2024-08-25-accounts

FINANCIAL STATEMENTS ROYAL OPERA HOUSE COVENT GARDEN FOUNDATION (LIMITED BY GUARANTEEI Consolidated financial statements 52 week period endad 25 August 2024 Registered charity number.. 211775. Registèred cotnpany nutnber.. 00480523. 53

Consolldated statement of financlal actlvltlgs for the 52 week period ended 25 August 2024 Slwoek 52 eek ¢lod ended ended 25-Auy-24 27-￿9-23 L￿￿5t￿¢ted Resivd•d EndDwmÈnl Funds Fund¥ Fund Total Trtèl Fund Note E'ODO £YJuo £'ooo omq •ndowm•nfs Injrn.. ChJntab actrtrtle5 tsl Royil ￿V5¢ linr￿d￿9 boxofftei tnitiunS and ￿9acS 80,273 80,Z79 80,292 20,615 269 2&660 672 1,335 50.810 Il94Z 35,￿3 24.302 ¢knntg tromArt> Councl ErtoDnd Cofr¥rErtlal tfadiDg hicoffe Investrrent5 Prwèrty 5nEowe 23,IL7 4,ZJ3 ZJ,117 470 20,882 467 101.941 1otolirtc4ffieartd•ndtyv4M•nts 150.807 29,800 1,395 Expqnottum on.. Chadtable a¢tWit￿5 p￿d￿ctio￿$. 5ak5 and op￿t￿)￿S Fufjd (1￿3?4) 120.2M? I9￿} {L49.610} {IJS.3071 Vo￿ntary {1S,S911 {15,5911 IkJ.9791 TotsiexpenditL¥* io 115I1231 (2O,IS61 1154,7571 IQ,003 15.940 Ilnromè l (exyndltuiÈ) $84 9,544 4,617 4,fj17 Npt gath hvéStnEr45 Trnnsfers bets¥eenfund 9.814 (9.7641 othÈrrecognl&•d 9plhS on revè￿￿èl￿n of hédtage •SSets Actuarflg4w ort tne def￿Èd plln5￿n Iz 24 1,2 325 1.381 325 934 11114 4.332 16.226 16,926 Nit mw•rnent fvndj 9,236 52,348 271,671 2S4,745 Fwd brnught at 27 August 2023 21O,D81 Fundbatsnc•s¢anl•dfotwllrdat25 A￿luSI1024 222.2111 9,016 56, 2&7,897 Amounts relating to Incoming resources and resources exponded In the current and previous period derive from continuing aclivilies. No significant new opèrations have been acquiièd in the p8riod or the previous period. There is no difference behveen th8 results for the period stated above and their historlcal cost equivalenls, exo8pI for unrealised gains and losses on investments and hglitage 3ssets Isee note 121. Notes from pages 58- 96 form part of the financial staternents. 54

K)pfd IIoLl>e Cole, Consolidated balance sheot 8s al 25 August 2024 15 Au#ust 27 August 2024 2023 Unre5Erkt•41 ft¢9ty4rtd En4owrn8nt Fund Fundg Fund¥ £'ooo £'ooo £'ooo Tofal Pynds É'ooo tè FuThd5 'ooo F￿ort assts tanglbk f￿￿ a55et3 T4nglNo fL¥ed a55qts Hr￿a9È a55ets Inve9tryrtt5 13 91Y 156.495 7,3a3 917 165,972 7.3QJ 45.5S7 9,417 1.527 L77.553 6,022 38.275 15 45.557 164,>05 9,487 45,557 219.74 223,377 CurrenlDssèts Pro4ucth)ns ￿ prepllrat￿n stocks btots. lalThng altér Ihan onè yqar DÈbl?t5.' arTh)urts Palllfj9 Ouo withln yèar sn 4t bank ?od hand Short re￿ Nlv5ttrEnls.' Depos￿5 4.B53 461 4,BSI 461 3.822 324 717 30.670 65.450 30.020 18 29,S47 76,637 25.000 121 11.OBO 29.666 B8,641 25.OQO 925 136,498 915 ii,ioi L48,624 I31.￿3 CryrfR•rs.' atmunf5 falllng duÈ wtthln onÈ yEor [45,3X2) (26&) <7B) (45,656) t curw•It4￿e1s 91,1 1¥123 84.IBS Total •#5￿¥ cuttrytWoblnlls 25S.891 10.146 56,680 322,71> 307,516 Cv•411tDrs1 ar￿￿￿t5 fallrs L￿2 artpr year 19 (21,B16) (1.130) 121946) N•t aB4•ts •It¢￿￿1￿9 p¢nkTrn IIHbllhy D2Nned benefft ponsh)n 5cbeTh lJblltY 234.075 9.010 s6.fjao 299.771 284.475 (11,B74) IL2.8041 NBt p•Mh)A Hablllty F￿n￿& Uwrrtted gene￿1 fthids UfjreslnrtEd revaluatlon funds UntE51rkf•d dÈÈhJnatqd funds 124201 9.010 $6,sao 287,897 271.671 ZD 20 20 4,t48 1.670 Z2B.259 4.146 1.67D 218.259 4.2QO 218.3Q2 UThresrrtted funJ5 beforo pÈrÈlon 234,075 234,075 222.851 UntEsldcted reserv Re5trtcttd fund5 EndOw￿￿￿t fund 24 20 20 IAI.874) *.oio {IL.8741 9,016 1118NI 9,236 S2.348 56,680 ToE•l Fufflds 22I20L 9,016 5&6BO 287.1197 Thes8 financial statements were approved by the board of Trustees on 25 March 2025 and were signed on its bèhalf by.. LLOYD DORFM CVO CBE CAROLINE BRITTON Trustee Notes from pages 5 96 fom part of these financial staternents. 55

Parent charitable Company balance sheèt as at 25 Augusl 2024 25 27 Au9uSt 2023 2024 Unrngtrlct•d Funds Éooo Restrfctd Funth É'ooo Total £'ooo E￿0 Flx•d ?5Set& 13 917 1$6.485 7.303 6,676 9k7 1OS.72 7.303 6,676 1,527 177,552 6,022 6,676 Tangib￿ fi%ed aSSEt5 Htnta9e aSSÈts Inve5t[￿rnt kn subsidianes 9,487 J5 1>1,777 Total nxed assets 171.381 9.487 IBO.86 Cvrrertlassets ProductlQn5 Irt prepat¥tiOn oÈbtors.' or￿UntS fBllinQ duq wrthin one yÈar cash al bèhk and In h?hd Short term IhYeStnYnts.' cppsIts 4,853 2661 75.394 25,000 4.953 28.661 75,959 25.000 3.822 29.766 50.517 30.020 16 565 134908 134,473 (43.144) 144.5q41 CrgdbtorJ- dL4e wlthln veor 19 (43,0931 {si) 90.BIS 514 •1,329 69.58L NBlcurrelt •s•ets 262,1 io.ooi Z71197 261.35B Credltors.. due afterone year 19 (21.816? 11.130) (2L946) t4¢ta%s•t5 pxtludlng penslon Ilablllty 140.380 8.871 Z49.1SX Z3B,267 beneni perts￿n 5cher¢E Iièbi11ty 24 111,874) 111,874) 112.&D41 t4Èt assets It)cludln9 ￿nsIon Ilabl1￿¥ 22506 8.871 Z37.377 225,463 4,671 1,670 234.039 4.671 389 224.OS2 Unre5trfÈted geneTrl F￿ndS unrestnctd rev￿￿j￿￿1Orn fund5 Unre5tdtted &e5ynated fund5 zo 21) 20 4,671 1,670 234,039 Unrestrtcted funds before reStNe 240,380 240,3$0 229.142 112.8041 9.12S restrtcted PE￿$￿￿ re5ervÈ Re5triCtad fun¢$ 24 20 {14A74} {IX,6741 8,871 871 ToL•l ChaTrlty Furtd Zlll.506 B71 237,377 225.463 The parent company s income for the period was £166.049m12023'. £150.678ml. Net income fcr thé period, before oiher Comprehensive income, was £10.308m12023.. £10.182m net income). After aduarial gain on defined benefit scheme ol £0.325m12023.. £0.934rn1 and gain on the revaluation of heritage assets of £1.281m12023.' nill. the net movernenl in funds the period was £11.914m12023.. £11.116ml. Thes8 financial statements We￿ approved by the board of Trusle8s on 25 March 2025 and were signed on its behalf by.. LO ORFM CVO CBE CAROLINE BRITTON Trustee Notes frorn pages 58- 96 forrn part of thèse financial stslements. 56

Consolidated ststement of ¢ash flow3 for the 52 weekperiodendec125Augu5t 2024 Sl Week p•5od ended 25August 1124 52 Week per1￿ Ended 27 Auyust £'ooo £￿00 ¢ash flows provlded from aperatlng a(tlvltl•&-. Net cash prowdewlvsedl by opÈrtting attlvllie$15ee 27.12 Cash flowB I￿¥qStIn0 è¢tivilu'. Capltol exopndlturè ¢n Wgible IIxe¢ a55qfs Capltsl PKPEnditurE llltarolb￿ flxed Bsseis (AO,42SI {462) {4¥0911 39.426 SPD5ab of Inve5tsnents Finance lease iTrtrost ￿ntIn￿ent rents rÈ¢eiyp Jffltortst rÈtyved RgJefflpl￿n1(lnve5tm2TrE1 OF Sh(rt-tqim inve5trffl8rts k05 136 2,983 40 4.700 S,D20 A•t c•sh ujed In r￿VeStIng a¢tlvltles (3,822} Cash IILWIS Irtym finDntlThJ artfvltl•s'. Cash rnpayfftenfof borrwings 1102) gq cash and C¥sh e4ulv•JAfftt& lrt th• ￿p￿rtIng P¢kiDd 23.192 Cash ¢uh t4￿1¥11t￿￿ at th¢ beglnThlng Of the r•portSn9 p•Aad 65rt50 50.163 ash •nd cash e4ulvakhts atth•énd vf th• reportlng perfud 8U.642 6S.450 Rqconclllatlon of n•t In¢Drnq to o¢t cJJsh Ilov4frDrn ￿elatIng •ctsvitt¢s NÈtl￿UrgoI￿9l I res￿rGe5 b8foré other retts)ni5ed galns losse5 (>efined benefit penslon SCh￿e I￿4n)1￿￿￿eTr￿e Investmertl finante ￿ter￿1 lfflcome IDterest payable IGalffls11ts5ps on Investments Dep￿datIo￿ charye AmartI5￿tion Qf fftxed assats IM￿l￿￿ent0f nxed è55eE5 DecreasellincrÈaspl in produ¢¢i¢ns In preparati Itntrea5el/de¢rea5e In s IirKreasglldecrease iffl debtgrs Incr@asèiidecrease} in ¢rEditor 14.620 16051 (4,700) 497 14.6171 XS,952 491 8,OE5 1.425 866 1.073 {¥0311 1.7x9 (1,598) 832 Net cash provhJed/lus&dl oppTrdn9 athvthe5 27.126 19,241 Notes from pages 58 - 96 fom part ol these financial statements. 57

NOTES Iforming psrt of the financial statements) 1. Accounting pollcies The following accounling polici8s hav8 been applied consislently in dealing iterns which are considered material in relation lo the financial stalement5'. Basls of preparatlon The f1nancial staterngnis have been prepared in accordance with FR5102 .' The Financial Reporting Standard applicable in the UK and Republic of Ireland and under the historical cost convention, modified to include Ihg revaluation of Investments and heritage assets. and in accordance with the Staletnent of Recommended Practice 'Accounting and Reporting by Charities. applicable to charibes preparing their acGounts in accordance with the Financi81 Reporting Standard in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191 and Companies Act 2006, There are no material departures from FRS102. Cornparative figures are shown for the 52 week period ended 27 August 2023. Golng Concern The Trustees musl satisfy themselve5 as to the Royal Balletand Opera's ability to continue as a going concern for a minimum of 12 months from the signing ol the financial stalernents. The Board ol Trustees have considered business plans and budgets based on an artlstic programm8 01 activity lo August 2026, supplemented by outline plan5 in other areas. These plans Show the impact of the challenges ahead given the reduction in ACE funding from April 2023, the external environment and the impact ol inflation, and in the Board's assessment of going wncem il they arè iaken into consideration whether the Royal BalLel and Trr8 has adequate rosour¢8s lo m8et its obligations as thgy fall duè in and beyond the 12 months from the date ol approval of these financial stalement5. In ass8ssing going concem, the 808rd considered the financial impact of any shortfall in fundraising and trading income. and the impact ol further incr8ases on costs in excess of OuT￿nI plans. Whi5st the Trustees aTe confident that ih8S8 risks have adequate mitigation lo ensure RBO remains a going conc8m, the modelling shows that thtrre is suffiaent liquidity to August 2026 oxcluding mitigations. After consideration of the scenarios, the Trustees consider that the Royal Ball8tand Opera IGroup and Parent Charitablé Companyl has adequate resources to conbnue in operation81 existence for the lor8seeable future being a minimum of twelve months from when these financial statements are 8pproved. For thls rea59n, the financial statements ol the Group and Pa￿nt Charltable Company have been prepared on 8 going concern basi5. Basls of consolidation The consolidated statement ol financial activities 8nd balance she8t include the financial statements ol the charity (Royal Opera House Covent Garden Foundation (Limited by Guarantee), incorporated in the Uniled Kingdom with registered address and principal address of Royal Opera Hous8. Covent Garden. London WC2E 9DDI and its subsidiaries as set out in nole 22. AII SLJbsidiary results are prèsented lor their statutory financial period, which falls within three months ol the yearend of the charity. The results of th8 ROH Holdings Lirnited Group and Royal Opera HoLJse Enterprises Limited (Company Number 041122661 have been included in the consolidatèd statèment ol financial activities Ihroughout the period. ROH Holdings Limited (Company Number 025803951 is the holding company of ROH Developments Limited Icompany Number 025804001. In the charity's financial st8t8ments, the invgstrnent In subsidiary undertakings 15 Stated at cosl. The Royal Opera House Endowrnent Fund 2000 (Charity Registration Number 10899281 h8s also been consc>lidated in lull Ihroughoul the period. Since its inception Ihe Fund has been able to make grants (directly or indi18Ctlyl lor the benefit ol the Royal Bal￿t and Opera. The extent to which the Royal Balet ar￿ Opera benefits from Ihe Royal Opera House Endowment Fund 2000 and the extent of grants and con5id8ration of giants to other bodies has been reviewed annually by the Trustees since its creation. Sincè the beginning of the period ended 25 March 2007. the Trustees have considered It appropriate to consolidate the Royal Opera 58

pari/ N:. ,rt {df.tlèJ 2) A..I'JL'. House Endowment Fund 2000 into the Royal Opera House Covent Garden Foundation Group Iforrnerfy the Royal Opera House Covent Garden Limited Group). In the Trustees. view, Royal Opera House Covenl Garden Foundation has control in th8t it actually exercises dorninant influence over the Royal Opera House Endowment Fund 2000, through illfluencing the operating and financial policies for the benefit of R80 and both enti￿￿$ are managed on a unified basis.Als0, the objects of Royal Opara House Endowment Fund 2000 a￿ substantially confined to the benefit of Roy81 Opera House Covènt Garden Foundation. A separate Statement of Financlal Actvitles, or in¢tsme and expenditure account, has not bgen presented for thè charity in accordance with Section 408 of the Companies Act 2006. A separate cash flow stalem6nt has not been presented for the charity in accordance with FRS 102 sèction 1.12lbl. Public Bonèfil Entlty The Royal Opera House Covenl Garden Foundation (Lirllited by Guarante61 is a Public Benefit Entity under FRS102. Slgnificantjudgèments and kèy sources of estimation uncertalnty ManagetHent have exercised theirjudgemenl in the following areas.. Assessing the useful lives of tangible fixed assetslsee Tangibl• fixed a$8ets and d8preciatFon ￿l￿wI as well as any impairment provision required for those asset5. Sea note 14 for carywng values for the current and prior periods. The valuation method of heritage assets. See H•rltag8 assets below and note 15 for more details and for carrying values for the current and prior pèriods. Thedecision to includg ROH Endowment Fund 2000 in the Group Consolidation. See Basis ofconsolldatlon above. In addition. the pension actuarial asstjmptions Ise8 Pension Costs b&low and note241 are areas of significant judgement. Functional Curren¢y Thè Group operates primarily econornically in the UK and the fijnctitsnal currency as well as the reporting curroncy is the pound sterling. In¢omè Box office and othar income from the operation of the Royal Ballet and Opera is staled nal of Value Added Tax and consists primarily of ticket sales togelherwith sales of othergoods and services. Revenue from ticket sales is rgcognisod on th8 night of the perform8n￿. Membership income r6eeived is recognised on a tim84PPOrtioned basis ovar the period to whl¢h the membership relates. Grants and donations are accounted for wh8n the receipt is probable, there is èvidence of enlitlemènl and can be rneasured reliably. Entillernenl is assessed using performance arTrd time-restricb'on conditions. Legacies ar6 accounted for when the receipt is probable. thfyre is @vidence of anlillemènt and can be measured raliably. Enlillemènl is assess6d using conditions as set out in the will of the deceased legacy owner. Pecuniary legacies are recognised when the legacy has been rgceived or if, before r8¢eipt. there Is 8uffi¢ient eviden￿ to provide the necossarycertainty Ihatthe legacy will be received. Residual legacies are recognised on earlier of receipt of the finali58tion of estate accounts. whe￿I￿ga¢le$ have been n(>lified lo the charily, bul the income criteria have not been mgt. these are disclosed as conling&nl assets Isee note 41 59

Sponsorship ineome represents incom8 from commercial organisations in support of specific activities. Income is recoanised al the date of the gvenl which is the point ol delivery for goods or services. Cfrproduclion income represents incomg from other theatre companies as a contribution towards the costs of delivèring a new Opera or Ballèl production. Income is rècogni58d at thè da18 01 the f1rst performanc8 of the production. Grants frorn Arts Council England are reGoJni5ed on entillement and when their receipt is probabkq. Commercial trading income and oth&r income is recognised althe point of dèliveryolgoods orseNice$. Investment income is racognised on an accruals basis. Speafully, interest is re¢ognisèd using th8 effective interest method and dividend income is reeognised when the right to receive payment is established. Amounts dueto the Royal BalktarKI Opera in respectof theTheatreTaxCr8dit are included inthe financial year lo which the clalm relates. These amounts are récognised in incornè, rather than as a tax credit or recovery of expenditure. a5 the intention and nature ol the Thealrtr Tax Credit is akin lo government grant income. Paymentfrom a trading subsldlary under GiftAid Royal Opera House Enterprises Limlled has adopted a poliey of paying all ils taxable profits to its parent charily. Royal Opera House Covenl Garden Foundation. under Gift Aid. Thèse gift aid paymenis ara cognised in Royal Opera House Enterprises Limil8d as distributions through equity in the financial period in which the proflts arisè, undèr the terms of the Deed ol Cov8nanl between Royal Opera House Enterprises Limited and Royal Opera House Coveni Garden Foundation. The Royal Opera House Covent Garden Foundation recognises the incom8 in thè period in which the profits ol the subsldiary arise. Assats Assets arè resources which are controlled by the company as a rèsult of a past event, from which futur8 economic benefits are expeeted to flow to the Charity. Assets are recognised only whers il is probable tral future economic bengliis will flow to the Charity when the Item h85 a cost or value that can be measured Debtors Oebtors 1811 inio the definition of assets an(J encompas5 trade debtors. acGrued incom8, prepayments and inir8%roup balances. Dèblors are measured at the cosl of the transaction wherè recsipl is not deferred beyond normal terms. Where receipt is deferred beyond norrnal terms, the debtor 15 measured at the piesent value of the futur¢ receipts discounl8d al a market ratè of intèrest for a similar debt instrumènt. In both Instances. measurement is net of provision for doubtful debts. Liabilities Liabilities arise when there is a pr8senl obligation I18gal or constructivel as a result of 8 past ovent, fromwhich future 8conomic benefits are expected to flow to thè supplier or counterparty. Liabilities ar8 recognised (>nly when it is probable that future economic benefils will flow lo the supplier or counterparty and when the item has a cost or value Ihat can be measured reliably. Contiacled commitments are ntst recorded as liabilities on the balan¢e sheet, as the criteria for recognition have not been met. Commitments are disclosed in note 23. Credilors Creditors fall into the definition ol liabilities and 8ncompass trade creditors. accruals for cos15 not yet billed or processed, dtsferred income and inlra-group balances. Creditors are measured at the cost tsl the tiansaclion where paymenl is not deferred beyond normal terms. Where payment is deferred beyond normal terms, the creditor is measured at the present value ol the future payrnents discounted at a markel rate ol intarest lor a similar debt instrument. 60

QI'IE r-l 2fJ24. Fund accountlng Unrestricted funds a￿ those that can be used in accordance with the charltable objectives at the dIsC￿tion ol the TTuslees and include designaled funds, repr&s8nts'ng unr6$1ricted funds which have b88n earmark8d for partiixjlar purposes. Rèstricted funds a￿ lo be used in accordance with charitable objects and specific r$slriclions placed by the donor. Reslricled funds have been furthei subdivided into reslricled income funds endowment funds. Restricted income funds are expendable al the discrètion of the Trustees on sp6cific purposes as requiréd by donors. Endowment funds r&present thosè assets that are required to be invested to produ¢8 income to meet expendllure, either as directed by thè endowmant or for general purposes. Atran5fer is mada between restricted capital funds, representing tangible fixed assets required to be held for restricted purposes, and unrestricted funds to rnalch depreciation charg6d on those tangible fixed 8ssets. Cash at bank and in hand C8sh at bank and in hand includes ¢ash equivalents which are defined a5 short-term, highly liquid irivestments that are readily convertible lo known amounts of cash and that are subjecl to an insignificant risk of changes in value. These include deposits with more than 24 hours, nollc& lo access. Any cash dep0511s al institutions Wlth a nots'ce period ol longer than thrèè months are Separately disclosed under Short temi investments.. Deposits. Short tarm Invostmants- Deposlts Cash deposits with notlC8 periods of more than three months are 59paralely disclosed on the balance sheet and included in investing activities lor the purposes of the cash flow statement. These have a maturity dale of less than one year and are held lor investment purposes rather than to meet short-term Cash commitments as they f811 due. Tanglble fixed assèts and deprèciation Tangible fixed assets are stated al cost less accumulated depreciation. Tangible fixed assets costing less than £1,500 are not capitalised and are expensed through the income and expenditu￿ account. Oeprgciation is provided al annual rates on a straighl-line basis to write off the cost of tangible fixed asseis over theii estimat8d usefullives. Tha principal r8tg5 Used are as follows.. Freehold landand buildings Equiprnentand vehicles Slage, production andtechni¢al equipment Olherequipmènl Computer hardware Motorvehicles 10- 33¥. 10-20Q 4-25°/ 33° 25° As part of the capital investment progiamrne, during the year thè trustees rèassessed the vseful economic life of assets that were anticipated lo be replacad in the next Iwo to three years. This ha5 resulted in these assets. usefvl economic life being shortened from their previous ests'male, &nd an additional depreciation charga for the year of£12.6m. Asseis in course ot eonslruction are transferred to functional tangl￿e fixed asset categories when the asset is ready for use and depreciated thèreafter. 61

Harltage a558ts The Royal Ballet and Opera maintains the following types ol heritaga assets.. Fine art Costumes and accessories Other ¢0llections Heriiage assets are carried al fair value. Fair v81LJe ol thè f1ne art collection is based on retail replacement cost. Management have made reference lo the latest availab18 6Xternal valuations in forming their assessment of period ènd fair value. Gains and losses on revaluatlon are racognised through 'Olher recognised gains, in ihe Statement of Financial Activities. Tha Royal Ball8t and Opera only recognises new acquisitions on the Balance Sheet where the value ol these a¢qulsilions 15 greater than £10,000. Purchases under £10,000 are recognised as an expense in the income nd expenditure account in ihe period they were incurred. Outside ol those assets re¢cN3nised on the balancè sheet, there is an extensive Collection of other items Ihal are nol valued and not included on the balance sheet. These include, bul are not limited to, costumes, accessories, music scores and Ihe audio visual collection. Before erllbarking on a comprehensive v8lualion. these 8ssets would need to be fully catalogued, and given the exlent of the items this would be a considerable and lengthy task. Also. due to the uniqueness of the majority of these assets. there is no comparable market value. Exptrndilure which is required to presarve or prevent furthèr delerioration of individual collection items is Tecognised ill the income and expenditure account when it is incurred. The Collections department has 8 rolling programme ol review and restoration and the budget put aside lor this on an annual basis is £15,000. Investmants Inveslmenls, excluding investments in subsidiaries, are 8hown al fair value as at the balance sheet date. A fair value measurement is categorised in its entirety on th8 basis of the lowest18vel input that is significant to the lair value measuremant in its 8nlirely. Level 1.. The unadjusted quoted pric8 in an activg market lor idents'cal assets or liabilities that the entity can acctrss at the m8asurern8nt date. Level 2.. Inputs other than the quoted prices within Level 1 that are observable li.e. developed using market dalal for the asset Or liability, either directly or indir8CtIy. Level 3.. Inputs are Lknobserv8ble li.e. lor which market data is unavailable) for the asset or liability. Realised and unre81ised gains on investrHents are tecognised in the income and expenditure account. Investments in subsidiaries are racorded al ¢osl in the individua1 balance Sheet ol ihe charfty. Forèlgn curr¢ncies Assets and liabilities in forèign currencies are translated into sterfing at the exchange rale ruling al balance sheet date. Transactions in foreign currency are translated at the exchange rate ruling at that dale of the transaction. Foreign curr8ncy gains and losses are recognised as resour￿8 expended in the income and expenditurè account. 62

Intanglble fixed a55ets Intangible fixed assets ￿Present compLrter software. Computer software is stated al cost less accumulated 8rn0rtisgtion. Comput@r sothvartr ￿sting less than £1.500 is not capilalised and is 8xpensèd through the incom8 and 8xpendilui8 account. Amortisation is provide¢J al an annual rat& 0133% on a straighl-line ba51S to write off the cost of the computer software over its Èstirraled useful lif6. Computer software in cours8 of construction is transferred to the intangible asset category whon the asset is ready for use and amortised thereafter. Basrc Loans Loans payable are included 81 theiramortised cost and disclosed ifj note 19. The long term portion is ineluded in Creditors.. amounts falling due after one year with the current portion included in Creditors.. amounts falling due withln one year. Loans wceivable are included at their amortised cost and disclosed in note 18. The long term portion is included in Debtors.. Amounts dua after (>ne year with the currant portlon included in Debtors.. amounts due within one year. Expendltur¥ Expenditu￿ on charitable activities comprises expenditure on produetions, sales and operations of the Royal Ballet and Op8ra, and grants and transfers to third party org8nisations. Direct expenditure on productions stsged is charged to costs of production and sales on the day of the first performance. Expendi￿re relating to pr(Klu¢tions which have not had theirfirsl performance by tho period end arè held on the balance sheet under the caption 'Production3 in pr8paration. Expenditure on raising lund$ consist of dirè¢1 fundrdising eosts. Investmgnt managers feos and costs of commercial trading operations. These costs are recognis6d when incurred. Support costs, including managemènt and administration, audit fees, legal and profgssional fees on statutory and gov6mance matters and premises and depreciation costs have beèn allocated across expenditure on production, sales and operation, and expenditure on raising funds. Support costs are analysed in note 9. On occasltsn, management ¢Jecides to make redundancy or termination payrnents for opgrational reasons. Th8se are expensed in the SOFA on an accruals basis. Interest payab10 is shown separ8t&ly in note 9 and in note 10. Any irrecoverable VATIS included as part of the cost lo which it relates. Leases As a lèssee.. Operating laase rèntsls are chargèd lo th8 Statement of Financlal Activities on a stralghl line basis over the period of the leaso. As a lessor.. Finance leases arè leases In which substantially all the risks and rewards of ownership, olh8r than legal title, are transferrèd lo thè lessee. Assets acquired and held for use under finance leases a presented as a deblorat an amount equal to the net inveslmènl in the lease. Finance income is subsequently recognised at a constant periodic rate of retum on that nèt investment. Contingent rentals arising under finance léases are ￿COgnIs￿d on raeeipl. 63

Penslon costs The charlty OP8rates a pension scheme providing benefits based on final pensionable pay,which is nowclosed tofuture accrual. Pension scheme assets are MeaSu￿d alfair value. Pension scheme liabiliti8S are rneasLJred using a projected unil method and discounted at the current rale ol reluin on a high quality corporate bond of equivalent term ar)d currency lo the liability method. The pènsion sch8me liability is disclosed on the balancè sheet within unrestricted funds. The actuarial gain or loss lor the pèriod is disclosed under other reeognised gains and losses in the Statemenl of Financial Activities. rhe current service costs and finance harge are included wlthin expenditureon productions. sales and operations. These tnovements are ana1ysed in deiail in note 24. The group also contributes to five defingd contribution schemes for danc8rs, 5in9ers, musicians, and administration staff. Th8 amounts charged to the Statem8nt of Financial Activib"es representthe contributions payable to the schemes during the period. The amounts are shown in the Slatemenl ol Financial Activities in the same activity as the payroll costs which relate to that acliwty. For 8mount5 which ￿late to payitsll costs within 5UPPOrt Gosts, these arè allwated to the relevant activity on the same basis as other SUPPOrt ¢osts (see note 91. Any liabilities for unpaid eonlributions at yearend are included in unrestricted creditors in th8 ba1anc8 she8t. stocks Retail items are included al the lower of cost and net realisable value. Productions In praparatlon Expenditure relating directly to a production whlch is incurr8d in advance ol Its slaglng, such as commis510ning, build costs and stocks of production m8terials. are h91d in the first Inslance on the balance shèet and disclosed under the heading 'Productions in preparab"on.' Thèse costs are subsequently charged to the income and 8xpendilure account in the period in which the pmduction's first performance takes place. Gifts in kind Investments and other assets donatèd to the charity arè Includ6d as donated voluntary income valued al market value at the time of receipt. Volunteor$ The Royal Ball* and Opera Group benefit5 from the rol8 played by volunteers, whlch includes assisting in certain 183rning 8nd participatlon activities, helping with large mail-outs and some general administrative support. The Royal Ballet and Oper3 Volunteer Programme includes 8 numb8r of vdunleers in Thurrock. Donated sèrvices such as the contribution from unpaid volunleers are not recogni5ed in the Statement of Financial Activities as the amounts involved would be Impractical to rneasure. Flnancial Instruments Financial instruments are accounted lor in accordance with FRS102. Financial instrumènts are recognised only when the Group and Charity becom8s a party to the contractual provislons of the instrument. The initial amounl recognisèd is the transaction pri￿. èxcept for financing transactions Ifor example, loans below market rate or accounts where payment is deferred beyond normal temsl whtt￿ Ihtr amount recognised initially is the present value of the lulure payments. discounted at a rnarkel rate ol inl8resl for similar debt instrument and subsequently at amortised cost using the effectivè rate of interest detemined at inception ol Ihe loan. 64

Subsequent maasuremenl al each year end for non-financing transactions 15.. undiswunted cash rec9ivable or payable fordebl instrulnents due or r8ceivable within one year Ilhis includes intra%roup balances. apart from intra-group knans, which are deem&d to be repayable on demandl',or amortised cost using the effective interest rate method for debt inslrurnants due or receivable for rnorè than one year,. or fair value for investments in publicly traded shares, funds and bonds. For finan¢ial assets measured at amortised cost. an impaimient assessment is conducted at year end and if there is any objective evidencè of an impairment loss, that1055 15 recognised in the Statement of Financial Activitie5 immediately. Where Ihore is SLJbsequentlyobjeGtive evidence th8llhe circuMstan￿S have improv8d, the impairmènt loss is reversed in the Statement of Finanelal Activities immediately. limited to what the carrylng amount would have been without thè initial impairment. A finèllcial asset and a financial liability is offset and the net amount presented in the Balance Sheet when, and onlywhen, lal there is currently a legally enforceable right lo setoff the re¢oJniséd amounts,. and Ibllhere is intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously. The group's financial instrurnenls includè investrnents, trade debtors, cash. trade creditors and loans. Se8 policies above for Specific policies for cash at bank and in hand, debtors, ¢redilors, investments and basic loans. Taxatlon As a charitable enb'ly, the Royal Opera House Covenl Garden Foundation (Limitèd by Guarantee) is exempt from corporaie taxation, $0 long as it Uses Its resource5 for charitable purpDs08. There are no recognised deferred lax amounts in the subsidiaries as there are no recognised significant timing differences. Employoe bonèfits All employee benefits are recognised as expenses in the period in which they are incurred. P05t*mploymènl benefits, represènting contributions into defined eontribulion plans for current staff are equally recognised as expense5 in th8 period in which the contribution payable is ex¢hanged for services rendered by staff. The assets of the seheme Are held separately from the charity. A termination bènefit liability is r8cognised at the earfier of the following dales.. when the entity can no longer withdraw the offer of those benofits or., when the entity reoognises costs for th6 restrieting which involves th8 payrnenl of lerminalion benefits. 65

1. Subsidiary undertakings Charllable subsldlaTI¢s The chaiity has one connected charity- the Royal Opera House Endowment Fund 2000. The Royal Opera House Endowm8nl Fund 2000 is tre8tèd as a subsidiary lor reasons outlined in Nole 1. Royal Opera House Endowrnent Fund 2000 (the 'Endowment Fund") supports the work of the Royal Opera House and other organisations by raising funds to support projects which increase the appreaation and understanding ol the rnusical arts in all form5. It is a separately registered charity. and its board has a majority of TrustgÈs who are independent of the Royal Ballet and Opera. The summary rosults lor the Endowment fund are shown balow.. Endvwment Futhd Year Ended Year Ended 31-Avg-24 £'ODQ £iJo IncvmÈ 1,3S6 1,240 Investment inGoTne 6.JQQ Prnperty IThcome 2.59fj 8.366 Toial Inctsme ExpondftUrO (25) DonètiDns and 9rants to other 9fDUP vndert?kings (l3a8) Inve5tmeTht manager5, lees {580) Total xp•ndliUf• (2.913) Galni I Ikii••¥) on rnval¥atlrTr dlspu*tyl ol Inv¢Strn•ntS 4,fj17 52 5.BLQ ei rnOVErl￿t In funds 4,3OQ 66

r4 Hoij?6 2. Subsidiary undertaklngs {continuedl The assets and liabilities of the Endowment fund were.. Endowmart Fund 31-A24 31-Aug-23 É'ooo £'ooo Fixed Dsset inveStm￿ts 45,557 3U.275 11,436 14.333 Total net assets 56.902 52,603 Total 56.902 52,603 Except for fixèd asset investments which at 31 August 2024 had an historical cost of £42.2m f31 August2023.' £55.4m) there is no difference between the carrying values and their historical ¢osl equivalents. Trading subsld5arles The charity has trading subsidiaries- ROH Holdings Limlted arKI Royal Opera House Enterprises Llmited. Royal Opera House Enterprises Llmiled I'ROHEL.) is a wholly own8d trading subsidiary, whose principal clivities are cat8ring to customers and staff ol the Royal Ballet and Opera, the sponsorship of Royal Ballèt and Opèra produ¢tions, mijllimedia production and distribution. hlre ol allocated spaces within Ihg Royal Opera House, the sale of merchandise through Ihe Royal Ballet and Opera shop, the sale of advertising through the Royal Ballet and Opera programrnes and the licensing of the Royal Ba119tand Opora brands. The charity owns the entire Issued share capital. The reporting dale of ROHEL is the same as thè charity's, which falls on the last Sunday Sn August 88ch year. ROH Holdings is a holding company and has onè wholly owned subsidiary, ROH Developments ￿rnited, a property develtspmenl company. The ROH Holding5 Group preparés its aceounls to 31 August each year. Surnmary trading results of all trading subsidiaries are shown below.. ROHEL 52 erlod •ndeo 25-Aug-24 'ooo ROHML 52 week period Èrt¢ed 27-Au4-23 £'OOD 52 week P•ViOd endaa 51-￿S-}5 É'ooo 52 week od ended 31-Aug-22 TumDvqr C05t of S)les 13,217 (15,9231 2D,8È2 Gross Prufit Admlnistration aThJ finlndal expenses ?,294 {L,4061 6.420 11,4941 Opertbng profit 5.888 4.926 PrDfft b•1￿ taxitlon 5,48& 4,926 Net prvfitfov the p•rlod DonatlQQ5 under the 9ift ald 5therne 5,688 15.8881 4.926 67

1. Subsldiary undertakings Icontinuedl The assets and liabilities of each Irading subsidiary were.. ROXEL OH4L 25-Au9-24 É'ooo 2?￿U9-2] I'tw)o 31-Aug-23 31-￿￿-22 É'th)0 320 32 lThtBngiwe flx2d asseis Cvtrent assets 5,416 Iz (S,2401 176 320 320 Total Det assets 176 320 Aggmgate share capltal and res¢rv 170 L76 310

2. Income from operation of Royal Ballel and Opera 52 p¢rfod eDd•d 25-Au9-24 £'oo 52 we4k ended 25-A￿9-24 £'oo 52 vted¢ penod ended 27-Au9-23 £'OOD 52 v¢Èek penod ended 27-Au4-23 £'ODO Unr*Strlcted office re(elPts' 30,757 The Royal Opera 31,503 23,028 2L.796 The Royal ealkt 54,530 52.563 Other income.. •XL other 5,735 20.603 Theatre Tax Credlt 10.S48 23,194 26,708 77,724 2,549 .271 UKtrt OwersÈa5 toufing ￿(el￿￿ 80,273 80,292 Other incomo of £5.74m (52 week period Encled 27 August 2023.. £5. 78m) represents box office receipts from productions, other than those on the rnain stage, co-produ¢tlon income, income from production and costume hires, income from audio-visual exploitation, income from learning and participation, income from its-cream sales and backstage tours and other income from sundry sourGÈs. Theatre tax of£16.5rn £52 week period ended 27 August 2023.. £2Q.6m) includes £0.31 m related lo the prior year (52 week psriod ended 27 August 2023.. £2.91m). 68

3. Donations. legacies and slmilar incoming resources Unre5trfctÈd FUOd5 Re5trtL*od Fund5 52 woék 4d •ndÈd Endowmon¢ Funds rooo 25-Au9-24 E'ooo £'ooo ￿￿00 Memborshlp 8,L69 8.169 event5 2,067 2.067 Donab¢n¥ Dnd kgaoes LO.579 28.660 40,574 20.815 28.660 50.810 Unrestdtsed Funds Rest￿ttEd Funds 52 WÈ¢k p•rfad ¢nded 2?-Au9-23 E'OOO Endowmenl Fund É'wo £￿00 E'ODO Mefflborshlp 7.715 7.715 895 89S Donatlons, gifts lagadÈs 10.5D5 14,974 914 26.Y93 14,974 914 35,003 The charity is the beneficiary ol a numberof legacies, the value olwhich cannot be asc6rtained with certainty. Based on the inforrnation available at the date of the financial statements, it is 8slimated that the Charity will receive approximately £2.3m12023.' £2.5ml from these legaeies. As the recèipt of thes8 legacies is dependént on future events. they are not recognised as an asset in the statement of financial p051tion. However. they are disclosèd in this note as a conlingenl asset in accordance with FRS 102 SORP paragraph 5.34.

4. Grants from Arts Council England 52 weok per5od ended 25-Aug-24 £'oao 5Z week pÈ¢lOJ ended 27-Aug-23 £'ooo Unr*btrlthd fufflds: Art5 Council grnnt In a 22,269 23,5S3 FlO#rlcted ￿nd8'. Arts CtyJncil En9land- Bndye fUr￿l￿g 673 749 No olherformsofgovernmenlassislance,apartfromArtsCouncilEngland, were receiv8d in 2023124 (52 week period endsd 27August 2023.. £0.05m). 69

5. Commerclal Trading Incomo $2 week pÈdod ende 25-Aug-24 E'OOO 52 week ertod ￿ed 27-Aug-23 I'ooo Unrutrlrt¢d Fund¥ CDterin9 13,670 12.022 SpoA$D￿hIP 1664 Sllle5 UE •￿￿o-￿Su￿1 matertals 2J6 Clnema br￿dcast 2,549 1.417 1,6S6 778 546 Promoti¢ns Summer season 850 544 VÈnuÈ Hlre 205 190 Advertlsl 295 Property rech¥ges 342 66 13.217 20,882

6. Investment income 52 week pErit¥d •ndod 25-Au9-24 E'ooo Unrestrlcte Re*Cted FufMJs Endowmettt F￿nds EOOO É'ooo E'oth) 4,233 467 4,7 DSYhJeNd interest 4.233 467 4,71K $2 week perlvd énded 27-Aug-23 E'ooo Vntestrt(ked Funds Re5trthd Funds Enlowment Fvnds È'oDo É'ooo £￿00 DIVId￿d ?Dd Interest incorne 2.595 3B8 1983 IY6 Finance lease IntÉrf5t 1TKoma 136 J.119 Dividend and interest income is earned on funds managed Ilor the Royal Opera House Endowmenl Fund 20001 by the investment managers Stonehage Fleming Investtnenl Management Limited, Troy Asset Management Lirnited, Newton Investment Management Limited. TCI Fund Management Limited, and Schroder & Co. Lirnited TIA Cazenove Capital, as well as interest re¢eived on bank d8POSlts, FinanTr lease interest incorne was derived from th9 leases lor the reiail units on the site of the Royal Opera House until 28 February 2023 when the lease interest Was varied and sold to Shaftesbury Capital Plc. 70

7. Property income The Charity generated nil propèrty income during the 52 week period ended 25th August 2024. Uniestflc Funds rtestriLtsd FuDds EThdowmpnt F￿10$ 52 wa¢k riod Ènded 27-Aug-23 £'ooo E'ooo £'ooo E'O¢O 799 6,30 6aOO 6,300 7,099 During the 52 week period ended 27th Augus12023 th& Charity recognised a total of £6.3m in property income. This incorne was generated frorn variation of tha lease of retail units. The gain of £6.3m resulting from th8 vari8b.on ol the leases wa5 after the property valuation undertaken by Ggrald Eve LLP on 19 September 2019 deemed th& fair value of this asset to be £12.Om and the book valije held undei dèbtors was £5.7m. 71

g. Analysis of Expenditure S2 week perlDd endEd 25-Avg-2d Fund¥ GpDeratkng Support and qoverThance CDmMvEhal Toi•l OPErttIDn5 £000 Eooo Éooo £000 An•lvs(s by activity.. The Roy41 Oper 17.506 Tbe Royal Bal￿r Orchestra of the Royal ope￿ House RDyaltleS and lee5 PrvJutho Staye and transport L,960 Ttsurtng expen5e5 othet pr0dvCt￿n sale 1.960 9.24L 9.241 ,737 Front (H¢use 12.190 MarkÈtifiy aThd publioty Eduotyon, arthlves & live rel&y5 12,1 5,333 io F￿n￿raI￿n￿ stJff costs 2.359 2.359 Fundrtising 2,216 992 992 Ret)11 CD5t5 43 43 tost5 456 456 SponsoT5hiP Costs 1,706 nema broadcast cost5 1,706 Property redwiges IL,LB6 caterlng ¢05 1.209 other commtrcSDI c(Ets NoD?yÈment ènd 1,209 9.L8S 9,185 17.178 Prem￿e5 OeprecI￿ort. amort15iOTh nd irnwirfflent 2L,1¢9 1,848 Judlt Le9Jl proft55ional 343 343 497 497 Interest payèb 4,575 50,391 SuppDrt goYeriKlThCe 48.229 (50,3911 171,939 Id4,6LO ,737 15,592 Analy5IS by fuThd'. 128.374 20.256 20.256 1,560 Endowment 980 1S,592 171,939 T•t¥l Exp•nd￿Vro 149,6lQ 6,737 72

Royr?l Opéra klou8è Cov&ni Gdr.len. FoiJD(Idlivn (Limiierj gUdl(ioieep-. Pciiiipdny b411nilier O0480fj23. Tru51-.s report apd con%ulidalefJ Iiriancial slatemeni8. $2 wek pe<ind piirtp,.125 Augusi 2024. 9. Analysis of Expenditure (continued) 52 week PErivd 2Y-Au9-2J Charlt4bl¢ Generafing voluntary SupKtyt 90vemance opprèti￿s EQQD Total £000 EOQO Éooo ODO AnaI￿lS by adlvlty.. ThR Royal Opera ZU.Ug) zo.os¥J The Roval Ballet Orthest¢ Qf Ihe Aoyal Opera House 12.408 L&408 LO.652 Royaides and b5rn fees 1,671 1,671 15,038 1S,038 Sta9È and transport 14.236 14,236 Tuurlw expenses other productloTh and sdes ¢¢sts 685 8.530 8,530 Frurt DI H¢use 1,673 I,S73 Markitln9 and publldty E￿tal￿n, archlves & Ilye 9.734 9,734 5,035 5,035 Grant to Aoyal School io Funlr?islThg staff costs 2,178 Fundra151ng uverhead5 1,860 L,860 RetaN vertlsing Jnd Ikensl CD5ts 824 B24 57 57 Sponsorthlp ca8t5 620 626 ahem) tr¢•y¢4Stcosrs 1.554 1,SS4 Property re£har9e8 28$ 285 erlng costs 9.695 9,695 other￿MmEr￿al c05t5 Mana9pmenl dm1Thlstrn￿0￿ 939 938 8,8D9 Premises Deprec5atlon. ￿ort75￿￿O Ind ImpYlrM￿t 9,87Y 9,877 Extemal a￿11 14l Legal ènd proFe55iothal casts 347 347 Int¥est paY4b 491 99,762 4,035 13,979 35.978 154,757 Allocatlon of.. Support bnd gDvemanr• 35.545 Total ExpÈndltut0 X35,307 ,471 X3,979 154.757 Afflaly51s by fvnd.. 5.201 13.979 Re5tnrtEd 15,967 15.987 Endowment 1,006 270 1.276 T¢ltal Èxp•ndltur• X35,307 5,471 13,979 IS4.757 73

Qi)pr3 Fli)Iise Cg'tseni tsardp.? Foiindalitsii ILimil&d triy giiaranlppi Comp8ny NLln)bèr O lee% repori ariil I slaièfTieiilS 52 week peri¢xl endeij 25 Augijsl 9. Analysis of Expenditure {continuedl The employer cash contribution to the defined b&n@flt pension scheme is included in the expenditur8 on productions, sales and in operations in the Unreslricled fund in the Statement of Financial Activities Irefer to note 241. Grants made are in furtheranc8 of tho charity's objectives. Support costs arè pro-ratèd belween the key cost driving areas.. expenditure on productions, sale5 and operations and expenditure on raising funds, b85ed on their proportional costs to the overall costs. 10. Total expenditure Net [r￿)me Ilexpenditurel is stated after charging the following= 52 w••k p•rlod Ènd•d 25-Aug-14 £'ooo 52 week pe￿0d ende 27-Aug-23 E'ooo Fee5 payable to the charftable co￿paNY'S audltor for the audlt Of tie th￿tab￿ company's accounts Fee5 payable ILTrthe charttèble Co￿panY'S audll¢t for other serwÈe5'. Audit Drthe tharitable coffjpany'5 5ub%di4nes. ourSvaTht to legislati¢n Fees pavable for t)K alviS¢ry sefvices Deproclatson and other aTh7O￿ntS wrttten off.. Is£ 25 S3 75 22,llOS 1.tr73 8,085 1,425 eraling leases- bulldiD9S IDtere5t payobk 497 491 11. Staff numbers and ¢osts The nutnber of pemianent staff employed by the group during the period was a5 follow5.' Numburvf staff 5z period 25-Au9-24 $2 week Periol ended 27-Av9-23 Prollucdon Ja 40D thestr4 lQ6 koy41 ￿llet Royal Opera Sales ènd rtharkedn9 161 l59 115 103 104 137 FundraI￿ry Educotlon and collettvjns S7 so 46 Prem15q5 io shop 24 28 1.152 L,129 The number of staff ernployed on a lull-time equivalent basis equates lo 1,096 (for 52 hveek period ended 27 August 2023.. 7,055). 74

Ro¥al Ope(è hoijgo f￿0vent GJrden FoLind8liori jLimilpd by guar2nl&&i Lopiiyany Niiynbei C10480i23. 'rrusl&frs report 3nd consulidole,J finanr.ial slalpfp.pnls. 52 week ppric)d &..nilÈd 2i AuiJus12024 11. Staff numbers and costs (continued) The aggregate payroll costs of these persons were as follows.. 52wO perlod ended 25-Aug-24 E'ooo 52 Yfftk pwiod ellded 27-Aug-23 £'ooo pay￿￿1 Costs affld saLirte5 sDc1￿ security costs 49.177 5.561 3,896 2,662 1,234 3,497 6,LL4 3.975 2,872 .conthbutlOn5 to dethed sthgrnÉ9 -opertng tosts oldèrtnérl b￿￿￿p&nslon sch8m8 N¢n-PAYE payrdl co 3.715 67,489 62,111 The averagé salary cost par full-lime equivalent staff mamber1£48,9831, excluding lerminalion costs, has increased cotnpaied tts prior period1£46.614}. This average inuease per staff mernber of 50/ll is driven by our annual pay award. Included in the wag8S and salariès are tarmination and r8dundancy payments of £432,898 (for 52 week period end￿ 27 August 2023.. £415, 134) that lèft ètnploymènt up lo 25 August 2024. All temination and redundancy costs are included in 10181 payroll costs of £67.5m. as above. 75

1. Staff numbers and costs (continued) The emoluments of all stsff, including staff whose ernolurn8nt5 exceeded £60,000 for the period, fell within the following bands.. Number st￿tr 52 week P•Tlod •nd•d ZY-Aug-24 Nurnb•r of 52 perSod ÉndÈd 27-Av9-23 PErform¥ rotal Generol rtègement Management Vgt¢ E59.999 ?n 945 176 792 95 E60.000 69,999 29 44 26 70 E70,000 E79,999 16 51 3Q ia 44 EUO.000 £89.999 19 12 È90,000 Eg9,999 13 io £kQ9.999 Éiio,thJo £LI9,999 £120,000 E129,999 £130.ODO £L39,999 É140,000 £L49,999 É150.(W)O £k59.999 £160.ODO £169,939 £170.th)0 ÉL79.999 £IBQ.QDQ EL89.999 £190,ODO £L99,999 É200,000 É249,Wg £250.￿0 £299.999 £300.ODO £349.999 £700,000 £749,999 £8DO.000 £t49,999 30D 852 1,152 272 857 1,129 Emolumtsnls comprise wages and salarles together wilh benefits in kind. For staff in bandings from £60.000 and above, contributions of £1.058.345 (for 52 week period ended 27 August 2Q23.' £827.662) were made during th8 P8riod to dèfined contribution pension schemes. Retirement benefits were 8ccming lo 203 (27 August 2023.. 760) of the above staff underdefinèd Contribution pension schemes, and to nil (27 August 2023.. rtj under a defined benefit pen5i0n scheme. 76

R?ypl Opera klo11ii& Coveni Gar(IFn Foijiidrtilinn ILimileJ by gLJiirarileoi. Cum{14ny NLimb8r 004d05I3. -Iripnls Ka2 week ye 2) Auquss 2024. 11. Staff number5 and costs (contlnuedl Emoluments for the key management personnel are a5 follows.. 52 weEk perlod ¢nd¢d 25-Aug-24 Totsl Emolum•nts P•ns50 F¢eS Total MUSI¢ Jexander BÈard. CBE. Exewbv¢ Kevln O'H4re. Dirwr. TheRo CliverNpaI5, OlrpCtOr4F 709 350 815 257 317 8S6 317 856 373 175 219 441 270 007 L89 593 2La 866 246 24> 041 761 X 457 $15 196 222 1 704 732 52 week pBrlvd ended 27-Au9-23 Total Natlonal Irtsuran FeES T+xal SitAntoThlo Parwfflo, 815 239 e¥aDder Be•rd, C6E, 299 924 299 924 Kevin O'Hare. TrIr￿￿r. fto al Ballet Oliver Mears. LNrectoroF 213 073 213 073 262 174 L82 880 19B 980 23 41 8Z0 919 700 297 1 527 216 X 777 803 Ernolurngnt8 ft)r Sir Antonio Pappano and Oliver Mears cornprise a salary and separdtely contracted fees for conducting and dir8Cting, r8SP&Ctively. and any other payments lor exploitation. The total level of fees varies season to s8ason d8P8nding on th8 numbèr of Royal Ballet and Opera engagements undertaken, and lor Sir Antonio Pappano, his conductin9 fee dld not increase in the period. The Board ol Trustees awarded Mex 8eard a 5 /. pay incro8se from April 2024, In line with the general pay award to staff. His salary remains below the level it would have been had his pr8-Covid $8lary been subje¢t to the Subsequent￿ negotiated cosl ol living increases ft>r all other stsff. Kay management personnel are reflected in the table above. Their comp8ns8b.on for thè 52 waèk pèiiod ended 25 August 2024 included emolurnents of £1.5m152 waèk pariod endèd 27 August 2023.. £1.5ml which together with pension costs of £50,995 152 week period ended 27 August 2023.. £41.1771 and employer contributions to national insurance of £196,222152 week period ended 27 August 2023.. £209,410) cam8 to £1.7m152 week period ended 27 August 2023.. £1.8ml. Key rn8nag8rn8nt P8rsonn81 also include Trust885 who receive no compensation as detailed in note 22. Key management personnel do not includ& all of the Executive Team as listed in the Trustees. report. 77

1. Net Gains on investments and on revaluation of heritage assets 52 week pArfod éndÈa 25-Au9-24 52 Week perSDd eDded Z7-NJJJ-zJ É'ooo Endowrnent FuTrd¥ lised gains OTh Iisptssal ol inveStmÈrtts Un￿lIsed 1110551 OTh revaluatlon OT Investments 4.379 238 34 Gèln i Ilos*i I￿0$￿￿￿t ass¢ts 4.617 52 wÉÈk ÈAod ÈndÈd 25-Aug-24 £'ooo 52wp perfod ended 27-Auy-23 É'ooo L¢nr•atrlrt•d Fund 1.28X tn$ I (Loss) h•rltag• aBs•lB 1.28£
2. Intangible fixed assets fjrnup Chirlty Cost At bEginning ot peri￿1 A4th14¢ns Disp￿1& £'otsD 463 A¢ c¢ perh)d 8.S74 At begiThnin9 ¢f oerl AtnOrt15ètioD fot perlr*l Di5pa45 6,584 1,073 At end ￿ p•rknd ?.6S7 ljetknok valuÈ At 25 Avgust 2Q24 91? Al 27 Atyvst 2Q23 1,527 78

Royal OF)￿[￿) Pi{)L18C {•'Jveni G45(Je-,i FniJnd31ic)n ILiinilÈ'J t)y guar¢iYleei- i-OnlP(Iny Nunib@.I' tr,0481J52 'ISDlicJaiEcI Iinaricial blaieirenls. 52 'veek pefl(Kl eii(lefl 25 Augus120d4 14. Tangible fixed assets Frtthold Asmts In th• courB• or quI￿ent & vehicfeg Total Group Cost É'oo É'ooo É'ooo E'ooo At baglnnlng of penod 209.545 2.B7é 95,85 308.071 L.953 6,313 10.384 Trarts15 1,4l4 1.040 D15PD5I15 17th)} 12691 At dperiod 212,377 2.10$ 97,814 312,297 Dvpr*dation In VDIU At begnnifwj of 67,190 63.328 130,518 Charge fof periL¥J 1S.440 6,565 22.005 srN)sals 15%371 End ul PErioJ 82.269 64,OS6 146,325 Iletbook value At 25 ￿￿y￿st 20Z4 13Q.108 2.10$ 33.758 165.9Y2 At 27 ￿9￿$t 2023 142.3$5 2.876 32,322 177.553 Fr••fvold AsA•ts In th• courm ol Equlprn•nt& vahlclqs Totsi £'VDO E'OOQ £'ODD E'OQO At beglnnlng of perfod 209,545 2,876 95,627 308,048 2.118 l.953 6,314 LO.3U5 Trafflsler 1.414 114541 1.040 12691 At qlld of perlod 2.106 97,792 312.275 D•pr•chtign At be9lThnln9 perto 67,190 03,306 130,496 15,440 6,565 22.005 sposals At Ènd ol perlod 82,269 64,034 146,303 ¥alu• 25 Augurt 2024 130,108 2,106 33,75B 165,972 At 27 Auyust 2023 L42,3SS 2.876 32,321 177.552 Assets in the course of construction represents proje¢t5 in progress and equipment received bul not pla￿d n service before th8 period end1£2.1ml. In 2013, 3 fixed and ffoating charge lasting 30 years was provided as security for the potential repayment obligations under a grant of £10m from Arts Council England for capital projects. 79

1. Tangible fixed asset$ (¢ontinuedl In October 2014. a first deed of mortgage over the 8ob and Tamar Manoukian Costume Gentle and by way of first fixed charge, all ils present and future plant and machinery on or serving the Property lapart from the mortgage charge) and the rents (if any) wa3 provided as security for a loan of £1.Sm from the Thurrock Borough Council. The currenl balance ol the loan is £1.18rn. The net book valLJ8 of thé Bob and Tamar Manoukian Costume Centre at 25 August 2024 was £3.gtTTr (27August 2023.. £4.Om). As part of the actuarial valuation of the pension scheme Isee note 241, the Trustees secured 8 charge on the Royal Ballet ar￿ Opera's rnain self-occupied property to help cover the cost of transferring the Scheme's liabilities lo an insurance company (up lo the amount of £64.4m) il the Royal Ballet and Opera became insolvent.
2. Herltage assets lal Tanglble fixed assets- heritage assets Plne art Cost￿M•S & accojsories other collEctlon• 25 August 2024 Unrestrlcted Funds Group Chnrlty Costvrv•lu•ti4J È'ooo £'ooo É'ooo 3,030 1.477 L.515 6.022 Addltlor6 DISPQ545 Rev&U￿0fft At •nd of p•rlod 4,311 1,477 1,515 7.303 At begifflThlno oPp¢rtod 3,030 1.477 l.51S 6,022 The extemal valuer5 lor the Royal Ballet and Opera. Gurr Johns, volued the entirety of the fine art collection in August 2024, on the basis of retail replacernent values IRRVI. RRV ￿preSentS the value used for insurance, based on replacernent in the retail marf(et, or where appropriat8 in lh8 second-hand retail market th items of a similar nature. age, condition and quality. The next valuation 1$ 8XPg¢tod to bè completed in 2027. Costumes and accessories and other collections have internal valuations. Where the valuation is internal, il has bèén piovidad by Julia Creed, Head of Collections. Julia Creed ha5 a Master's degree in Archivès and Records M8n8getTr8nt and has worked as an archivist at the Royal Bal￿t and Opera since 2004,. since April 2015 she has b&en Head ol Collections. Costumes and accessories and other collections were la51 valued be￿een August 2015 and August 2017. Th958 ¢0118ctions are not valued more regularly due lo the time and cost involved in the valuation process. 80

'ieni Gard&r. [-f).Il¥ 15. Heritage assets (continued) Ibl Ffv¢ ygar ff nanclal summary of horltage asset transactlons.. Unr•slrlct•d Fund• 25 August 2024 £vJoo 27 AWUSt 2023 E'UQQ 2$ Au9uSt 2022 29 August 30 2020 Purchak•s/Comfftlsslan$ COSlvNeS & occesswies other cdkctions costvmes & èccesswes Other c￿c￿onS 2S2 DIsp4>sals Costumos & iccessorles (￿her ro1kcti￿s from dtysw•ttJ7 Fllle art costumes & èccÈssodes C¢her￿1￿￿on5 262 Icl Furthèr informatlon on H•rltaga Assets: Thg Royal Ballat and Opera maintains three collections as follows.. The fine art coll&¢tion consists of paintings, other pictures and drawings, furniture, furnishings, sculpture and pottery that have been donated and are on public display throughout the Royal Opera House. The costumes and accessories collection ￿nsistS of ovar 4.(X)O individual items wom by a￿St$ at the Royal Opera House. The collection contains sotne itgms from the late 19th and èady 20th cènturies, but tnost date from 1946 to the present. The majorty of thè collection Is costumos, with a sizeable number of hats, headdresses and jewdlery. and a growing number of shoes, bo(>ts and wigs. Other collections include photographic coll8cts"ons. d8sign co118Ction5, a tKlrtrait of Pavarotti and an autographed Donizetti score for Elisabetta, none of which are on permanent public display. All assets are maintained and managed through the heritage asset register which is overseen by the Head tsf Colledions. Mo81 new acqulsitions are made through donation. A limited number ol acquisitions are purchased wh8r$ assets enhan¢e the overall eollections maintained by the charity. The Royal Balet and Opera would not normally disFK)sé of any hèritage assets in their nomial course of business. The preservation of assets is thè r&sponsi￿lItY of the Head of Collections who holds an annual btjdgel lo maintain the quality of tho 8ss0ts. The Charity exhibits assats throtjghout the Royal Opera House and through exhibitions. In addition, many assets rnay be viewed electronically through th8 catalogu8 website at www.rohcollections.org.uk. 81

1. Investments lal Group.. The following investments were held through the Royal Opera Housè Endowm6nl Fund 2000 at period end-. Gvoup IS August 2024 E'OOO 27 August 2023 £'ooo with inve51rywl rnanager5'. VenturÈ lunds 35,250 12,642 ID,049 12,309

2. Cash funds 145 9,$67 ToLal Investrnent wllh Investtnent MaNa¢eiS 45.S57 3B,275 Movements in investments held with irTrvgStment managers.. lst¢d other Invqstmqnts Total ZS August 2024 É'ooo ÈhdovLTmÈnt Funds 38.063 42.088 139.4261 4,634 212 3B,275 42,091 (39,4261 4,617 AdditloThs {at costl Net reallsvJ and unreali5& lo55e5 F?Irvèlye at the PÈritsd 45.359 45.557 Historical Cost at Ènd ol the 42.ODO L¥3 other Tot•1 17 Au9uSt 2D13 £'ODO Total Inv••tments 5nve5hnÈrtts E'ooo Endowmenl Funds air value at beglfjDln4 of PErbDd Addit￿￿5 latCD5tI 37.957 38,420 Met rea115ed and unreal￿d qain5 105 53 F•Irval￿t at end of the porkn 3$.063 212 38,275 H15tOri￿1 rost ot ena ¢*¢he period 34.676 761 35,437 As at 31 August 2024 investments held with investment managers ar9 mèasLJrad at fair value. £45.4m12023.' £38.1rn1 categorised as Level 1 and £0.2m12023'. £0.2ml as Level 3. 82

3. Investments (contlnued) Ibl Charlty.. The following were the subsidiary und6rtaklngs of Royal Opera House Covènl Garden Foundation as at 25 August 2024.. Prin(ip•l Jrtwlty Porcent•ge Df $har5 hEld Subsldlary und•rt•kln9 RQH HQk1ings Llmiied ROH Developments ￿ffi1ted ROH Trustee Limlte ROH p￿￿U(lI0￿5 Llrnlled Royal Opera Hgu5p Ert￿rists ￿Mited VK UK UK UK VK Howhig ¢ompa¢ty perty development T￿￿tee company Theatre productrofj5 Calerln9 1 SpDnsvr5hlp I iOQ46 loo% loo% loo% loo% ￿cen￿ng of braTh The issued share capital in ROH Holdings Limited (which is the hdding company for ROH Developments LiThit8dl is 2 £1 shares. ROH Pension Trustee Limited is a non-Ir8ding Subsidiary. The issued share capital is 100 £1 shares. ROH Productions Limited has been dormant since incorporation. The issued share capital in Royal Opera House Enterprises Limited is 125,987 £1 shares (125,987 £7 shar8S at 27 August 2023). Thg rerllaining balance is related to the original acquisltion of Royal Opera House Enterprises Limited. The Royal Opgra House Endowment Fund 2000 is a connected charity of the Royal Opera House Covent Garden Foundation. See Nole 2 for further details. Investment in Royal Opera House Enterprises Limited= Charjty 27 August 2023 É'ooo 25 August ia14 É'ooo cèst At be9irtThng •rtd en¢ iperi 6,676 6,678 At beginning of 6,676 6,676 At Ènd ol pÈrknd 6,676 6.676

4. Stocks fjroup 2S A￿￿￿%t 2024 E'ooo GrDup 27 Au9USt 2023 EOOO Chirity IS August 2ts24 £'ooo Chartty GDDds for resale 461 324 461 324 During th8 524W88k period ended 25 August 2024 £865,310 (52 w8ek p8riod 8nded 27 August 2Q23.' £742.670) of slock was èxpensed through the Statement of Financial Aclivilies. 83

5. Debtors $roup IS August 2024 Group 27 August 20Z3 Charity 25 Ay9vSt ID24 charity 27 2023 E'DDO E'QOQ £'ooo 717 7L7 Group 25 Auyujt 2024 Group 27 August 2023 Charity Chafity 27 A￿￿st 2023 25 2024 £'DDO É'ooo E'OQO Arnounts w*hln we yur TradE ¢ebto Arnounts due from Sub5Idbary aDd as>Kiated undertakin95 A¢¢rueJ ITh¢ Qlher ¢ebtors ripaymettts FinaThcÈ lease drbtor 3,621 4,763 1,862 3.090 2Q,207 1.407 1,723 Z.9)3 21.588 L,703 1,626 21,466 1.407 2.974 22,086 29,008 30.670 28.661 29,766

6. Credltors Amounts falling due withln one year rnup 25 Au9U5t 2024 Group 27 August 2023 harfty 25 27 August 2023 2024 É'ooo £'ooo É'ooo É'th)0 Trnde credlto Taxatloh ahJ S(rt4al secun A¢Cr￿alS Oeferred In(omE 7,320 2,305 ia.664 25,367 6.304 1,72$ 10,043 25.OLZ 4,$07 5,244 5.629 11.896 24.478 Z3.6B7 45,656 46.814 43.144 44,544 Grèup 2S AugU6t 2024 É'ooo Grou 27 August 2023 £'ooo Cbartty 27 AJ9USt 2023 ÉYM)o 25 Auyust 2024 DeTerreO Incwne at start Dr period box office reEelpt5. 5ubxrlptiDn d¢naty¢ns recwvod REleased to $1)tpthty dlinan¢ial activkiQS 24.478 74.073 (73,164) 21,905 73,879 23.6S7 IJB.479 16?.1541 165,4841 DeFe(red inc￿ at peri¢l 25,367 24.478 25.012 23,687 Cumpnsing". Advanced t￿￿king5 Subs(rlptlQll5 and dOna￿On$ otherdeferred Income 13,fi91 6.379 5,297 X3,69A 6,379 4.942 7,590 5.777 ?.590 4,986 84

Roial Oper3 House C(Jv&ni Gardea F.qundaiion (Limiled l)y giJai'drileei.' fi)mprlni NJiYiber O(148U523. 5 Augijsl 2024. 19. Creditors {continued} Amounts falling due after one year Thurrock Borough Council Loan $2 W•ak ¢riod Ende 2S-￿￿9-24 £'ooo S2 Wéek Peri¢d Ended 27-Aug-23 È'ooo Bal?nce at the of the y88r Amunf5 repèid Interest pèyable 1,235 I,Z80 48 s? la￿¢* at the 41 the y¢4r Le55 amounts dixkn5ed lfi ￿edItO[$.. am¢￿ts laiiino duE w4thin one year 1,181 1,235 B)14nce Jt the end ol IhÈ y￿r fallkng gfterone yéar 1,130 L,235 The table below shows the amounts arKI timings ol repayrnents du8 underthe t8rms ol thé loan. InterE5t cap￿1 Interest Total 27 AugUSt 2023 25 AugUSt 2024 £.￿0 É'ooo £'ooo e ¥Athln one year bÈtiYeen one yearaid two years Due bBLweEn two yqars 4nd five years ioz 49 53 ioz 5$ 49 1¢14 X02 176 3Q7 168 139 JD7 899 228 1,117 269 1,230 4S9 1,229 1.741 In October 2014, a first deed of mortgage over the Bob and Tamar Manoukian Costume Centre and by way of first fixed charge, all its present and future plant and machinery on or serving the Property (apart from the mortgage chargel and the rents (if any) was provided as security for a loan of £1.5m from the Thurrock Borough Council. The current balance of the loan is £1.18m. The net book value of the Bob and Tamar Manoukl8n Costume Céntre at 25 August 2024 was £3.9m (27 Augusl 2023.. £4.Om). 85

1. Creditors Icontinuedl Amounts falling due after one year Cultural Recovery Fund Loan 52 WEEk Perf4d EndEd 25-Aug-24 É'ooo 52 Wdek Period EThdÈd 27-Au9-23 £'uoo Balbnce Dt the beglnnlw af the YÈ Amounts drawn thwn ArnouDt5 repèl Interest payéb 21,700 21.700 Balanté at the end of the yèar Less ?rnotsnt& dlEdos8d lffl cr&lors'. amounts failing due lthln onÈ y@ar 21.700 Zl.7QQ Balance at Ihe End ol the year fall￿9 due after¢m year 21,700 11,700 Interest Tptsl 25 Au9U5t 2024 27 August 'DOO É'ooo £'ooo E'OOO £'oDo Due withlD ohe yeèr e between one year and IWO years Due betwetm N¥0 Yea na rNe Years 529 29 1,341 X,657 29 829 4,971 2.809 4.971 Due ofter flve years 17.603 2.ZB4 19.887 19.891 2,654 21,545 21,700 5.645 27.345 2L.700 S,645 27,345 In support of arts organisalions affected by the Covid-19 pandemic, the govemment established a Cultural Recovery Fund ICRFI offering grants to srnall8r organisalions and loans to larger organisalion5. In March 2021, RBO received a loan from the CRF of £21.7m. Th6 loan is interest beariNJ, at a rale of 2%, over a 20 year period and has a four year repayment holiday. 86

Ro Jal Opera Hoiisp Co'ipfjl Gc4rden Fouli I ILim51ed bi giiardn16pI.- Coi)Ipaiiy NJinber 004¥0f)2 -IiiilprJ 25 Augusl 2024. 19. Creditors (continued) Amounts falling due after one year Financ8 Leases 52 Wèak PEriv Enrte 25-Aug-24 £'OOD 52 WoÈk peri Ended 27-Au9-23 É'DOO itthe beginnSng of the year Armynts Amounts repii Interest ￿Y￿b 156 L2 L49 X2 Baiince attbe etso 01 tDe yea Le55 amuun15 dts¢knseJ ifj ¢ieditots'. aMOvDts laiiiTh9 due ￿1th1n one year 137 156 aalan￿ ai the of thÈ ¥earfalllTh9 due 4ft@rone yéar 116 156 Inrerest Tthl 25 August 2024 ai Int*E5t Tolal 27 AuguJt 1023 É'ooo É'ooo É'ooo É'ooo £'DfrD 31 31 Due between one year￿d 22 31 io 31 bÈtween two year nd rive Yeats 69 84 67 Due afterfve yeats 25 26 49 53 35 172 156 47 203 87

1. Statement of Funds- Group At27 Othet At2S Auyust 2024 1rtc9￿[Try Resource5 Out8oln9 Re5ourtt$ 2023 Trinsl•rs £'ooo E'OOO E'ooo É'ooo E'ooo N¢Jtt É'ooo Unrestrkteo General 4,200 IS0,807 4.146 Unre5trfjcted Revjluatloffl fund UnrrÈstrlctqd DosSgnat•d I￿￿￿$.. 389 1.670 UnQ5ttiCteJ FixEd thet Fu￿d 170.496 Ufirestrtcted ￿Set Fund 5,633 5,633 Un¢stn¢t¢J Fvture PtOJ¢¢ts Fund 42.171 unr¢strIct4￿ b¢loro pens10Tr reserve 221891 15D,8Tr7 {L50,7281 1.281 9.624 234,075 UntéstrlrtÈ4'. {12,8041 005 Jls {11,174) 210.1187 150,807 (150.12)) 1.6DS .824 222,201 RE5trlrted fuTrd¥'. Thurrotk CDpltbl FuThd 8,030 8,306 fufKI 10,943 Open Up Pro)ett F￿nd Art5 CoufjrAI Engknd B￿d￿e pr￿r￿mme fthid soo 272 673 278 ¢K¢hah9e ROH H￿￿1￿95 LlfflltBd Ertdowment Income F￿rta 47S $0 LearniDg part￿l￿on 3,570 9.QQO 19,OCrfJI Other p￿lett5 81 Total r44trlct•d 9,230 29,BOI [20.2571 (9.7041 9,016 ndowM¢tstfunds $1,348 1,334 (i.ss•i 4,617 (601 56,680 TOt•l fu￿￿ 271.671 18X,942 1171,939} 6,223 IBY,8•7 Unrèstricted Funds.. Unreslrioted funds ar8 segregated b￿￿een general funds Irepresenling free resetves and unrastricted general funds held in trading sub5idiariesland designated funds. The three desigllaled funds at period ènd were the Fixed Asset Fund which is sèl at a lèvel equivalent ID the charity's fixed 8sS8ts and intangible fixed assets Iplus approved capital expenditure in the 2023124 Season carried over lo the 2023124 S8asonl, the Heritage Asset Fund which is equivalent to the charity's heritage assets and the Designated Future Projects Fund. The Designated Future Projects Fund represents funds earmarked for specific future activity, including oui capital investmenl needs over the next b￿0 financial years1£41.7ml, investment in th8 artistic programme and new works1£10.3ml. ancs lunds to bridge the financial gap as w8 grow Our revenue St￿am$ and realise savings frotn our progratnme of business transform8lion1£9wl. The pension scheme liability is disclosed in accordance with FRS 102. 88

2. Statement of Funds- Group {eontinued} Rgstrlctad Funds: The Thurrock Capital Fund ha5 been established to hold funding received in th8 development of boih the Bob and Tamar Manoukian Production Workshop and the Bob and T8marManoukian Costume Centre in Thurrock. The Production Fund ￿presents donations received which are restricted lor the purpose ol specific prtsductions. The Open Up Project Fund has been established lo hold fvndin9 received towards th8 Opén Up Project, a capital project intended lo enhance audiences, experience of tsur work and inspir8 wdgr int818St and engagement. The Bridge Programme Fund represents funding received from Arts Council England lor improving the delivery of arts opportunities for childrsn arid young people, acting as a bridge be￿een the arts and educab'on sectors in Thurrook. Essex, Soulhend, Hertfordshire, Bedfordshire. Lulon and North Kent. The Endowrnenl Restricted Income Fund represents fvnds expendable on specific purposes as required by donors. The Learning and Participation Fund represents donations received which are ￿Stricted for the purpose ol Learning, Participalion and Educalion projects. The Capital Fund represents donations received which are restricted to capital expenditure. The Other Prqects Fund represents other restricted donations received. Endowmènt Funds.. The balance above represents restricied pemanentandexpendable capital reservès hold by ROH Endowment Fund 200(1. Transfers: lal There was a transfer of £8.9m from the Unreslricled Fixed Asset Fund to the Unreslricled General Fund. representing a transfer for the nel decrease in Ihg charity's tangible fixed assets (52 wegk p8riod ended 27 August 2023.. £2.1m). (bl A nel transfer of £18.9m (52 week period 8ntl8d 27 Augusl 2023.. £12.OmJ was made to Other Designated Funds. The transfer lo Other Designated Funds represents funds for specific future pr(4O¢ts. Icl Depreciation and loss on disposal of £0.3m152 week period ended 27 August 2023.. £0.1rn1 was charged against unrestricted incorne then matched by a transfer from restricted funds. Reslricled funds include thosè funds thal have been granted specifically to finance the capital expenditure on the Bob and Tarn8r Manoukian Producb'on Workshop and the Bob and Tarnar Manoukian Coslurne Cenlre. Idl There was a transfer from Restricted Funds of £0.5m, representing amounts received for the Open Up PTojèet (52 woekpenod ended 27August 2023.. £0.5mJ. lel Nel transfers of £0.06.m (52 wo&k p8riod ended 27 Augu$l 2023.. £0.03m transfer from Endowment Funds to Unrestricled Funds) were made to Restricted Funds from E￿OwMentFulld$ to reinvest income into the Endowment Funds and pay grants. lfj A transfer of £9.Om (52 week period ended 2T August 2Q23.'nil) represents restricted donations received nd expensed in the period for capital expenditure. 89

3. Statgment of Fynds - Charity At 17AU9￿$t ?D23 Other At25 Aug￿$t 2024 Incomin9 Re50vrce5 Out9oin9 Ilesour(eS (loss•s} Transfe £'ooo £'•oo É'ooo £'OQD £'ooo t4ot E'OOO 4,671 389 L34h29 1134,2961 Unr05trlc¢pd Rgv4luatlon Vnre5tricted DesIgnDt•d funds.. 1,670 Unrestricted Flxed A55el Fund 176.276 167.36L 5.633 61,045 Unrestricted Her￿￿e Asset Fund Unre5tn(ted Future Project5 Fund 5.633 Vnrostrlcted Funds bBIo penÈlon 229,141 134,419 (134.295} 1,281 9,524 240.390 scheme I£￿)11]fy (É2,8041 605 325 Ill￿74) TQtal unr¢srri¢téd funds 216,338 134,429 {133,091} 9,824 228,500 Thurro¢k Qpital FL￿ Prod￿￿on Fu 8,623 13241 8,299 OPÈTh UP PrDlert F￿nd Art5 CounDI Ets9krtd ￿￿¥t progfamrne fun Art5 CouDol Chlna 5k1115 exch4nge Learning ind PirtIclp4￿¢fft 500 13001 272 6?) 11671 278 148 123 14.iN$31 $9 9.QQU 19.ODOI iJthÈr Projects B3 Tot¥1 vestrfcted luTrdi 9,125 J1.62 121050) {9.5241 8.8YI TotDI 225,463 166.049 11SS.741) L,606 237,377

4. Share capital The chaiity is limited by guarantee and therefo￿ has no share capital. The liability ol the members ol the charity Is limited lo £1 each. At 25 August 2024 there were 16 members (27 Augusl 2023." 16).

5. Connected charities and other related party transactions Connected charities Royal Opera House Endowment Fund 2000- registered charity No 1089928 During the period the charily received grants of £2.3m (52 week period ended 27 August 2023.. £2.3mJ from Royal Opera House Endowment Fund 2000 in furtherance of its charitable objeGtives. At 25 August 2024. the charity owed £O.OOm lo Ihe Royal Opera House Endowment Fund 201K) (27 August 2Q23." £0.02m). At 25 August 2024, the Royal Opera House Endowmenl Fund 2000 owed £0.04m to the charity 127 August 2023.. £0.OOmJ. The above charity is based at thè Royal Opera House, Covent Garden, London WC2E 9DD. 90

6. Connected Charities and other related party transactions (continued) Trading subsidiaries Royal Opera House Enterprises Limited During the period the charity received a loan repayment of £0.2m (52 week perNod ended 27 August 2023.. £0.2m), a royalty payment of £0.8m (52 week pgriod ended 2T August 2023.. £1. lm) and a gift aid payment of £5.9m (52 we&k period ended 27 August 2023.. £4.9mJ from Royal Opera House Enterprises Limited. Additionally, £0.9rn of overhead were recharged from the charity lo Royal Opera House Enterprises Limited (52 w88kperiod ended 2T Augusl 2023.. £0.8mJ. At 25 August 2024, Royal Opera House Enterprises Limited owed £3.Om to the tharity (27August 2023.. £2.9m}. In January 2010. Royal Opera House Enterprises Lim(ted las borrower) and its holding company, Royal Opera House Covenl Gard8n Foundation ILirnited by Guarantee), entered into an inler-company loan. The unsecured loan bears interest al 2Yo above the Bank of England base rate, which management assess to be commercial rate ol interest. Du$ tr) the commercial rate of interest, the pres8nl value of the future cash flows approximates the carrying amount and thus ihe loan pr&sonts no current pricing risk. As the interest ratè is a variabl8 Tate, the lender and borrower are exposed lo interest rale risk. The flnal paym@nt of this loan was made in tha 52 week period ended 25 August 2024. The èbove trading Subsidiary is based at thg Royal Opera House, Covant Garden, Loridon WC2E 9DD. Royal Opera House Holdings Limited During the peiiod the charity received £5,000 (52 we&k period ended 27 August 2023.. £5,000) from Royal Opera House Developrnent Limited in respect of audit fees. Al 25 August 2024, Royal Opera House Holdings Limited owgd £12,000 to the charity (27August 2023.. £77,000). The above trading subsidi8ry is based at the Royal Opor8 House, Covenl Gard9n, London WC2E 9DD. Royal Opera House Developmgnts Limited During the period the Charity received nil gift aid paymgnts (52 week p8riod 8nded 27 August 2023.. £5,877) frorn Royal Opera HoLJSè Development Limitèd in furtherance of its charitable objectives. The company's profits of £14.316 will be gift aided to the charity in the nine months following the signing of these acoounls. At 25 August 2024, Royal Opèra House Developments Limited owed £0.1 rn lo the charity [27August 2023.. £0.1m). The above tr8ding subsidiary is based at the Royal Oper8 House, Covenl Garden. London WC2E 9DO. The charity undèrtakes transactions in its nomia1 course of business with its subsidiaries. These transactions S￿ carried ovl on an arms-lenglh basis. 91

7. Connected Charitles and other related party transactions Icontlnued) Othgr related party transactions No trustee had an interest in any contract or transaction with the eharity or its subsidiaries in the period ended 25 August 2024. During the period no trustees received any remuneotion frorn the charity or its subsidiaries and no trustees were reimbursed lor per50nally-incurred expenses which were necessary lo carry out trustee duties12022.' nill. The aggregate amount of unrestricted donations r8ceiv8d from trustees was £3.2m (52 weekperiod 8nded 27 August 2023." £2.8m). Of this amount, £2.6tn (52 wegk periodended 27Augusl 2023.. £2.5m) was received from trustè65 of the ROH Endowmènt Fund 2000. The charity undertook thes8 transactlons in ils normal course of businèss. These transactions are carried out on an arms-lenglh basis.

8. Commitments {al The Group has future minimum commitments under non-cancellable operating leases as follows.. 25 Augujt 2024 d BulldlThgG E'OQO 27 August 2023 Laho and ￿11￿1￿95 E'QOO Nol latw fhan offle yoar Later than One year ano not later w fivt Y Later than five yea 140 140 147 {bl The group has entered into contracts with guest2rbsts and suppliers in respect of future productions lo be staged at the Royal Bal￿t and Opera. Commitmen15 in respect of these contracts which are not reflected in the balance sheet are.. 25 Auyust 2024 £'ooo 27 Auoust 2023 £￿00 Leis onè yè4 Ih thp toffth years Indu¥ve 7.940 7,689 Icl The groLJP had capitsl commitments of£4.778m forc3pital projects which were not rgflected in the balance sheet in period ènded 25 August 2024 (27 ALWtJst 2023.. £2.541m). 92

04811523 52 ￿vEek yéricjd ndr-4J 25 AiJgu¥l 2024. 24. Pension scheme Thè Royal Bal￿1 and Op8ra operates a defined benefit pension scheme, the Royal Opera House P&n$ion Scheme. The Scheme's fvnds are administered by th8 Trustee and ar8 independent ol RBO'S finan¢e$. Contributions are paid to the S¢heme in accordance with tha Schedule of contributs.ons agreed between the Trustee and RBO. The group also contributas to live defined contribution schernes. Two aTe sponsored by Art5 Council England and Equity (for dancers and singers) and onè by the Musicians. Unitsn Ifor musicians). Two further defined contribution scheme orrangements exist for other staff groups. Contributions lo these and oth8r schemes amounted lo £2.872m (52 week periodended 27 August 2Q23.' £2.662ml. The funding plan is for th8 Schème to hold assets equal to the value of the benefits eamed by staff, based on 8 set of assumptions used for funding the Sch8rnÈ. The funding assumptions differ from the assumptions used to calculate the figures for these accounts, and therefore produce different r8sults.11 Ihere is a shortf811 against this funding plan, then the Royal Ballet and Opera and Trustee agree on dsfjcit contributions lo meet this deficit over a period. As a part ol the actuarial valuation with an effective dale of 5 Aprll 2021 the Trustee and the Royal 88llet arKI Opera have ggrèsd that the Royal Ballel and Opera will make contributions to the scheme of£1.343m per annum from 31 July 2022 until 31 JanLJary 2037, increasing by 3.5% per annum. The Royal Ballet arKI Opèra also make5 contributions of £0.3rn per 8nnum to cover the expensès of running the Scheme. The results of the formal actuarial valLJation as at 5 April 2021 w8rè updaled to the accounting date by an independent qualified actuary in accordance with FRS 102. allowing lor conlribulions. benefit payments made, and changes in market conditiofts. The results. based on assumptions used for FRS102, are as follows." Th& amount included in tho balance is as follows.. 2S August 21124 27 Au9vSI 2023 £￿00 52.857 154.Y4L} 49.506 Ptegent value of d￿ned oenefit obllgath)n Not Ilablllty recojnised in Ihe b•14￿￿ 111,874) 112.0041 The movemont in n&t defined benefit liability is as fdlows.. 52 week p•rlod 52 week PErfod eThded 27-Au9-23 25-Aug-24 E'ooo £'(M)O QpehiThg het defined beThe￿t liability C05t in Income and expendlture Empknyer rontr1￿tIonS retognlsed out51dE Income and exp￿Ure IZ.•04 11,726) Closlng net dEnnEd bene￿1 Iiabllty 11,874 L2.804 93

1. Pension schème (continued) The amounts ￿cogniSed in incomeor expenditure, in the Statement of FinancialActivlties arè as follows.. 52 w••k p•rlod endéd 15-A￿9-14 52 week ended 27-Avg-23 E'ooo £￿00 P6st sorvlct ¢oSt Admill15tratlon expenses Interest expense 475 646 690 548 Total expense re¢owistrS in Ih¢¢me Or￿pendItllre t,121 Movement in presènt value of defined benefit obligation is as foll¢)ws'. S2 wéék erlod ¢nOd 25-AUg-24 52 week pertDd ended 27-Aug-23 £'ooo (6L310} Év)0 opthlnq de￿￿ett benent obIl￿tI Past Sknce cu51 Interest tsn th119atio 13,2231 12,2581 3,050 13.432 3,120 Benefit5 <64,741) Movement in thè fair valu8 of the plan assets is as follows: 52 week p•rlod rtd¢d 25-Aug-24 S2 viÈk eTrdeJ 2?.kn9.23 £'ooo É'DOO 4>,506 2,577 I563 {4751 1,726 {3,lJ501 61.710 2.426 Actual ret￿rn ￿$$ ihterpst ort a55ets mlnlstratlm expensÈ* CoDlrfbJUon5 by the érnployar 169DI 1,878 aoslfflg falryalue ot plart assets 52,&67 49.506 94

2. Pension s¢heme (continued) The current allocation of the Scherne's assets is as follows.. 25 August 2024 27 Au9usI 2023 28 August 2022 As¥et dlstdbutS0ffl expEcieJ rÈturn É'ooo £'ooo E￿00 Equits 5,840 S.033 14.3B3 24,664 15,950 12.661 5,5D6 PropErty Infra5ttuttU 3,814 7.378 B.X06 versified Grtwlh Fuffld Llabllty DnveD lrtvÈStment Fund Cash net t￿rrent asset5 17.4ts6 ,48S 21,294 536 3.713 Trtai S2.867 49.506 The Scheme does not invast directly in PrO￿rtY occupied by Ihg charity or in financial securities issued by the charity. The followng table sets okjt the signiftcanl assumptions used for thè plan.. A5tsumPtlon 25 Au9Urt 2024 27 Au9USt 2023 28 August 2022 Rei411 Prftes Illd￿ Ihft)ts¢n 3.LO¥ 3.3Q 3.60% Cofflsurner PrKes lrtdèx Inflallon 2.49% 2.40% 2.70V Dis¢wnt rnte 4.90¥ 5.30 4.uo¢ Pnslon Increases laccordlng EO Ihtreas￿ urthrtt 5cherne pjes) 2.513.413.012.1* pa 2.513.513.A12.18b p 2.V3.713.4J2.2% pi sabry 9fDWth ute ekpectancy OF Ma￿ aged 65 the accountlng date 23.9/21.2 years 24.V21.5 yean% 24.4/21.9 years ure expertanty ol fem4le l TnalE 49ed 65 t 20 from the accoun￿ng dar 2S.3122.4 YEatS 2S.$122.7 yEè 25.7123.0 veèrs Future agreed contributions from the employer to be made to fund the deflcil of the defined bgnefit scheme are as follows.. wlitwn one yeer e bEtwttn ohe yearBThd tWD yea[5 DUÈ btheen two YÉa￿ and flve year5 Due afterfive years 1.979 049 S.805 L7,2B4 95

3. Consolidatad statement of financial activities for the 52 week period ended 27 Aug(Jsl 2023 52 week pErknd ended pe￿￿d 27-Auu-23 28-Avg-22 tated TDtal L141r•tr4Etqd Fund Fundj Tot•1 Fvnds Total È'tsoo Eyjoo É'ooo Jncorn• wnd•ndowTh•ntsfrom-. Chanl?bk tyZ91 trant Ir¢mGovemmnr 51.Q07 19,115 23.553 frDnl$ ¢r¢mArt6 counc￿ Engknd tmdhg 4ttrittiE5 C&M￿re1￿1 InE(Kr Investryenls Otner Ir<oTh 14.974 749 YL4 35.003 24.JU2 37.092 2Q,8BI 731 799 3AB 743 6,3DD 7.099 147,372 7.214 1741,&97 PJiSihg Fun&5 CnErnting ¥o￿ntOry In¢ activic 15.2ox) (17Q} {3,471} 1149791 10.7D61 (114334} 11$.96Y) (135,3071 1117.8031 Tvt•l exp•nL¥tu (L17,5141 {1s.g671 1157571 Ntstle¥p¢ndurel l nc(4M• •,8sA 144 S,93B ts,94• 12 16481 NEt Incorne / lexp•ndlturtl ,&S8 144 5,9•0 15.9YZ 577 {54a} oth•rrtthl1￿dS￿ galns tuirfil9alTh On iThÈ dÈlhÈd benEftr pe￿￿10￿ sch•Th 24 934 M¥lmo¥ement1ntuThds XI.309 14041 5.96X 16,26 Fund batsnces bro￿9h tort¥a￿ at 28Augu5t 2022 VIDU5ty state l9471a 11,222 44.805 254.745 244,425 {1,5A2) 1.582 F￿d at 28 A￿￿￿￿t 2Q22 wfited 190,718 46,387 25<745 244.425 Fund ￿lanc￿C￿rr￿*d1tyrW4rd Dt27 Au4tsst2413 20 IllJ.087 9,23$ 52.34H 271,671 254.745

4. Taxation UK corporation tax charge and relial of £1,472,000 has arisen in Royal Opera House Entèrpris8s Limit8d in the period in iespecl of current year profi15 (52 week period ended 27 August 2023.. tax charg8 anol of £950,378). No defer￿ lax has arisen in the peritsd (52 w88k p8riod ended 27 Augusl 2023.. nil). 96

HoLi%e Coveni Gardkii Foiind?iio• 11.Ifniltd try gudf(Inieei. iooipBn/ N,jnIb￿r fjo480523. Tru8lee> reporl an￿ con501sdai&il financidi sial.mpnl$. >2 we1A,.￿ ¢)eri".Jil @Iided 25 IKurJusl 2i124 ,1 THANK YOU 97

The Royal Ballet and Operagratefullyacknowled9e5th8g8nerosityof all thosewho haveprovided support this period, including.. INDIVIDUALS Whitney Gore and Pierre Chaboussant Joan Granlund Kenneth and Susan Green Karen Green Sherry and Michael Guthiia Sandra and Anthony Gutrnan Charles and Kaa￿n Hale Guy and Julia Hands Rick and Janeen Haythornthwaile Jane Hemslritch AO Katrin and Christoph Henkel Malcolm Herring Jay Franke and David Herro Marina Hobson OBE and The Hobson Charity Simon and Tracey Holden Charles Holloway OBE Paul and Julia Horsnell Martin and Jane Houston Alan and Caroline Howard Lady Joan Jarvis CBE Aud Jebsen clai￿ Jeffs Mr and Mrs Christopher W.T. Johnston Christopher Jones Mrs Philip Kan David and Clare Kershaw Doug and Ceri King George Kingston Athena P S Ko Mrs Latila Kosla Lord and Lady Laidlaw Alan G. Levin Ida Levine Dr Gwen Lewis and Dr Jonathan Holliday Yuanbo Liu Stephen 8nd Din8 Lucas Beth Madison Bob and Tamar Manoukian The Margulies Family Crevan O'Grady & Jane Mcclenahan John McGinn and Cary Davls Alan McLean Mrs Andrea Medeiros Castro Isabèllè and Adrian Mee Bertrand and Elisabelh Meunier Amanda and David Milne KC Odile and Marc Mourre Mrs Susan A. Old8 OBE Mr Stefan Sten 01sson and Mr John Tierney Sir Antonio and Lady Pappano Hamish Parker Nitholas and Suzanne Peters Cressida Pollock and Daniel Luhde-Thtsmpson Aubrey Adams, OBE Spindrift Al Swaidi Lady Ashcroft Mr and Mrs Edward Atkin CBE Christopher and Cynthia Bake Richard Baker Mikhail Bakhtiarov Brendan Bams Mr and Mrs Baha Bassatne Geoff and Judith Batchelar Carolin & Dietrich Becker Greg Bethel Pat & Dirk 8ist8r Georgie Black Celia Blakey Ingemo and Karl Otlts Bonnier Tim Ashley and Jtshn Booth Sally and Slmon Borrows Lorna and Christopher 8own Cecilia and Stuart Boyd Lady Buchanan The Family Mr Paul Burbidg9 John and Susan Burns OBE Su8 8utchèr Jonathan Caplan Mrs Carolyn Calcutt Max & Ni¢ole Cartelllerl Rosemary and Simon Cock Ricki Gail and Robert Conway Kirsly Gooper Anne-M8rie Craven Peggy Czyzak Dannenbaum Jessica de Rothschild Sir Lloyd and Lady Dorfman OBE Carolyn and Michael Portillo Peter and Fiona Espenhahn Ailsa and Jonathan Feroze Nicky Fletcher Graham S Fletcher Louise Fluker Aline Foriel-Deslezet Sophie and Harnish Forsyth Louise Baring and Eric Franck David Fransen Philipp Freise Ginl Gabbertas Howard Gab"ss Nicholas and Sylvia Gge Alex and Elena Gerko Charles Glanville & James Hogall 98

Rr) jd! Op•rd Flvii,;. Professor Paul Cartledge and Judith Portrait OBE Alexis and Frances Prenn Melinda and Donald Quintin Michaèl and Joanna Richards Yvonne and Bjarnè Rieber Jamie Ritblat Sir Simon and Lady Robertson Sir Simon and Lady Robey Mrs Bonnie Robinson Kristina Rogge Gisbert Ruehl Kim Samuel Abigail Saryent Benoit and Cathtsrine S8voret Louise Sheaves P8t&r Simon Susan and John Singer The Lady SlyrTrn of Hadley Christopher and Sarah Smith Mary Stassinopoulos Rach8el Slearns Stuart and Jill Stede Fraricesca Storey-Harris In memory of Judy Harris John SUnder￿nd and George Shishkovsky Mrs Trevor Swete Jennifer Taylor MBE Dame Tina Taylor DBE Lindsay and Sarah Tomlinson Eric Tomsett Professor Michael Trimbl& John G. Tumer & Jerry G. Fischèr Stephanie Tyrer Elsbeth and Rijnh8rd van Tets Adritrnne Walerfield D8r8k and Sheila Wat50n Ur$ and Galya Weber Simon and Glenda Weil M8ureen Wheeler Anna 8nd Paul While MBE P8t8r Harrison and Fiona Willis Arralaswinlha Wolfsdorf Danny and Lillan Wyler Anonymous1101 Inlemational Music and Art Foundation The Jean Sainsbury Royal Opera House Fund Th8 Karin Brass Memorial Fund The Kiri Te Kanawa Foundation IUKI The Kirsh Foundation Dr and Mrs Peter James Linden - Faith Goldlng Foundation The Anthony and Ellzab8th Mellows Charitable Trust The Mohn Westlake Foundabon Oak Foundation Orinoco FOunda￿.0n Paul Hamlyn Education Fund Julia Rausing Trust Rick Mather David Scrase Foundation The Gerald and Gail Ronson F8mily Foundation Rothschild Foundation The Sargent Charitable Trust GROW @ Annenberg Foundation The Big Give Trust The Bollini Trust The Clore Duffield Foundation The Danigl Howard Foundation The Deborah Loeb Brice Foundation The Derek Butler Trust Garfield Wèston Foundation Th8 Galsby Charitable Foundation The Headley Trust The Helen Hamlyn Trust Huo Farnily Foundation The JP Jacobs Charitable Trust The John S Cohen Foundatlon The Peter Cruddas Foundation Th8 Porter Foundation UK The Robert Gavron Charitable Trust The Thistle Tnjst Thompson Family Ch8r(table Trust Theatre Artists Fund TIOC Foundation The Const8n¢o Travis Charitable Trust CORPORATE AIISaints American Express Servlces Europe Ltd AVIV Group Barclays Beacon Rock Limit8d Boodles Cazenov8 Capitsl Ghacolt Cmi Coutts & Co Culture Shock EMYP Studios Limited Jimmy Choo PLC Kirkland & Ellis LLP Veuve Clicquot Quinl6ss&ntially Rolex Tripadvisor LLC TRUSTS AND FOUNDATIONS The Anson Charitable Trust Yléana Ar¢tr Foundation Bloomberg Philanthropies The John 8rowne Charitable Twsl Don Quixoté Foundation Dunard Fund Eggardon Trust The Goldhammer Foundation 99

Van Cl6&f & Arpels Voguè World Fund La Prairie Zurcher Kantonalbank Erika Bearman Susan S. Bradd¢xk Max Cartellieri Peggy Czyzak D8nnenbaLJm Misook Doolittle Lord Eatwell HRH Princess Firyal of Jordan Simon Freakley Beth Wade Glynn Lady Caroline Grainge Joan Granlund Frederick Iseman Christopher Jones Bruce Kovner Alan G. Levin Belh Madison Isabelle Mee Rebecca Morse SEASON PATRONS Mrs Alfiya Askar Abulkhair Lady Gavron Mrs Susan A. Olde OBE Rol8x Rothschild & Co In mèmory of Lily Safra from Adriana and Lily Van Cl8ef & Arpels Sii Brian Williamson CBE and Mrs Caroline Hoare Anonymous131 FIRST NIGHT PATRONS Legal Counsel David A Shevlin Berkeley Psychiatrists DMGT plG Sir Mick and Lady Barbara Davis The Dow Cl&wer Foundation Charfes Holloway OBE Anonymous121 Secretary and Executive Dirèctor Milena Sales BOARD OF HONORARY DIRECTORS Chair Sir Lloyd Dorfman CVO CBE AMERICAN FRIENDS OF COVENT GARDEN BOARD Honorary Vice Chairs The Countess of Chichester Dame Gail Ronson Danny Wyler Life Trustee and Chair Emerita Mercedes T. Bass Chair John P. McGinn Lady Ashcroft T￿rn Ashley and John Booth Mikhail Bakhtiarov The BAND Trust Mercedes T. B855 Boodles- Michael Wainwright The Deborah Loeb Brice Foundation Tim and Sarah Bunting John and Susan Burns OBE Ricki Gail Conway Sir Mick and Lady Barbara D8vis 8aion and Baroness de Gunzbvrg Sir Lloyd and Lady Dorfman OBE Aline Foriel-Destezet DavKI Fran58n Alex and Elena Gerko Kenneth and Susan Green Sandra and Anthony Gulman Charles and Kaaren Hale Lady Hamlyn Vic8 Chair John G. Turner Chief Ex8CLJtive Royal Ballet and Opera Alex B88rd CBE Chairman Royal Ballet and Opera Sir Lloyd Dorfman CVO CBE Hon. Vice-Presidenl Royal Ballet and Opera Sir Simon Robey Treasurer G. Scott Clemons loo

Ri)y¢il OperB HgLlS6 Coveiii CILlI'd&n Four)￿all0￿ ILimi',kd by gui4ranlei4I fi)iiipany ￿lu￿nher l)0480. Tru5tges' r+pori anij conooliilaipd Iin4nLidl %ial?Inertls 52 wpek perio(1 pnilprt 25 Au'JLJ812Q24 Jan$ Hamlyn Lady Heywood Dr Catherine Hogel Charles Holloway OBE Alan and Caroline Howard Huo Family Foundation Aud Jebsen Doug and Ceri King Francés Kirsh Mrs Alfiya Askar Abulkhair and Timur Kuanyshev Bob and Tamar Manoukian Dr Patrick Mueller Bertrand and Elisabelh Meunier Dame Marit Mohn Mrs Susan A. Olde OBE Stelan Sten Olsson Jette and Alan Parkèr Natalie Parker Melinda and Donald Ouinlin Julia and Hans Rausing Yvonne and Bjarne Rieber Sir Simon and Lady Robertson Slr Simon Robey Victtsria Robey OBE Rolex- Arnaud Boetsch The Gerald and Gail Ronson Family Foundation Veuve Clioquol- Alexei Rosin Lady Saillsbury of Preston Candover Kim Samuel Darne Tina Taylor DBE Lindsay and Sarah Tomlinson Van Cleef & Arp8ls- Geoffroy Medinger Yleana Arce Foundation Anonymous141 ioi

052 ROYAL BALLET& OPERA REPORT 2023124

',i.-leJ 25 AIJIJ .Js1 go?4 2023124 in Summary Onth8 stsEes Our bulldlng Accètsslblllty 668,763 mainstagetick8ts £50 or less Tickets bookÈd 1 m Visitors 113 PerfoTmanoo$ 24 New CO teducrion since 18119.. 52% bookers newlo RBO 27% 720 bookers 30 19% 57 ProductlOll5 from gas from water 18k 5ubsldis8d tlcket5 b0￿ght byYoun# R80 3 world prtrmTeres from electricliy Oureconomlc contrfbirtlon Ourperfom16rs Enga￿￿%With schools From Cornw811 to Cumbr1& £240m GVA to UKeconorny 33% Women conductors 1,200+ schools 90,000+ Employ 3,000 children GlobaLMajority oy¥l Ballet dancers 10,000+ attendees 8t Schools Matinees - 2,000 freelancers Talam de¥8lopment eyond CoventGarden Infra$tru¢tur4 19 apprentices AwaYded'Best Apprentiteship in C¥e8tive Industries, UK stsge elevator5 replaced cinem8S Houselight$ projèct started 885 cinemas Stage r8n8W81 prograrnTne 8t8ried. Includin8: Youth OpEr& Company 116 Membe1¥ 54. 134k watch8d b811et and opèra 8treams Production li8ht¢ng enablingworks Global 4, Majority 1,00(fr re19yed on B8C Radio 3 12 operas 5.93m Orchestr8 pit lights Children engagad In Chance to Donee social media followers ballet & oper nomlnatlons awards R*¢ognltlon

INCOME 2023124 £4.7M Investment Income INCOME £54.5M Box offite recèipts 30% £49.OM Commercial and. other income 27% £9.5M Capital donatlons £22.9M LACE- NPO and Bridge 13% f41.3M Fundratsing 23% EXPENDITURE 2023124 EXPENDITURE £15.6M Commerclal £1.7M Front of Housè £4.6M Fundraising ÉIO.ZM Management. administration and governance £12.IM Marketlng and publicitv 7% £87.5M -Performance, learning and outreach 51% É40.2M Premlses and depreciation 23% Total incorne E181.gm, In¢luding capllal tknfialiun5 and funding 01 £9.5m. Total expendilure £171.9m, ex¢ludlng capilal tXPfJndilur2. FNJures exclude gains on Inves￿}ent. iaxalion and fund tr8n$feis.

INCOME 2022123 £7.IM Property income INCOME £3.IM Investment income £52.6M -8ox office receipts 31% £48.6M Commercial and_ other Income 28% £24.3M ACE- NPO and Bridge 14% £1.3M Capital donatlons i E33.7M Fundraising 20% EXPENDITURE 2022123 EXPENDITURE £1.7M Front of House £14.OM Commercial £4.OM 9% Fundraising £9.8M Management. administration and governance £88.4M - Pertormance. learnlnB and outreach 57% É9.7M Marketing and / publicity £27.2M Premises and depreciation 18% Tolal li￿orne £170 7m. Iwluding capital donations and fundiD¥ ol £1.3m. Total expenditure t154.8tn, exduding capilal 8Mpendiiure Figures exclude gains on IDvesimenl. laxalion and fund Iranslers.

TIMESCALE FOR THIS REPORT The Truste8s aro pleased lo present their report together with the audited financial statements of thè Royal Opera Hous8 Covènt G8rden Foundation, operating as the'Royal Ballet and Opera. IRBOI for tha 52-week period ended 25 August 2024. The comparative period is the 52-week perlod énded 27 August 2023. This do¢um8nl will filed with the Charity Commission and the Registrar ol Companies.

SIR LLOYD DORFMAN CVO CBE Chair Welcome lo th8 Royal Opera House Covenl G8rden Foundation (Limited by Guaranteej 2023124 Annual Report. The Roy81 Ballet and Opera occupies a truly unique place in the eultural heart of the United Kingdom, with influence spanning lar and widè beyond our stages. It is the graatèst honour to serve as Chair, and it is with huge gratitude lo our donors, friends and dedicated audi8nces, that I reflect on thè achievements of the 2023124 Season. This pasl year has b8Bn one of growth, resilienc8, and unwavering commitrnent to the artistic excellence that underpins everything we do. This is the first Annual Report in which I refer proudly to the organisation as ihe Royal Ballet and Opera, celebrating both our art forms to our audiences, partner5 and stakeholders after eighty years of residency here together. It was a year ol change as w6 bade farewell lo Sir Anlonio Pappano as Music Director of The Royal opera. In his remarkable 22-y&ar tenure, the dedication, exuberance and Skill ol Sir Tony was astonishing, and we wish him well for the nexl chapter of his dislin9uished career al the London Symphony Or¢he5tra. He leaves Ihg strong8sI ol musical foundations lor his successor JakLsb Hrusa to build upon, and who jtsins us in the 2025126 Season. We also made significant progress with our Learning and Partiupation Growth Plan. widening aC￿sS lo ballet and opera for everyone and breaking down the historie, bul still prevalent. barriers between background and opportunity. Following the successfvl upgrade of our Flying System. we continued our Capital Règeneration Programme this year and it is with heartfelt thanks to our ggnèrous donors who hava enabled us to begin this vital wot1( to upgrade and modernise our hardworking èstate. Whilst we celebrate th8 many and varied achievements over the past year, we cannot help bul recognise the daunting challenges that lie ahead. Like many arts and cultural organisations, we continue lo 18ckle headwinds in th8 form ol rising costs. increasing pressure on box office revenues, and the need for significant investment to suslain our ageing capital infrastructure. Decisions made in the Autumn 8udget to increase Employer National Insurance Contributions will add pressures to an already challenging financial outlook. In addition, 2025 will rnark the first repayment of our Cultural Recovery Fund loan, so generously provided to support the effects ol tt)e Govid-19 pandemic. These financial challenges wi11 requirè careful management. but we remain confident in tsur ability to adapt and thrive in the lace of thèsè headwinds. We wi11 absolul8ly not be able lo do this without the continued generosity. cornmitment and unwavering support ol our Friends, funders and audiences, all of whom play a critical role in the crealion and sharing of the art wè produce, and the wider value it brings lo our socièty. Whilsl we work resolut8ly to ensure our financial stability, we do so with a shared mission to products and nurture world class artistry in all its form5. captivating audiences with stori6S that transcend languag$ and cultural barriers. It 55 a comrnitment that extends beyond our Iwo intemationally acclairned Companies and exceptional orchestra, into classrooms and communities across the country. as well as globally through our online and cinema offering. It is a collective effort between our roster of world-class artists, talented staff and dedicated supporter5 to maintain the Royal Balltst 8nd Opera as a beacon of artistie excellence. Looking ahead, I, an(f th8 Board ol Trusiees, remain committed lo ensuring the Royal Ballet and Opera remains at the cultural hgart of the UK, delivering global impact and inspiring future audiences, artlsts and creatives to drive forward the exciting and prosperous fubjre ol these exceptional art forms. I would like to take this opptsrtunity to thank Alex Board. his Executive Teatn, all the incredible artists and every member of staff at the Royal Ballet and Opera lor their tireless commitment and effort in delivering another suc¢e5slul year for one of the most complex and productive p8rforming arts or9anisations, not just in Ihis county. but the worfd. And, finally, huge thanks to my fellow Board Trustees who give so generously of their lirne and experience in support of this very precious, world-leading inslitulion. Sir Lloyd Dorfman CVO CBE 25 March 2025

ALEX BEARD CBE Chief Executive This ￿port ￿fi￿CtS upon a 202W24 S88son ofsignificant organisètion818nd artistic achigvsrnent. More than one million people visited our Covent Garden home with millions more enjoying perforrnances on our stages, in cinemas and through b108dcasl media. ReInterp￿tatiOnS of classics allracled more lirst-timers than ever before, and thanks to the 100,000 people on Dur Young RBO seheme, the average age of our audience is significantly lower than a decade ago. Whether it is welcoming audiences from a¢ross the globe lo experience magic on our siages or inspiring Grealivity in classrooms across the UK, the Royal Ballet and Opera eél8bralg5 everything that the arts bring to thè UK and beyond. We invested in future skills with the number of participants doubling both in our Laarning and Participation programmos and our sector leading and award-winning apprenticeships. Artistic talent development went from strength to strength with the number of members at record highs for our Jette Parker Artisl, Aud Jèbsen Young Dancer, Overture, Youth Opera Company and Chance to Dance Programmes. We remain the largest ernployer of artists and creatives in the UK perforrning art5 sector, and our graduating apprentices join more than 1,000 full or part lime staff, alongside a 2.000 strong community of contractors, freelancers or commissioned staff who regu18rly work here. 2023124 Saw the next phase comrnence of a rengwal programme to upgrade end-of-lrfe infrastructure last updated in the 19gOs. Piojocts includ8d Ihg replacement of auditorium houselights to LED, the completion of our surtitle upgradè and ènabling works for the o)mplete rèplae8manl and renewal ol the production lighting rig in coming seasons. Transformation bayond the stage included upgrad6S to powèr in$t8llalions. unifying IT nètworks. lift and escalator upgrades and urgent rèpairs to our beautiful Grade I listed building. On stage, The Royal Ballet Season opened with a special perfomiance of Don Quixote, attended by Their Majesties The Klng and Queen, lo celebrate the achievements of an invited audience of workers from the Heath and Charity sectors, marklng the 75th year of the NHS. Tha Company showed anew how th8 genius ol Founder Choreographer Frederick Ashton and Principal Choreographer Kenn8th Macmillan oan speak lo today's audi&neas. The Nutcr8ckerand Swan LBke proved their enduring popularity in sell-out performance runs, We presented revivals of Thè Cèllist, Cathy Marston's Ptri9nant ret8lling of the momentous life of cellist Jacqu81ine du Pré, Wayne McGregor's Th8 Dant8 Project and Christopher Wheeldon's Th8 Wint&rs Tale. A new genèratioll ol 8xceplional dancing talent both honoured this breadth ol repertoire through the ages and push6d th8 boundarie5 of ballet, crèating unforgettable theatrical experiences. In the Linbury Theatre, Jc)seph Toonga Curatèd 8 special festival for Black History Month. Rhythm in Resili8riGe. including a new film created with Harrison Emmanuel and a Dtsft Wortfs programme ol invited Black chorèographers. Royal Ballet Principal Charaetér Artist Kristen McNally made her full-length choreographic debut with Ths Limit, a dan¢9, dialogue and music adaptation of Sarn Sleiner's West End play Lemons, Lemons, Lemons, Lemons, Lemons, which was conceived by Princip81 d8ncerAe¥ander Campbell, set to a newly commissioned score by Isobel Wallér-Bridge. We nurtured ernerging creats've and performing talent with Draft Works. Intemètional Draft Woths and the Next Generation Fe8tlV81, bringing in dancers and choreographers from leading inlernational dance schools and companies, Our long-standing wrnrrilrnenl lo fostering dance partnerships included North8m Ballet, Fallen Angels Dance TheAtre, Ballet 818ck and Sydney Dance Company. After final performanc85 al the Royal Opera House, the Company toured lo Jacob's Pillow Festival in th8 USA with a progratllme that included a world premiere of Wayne McGregor's Figur&s in a Landscape. The Royal Opera opened its Season ￿th two18ndmark works. On tha Maln Stage, in his final Season as Music Dir8Ctor. Sir Antonio Pappano conducled Barriè Kosky's bold and decisive imaglning of Wagnerfs Das Rheingold - tha start ol a new Ring cycle for the Company. In the Linbury Theatre and following the successes of Written on Skin and L8ssons Love and Violence, Gèorgè Benjamin and Martin Crfmp brought us the UK premiere ol their latest collaboration Picture a Day Like This. Sir Antonio Pappano went on to guidg Ghrislof Loy's new produetion of Elektra, as well as eonducling longlirne collaborator Jonas Kaufmann in a stellar revival of Andrea Chénier, before returning to Japan on lour with the Company, for the first time since 2019, to leaLI spectacular casts in Rigoletto and Turandot. In May, His Majesty The King joined a packed house lor a special gala performance ￿lebrating Sir Antonio Pappano Mo dacade$ 81 the musical helm of The Royal Opera.

New productions ol Carmen and Jephlha we18 Staged alongside a raft of beloved revivals including La Fo￿8 dèl Destino, L'elisirdamore. Rigolètto, Cavalleria rustic8n8/P8gliacci, La boheme, Tosca, Hansel and G￿tel, The Flying Dutchman. Msdama Butterfly, Lucia dff Lammermoor, and Cosi fan tutte. In Ihe Linbury Theatre, Little Bulb's Olivi81 award-winning Wolf WilGh Giant Fairy relumed, alongside a new thrilling double-bill by the Jelte Parker Artists Larmes de ccuteau and Full Moon in March, and Irish National Opera and The Royal Opera p￿sented their third co11aboralion'. a brand-r￿ staging of Vivaldi's 1734 opera, L'olimpiade. Beyond our stages, our programme ol live and as-live cinema relays ￿aChed more than 600 UK cinemas and a further 800 around the wodd. More than two milllon people enjoyed bioadcasts of our productions on Radio 3 OLJr new Royal Ballel and Opera Stream reached over 10,000 subscribers. As we approach the 40th anniversary of our Leaming and Parbripation Prograrnme. rnore than 100,000 siuden15 &ngagad in thè RBO Schoo15 Programme and Schools, Matinees, a year-on-year doubling of the programme's reach. Nearly 1.500 schools used our resources, and c105e lo 4,500 teachers trainèd in teaching dance. rnusic and design. Over 26,000 childrèn took part in a national Create Day which saw pupils from schoo15 across the country engag8 in free, fun and inleraclive lessons and perfom4n¢ès, both in person and virtually. Alongside these artistic and organisational successes, howover, and like many arts organisalions, w8 continue to tackle enormous finanGial challenges. Econotnic shifts, pressure on box office revenues and funding uncertainties have impacled our resourcès. necessitating difficult decisions and strategic adjustments. Despitg thèsè pressures, we achièved a financial break-even position for the year. This was in part b8caus8 of a one-year decision to reduce the nurnber of new main stage productions. Moving fopwar(fs, nd thanks to the absolutely vital axtension of the Theatre Tax Credit, we have been able to renew our commitment lo new work from 2024125. In the meantime. we f8¢8 new challenges in an uncertain world including the need lo rep8y our Covid-19 Cultural recovery Fund ltsan, the prospect ol increased Ernploy8r Nats"onal Insurance Contributions and the urgent need to replace our end-of-lile backstage infrastructur6. Despite Ihese, our commitment to fostering creativity and delivering exceptional art remains unwavèring. We are det8rtnined that through innovalitsn, resilience. and continued support from our communily and partners, we will navigate these economic headwinds and emerge stronger. ensuring our legacy of artistic brilliance endure5. In closing, I would lik& lo thank all my colleagues in the truly remarkable RBO team of staff and artists- it is Ih8ir pr(>lessionalism. dedication and ingenuity that d&fine us, continuing lo inspire audiences in our théatres, In schools and communities across the country and far beyond. l also extend my heartfelt gratitLJde to our Patrons, Friends, and philanthropists- their constant support has b9èn the cornerstone of tsur success this year. And I would also like lo thank our Board ol Trustees and advisors under Sir Lloyd Dorfman's inirnitabl lead a5 chair for their wise counsel and assured guidancè. Thanks lo you all. we are able lo remaln committed lo our vision of bringing world-class ballet and oper8 to everyone, and to fostering the culture of worfd-class artistic ex￿llenCe for which we are famous. Alex Beard CBE 25 March 2025

WHO WE ARE AND WHATWE DO

Our os During th8 Season, we renamed the org3nisalion the Royal Ba118t and Opera IRBOI from the Royal Opera House IROHI lo refieol the lull range ol our art15tic output as a whole. rather than simply the namè of our theatre. Al the same time, we adopted a new purpose statement.. Insplrlng Imaglnatlon, Ignfftlng omotlon, making fhe 8xtraordlnary, for everyonè. Our legal namè rem31ns the Royal Opera House Covenl Garden FoundatKin. The Royal Ballet and The Royal Opera ￿ntinU8 to perfom) at The Royal Opèra House. How we achi8V8 our ur ose We bring all the arts together, pushing the boundaries of wh918 èxtraordinary talent and stories come lo life, from SGhool to stage. Our riorilies and actions ARTISTIC EXCELLENCE World-class art, balancing much- loved repertoire wlth exciting new works & commissions OPENING UP AND RELEVANCE More people in & outside ol London choose to vis118nd engage with us INCOME GENERATION Long-tertn financial & operational RESILIENCE Buildings are accessible. cost less Money lo rLJn & are more environmentally sustainable, Business transformation maximises collaboration & eliminates procgss Prioritiès Innovate & engage with today's best people & ide8S, appealing io the broadest possible audience Open up all aspect5 01 RBO to touch more people's lives & create a deep sense of béltsn Increase income through better exploitation of brand value, commercial incoffle & fundraisin streamline business processes to increase productivity & reduce operational Costs Action$ Taking all ol this in the round, w8 d&liver public benefit which may be summari8ed As falling into seven broad calegories.. Education and engagement with thè arts for School agè chSldren and their families, and sUPPOrt for teachers.. lor exatnple, our RBO Schools Programme inspir8d over 90,000 children across the country 2023124 In singing, dancin9 and design programm8S. 2. Support for new èntrants into job5 Wlth RBO and support for people already in the industry lo progress their careers.. lor example, our award-winning appienticeship programme, and our Freelance Community Charter through which we are strengthening how wè work with and sUPPOrt IreelanTrrs and casuals who engag8 With us. 3. Provide opportunities for young performers and other creatives to develop theSr work and Gareers.. for example. through our Overtuie programme Ilor orchestral musicians), Jette Parker programme Ilor singers. stage directors, repéliteursl and Aud Jebsen programme Ilor dallc8rsl, Provide access to our performances at affordable prlces: for exarnpl8. 113 of our mainstagè tickets are priced at £50 or less. 5. Engage and partn•r wlth 10¢31 communltles: for 8xample. we largel our leaming and partlCiP8tlon work in areas of the counlry with litnited opportunities lo engage with our artlorms. 6. Support the wider arts and cultural sector: for example. we are sharing our research, in5ight5, lèarning and experi8nces, to enable others to benefit from the scale ol RBO and the work we do. 7. Opan access.. for example, we are making effective use of digital channels and providing access to our building for all. io

Challen es ahead Our financial results for 2023124 were achieved in part because of a one-year reduction in the number of nèw productions. This was necessary lo accommodatg the steeply rising costs ol running the building 8nd our operation bul Is not sustainable beyond tha short term if we are to maintain our worfd-class reputslion. And Ih8nks in part lo the extension ol Theatre Tax Relief al ils higher rates we have committed to increasing the number ol new producliDns annually back to historical levels. How¢v&r, Ihare remain per8islenl and new financial pressures which will continue to pose significant risks lo our future operation. Top of the list is the critical need to invest c. £60m in the next three years1£250m+ over the decade) in our estate and infraslruclure. The Royal Opera House was substantially rèdèveloped in the late 1990's and consequently the building's stagè 8nd mechanical Infrastructu￿ is now al or bèyond ils useful life. 11 must be renewed if we are tc) continu8 to operate the stage safely, to provide an environment that is conducive to singers. dancers and other staff performing at their best, and to deliver the experience that audiences demand. Thls Is in addition lo other major new challenges. These include the increase in the rale olempl()yers' National 5nsurance announced by the Government in Autumn 2024 lan additional cost to us of £1.5rn a yearl, the significant increase in the National and London Living Wage land the knock-on implications lor pay more widely), prolonged higher rates of inflation, an($ the start of our Cultural Racovory Fund ICRFI loan repayrnents1£1.6m a yearl. We are meetlng this ¢halleng& by growing revenues and redu¢ing costs. whilst fundraising lor capital renewal. Our Brldging the Gap strategy includes the following key initsatives.. Growing business partnerships and comm6r¢ial revenues. Reviewing our pricing model, growing box office revenue, while simultaneously ensuring we maintain a subslanlial percentage ol affordable tickets in line with our audience divèrsity goals. Increasing fundraising income. Reducing costs through buslnass tr8nsft)rmalion, enabled by investments in technology and smarter ways of working. We have madè somè progress during 2023124 on Bridging thè Gap, bul lo address these compounding new pressures, we will have to seèk deepgr operational cost reductions than previously anlicipaled, requiring us to re-think how we deliver what we do whilst sustaining our art45tic ambition and excellence. li

ACHIEVEMENTS 12

i'JÈr' Ga'Llgn l-".iur ACHIEVEMENTS.. artistic exc8llèn¢e and opening up and ro18van¢è On Thursday 16 May. we held a special gala performan¢e lo celebrate The Royal Opera's longesl-serving Music Director, Sir Antonio Pappano. Celebrating Pappano'$ 22-year tenure, the gala comprised pèrformances by friends and regular collaborators including Aigul Akhmetshina, Carlos Alvarez, Xabier Anduaga. Diana Damrau, F￿ddle De Tommaso, Am8rtuvshin Enkhbat, Gerald Finley, Ermonela Jaho. Jonas Kaufmann, Huw Montague Rendall. Lisette Oropèsa, Sondra Radvanovsky, Nadine Sierra, Insung Sim and Bryn Terfel. They were joined by the Royal Opera Chorus and the Orchestra of th6 Royal Opara House. led by Concert Master Vasko Vassilev, in performing rep&rtoirè by composers including Donizèttl, Massenet. Mozart, Puccini, Rossini, and Verdi. Pappano won the OlivierAward for Outstanding Aehievetnenl in Opera in recognition of hi5 achievements as Musical Director of The Royal Opera. Thè Royal Ballgt Th5$ Season brilliantly showcased the peerless talents of our dancers aeross revivals of our rich repertory. while programmes like the Festivalof New Cho￿OgraphYand Intemafrional Draft Works as well as new works like The Limit l(xiked to the future of ballet and the abundant cre81ivity on offer at The Royal Ballet. Bravura performarncps of Carlos Acosta's production ol Don Quixote opened the Sèason wlh a flourish. Other classics proving th8ir enduring popularity IndUd￿ The NulGrack&r and Swan Lakè, providing expansive interprelalive opportunity for the full Company as wall as for tha Orchestra of the Royal Opera House in Tehaikovsky's serninal scores. Arrèsting ¢ompositions by Stravinsky, Wèbom, Schoenberg and Fauré were th8 foundation for a pow8rhJl mixed programmg by Kenneth Macmillan. Three one-acl ballet5, Danses concertanfes, Diff6r&nl Drummer and Requiem, demonstratgd the breadth of the choreographtrrfs vision during his lifetime. Macmillan's vivid creativity was also celebratsd with his rnasterpiece Manon and with Yorke Dance Project's reworking of Isadora in the Linbury Theatre and a filmod version of Sea of Troubles. There were also celebrations across both stages of the Company's Founder Choreographer, Frèdgrick Ashton. His illustrious legacy was marked by perfomanc85 from The Royal Ballet and Th8 Sarasota Ballet with ballets including The ￿￿&m, Les Rendezvous. Rhapsody. Five Brahms Waltzes thg Manner of Isadora Duncan, Hamlet and Oph81i8, and rhe Walk to the Paradise Garden. A variety of Ashton divartissernenls and rarely seen worf(s were presented by The Sarasota Ballet in the Linbury Theatre, giving yet more insight into our founder choreographerfs oeuvre. These Ashton Celebrèteo performances also launched Ihe Frederiek Ashton Foundation's intemational festival, Ashton Worldwide 2024k28. The remarkabl8 artistic talents ol Resident Choreographer Wayne McGregor, compos&r Thowas Adès and artist Tacila Dean came tOgeth8r again in The Dante Pmjecfs first revival, Also receiving thelr first revivals were The Cellist by Cathy Marston and An&moi by Valentino Zuc¢hetti. In its lenlh anniversary soason and now an established contemporary classic. The WNnlgrs Tale by Artistic Asso¢iate Christopher Whèeldon returned to the stag8. Joseph Toonga, who undertook the Season's Choreographic Residency, curated a special festival for 81aek History Month, Rhythm in Resilierjce. which included a new film created with Harrison Emmanuel and a Draft Works programm& of invited Black choreographers. The Festival of Nèw Chor8ography on the Main Stagé eonlinued The Royal Ballgvs commitment to embracing and championing new. diverse voices. During this lime the whole House cama aliv8 with events on both st8ges and in the Paul Hamlyn Hall and Clore Studio. Four choreographers made their Main Stage debuts.. G&mma Bond. Jessica Lang, Mthuthuzeli November and Royal Ballet First Artist Joshua Junkèr. The inlirnale space of th& Linbury Theatre was transfom)ed lor an immersive new production by Robert Binet for Royal Ballet dancers, Dèrk with Excessive Bright- a ground-breaking approach to audio dascriplion was lesled as part of this production." this was part of our work to increase Access provision across ix)th stages. Royal Ballet Principal Character Artist Kristen McNally made her fvll-lenglh choreographic debut in thè Linbury Theatre with The Limit, a dan¢e. dialogue and music adaptgtion of Sam Steinerfs West End play Lèmons, L&mons, Lemons, Lgmons, Lgmons. first conceived by former Principal dancer Alexander Campbell. 13

Nurturing talent was also at the heart of thè Company's Draft Works and Next Generation FeSt￿Val programmes in the LinburyThèatrÉ, bringing in dancers and choreographers from leading international dance schools and companies. The venue also hosted Norih@In Ballet, Fallen Angels Dance Theatre, Ballet Black and Sydney Dance Company during the Season. The Duets programme in the Clore Studio as part of the Festival of Nèw Choreography included wtsrk by Hannah Joseph. She has subsequently been invited lo creale a new wotk lor Jos8ph Sissens, Legacy project. After our final perfomiances at the Royal Opera House ol Swan Lake, wè underiook a small-scale tour lo Jacob's Pillow FestlV81 in the USA where 22 dancers performed a variety ol works acros5 two stages al this historic dance venue. The programme included a world pr8miere by Wayne McGregor, Figu￿5 in a LandsGape. The Royal Op$ra The 2023124 Season included a rich and varied programme ol new productions and revivals, all brought to life by an outstanding line-up of intarnational artists. We opened the Season with Barrie Kosky's new production of Wagner'5 Das Rheingold- Ihg momentous start ol a full new Ring cyole at the Royal Opera House. conducted by Antonio Pappano. We continued our Handel in Covent Garden series. Followlng the suecéss of our Olivier Award-winning production of Handel's Aleina12CI221, The Royal Opera presented 8 new production of his Jephtha, the first lime this work has been heard in Covent Gardèn since the 17505. In a gripping new staging by Oliver Mears. conducted by Baroque specialist Laufènce Cumrnings, and with an outstanding cast led by Allan Clayton in the title role, our new production ol Handel's mastèrpièce shed tx)werful new light on a timèlèss biblical tale. Moved from its originally int8nded premiere in 2020, Christoph Loy dlrected a new priKlu¢tion of Strauss. monumental modernisl work Elektra. conducted by Antonio Papp8no. Set in a decaying lurn-of4he-century Viennese pala￿, Loy created a tragic worfd for the eponymous heroine. Following the su¢cess of his award-winning Cavalleria rusliG8na/Pagli8Gci also revived this Season Damiano Michieletto ￿tUrned for a nèw staging ol Carfften, a key repertoire piece for The Royal Opera. Antonello Manacorda alld Emmanuel Villaum8 conducted an excilin9 International cast, with former Jette Parker Artist Aigul Akhmetshina in the lille ro18. The production also featured our Youth Opera Company. Revivals included L8 fotsa del Destino, L'elisffr d'am0￿, Rigolgtto, Hansel and Gret81 lin a new English translalionl. L8 bohème. The Flying Dutchman. Lucia di L&mmem700r, Co81 fan tutte, Madam8 Butterfly, Andrea Chenier and Tosca. Across the season, The Royal Opera saw sèveral extraordinary artists make their debuts. These included Sean Panikkar IDas Rheingold), Nadine Sierra (L'elisir damorel, Erin Morley (Rigolettol, Karen Kamensek (Toseal, Andrea Baltisloni (Toscal, Ausrine Stundyie (Eleklfft and Toscal, Elisabet strid (Der fliegend Hollander), Liv Redpalh (Lucia di Lamm&rmoorl, Golda Schultz (Cosi fan tuttel, and Andre Schuen Icosi fèft tuttel. We also wel¢omed back several regular Royal Opera collaborators including Christopher Purves IDas Rheingold), Bryn Terfel IDer fliegend8 Hollander), Pretty Yende (Rigolettol. Albee Coote lJephlhal. Simon Keenlyside IRigolellol, Angel Blue (Toscal, Sonya Yoneheva (Tosco), Asmik Grigorian (Madsma Buttertlyl, Plotr Beczala ICam7enl, Mark Elder ILa forz8 del Destinol and Julia Jones (Rigolettol. George Benjamin and Martin Crimp's highly anticipated new one-act chambei opera, pictu￿ a d8y lik8 Ihis, opened The Royal Opera season in the Linbury Theatre. Following the historie success of Wrillen on Skin and Lessons in Love and Violence, this latest collaboration between Composer and librellisl explored human nalure, character and psychology through a universal fable about loss, hope and self-discovery. Following its successful wodd premiere at the Festival d'Aix-en-Provence in summer 2023, the production travelled lo Covent Garden lo audience and critical ao¢laim. Continuing the Linbury's commitment to new work by women composèrs. The Royal Opera staged Giant, a n8w opera by Sarah Angliss. Exploring the true story ol suroeon and analonatomist John Hunter and his relationship with 'lrish Giant, Charles Byrne co-produced with originating commissioner Britten Pears Arts. 14

g4 Our Jette Parker Artists embarked tsn a new double-bill production of L8rrn88 de Couteau (Martinul and Full Mcx)n March (Harbisonl in the Linbury Theatre. Both ple￿S We￿ well-reE6ived and highlighted the continued significance of the JPA Programme as a pipeline lor opera talent. Thè final piece in the Linbury Theatre was Vlvaldi's rarely-presented opera L'olimpiade, in a co-prodL¢Ction th Irish National Opèra. Daisy Evans. modern staging was as illuminating as it was entertaining and formed part of the Royal Op8ra's eommitmenl to staging 8aroque-era operas across both our stages. The Linbury saw many debuts from leading and up-and-coming artists, as well as many significant ratuming artist5. Pictur8 8 day lik8 this included debuts from rising Stars such as Ema Nikolovska, Cameron Shahbazi and JPA alumna Jaquelyn Stucker. Giant saw Karim Sulayman's and Anna Cavaliero's debuts, while INO'S L Olimpiade involved another JPA alumnus Chuma Sijeqa alongside debuts from Gernma Nl Bhriain. Rachel Redrnond and others. RBO Stream At the end of the Season, we had 70,008 subscribers who can aecéss slrearlled Insights, performances, ¢08ching S￿s￿ons, maslerclasses and intèrviews with c￿alives. During the Season, we developed several new conlenl series including Spotlight on... 8 series featurfng dancers from The Royal 88llet discussing their lavourit8 roles, and their careers. Our Unmissable Opera series, presented by cultural historian Dr. Fbra Willson, explores opera through the ages in an informative new series of eight films available exclusive￿ on the plaifom). We are currently offering 8 cheaper subscriph.on rate for RBO members, and w8 hav8 subsequently bègun offering free Stream ac¢e$$ to Young R80 members Èg8d 16-25. We also offered free RBO Stream access lo further education music coll￿85 and conservatoires specialising in ballet and opera education. Beyond specialist schools, we are working on a18rge-s¢ale partnership to deliver the whole RBO Stream catalogue into UK secondary schools, free al the point of access. Audience development 170k Bookers +76 New Net Pfomoter Score 11111152 % Corning from Under 30 countries and teristories Average age 31% 18% (pffptl(pOi Outsido London Internatlonal Global O Majority 15

P rfman￿3 ainst tar ets Target KPIS Achieved 2023124 30°k UK audiences live outside London. 31% 8.3 /0 Global Majority 10% 12.2°k audiences disabled people 53.7Vkn under a e60 74% Following the pandemic, R80 has suc￿sSIu11Y engaged new audlences. with 8 highèr propot1ion of new bookers cotnpared with pre~Covid. In the 2023-24 Season, 48¥ts ol our bookers179,000 people) booked tickets at RBO for the lirsl lime. which compares to 40°14148,000 people) in 2018. A new 8udience development slr8t8gy has been devglop8d which lays out our approach lo reaching and engaging new audiences, including underrepresented audience groups. Our Dbjeclives for tha audience dev8lopm8nt strategy are lo.. Drive financial sustainability through rg4ngaging first tim8rs who havan't returned lo RBO and growing new audiences who are more likely lo build a relalionship with us. Diversify our audience base through growing audiences from underrepresented group5 (with a focus on audiences who are youngar, those from Global Majority backgrounds, those with lower incomes and those with access requirèments). Our approach to audience development identifie5 Potential barriers to altendance and looks at how we can break these down to continue to build and diversify our base. Youn RBO This is a scheme for those aged 16-25 ye8rs old who can buy lickels at 230.. Across the season, Young RBO member5 btsught over 18.000 tickets for mainstage performances. 35914 Ot the bookers self-d8fina as being from Global Majority backgrounds 64Yo ol those educated in the UK went to staté schools 8°/0 sell-deline as Dldeaf, disabled or having 8 long-temi health condition s811-identify as neurodiverse Relaxed P8rforman¢e For the Paul Hamlyn Christmas Treat 2023 Ikindly supported by thè Helen Hamlyn Trusll, wè daveloped and delivered our first mainstage Relaxed Performance. Designèd to benefit neurodiv8rsè audiences, those with disabilities, long-temi health conditions and audiences with a variety of a¢¢ess needs, this performance welcomed nearly 1,400 people to The NutcraGker, glving many their fitsl 8xperience of this magical festive production. and their first experience in our Covent Garden home. 16

Leaming and Participation Our Learning and Particlpation programmes are designed lo inspire creativity, offering people of all ages the ehance to discover, question and respond to the power of our artForms. In 2023124, they significantly extended their reach and Impact. Brief surnmaries of th8 k$y programmes are bèlow. RBO Schools RBO Schools: Delivery Map ha￿1•￿en RBO 5th￿5 HEr￿￿elusI5￿￿eh￿hlV4thS of rin-pwson d•fv*tyaLroSS Sin& Dhnce4ndD￿￿l1n GThNtr•. 53chddwL9 E¥eE4r￿dWe5lS￿￿Qrt￿t Programm• summary A programme which trains teachers to give thetn the er8ativ8 confidence to deliver ballet. opera and design in their classrooms. Free-lo-use resources for statè schools around the country with tsrgeted work in rnore deprived areas of tho ¢ounlry. Impact 2023124 eompared with 2022123 1,235 schoo15 where our resourcès were used180°/o increasel 4,460 teachers Iralnad In leaching dancè. music and design giving them confidence to deliver lessons to insplre their students 1300% increase) 103,277 students engaged in Create & progr8rnm85 and our Schools Matinee perfomiances1240¥o ineroasel Create Da Programm• summary UK-widè celebration of dancing, singing and design. The day saw pupils from s¢hoo15 across the country take part in free-to-access, educational, fun and interactivè 19ssons and perfomanees. both in person and virtually, taking inspiration from The Royal Ballet's Light of Psss8ge. Impaet 2023124 ¢ompared with 2022123 This was the programme's first year, and it reached.. 26,543 childron 266 schools 17

Desi n Challen Programme summary Free annual programme for students aged 14+ which is designed to help pave the way lor students to embark on a car&r in the creative arts Impact 2023124 compared with 2022123 Over 700 cornpetitors (increased from 4541 h Is, Matine Programme summary Special performances of an opera or ballet just for students and leachers. Eaoh tickat cosis £7.50. Impact 2023124 compared with 2022123 Numbers b8low are broadly standstill compared with 2022123. as planned. 10,700 young people 83°/o of schools who attended had a free school rneal percentage abovo the national avèrage 65VD of attendees were from outside the M25 38Yo of schools wère from Arts Council England Levelling Up for Culture areas1 Priority Places, identified as a￿a$ ol high cultural and socio-economic deprivation. £25,000 made available lo $¢hwls for Travel bursaries. essential lo th8m accessing this offer. Chance to Dancè Programme surnmary Impaet 2023124 compar•d wlth 2022123 Chancè to Dance.. Long-established programme lover 30 years), now working nalionwide with a fc>cus on areas ol socio-economic deprivation and Arts Council England Priority PlaGg8 ouiside London. Numbers bèlow are broadly standstill compared with 2022123.. Insplred and engaged over 1,000 children's creativity through the power of dance. Delivered over 170 hours of workshops through in-depth projecis in 5 areas of the UK. Strengthened partn8r5hips in 22 schools, lo inspire sustainable and creative dance leaching. Nurtured the creative practice of 27 danc8 teachers, lo develop their dance pedagogy and continue to build the nètwork of dance t8aehers and 8rt15t5 across the country. ThroLJgh brokering partnerships with privaté dance schools and primary schools we reach new participants and encourage creative aftd inclusive practice. This inspires young people to discover and take part in ballet and Produces long-term change in the teaching of ballet. 18

Talènt development We offer a range of prograrnmes lo support lalenl development, with a particular focus on increasing the diversity of our own worktorce and contributing to the seclor as a whole. Examples ar8 below. renli¢8shi 8 Scheme Programme summary A programme off8ring a wide range of learning pathways including craft. tfychnical and admini51ralive roles. Impact 2023124 Rècrulted 13 lour record nurllberl bringing the total on the progratnme In the year to 19 la figure which has sinee expanded to 271. Number recruited in 2022123 was 11. Awarded 'Besl Apprenticeship in Industries,. CreatlV8 Youth an Programme summary Provides children aged 7 to 13 with rigorous mu51C and drama training, erealive projects anLI the chance to perform in world-leading opera production5 with The Royal Opera. Impact 2023124 116 YOC full-tlmg members S4•A identifying as Global Majority 18°A recelving Free School M•als Overture Programmè summary Ovèrturè.. a mentorship programme for young musicians from underrepr6sènted backgrounds to Igarn from members ol the Orchestra of the Royal Opera House. Impact 2023124 17 young muslclan rts¢ruits 50°A of those on the programme (including thi5 year and last year's racruitsl are from Global Majority backgrounds Thè PTograrnme is a collab(>ralion belween RBO. Black Lives in Music IBLIMI, and the National Open Youth Orchestra INOYOI Jette Par r Artists Programme summary Jelte Parker Artists." a programrne to identify. recruit and nurture exceptionally gifted young professional singers, conductors and répétiteurs to develop their careers (with a focus on diversity). Impact 2023124 Increase in applicants.. music staff, 14°A' singers, 22*h,. directors, 46°A. As a result of our work in the 2023124 season all musir staff In thè upcomlng 2024125 Season ar• from the global majorty- a Programme first. Aud Jebsen Youn Dancers The prograrnme was established in 2014 and provldes ￿centlY graduated dancers a year's contract to b8 nurtured and perform as part ol the corps de ballet of The Royal Ballet. By the end of Season 2023124, the prograrnrne's 10 anniver5ary'. 61 dancers had been through the programme 48 had transferred lo the main company All bul Iwo members of the programme remain dancers, with the other ￿¥0 in other arts rol8$ 19

ACHIEVEMENTS.. Income generation and resilienca Long-term flnanclal sustainablllty Our Bridging the Gap strategy had 3 positive impact as we increased income from £163.6m in 2022123. excluding £7.1 m ol exceptional property income in that year, to £181.9m in 2023124. Im act Increased income from £35.Om in 2022123 to £50.8m in 2023124 Increased incorne from £20.9Tn in 2022123 10 £23.2m in 2023124 Increased income from £52.6rn in 2022123 10 £54.5m in 2023124 Income strèam Fundraised income Commercial incorn8 Box Office income However, despite these Succésses, we are still a long way from being able to invest th8 £60m needed in thg next three ye8rs1£250m+ over the decade) in our estate and infrastructure. This 18 ori top of other financial pressures which have arisen more recently from the Autumn 2024 Budget. Together with peer arts organisations who f8Cè the same ch8118ng&s, we continue to make the rase to the Government lor investment from the publi¢ purse which acts as a catalyst lo unlock investment from th6 private Sector. Addilionally, we began to enhance the Bridging the Gap strategy with a sel of prfnclples which describe how we will aim to unlock a st8p change in income potential.. Prlnciple l Unloek the value of our brand-. Building on our new name and foims of expression, wa need to drive greater brand awareness and relevance amongst potential audignces, donors and brand partners. Principle 2 Flnd naw me¢hanlsms to drlva Income.. Whether this is ntsw phllanlhroplc mechanisms for younger donors, increased focus on building the endowment, or new ways for brand partners to allgn with us, new mechanisms ar8 critical to drive maaningful growth in revenues. Principlè 3 Focus on dTlvlng loyalty.. Increasing loyalty across all OLJr key groups, Including long-standing mernbers, current and new audiences, philanthropists and brand partners gives us a Strong loundalion, financial resilience and repeaVrecurrin9 rovenues that enable us lo plan our artistic programmes well in advance. Principle 4 Create a joinèd-up ¢omrnèrclal mentslity.. Drive cultural and behavioural change across th$ organisation th81 connects priorit18S to comrnercial impact and joins th8 dots between donors. brand partners and audiences to gr081&r effect. The above 15 supported by efforts to save cos15 by increasing productivity through.. Reduction of back officeladrnin resources throLJgh the coordinated implementation ol key enteTpfi5e systems combin8d with rernoval ol all manual pT0￿sSIng. Use ol new technologies to change ways of working and move towards more single systems lor oper8ting lin stage areas). Use of LEAN melhodo>logies to streamline and reduce ¢ostslwaste. 20

Reslllencè Staff OLJr People Plan for 2023124 sel out how we would allract, dev8lc>p and relain the taltrnl we need Its deliver for RBO hgainsl the challenges c>f the cost-ol-INing crisis and difficult ètllployment cllmale. Achievements Include.. Talent entry progr8mmes that ar8 stronger ihan ever, with our apprenti¢8$hip scheme recognised as leading in the sector. Increasing diversity of artists on our stages and in the pit alld Arts Council staff diversity tsrgets achieved overall. Setting out our commitments to embed ED&1 across the organisalion in an updated policy supptsrtÈd by a programme of internal events and activities to increase understanding of ED&I. Appointing an Access Project Manager lo develop and embed a range ol initiatives and projects to improve access for disabl8d people both to artforms and ptsrforrnances, and employment opportunities. Partnering with specialist tsrgani58lions and car66rs events lo beit6r r88¢h diverse talonl and those who sUPPOrt underrapresenled groups into the workforce. Supporting leaders with a new 18ader8hip development programme including coaching and 360- degree review. Additional ED&1 awareness training for managers lo help better understand and deliver diversity and in¢lusion al work. Awarding a minimum 5 /D pay deal for staff and artlsls with lower paid staff and those on the London Living Wage seeing the largest increases. Sick pay was significantly improved as wtrll as an increase ITr annual leave lor new staff. As a result, our siaff and artist engagement leve15 were much stronger al the end of the 2023124 season- increasing by to 80 /.- our highest ever and above the benchmark for similar organisations. Securit st We cijmmenced a series of projects to increase th8 security of our bulldings, indudlng stsrting work lo prepare for implemenlalion of Martyn's Law. We also continLJed lo strengthen sysleTllS and processes lo ensure eontinuous improvement in our cyb8r securily. Sta es buildin sande W& Completed the first of a three-year initial renewal programmè costing c. £60m, lo upgrade and replace end-ol-life infrastructure largely focused on stagé Systems. The six stsge elevators- erucial in enabling our complex repertory schedule and to move larg6 scsnery around our stagés and sometimes during productions were upgraded and moved into the same technology as our Flys. We comm9nced the projèct lo move our audiloriurn houselights to LED. completed our surtille upgradè and carried out ènabling works in preparation lor the rèpla¢emenl of our production lighting rig in the coming season. Beyond the stag8. we carried out the first phase of three in upgrading our power installations, compl6tad the project to unify our IT netsfork$ and carried out Ilft and escalator upgrad8s and urgent repairs to ourbuilding infrastructure. We arè hugely gratèful lo the Garfield Weston Foundation, the Oak Foundation, Bloomberg Philanthropies and Marina Hobson whose generous donations In the 2023124 season made this ptrs5ible. We commenced work with specla15st consultants to further develop our Maslerplan wilh the airn of dèfining our programme ol works over the coming decade Ilikely to C05150me £250m+ with circa £60m needed in thè next three years to tackle the tnosl urgenl pr(>jeclsl to upgrade our facilities for our artists, staff and visitors. while remaining rnindful of the need lo deliver a more sustainable estate and operation. The18ck of sufficient funds for this prograrnme is a major risk lo the organl$8ts'0ll. 21

Environmental sustainabili Recognisino our internalicTrnal reach and leadership rc)le within th8 UK arts sector, we have embraced our responsibility and obligation to reduce our greenhouse ga5 emissions. 11 is the ambition ol the Royal Ballot and Opera to be a leader in environmental suslainabilily and to act a5 a calalysl lor positive changé in our indLJStry. Our environmental policy commits us to net zero carbon emissions for scopes 1 and 2198s, electricity and fleet vèhicle emi5sionsl by 2035. Our policy is currently being reviewed to incorporate our plans lo reduce our scope 3 8tnlssions. To achieve these goals. our Sustainability Action Plan continues to be upd8ted regularly. Our Energy Strategy, published in 2021. has bè6n reviewed and an in-depth exploration of options lor decarbonising our buildings w85 ¢ompleted in 2023124. This has provided a clèar path of actions required to achieve decarbonisation. In the 2023124 season carbon dioxide equival8nt ICO&l emissions fro>m electricity consumption increased by 7°/., how8ver there was a 33°/o reduction in emissions from gas consumptlDn. Previous seasons have seen larger reductions in carbon dioxide equivalent emissions in b(>th gas and el&¢lricity as w8 undertook easy wins and small-scale projects. Most ol these Ènergy-saving measures have now been completed and W8 have moved on to planning lor larger scale projects. The Estates and Facilities plan has been updatgd to incorporate projects that will need to be oompleted prior to removing tho boilers includino replacern8nt ol windows. A Westminster City Council grant was applied for at the end of Ihe Season to fund th8 r8placement of gas boiler burners,. although this will not remove the use of fossil fuels. il will improve the bumers, efficiency, reducing the amount of em5ssions produced until the infrastructure is in place to allow the boilers to be removed. in order lo de¢arbonise our Covent Garden bullding. We continue to work with thè Theatre Green Book and achieved basic certification. The Theatre Gre&n Book provid8s a framework for theatres to achieve net zero by working through four ¢ertilication stages., basic is the second stago. The Theatre Green Book encourages theat￿$ to consider the envir(>nmenlal impact ol all areas ol op8rations. buildings and productions. In operations this year we have changed how our programm85 are produc8d, begun to gather data on how our audiences travel to us and worked with ihe Design Challenge team in Learning and Pa￿'CIpatIon to include susiainability as one of the assessment criteria. Our buildings work is ongoing,. this year the auditorium light project has comm8nced and will s8e all auditorium lights chan9ed to LED,. and the trace heattng system has been replaced to redLJce electricity consumplion. Work within productions has included an increase in diverting sel and props from going to W8Ste by don8ting these to schools. theatres, charities, small companies and individuals. An asset management syslern, TRAIL, continues to be irnplem8nted so that reuse ol our stock will be easier for designBrs. Reporting on every produGtion against Theatre Green Book standard5 has now become common practice and talks have comtllenced with the Ballet and Opera Companies to detemine how b85t to er)couiage creatives to incorporat¢ sustainability al the design stages. The 2023124 season has also seen a locus on Scope 3 supplier emissions. W8 surveyed the suppliers and contractors that wè engage with most, and those in high carbon induslries, and the results indicated a range ol levels of engagement with environmental sustainability. RBO hosted Iwo workshop sessions, inviting key contractors and suppli6rs from our TPC departrnent and Estales and Facilities,. the feedback from these sessions was overwhelmingly positive, allowng cotnpanies the than￿ to 181k freely about besl practice, sh8rg challenges and discuss Wlth RBO how we can help to reduce ernissions through our supply chain. The workshop5 will continue on a regular basis and this work has been incorporated into th8 ACE Environrnental Report as a best pracb.ce case study. We continue lo work with others in the sectoi to raise standards. Our staff We￿ recognised for their work towards the relaunch of the Thealfe Green Book in June 2024, and R80 is now part ol the Oper8 Europa sustainability committee. We continue lo sil on the steering and technical comrnittees of the Westminster Sustainable City Gharter. Through these groups we aim lo share lessons learned, develop networks and influen¢e other organisations to help us all rnove towards mole susiainable operations. 22

Streamline Energy and Carbon Reportlng In accordance with the rgqulramenis of Streamlined Energy and Carbon Reporting ISECRI imposed by the 2018 SECR Regulations. we are required to disclose the following energy and carbon information lor the reporting year 1 Septernber 2023 10 31 August 2024. Scopo 1.. Emi%sion5 from Gombusbon trf Ga$ IC02e 2024.. 733 IEner5y Consumpt￿n.. Gos 4.W6,941 Kwhl 2023.. 1.088 IEn8r9y consumption.. Gas 5,944.962 Kwh) 2022.. 1.258 (Energy consumption". Gas 6,892.888 Kwh) Methodology.. Lornbon Based Tonnes of C02 equivalent IIC02el are calculated from the product of Ihe invoitsed gas consumption in durirvj the previous reporting period and ihe 2023 UK Govemmenl GHG Conversion Factors for company Rwrting (version 1.01 for'N8lur81 Gas. From 1st OGtr>ber 2022 the Royal Ballet and Opera purclFased Cart)on Naulral Natural Gas as part of Ihelr Gas supply contracl provided by Total Ellergies Ltd. For more inforrnalion plea58 visit hitps..II￿slnegs.1Oia1ener9ies.Uk1Carbon-neUIraF- ergy Scop• 2.. Emissions from purchased electr￿llY tC02e 2024.. 2,032 (Energy consumption." Eleciricily 9.816.163 Kwhl 2023-. 1,903 (Energy con8umplion.' El8clricily 9.188,290 Kwh) 2022.. 1.801 (Energy consumpt￿0. Electricity 9,313,635 Kwh) Methodology.. Locallon Based Tonne5 of C02 trquwalenl I IC0281 are Calculated from ihe product of the above slal 8¢lricity consumption in kwh durin9 thè previous rapOr￿n9 pÈriod the 2024 UK Governrnenl GHG Convers￿0 Factors for Company Reporbng Iversiw 1.01 fer'Elédricity GeneraledlEl8ctri¢ity". UK, MaTkel 8aseO Erni98￿n8 reported as O due lo the fuel rnix of the 8leclri¢ity purchased. as deffned by Ihe suppliers, fuel mix. Drax fuel mix.. 1000 REGO Ba¢kÉd Renewable Electricity https.'Ilenergy.drax.corrV5UPPOrtJfud-mix-dis¢losurel Scope 3: Emission5 from business travel in rental cars or 8mpioyea-owned vehicles wherÈ the Gornpany is restx)nsibb for purchasing forfu81 IC028 2024-. 14139.921 miles) 2023.. 6124,606 tnilesl 2022.. 216.594 miles) Methodology.. IC02e c8lcula18d froTll the total mi188ge expenses claimed during the wevious reporting period mJllipllÉd by the 20241202312022 UK Government GHG Conversion Factors foi Company Rfrpottino (version 1.01 for an Average Car and unknovm fuel typè. In wevious years this has been a specified frJel type Lwl thi5 infomiallon was not availablg Ihi8 yèar. 11 is of note that this year th8 vwrr conversion has also been included wher8a$ ￿n previous years il has not. In addition ihere We￿ a small number of Wdn hires. Thes8 htve been c81culaled u$ing Freighting Goods from 2024 UK Govemment GHG Conversion Factors for Cotnpany ReporUng (Ver￿On 1.01- Vans average diesel. Intonslty Ratlo.. tC028 gross figure based from mandatory fidds ItC02elm21 2024.. 0.0500 2023. 0.054D 2022.. 0.0570 Methodology.. Th8 intensity ratio stated above h8s bèen calculated as Tonrs of C02e perlola 8quare of useful floor area157,438 m21 In the 18sl three years RBO has undertaken a range of measures t(> reduce energy eonsumption. from encouraging behaviour change to investillg in energy saving technologi8s, using an Energy Savings Opportunity Tracker IESOTI to identify and quantify options their environm9nt81 value. In thè last year RBO has completed work to remove trace heating, installed escalator upgrades to irnprove efficiency and repla¢ed external doors to minimise heal loss. The majority ol the sm811 scale and Iow-COSt measurès identified in the ESOT are now complete, and RBO is considering the long-t@rm plan that will d&carbonise all three buildings in lime for our llet zero ambition for scopes 1 and 2 by 2035. It is only via major infrastructure upgrades that wa will make further significant itnprovements to our energy consumption. 23

Compari50n of SECR reporting period 2023124 with the previous year shows an increase in electricity consumption by 627MWh. When converted into carbon dioxidÈ equivalent 8missions this is an increase ol 129 IC02e or 7%. Gas Consumption during 2023124 d8creased by 1,938MWh wmpared lo 2022123. Emission5 from gas decreased by 355 tC02e compared to 2022123, which is a 33.ts reduction. Comparison of 2023124 with 2018119 shows a 51°1¢ decrease in emissions from gas consumption", we have worked hard lo maintain this pace of rgduction and Gontinue to be committed to reducing our gas emissions. Work continLses to reduce our eleclricily consumption, wilh ong(>ing and planned projects including repl8cemenl of auditorium lighting with LED and upgrad& ol the Building Management System. Based on the param8ters measured by SECR, across the whole estate in 2023124, electricity accounted for 71 Yts of lolal annual energy dernand and natural gas accounted for 29°k. This composition of 8nergy use is changing annually and reflects the project5 we have undertaken and our reduction in gas use". Ihe balance previously being 53°h electricity and 47Ok gas in 2018119. It is inlended that this comp()sition will continue lo move more towards electricity as we move to deoaibonise our anergy consumption. 24

Flnance and Governance The Royal Bal￿1 and Opera strives lo present an arnbilious programme of work while balancing its books on unrestricted general funds in ea¢h full financial year. The results for the period ar8 setoul in the con501idated statem&nt of financial activities. Note 1 to the financial statement5 sets out the basis on which thèsè finanoal slatemènls have been pr6p8red. The Board of Trustees received Management Accounts at each Board meeting. The Royal BallelaThS 0￿ra'S forward plans include a set of outcornes and related KPIS, agreed wlth the Executive teatn and Bo8rd of Trustees. KP15 included.. public ellgagemenl acmss performancès, digital aclNity and learning and participation inilialives., diversity ol audiences, partlCiP8nls. staff and artis15', results against budget,. and environmèntal perforrnance. Pèrfortnance against the KPIS is review8d in detail at the end of each y88r. Additionally, Arts Council England receive Managernenl Accounts and rashfh)w re￿)rtS on a monthly basis. enabling them lo closely monitor progress against financial targets throughout the year. Th8 important continuing investment from Arts Council England enables the undertaking of a range and dgplh of work and Investment in new work, artist development, craft excellence, engagement and access, which could not be sustained otherwise. Financial review- 2023124 Our mixed funding rnodel is a st￿n9th comprising public and privat8 SUPPOrt. box office. and other eommerrial activiliÈs- and we will make the best use of our diversified incoma sources at a Ilme of ongoing economic uncertainty. We already g8nerale the vast majority of our own income, and through our Bridging the Gap strategy we continue lo focus on increasing commercial revenue8, Stretching lundraised income and reducing operating costs through buslness transfomation, all while staying wmmitted to our Gore objactives and mission. Our audiences broadly returned to prgyandemic lèvèl$ and we achievèd 95°k occupancy and delivered 80% rinancial capacity, with the latter impacted by changèd audience booklng behaviours and some targeted discounting. Overall. our box offiee income was only 51ighlly off its highest ever target and we achieved £54.5m152 w8ekperiod ended 27Augusl 2023.. £52.6ml. We continued to benefit from tho extension of the higher rates of relief for Theatre Tax Credit, £16.5m152 weekp&riod ended 27August 2023.. £2Q.6ml, a vital support to our post pandemic recovery, enabllng us lo rebuild invèslmenl in new work in future seasons and provide expanding employmonl opportunities for creatives. As a National Portfolio Organisalion {NPOI, a gr8nl of £22.3m 152 week period ènded 27 August 2023.. £23.6ml was received frtsm Art5 Council England, representing 15°/o of total lunrestiicledl income152 week pericxl 27 August 2023.. 15°Al. Additionally, the Royal B81191 a￿1 Opera is ono of only four National Portfolio Organisations to be awarded funding from Arts Council England to lead the Bridge prtsgramrne for Bèdford Borough, Cèntr81 Bedfordshire, Luton. Hertford5hire, Essex, Thurrock. Southand, Dartford, Gravesham. Swale and Medway. Funding of £0.7m was recèived in the current year152 week period ended 27 Augusl 2023.. £0. Tml. Excluding income within the Endowmtrnt, a fundraising income target of £34.4m152 week period ended 27 August 2023."£27. 7mlwas set against fundraising activits.es in the developrll8nt departmentforlhe period and this targetWdS excee(ledwith funds rai58d of£50.2m152 week period ènded 27Augusl 2023.. £33.4ml, £9.5m of which was received in support of rapilal projects. Our trading subsidiary, Royal Opar8 House Enterprises Limited, ￿Ctsrded an operating profil before tax of £5.9m for the 52 week period ended 25 August 2024152 week period ended 27 August 2023.. £4.9ml. These figures are now ahead of results pre-Covid-19. 25

As lorour costs. like others we were faced with the impact of prolonged higher lates ofinflation and increased utilities cosis. As an accredited London Living Wage employer with staffing Gosts representing 45°A of total expenditure excluding depreciation, the upward p￿sSUre on salaries was acutely felt. AJI of these factors had significant impllcations for an operation that runs on such tight margins. Expendilvre on tangible and illtangible fixed assets sits outsidè our stat8menl ol financial activities, but we must fund this 81ther through donations or reserves. During the year. wè spent £10.9m 152 week ￿riod gnderl 27 Atjgust 2023.. £7.2ml in the first ye8r ol our capital investment programme. fo¢ussing on the stage infrastructure. urg9nt building issues and critical business systems, wlh 8 further £4.8m committed 8t the year-end. The overall result for the charity's Unrestricted general fund5 was overall nil movement from the previous year. On a group basis, Unrestricted general funds al 25 August 2024 werè £4.1 m (52 week period 8nded 27 August 2023.'£4.2m) after transfers from R8Stricted funds 01 £9.8m152 week period énrled 27 Augusl 2023.. £0.6ml and net transfer5 to Unrestricted Designated funds 01£10.Om (52 week period ended 27 August 2023.. £10.OmJ. R8fer to Note 20. Al 25 August 2024 unrestricted fundswere £234.1 m (27Augusl 2023.. £222.9m) before Unr8stricted pension reserve deficil of £11.9m (27 August 2Q23.. £12.8m). There 15 £228.3m (27 August 2023.. £218.3m) held in Unr85tricted Designated funds. At the end of the period Restricted fund balances were £9.Om (27 August 2023.. £9.2m). For further details refer lo Note 20. At thé end ol period the Endowment fund balanee of £56.7m (27 August 2023.. £52.3m} is represented by restricted capital assèts of the Royal Opera House Endowment Fund 2000. The Royal Bal￿1 and (bera group held positive cash and short lem deposit balances throughout the period. Unrestricted cash held at the period end was £101.6m (27 August 2023.. £80.8mJ, which included advance bookings held at the p8riod end of £13.7m (27August 2023.. £17. Im). The overall incre8s8 in cash balances, including those with a notice period 016 months, was a result ol the return to pre-covid business levels and the impact on working eapitsl. This cash is ne8d￿ for our planned eslales and infrastructure works. wlth our forward plans showing a decrease in cash b8lances in each subsequent year. Looking ahead, we coniinue lo lace challenging financial pressures including inflation. which is still above the 2°/0 Bank of England target, and our reduced grant frorn Arts Council England remains flat until March 2027. We began the first phase of critical long-term investment in our stage infrastructure 8nd the fabric of our building. This is necessary lo mitigate risks ol equipment failu￿ which could lead to performance ¢ancellalions, as well as to protect the heritage of our Grade I listed building. It is to ensure our spaces main fit lor purrK)se, w81coming and sale lor the 1 m people who come through our doors each year, both tlcketed and non-tickeled alikè. Repaym8nts on our Cultural Recovery Fund ICRFI loan commenc8 in March 2025, with annual repayments totalling £1.6m. When combined with the increased National Insurance from April 2025. our business model will hav8 to find at least a further£3m+ in cash resources annually to maintain th$ same leve10l operations. 26

The followng operating statement, which excludes Endowment income and èxpenditure and capital fundraising and expenditure, illustrates the tight margins of our model and d$monslrales the impact of these increased pressures. Operating Statement, excludlng Endowment & capital Income Operations of the Royal Opera House Donations and legacies, gxcluding capital ACE grants Commercial trading In*slmenls and other 2023124 £'ooo 2022123 £'ooo 80,273 42,262 22,942 23,217 3,461 80,292 35,098 24,302 20,882 2,766 Total Income 172,15S 163,340 Expenditure 1171.3351 {154,4741 Net income l {oxp8ndlturel 820 8,866 Reserv85 Tha Trustees regularfy review reserve levels. 8nd designated the fdlowing amounts al the period gnd.. FixadAsset 8nd Heritage Assèt funds including Revaluation fund, of £161.6rn and £7.3rn respectivety, equivalent to the tangible and inttngible fixed ossets owned by th8 charity, plus thos8 fixed assets that were approved in the season bul not fully Completed. D8sign8ted Future Project Fund of£61.Om. This fund compris&s $pecificamounts put aside forfuture actiffity, which includes a fund r)f £41.7m tOW8rds our capital investment needs ovèr the naxt Iwo financlal years (27August2023.' £30m). Other designations include a fund for investing in the artisti¢ programme and new works1£10.3rn1, and funds to bridge the financial gap as we grow our revenue streams ond realise savings from our programTne of business transfoirmation1£9ml. The level of fre8 reserves Irepreg8nl8d by the Unrèslricled General fund) at 25 August 2024 01 £4.1m (52 week p8riod 8nded 27August 2023.. £4.2m) equates lo only 2.8Yo of CLJrrent unrestricled illcoming restsurces. The Trustaes agree that a higher level of reserves is desirable in order to protect against reductions In box office and fundraising income, econornic uncertainties, unforeseen èvents and further reductions in public funding. The Trustees review th818vel of free res&rves annually. and considering the financial model ol the charity, core expenditure and levels of cash held in advanced bookings, have held a targel level of free reserves of £10m for Ihe L8sl sèvèral yea￿. Howev8r, Trustees aeknowl8dge that any incr8ase to freè reserves over Ihts medium term will be unlikely due to the cornbined impact of the challenging economic environment and the identified needs for the programmè of estates works. As the current finoncial strategy is lo budget fora rllinimum £4m contingency in annual budgets while building designated fun(Js for specific, future, longèr tertn planning, the Truslegs will consider increases to the free reserves when possible in order to make progress towards tho £10rn targel. The total lunds held at 25 August 2024 was £287.9m (2T August 2Q23.' £277. 7ml. The designated Future Projects Fund1£61.Oml is likely to be spent in the next b￿0 years, in support of our urgent capital investtnenl n&eds, artistic progratllme and business transforrnation. Levels of unre51ricled funds, both current and forecast, are monitored elosely to ensure thèy remain at an adequate level in order to provide financial flexibilily and a buffer against operational risk, 27

Pension scheme In line with the requir8m8nts ol FRS 102 S28'Employee Benefits., thè Royal Balbt and Opera's defined bengfit Pension Scheme liability and related costs are included in these financial ststemenls. Within the Slalem8nt of Fir)anGial Activitie5 etnployer contributions as d8termined by the actuary are recorded as an operating cost in th8 Ljnrestricled general fund. The charge to the Statem8nt ol Financial Activities 15 £0.6m less than contributions152 week period ended 27 August 2023.. £0.4m lèss than contribution51. in accordance with FRS 102 Irèfer to note 24 of the financial slalementsl. The actuarial galn, net of actual return less interests on plan 8ssels lor the period was £0.3m152 we8k period ended 27 August 2023". £0.9ml. Thè net pension liability al the period end was £11.9m127 August 2023.. £12.8ml, with the improvement frorn th$ prior peri(Kl driven by the significant llse in the discount rale in èxcess of returns on scherne assets. 811 as part of Ihg actuarial assumptions. It 15 important to note that ￿e liability r8presented by this value Ib8ing based upon actuarial assumplionsl will aller in response to changes to the future funding and siructurg ol the pens10n scheme las well as Io 8conomic and investment tnarket conditions) and does not crystallise in the short or medium term. Inv&stmenl owers and olic Under the Mèmorandum and Articles ofAssocialion. the charity has the powerto investfunds not immediately required for its purposes in such investtn8nts, securities or property £5 fnay be considered appropriate by thg Trustees. Aside from balances held with the Royal Ballet and Q*erd bankers, Coutts & Co., monies are only invested in fijnds that are regulated by the FCA. The Tru51ees of the Royal Opera House Endowment Fund 2000 have no restrictions on their investment powers and are permittèd to invest and reinvest the Trust Fund, providing the obieetives and purpc)ses of thé charitable fund are mel, and subject lo such consents as may be required by law. The Truslegs reviewed and agreed an Investrnenl Policy in lin8wlth the Charity Commission Guidance CC14. This is not shown in full in thè accounts but a surnmary of the key investment objectives are as follows. Generate investment ineome to support the grant incom8 available lo support the Royal Opera House Covent Garden Found8tion', and Deliver capital growth lo maintain the real valuè ol inve5trnent5 for future years. To achieve the above objectives. the Trustees have Sel ihe investment b8nchmark of a blended return of CPI +3.5% on a rolling basis. At the start of the year. the inveslmenis were hekl with Stonehage Fleming Investment Management Limlted, Troy Asset Management Limited and Newton Investmenl Managetnenl Lim41ed. During the year the investments with both Troy and Newton were liquidated and reinvested in The Children's Investment Fund and Cazenove Capital, alongside some additional cash funds. Not including the additional investment. the combined capital growth and income relurll net ol investment managem$nt fees was 10.9% lor the year ended 31 August 2024 (Year ended 31 August 2023 increase of 1.56Y.l. The relum for 2024 exceeded the blended larggl ol CPI plus 3,5°1.15.70/0l. Investments with Stonehagè Fleming which are long term in nature are being progrèssively wound down. Going Cot)¢ern The Trustees must satisfy themselves as to th8 Royal Balletand Opera's ability to continue as a going coneèrn for a minimurn of 12 months from the signing of the financial statements. The Board of Trusleas have considered business plans and budgels basgd on an artistic pr￿raMme of activity to August 2026, supplement8d by outline plans in other areas. These plan5 show the irnpacl of the challenges ahead given the external ènvironrnenl. th8 impact of inflation and the increase in National Insurance contribution5. In 8oard's assessment of going concern they have iaken into consideration whether the Royal Ballotand Opera has adequate r8sources to meet its obligations as they fall due in and beyond the 12 months frorn the date ol approval of these financial statements. 28

TriJ.-ItsL4 In assessing going concem. th8 Board considèrad the fillancial impact of 8ny shortFall in fundraising and trading income, and the impact ol further increases on costs in excess of current plans. Whilst the Trustees are confident that these risks have adequale mitigation lo ensure the Royal Balleland Opera r8mains a going concern, the modelling shows that there is suffiGienl liquidity lo August 2026 excluding mitig8lions. After consideration of th8 scenarios, the Trustèes consider that thè Royal Balel and Opera (Group and Parent Charitable Comp8nyl has adequate resources to continue in operational existence for the I0￿Seeable future being a minimum of Iwelve months frorn when these fi'nancial stolemenls are approved. For this rèason, the financial statements of the Group and Parent Charitable Company have ba8n prepared on a golng concem basis. 2023124.. Risk Managomènt approach During the period the Trustees have operated a risk Tnanagemenl strategy which comprises.. Review and assessment by the lull Board of Trustees ol the risks which the charity may face and the approach to risk management. The establishmènt of systems and pr0¢9dure5 to rnitigate those risks identified. Detailed review of the overall risk landscape by the Audil and Risk Committée, includlng Strategic Risk, Health, Safety & Security, and Technology and Cyber Securlty matters. Procedures dasigned lo minimlsa any potential impact on the Charity should any of thosè risks malerialise. The govemance and management of risk is divided bètween Stratoglc rlsk and Operatlonal rlsk. Strategic risk is reviewed by the Executive at tll99b.ngs regularly throughout the year and is linked to the RBO Plan. The Executive considers each risk against its agreed risk appetite and reviews 8xisting mitigations and plann8d actions. Operatlonal risk is reviewed and updated by the Operational Risk Group which m6ats three times a year and operates under clear lerTllS of reference. The m8tnbership ol the Operational Rlsk Group is made up of senior man89ers from acr05S the Royal Ballet and Opera with reprÈs$nt8tion frotm all departments. The Chief Financial Officer attends the Operational Risk Group meetings and 8 regular raport is produced and discussed with the Executive. Additionally, risk is reviewed across speethc projects and monitored regulady throughout the year including Health & Safety, Capital & Estates, Planning & Scheduling, major projects, as well as an extensive risk assessment regim6 throughout the orgallisation. Strategic Rlsks At its annual ravièw of risk management. the Board discussed the 8lralegic risks and assured tharnselves of the adequacy of controls and mitigations in pla￿. These are listed below.. Access to diverse and Creative lalenl Inability lo attract and work with ex¢epts'onal talènt to deliver a high-quality programme owing to insuffici￿vinadequat8 training pathways, inabilily lo pay ¢ompetilive f885 and salaries. post-Brexil visa regime, r8putational concerns or raduelion in range of rep8rt0ry. Mitigated by a range of talent development initiative5 induding lor perfomiers lJetle Parker Arli5t5 for singers, Aud Jebsen Dancers and Overture for orchestral players),. a150, workforce diversity strategies. expanded apprenticeship programme. fair pay (including a benchmarking exerci8el, new Freelance Community Charter, advocacy on employment issues and a mulkn'.layereil staff en ement ramme. 29

Reputation Actual or perceived drop in innovation investment. artistic qualily and access to talent, or association with aTI individual or organigalion whose ieputalion bectsmes damaged, impacting all incotne streams and our ability lo attract talent. Also, peicepts-ons of irrelevance. inclLJding commitrrenl to diveFSlty and accessibility. Mitigated by balanced programming supported by.. Production evaluation process, including trackin9 audience. social media and press re5pon$e. Updated Production Repulalional Risk Irarnework. Retaining most high-profile ngw works and prioritising new cornmis5ions. Crgaliv8 diversity Central lo Company and L&P slralegEs. In¢￿ased political engagement across the main political parties lirlcluding work wlh the Opera and Music Theatre consortium to strengthen sector collaboralionl. Addition81 Board support with Lisa Burger now suppoiting Sir Lloyd Dorfvnan on18adin EDI. Customer spend not maximi5ed Earned income MitvJated by.. ox Offi￿ pricing initiatives lo optimise yield whilst continuing lo focu5 on accessibility. Continued innovation and finè-tuning of off8r. Monthly strat8gic meetings,. mystery shopper.. cateriro ￿nSUltant ￿VIew., strong ielallonship across senior 18arn. Reduced phllanthropic glvlng Mitigated by continued implementation of the new strategy establSshed in sumrner 2023, including an advocacy campaign with philanthropy al its heart. Overall bu6in8$s modgl unsustalnabl8 in future economy Mitigat8d by 8rldging th8 Gap strategy in klace.. grow cornmeraal, fundraising and cor orate artnei in¢om8 and reduce o 8ratin cosls vi8 business Iransforrnation. Risks arg further reduction in ACE funding frotn April 2027. Public investment Mitigated through continuing to deliver excellen￿ and public value, and though enhanced advocacy to make the case foi investment in the arts land RBOI more cogently l¢onlinuifig lo leverage the M¢Kin5ey ana1y51s of the economi¢ and social impact of the arts sector- HERE). And collaborating wlh ACE lo support DCMS lo make the best case to Treasury for arts funding in the 2025 Sp8nding Review. Poor cost control risks a growing deficit lo the point we can't deliver our otije¢lives, exacerbated by the ￿￿nI Budget including the increase in employers Nation81 In8uranc8. Cost control Mitigated by.. Business Translorrnation programrne including te¢h, digitzl stratew investment, business processes. culture change. Strengthened procurement policies and ¢onlrols, includiro e- procurement and tenders. Aca its5 l estates lan with cost reduction b8ked in. Serious injury or lalalily.. Legal challeng8 8nd resulting damages. Miliga18d by a wide range of measurgs focused on.. Inh8r8nt rlsks of theatre Iworking al height lor examplel. Terrorisl attack. Cyber-aitack. Organi5ational culture. ResouKe consliainls. Working practice5 and syst8ms. Facilit￿5 and e menl. Health, safety and physical security 30

'+':r ! Ho44 n...o1- 5¥ Capacity to deliver programme Inability to d81iver planned programme. including digital, touring aTid other ￿laled revenue.. Loss of staff goodwill. leadlng to pressu￿ on industrial relation5, retention. absenteeism ancl w5ts.. Breach ol health and safety. Mitigated by a WKle range ol mea5ure5 focused on ansuring.. Effective and suffici8nl staff resource. Fit-for purpose working pra¢tsces and systems. Maint8nance ol faciliti88 or e ment. Cancellation of a performance or digital event.. Customer dissatisfaction Mth digital 8xp8rience, itnp8Cting revenue., Increased energy and maintenance (x)$ls due lo aging infraslruclure,. Loss of ¢uslomer records. Equipment failLJre Mitigated by a Capital & Estates Plan focused on addres&ng'. Technology failure. Estsles failures. Sta rnenl failure. Impa¢l on business from a global catastrophic evènt such as another pandemic, terrorist attack or cyber attack, resulting Sn an inability lo trade or operate the business. Business continuity Mitigated by wide range of measu￿$ f￿US￿d on.. Disaster recovery plans for 8 variety of scenarios. Information technology resilience pians. Business and cashflow lans. 31

Trustoes, duty to promote th# success of the Charlty- Sgctlon 172 Statsm6nt Section 172 of tha Compani85 Act 2006 requires the trustees to act in the way they consider, in good faith. would be most likely to promote the suc¢8ss of the charity to achieve its charitable purposes. The Compani85 Act 2006 requires The Royal Bauetand Opara, as a large company, to report on how trLJStees have compli8d with Section 172 and other linked matteT5. secb.on 172.. th9 Trustees must promote the success of the charity lo achieve its charitable purpos8s by having regard lo.. IA) The likely consequenc8s of any deoision k)ng term The current RBO Plan approvèd by the Trustsès sets out ft>ur priorities which are ali9ned with the investment principles as set out by ACE and the actions and performance indicalots for each over the period 2023-27. Thèse four principles are.. Artistic Excellgnce Diversity and 1nclusion L(>ng Term Financial Viability Resilience All thé dècisions made by Trustees are predicated on the desire to achieve these long term aims. The needs of all our beneficiaries.. our current and future audiences as well as the many participants in our educational programmes as well a$ our other kay stakeholders.. our staff, our freelancers, the Arts Council England and donor5, are vital to Ihe success of our strategic plans. Trustees 8150 keep und8r review the charity s principal risks and opportunitie5 and ensure that our ￿anS ¢8n adapt to respond lo changes as r8quired. These are set out on pages 29-3101 this ￿pOrt. The new RBO Plan was approved by Trustees in 2024 IBI Th8 interests of the Charity'5 Staff The Trustees reeognise Ihal it is ils staff and artists that tnake thg Royal Bal￿t and Opera such a remarkable institution. Considering and protecting their inter951s is crucial to the success of RBO and our d8cision- making processes lakes this into account. Three trade unions are reoognised with whom we work Closely and consult. (Cl The need lo foster the Gharlty's business relationships with suppliers, customers and others. 11 is important for RBO to ensure that we engage with our eustomers whether they ar8 audiences in our theatre or the participants in our Learning and Parbcipation programmes or simply those who visil RBO. The Executive team regularly receive5 information on the audience feedback as we11 as detailed feedback from teachers and other eduoational participants. RBO also communicates with our audience and those who 8r6 part of our rnèmbership programmes with taroeted information according lo their preferences whilst al Ihg same time being mindful of dala privacy concems. Our procurement function tsnsures that wa deal with suppliers laidy and in a professional manner. We also develop strong working relationships with key suppliers who are abl8 to work with us to best support and maintain our unique building. IDI The impact of ihe charily's operations on the community and the environmènt Trustees and Management recogni5e that sustainability and the gnvironment ar8 althe centre of our activities 32

and currently we are continuing work on 8 sustainability plan which is being implgmenled at all18vels ol RBO. This is sel out on pages 22-24. RBO also works with both our local community but also communities elsewhere in the UK. We have Ic)ng term partnership5 in Thurrock 2s well as in Doncaster where we aim to losler ctsmmLJnily engagement with our artfomis. We are participating in Bradford's City of Culture programmfj for 2025. IE) Tha desirability ol thè charity maintaining a rèputation lor high standards of business conduet Thè Truslegs recognists that RBO'S reputation is critical both to il$ success and its obligation to maintain tha hlghesl standards given our position in the UK art5 and charity seclors. Having adoptèd the Charlty Governance Code in 2021, the trustèes review this annually a5 part of thalr règular governance review. There are a number of policies in place to promote oorporale responsibility as well as ethical behaviour including anti-fraud and bribery, modern slavery, safèguarding, conflicts of interest, bullying alld harassment. 8s well as donation and income aeeeptance. Summari85 of all these poliues are available on RBO'S website. RBO Values and Behaviours continue lo underpin our recruitment and induction processes as well as how wè conduct our actlvitias on and off stage. Our procurement strategy embeds ethical standards in our supply chaln as well and health and safety and safeguarding compliance. IF) How trustees have engaged with othèr stakeholdèr, a.g. strrvice users, benefi¢iaries. fundèr¥ and the wider community VV9 have outlined elsewhere in the report, and in this staternent, how we engage with suppliers, Staff, the widèr ¢ommunity, customer5 and other usèrs. Ovr donors ar8 8 critical part of our success. This has been especially tme In the current climate ol rising Costs including our energy costs and thè decrease in our govemment grant. We continue to actively engage with all our donors al 811 levels. We receive significant funding from the Arts Council England IACEI and it is an essential part of our financial wellbeing. We have a strong working relab"onship with ACE and keep them regularly inforThed on all aspects of our activilies Including having a repi958ntative attend some Board meets'ngs. (GI The need to 8cI fairly as be￿een members of th8 Charity and how diractorsllrustees have engaged Tmth staff and taken account of their interests We want io make sure we are ablo lo attract and develop talented people who contribut8 rnore, prgcisely because ol the breadth of their difforenl backgrounds, experiences, cultur85 and outlooks. Recruiting and working with those talented people 15 just part ol thè work. We know that we need lo create an enviionmenl where everyone believes they bglong and can do thgir best work. Achieving illclusion requires inclusive leaders with the ability and d85ire to continually sfyek feedback, really listen and then act to astablish a culture whera difference is genuinely valued. We commit lo regularly tll8asuring our progress, hc>lding our leadership team accountable fcir achieving our goals bul we acknowledge that we musl learn as we go. Equality, Diversity snd Inclusion Our EDI commitments fall under six themes.. Repr8sentation, Talent Pipelines, Indivldual Vol¢es. Aulhenlicity, Access and Governancè. REPRESENTATION-Our stages and events will better relleet and celebrat8 a diversityof commullities and experien¢es AUTHENTICITY- We will engage more proactively with communi118s lo ensure that portrayals of diverse cultures are respectful and authentic 33

TALENT PIPELINES We will do more to atlract and nurture wider talent pools, particularly in those areas ol our work where gender. ethnic diversity and disability are currèntly under-represented INDIVIDUAL VOICES - We will respect everyone as individuals arTrd ensure equal access to the supptsrl needed for people lo perform at their best. We will be sensitive to different lived experiences and will seek and listen lo different cultural perspectives ACCESS- We will do more to irllprove the access to and visibility ol our work to communities who have historically had less engagement with our artforms and remové or reduce any praciical barriers lo awess for our audiences and workforce GOVERNANCE - We will do more lo develop the skills required to lead our EDI work with cultural cornpetenee and confidence, and ensure we have effocb.ve ￿lIcIeS and procedures in place lo support our values and behaviours.. Moniloring Progr8SS The Royal Ballet and Opera's Board of Trustèes and Executive Team are responsible for the delivery of this strategy. Assessment of our success will be data driven, and high-level KP15 lor EDI have been embedded in RBO'S Business Plan. Transpaiency with staff on our plans and progress is kèy. We will consult with the Staff Diversity and Inclusion Network before thi5 Strategy and lulure updates are Ilnalised and will report back formally lo staff twica a season. This strategy was formally considered by the Board in DeGember 2023 and pproved. 34

ACKNOWLEDGEMENTS 35

In the 2023124 Se850n we work9d wilh a large number ol organisalions and we would like to thank them all for their partnership.. Arts Council England Askonas Holl 8allet Black Birmingham Royal Ballet Bradlord Cathedral British Broadcasting Corporation British Youth Opera Britten Pears Arts Brno National Theat￿ Ballet 8LJndesjugendb8llett Charfes Court Opera Clneworld City Lit Clonter Opera CNN Cologne Opera Creab"ve UK Curzon Die Nederlandse Opera izabeth Connell Priz8 English National Ballet English National Ballèt School English Touring Opera Everytnan Fallen Angels Dance Theatre Fesb"val d'Aixen-Prov8nce Flook Theatre Makers Gran Teatro del Liceu. 8Arcelona Greèk National Opera Gothenburg Opera Guildhall School ol Music & Dram Hans Gabor Belvedere Singing Compètition Houston Grand Opera Irish National Opera Korean National Ballet La Monnaiè, Brussels La Scal8. Mi18n Les Théatres dela Ville de Luxembourg Lisa Gasteen National Opera Program Littlè Bulb London Handel Festival Lyric Opera of Chicago Magpie Dance Morfey College Mt. Fuji International Op8ra Competition of Shizuok8 National Opera Studio National Theatre Brno National Youth Ballet NBS-Japan Performing Arts Foundation NGPA Beijing Neue Stimmen New English Ballet Theatre New Note Orchestra Northern Ballel Norw89ian Nalion81 Ballet Norwègian National Ballet 2 Nouvel Opera Fribouig Odeon Opera Australia Opera Ballèt Flander5 Opera Comique, Par￿S Opera National de Paris Opéra National du Rhin, Strasbourg Opera Story Opera UCT Operanhaus Zurich Paris Opera Ballet Place2Be Rambert School Royal A¢ademy of Music Royal Birmingharn Conservatoire Roy81 College ol Music Royal Gonsetvaloire of Scotland Royal Northem Coll6ge of Music San Francisco Opera Sarasota Ballet Scottish Ballet Semperoper Dresden Shanghai Arts Group Society of London Theatre St Paul's Cathedral Studio Wayne McGregoi Sydney Dance Company Teatro di San Carfo. N8pl8S Tealro Real, Madrid The Aotearoa New Zealand Opera Studio The Australian Ballet The Ballet Assoeialion The Barbican The Frederick Ashton Foundab"on The Metropolitan Opera, New York Thè National Ballèt ol Canada The Royal Ballet School Thick and fight Tonic Trafalgar Ukrainian Calholic Epar¢hy of the Holy Family Ukrainian Cultural Centre of Bradford Ukrainian Social Club Unicef Rights Respecting Schools Alliance UK Theatre Vue Yorke Dance Project ZooNation Youth Company 36

Royal Opera House Covent Garden Foundation (Limited by guarantee). Company Number 00480523. Trustee5' report and consolidated financial statements. 52 week period ended 25 August 2024. STRUCTURE-, GOVERNANCE AND MANAGEMENT 37

Diroclors and Trustees The directors of the charilable company I'The Royal Ballet and Opera. or'the charity'} ar8 Its Trust88s for the purpose of charity law and throughout this report are collectively referr$d to as the Tfustees. The Truslees who held office during the pèriod and since period end were as follows.. Sir Lloyd Dortman CVO CBE (Chairl Zeinab Bad8wI C8roline Britton Lord Browne of Madingley (Senior Independent Director since 25 August 20241 Lisa Burger GBE Timothy Bunting Kirsty Cooper (Senior Independent Diréctor- retired 25 August 20241 Philipp Freise (appointed 7 Decembei 20231 SLJsan Hoyle OBE Daniellson lappoinled 1 September 20241 Vanessa Kingorl OBE Iretir8d 21 March 20241 Stephen Lucas (appointed 1 September 20241 Dame Carolyn Mccall OBE lappoinled 10 December 20241 Paul Morrell OBE Irelired 25 August 20241 Fardh Ramzan Golant CBE lappointed 10 December 20241 Indhu Rubasingham MBE Irelired 25 August 20241 Alan Stanton OBE (appointed 8 October 20241 Joanna Slreelen18ppointed 21 May 20241 Alistair Summers lappoinled 8 October 20241 Janis Susskind OBE Christopher Townsend CBE Iretired 25 August 20241 Michael Ward Iretired 25 September 202411 Danny Wyler (retired 25 August 20241 Sir Alex Younger KCMG Chief Executive Al8x Beard CBE Companysecretary Leah Hurst Governing Document The Royal Opera House Covent GaTden Foundation is a company limited by guarantee (company number.. 004805231 gc)verned by its Memorandum and Articlès of Association, which wère last amendad on 5 October 2021. 11 is registered as a charily al the Charity Comrnissk)n (charity number'.2117751. Charltable oblects OLJr charilablÈ objects, as Stated in the Royal Ballet and Opera govèming documént, are.. to promote and asslst in the advancement of education 50 far as such promotion and assistance shall be of a charitab5e n81ure and in particular, to raise the artistic taste of th eounlry. and to procure and increase the appreciation and undetstanding of the Tnusical art in all its foirns. The 8Ghievement of our aims as listed In the pages above Ipages 12-211 enable us to fulfil our charitable objects and therefore our legal purpose. 38

Publlc benefit The Trustees ￿fer to the Charity Commission's general guidance on public benefit whèn shaping and reviewing the Charity's aims, objectives and futLJre strategies. In setting the level ol ticket prices, charges and concessions, and in developing digital and broadcast distribution, the Trustees give careful consideration to the accessibility of the Royal Ballet ar￿ Opera to those on low incom8s. As outlined in this report. this is addressed through maintaining a wide range of ts'cket prices, as well a8 through several ticket subsidy s¢hemes, free èvents, digital and broadcast activity and èn extensive lèarning and participation programma. Appointment of Trustèas The Board of Trustees are responsible for the appointment of new trustees, who are appointed for an initial term of four years. The Nomination5 and Remuneration Committee has delegated authority lo recruit Trustees who are lomally elected at Board me6tings and ratified al the next following Annual Ganeral Meeting of the Company. On the expiry of their Initial term they may be re-appointed for additional terms expiring on or befor8 the financial yèar end following either th8 second or fourth anniversary ol the date of re-appointment. No Trustee shall be appointed for a term exeÈeding twelve years. The Trustees appoint a Chair lor a term of five years or less and on expiry of such temi he or she may be re-appointed lor a second term of three year5 or lew6r by approval of the Trustees provided that on expiry of such second temi hè or she shall, unlèss the Trustèes otherwise ex¢eplionally determine, r8tire from officè. The Nominations and RemuneratSon Cornmittee revlews regularly the structure, size, composition, diversity and succession needs of the Board. ensuring that the Board ha5 the required blend of skills and experignce and it5 rernit 15 10 identify. assgss and formally iecommend to the Board candidates for appointment as Trustees. Trustee Induction and traintng New Trustges undergo an induction session with the Company Secretary lo brief them on thelr obligations under charity and company law. the contants of the M8morandum and Articles ol Associatitsn. the b03rd rnanual and the committee and decision-making processes. During the induction new Tmstees ar8 also inlroduc8d to key staff and other Trustees. Organlsatlon The dlrection and control of the Royal Ballet and Opera is detèrmined by the Bo8rd of Trustees, which meets at least six lime5 8 year. Th6 ro18 of the Board is lo direet the Royal Ballet and Opera strategy and to ensurè th81 the Royal Ballet and Opera is on the approved strategic course (including artistic slratagyl and that it is properly and effectively m8n8ged. 39

The following sub-cornrnitlees of the Board are established Iwhich in the case ol Finance and Commercial, Developmènt and Le8rning and Participation, include members who are not Trusleesl. The commilt8e is ￿SpONSIble lor ¢on5idering and r8viewng tnatlers relating to the conlrtsl environrnenl, including inlemal audit. insurance. Ireasury. health and safety and risk tn£nagement, Including consideration ol matters raised by the external auditors. The commitlee is responsible for the appointment of the extemal auditors. me8tS ￿9￿larlY with them and reviews their performance and independence. The comtmiltee m88ls at least three lirnes a year. Alex Beard, Mindy Kilby (Chief Financial Officer) and Heather Walker report lo all meetings. Audit and Risk The committee is ￿Sponsible for reviewng and assessing the balanc8, Integnly and transparency of financial information. the adequacy ol financial planning, budgeting and for&casling. and the Royal Opera House's annual finan021 slaternenls. It makes recomrnendations to the Board on major capital expenditure and r8venue ¢ontracts and on the overall framework for delegated financial authority in the Royal Opera Hous8. The committee meets five lirnes a year. Alex B8ard, Mindy Kilby Ichiel Financial Officer), Heather Walker (Chief Operations Officer) and Sophie Wybr8w- Bond Ichiel Commercial Officer) report lo all tneetings. Fin3nc• and Commerelal The commill8e supports the Development dep8rtm8nt in maximising fundraising OPPOrtunilies and income. Alex Beard and Arnanda Saunders (Chief of Staff, Developm8nt & Advocacy) report to all meelings. Development Th8 ￿mmittee SUPPOrts Ihe organisation around the elhical a￿ptanCe1[eJectIOn of swnsorship, donation5 and membership. This includes making de¢i5ions. ￿¢0￿[nendIllg referral of those decisions to the Charity Commission where appropriate. assessing the potential impact of thos8 decisions while advising the business communi¢alions departrnenl wilh regard to their fdtionale. advising e main Board on the associated risks, annually reviewng the policy on a¢c&piinglrejecling such funds and monitoring complian wlth this policy. Board of Trustees Donation and Income Acceptance The committe8 nominatgs apptsinle85 to the Board and other Senior Execulives for approval by th8 Board. It may co-opt additional memb8rs where particular expertise is required and a particular role is under ¢onsideralion. The committee is also responsibkg for the continuous review of Board membersh1P to ensure that 8 proper balance of skills, experien￿ and diversity Is maintained. The cotnmittee is ￿sponsible for rewewing and benchmarking internationally the pay. ban8fils and total cornpensalion of the Executwe T8arn. The activities of lh8 Royal Opera House are driven by the artistic plans of the Royal Ballet and th8 Royal Opera. and managed by the Chief Executive wth th8 SUPPOrt of the Executive Teatll. The Committee consider the Chief Executive, Music Director, Director of the Royal Ballet and Director of Op8ra as key management personne1 re5Wns1b￿ for these activitie$. The Committee conducts an annual ol executive compensation, focussing on surv8y data frorn a rang8 of cornparable UK and internalional arts organisalions. and also takes into ac¢ount the annual pay award for all staff. Alex 8eard and Dale Haddon IChi8f People Officer) also attend thesè meetings. Nominations and Remunèratlon Learning and Participation The cotnmittee 5UPPOrts the organisation in planning, implementing and rnonitoring programmes and inilialives focused on learning, participation and wdening enga9emenl. Jillian Ba￿er (Director of Leaming and Participationl reports lo all meelings. 40

Royal Opera House Covent Garden Foundation (Limited by guarantee). Company Number 00480523. Trustee5' report and consolidated financial statements. 52 week t>eriod ended 25 Auou5t 2024. Executlve Team: the day-to-day management is the tssk of the Royal Ballet and 0￿ra Executive The Trustees appointthe Chief Executive and Music Director. Royal Balletand Opera operations are managed by the Chief Executive with the assistsnce of an Executive Team comprising= Alex Beard CBE, Chief Executive" Peter Alesbury, Estales and Facilits'es Director Jillian Barker, Director of Learning and Participats'on. Heather Baxter, Adminislralive Director, The Royal Ballet Helen Dunne, Orchestra Director Dale Haddon, Chief People Officer. Will Harding, Deputy Director, Production and Planning Mark Heholt, Director of Policy and Strategy Leah Hurst, General Counsel and Company Secretary Peter Katona, Director of Casting Koen Kessels, Musi¢ Dirè¢tor, The Royal Ballet Ella Lewis-collins, Audiences Director (from 01 December 20241 Mindy Kilby, Chief Financial Officer. Terry McGralh, Director of Audiences & Media lunlil 31 March 20241 Tracey McNully, Director of Information Technology (from g October 20231 Oliver Mears, Director of Opera. Kevin O'Hare CBE, Director, The Royal Ballet. Christina Oslerby, Director of Customer Innovation lunlil 20 De￿mber 20241 Sir Antonio Pappano CVO, Music Director lunlil 25 August 20241 Samantha Potts, Visitor Experience Director Ifrom 13 December 20241 Amanda Saund&rs, Chief of Staff, Development & Advocacy" Cormac Simms, Administrative Director, The Royal Opera Jane Storie, Commercial Director (until 13 December 2024 Heather Walker, Chief Operating Officer" Alice Vvhittaker, Fundraising Campaigns and Membership Director Ifrorn 01 February 20251 Emma Wilson MBE, Director of Technical. Production and Costume Sophie Wybrew-Bond, Chief Commercial OffI￿r (from 03 January 20241. The Chief Executive lassisled by the Executive Team) is responsible for the development and implemenl81ion of the slr8tegy and business plans of the Royal Ballet and Opera. The full Executive Team meets monthly lo monitor artistic. operational and financial progress against plans approved by Trustees, with a smaller executive steering group Isee ' above) meeting weekly. It shoLJld be noted that where the title 'Director' is used in the above table this is an internal management term only and does not indicate directorship according to the Companies Act definition. Thè Royal Opèra Company and Tha Royal Ballèt Company ar8 internal divisions of th8 charity. Thè Royal Ballet has a Royal Charter dating in its original form from 1956. The Royal Opera House, The Royal Ballet and The Royal Opera Company have the Sovereign's pemiission to use the word 'Royal' in their titles. We would a150 to thank the following for supporL advice and encouragement throughout the year- Honorary Vice Presidents Dame Vivien Duffield Sir Simon Robey Honorary Trustees The Countess of Chi¢hoster Dame Gail Ronson 43

The Board ofthe Royal Opera House Endowmertt Fund Dame Vivien Duffield, Chair Carolinè Britton, T1mothy Bunting. Hamish Forsyth, Simon Fr8akley lapwnted 20 March 20241, Lady Gavron, Sir Simon Robey Board ofHonorary Direelors Sir Lloyd Dorfman CVO CBE. Chair The CountÈss ol Chichester, Honorary Vice Ghalr Dame Gail Ronson, Honorary Vice Chair Danny Wyler, Honorary Vice Chair Lady Ashcroft Tim Ashley and John Booth Mikhail BakhtiarDV The BAND Trust Mercedes T. Bass 8oodles- Michael Wainwrioht The Deborah Loeb Brice Foundation Tim and Sarah Bunting John and Susan Burns 08E Ricki Gail Gonway Sir Mick and Lady Barbara Davis 8artsn and Baroness de Gunzburg Sir Lloyd and Lady Dorfman OBE ine Foriel-D$stezet David Fransen Alex and Elena Gerko K8nnelh and Susan Green Sandra and Allthony Gutman Charfes and Kaaren Hale Lady Harnlyn Jane Harnlyn Lady Heywood Dr Catherine Hogel Chades Holloway OBE Alan and Caroline Howard Huo Family Foundation Aud Jebs8n Doug and Cèri King Frances Kirsh Mr5 Alfiya Askar Abulkhair and Titnur Kuanyshev Bob and Tamar Manoukian Dr Patrick Mueller Bertrand and Elisabeth Meunier Dame Marit Mohn Mrs Susan A. Olde OBE Stelan St8n Olsso J8tt6 and Alan Parker Natalie ParkeT Melinda and Donald Quintin Julik and Hans Rausing Yvonne and Bjarne Rieber Sir Simon and Lady Robertson Sir Simon Robey Vlctoria Rob8y OBE Rolex- Arnaud Boetgch The Gerald and Gail Ronson Family Foundation V8uve Clicquot- Alexei Rosin Lady Sainsbury of Preston Candovgr Klm Samuel Dame Tina Taylor DBE Lindsay and Sarah Tornlinson Van Cleef & Arpels - Geoffroy M8dinger Yleana Ar¢8 Foundatio Anonymous141 The Royal Opera House Penslon Fund.. Richard Soper, Chair 44

'Jpril fJ3r' 23 IREFERENCE AND ADMINISTRATIVE DETAILS, 45

Charity number 211775 ARTS COUNCIL ENGLAND LOTTERY FUNDEL> Company number 00480523 ACTUARIES PRINCIPAL OFFICE (to th8 Royal Opera House Pension Sch8meJ Lane Clark & Peacock LLP, 95 Wigmore Strtel, London, W1U 1Da Royal Opera House. Covent Garden, London, WC2E 9DD AUDITORS INTERNALAUDITORS Crowe UK LLP, 55 Ludgate Hill. London. EC4M 7JW To August 2024.. RSM UK Group LLP, 25 Farringdon Street London EC4A 4AB BANKERS Coutts & Co. 440 Strand, London, WC2R OQS From September 2024.. Ashby Assoclates, Thomas Harris 1929 Shop. Merton Abbey Mills, 18 Watermill Way, London, SW19 2RD INVESTMENT ADVISORS Stonehage Fleming Investment Management Llmiled, 6 St James's Squarè, London. SW1Y 4JU Troy Asset Management Llmited, 8iookfie1d Housè, 33 Davies Stre81, London, W1K4BP Newton Investment Management Limlted, BNY Mellon Centre, 160 Queen Victoria Slr&et, London, EC4V 4LA TCI Fund Managem8nt Limited, 7 Clifford Str&et. London, W1S 2FT Schroder & Co. Limited TIA Cazenove Capital, 1 London Wall Place, London, EC2Y SAU 46

Group antltlgs On 25 August 2024 th& group included thtr charfly and.. Royal Op8Ta Hous• Endowment Fund 2000 Royal Opera House Enterprises Lirnited ROH Holdlngs Limlted ROH Dèvelopments Limited The consolidated financial statéments Sn¢lude the results of these enlilies, as detailed In note 2. See note 2 for the principal activities of those entities. EqUal￿Y pollcylststement The Royal Ballet arjd Opera has an ongoing commitment lo promoting divèrsity ihroughout all ils work- as arl employer, in the art we perform, and in the extent ol our audience. We rgport annually to Arts Council England on our progrèss against 8Ction plan, which is ke8nly monllored by the Board of Trustee5. Envlronm?ntal strat¢gy It is the ambition of the Royal Ballet and Opera to be a leader in environmantal sustainability and to act as a catalyst for positive ehange in this field. Recognising our global reach and leadership role within the UK arts sector. we embrace our responsibility and obligation to rèduce our impact on the environment and we aim to engage with our audiences. staff, suppliers and partners to raise awargness about su51ainability issues. 11 is our bglief that reducing our environmental impactwill not only have a positive effect on the environment, bul will also make ourop8r81ions more efficient and 8¢onomical and will enhancè our organisalional resilience in the long tem. H8alth and safety Th& charity has 8 health and safety committee comprised of represenlalives from many departments. All nèw staff are issued with a haallh and safety policy document. In addition, under th8 supeNision of the occupats'onal health unil, there are trained firsl-aiders in all departmonts. A full report on Health Safety is considered annually by the Board. Staff The ch8rity inforrns and seeks the v￿&W8 of Ils staff by means of regulardepartrnenl meetings open to all staff and newsletters. Regular meetings are held with the r8cognised unions." BECTiJ IBroadcastlng Entèrtainment Cinematograph and Theatre Unionl, The Musicians, Unlon and Equlty. Disablod persons The charity encourages the employment of di$8bled persons. It is Board policy to ensure that conb'nued employment is offered. whsrever possible. to staff who become tèmporarily disabled and special arrang8ments are made for those permanently disabled. 47

Polltlcal an(1 charhtable contributlons The ch8rily made no political contribulions during the period. No charitable coniributions were made during the period, other than as disclosed in Nole g to the financial statements. Payment policy It is Ihe charity's policy to pay suppliers in accordance with agr8èd credit terms. The Royal Bal19t and Opera had trade creditors equivalent to 23 days supply at the period end (52 w&ek p&riod ended 27 August 2023.. 25 days). Fundralsing Statement Our guiding principle for fundraising is to build seoure, long tem fundraising support Irorn our members. encouraging their interest in our charitable work, allowing them to engage with our staff and projects and seeing how their addib.onal gifts help us. Our lundrai5ing materials are written and dèsigned around this principle. Fundraising activities iriGlude tsrgeted direct mail, events and leaflets at promotin9 donations and bequests, donations through our website, and approaches to Trusts, Foundations, companies and individual benefactors. Our fundraising is carried out by our in-house fundraising teatns and we are a registered member of The Fundraising Regulator. We have procedur8s in place to ensure our staff and volunteers comply with fundraising standards and regulation., we are not aware ol any failure by our staff or volunteers lo meet these siandards. We are committed to acting promptly if we receive any infomation indicating we have not met these stsndards. In 2023124 we weived 5 complaints about suggested donations added to ticket purch8ses.11 cornplainls are received we respond quickly and ensLJre corrective action is taken as required. 11 cornplaints are received about the sug9esled donations, these are refunded at the point ol complaint. We lake our responsibilities on managing our contsGt data very seriously and we strive lo ensure that our poliries and procedures around data and processing meet our legal requirement5, our high expectations and those of our supporters. As part of the risk-based audit plan and in line with our risk management processes. Internal Audit perfomis regular reviews of the Fundraising team activilies and control environment. We recognise the need to protect vulnerable people. We tsnsure comprehensive training is provided to ensurè that empathy and respect are demonstrated towards people in vulnerable ciicum5tances and that no donation is sought or gained from someonè who may not have the capacity to make an informed and considered de¢lsion. We respect our supporters. privacy and rights to decide how and if we contact them. We make it oasy lor supporters to choos8 how thèy want to hear from us, and if they ask us not to contaclthem we will not, unless It is a 18gal or administrative requirement. 48

Trustees. responsiblllties stat•ment Tha Trustees (who a￿ also dIre￿Or8 of Royal Opera House Covent Garden Foundation for the purposes of company lawl are responsible for p￿parIng the Trustees, Annual Report and the financial statement$ in accordance with applicable Law and regulations. ompany law requires the Trustees to prepare financial stslements for each financial year. Under that law the Trustee5 hava elected to prepare the financial slatem9nls in ac¢ordance with United Kingdom Generally AccèptÈd Accounting Practice (United Kingdom Accounting Standards and applicable lawl, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the Trustees must not approve the financial stslements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitablè company and the group and of thè illcoming resources and applirAtion of resources, including the income and expenditure, of the charitable group ft>r that periijd. In preparing these financial statements, th6 Iruslees are required to.. select suitable accounting polirAes and then apply them ¢onsistenlly', DbseNe the methods and principles in the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent- stale wheth8r 8pplicable UK Acwunts'ng Standards have been followed, subject to any material departurès disclosad and explained in the financial statemgnts,, prepare the financial statements on th@ going eon¢em basis unless il is inappropriate to presum$ that the charitab18 group will continue in business. The Trustees 8re responsible lor keeping 8d8quale accountlng records that a￿ sufficient trj show and exp18in the charitable company's trans8¢1ions and discbse with reasonable accuracy al any lirne the financial position of the company and 8nable them lo ensure that the financial statements comply with thè Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable staps forthe prevention and d6t8clion of Iraud and other irregularities. The Trustèes confirm that.. so faras each Trustee is aware, therè is no relavant audlt infomation of which the charitabl& company's auditor is unaware.. and the Trusl885 have taken all the steps that they ought lo have taken a5 Trustees in order to make themselves aware of any relevant audit information and lo establish that the charitable company's auditor is aware ol that inft>rrnalion. The Trustees 8re responsible for the maintenance 8nd integrity of tha Corporate and financial infomiation included on the charitablÈ company's website. Legislation in th8 United Kingdom goveming the preparali(>n and dissemlnalion of fin8ncial statgments may differ from leglslalion In other jurisdictions. The Trustees, Annual Report lincorpcKating the strategic rewrtl was approved by the Board of Trustees and sig on 25 March 2025. ir Lloyd Dorfman CVO 49

Independ8nt Audltor's R8POrt to the Membèrs of Royal Opera House Cov&nt Garden Foundation Opinion We have audited the financial statetnenls of Royal Opera Housè Covent Gard8n Foundation (thè 'parent charitable compantyl and its subsidiaries Ilhe 'group'l for the 52 weèk period ended 25 August 2024 which comprise the Consolidatèd Statement ol Financial Activities. the Consolidated Income and Expenditure Account, th8 Consolidated Balance Sheet, the Parent Charitabl8 Company Balance Sh8@t, the Consolidated Statèment ol Cash Flows and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting frarn8work that has been applied in thèir preparation is applicable law and United Kingdom Ac¢ounting Standards, including Financial Reporting Standard 102 Thé Financial Reporting Standard applicable in the UK and Republic ol Ireland Iunited Kingdom Generally Accepted Accounting Practieel. In our opinion the financial statements.. give a true and fair vigw ol the state of the group's and parenl charitable company's affairs as al 25 August 2024 and of its incoming ￿soUrCeS and application ol resources. including its income and expenditure for the year th8n ended., have been propèrly prepared in accord8nce with United Kingdom Generally Acc8Pted A¢¢ounling Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicabSe law. Our responsibilit189 under those standards are further described in the Auditor's resp(>nsibilities lor th& audit ol the financial stat8ments section of our report. INè are ind&pendent of the Charitable company in accordance with the ethical requirements that are relevant lo our audit of the financi81 statements in thè UK. including the FRC'S Ethical Standaid, and we hav8 fulfilled our other ethical responsibilities in accordance with these requirements. W8 believè that the audit evidence we have obtained is sufficient and appropriat8 to provid8 a basis for our tspinion. Concluslons r•lating to going conc¢rn In auditing the financial statemgnls, wg have Concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial Statements is appropriate. Based on the work we have performed. we have not identified any material uncertsinties relating to events or condilions that, individually or collectively. tllay cast significant doubl on the charitable company's ability lo continu$ as a going concem lor a period of at least twelve months frorn when Ihe financial slalern8nls are aulhorised for issue. Our responsibilities and the responsibilibes ol ihe trustees with respocl to going conc8m are described in the ￿levant sections of this report. oth•r Informatlon The trustees are responsible for the othèr infortnalion contained within the annual report. The other inforrnation comprises the information included in the annual report, other than the finan¢ial statements and our auditor's report thereon. Our opinion on the financial statements does not cover Ihè other inforrnation and, except lo the extent othetwise explicitly stated in our report, we do not expres5 any fortll ol assLJrance conclu510n thereon. Our responsibility is to re8d the other information and, in doing so. consid8r whether the other inlormalion is materially inconsistent with the financial statements or our know18dge obtained in the audit or othgrwise ppears to be materially misstated. 11 we Identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to 8 materi81 misstatement in the 50

rinancial statfyrllents thernselves. If, based on the work we have performed, we conclude that there is rnalerial misslatemenl of this other informab'on. we arg required lo rerx)rt that fact. We have nothing to r$port in this regard. Opinions on other mattèr$ prescribed by the Companies Aet 2006 In our q)inion based on the work undertaken in the course of our audit the information given in the trustees, report, which indudes th8 direciors. report and the strategic report prepared for the purposes of eompany law. for the financial year for which thè finan¢ial stalernents are prepared is consist8nt with the financial statem6nts.' and the strategic report and the dir&ctors' r&port included within tho trustegs. report have been prgpared in accordance with applicable legal requirernent5. Matters on which we are raqulrod to report by •xcept5on In light of the knowledge and understanding of th6 Charitable company and ils environment obtained in the COLJfse ol the audit, we have not idantified material misslalements in the strategic r8POrt or the directors, report includèd within the trustèes, report. We have nothing to report in r88pect of the followin9 rnatters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept, or the financial statements are not in agreetllent with the accountiry records and returns,. or certain disclosures of Irust6es' remuneration specified by law are not mado., or we have not received all the information and explanations we require for our audit Responslbllltles of trustees As explained mor8 fully in the trustees, responsibilities statement set out on page 49. the trustees Iwho are also the direolors of the charitable company for the purpos85 of company18wl are responsible for the preparation of the financial stslements and for being satisfièd that thgy give 8 true and fair view, and for such inlemal control as the trustees determine Is necessary to enable the preparation of finan￿al statements that are free fr()m material misstatement, whether due lo fraud or error. In proparing tho financial slatemgnls, the trustees are responsible for assessing the charitable company's ability to continu8 as a going concern, disclosing, as applicable, matters related to going concern and using the going ¢oncern basis of accounting unle5S the Iruslees èither intend to liquidate the charitable company or to cease operation5, or have no realistic alternative but to do so. Auditor's responsibilltl•s for th• audlt of the flnanclal statemènts Our objech'ves are to obtain ￿aSonable 8ssuran¢e about whether the financial statements as a whole are free from Tnalerial misstatement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran￿. but is nol a guarantee that an audit ¢onductéd in accordan￿ with ISAS IUK) will always detect a material misstatemènt when it exists. Misslalement5 can arise from fraud or error and are considèred mat8rial if, Individually or in the aggregatè, they could reasonably be expectad to influence the economic decisions of users taken on the basis ol these financial statements. We dgsign procedures in line with our responsibilities, outlined above, lo detael malerfol misstalem&nts in respèct ol irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularlts'es, including fraud is detailed b61ow'. 51

We obtained an underslanding of thè legal and regulatory frameworks within which the charitable company and Group operates, focusing on those laws and regulations Ihat have g direct effeci (>n the delermination ol material amounts and disclosures in the Financial Statements. The laws and regulations we considered In this context were the Companies Ad 2006 and the Charities Ael 2011 together with Ihs Charities SORP IFRS1021. We assèssed the required complianee with these laws and regulations as part of our audil procedures on the related financi81 statement items. In addition. we consideTed provisions of other laws and regulations Ihal do not have a direct effect on the Financial Statements but Compliance with which might be fundamental to the charitable company's and the Group's ability Its operate or lo avoid a material penalty. We also considered tho Opportunities and incentive5 Ihal tnay exist wthin the charitable wmpany and ￿e Group lor fraud. The Igws and regulations we considered in this context for the UK operations included Geneial Daia Prole¢lion Regulation IGDPRI and Health and Safety legislation. Audi￿ng standards limit the required audit procedures to identify non-compliance with these laws and regulations through 8nquiry ol the trustees and other management and inspecti(>n of regulatory and legal correspondence, if any. We idenlified the greatest risk ol material impact on the Financial Statements from irre9ularilies, including fraud, lo be withln the ts"min9 of recognition of legacy, grant and donation income, the valuation and complaten8ss ol tangible fixed assets, the valuation defined pension s¢heme liabilities, and the override of controls by tnanaggfflent. Our audit procedures to respond to these risks included enquiries of managern8nt, and the Audit and Risk Committ98 about its own identification and assessrnenl of the risks ol irregularities, testing on the posting ol joumals, reviewing accounting estimates for biases, reviewing regulatory corresponden¢è and rèading minutes of meetings of those charged with governance. OwiHg to the Inherent limitations of an audlt, Ihtsre is an unavoidable risk that we may nol have deleeted some material misstatements in the Financial Siatemenls, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non- Complian￿ with laws and regulations lirregularitiesl is from the evenis and transactic)ns reflected in the Financial Statem8nts, the less likely the inherently limited proeedures requir8d by auditing Standards would identify it. In addition, as with any audit, there remain8d a higher risk ol non-detection of irregularrties, as these may involve collusion, forgery. intentional ornissions, Misrep￿Sent3tIOns, or the override ol internal controls. We are not responslble for preventing non-compliance and cannot b8 expected to detect non- compliance with all laws and regulations. A further déscription ol our responsibilities for the audit of th8 financial statements is located on thè Financial Reporting Council's website at.. NwNw.Irc.or uklaudilorsre5 onsibilities. This deserlption forms part of our auditor's r8POrt. Us• of our report This rèport is made solely to the chariiabla company's members, as a b¢)dy, in accordance with Chapter 3 ol Part 16 01 the Gompanies Act 2006. Our avdit work has btsen undertaken so that we might state to thts charitable companls members those matters we are ￿quIr￿d lo stat6 to th8m in an auditor's report and lor no other purpose. To thè fullegl extent perrnitted by law. w8 do not a¢￿pt or assume responsibility to anyonè other than tho charitable company and the charitable company s members a5 a body, for our audit work, lor this report, or for the opinions we have formed. Naziar Hashèmi, Senior Statutory Auditor For and on behalf of Crowè U.K. LLP 55 Ludgale Hill London EC4M 7JW Date. 26 March 2025 52