2 £1 shares. ROH Pension Trustee LI￿ed is a ry)n4rnding Subsidiary. Thè issued share caw.tal is 100 £1 shares. ROH Produth"ons L#nrted has been dOM￿nt since IncorF￿￿ti0n. The issued Sha￿ capitsl io Royal Opera House Enterpnse5 LwThted is 125.987 £1 shares (125,987 £1 sha￿$ at 30 August 2020J. The remaining balanG* 1$ relaled to the ￿1[￿1 acqui&bon of Royal Opera House Enterprises Lirnited. The Royal I￿ra House En¢knirwit Fund 2(￿) 15 a ¢Onr￿cted ol thè Royal Opera H¢JJse Covonl Garden Foundabon. See Nole 2 for fvrther detail5. Invesknent ￿ Royal Opera Htyjse Ente￿se$ Limrted". Chartty a9 JO 21 2020 Ai bo91thr￿ 6.&?6 Ai begirth ofperkd 7• 676 At end ofperhod 6.676 6,676

[￿c￿￿9n Erwekjpe ID.. A1295DSU427439M4D7-808WB64797 Royal Opera House Covenl Garden FoundalK)n ILimbled by gu&anteel'. Company Number 00480523. Trus18es' report aThJ ¢onsolKJated financial stalemenis. 52 week perKxJ ended 29 Augu512021. 23. Heritage assets {a} Tangibl• ffixed assets- h•ritay neart T•i•l 2•21 E'•QQ C¢lStor ty P L,q77 16.79L t¥sp0s￿S (11.2751 Rev4lubon 156 1$6 y.oy 5,760 14.149 16,791 The external valuwsforthe.Royal Opera House. MJkPers, Swvr￿￿d1v￿￿8nd DavidVyvyan41c)inson, Pthre Vakjerof Gurr Johns. valued the entirety of the fine art collec1￿n in August 2021, on the basis of retsil ,replacement values IRRVI. RRV.￿pre$ents the value used for insurance, based on re￿a¢ement in Ihe retail market. or where apprwal¢ in the se¢A)nd-haNJ retail markèt items of a milaf nature. age, condition and quality. Included In the finè art collection was # paints"ThJ by David H¢￿￿ney, Portrait of Sir David Webslerwrth Tulips. In October 2020 the paintsng was sold at auctson to DavKY Ross, the fomier Chair of Ihe Royal Opera House. Refef to Note 30 for delails of the sale crf this wnlirrfJ. The value of the paintiro at the tiwe of (Jisposal was £11.275m. Costumes and acceswies and other ccllections have tntemal valualions. Wherè thè valuation is irttèmal. it has been provided by Julia Cre8d. Head of Coll8th"ons. Julia Creed has a Mastèrfs dè9ree in Archives and Récords Management and has worke(l as an archivist ai.thtr Royal Opera Houstr since 2004: since Apn"12015 She has baen Head of collecti￿5. 89

D￿Us19n ID". A1295058-3427439A-94D74089E4864797 Royal Opera House Coveni Garden F(￿ndatiOn (Limsted by gvaranteel.. Company Number (M)480523. Trustees. report and ¢onsdRJaled finanual ststemenis. 52 ek pen&a eT¥Jed.29 Augu%1 2021. 23. Heritage assets (continued) {bl Five year fbnancial summary of heritage asset transactions: 25 •4JyuSt 2019 26 Av9uSt 2018 £'ooo 27AyouSt 201? £.￿0 2021 2Q20 neart ' CthEr¢die(tyort 12 earr n¢art 111.2?5} eart (c) Further Inf0m￿tion on HeritageAssets: The Royal Opera House mwnlains thre? cC41e¢ti¢Y￿ a$ follows.. The fine art coltion ¢ons$ts ofpaintirvJs. other ￿cbJfeS and drawThJs. fuml1u￿, fvmishirvjs. sculpture and poitery that have been donated and are on pU￿1C display thr￿ghoul the Royal Opera House. The coslvmes and accessories ￿lIe¢ll0n COns￿ts of ¢)ver 4.fM)O indNidual iteffts wom by artists at the Royal Opera House. The collection (x)ntains some items from the late 191h and earty 201h ￿ntUrieS. but most date frorn 1946 to the present. The majority of the collectw)n is costumes. with a Sr￿atsIe number of hats, headdresses and J￿￿ery, and a growng numberof shoes. l)oots and wigs. Other collectiws include photographic eollecllc￿s. dèsign col*b"ons. a wtrnit of Pavarotti and an autographèd Donizgth score for Elisabgtta. non• ol which ar• on pem)anent wblic display. All assets are maintained and managed through the heritage asset registerwbth 15 overseen by Ihe Head of Collections. Most new acquisitions are made throLlgh donati￿. A limited numbèr of acquisib.ons arè purchased where assets enhancè the overall Ix)Ilections mainiained by Ihe d)arity. The Royal Opera House W￿ld not normalty. dispose of any heritage assets in Iheir nomial c(¥Jrse of business. The preservation of assets is the respon5ibihty of the Head of ColÈeti¢Jns who hold$ an amual budget to mainlain the quality of Ihe a5Sèts. Th8 Charity exhibits aswts throughout the 0￿ra House and Ihrough exhibitions. In addition. many assels may be viewe(l electronirally through Ihe calalcw websit8 at w•M.rohcdlections. 90

Oocu&gn Envekjpe ID.. A129S0￿3427439A-94Q740s9E4B64791 Royal Opera House Covent Garijen Foundati(￿ ILimtied by guaranteel. Compafty Number 00480523. Trustees. report and consolidated financvJ stslements. 52 week peri(%J eThJe¢ 29 August 2021. 24. Stocks •rtty Charity YJ 24 30 1021 2020 2021 )0 2010 422 12 Dufrythè ssweekperic￿ended 29A(ryust2021 £290.150 (53weekpeiitiYended30Augus12020.'£650,524) ofstod¢ was expensed through the Statement of Financhil Actiwties. 25. Debtors Chaniy Au9v# 2020 29 A¥9¥51 Z•21 2020 Fin4n¢¢iease dÈbbir Sh30 5,430 dert)￿r￿J$ ymEnt5 . 1,3>) 6.760 600 thartty l9 A¥9Wgt 1021 rty 30 Av9v4 2020 . 30 JJw5r 20Zi rraOE dEbtwS uW5 due trryn . undertaWry5 3,473 X.OX2 7.835 353 017 2.074 7.910 ysj 951 XAJ93 719 1.37• 270 Other deblvrs P￿￿•¥MentS 719 1,091 L8h54 XS.S?9 J9.09e AmcJnts due from subsidiaryand associated undertakings afterw￿re than ￿e year in the Charity represent a h)an from Royal Opera House Covent Garden Foundation to Royal Opera House Enterprises Limitell. ￿th interestcharged ata rate o12%at)ve Ihe Bank ol England base rate. Thè expecteil repayments onthe loan aSfdIry￿. Tot sz ndeo 24u•.21 16 2AS 211 106 Qu¢ betWft4n onl yEar¥O two y•ar5 oue betw￿ fAT)yws ¥ndll¥e y&ws

) 633 The finance lease debtor rewe8¢nts a 5% income interest in Ihe ￿e3 for Ihe fttail units on the site of the Royal Opera House. 91

Dotu&Jn Env&lope ID.. A1295DW)427439￿94DT•)89E4B6479T Royal OpeTa H(￿￿ Covenl Garden FOunda1￿)n ILimiteLI by guaranleel.. Company Number 00480523. Tru51ees' rewrt and consolldaled ￿3￿cial slalemenis. 52 week period erKled 29 August 2021. 25. Debtors (¢ontlnued) Reconciliation be￿eft gross invoslmènt in 8 lèase and the present value ol rrwnimum kastr payments ceivaNe is as folk>ws'. GrrAJP 30 August E'Q S9.513 Sg.782 5,700 The expected malurity of th¢ 9ro5s in￿$1mnI in a lease and present value of the minirThJm lease payments rFceiv8ble is as fd10￿. Prwftk ¥alw• •f mlfftlmum l•aM p•yments É'ooo Not iaterthèti (rt v 14ier than nit f¢rt> Iiier than 270 258 912 4.52D 58.162 59.513 5.700 There are no uThJuwanteed reshlual vahjes awuirKJ to the arwj rn accumulated allowance lor uncollectible minimum kase payments..There were no ctsntiNJènt forthe perKJ (53 weekpenod 30 Augusl 2020.'.£53kJ. 26. Creditors Amounts falling due wlthln one year Charfty 30 Av9vSt 2020 1021 2020 z)¥1 Éwo Trnde crEdkty5 s0(kil seu 833 1.?24 20.027 9,SQ2 I,￿7 1.724 IJ7 i¥x•x 137 11.J5J l7.073 415 DofThedlrKomE Y.086 J).Y4S 33.6L3 Charity. 30 Auyu5t 2020 É'ODO JO 2D21 2020 2011 rmo DeferredirKDrne 1¥,770 1¥,3Q6 IEIEi¥Ed i?.s• {9.•01) 48,813 1$9.tl811 15.0•5 (7.X82} 43,091 - 9,502 17.lJ73 9,170 thJnctd boD￿jr 6.309 3.19J S.8X3 2,652 6.309 Z.B61 1•69 92

Docusign En￿loPe10." A1295DSB-3427439A-91074085E4e64797 Royal Opera House Covent Garden Foundalion (Limited by guaranleel.. Cornpany Number 00480523. Twslees. reM and consolKfaled financial staièments. 52 week perKJd 8nded 29 August 2021. 26. Creditors (continued) Amounts falllng due after one year Thurrock Bon)ugh Council Loan $2w 53 We4k EndEd JOb4Jg-20 uèiarfe J¢the i.J65 (102) 1.405 11021 62 Jrtetest L323 1,365 ¥323 1,365 The table below shows the anw)unts arwj b"mings of Tepayments due underthe temis of the ban. Caprt Irt¢￿$t .r•t S W4•k 53 Wwk Ertd¢4 294uw.zi 4S 103 43 s¥ t betweenoneyew•id 45 ioi fiye ye•rS 155 1$4 147 160 307 DJe ofter five yt•5 1.077 )$9 4J6 ¥539 1.323 626 1.36S so In October 2014, a first desd of mortgage ovèr the Bob and TaThor Mano¢Jkian Costume cen￿ and by way of first fixed charge, all its present and luture plant and machinery on or serving the Propety (apart from the mortgage chargel and the rents fif any) was prowded as security for a loan of £1.&n Irorn the Thurrttk Borough Counol. The current balance of Ihe loan is £1.32rn. The nel bc*)k value ol the Bob and T8mar Manoukian Costume Cenlre at 29August 2021 was £4.2m (30August 2020.. £4.3mJ. 93

Docus￿0 En¥8lop8 ID.. A1295D5B-3427439A-9407J89E4861797 Royal Opera Hovse Covenl Garden Fovndakn (Limited by guarantee)". Company Nurnber 00480523. Trustees. report an¢J conSol￿ated financi31 stalemenis. 52 yk perii)d e￿Ied 29 Augu512021. 26. Creditors Icontinuedl Amounts falling due after one year Cultural Recovery Fund Loan 52 W•ok S3 YleÉk Perlod EThded 2•21 É'09•

)-Au20 8alance at tho boglnrlry afftr￿ yow ImDUrts 8alance aLthp end ol the y•ar Le55 arnouDt5 th5th5ed In (￿&t￿¥. r¥yJnts 14700 Tc4al Tatal S2 l¥ee* Porlod Endqd £w• £'ooo Oue y¢ar ye4r5 276 nd yurs 1390. 2.561 971. Oue aftvtsyewts 19.310 21.70D 5.643 27J43 In support of arts organisations affected by the Cowd-19 paTrdern￿. the goverrwnent e$tablishèd a Cultural Recovery FLmd ICRFI offenng grants lo smaller organisations and roan5 to larger organisations. In March 2021, the ROH received a loan from the CRF of £21.7m. The loan is Inte￿$t bearing, at a rate of 2%. over a 20 year period and ha5 a four year repayment holiday. 94

D0￿s￿jn Enwlts￿ ID.. A1295Ds8-342743￿91D7-￿)89E48s479I Royal Opera House Covenl Garden Foundation (Limiied by guafdnieel." Company Number 00480523. Trustees, report and consolmlated financial stalements. 52 week period ended 29 Augusi 2@21. 27. Statement of Funds- Group AtX• At 20 -2Q21 £'ooo 4,415 6a,133 168.335) Urtr¢Striaed Rev•Miw furtd 156 (7.4751 389 I￿,15 {5.0441 1?9.89l 13.800) 5.3?2 Unreitrfrtoo FU￿re Fund Unve¥trieted Funds b 211.7•6 {6V.YJ5) 150 1,697 213.525 Vnve5trlcMd: Il•blUty •70 (¥•.xx#) 7¥M¥ 6•.22t (fj7.465) VP2 1.697 183A07 R¢strl¢¢¢d funds: CaF41 Fwd 8.958 ProdUCt￿n FyD¢ 12,8911 (10,6361 LP,636 Optyi UD FJr (SCO) rammÈ Arfs Countyi Enoiw Chlna thILr 740 398 164 ROH Moldings Liffited 105 105 Fur 3.174 IZ2 2.629 83 T•thi r•rfrted fv4 xAx4s 14*1 (143ts) (X.697) 11337 43.417 .o•i funds 231054 (•x.•s•) •.934 244.42S Unrestrided Funds: Unre51ricted funds are segregated between general funds I￿preSenting free reserves and unreslricted general funds hdd in trading subsidiaries) and deS￿nated funds. The th￿e designated funds 8t period end were the Fixed Asset Fund which is sel at a level equivalent to the charity's fixed assets and intangible fixèd assets (plus approved capital expenditure in the 20121 season carrTred overlothe 21122 sea50nl, the Hèriwe Assel Fund which 15 equivalent to the charity's hentsge 855ets and the Des19nated Future Projects Fund. The Designated Future Projects Fund represents funds earrn8￿ed for specif￿ ftjture proiects. The pension scheme liabilty is disclosed in accordance . with FRS 102. Restricted Funds: The Thurrock Ca￿tal Fund has been established to hokl lunding received in the develOpn￿nt of both the Bob and Tamar MarK)uki8fi Production Workshop and thè Bob and Tamar Manoukian Coslume Centre in ThurToek. The Production Fund rèpresènts donations rèceived which a￿ rnstricted lor the purpose of specific . pr¢)duetions. Thè Open Up Prtsjèct FurKJ has been e5tsblished to hold funding rewved towards the Open Up Project. capital projèct intended to ènhartcè audiences. èxpeirence of ourwork and inspire wder interest and engagement. The Bridge Progrèmme Fund rèpresents fundirg rtcèwed from Arts Counol EnglaThJ lor improving the delivery of arts opportunits"8s for children and young ￿ople. acting as a bn.dgè b•tsveen the ans and education sectors in Thurrock, Essex, South8nd, Hertfordshirè. 88dfordshir•. Luton and North Kent. The Endowmenl Restricted Income Fund represents funds expendablè on spetrfic purposés as requi￿ by don0￿. Endowmgnt Funds: Th8 balance represent$ rostrict8d r•serves h8kl by RIJ4 Endowment Fund 2000. 95

DowSi9n Envekipe ID.. A1295D5S.3427439A-94D7.8C¢9E4B64797 Royal Opera House Cov8nl Garden FouThYalv)n (Litniled by gyaraniee}'. Company Nurnber 00480523. Trustees. rewrt and consolidated finawJ stsiements. 52 week period ew 29 Awu512021. 27. SLitement of Funds . Charity At19 2020 20ZI unVE￿I￿ted fjert¢r•l u￿r￿￿¢tsd 4,61? 165.N6) 1983) 4,672 156 17,175) UnrE5trt(ted Asset F ￿￿￿5t￿cle0 AssÈt Fund u￿rStritte0 Fvtylt Fro￿tts Èutia Ufit•strlrt4d Funds Wov• penslon rtse 19).?14 (S,D14) 185.6 {3.000} 5,3n 217.7•7 66.ln 165.046) 156 21.• xheffl¢ Il•trll 13ffjJ04) •7Q (30.118) Total unvotr5&1O 64J72 sAn 7?1 Thwrock Caott P￿id 9.121 6,950 (3.12D) 10.636 {10ffi36) Open Up PrtyPU {5W) rammé fund 740 (732) Jlls 164 . Totsl re¥trlctod •.159 115.IM) {7?1) 9.596 Total luffl 191.321 ¥L•fj• 179.364) 5,471 28. Share capital Thè charity is limited by gijaranlee and therefwe has r#) Sha￿ capital. The liability of the ￿EMb￿r$ of the charity is limited to £1 each. At 29 August 2021 there were 18 members (30August 2020.. 151. 96

OoJJSign Er)vek)pe ID.. A129505B-3427439A-94D7-8089E4B64797 Royal Opera Hovse Covenl Garden Foundats)n lknmiled by gu3ranteel". Company Number 00480523. Trustees, rewrt and ¢onsolidaled financial statements. 52 week peri(xJ ended 29 Augusl 2021. 29. Connected charities and other relatsd party transactions Connect8d chaiilies Royal Opera House Endowment Fund 20110 - registered charity No 1089928 During period the Charity receive(I grants of £2.4m (53 weekpeiiod ended 30A(4gust 202Q.' £2.3m) from Royal Opera House Endowment Fund 2000 in furtherance of ils Charitab￿ objectives. At 29 August 2021, the charity owed £0.2m to the Royal Opera House Endowrrent Fund 2000 (30August 2020.. £0. Im owèd to the charityj. The above charity is based at Ihe Royal Opera House. Govent Garden. London WC2E 9DD. Trading Subslthar￿S Royal Opera House Enterprises Llmited During the per￿ Ihe ch￿ty recetve(l a loan repayn￿l of £0.2m (53 week period ended 30 August 2020." £0.2m). a royaty payment ol £0.5m (53 week peiiod ended 30 Au9USt 2020.. £1.5mJ and a gfft aid payment of £1.2rn (53 week period ended 30 August 2020.. £1.9mJ from Royal Opera House Entérprises Limited. At 29 August 2021, Royal Opera House Enterprises ￿mited (A¥ed £1.3m to the tharity (30August2020.. £2.Om). Thè above tradin9 Subsidiary is based at thè Royal Opera lknjse, Covènt Garden. Lond￿ WC2E 9DD. Royal Opera House Developments Llmited Durirtg Ihè p￿1£1 Charity rttèived no gift aid paymènts {53 ￿11<￿1 ended 30 August.2020.' £511) from Royal Opef8 H￿se Development Limited furtherance of ts tharitab￿ objectives. At 29 August 2021. Royal Opera House Oevdopnnts Limrted owed £0.1 m to Ihe charty {30Augusl 2020.. £0. Im). The above trading subsithary isbased at Ihe Royal Opera House. Covent Garden. London WC2E 9DO. Royal Opera House Holdings Llmited During the period the charity received £5,000 (53 week wiod ended 30 August 2020.. £5,OOOJ from Royal Opera House Development Limiled in ￿sPeCt ofaudit fees. Al 29 AJJgust 2021. Royal Opera Hwse Holdings Limited owed £S.000 to the charity (30Augusl 2020.. £5.000). The above trath.ng svbsi()ary is b8$8d atlhe Roy"Opwa Housè. Coveni Gardèn. London WC2E 9DD. Othèrrèl8tedparty tran58¢ttons At the Board meg1in9 on 13 Ociober 2020 the Trustees ag￿ed to sell the ￿ra11 of Sir David Websler by David Hockney as part ol the fc¥Jr poinl recovery plan. On 22 Oclobef 2020 the portrail was sold from the ROH herilage asset collection. Christie's We￿ appointed to sell the painDng and ahead ol the auction date n independenl third party guarantee was secured. Thè painting sold for £11.275m in a public auction in October 2020. The sale esbmate from Chrislie'5 was £10-12m and the price rèalised Ihamm8r price plus buyerfs prèmium nel ol applicablè feèsl was £12.865m. In late November 2020, ihe bwr at auction was publicly announced as Ihe fixmer ROH Chair of Twstees. DavNJ Ross. No oth trustee had an interast in any Contr￿ (x transath.on wth the ¢harity or its subsidiaries in the period endéd 29 August 2021. Ouring Ihe ￿Ti)d no trustees received arby remuneration from charity or its subsidfjaries and no trustaes w8r8 reimbLFrwl lorpèrsonalty-incurred èxpensès whichwerenècassarytocarry out trustee duties 12020.. nill. The aggwate amount of unrestricted ¢Yonats"ons received from trustees was £3.040m (53 we&k pèriod ended 30 Atwust 2020." £1.982m). or this amount, £2.043m (53 week period ended 30Augusl 2020.. £1.074m) was recèived from trustees of the ROH Endovmienl Fund 20(ICI.The charity undertakes transactions in its nom)al coursè of business with its subsidiariès. These transacbons a￿ carrieLI ryjt on an arms.18n9lh basis. 97

r)ouJ&'9n Envaknpe ID.. A129SDS8.3427439A-94D7-W4B64797 Royal Opera House Covfnl Garden Foundabon {Limiled by guar8nteel. Company Number 00480523. Trustees report and corJsolKJaled f￿ancial stsiernenls. 52 %tek period errfled 29 August 2021. 30." Commitmenls lal The Group has fvlure minimum comrnitsnenis under nOn￿nCelabl operaling leases asfolknws". 30.Av9.20 L•nd and BU1￿1n £'ty)o OpErttlng kaS¢¥ NDt laMr Ihan tyie year tÈr thin <hie yoar ind not￿thI thai IME year itr Ihan llye VÈalS X45 162 Ibl . The group has eniered into contracts with guest arhsis and suppliets in respect of futsjre productions to be staged at the Royal Opera Housé. Commitments ￿ respecl of these contracts which are rM)t reflected in the b￿ar&￿ sheet a￿.. JC.Au9.20 Éwo Les%thin thi• y •70 1¢) Thè group has capital cuThmitrnÈnts for thè Fly Syst•m piciect which ar• not reflected in the balance sheel.. 304uy-20 925 2.44? Ihe 5r¢tht 14 rfth ytor5 InthJ¥e 925 98

DuoJSHJn E￿elop ID.. A129505B.3427439A.94D7-8089E4B64797 Royal Operè House Covenl Garden FoUnda1￿n ILinte(S by guaranleel.. Company Numb8r 00480523. Trustees. report and collso1￿3ted financial statements. 52 week period ended 29 August 2021. 31. Pension scheme The Royal Opera Hous operates a defined b￿￿fft penS￿)n 5themtr. the Royal Opera Housè Pension Scheme. The Scheme's lunds a￿ adrninistered by the Trustee and are independènt of thè ROH'S finances. contributs.ons a￿ paid to the Scheme in accordance with the Schedule of Contributsons agréed between the Tnjslee and the ROH. The group also contributès to five defined contribuliori schemes. T1￿￿￿e sponsored by Arts Cwn¢il England and Equity (for dancèrs arvj singers) and one by the mUs￿lan$. Un￿n (for rwsiryan5}. further defined contribution scheme arrangements exist for other stsff groups. ￿￿tribU￿on5 lo these and other schemes amounted to £2.434m (53 weekperiodended 30August 2020.. £2.960m). The funding plan is for the Scheme to IKJld assets equal to the value of the benefits eamed by employees. based on a Set of assumptions used for funding Ihe Scherre. The fiJnI￿ assumptions diffèr from the assumplions used to calculate the figures for these accounts. and Iherelore pr￿￿Ce drfferent results. If there Is a shortf811 ag8in5t this funding pkn, then the Royal Opera House and Trustee agree on deficitc(intributions to meet Ihis deficit over a period. As a part of Ihe actuarial valuation with an effective date of 5 April 2018 the Trustee and Ihe Royal Opera House have agreed that the Royal Opera House will make conlributions to the scheme of£O.85rn per annum from 30April 2018 until 31 January 2037. inueasing by 3.5% per ¥nnum. As a resutt of the CoM'd.19 p￿￿, the conkntxJlI￿ thje in Ayl. (kt(er 20Y) Mere dBfeFred tNJt havè sin been repaKI. The Royal Opera HoL￿e also make5 ¢ontritJuUons of£O.3m per annum to cover thé expenses of running the Seh"¥mè. Thè inrtmj iesvlts of the formal actuarial valualion as al 5 Aw'l 2021 were updated to the accountirKJ datè by an independenl qualthèd actuary in aecor¢Jance wilh FRS 102. allowirKJ for CA￿lribu1.on$. benefit payments madè. and changes in market condits"ons. The results. basèd on assumptions used for FRS102, are as fOlk)Y￿.." Tha amount.ir￿lUded in the balan¢s is as folkms: 294¥1-21 30-Auy-20 £'ooo V•¢ ol ￿aft a55 Present value ol deWnEd 71.544 1107MI {109.8101 (30.1161 (36.3041 The ￿￿)Vernent ￿ nel defined benefit liability t5 as folk)ws.' 5ZTA¢ek $3 rJe 2￿￿￿9-21 30-A￿-1￿ Openity lÈt dttFnÈd benalt Cott In IrKome 4fjd expErétdJre 16.304 9711 IIM4oJ 18.350 51 ($9ei 3.601 c￿￿9 bEn&rtlkit4Wty 35.3 99

DouJSKJn Erwoljpe ID". A129sD5B-3427439￿94D7-80BgE4B6479T Royal Opera House Covenl Garden FoundatKJn lknmited by guarantee).. Comp3ny Numbe¢ 00480523. Trustees, report and con501KJaled financial statements. 52 ￿￿ek perK¥J er¥led 29 Augu$l 2021. 31. Pension scheme (conlinued) The amounts ￿r03n159￿ in incom?orgxpènditure. inthe StatementofFinarKialAcb"vities areasfollows.. 52 w• 5) pu 30-Au9-10 •AmIn15tr4tloTh￿pEf tnlEfE5fezw JJ6 574. 563 Tctsl expen￿ 95l Movement ￿ pre$￿t value ofdefiwl tenefil O￿Vat￿￿ is as fclkm: . 52 wee S) ended 30-Ay9-2¢ 2-Au9-IX (107041) TnlerE5f oblWIiDn' {1.702} (J.l5)) ¥917 j.oio (107.8481 Movemgnl ift thtr fair"valu• of the plan assets is as fo#ows:" 52 tyJ•• p•tlod 53 wtt Penod ended 30thu20 É'ty)o Operthiq f&r¥41ue &f Fthn Isiels IntEtESI Ort Wels ?1.$44 - 74.796 1.494 IX.946) 6• {336)' CcntribuUw5 588 11917) . 79.72 71.544 Iixj

DocuSKJn Envelo￿ ID. A129505B-3427439A-94D74mE4B64797 Royal Opera House Covenl Garden FO￿ndatIOn (LI￿lled by guarantee).. Cornpany Number 00480523. Trustees" report and consolidate£J"financial slaternents. 52 week period ended 29 August 2021. 31. Pension scheme (contlnued) The ¢Ufrent allocation of the Stheme'5 asstrts is as follows: 25-￿9-1 Fr ¥abJ Fknr ¥&J E4LIts 20.2 26,251 14.281 8.266 1.730 L4.380 23.605 rtv Olvorsiffjed Gra%th FLid I￿11￿ Drt¥DI IDvE5tI￿rt C4sh nét JssÉts 1.745 15.601 14.413 19.990 536 To .?2• ?i.Y4 74.796 The Scheme d00s not invest directty in property occutAed by the tharity or in financial securitigs issued by the charity. The following tatAe s¢ts oui Ihe ggnificant aSsumpti￿S used for the plan: 2•-AuB.IX Relai pdres Ind￿ 1n1￿￿C 2.10% 2.lolb 015C¢lunt rnio 1.60% Pthigw Inwse5 hwn¢ nAesl Z.513.513.V2.1 pi 2.W3.J12.412.0* pa 2.51).Y3.111.1% Lbl•eApertw Or￿m￿l 6S at the act￿ vears E bÈh¥o•n arA fve years five vears 903 935 3.rvJ5 13,969 ioi,

tlocuS¥Jn Envdwg 10.. Al￿s￿27439A-sID7￿)89E486479? Royal Opera H(yJ5e Covent Garden Foundalk)n 1￿mIle￿ by guarantee).. Company Nufflber 00480523. Tntslees, repjrt and coasol¥Jated finanual s¢alernents. 52 week period e￿Ie0 29 Augusi 2021. 32. Cash flows al Reconulialion of net (MJWn9 resources to net cash infk)w from ¢¥eratiThJ 51 Wee Perfod 53 vleek )0-.A￿9- NEt irKomel IexpeDth￿￿) ltrihe P4Et (ash (1[Ky￿) I vpendrure w DofinQthb￿tsIt pordoTrtd IAM) (7541 353 TrtrÈrtst ILosstsii L•SS on 4sposal dflxod axSTts chary 62 232 161 9.402 1093 1.712 (462) ¥￿62

07

(1.4701 {Incrnast)/ dtcre4Je . Increa￿)/ DEcfEafe In 1trKk oecre￿I IIDcrea5el lo de￿5 Inrrpagel (dEC￿•SEl 3.135 593 1554) A2.B bl Cash oufflow from investiThJ actiwties 51 Wee -53 week Penod Erthd 30-.Aug-20 X•-Atsg.Zi Éwo (2.23) I￿7) cèp1tèlexpen￿tWE fiz¢4 •$ itytyisdinvestmèit latCklSt} 11.472) Ik,997) 1427$ 2J30 270 I￿27 12.5 Interest ￿t￿rne 3,596 cl Cash inflow from finanryng 8ctivities Sa W• 53 ¥¥e4k Pedod End•d Z9-A¥¥.21 JfyAug.20 Cash 21.7 NEt ¢aSh PTrlLd * l (vsel IDI) 102

DocuS¢9ri Envelope10: AI295D5B-342743￿9•D7￿]89E4B64T9T . Royal Opeia Housè Covenl Garrjen Foundab'on (Limited by guaranteel." Company Number 00480523. Tru51Ee5' report and c(XWTrlidated financial statements. 52 week pericKJ ended 29 August 2021. 32. Cash flows {conlinuedl dl Reeonciliation ofcash at bank arHt on hand per balance sheet and cash and cash equivalents pèr Group's cash fkjw statemenl To 29 03.•6S C4%h •t in h• w￿￿1r￿s Fund 2WO Roy41 Oper4 HOL￿ Ertrpnses LAniteO Royal Opera 4.617 277 3,9qS 6,562 177 371 371 .316 7X.07S Total 3• August rw• Éeoo h at bankW￿ in h¥1 br<¢ h at bank •nd In 9FQLV Endw¥lErtFurtd 2ri)) Royèi 0￿¥ EntswiS¢S RDyèI ￿MIted 1.ts29 17•7 12 192 371 371 Cash aid (ash ¢ou￿•￿￿VErG1Wj.¢th ntyA 2&40D 2JDQ el Raconctliation of net debt At ? É'ooo 10,or¥) 33.800 C4qh •qLlv4l•it 23.80D 47.275 102 121.7Qll ?i.o?s LoJns faifiw dut raffleiar Loani falliw due afterTrlcre than [1.948) 123.54?) 15.676 47.4Z6 103

Drtusign Envthype ￿).. Al295O￿3427439A-94D7-eOBgE4Bs4797 Royal Opera House Covenl Garden Founoahon (Limiled by guaranteel.. Cornpany Number OD480523. Trustees, report and ￿nso1￿181ed financial stsiement5. 52 week peri¢yJ endeits 39.075 39.0?$ (iji) •A2 4.460 38.$84 8E*3 Nèasured &t ndiscountod ash rnthv4bWlpayabkl. réal Asseis 79.7•¥

X.17• TrJÈ ¢ebDYS S.93& 2,782 Cash and ra eqvlv¥ienrs 61,075 23.8•) 5nvutrnents'. io.ouo 42 . 164 Rnandal . {5.23•) 15.2311 (iyy> 12,833) arnortt5ed LD51 Rn4nd41 [23.023) 121.70U) (62> 82 Financial assets earried at fail value Ilnvestments) are measured al the quoted market pii¢e in an activ•ly tradèd markèt. All investmenls are managed by Teputable investrnenl managers. Of Ihe carrying amount at 29 August 2021 01 £39.1 m (30 Augusl 2020.. £38.6m). £18.4rn (30 Aijgust 2020." £18.Oml is invesled. markets outside of the UK. The changes to the tsir walue of Ihtsse invèstmènts a￿ all as a resLtIt of market risk lincludiro foreign exGhan9e ti$kl. Immaterial arTK)unts are due lo credit risk. An immaterial liquidity risk exist5 du8 to the remote risk of not b&"ng able to ￿patriale fvnds. 104.

ryocusiw Env￿0p8 ID.. A1295D5B-3427439A-94D7-&)89E4B64797" Royal OpeTa House Coveni Garden FoUndat￿In {Limiled by guaranleel.. c￿mpanY Number 00480523. Truslee5' report and con$d￿ated financial slatements. 52 week periool eThJed 29 Au9USt 2021. 33. Flnancial Instruments Icontinued) Carrwng amount, income. expense. gwn5 and los￿ of ts Chariws Finxntial Instrurnents f•rylng Charfty 9)In¥ 1ts5E51. s￿) Jnttye5t vbJnd 39 fa . Z021 {exW)se) (expe￿) loxpont•l É'ttoo nthKounted ca rK•lvab￿l(pay￿￿le} noro¥ ASse Tradp detsto knLwJnts due frnm subsidbèry •550aated undertakits 71043 59 J93 3.474 I.OL2 .2.0?4 Other Deblors ar￿ ca1 2.697 53.e65 STr￿rt tEDn l0ve5Dn￿ts." Deo¢• io.rno (5x82) 15.182) (U07J I2￿7? ASS¢lS Amourts Ir¢rn 2tr {23.02J) (21,70tr) (1.3￿> (*2) 62 The financial asset measured at amortised cost at￿8 represents an inler4cOrnP￿Y loan beN¥een Royal ' Opera. House Enlerprises Limited las boThower} and its hotding cornpany. Royal Opera House Coyent Garden Foundatton (Limited by Guarantee). ente￿ into in January2010. The unsecured loaTr bears tnlerest at 2°A above the Bank ol England bas• rate, which management asse55 lo be a commercial rate of interest. Oue to the commercial rate ol interest. the P￿sent value of the futu￿ cash flow5 approximates the carying, amount and thus the loan p￿SentS no current pricing risk.As the interest ratè is a variable rate. the lender arKt tkyrower we expose(I lo interest rate risk. 105

Dowsyn En¥tk)pe IO". A12950￿3421439A-94D7-80s9E4864797 Royal Opera House Covenl Ga¥d8H F¢JJndalM)n (Limited by guaranteel- Company Nurnber 00480523. Trustees. report and con501KJaled financial 51alemenls. 52 week period ern1ed 29 Augu512021. 34.. Consolidated statement of financial activities for the 53 week periixl ended 30 August 2020 53 week perlod 30•Au9-10 Funds FuAds Totsl F¥ttOS É'o¢ 37.Y66 Y7,766 Xi416 Sl416 23.576 167 29.090 24.213 7>> 24.945 1¥S•2 834 4•3 Tot•1 endowrnents 959 167 16 arlLit4e {17.545} [XO4?3X) RJI9fty F¥n45 GthiEra￿ vdunlary 5nccfflE (4.152) (Jssi (4.¥QY) Co￿￿r￿al athwi¥E5 12 (•.183) {21•) (•.J•3) (5.016) JnteiESt pay4t4 1415 $2 Pront on di5P05 pt Ila5511 y&n5gn ITr￿￿111￿ 156 3•7 331 (220) 19.734) 17 9•7 l)Ih•rr•¢+)WAS¢A gaths aAd (l•sM6) (LOSS I l Gwns on dh•1fa9È Ilossl I on the dthlmd bonqfit PEn¥on %eme 19.23 {3.739} {3.739) (21.064} 2019 27 195 37 35. Taxatlon UK corporation tax and rel￿ crff226.770 has arisen in Royal Opera H￿$? Enterprisès Linhted in the period in respecl of cUr￿n1 year profils (53 week period ended 30 August 2020." tax chasye and of £367.408). No delerred tax has arisen in the per￿￿ (53 P8llL¥I endod 30 Augtsst 2020.. nil). 36. Post Balance Sheet Event In November 2021 the Truslees of the Royal Opera HcMJse Endowrnent Fund 2000 approved thè payment ol an excepb.onal graot of £3,774,000 to be paid from the Royal Opera House Endowment Fund 200 to the Rbyal Opera House Covent Garden Fcmjndabon in suppct of the lalterfs recovery plan. The lunds are part ofthe income accurnu￿ted by the Paul Hamlyn Education Fund. Thè funding agreement forthe Paul Hamlyn Education Fund was amended on 28 September 2021 lo fa¢ih"tate this exceptional grant. This granl is being treated as a non-adjusbng post balance sheet evenL 106

DocuSvJn ETrvdop8 ID.. A1295DSB.342743S4.YD74L￿IB64797 Royal Opera House Covent Garden FoUndat￿n (Limited by guaranteel.. Cornpany Number 00480523. Tiuslees. ￿rKIrt and consolKlaled financial staterr*nts. 52 week peith ery5ed 29 Avgusl 2021. THANK YOU 107

0otyJSn Envebpe ID.. A1295D58.3427439A-94D7-6089E4B64797 Royal Opera House Coveni GaTd8n Foundalion ILimiled by 9uaranteel.' Cornpany Number 00480523. Twstees. report and (a)nsoh"dated f nancial slalements. 52 week perK)d ended 29 Augusl 2021. . The Roya Opera House9ralefulYack￿edge5thege￿erosrtYofal1th0seWhohaV9 prowded supportthis period. including- INDIVIDUALS s￿ndrift Al Swaidi Mr and Mrs Ajaghband Lady Aèxander ol Weedon Mr and Mrs Edward Alkin CBE Ben Babcock and Debbie De Girolno Richard and Delia Baker Mikhail Bakhtiarov Torunn and David Banks M&rcades T. Bass Geoff and Jiidith Baichel Sir Mick and Lady Barbara Da￿¥ Mrs Adene 88ar8 . Jeff￿Y and Veronica Befman Mr J Michael Beman Janice and David 8lackbJm Michael Blank.and Jakob Schroeder Mr & Mrs Anthony Bolton Ingerno and Kart Otto BonniÈr Sally and Sirnon Borrows Lady Rosemary Buchanan . The Bunting Fami Mr Paul Burbiflge Susan Burns. OBE and John Bums Sue Butcher Mrs Carolyn Cabjtt Mara Moreno & Rafad Ca David Campain The Eart and Ctyjntess of Chichester Ricki Gail and Robert Conway lQrsly Cooper Liz Cratcbley OBE Anné-mariè Craven The Oonald Crawshaw and Mathew Hoffman charitab￿ Fund Michael and Angela Cronk Hadyn Jnd Joanna Cunningham Peggy Czyzak Dannènbaum Chrisban and Béatrice Schlumberger Dr Geneweve and Mr Peter Davies Sir Mick and Lady Barbara Oavis T•rry and Jean de Gunzburg Lady Deighton Sir Lloyd and Lady"t)orfman Lily Safra r and Mrs Jeffrey Eldredge Ailsa and Jonathan FerozÈ Graham S Flè1¢￿T Lcxjisè Flukar Mrs Aine Foriel-Destezel Hamish and Sophie Forsyth David and Sarah Fransen Francèsca Fremantlè Gonzalo and Maria Garcia Will and Beth Gardiner Shery and Michael Guthrie Sandra and Anthony Gubnan Gareth Hadley Pauline and Pètw Halliday Angtsla Harnilton Richard Hayden Mrs Chartotte Heber-percy 108

Docu$￿n Erwdtye ID." A1295D58-3427439A-94D7-8089E4864797 Royal Opera House Covenl Garden FouNJatK)n (Limited by guarantee). Company Number 00480523. Truslees, report and corkwlidalecl financial stslerrients. 52 week peri(MJ ended 29 August 2021. Katrin and christ￿ Henkel Marfies Hensel Malcolm Herring Lady Heywood Mr Rod Hill Marina Hobson OBE and The Hobson Charity &mon and Tracey Hdden Christopher Hold•f Chades Holloway Marbn and J￿e Houston Lady JoaT( JaNs CBE Aud Jebsen . .Mr and Mrs Christoph¢rW.T. Johnston Joanna and Ouncafi Jthosti Mrs Philip Kan Anna and Moshe Kantor Ralph and Yoland¢ Kanza Ivan Katzen Kènneth and Susan Groan Lady Keswick Dame Zarine Kharas, OBE Doug and Ceri ￿'ng Tessa and Charfes Kin*Farfow Mr and Mrs Aboudi Kosts Lord.and Lady Laidlaw Rena and Sandro Lavery. . Petar N Lawrence Alan G. Levin Ida Lewne Dr and Mrs Peler James Linden - Faith Gokling F¢Jundatitin Yuanbo Liu Peter Lloyd Margarita Louis-Drèyfu.s and Phillipp Hiklèbrand Beth Madison Bob an¢J Tamar Manoukian The Margulies Family Crevan O'Grady & Jane Mcclena John McGinn and Cary Davis an Mclean Mrs Andrea Medeiros Castro Isabelle and Adrian Mee The methe￿Il family Bertrand and Eli5abeth Meunier Odile and Marc Mourre Dr Patrick Mueller The Marf( Nickers￿ Charitable Settlement Mrs Susan A. Olde OBE ' Mr Slelan Sten Olsson and Mr John T￿rneY Sir Antonio and Lady Pappano Hamish Parker Marian and Gordon Pell Hélène and Jean Peters Nicholas and Suzanne Pelers The Phillips Fund Profe350r Paul cart￿ge Judith Portrait OBE Basil and Maria Postan Mplinda and Donakj Quintin Paul Raphael Julia and H8ns Rausing Yvonne and Bjarne Rieber Rainzi Rishani Sir Simon and Lady Robertson Sir Simon and Lady Robey 109

th>￿￿s1￿ En¥ekw* ID.. A1295DSB.3427439A-94D74l￿E4664797 Roy81 Opera House Covenl Garden Found8tion (Limited by guarante¢l-" Company Number 00480523. Trustees. report and consokdaled ￿anCIal stalemenls. 52 week peri￿1 ended 29 Augu512021. Victoria Robey. OBE Mrs Bonnie Robinson Kristina Rogge Ms Viviana Ronco Bryan and Si￿k3 Sanderson Julian and ViUoria Schild John and Tita Shakeshaft Louise Sheaves Penelop8 Sheehan Susan and John Singer John and Mariaviltoria Slamecka Lady Slynn of Hadley Christopher and Sarah Smrth Michael Srnilh Mary Stassinoptyj Rachael Steams stuart and Jill Stee Dr and Mrs Tirnothy Stcme CBE Marcus Swanepoel and Frieda ￿nnert Jennifer Taylor Fiona and Simon Tmmas Malcolm and Alison Thwaites Lin4Jsay and Sarah Tomlinson Eric Tomsett Professor Michaèl Trimble John G. Tumer & Jerry G. Fischer Stephanie Tyrer Jane Van Ammel Elsbeth and Rijnhard ¥8n Téts Nina arKI George Veltchev Adrienne Walerfield Derek and Sheila Watson Nick and Juli8l Wilkinson Petef Harrison and Fiona Willis Danny and Lillan Wyler Anonymous113) TRUSTS ANDFOUNDATIONS The'John Beckwilh Charitabk Tn .The Regatta Foundabon The John Browne Charitable Tntst Co¢kayn8 Dunard Fund The G￿dhaMMer Fcwndalion The John Lyon's Charity The Kir5h Foundation The London Community Foundab"on MariaMarina.Foundation and Christopher Holder The Marina Kleinwort Trust The Mikheev charilab￿ Trust The Win Westlake Foundation Oak Foundation OriThoco FOundat￿n The Geral(J an¢J Gail Ronson F￿llY Foundalic Rothschild FoundatKJn The Sargent Charitable Trusi The Taylor Family Ftyjndation GROW @ AnnenbÈrg FOundat￿n Tha Candide Trust Tho Clort Duffield FoundatKJn Th6 David and Elaine P()tter Foundatk iio

Docusign Env¢k¥e ID.. A1295D58-3427439A-SID7-￿8SE486479T Royal Opera Housè Covenl Ganjen FthJrKJaiw)n {Limited by guarantee)." Company Number 00480523. Trustees, report arid ¢onsolKJated financial stalemenls. 52 week perbod ended 29 August 2021. The Deborah Loeb Bri¢e Foundab"¢)n Th¢ Fo￿e Foundation Garfiéld Weston FoJndati4 The Gatsby Charitsble F(yJndation The Headley Trust The Helen Hamlyn Tnjst The Huo Family Foundation The JP Jacobs CharitaiAe Trust The Linbury Trust The Lord Leonard And Lady Estelle Wowson Foundation The Constance Travis Charifable Trust CORPORATE Bank of America Boodles 8P Capco Covent Garden Coutts & Co Dior Financial Plannirvj Partners Ltd Halpern LGT Veslra LLP OANDA Evrok* Limited Rolex Van Cleef & Arpels SEASON PATR(YIS Canary Wharf Group PLC Mrs Ain& Foiiel-Destezet L8dy Gavron Affiya Timur Kuanyshev Jamie McWpine Mitsui & Co Europe PLC Mis Susan A. Olde OBE Tim and Theresa Parker Rolèx Roths¢hikl & Co Mrs Lily Safra Mr PierrtrAlain Wavre Sir Brian Williamson CBE and Mrs Carofine Hoare Lord and Lady Young of Graffnam FIRST NIGHT PATRQNS DMGTPLC Dr GeneviÈve an<1 Mr Pètèr D8VièS Sir Mick and Lady Barbara Oaws The Dow Family Chatles Hdloway Dame The￿$0 S8¢kler SUPPORTING ORGANISATIONS AMERICAN FRIENDS OF COVENT GARDEN BOARD Mercedes T. Bass, Ch8irman Alex Beafd CBE Susan S. Braddock. Tmasurnr G. Scott CIen￿n5 Pe99y Czyzak Dannenbaum iii

DocuSvJn Enveh)pv ID.. A1295058-342743￿g4D7¥I18gE4864797 Royal Opera House Covent Gatden Foundalion ILirr¥ted by 9uaranteel." Company Number IX)480523. Twstees. report and consolxjaied financial 51atemenis. 52 week period ended 29 August 2021. .Misook Dooliule Lord Eatwèll HRH Princass Firyal of Jordan Beth W. Glynn Richar¢J Kad Goeltr Joan Granlund Lady Heyv400d Frederick 15gman Brucé Kovn Alan G. Levin Beth Madison John P. McGinn Mrs Susan A. Oklè OBE Nancy per￿ Green John G. Turner, Legal Counsel David A Shelvin. Legal Counsel Elizabeih Gray Kojen, S8CTrtary and Executwe ￿TectOr 112