ROYAL BALLET& OPERA REPORT 2024125 2024125 in Summary Key facts and figures WhD saw whatw8s ••• on Sigge Bulldlngorganisalional jilljl resllienGe WbotWQ¥onstrge 470 Pert orrnances lit.￿.*. 629k Tickets booked 2m+ Tn those who would consi(ler visltiDgu8 In the n0Xtye8r 50% booketsnevi ioR80 bookers under 30 20% IncrÈès0 Infundfai$8d in¢ome comp8redwfth 2023124 14% 56 Pioductions 8vera8e 8e8 of bookers Our economlG contrlbutlon Insplrlngthe next generation Impactwaybgyond CovantGatden £240m Eng8ged with.. contribution to UK economy Ov61 113 of UK-based ticket buyer5 live outslde London 1,900 schools 144,500 ApprentTrces empl_oyed on award winning progrÈmme chlldren Audi8llGeslrom outside olthe UK 7,300 teachers Generated over 1 Ox Arts Council Englano Er8nt Z5m+ UK and Global audi8n¢e through Schools Matlnees cinema Who mod8lt hHppen At*nded by 10,900 radio bro8dcost and Streaming *'.'.,. children and teachers Perrnpnent . from 1000 Fr8el8n 200+ cer5 pmpioyed und8r ourunique Re￿gnitiON $choois" 16 ' 73% ofth8 3bove Schools 8re in depft7vedcgtchmént 6￿8S (higher than 3V8r8ge qu21ific8tion forF￿e5¢hOtrI M&8lsl Fr&el8nc8 Communlty Charter ballet & opéra nomination5 350 Artists engaged sward5 Note., nLimbBrs éxce6Lfing IQOpl)ove 8ndthroughoutgr8 roundedto the n80rèst 700 INCOME 2024125 £18.3M Theatre tax rellef io% INCOME £5.7M Investment income £54.8M BoX office receipts 30% £8.4M Other income £23.IM Commercial_ 13% £8.7M Capttal donatlons £23.IM -ACE_ NPO and Bildge 13% £40,OM Fundraising 22% EXPENDITURE 2024125 EXPENDITURE £4.8M Fundraising £15.IM Cornmertial £1.9M - Fronl ol House £13.6M Management, admini5tratlon and governance £12.6M MarketSng and publicity £93.5M Performance. leart)ing and outreach 53% £33.2M Premises and depreciation 19% Toial income £182 1ni inclLidlng capilSI doiiahons and funding of £8.7m. Toial expeiidilvre £174.7m. exduding capital expeiidilLire Figuros exclude 931n.E on inveslmonl. lax31ion fund Iransler5. Inri'easo In fv1anagemenl. adminisiralion and goveriiaiicè l-Jrg&ly Wlliin IT due 10 new biisiiiess strslerns prniecls and ckbÈr defenc85. INCOME 2023124 INCOME £4.7M Investment Income £16.5M Theatre tax relief _ £9.3M Other income_ £54.5M Box office receipts 30% £23.2M Comrnercial__. 13Y. £9.5M Capltal donations.. SY. £22.9M ACE- NPOand Bridge 13% £41.3M Fundraising 23% EXPENDITURE 2023124 EXPENDITURE £15.6M Commercial 9Y. £1.7M Front of House £4.6M Fundralsing £10.2M Mana8ement, administration and 8oYeTnance £87.5M Performance, learning and outreach 51% £12.IM Marketlngand• publicity £40.2M Premi5e5 and depreciation 23% Total incoine £181 ￿, Includino ￿p113] dtsnalions and fundiiig ol £9.5m Total Èxpendilura £171.9m. ekcluding f2piial expendillire Figurps exclud-. yaiD5 on Invesiiiienl, iaxabon and fund IranslÈrs. ,1 JI Au. TIMESCALE FOR THIS REPORT The Trustees aro pleased lo present their report together wllh the audited financial statements of the Royal Opera House Covent Garden FoundatlDn, operating as the 'Royal Ballet and Opera. IRBOI for the 53-week period ended 31 August 2025. The comparative period Is the 52-week period ended 25 August 2024. This document wlll be flled with the Charlty Commisslon and the Registrar of Companies. SIR LLOYD DORFMAN CVO CBE Chair Welcome lo the Royal Optrra Hous& Cts￿nt Garden Found81ion (Limilgd by Guarantee) 2024125 Annual Report. This past year has remlnded us exactly why the Royal Ballet and Opera matters. Al a time when the worfd feels SD uncertain and increasingly polaiised, the simple yel powerful act ol artists and audiences coming logelher lo shafft wodd-class cultU181 experiences feels especially Welco￿e. Our mission to create exliaordinary artlstic experiences and bring people log&ther through world-class creabve work - is needed now more than ever. So, l am delighted that 2024125 has been one ol our most successful seasons to date, inspirinu more people than ever acTOSS the county. l am deeply honoured to seNe as Chair ol such an Importanl organisa￿on. This succes5 has been achieved in the face ol significant headwinds. Like every arts organisatiDn, we operate in what feels like a con5tanUy changing political and economic conlexl and an increasingly challenging environment for the cultural sector. The fscl that RBO has risen to these challenges so confidently is a Iribule lo th& oulslanding leadership of Sir Alex Beard and the exceptional team he leads, Thelr dedication and resilience have ensured that the Roy81 Ballet and Opera conbnues not just lo survive, bul to thrlve. Annual reports rlghlly reflect on the past year, bul they also offei a rllomenl to look lo the future. Over the Coming years we will pass a rem¥rkabl8 sel of mile8tone5 including the centenary ol the Royal Ballet Company in 2031 and the lercenlenary of this House in 2032. These 8nniv¢rsaries will be a chance for us to celebrate our rich history- bul they are also an opportunity lo consider what the next century of b311el and opera In this country will look Ilke. Our Future RBO vision sets out how we will secure that future.. by ￿ntInuIng to showcase the world's best ballet and opera, nurturing the next gener81Son of arbsls, developing audien￿ experiences and by en5ur1ng that people across the UK have the chance to be inspired by the Iiansfomialive power oflhe performing arts. course, none ol this would be pos51ble without the many people who make up the RBO COrnTnunity. Our audienGes, our donors, our partners in Goveinmenl and across the sector, and above all the extraordinary staff and art15ts who bring this institution to life every day. RBO is a powerful example Df the mixed funding model 8t ils very best- where public investm8nt, philanthropy and earned inGome Gom8 logelher lo make worldn - not jLJSt for worldclass performances, bLrt for food, drink and exceptionsl experiences such as the popular tours of this wonderful building. A key element ol our misslon at RBO is Dur commitment lo extending tho net of opportunity to young people across the country and inspirlng the next generation of creativ&s. We want every Ghild lo have the chance to be inspired by ballet and opera. Ltsl year alone. morè than 144,000 children engaged directly with our RBO Schools programme, while three quarters of our len thousand Schools Matinee attendees came from outside London, tnany ol them visiting the c8pital city lor the first time. A highlight ol the year wa5 our collaboration with Northern Ballet, Opera North and Bradlord UK City of Culture 2025 which saw 2,400 local children from 42 prim2ry schools Share their hopes and dreams lor Bradford. culminallng in a mass song and dance performance in Ihtt Iconic Bradlord Live venue. Our foundational work with schools is complemented by a sulte of sector leading talent development programmes, Including award winning apprenticeships. Overture orchestral mentoring, Chance to Dan¢e, Youth Opera Company, the Aud Jebsen Young Dancers and the Jelte Parter Artist programme. The breadth and quality of this work Is only possible with 8 strong and sustainable model which is why bullding or9anisallonal rasillance is the fourth pllSar ol our Future RBO vision. That means improving efficiency in the lace of rising ¢05ts. inv8sting in essential capllal renewal ol our estale. strengthening our financial model 8nd driving high performan￿ across every department. 11 also means ensuring our commitment lo equity, diversity, Indusion and environmental responsibility is reflected in how we operate every day. We need to invest substantially in our Grade I listed building, a national asset, in order lo ensure it remains a world-class, technologically up-to-date and envlronmenlally sustainable theatre where artists and crealives can produce their best work and for current and lulure generations of audiences lo enjoy. Thanks to the generosity of c>ur donors and prudent manaoemenl ol our finances, in the pa51 year, we have made strong progress on ￿new1n9 end of Ilfe stage inlrasliuclure. Just one example 15 the Installation of a new and fully aulomaled all-LED lighting rig which, as well as assisting on-stage artlstic creativity, wlll save significant amounts energy costs and carbon emissions. Our alm is lo develop an organisational and financial model that not only works today but is f11 lor the lulure so we can continue to deliver world-class ballet and opera across the country. Publi¢ investment is Central to these ambillons. Suppori from Arts Council England, for whlch we are hugely gral8ful, is the bedrock on which our financial model is founded. As this Annual Report shows, we have been able to leverage that public funding to drive investment. ultimately generating an annual £240 million lor the UK economy. Wè are demonstraling how public funding can not only ensure that world-class ¢ultum remains accessible lo all- bul can also create jobs, drive growth and deliver value to all our stakeholders. At it5 heart, the Roy31 Ballet and Opera is a place where poople come together lo create and enjoy worfd- class art. 11 is a place where we inspire imagination, Iiansform lives and make the extraordinary happen for everyone. I would like lo thank everyone who makes thi5 OTg8nisalion what it is.. our staff and artigl5, our freelance colleagues, our donois and partners. and our audiences. Whelher YOU hav8 performed on our stages, worked behind the s￿nes, contrfbuted philanthropically, or simply been one of the mi11ion people who carme through our doors Ihis year- you are 8 vita1 part of our story 8nd our mission, and your support ensures we can continue cre81ing the experiences that inspiie so fflany. Sir Alex Beard CBE 24 March 2026 .ri(18112 1 AUQJ Our purpose, reach and impact The purpose ol the Royal Ballet and Opera (RBOI is lo create extraordinary artisliG experiences that connect deeply with audiences. We are one of the world's leadlng cultural organisations where every day, the world's top singers, dancers, musicians. administrators, creatives, designers, technicians and counuess others come together lo create truly inspir8tional experfences for the public. Tha resulting reach and iTnpact are exlfaordlnary.. Every year, million5 of people enjoy performances on OUT stages, in cineTh8s and through broadcast media. Over 150,000 young pegple have their crealivlty inspired Ihiough our Leaming and Participation programmes, right across the country. We generate £240million for the UK economy annually and we employ 3,000 people - 2,000 of them freelancers. We boost the UK'S soft power and promote arbslic excellence around the globe. We are part of this country's cultural and e¢onoFniC fabri¢. Howevèr you measure it, each and every day, RBO has a transformative and long4asllng impact on lives across the country, and on the cullurel landscape of the UK. Looking ahead: challenges, opportunities, prioritie5 8 rapldly changing world, the Impact above c8nnot be taken for granted. Shifts in economlc and financial power and influence have lar-teaching implic8Uons lor fundraising and corporate partnering. Pressure on public funding for the arts meanswè need to think differently about our funding streams and business models. Changing audience expectations demand new and inclusive experiences. Notwithstanding the recent and very welcome announcemenl about the future ol the schoo1 curriculum, th& decline in creative educamon over many years pregenls a clear threal to the talent pipeline thal will take lime lo repair. And the acceleration ol technologlcal change has consequences not jusi lor how we create and consume art bul also for how organisalions and individuals operate. Our most Immediate challenge is the need lo invest ciica £60m In the nexl three years just to keep the bLJilding open and functioning, with £25Om needed over the next decade to remain a world4eading ballet and opera venue. For RBO lo continue lo deliver Ils extraordinary art15tiC, Social and economic itllpacl. we need lo evolve lor ihe future. So, over the next decade, we will be guided by four key strategic fundamentals as summarlsed below". ABgerUng excellence D¢velopinll . •nd bulldlng audiences Exiending" opportunllles Bulldlng organiga1l0n￿ ' re5illence' io Asserting excellence We are defining th& fulure of danGe 8nd opera - cementing our global leadership by fearlessly pushing creative boundaries and delivering world-Glass artistic excellence. Focus areas Top level success measuras Dr5vlng choreographl¢ Innovation al the heart of The Royal B811et's Critical 8cclaim and reviews. evolulion-ensuring dynamic, diverse creativity shapes our future International recognition. awards and nominations Champloning exceptional artists who a￿ the foundats'on ol The Royal Opera's success. We are investing In bold new prodLJclion5. Nel Promoter Scoro INPSI amplifying distinGI voices, and embracing creative risk lo keep opera alive. relevant 8nd resonant Feedback from artists Elgvaling our ensembles Oichestra and Chorus through imaginative storytelling and fresh plarforms that showcase their 2rtislry and deepen audience connection Daveloping and building audiences Wg wlll continue to grow 8udiences nationally and Int&rnationally by shifting pprceplions of R80 and ourart forms, building new partnerships and divorsifyin9 our alidien￿S across all channels. Focus aroas Top level suc¢e5s mgasuros Developing younger diverse audiences through targeted Growth in audience diversity, engagement and partnerships age range. and ac￿SsIbl11tY Making our venu•s popular destinatlon5 not just for our world- Increased loyalty of those who class performan¢e5, bul fDr food, drink and exceptlDnal experiences engage with us le,g peicenlage Going beyond the house of firsl-time attendeos who return reaching broadgr audiences through wllhin 12 months, repeal donors cinema, stream and other digllal platforTns elcl Contlnuing to Improve access and enable more people to enjoy and Brand perception and audience engage with our work sentiment tracking Extending opportunitiès We comrrTilteGI lo shaping a future for b&llel and opera that refiects the richn8ss and diversily of our society- &cross artists, makers, and 2udi&nces. Everyone desenles the opportunity to èxplor8 and develop their creative potential through our extraordinary art forms. Fotus areas Top lev81 success measLEres Insplring the next generation.. expanding our L&P programmes Expansion of access and through schools. community partnerships, and digital plarfomis participation across communities Opening doors to creativè careers.. growirTrg the creative workforcg New pathways for engagement by offering accessible pathways Into artlslic and lechnicèl careers. and lalenl development Inilialives like Theatrecraft and our apprenti￿ShIp programmes help young people access opportunities acros5 the creative industries Nurturing young talent-. investing in the next generation of artists through programmes such as.. Youth Opera Company, Aud Jeb5en Young Dan￿r5 Programme, Jette Parkgr Artists Programme and Ovorture li Buildlng organisatlonal resilience From our finances to our collabor81ive culture, R80 s Gommilfflenl to the fvtufft b&gins with the r8silience of our organisation. Focus ar&as Top level success measures Infrastructure- addressing urgenl needs while invesling in long-lerm environmental sustair)ability- facilitating artisbc excellen￿ and serving our audiences Financi85". growing commercial income, setting bold fundraising targets, focusing on wh81 matters most. and reselling our cost base lo be as effective and sustainable as possible People and culture.. cullivaling a values-led culture rooted in Compliance with Theatre Green excellence. equity, diversity and inclusion empowering our people Book suslainabilily standard5 10 lead wilh confidonce and purpose In¢rease self-generaled incorne Balanced budgets Annual Per>ple Survey engagemenl score, su513ined qU81ity of working environments Syst&ms'. transforming our busines5 syslems to modemise our operations, business processes, and customer engagement By confldently asserting our artistic excellence, developing and building audiences, exlendlng opportunities, and building organisalional rasilience, RBO wi11 relain and further strengthen its status as one of the mosl impactful and important cultural inslllutions in the world- using the power of ballet and opera lo bring joy 8nd inspiration lo everyone. 12 ACHIEVEMENTS 13 Artistic excellence The Royal Ballet The Roy81 Ballet's 2024125 Season induded 8n exhilarating mix of new work and enduring classics. Resident Choreographer Wayne McGregor. prernittred MADDADDAM, a work inspiied by Margaret Atwr)od's trilogy of novels, which drew together leading creative forces. The specially commissioned score by Max Richler won critical acclaim as did the sel design and Gareth Pugh's costumes", reviews highlighted Ihe incredible skill and athleticism of the dancers including Joseph Siss8ns, William Bra¢ewell, Melissa Hamillon and FLJMI Kaneko. Two exciting adaptations ol Lewis Carroll's Alice's Adwenlures in Lvonderlancl delighted large audiences, comprising Christopher Wheeldon's production on the Main Stagè and 2 high-octanè hip-hop production of The Mad Hatters Tea Party by ZooNalion (the latter through The Kate Piince Company in the Linbury Theatre) Ballet to Broadway.. Wheeldon Works celebrated the Royal Ballet Associate ArtlSt's versatility. We showcas8d other exciting Cho￿ographIC voices Ihrough Encounters.. Four Gonlemporary Ballels which ncluded The Wealhenng by Kyle Abraham, the premieres of Or For8vermo￿ by Pam Tanowitz and Dusk by Joseph Toonga together with Crystal Pile's The Statement. Pite's acclaimed distinctive style also mesmerised aUdIen￿S once again with the revlval ol her award-winning Llghl of Pas$8ge. We revived ever-popul8r works including Frederick Ashton's Cindorella, Kenneth Macmillan's Romeo and Juliet and John Cranko's Onegin, 8nd we enthralled audiences with three works by a giant of 20th century ballet, Gwrge Balanchine, with his Serenade, Th& Prodigal Son and Symphony ir7 C. In the Linbury Theatre, principal dancer Natali8 Osipova, demonstrated her strength, lyricism and wil in her show OsipovalLinbury. And we celebrated Black and Brown ballet arbsts through Legacy, curated by Royal Ballet Principal Joseph Sissen5. We revlved Lost Dog's playfully satiric81 Ruination, and were delighted to host other exciting guests including Ballet Black, Northern Ballet and a host of inlern81ional companie5 and schools for the Dance Refiectlons by Van Cleel & Arpels Festival, International Draft Works and the Next Generation Festival. This is part of our ongoing mission to nurture and showcase upcoming creative and performing talent. Th& Royal Opera The Royal Opera's 2024125 Season combined heritage and fresh artistic ambition, wth a strong emphasls on new productions and conternporary storytelling. We Presented the wodd premiere of Feslen, composed by Mark-Anthony Turnage with a librelto by Lee H811 and dlrected by Richard Jones. A powerful adaplalion ol Thoma5 Vinlerberg'5 film, the production boasted stellar cast including Allan Clayton. Gerald Finley. Nalalya Romaniw and Stéphane Degoul. 11 received multiple 4-star and 5-star reviews and won the 2025 Olivler Aw8rd for Best New Opera Production and the International Opera Award for 8 Wodd Premlere. New productions included a fresh Eugene Onegin directed by Ted Huffman in his Main Stage debut, The Tales of Hoffmannby Damiano Michieletto, and a continuation ol Ihe Covenl Garden Handel ¢ycle with Semole, directed by Oliver Mears and starring Pretty Yende in Ihe title role. Bailie Kosky continued hi5 highly-acclaimed Ring Cycle with 8 thrilling new Pfoduclion of Die Wslktsre. conducted by Conductor Laureale Anlonio Pappano.. one critic observed that il was one Df the great851 Wagner st8g1ngs he had seen I'a perfect storm ol brilliance'l- Classic revivals included La Iraviata, The Marriage of Figaro, Turandol, Faust, 11 Irovalfft, Cgrmen, Fidelio, Aida and the last outing lor JDnalhan Kent's 2006 Tosca, plus a Christrnas offenng of Hans81 and Grelel, wllh The Royal Opera's IiTS1 relaxed performance on the Main Stage. We marked Puconi's ￿ntenary with a revival of La bohème conducted by Principal Guesl Conducloi Spei8nza SGappuc¢i. We also brought back the searing and awaTd-winning production ol Jenufa, conducted by Jakub Hrusa, in his first production since being appoinled to the role af Music Director. In the Linbury Theatre, the opera programme included a rar8 double bill ol Bernstein operas. Irouble in Tahili and A auiet Place. We continued lo demonstrate our commilmenl to inclusive slorylelling, engaging 14 with themes of how voice is hed lo huTnan Idenlily, through the Sound Voice Project. We also brought Deborah Wamer's double staging of Brillen's Phaedra and Kim Brsndstrup's Minotaur, in 8 rare collaborab'on between the Royal Opera and Roy81 Ballet. Audience development 173k Bookers Performances New O/. Net Promoter Score . . 'éi .ai Productions ai." -"Olill.' g (rom Under 30 .iJo Average age Tickets booked ,?nd territorrps London International Global ajority 24125 Season rmance a ainsl lar els ACE targets 2024125 achieved12023124 equivalents) 30% of UK-based ticket buyers live outside London 37'k1310/.1 8.3% Global Malority 12/0110¥v) 12.2% 8udienc&s disabled 7.4 /018Y.I 53.70A under age 60 72.5VI174Qkl NOTE 1.. in lolal lall bookers) 51% live in London with the remaining 49Vo living elsewhere including abroad las shown in the infographicl. Of UK bookers. 63 10 live in London with the remaining 370/D e15ewher& in the UK. NOTE 2.- the proportion of bookers identifying as disabled showed a small decrease from 202312417.4% compared with 8Qknl with an increase in Ihose identifying as neurodiverse18Q/D compared with 6%). NOTE 3.. we measure audien￿ satisfaction with productions through two Nel Promoter Score INPSI questions to understand senb'ment towards the overall experience and the producbon itself. Across the year and 811 performances, almost all the scores we received were in (he 'Good' or stronger categories,. Overall. in 2024125 we achifjved an RBO score of +78, a small increase on 2023124 and broadly in line with our target. NOTE 4.. improving the awareness of R80 is ¢rilical lo growing and diversifying audiences. Since we changed our name in 2024 to the Royal Ballet and Opera. awareness of who we are has increased amongst UK adults from an already high baseline of 75Yo to 78 /0 and the percentage who would consider visiting in 15 the next year ha5 increased from 11.10 10 15.1.. With a UK adult population ol circa 54m, that makes an 8ddress8ble market of approximately 7m, an increase ol over 2m compared with previously. Schoo15' Matsnees Schools Matinees, With lid(ets at £7.50, are a key programrne to introduce potential future audiences to the artforms, especially targeting those who might not otherwise have access. 10.900 children attended with their teachers.. 74Q/y of the children live outside London158% in areas delbned by ACE as disadvantaged areas) and 73010 ol the schoo15 have above the average perwnlage ol larllilies which qualify for Free School Meals la further measure of economic disadvaniagel. Youn RBO Thi5 is Qur scheme for 16 to 25 year olds including disco7unied lickels, prI￿d al £30. 22,000 members bought a subsidised ticket during the 2Q24125 Season, conlribuling lo the overa11 percentage of ticket buyers being aged under 30 119.6¥.1'. 69YD of Ihose £30 ticket buyers were stale educated Ilhose educated in the UK) and 27°/o wore from Global Majority backgrounds. Cinema broadcast and streamin Cinem8 screenings. BBC Radio 3 broadcasts, RBO Stre8m and RBO YouTube are important channels through which we extend audience reach beyond London. Ten productions were relayed to cinemas, four operas (The Marriage of Figaro, The Tales of Hoffm8nn, Turandol and our new production of Die Walkurel and six ballets IAlic&'s Advenlur&s in Wonderlartd, Cind?￿￿1&, The Nutcracker, Romeo and Juliet, and Ballel lo Broadway). Overall, we relayed nine titles to 1,500 cinemas across 51 countries. and we brought Th8 NulcrJcker to even wider audlences in North America and Canadg in a new distrlbulion arrangement with The Melropolitan Opera. We broadcast 12 operas on Radlo 3.. The Marriagg of Figaro, Eugene Onegin. The Trouble in Tahili/A Quiel Pla￿, Fidelio, The Tales of Hoffm8nn, Jenuufa, Feslen, 11 Irovalor8, Turandot, Die WalkU￿re , Faust &nd Sernele reaching circa 2.2m viewers through this channfjl alone. We invested in our streaming platform, rnaking il free to 211 Young RBO members adding 110,000 new user5, we expanded our back ¢alalogLJe lo increase available content. and all lulure titles on the on the platFom) wi51 now be fully accessible iricluding closed caption, audio description and British Sign Langu8ge playback. Extending opportunities Ovaryiow We extend opportunities in three ways, via multiple programmes. all with a strong emphasis on equity, diversity and incluslon-. Inspiring the creativity Df the next generation through our work wilh schools across the country. 2. Nurluring young talent ihrough artist development schemes. 3. Developlng the future creative workforce across pre- and post- vocational edLJcalion and training inlervenlions. 16 Key programmes comprise.. Aga range Programme Reach In Season 2024125 Family Sundays RBO Schools 5-18 13,500 atten(Jees 144,500 pupils 7,300 teachers 1.900 schools 10,900 attendges 1,000 young dancers Over 100 company tnembers 30 young dancers of Global Malority heritage 22 app￿￿tIce￿ 18 programme p8rticlpanls 6 new dancers 7-18 RBO Schools. Matinees Chance to Dance Young Voices and Youth Opera Company Chance to Dance Connect 8-13 14-18 16+ 18+ 18+ Appr&nbces Royal Opera, Jette Parker Artists Programme Royal Ballet, Aud Jgbsen Young Dancers Programme Orchestra, Overture mèntoring 18-25+ 15 playgrs We have fully embedded an Impact Evaluation Framework into our Learning and Participation work which is providing data above and beyond numbors reached through the programmes. The picture below summarises the Framework's aichileclure. Fr8meworkforChonge 1th￿Aedge andskllls 'llllll SadalWII8 Wellbelng Connectlon to R80 Methanisms of Change Sthooj arK1Teac￿r Pevalopment flb."" IL-ITalent Develownem and Pathways Famlh83 and NewAudience8 Programme8 of Change '.Oh*r*YoungPeop!b(fateniDg¥dwonti Chance to Dance Chance to Dance Connect YoLrth Opera CoM￿nY Young Voices L¥eate & Danee, Design, Sing reate Day SchiK>I MBtinees Te8eher Development Programmes Cli.e#f￿uQthe￿OH".. Familysundays Lfve at Lunch Equfty. Dlverslty and Inclusion IEDII Is atthe he8rt of all RBO Learning and Partleipatlon work. Embedding excellent EDI and Youth Voice practiee in our wcrk is pivotal to our mission and e central to how we achieve the imp&cl do. Cioss-leam working groups work together to develop and delivery strategies foi the angoing development our EOI and Youth Voice practice. Impact data from engagement wllh the L&P programmes we have generated includes.. 930/0 Df pupils Increased their knowledge of opera, ballet and design. 81 % ol pupils are more conftdenl in their creativity. 61 ol pupils, wellbeing scores improved overall after seven weeks of taking part. 970/D of teachers increased confid8n¢e leaching the art forms In the classroom. 96010 of teachers fell the progTammes would enrlch the currtculum in their school. 70'A Level 3 pupils who took part in our Chance lo Dance programme knew what ballet wa5 Icompared 10 17Wo ol baseline) and 70.10 feel th81 ballet is far someone like them (compared lo 37Q/D al baseline). 17 Thi5 imp8Ct analysis is enabling us lo evD5ve our programmes, learning lessons as we go, to maximise th8 value ol our investment. Further data on reach is in the iables below. Family Sundays Family Sundays are mini festivals designed lo be fun, relaxed 8nd packed with creative sessions forfamilies with children 8ged 3 10 10. La51 Season, Iheie were 13,500 attendees, almost half of them1480/.I being first timers al RBO. RBO Schools RBO Schools Highlights SwD4b¢e.L*Jplwy91-ÈTAk*d 1.ry81frth￿ttffllS1 JEW)15jJttl Ill ¢htti.IKcp TL {￿*￿I￿Tr..1*a-Ah￿..SrLtsl bI5S&4ts)I wwathn*lFvplV￿r￿Tr vol*ryIl￿thE(S.8S￿Qa5￿q18O u&n15 Creair I.Jknr￿.$Q￿esIiDPW￿Fw￿.. InythlTJ119dddron..5rtpn Bradford City of Culturo Away from Covent Garden, a highli9hl of the year was our collaboration with Northern Ballet, ope￿ North and Bradlord UK City ol Culture 2025 which culminated in a mass singing and dancing performance in the iconic Bradford Live v8nLJe, attracting welcome media allenlion for Bradford City ol Culture including BBC and ITV evening news. Bre8klasl TV and lunchtime coverage. Sing, DanGe, Leap. is a new balSel and opera, bÈsed on the hopes and dre8m5 of 2,400 of Bradford's children from 42 local primary schools. For many of the children, il was their first experience ol ballet and opera and their palpable enjoyment ol taking part was extrem&ly moving. This is parl ol a four-year partnership between RBO and Bradlord. which began in 2023, through which we will continue lo expand access lo ballet and opefa for local young people. leachers, and SGhools. 18 Building organisational resilience Long-t&rm financial sustainability Summa Details of our financial position are sel out in pages 55 10 96 below. In surnmary. our finances are stable from a revenue point of view, bul we continue lo have the major challenge of financing at least £20m a year for the next decade or so lo invest in the building an(1 obsolete inlrastrutlure. The income incre85es achieved bebNeen 2022123 and 2023124 from fundraising and commeraal acts'vilies and patherships w8re sustained In 2024125.. Fundraising success was built on a mulli-strand strategy which included.. deepening donor relationships, incressingly relational rather than Iransaclional,. builoling a community among younger donors,. creating new syndicates,. and the creation of an Inleinalional Council lo strengthen our fundi8ising efforts abroad. Looking ahead, building the concept of loyalty into everylhing we do Is a key element of oijr fundraising strategy. That helps lo shape how we engage with audiences and deepen their connection lo our art. loslering a sense of belonging and creating a community where everyone (whether they have been coming for 25 years or have only just attended their fitsl performance) feels v81ued and part of a shared experience. This approach strengthens relallonships, builds Irusl, and su51ains the Cultural ecosystem that defines RBO. Commercial we revisited the strategy for all our commercial revenue lines, iTrduding brand partnerships, catering, retail and cinema I stream. Underpinning all of these is encouraging audiences lo fsel engaged wllh the Royal Ballet and Opera. Changing our name in summer 2024 was foundation81 lo this and generatgd a significant increase in awareness that we stage both ballet and opera. Within brand partnerships. Rolex was elevated lo become our firslever principal partner for The Royal Op&ra, and we are now actively looking for a similar high-profile sponsor for The Royal Ballet. Our cinema and RBO stream platforms are strong and growing, ensuring that audiences far beyond our theatres can access our work. As for expendllure, we invested in our core business enlerpTise systems which, along with Implementing new ways of working, are the foundation upon which we are building our transformation programme. This will enhance staff productivity and is already beginning lo deliver significant efficiency gains as wèll as mitigating upward cost pressures, helping to SLJslain investment in new artistic work and in essential capital ren￿al. This progiamme is led by a newly recruited Chief Transformation Officer, supported by thg Board and the Executive Team. Our people We aim to foster an inclusiv& workplace where every indwidual can Ihrivg. A key measure of success Is the exlenl to which our peopl8 feel valued and engaged. Inilialives thru the 24125 season Included. A Leadership Development Programme in partnership with Said Business School at Oxford University for senior and emerging leaders. Embedding our commllmenl lo the London Living Wage and falr pay In a difficult economic climate. Replacing a multitude of palched-togelher HR 5ysleffls with one inlegraled systgm with the data management capability lo support fLJlure people priorities. - A transfomalion progr3mme which has pul more emphasis on developlng and streamlining modern people management practices and creating more efficient ways of working. - Appointed a Head of Equality, Diversity and Inclusion. our first full time dedicated resource and developed a refreshed ED&1 strategy for 202>2028. 19 Achieved BSI certification on Safeguarding in Out of School selb"ngs, m8king us the first theatre to meet this stand8rd. Worked with the 10,000 Interns Foundabon, a charity that creates paid intemships for talented Black career slarters for the first lime and we hope this is the start of an ongoing partnership with the Foundation. Continued to grow early career talent programmes including apprenticeships wilh partner organisah.ons to reach more young people. - Continued lo monitor engagement Ihrough an annual People Survey. Securlty 5ySt8ms We undertODk a major review and rewrile of our Major Incidenl Plan lo ensure securlty incldent hand1in9 practices reflect be51 practice and are accompanied by robust recovery p18ns. Inforrned by Te¢ent cyber incidents in other sèctors, we undertook a fresh disaster recovery plannlng exercise across all core systems. Thi5 included a Scenario exercise with input from every relevant department lo ensure we had tested our technical and operational recovery pro¢es58s from a Gyber incident. should one occur. Prevenbon, however, remains our key focLJS. Stages, bullding and equipment We delivered an ambillous programme of capital works, focus8d on critical stsge infrastructure, including.. The first phase of production lighting renewal wilh th8 in51allalion ol a new overhead LED rig, the benefits ol which include improved energy efficiency, reduced carbon emissions. lower malnlenance cos15 and greater creative flexibility. LED upgrade of the auditorium lighting, reducing energy consumption by circa 7010. Replaced the obsolele control system lor the false proscenium. Implemented a new IP-based production communlcations system lor stage teams, providing building-wida coverage through tha unifi8d network. Elsewhere in the bullding, we refurb%shed lifts, did further electrical network up9rades and refurbished tho odginal 1858 entrance. Over the summer. we remodelled the fifth floor to deliver Ci¢oria by Angela Hartnett a restaurant and terrace bar which will further enhance the visitor experience and our commercial offer. New systems and upgrades were rolled out across Dur ticketing plattorm, finance, HR and schedullng packages,. this improvement in enterprise systems lays ihe foundations for more effi¢ienl processing and richer data mining and insight. Acces$ Working groups have been ciealed with cross department spe¢ialists lo ensure resoUr￿S are deployed more efficlently, knowledge sharing is mDre immediate and RBO is aligned as an access community. Some highligh15 Of our progress include.. A renewed Relaxed Perforrnance schedule, resulting in 2024125 being RBO'S most accessible season lo dale with nearly 28,000 allendees, with a locus on neurodiverse and disabled audiences. Engagement with Ramps on the Moon, an initiative that supports the Gultural sector lo elevate the place of disabl8d people within their organi8alions. 11 includes anli-ableisl and disability 8warenesS programmes which have informed and heightened our approach lo Impiovlng accessibility with disabled visitors being seen, heard and supported, with improved communication channels and customer service. Remodelling ol the Sl8ge DDDr lo improve accessibility and welcome. We have developed an accessibility improvement plan. as part ol our broader Eslale Thlasterplan. Accessibilily considerations will be built Into relevant projtscl design with strong compliance 3nd best practice in relation to (he Equality Act and a¢cessibilily standards. 20 Environmental sustainability We have sel targets to reduce gas, Ileel vehicle and electricity ¢onsumplion by 2035. We have also committed lo achieving inlermediale certification of the Theatre Green Book by the 29130 Season and advanced by the 35136 Season. Given the scale of our productions and the lirnefratne5 in which we plan our seasons. these are slrel¢h 13Tgels. against which we are making good progr¢ss. Tho Theatre Green Book 15 a slep-by-slep guide for Ihealres lo becorne more sustainable. 11 lake5 into considerab'on all aspects ol running a Ihealie., the productions we create, the buildings in which we perform, and the oporalions required to support our work. 11 considers carbon emission5 and lakes a holistic approach, including biodiversity, water and our suppliers and st8keholders. We will become progressively more sustainable, reducing our impact as far as we can by 2035 wilh a public commilm&nl lo achieving oveiall organisab'on81 carbon net zero on Scopes 1 and 2. Focus areas In 2024125 which will continue into 2025126 include.. Audience travel.. this Season, we included dorneslic flights for the first time in our calculations. Business travel.. this includes touring and 24125 was the lirst IiTne the Royal Opera company toured since the COVID pandemic. Emissions from gas & èlectricity.. aging venlilalion systems and eqLJipment failure is c8u&ng emissions to rise, however work undertaken in August 2025 to Improve ernciency should result in a reduction in Seasc>n 2025126. Streamlin& Enargy and Carbon Reporting In aecordance with the requirements of Streamlined Energy and Carbon Reporting ISECRI imposed by the 2018 SECR Regulallons, we are required lo disclose the following energy and carbon infomiation for the repo￿ng year 1 Seplgrnber 2023 to 31 August 2025. Scope 1.. Emissio￿ from combusDon of Gas tC02e 2025.. 1.412 IEn8rgy Consu￿p110n'. Gas 7.633,g38 Kwh) 2024". 733 (Energy consumption.. Gas 4.006.941 Kwh) 2023.. 1.088 (Energy consumpllon.. Gas 5.944.962 Kvhl 2022.. 1,258 (Energy consutnplion.. Gas 6.892,888 Kwh) Methodology= Location Bas80 Tffin85 of C02 eqJi¥alent IIC0281 are calculat8d the product of the Invo￿9￿ gas ctsnsumpb'on in kwh during the prevlous r8poring perbd and the 2023 UK Government GHG Gonversion Facltrrs for Company R8portiry Iver5ion 1.01 for'Nal￿ra1 Gas. From 1 October 2022 Royal Ballet and Op8ra has purch?sed Carbon Neuli¥1 N81ural Ga$ a5 part Df their Gas supply contract provid8d by Total Energi* Ltd. For more information please wsil hll s.Ilbu5iness.lot31gnÈr ener arbon-neulral. . Dvrrry 2024125 seasoTr RBO w8s notified by Total Energi8s Ltd that they would no longer be off58tllng their 98s supplies 85 part of thi5 taritt due to mn¢erns with transparency. RBO VAII mové lo a n8w ga5 provider in 2025 but will not b& purchasing via a nel zero lariff. Scope 2.. Emlssion8 trom purchased electri￿tY IC02e 2025.. 1.709 (Energy consumption.. EleGlriclty 9.653.833 Kwh) 2024.. 2.032 (Energy con5umptiDn.' Eleclrleily 9,816,163 Kwh) 2023.. 1,￿3 (Enefgy ¢onsumption'. EIEcIric4ty 9,1B8.290 Kwhl 2022.. 1.801 (Energy consumpuon El8Ctrftity 9.313.635 Kwh) Methodology.- Locabon Ba￿ Tonnes of C02 equlvalenl I IC02el are calculaie(I from the p￿￿UC1 of the a￿ve stated electrlrxty wnsumplion In kvth during the previous reporung pellod and the 2024 UK Governm8nl GHG Conversitrn Factor5 lor Company Reporvng Iv8rslan 1.01 for'Electnrdty GenEraledlEleciriclty'. UK, Market Based Ernlssions are rewrted a5 0 du8 to the fu4 ffiix of the eleGtiicity purth3S8d, as defin8d by the suppliers, fuel mix. Dr2x fuel mlx. lo￿￿ REGO Ba¢ked Renewable Eleclriclty https.'Ilenergy.draK.comlsupporUfuel4mlx-(fisdosur81 Scope 3.. Eml$sions from business travd in r8nlal cars or emppoy￿owned vehides where the cotnpany is responsible for pJrchasing for fuel IC028 2025-. 9 126,749 miles) 2024.. 14139.921 milpsl 2023.. 6124.606 wilesl 2022.. 2 18.594 rnilssl 21 M8thodology.' tC02e fjaloJlated from Ihe loial mileage expenses Claim￿ durlng the prÈviou5 fEWrting perio(1 multiplied by the 2025 UK Government GHG Conver510n FaGlors for Company Reporting Ivetsion 1.01 for an Average Cai. Vlhere specific fuel typ& is available for ￿elOumey. U)is ha5 b88n used. If this Information wa5 not 8¥ail8ble- unknown luÈl lype was us8d. The wfT corwersion has al80 been Inc1udEd. In addition ware a small number of v3n hires These have been calculated using Freigmng Goo¢5s froTn 2025 UK Gov&mmÈnl GHG Conversion Fa¢tor5 for Cornpany Reporting (version 1.01- Vans 3vérage diesel. Intensity Ratio.. IC028 gross figure b3sed from mandatory fidds ItC02elm21 2025.. 0 0570 2D24'. 0.0500 2023. 0.0540 2022.. 0.0570 M8thodology: The intensity ratio sia18d above has been talculaled as Tonneg of C02& per Itrtal square meters of property OVA1￿157.4J8 tn21 24125 has seen a number of significant Capital investment projects completed lo reduce energy Consumption. Thi5 indudes upgrading the gas boiler bumers to improve theSr etficiency and cornpleling Ihè auditorium lighting replacement with over 960 individual light SOL1r￿s were replaced WI￿ LED over an 18- month period. Furthef major projects planned for the coming years include the inslall8llon of a bio-solar roof which incorporates solar pane15 and green roof lo encourage biodiversily and increase climate resilience, along with the planning of the reslrucluring of mechanical. engineering and plumbing IMEPI systems $0 that a decarboni58llon solution can be installed. Whilst this planning occurs, ongoing consullabon and invesiigation into the feasibility of decarbonised heat sources continues so that we continue to remain on Irack for our iarget of nel zeio for scopes 1 and 2 by 2035., discussions with the South Westminsler Area Netrtork district heat system are ongoing and costings for combined air and waleT source heal pumps aro being Ljndertaken. Comparison ol SECR reporting periods I Sep 2024 - 31 Aug 2025 with the previous yèar shows a decrease in electricity ¢onsumplion by 162fblWh. This is a decrease of 323 IC02e compared to the previous year 01 16U/.. Gas Gonsumplion during 24125 incrèased by 3.627MWh compared lo 23124, Emissions from gas incrèase¢J by 679 tC02e compared to 23124, which Is a 92'k increase. Comparison 01 24125 with 2018119 shows a 6°/0 de¢rea5e in emissions from gas consLJmplion,' 81lhough g#s consumption has increased compar8d to last year. replacerllent ol the boiler burners will improve g3s use efficiency whilst work continues on planning lo remove gas boilers from Covent Garden enlirely. Our eleclri¢iy emissions have also decreased by 290/0 in comparison with 18119 and it is anticipated that the completion ol the signiliGant prtsjecls lo reduce electricity consumption will see thi5 lurther reduce in 25126. Based on the parameters measured by SECR, acr055 the whole eslale in 24125, el8¢tricily accounted lor 56Vo of lolal annual energy demand and n3tur81 gas 3CCOUnted for 440/0. This composition DI enèrgy use is changing annually and reflects the projects we have undertaken and our reduction in electricity use this year.. the balance previously being 53.10 electricity and 47Wo gas in 18119.11 is inlended that this compDsillon will ￿ntinue to move rnore towards 8lectri¢ity as we decarbonise OLJT energy consumption. Finance and Governance The Royal Ballet and Op￿a slrives to present an ambillous programme of work while balancing its books on unrestricted general funds in e8ch lull financia1 year. The results lor the period are set out in the con501idated statement of financial activities. Note 110 Ihe financial statements sets out the basis on which these finan(Mal slalements have been prepared. The Board ol Trustees receive Management Accounts al each Board meeting. The Royal Ballet and Opera's fonvard plans include a sel of outcomes and re131ed KPIS, agreed with the Execulive team and Board of Tiustees. KPIS included: publi¢ engagement across performances, digital activity and learning and partiapalion Initialives., diversity ol audiences, participants, $￿ff and artists.. results against budget., and envlronmenlal performance. Performance against thè KPIS is reviewed in detail al Ihe end of each year. AdditionaSly. Arts Council England receive Management Accounts and cashflow le￿rtS on a monthly basis, enabling them lo closely monitor progress against financial largels throughout the year. 22 The important continuing inveslrnenl from Arts CoLJncil England enables the undertaklng of a range and depth ol work and investment in new work, artist development, craft ex¢ellen￿. engagement and access, which could not be sustained olhenvlse. Financial ieview- 2024125 Our mixed funding model continues lo be a strength - comprising public and private support, box office and commercial activits'es and we continue lo make the best use of our diversified Income sources through these limes of ongoing e¢onomic uncertainly. We generate the vast majorily of our own income, and through our Future RBO piioribes around developing and building audlences and building organisational resilience, we conb'nLJe lo focus on increasing both commercial revenues and fijndraisgd income ithllst reduang costs through Iransformalion, 81 the same time slaylng committed lo our core objectives and mission. OLJI artisti¢ programming combined with audience development initiatives contributed to strong box office results with 95 /0 o¢cupancy and 81,10 financ*al capacity. Ove￿11, box office income increased slighdy over the previous year and we achieved £54.8m152 week perloLI ended 25 August 2024.. £54.5m). We continued lo benefit from Theatre Tax Credit, £18.3m152 week period ended 25 August 2024.. £16.5m}, a vital support lo our financial model, enabling us to invest in new works and provide expanding employment opportunities for creative loams and freelancers. As a National Portfolio Organisallon (NPOI, a grant of £22.4n 152 week period end&d 25 Augu312024.' £22.3ml was received from Arts Council England, representing 15°A ol lolal lunreslricledl in¢ome152 w&ek P8riod ended 25 August 2024.. 15/.1. Additionally, the Royal Ball&l 8rNJ Opera is one of only four Nallonal Portfolio Organisalions to be awarded funding from Arts Council England lo lead the Brldge prograrnme for Bedford Borough, Central Bedfordshire, Luton. Hertfordshire, Essex, Thurrock, Soulhend, Darttord, Gravesham, Swale and Medway. Funding of £LI.7m was received in the current year152 w8ek period ended 25 August 2023.. £0. Tml. Excluding income within the Endowment, the development department raised £45.9m152 we8kp&riod ended 25August 2023.. £50.2.m}, £8.7m of which was received in support of capital projects. Our trading subsidiary, Royal Opera House Ent¢rprises Limited, recorded an operating profil before tax of £6.1 m152 week period ended 25 August 2024-. £5.9m). As the business has continued lo focus on growing commercial retLJrns, both gross profil 8nd operating profits increase(I from the previous year. As for Dur costs, like many others we were faced with the impact of prolonged higher rates of inflation and e increased employers National Insurance contributions from April 2025. As an accredited London Living Wage employer with staffing costs representing 47Vo o* total expenditure excluding depreciabon and amortisalion. the Ljpward pressure on salaiies was a¢utely felt. All of these factors had significant Implications for an operation that runs on such tight tnargins. Expenditure on tangible and intangible fixed assets sits outside our statement of financial 3¢tivilles, bul we musl fvnd this eithor through donations or reserves. Durlng the year, we sp¢nl £18.9m 152 week psriod &nded 25 Augtssl 2024.. £10.9ml in the second year of our capital investment programme, focussing on the stage infrastructure, urgent building issues and critical business systems, with a further £6.1m committed at the year-end. The overall ￿sLI11 for Ihe charlty's Unrestricted general funds was nil rllovetnenl from the previous year. On group basis, Unrestrieled general funds al 31 August 2025 were £4.1 m (52 weekperiod ended 25 August 2024.'£4. Im) aft&r transfèrs from Reslricled funds of £9.8m (52 week period ended 25 August 2024.- £9.8mJ and nel transfers to Unrestricted Designated funds of £fO.8m (52 weok porlod ended 35 August 2024.. £I0.Qm). Refer to Note 19. Al 31 August 2025 ￿Tr￿striCted fLJnds were £240.Om (25 August 2024.. £234. Im) before Unrestricted pension reserve deficit of £9.4m (25 August 2024.. £11.9mJ. There is £234.2m (25 August 2024." £228.3m) held in Unreslricled Designated funds. 23 Al the end of the period Reslricled fund balances were £8.4m (25 August 2024.. £9.Om). For further details refer lo Note 19. Al the end of period the Endowment fund balance of £64.9m (25 August 2024.. £56. 7mJ is represented by restricted capital assets of the Royal Opera House Endowment Fund 2000. The Royal Ballet and OFeta group held positive cash and short term deposit balances Ihroughoul the period. Unreslricled (25h held al the period end was £108.8m125 August 2024.. £101.6m), which included advance bookings held al the period end of £16.1 m (25 August 2024.. £13.7m). The overall increase in cash balances, includin9 those with a notice period 016 month5, was a result of business levels and the movement on working capital. This cash will be utilised loi our planned eslales and infraslruclure wosks. with our forward plans showing a decrease in cash balances in each subsequent year. Looking ahead, we continue lo fac8 ehallenging financial pressures including inflation, which is still above the 201. Bank of England target. We continue ahead in year 3 of the first 3-year phase of critical long-term investment in our stage infrastructure and the fabric of our building. This is necessary to millgale risks ol equipment failure which Could lead to pertormance Can￿lIatiOns, as well 8S to protect the heritage of our Grade I listed building. It is lo ensure our spa￿S remain fil for purpose, welcoming and safe lor the 1 m+ people who come through our doors each year, bolh ticketed and non-ticketed alike Repayments on our Cullural Recovery Fund ICRFI loan commenced in March 2025, with annual repayments lolalling £1.6rn. Wh8n combined with the increased National Insurance from April 2025, our business model wlll have to deliver a further £3m+ in cash resources annually lo maintain the same level of operations. The following operating slalemenl. which excludes Endowment incDme and expenditure and capitsl fundraising and expenditure, illLJStrates the light margins ol our model and demonstrate5 the impact of these increased pressures. Operating StstemonL excluding Endowment & capital Income Operabons of Royal OpBra House Donations and legacies. exclkjding capital ACE grants Commarcial trading Investrnents and other 2024125 £'ooo 2023124 £'ooo 81,435 37,178 23,110 23,132 4,415 80,273 42,262 22,942 23.217 3,461 172,155 Total income 169.270 Expenditure 1173,7671 1171,3351 Net income Iloxpenditurel 4,4971 820 Reserves The Trustèes regLJlarly review reserve levels, and designaled the following amounts al the period end.. Fixed Asset and Heritage Asset funds including Revalualion fund. of £170.4rn and £7.3m respectivdy, equivalent lo the tangible and intangible fixed assets owned by the charity. plus those fixed assets that were approved in the season but not fully completed. Designated Fulure Project Fund of £60.7rn. This fund comprises Specific amounts pul aside forfulure activity, which includes a fund of £41.7m towards our capital inveslmenl needs over the next Mo lo (hiee financial years. The remaining desbgnaled lunds1£19.Oml are in support ol our Future RBO vision, including the artislic programme, iesearch and development end support lo our financial model as we grow our ￿VenUe streams and rea1ise savings from OLJr programme of business transformation. 24 The level ol free reserves I￿presented by the Unrestricted General fund) al 31 August 2025 of £4.1m (52 week period ended 25 AugLfsI 2024.. £4. Im) equates lo only 3% 01 current unrestricted incotning resources. The Trustees agree that a higher level of reserves is desirable in order lo protect against reductions in box offico and fundralsing income, economic uncertainties, unforeseen events and further redLJctions in public funding. The TrLJslees review the level of free reserves annLJally, and considering th8 linan¢ial model of the charity. core expenditure and levels ol cash held in advanced bookings. have held a target level of free reserves of £10m forthe last several years However, Trustees acknowledge that any increase lo free reserves over the medium term will be unlikely due lo the combined impact ol the challenging economlc environment and tho identified needs for the programme of eslzl8s works. Our current ffnanci81 strategy is lo budget lor a minimum £4m contingency in annual bLJdgels while building designated funds for specific, fulure, longer term planning, the Trusloes will conslder increases lo the free reserves when possible in order to make progress towards the £10m largel. The lolal funds held al 31 August 2025 was £303.8m {25 August 2024.. £287.9mJ. The designated Future Projects Fund1£60.7ml is likely lo be 5penl Sn the next Iwo to three years, in support of our urgent capital investrnent needs and Fulijre RBO vision. Levels of unreslricled funds, both Current and forecast. are monitored closely lo ensure they remain al an adequate level in ord8r lo provide fln8naal flexibility and a buffer agalnsl operational rfsk. Pension scheme In Ilne with the requirements ofFRS 102 S28'Employee Benefits,. the Royal Balletandopaa'sdefined benefit Pension Scheme liability and related costs are included in these financial stslemenls. Wiihin the Statement of Financlal Aclivilles ernployer contributions as determined by the actuary are ￿corded as an operats'ng cost in the Ljnreslricted general fund. The charge to the Statement ol Financial Activib'es is £0.7m less than contributions152 week peTiod ended 25 ALJgusl 2024.. £0.6m less than conlrlbulionsl, in a¢¢ordance with FRS 102 Irefer to note 23 of the financial stalementsl, The actuarial g8in, nel of actual return less interests on plan assets for the period was £1.8m152 week period ended 25 August 2024.. £0.3ml. The nel pension liability at lh& period end was £9.4m125 August 2024." £11.9ml, with the improvement from the prior period driven by the significant rise in the discount rale in excess of returns on scheme assets, all as part of the actuarial assumptions. 11 is Important lo note that the liability represented by this value Ibeing based UPDn actuarial assumptions) will alter in response to ¢hanges lo the future fvnding and structure of the pension scheme las well as lo economic and investment market conditions) and does not ¢ry5tallise in the short or mediijm term. Investmènt powèrs and pollcy There are no restrictions on the investment powers of the Iruslees. The trustees are pgrmitted lo invosl and reinvest the trust fund, providing the objects and purposes of the Charity are met, and subject lo such consents as fflay be required by law. Investment Policy The Trustees of the Endowment Fund reviewed and agreed an Investment Policy in line with the Chaiities Cornmission Guidance CC14. A summary of the key investment objects ar8 as follows.. Gellera￿ Investment income to support the granl in¢ome available lo support ROHCGF., and Deliver ￿pital growth lo maintain the real value of investrnents for ftjlure years. To achieve the above objects the Iruslees have set the inveslrnenl benchmark Of a total blended return of CPI +3.5'1o on a rolling basis. Effective from 1 September 2024, the Trustees adopted a lolal retum approach lo investment. The initial value ol the trust for investment and the unapplied total rettjrn was established on this dale. To delermitTre the initial amounts for investrnenl, all donations, legaaes, and similar incoming resources were accumulaled from the inception ol the fund lo 31 August 2024. This was reduced by the investment management and 25 adminislralive costs lor the same period. To determine the initial amount of the unapplied total return, interest income, dividend income, and other nel g8lns were accumulaled from inception lo 31 August 2024. This amount was reduced by the amounts paid out as grants for the same period. This analysis was caTried out In May 2024. To determine the amount ol unapplied loial return allocated to inGome in the period, the trustees have consldered grants lo be paid for each fund. For (he Main Endowment Fund, the giant Is determined as 4° of the preceding three-year average investment balance. The amounl of the grant paid from the Paul Ferguson Memorial Fund Is a consistent annual amount. No amoun15 were allocated lo the trust for invgstmenl in Ihe period. Under this policy, the total return-comprising both income and capital galns-is considered when assessing the ￿SOUrceS available lor charitable aclivilles. The adopllon DI the total return approach enables the Trustee5 to make grants based on the ov8ra11 performance of the investmenl portfolio, rather than being re51rlcled lo income alone. Thi5 provides greater flexibility in supporting the charity's objectives while maintslning the long-lem value of the investment assets. The Charity is focused on managing investrnents in line with the broader environmèntal, socia1 and governan￿ IESGI slralegy, and over lime, the Trustees are fully commilled lo ensure their funds reflect the ESG position of ROHGGF. Going Concern The Trustees must satisfy Ihemselves as to the Royal Ball&l8nd Opara's ability to continue as a golng concem for a minimum of 12 months from th& signing of the financial slatemenls. The Board of Trustees have considered business plans and budgets based on an artistic prograrnme of activity lo August 2027, supplemented by ouuine plans in other are85. These plans show the impact of the ch811enges ahead given the external environment, including the impact ol inflation. In the Board's assessment of going Gon￿rn they have taken into consideration whether the Royal Ballet 8nd Opera has adequate resoLJrces to meet Its obligations as they fall due in and beyond the 12 months from tha dale of approval of these financial statements. In assessing going concern, th& Board ¢on5idered the financial Impact ol any shortfall in fundraising and Irading incoEne, and the impact of further increases on costs in excess of current plans. Whilst the Trustees are Confident that these risks have ade4tJate mitr'gation lo ensure Ihe Royal Balletand Opera remains 8 going concern, the modelling shows that there is sufficient liquidity lo August 2027 excludin9 mitigations. After consideration ol the scenarios. the Trustees consider Ihal Ihe Royal Balleland Opera (Group and Parent Charitable Company) has 8dequate resources to continue in operational existence foi the fore5e8able lulure being a rrTinimutll of twelve Thonlhs from when these flnancial statements are approved. For thi5 reason, the financial statements of thè Group and Parent Charitsble Company have been prepared on a gDing concern basis. 2024125.. Risk Management approach During the period the Trusl8es have operated a risk management strategy which comprises.. Review and assessment by the full Board of TTusleas ol the risks whi¢h the charity may face and the approach lo risk management. The establishmenl ol systems and procedures lo mitigate those ri5k5 identified. Dalailed review ol the overall risk landscape by the Audit and Risk Committee, Including Strategic Risk, Health, Safety & Security, and Technology and Cyber Security m2tters. Procedures designed to minimise any potential impact on the Charity should any of those risks maleiialise. 26 The governance and management of risk is divided between Straleglc risk and Operational r15k. Strategic rlsk is reviewed by the ExecLJtive al meèting5 regularly throughout the year and is link￿ lo the RBO Plan. The ExecLJlive Considers each risk against its agreed risk appelile and reviews existing mitigations and planned actions. Operational risk is reviewed and updated by the Operational Risk Group which mee15 up lo threg Ilmes a year and operates undei clear terms of reference. The membership ol th& Operational Risk Group is made up of senior managers from across the Royal Ballet and Opera with rep￿SentatIon from all departments. The Chief Financlal Officer attends the Operational Risk Group meetings and a regular report is produced and discussed with the Exècutive. Additionally, risk is ￿vieWed 8cr05s sp&¢ific projects and monitDred regularly Ihioughoul the year including Health & Safely, Capital & Estates, Planning & Scheduling, major projects, as well 85 an extensive risk assessment regime throughout the organisalion. Strategic Risks Al Its annual review of risk management, the Board discussed the strategic risks and assured themselves of the adequacy of controls and miligalions in place. These are listgd below.. Ac￿sS lo diverse and creative lalenl Risk description.. Loss of artistic reputation I dlfferentiallon leading to lost income,. and loss of performances and related Inccime. Key causes.. inability to pay competiliva fees and salaries. and complexity of posl-Brexil visa regime. Summary of mitigations.. continuous review of fees and benchmarking.. setting up working group lo create strategy and timeline for Opera guest lee,. WOFk with the new UK Opera Association to lobby for visa regirne simplifications. Risk description.. loss of Income Ipublic and private source51', reducb'on in artist and staff commitment lo RBO. Reputation Key causes.. p8rcepliDns amongst audiences. staff, artists and the wider public that RBO is taking the 'wrong' position on contentious issues. Sumrnary of rnitigatlons.. clear statement of political and organisalional neulralily, supportod by delivering chaiitsble objectives and pursuing artistic excellen￿., comfflitmonl lo ED&1 including accessible pricing, national outreach. core messaging. advocacy and first dedicated Head of EDI iole.. and updated Risk Management Framework for productions and events. Risk description: inability to deliver planned prograrnme and related revenue planned progr8mme. Earn8d Income Key cau$es'. enduring effects of the cosl-of-living crisis,. reduction in Commitment of high-nel-worth individuals," and ageing donor base. Summary of mitigations." box offl¢e pricing iniliats'ves lo oplimise yield, atmosphere and occupancy, consi51ent with 8udience diversity goals., initiatives to maxitnise secondary spend Icalering and relaill., and 8 series of inilialives to maximise fundraised Sncomfj as part ol the multi-year Developmenl Strategy. Risk descriptlon.. futher reduction in ACE funding when the current grant expires. Public investment Kay caus8s'. outcomes frotn the of Arts Council England, the Devolution While Paper, and plans for local government reorganisalion are a reduction in funding lor London-based arts organisations. Summary of mitigations". conb'nug lo deliver excellence and publFC valLJe,' and though enhanced advocacy along with peers, strengthen the case for Snveslment al least ¢ash flat. 27 Cosl control Risk description., inabiSlly lo achieve a balanced financial oul¢ome, and lo deliver the planned programme, InclLJding uilical inveslm8nl in priorities including capi181 works and R&D. Key causes.. inefficient Dperating model, in particular duplication of work due to outdated systems. Summary of mitigations.. initialed a cost reset PTograrNme und8nvay, driving increased productivity through systems, process and culture change. Health, safety and physlcal security Risk description.. serious Injury or latalily. Key causes.. inherent risks of theatre Including working at height. with hydraulS¢s and Ghemica1s'. physicality of performance and manual handling., and potential largel lor lerrorisl attack. Summary of mitigations.. multiple including enhanced risk assessment proce55', new Estates Maslerplan with H&S baked in., and renewed engagemenl with local partners in the security space (including physical and cyberl. Rlsk description.. inability lo deliver planned programme. including digital, touring and other related revenue,. loss of staff goodwill, leading lo pressure on industrial rolations, retention, absenteeism and costs.. Breach ol health and safety. Key causes.. ineffectual or insufficient staff resource andlor systems and processes. Summary of mitigatlons.. implementation of People Plan (picking up leamings from the most recert Staff Survey)., Transformation Programme Ilo be led by newly recruiled Ghbef Transformation Officer). Risk Description.. ¢ancellaliDn of 8 perfomiance or digita1 event.. customer di5salislaction with digit81 experience, impacting revenue., increased energy and maintenance costs due lo aging infraslructtjre,. loss of Customer records. Capacity to deliver programme Equipment failure Key causès.. technology or stat& fjqLJipmenl failure. Summary of mitigatlons.. capital investmenl focused on resolving priorfly IS5ues", next triennial plan includes design and initial implementation of new building infrastructure via a new Masterplan., coordinated group across Digital & IT to develop., plan in place lo align and deliver digital and technology Irdnsformation roadmap," programme of inveslmenl.. network upgrade underway. Bu51ness continuity Risk des¢rlption'. impact on business from a global Calasliophic event such as another pandemic, lerrorisl allack or cyber-allack. ressjlling in an inability lo Irada or operate the business. Key causes.. new pandemic.. cyber-allack", lerrori5t attack Summary of mitigations", revised Major Incidenl Plan with linked continuity plans in place., iefreshed 5nlormalion TeGhnology resilience plans. 28 Trustées, duty to promote the success of the Charity- Section 172 Statement Section 172 of the Companies Act 2006 requires the trustees to act in the way they consider, in good faith, would be most likely to promote the success of the charity lo achieve ils charitable purposes. The Companies Act 2006 oquires the Royal Bal￿t and ijpera, as a large comp8ny, to report on how Iruslees have complied with Section 172 and olher linked mallers. Section 172.. the Trusto$s musl prowole the success of the charity lo achleve ils charitable purposes by having regard lo, IA) The likely consequences of any decision long ierm The current RBO Plan approved by the Trustees seis out foLJr priorib'es which a￿ aligned with the investment principles as set out by ACE and the actions and perfomiance indicators for each over the period 2023-27. Th95e IoLJr principles are.. Artistic Ex￿llence Diversity and Inclusion Long Term Finanaal Viability Resilience All the decisions made by Trustees are predicat&d on the desire lo achieve these long term aims. The needs of 811 our benefiaarie5'. our current and future audiences as well as the many pardapanls in our educ81ional programmes as well as our other key stskeholders.. our staff, our freelancers, the Arts Council England and donors. are all vital to the SUC￿SS of our slralegi¢ plans. Trust¢es also keep under review the charity's principal risks and opportunities and ensure that our plans can adapt lo respond to changes as rèquired. These aro set out on pages 29-31 of thls report. The new RBO Plan was approved by Trustees In 2024 IBI The interests of the Charity's staff The Trustees recognise that 1115 Ils staff and artists that make the RBO such a remarkable instilulion. Considering and protecting their intere515 is crucial io the success ol R80 and our decision-making processes lakes this into account. Threo trade unlons are recognised Mlh whom we work closely and consult. IC} The need lo foster the charlty's busines5 relationships wllh suppliers, customers and oth&rs. 11 is impDrtanl for R80 ￿ ensure that we engage wilh our fju5tomers whether they are audiences in our theatre or the patlcipanls In our Learning and Participation programmes or simply those who vlsil RBO. The Executive team regulady receives inforfnation on the 8udience feedback as well as detailed feedback from teachers and other educational partlClP8nts. RBO also commLJnicates with our audience 8nd those who are part ol oijr membership prograrnmes with targeted information according to their preferences whilst at the sarne lime being mindful of data privacy concerns. Our procurement function ensures that we deal with suppliers faiHy and in a profossional manner. We also develop strong working relationships with key suppliers who are able lo work with us lo best SUPPDrt and maintain our unlque building. IDI The impact of the charity's operations on the community and the environment TTUStees and Management recognise that su51ainability and th8 environment are at the centre of our activities 29 and curr&ntly we are continuing work on a suslainabilily plan which is being implemented at all levels of RBO. This is sel out on pages 24-26. RBO also works with both our local community but also communities elsewhere in the UK We have long-lerrn p8rtnerships in Thurrock as well as ill Doncaster where we aim to foster community engagement with our artforms. IE) The desirability of the charity mainlalning a repLJtalion for high standards of buslness conduct The Trustees reC￿nIse that RBO'S reputation is critical both lo) Ils success and its obligation to rllainlain the highest standards given our position in the UK arls and charity sectors. We will be implementing the new Charity Code of Governance publlshed In October 2025. There are a number of policles in place lo promote corporate responsibility as well as ethical behaviour including anli-fraud and bribery, modern slavery. saleguard5ng, conflic15 of interest, bullying and harassment, as well as donation and income acceptan￿. Summaries ol all these policies are available on RBO'S website. RBO Values and Behavlours conlinue lo underpln our recruilmenl and induction processes as well as how we conducl our aclivilies on and off stage. Our prDcurement slrateoy ernbeds ethical standards in our supply Chain as well and health and safety and safeguarding cornpliance. IF) How Trustees have engaged with other stakeholders, e.g. service users, beneficiaries. funders and the wider community We have ouuined elsewhere in the report, and In this slatemenl, how we engage with suppliers, staff. the wider community. customers and other users. Our donors are a critical part of our success. Thi5 has been especially true in the current climate ol rising costs inclu(Sing OLJr energy costs and the decrease in Our government 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 ol our financial wellbeing. We hav¢ a Strong working relationship wllh ACE and keep them regularfy informed on all aspects of our acb"v1￿es including having a represenlalive attend some Board meetings. (GI The need to acl lairfy as between members ol the Charity and how directorsThruslee5 have engaged with staff and taken account of their interests We want to rnake sure we are able lo attract and develop talented people who contribute more, precisely because ol the breadth ol their different ba¢kgrounds, experien￿$, cultures and outlooks. Reoruiling and working with those lalenlèd people is just part of the work. We know Ihal we need lo create an environment where everyone believes they belong and Gan do their best wod(. Achieving inclusion requires inclusive leaders with the ability and desire lo continually seek feedback, really listen and then act lo establish a culture where difference is genuinely valued. We commit lo iegularly measuring our progress. holding oui leadership team accountable lor achieving our goals bul we acknowledge that we rllusl learn as wego. Equality, Diversity and Indusion We have reviewed and rofreshed our ED&1 slralegy lo ensure our priorities a￿ Glearfy linked to our widsr orgJnisalic>nal pufrpose. Wilh th8 overarching principle of 'RBO for 8veryone', we have four key areas of focus. Our artistic work- &ncouraging a wicle array of voices at the centre of our artistic vision roffecting dislincl idgntilies and experiences Our audienGes- growing and retaining diverse sudiences and crealing a welcoming and inclusiv& enwronmenl for all visitors 30 Ourp60pIg and cul£u￿- attracting a workforGe from a bmad range of backgrounds, delivering people poliues and processes underpinned by ED&1 8n¢Y embedding a cullure of indusion and bèlonging Our wider ifflpact- dev8lcwing our work in Learning & Perticipalion with schools and young peopl8 8nd our early careers progr&mmes to increase access lo RBO and the arts seclor. Monitoring Progress The RBO Board of Trustees and Executive Team are responsible for the delivery of this 5tral&gy. Assessment of our succ&ss will be d8ta driven, and high-level KPIS for EDI hav& been embedded in RBO'S Business Plan. Transparency with staff on our plans and progre55 is key. We will consult with the Staff Diversity and Inclusion Network before this strategy and lulurfj updates are finalised and will report back lomially to staff twice a season. Thls strategy was lorm211y considered by the 8oard in December 2023 and approved. 31 ACKNOWLEDGEMENTS 32 In the 2024125 Season we woiked with a large numb&r of organisallons 2nd we would Ilke lo thank them all for their parlner5hip'. Acosta D8nza Acosta Danza Foundation Adelaide Festival Alvin Ailey American Dance Thealer American Ballet Theatre StudiD Company Arts Council England Askonas Holl Ballet Black Ballet Central Birmingham Royal Ballet Bradford Cathedral Bradford City of Culture British Broadcasting Corporation British Youth Opera Britten Pears Arts Brno National Theatre Ballet Bundesjugendballell Charles Court Opera Cineworld City Lit Clonter Opera CNN Cologne Opera Colllpany of Elders Creative UK Curzon Oance Reflections by Van Cleef & Arpels Die Nederfandse Opera Elizabeth Connell Prize English National Ballet English National Ballet School English Touring Opera Everyman Fallen Angels Dance Theatre Finnish Naty'onal Opera Flock Theatre Makers Fond8zione Teatro Lirico Giuseppe Verdi, Trieste Francois Gremaud Company Guildhall School of Music & Drama Hans Gabor Bolvedere Singing Competition Hamberg Ballet Joburg 8allel Korean National Balltrl La Scala. Milan Lisa Gasleen National Opera Program Lilue Bulb London Handel Fesllval Lost Dog Lyric Opera of Chicago Magpie Dance Modey College Mt. Fuji Intemalional Opefa Compeb'tion of Shizuoka National Ballet ol Canada National Opera Studio National Theatre Brno Nab'onal Youth Ballet NederlandsNetherlands Dans Thealer cvNeue Slimmen New English Ballet Theatre New Note Orchestra Noe Soulier Company Northern Ballet NovNegian National Ballet Norwegian National Ballet 2 Nouvel Opera Fribour Odeon Opera Austolia Opera Ballet Flanders Opéra de Lille Opera de Lyon Opéra de Montecarlo Opera National de Paris Opèra North Opera Story Opera UCT Opemhaus Zurich Paris Opera Ballet Paris Opera Junior Ballet Place28e Rambert School Royal Academy of Muslc Royal Birmingham Conservaloi Roy81 College of Music Royal Consèrvatoire of Scotland Royal Northern College of Music San Francisco Opera Sarasota Ballet Seaglass Arts Scottish Ballet Semperoper Dresden Society of London Theatre Sound Voi Slaatsballett Berlin Sl Paul's Cathedral Studio Wayne McGregor Sydney Dance Company Teatro Real, Madrid Teatro La Fenice, Venice Theatre des Champs-Elysées The Aotearoa New Zealand Opera Studio The Auslralian Ballet The George Balanchine Trust Th8 Ballet Assoeiation The Barbican The Frederick Ashton Foundation The Israeli Opera The National Ballet of Canada The Royal Ballet School Thick and Tight Tonic Tralalgar Ukrainian Catholic Eparchy of the Holy Family Ukralnian Cultural Cenlro of Bradford Ukrainian Social Club Unicef Rights Respecting Schools Alllance Ustinov Studi05, Theatre Roysl Bath UK Theatre Vue Yorke Dance Project Young Artist Development Programme Youth Company of the Finnish National Ball&l ZooNalion Dance Company ZooNation Youth Company 33 STRUCTURE, GOVERNANCE AND MANAGEMENT, 34 Directors and Trustees The directors ol the charitabl# company I'The Royal Ballet and Opera, or'the charity'l are its Trustees for the purpose of charity law and throughout this report are collecllvely referred lo as the Trustees. The TnJ51ees who held office during the period and since period end were as follows.. Sir Lloyd Dorfman CVO CBE Ichairl Zeinab Badawi Caroline Britton Lord Browno ol Madingley (Senior Independent Dlreclorl Baroness Deborah Bull CBE (appointed 01 September 20251 Timothy Bunting Lisa Burger CBE Philipp Freise Farah Ramzan Golanl CBE (appointed 10 December 20241 Susan Hoyle OBE Ireb'red 31 August 20251 Sir Nicholas Hytner lappoinled 01 January 20261 Daniel Ison Stephen Lucas Dame Carolyn Mccall OBE lappolnled 10 December 20241 Alan Slanlon OBE (appointed 8 October 20241 Joanna Slreeten Alislair Summers lappoinled 8 October 20241 Janis Susskin(l OBE Michael Ward Irelired 25 September 20241 Sir Alex Younger KCMG Chièf Executive Sir Alex Beard CBE Companysecretary Leah Hurst Governing Document The Royal Opera House Covent Garden Foundation is a company limited by guarantee (company number.. 004805231 govemed by Ils Memorandum and Articles ofAsso¢ialion, which were last amended on 5 Octobor 2021.11 is registered as 8 charity at the Charity Cotnmission (Gharity number'.2117751. Charitable objects Our charitable objects, as slated In th8 Royal Ballet and Opera governing document, are.. io promote and assist in the advancement of education so far as such promotion and assistance shall bo of a charitable nature and in particular, to raise the artisb'c taste of the Gountry, and lo pro¢ure and increase the appreciation and undgrstanding of the musical art in all its lomis. The achievement of our aims as listed in the pages above (pages 14-261 enable us lo fulfil our charitable objects and therefore our legal purpose. Public benefit The TrusteEs refer ID the Charity Commission's general guidance on public benefll when sh8ping and revi8wing the Charity's airlls, objectives and fvlure str8tegies. In seth'ng the level of tickel prices, charges and concessions, and in developing digital and broadcast dislrlbulion, the Trustees give careful consideration to thE accessibility of the Royal Ballet and Opera to those on low incomes. As outlined in this report, this is addressed through maint2ining a wide range of ticket prices, as well as through sèveral lickgl subsidy schemes, free events, digi181 and broadcast activity and an extensive learning and participation programme. 35 Appointment of Trustees The Board of Tru51ees Is responsible for the appointment of new Trustees. who are appointed lor an initial term ol four years. The Nominations and Remuneration Committee has delegated authority lo recruit Trustees who are lomally elected al Board meebngs, On the expiry of their initial term they may be re- appointed for additional term5 expiring on or before the financial year end following either the s¢¢ond or fourth anniversary of Ihe date of re-appointment. No Trustee shall be appointed for a tetm exceeding twelve years. The Trustees appoint a Chair for a term of five years or less and on expiry of such term he or she may ba re-appointed lor a second term of three years or fewer by approval of the Trustees Provided that on expiry ol such second lerm he or she shall, unless theTrustees otherwise exceptionally determine, retire from office. The Nominations and Remunerab"on Committee reviews regularfy the slru¢lure, size, composition, diversily and succession needs of the Board. ensuring Ihal the Board has the required blend of skills and experience and Its remit is lo identify. assess and formally recommend to the Board candidates for appointment as Trustees. Trustee Induction and training New Trustees undergo an induction session with the Company Secrelary lo brief them on their obligations under charity and CDrMpany law, the conlenls DI the Memor8nduffl and Articles ol Association, the boarij tnanual and the commitlee and decision-making prDce5ses. During the induclion new Trustees 8re also introduced to key staff and other Trustees. Organisation The direction and control of the Royal Ballet and Operd is delemiined by the Board of Tfuslees, which meets al least six limes a year. The role ol the Board is lo direct the Royal Ballet and Opera stralegy and to ensure that the Royal Ballet and Opera Is on the approved stralegic course lin¢luding artistic slralegyl and Ih81 it is properly and effectively managed. 36 The tollowing sub-committeos of the Board are estsblished (whlch in the case ol Development, Leaming and Participabon and Capital 8nd Eslales, include members who are not TrLJsleesl. The committee is responsib18 for considering and reviewing matters relating to the control environment. indudiw intern21 audit, insurance. treasury. health and safely and risk tnanagement. including consid8ralion of mallers ra15ed by the ex18rnal au¢ilot5. The committ88 is responsible for the appointment of the external auditors. tne8ts regularly with them and revi￿ their performance and independence. The committee meets at least three times a year. Alex Be8rd, Mindy Trfjlby IChi8f Financial Offic&rl and Haalher W81kerlChief OpeFaling OtrIc8rl report to all meetings Audit and Rlsk Th8 ￿mmIttee is responsible for revi84¥7ng 8nd assessing the balance, inlgJrily and transparency of financial informauon. the èdequacy ol financial planning. budgeting and forecasting. and the Royal Opera House's annual finanoal stalemenls. 11 makes recornmendations to the Board on major capital expenditure and r6v8nue contracts and on the overall framowork for delegated financial aulhorily in the Royal Oper8 House. The comrnitlee rneets five limes a y&ar. Alèx Beard, Mindy Kilby Ichief Financial orricwl, Heather Walkef (Chief Operating Offi￿rI and Sophle Wybr8w-Bond (Chieff Commercial Officer) report 10 all meelings Flnance and Commercial Development The (x>mmittee supports the O@V91opmenl department in maximislng fundraising opportuniti* and inwme. Alex Beard and AFn3nda Saunders (Chief of Starr, Development & Advocacyl report lo all meetings. The committee supports the organis2lion around the ethical acceptancelrejeclion of sponsorship. doTralions and mÉ4rbership. Thi5 Includ￿ making decisions, recotnmending referral of those d8cisions to the Charity Commission wh8re appropriate. assessing th8 Wt8nlial impact of thDse d8cisions while advising the business communications dep8rtment with reg2rd lo their r8tionale, advising the main Board on the assottated risks, 8nnually rèviewing the policy on acceptin￿¢JectIng such funds and monitoring compliance with this pdicy. Incoma Acceptance Board of Tru5to0s The commille8 nominates 8ppoinlees to the Board and ils committees and other Senior Exacullves for approv31 by the Boarcl. It may CQ-opI 8ddilional members where particular expertise is required and a particular role Is under consld8ralion. The committee is also responslble for the ¢onlinuous review of Board metnbership lo ensure that a proper balan￿ of skills, experlence and diversity is maintsin8d. Th8 committee is responsible for reviewing and benchmarking int8rnalion311y the pay. benefits and total cornpensation of the Ex¥uliv8 Team. The activities of the Royal Opera House are driven by the artistic plans of the Royal Ballet and the Royal Opera, and managed by the Chief Executive vvith the support ol the Executive Team. The Committee consider the Chief Executive, Music DIr￿lOr, Direcloi of the Royal Ballet ancl Director of Opgra as key Ma￿￿ement pprsonnd respDn5ible for these activities. The Committee nducls an annual r8view of gxeculive cornpensalion. focussing on 5tsrvey data from a range of comparable UK inlernztionai arts organisations, and also takès into aceounl the 8nnuEI pay award for all Staff. Alex Beard and Dale Haddon (Chief People Officer) also attend these meetings. Nomlnatrons and Remuneratlon Learning and Participation The committee supports the organisalion in planning, implem8ntiTrg and monitoring pm9rammes and Initiatives focused on learning, participation and widening engagement. Jillian 8arker (Director of Learning and Participation) reports to all Tneelings. The committee is responsible lor overseeing the developtnent of a masterplan and capital pr￿rarnme for the renewal of th9 RBO estate and providing governan¢8 and oversighl of th8 dalivery of the c8pilal programme. 11 mak88 recommendations to the Financè 8nd Cornmeicial Commitlee for flnancial approval of capital programme business case5 and reviews the Estate Risk Register and the RBO sustainability policy and plan. The comtnillee meets al least 4 lirn65 a year and Alex Beard, Mindy Kilby Ichief Financial Offi￿[1 and Heather Walk8r (Chief Operaling Qffiwl rgport to 811 meeting5. Capital and E5tata$ 37 Committe& Membership Board of Tw5tees Audit and Rlsk Flnance and Commercial Development Income Acceptance Nominatlons and Remuneration Lèarning and Partlclpatlon Capital and Estates Sir Lloyd Dorfman CVO CBE * Appointed g December 2025 Zeinab Badawi Caroline Britton Lord Browne ol Madin Titnothy Buntin Lisa Burger CBE Retired 31 Aug 2025 Appoinled fj Sept 2025 Appolnted 1 Sg t 2025 Philipp Freise Appointed 8 Oct 2024 Susan Hoylg OBE Retired 31 Au usl 2025 Relir&d 31 ust 2025 Daniel Ison Stephen Lucas Appointed 8 OGt 2024 Appointed 8 Oct 2024 Retired 29 January 2025 Paul Morrell Appointed 29 January 2025 Alan Stanton Oame Carolyn Mccall ODBE Appoinled 10 Dèc 2024 Appointed chair 29 January 2025 18ppointed lo committee 9 Ju1 2024 Joann2 Streetén Appointed 9 December 2025 Alistair Summers Appointed 8 Ocl 2024 Janis Susskind OBE Appointed 8 Oct 2024 Michael Ward Retired 25 Ss 2024 Retired 25 Se 2024 Sir Alex Younger KCMG * Chair • Member 38 Non-Trustee Committ8e Mambers Development Nominatlons and Remuneration Lèarnlng and Participation Capital and Estates Nicole Ronson Allalouf Retlred 4 Feb 2026 Steven Berryman Rebecca Bollands Johann8 Clifton Annie Crornbie Sir Mick Davis Retired 1 Ocl 2024 Oame Vivien Duffi8ld Michael Engel Mia Fenwiek Anthony Gulman R8lired 7 Jul 2025 Hussey, Michael Appointed 9 December 2025 Tanya Joseph Yuanbo Liu Slmon Paarson Georgia Ranki Retired 31 Decomber 2025 Simon Toyne Sharon Walson * Chair • Member Executive T•arn.- the day-to-day man8gem8nl is the task ofthe Royal Ballet and Opera Executive The Trustees appoint the Chlef Execullve and Music Director. Royal Balletar￿ Opera operallons are managed by the Chief Executive with the assistance of an Executive Team comprislng.. Sir Alex 8e8rd CBE, Chief Executive. Petsr Alesbury, Eslales and Facilities D1￿Clor {unlil 31 December 20251 Jillian Barker, Dioctor of Leaming and Participation. Heather Baxter. Adminislralive Director, The Royal Ballet Helen Dunne. Director, ROH Orchestra Dale Haddon, Chief People Officer. (until 31 December 20251 Will Harding. Deputy Director, pr￿uCtIon and Planning Mark Heholl, Director ol Policy and Strategy J8kub Hrusa, Musi¢ Dirgctor Ifrorn 11 August 2025., Music Director designate 01 September 2024 10 11 August 20251 Leah Hurst, General Counsel and Company Secretary Peter Kzlona, Director of Casting Koen Kessels, Music Director, The Royal Ballet 39 Ella Lewis-collins. Audiences Director Mindy Kilby. Chief Financial Officer" Tra¢ey McNully, Oireclor of Information Technology Oliver Mears, Director ol Opera" Madeleine Morrison, Director ol Partnerships (from 19 May 20251 Kevin O'Hare CBE, Oiiector. The Royal Ballet. Samantha Potts, Visitor Experience Director Amanda Saunders, Chief ol Staff, Development & Advocacy. Rebecca Saunders. Chief Tr8nslormalion Officer, Ilrom 01 December 2025) Cormac Simms, Adminislralive Director. The Royal Opera John Tozer, Financial Gontroller Iliom 01 March 20261 Heather W8lker, Chief Operating Officer. Chloe We5bNood. Communi¢abon5 Director (from 19 January 20261 Alice Whillaker, Fundrzising Campaigns and Membership Director Emm8 Wilson MBE, Director ol Technlcal, Production and Costume Sophie Wybrew-Bond. Chi81 Commercial Office The Chiel Executive lassisled by the Executive Team) is responsible lor the development and implementation ol the strategy and busine55 plans ol the Royal Ballet and (l)e18. The full Executive Team rneets monthly lo monitor artistic, operational and financial progress against plans approved by Trustee5. Wlth a smaller executive stearing group (see ' above) meeling weekly. 11 should be noted that where the tille 'Dlreclor' is used in the above table this is an internal management term only and does not indicate directorship according io Ihe Companies Act definition. The Royal Opera Company and The Royal Ballet Comp8ny are internal divisions of the charity The Royal Ballet has 2 Royal Charttti dabn9 IN Its original form from 1956. The Royal Opera House, The Roya1 Ballet and The Royal Opera Company have ihe Sovereign's permission lo use Ihe word 'Royal' in their titles. Wo would al$0 to thank the following for support, advice and encourag&ment throughout the yaar- Honorary Vice Presidents Dame Vivien Duffield Slr SimDn Robey Honorary Truslees The Countess ol Chichester Dame Gai1 Ronson Danny Wyler Th8 Board of the Royal Opera House Endowmenl Fund Dame Vivien Duffield, Chair Caroline Britton, Timothy Bunting, Hamish Forsyth. Simon Freakley, Lady GavTon, Sli Sirnon Robey John and Susan Burns OBE Ricki Gail Conway Sir Mick and Lady B8rbara Davis Lady Dorfman OBE Aline Foriel-De51ezel David Fransen Philipp Freise Alex and Elena Gerko Kenneth and Susan Green Sandra 8nd Anlhony Gutman Charles and Kaaren Hale Lady Hamlyn Jane Hamlyn Lady Heywood Di Catherine Hoge1 Board of Honorary Dire¢tors Slr Lloyd Dorfman CVO CBE, Chair The Counless of Chichsster, Honorary Vice Chair Dame Gail Ronson, Honorary Vice Chair Danny Wyler, Honorary Vice Chair Lady Ashcroft Christopher and Cynthia Bake Mikhail Bakhtiarov The BAND Trust Mercedes T. Bass Boodles Michael Wainwright The Deborah Loeb Brice Foundation Lord Browne ol Mading1ey and the John Browne Charitable Trust Tim and S8rah Bunting 40 I 11 AuyJ' Charles Holloway OBE Alan and Caroline Howard Hvo Family Foundation Aud Jebsen Doug and Ceri King Frances Kirsh Bob and Tamar Manoukian Dr Patrick Mueller 6ertrand and Elisabeth Meunier Da￿e Maril Mohn DBE Mrs Susan A. Olde OBE Slefan Slen Olsson Jelle and Alan Parker Nataliè Parker Julia Rausing Trust Yvonne and 8jarne Riebor Sir Simon and Lady Robertson Sir Simon and Lady Robey Rolex- Arn2ud Boelsch The Gerald and Gail Ronson Family Foundation Jessica de Rothschild Lady Sainsbury of Preston Candover Klm Samuel Dame Tina Taylor DBE Lindsay and Sarah Tomlinson Van Cleef & Arpels- Geoffroy Medinger Sir Guy Westo Anonymous141 Royal Ballel and Opera Internalional Council Jessic8 de Rothschild, Chair Ricki Gail and Robert Conway Yan Huo Yuanbo Liu Mrs Brooke Melcalfe Kathryn Raphael Mark and Lee Shanker John VlaLlimir Slamecka Danny Wyler Anonymous131 Artlst Ambassadors M8rianela Nunez OBE. The Royal Ballet Reece Clarke, The Royal Ballet Ermonela Jaho, The Royal Opera Algul Akhm&tshina, The Royal Opera The Royal Opera Housa Penslon Fund: ￿'Chard Soper, Chair 41 .iliQ*23 REFERENCE AND ADMINISTRATIVE DETAILS, 42 Riival (i{.-￿[￿l hur TrLI-IoLiS pfJf)rt Charity number 2117T5 Company number 00480523 PRINCIPAL OFFICE Royal Opera House, Covent Garden, London, WC2E 9DD AUDITORS Crowe UK LLP, 55 Ludgale Hill, London. EC4M 7JW BANKERS Coutls & Co. 440 Strand, London, WC2R OQS INVESTMENT ADVISORS Stonohage Flamlng Invèstment Managomgnt Limited, 6 Sl James's Square, London. SW1Y 4JU TCI Fund Management Llmited, 7 Clifford Street. London, W1S 2FT Schroder & Co. Limitèd TIA Cazenove Capital, 1 London Wall Place, London, EC2Y SAU ACTUARIES (to the Royal Op8ra House Pension Schemej Lane Glark & Peacock LLP, 95 Wigmore Street, London, W1U 1DQ INTERNALAUDITORS From September 2024.. Ashby Associates, Thomas Harris 1929 Shop, Merton Abbey Mills, 18 Walermill Way, London, SW19 2RD ¢0 ARTS COUNCII ENGLAND LOTTERY FUNDED 43 Group entities On 31 August 2025 the group included the charity and.. Royal Opera House Endowment Fund 2000 Royal Op&ra House Enterprises Limited ROH Holdings Limitèd The consolidated financial slalements inclL*de the results of these enlilies, as detailed in note 2. See note 2 for the prin¢ipal activitie5 of these entities. ROH Developments Limited. a subsidiary of ROH Holdings Limited, was wound down during Ihe yeol. Equality policylstatemant The Royal Ballet and Opera has an ongoing commitment lo promoting diversity Ihroughoul all ils work- 8$ an employer, in the art we perform, and in the extent of our audience. We report annually to Arts Council England on our progress against an action plan. which is keenly monitored by the Board ofTruslees. Environmantal strategy It 15 Ihe arnbition of the Royal Ballet and Opera to be a leader in environmental sustainability and lo acl as a catalyst for positive ¢hange in this field. Recognislng Dur global reach and leadership role within the UK arts seclor, we embrace our responsibillty and obligation lo reducè our impact on the environment and we aim to engage with our audiences, staft, suppliers and partners lo raise awareness about 5UStainabilily issues. 11 is our belief that ie(Jucing our environmenta1 impaclwill not only have a positive effe¢l on the environment. butwill also make our operations more efficient and economical and will enhance our Ofganlsational resilience in the long term. Health and safety The charlty has a Health and Safely comtnittee comprised ol representatives from many departments. All new staff are issued with J health and Safely policy document. In addition, under the supervision of the oecup81ional health unil, Ihere are tra￿ned firsl-aiders in all departments. A lull report on Health and Safety is considered annually by the Board. St8ff The charity informs and seeks the views of ils staff by means ol regular dep3rtmenl meetings open to all $￿ff and newsletters. Regular mèelir)gs are held wllh th& recognised ￿niOnS.. BECTU IBroadGasting Enlertainmenl Cinemalograph and Theatre Union), The Musicians, Union and Equity. Disabled p•rsons The charity encourages the employmenl of disabled persons. 11 is Board policy lo ensure that continued employment is offered, wherever possible. lo staff who become temporarily disabled and special arrangements are made for those permanently disabled. Political and charltable contrlbutions The charity made nD political contributions during the period. No charitable contributions were made during the period. olher than as disclosed in Note 9 to Ihe financi81 slalements. 44 Payment policy 11 is the charity's policy lo pay Supplie￿ in accor(Sance with agree(I credit terms. The Royal Ballet and Opera had trade Creditors equivalent lo 21 d8y5 supply al the period end (52 week period ended 25 August 2024.. 23 days). Fundraislng statement Our guiding principle for fundraising is to build secure, long-t8rm fundralsing support from OUT members. encouraging their interest in our charitable work, allowing them lo en9age with our staff and projects and seeing how their additional glfts help us. Our fundraising materials are written and designed around this principle. Fundraising activities include largeled direct mail, events and leaflets al promotin9 donations and bequests, donations through our website, and approaches lo Trusts, Foundations, companies and Individual benefactors. Our fundraising is carried out by our in-house fundmising teams and we are a registered member of The Fundraising Regulator. We have procedures 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 standards. We are commilled to acting promptly if we receive any information Indicab'ng we have not met these standards. In 2024125 we received 17 complaints about suggesled donations added Its ticket purchases. 11 complaints are receiv8d we respond quickly and ensure corrective action is taken as required.11 complaints are received about suggested donatsons, these aro refunded al the point of cornplaint. Wo take our responslbilities on managing our conlacl data very seriously and we sldve lo ensure that our poliaes and procedures around data and processlng meet our legal requirements. our high expectations and those of our supporters. As part of the risk-based audit plan and in lin8 with our risk management processes, Internal Audit performs regular review5 of the Fundraising team activities and control envlronmenl. We recognise the need lo proleclvulnerable people. We ensurg Cofflprehensive tr8ining is provided lo ensure that empathy and respect are demonstrated tOW8rds people in vulnerable ¢ircumstan¢es and that no don2tion 15 sought or gaingd from someone who may not have the capacity to make an informed and ¢onsidgred dec4sion. W8 respect our supporters, privacy and rights lo decide how and If we contact them. We make il easy for supporters lo choose how they want lo hear from us, and ff they ask us not to contact them we Mll not, unless il is 8 legal or adminislralive reouiomenl. 45 Trustees, responslbilitles statoment The Trustees (who are also directors of Royal Opera House Covenl Garden Foundation for th8 purposes of company law) are iespon5ible for preparing the Trustees, Annual Reporl and the financial statements in ac¢ordanc& with applicab1e18w and regulations. Company law requires (he Trustees Io Prepare financial statements for each financial year. Under that law the Trustees have elected lo prepare the ffinancial statements in accordance with United Kingdom Generally Accepted Accounting Pra¢lice (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 TTuslees musl not approve the financial slalements unless they ale satisfied that they give a true and lair view of the stale of affairs of the charitable company and the group and of the incoming resour¢ès and application ol resources, including the income and expenditure, ol the charitable group for Ihat period. In preparing these financial siatemenls, the Iruslees are requlred lo.. select suitable accounting policies and then apply them con5iStenlly'. observe the methods and principles In the Charities SORP IFRS 1021., make ludgem8nls and accounting estimates that are reasonable and prudent., stale whelhei Applicable UK Accounting Standards have been followed, subject lo any material departures disclosed 8nd explained in the financial st8temenls', prepare ihe financi81 statements on the going concern basis unless it is inappropriate lo presume that the oharitable group will continue in business. The Trustees are responsible for keeping adequate accounting records that are SLrfFiclent lo show and explain the charitable corllpany's Iransaclions and disclose with reasonable accuracy at any lime the financlal poslbDn ol the charitable company and enable them to ensure Ihal the financial statements comply with the Companies Act 2006 and the provisions of the charity's consblulion. They are also responsible for safeguarding the assets ol the charitable ¢ompany and group and hence for taking reasonable steps for the prevention and detection ol fraud and other Srregularitses. The Trustees confirm Ih81'. so far as each Tnjstee Is aware, there is no relevant 8udit information of which the charitable company s audilor is unaware.. and the Trustees have taken all the steps that Ihey ought ID have taken 8s Trustees in order lo make themselves aware of any relevant audil information and lo establish that the charitable company s auditor is aware ol Ihal information. The Trustees are responsible lor the maintenance and integrity of the Corporate and financial inforrnation included on the charilable company s website. Legislation in the United Kingdom governing Ihe preparation and disseminalion of financial slalements may differ from legislation in other jurisdictions. The Tfuslee5' Annual Report (lnwrpc￿ating ihe strategc report) was approved by the Board ol Trustees and signe 2026 Sir Lloyd Dorfman CVO C Chair 46 Ti.J- Independent Auditor's Report to the Members of Royal Opera House Covent Garden Foundation Opinion We have audited the financial statements of Royal Opera House Covenl Garden FDundation I'lhe parent charitable company'l and its subsidiaiies I'the group'l for the 53-week period ended 31 August 2025 which compr15e the consolidated statement of financial activities. the consolidated and parent charitable company balance sheets, the co)nsolidaled slalemenl of cash fiows and note5 to Ihe finan¢i81 statements, including slgnificanl accounting policies. The financial reporting framework that has been applied Sn their preparatlDn is applicable law and United Kingdom Accounting Standards, including Financial Reportlng Standard 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and falr view of the slate of the group's and the parent charitable company's affalrs as at 31 August 2025 and of the group's incoming resources and appllcalion of resources, including ils income and expenditure for the period then ended.. have been properly p￿pared in accordance with Unlled Kingdom Generally AC￿pIed ACCOUn￿ng Practice., and have been prepared in accordance with the requiremonts of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlernallonal Stsndards on ALJdillng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section ol our report. We ate independent of the group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have tulfllled our other ethical responsibilities in accordan￿ with these requirements. We believe th81 the audit evidence we havo obtained is sijfficienl and approprialo lo provlde a basis for our opinion. Conclusions relating to going concern In auditing the financlal slalemenls. we have conduded that the Iruslee s use of the going concem basis of accounting in the prgparalion of the financial statements is appropriate. Based on the work we have performed. we have not identified any material ￿n￿rtainl1￿5 relating lo events or conditions that, individually or colle¢llvely, may cast significant doubl on the parent charitable company's ability lo continue as a going concern for a period ol al least twelve fflonths from wh&n the financlal statements are aulhorlsed for issue. Our responsibilib'es and the responsibilities of the Irustoes with respect lo going concern are described in the relevant sections of Ihls report. Other information The trustees are responsible for the other infomialion contained within the annual report. The other Inlormallon comprises the information included in the annual report, other than the financial slalemenls and our auditor's report Ihereon. Our opinion on the flnan¢i81 statements does not cover the othor inforrnalion and, except lo the extent olhenvise explicitly stated in our rgport, we do not express any form of assurance conclusion thgreon. Our responsibility is lo road the other information and, in doing SD, consider whether the other inlorfflalion is materially inconsistent with the financlal statements or our knowledge obtained in the audit or otherwise appears lo be materially misslzled. 11 we idents'fy such material inconsislenci8s or apparent material misstatements, we are required lo determine whether this glves rise lo a material misstatement in the financial statements themselves. 11, based on the work we have performed, we conclude that Ihofe is a materi81 misstalemenl of this other infoimation, we are required lo report that fact. We have nothing lo report in this regard. Oplnions on other matters prèscrlbed by the Companies Act 2006 In our opinion based on the work undertaken in the COLJtse of our audit the infomalion given in the trusteès, report, which includes the directors, report and the stialegi¢ report prepared for the purposes of company law. for the lin8ncial year for which the financial statements are 47 prepared is consistent with Ihe financial siatemenls,. and the strategic reporl and the directors, report included within the Iruslees, report have been prepared in accordance with applicable legal requirements. Maltgrs on which we are required to report by 8xception In light ol the knowledge and understanding of the group and parent charitable company and their environment obtained in the COLJrse ol the audil, we have nol identified rnaterial misslalemenls in the stralegic report or the directors, report included within the trustees, report. We have nothing lo report in respect of the following mallers in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. ihe parenl charitable company has not kepl adequate accounting records., or the parent charitsble company financial slalemenls are not in agreement with the accounting records and relums., or certaln disclosures of trustees, remunerabon specified by law are not made.. or we hav8 not received all the information and explanations we require for our audit. Responsibilitlas of trustee$ As explained more fully in the Iruslees, responsibilities statement set out on p8ge 47, the trustees (who are also the directors of the parent chaiilable company for the purposos of company lawl are responslble for the preparation of the financial stalemenls and for being satisfied Ihal they give a true and lalr view, and lor such internal control a5 the trustees determine is ne¢es5ary to enable the preparation of financial slalemenls Ihal are free from malerial mi55t8temenl, whether due to fraud or error. In preparing the financial slatemenls, thg IrLJ5te¢s are responsible for assessing the group's and parent charitable company's ability lo continue as a going concem, disclDSing, as applicable, matters re13ted lo going concern and using the going concein basis ol accounting unless the trustees either intend to liquid8te the group or parent charitable company or to cease operallons, or have no realistic allemalive bul to do $0. Audltor's r9sponsibilities for the audlt of the financial statements Our objectives are lo obtain reasonable as5uonce about whether th& financial stslement5 as a whole are free from material misstatement, whelh&r du8 to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is 8 high level of assurance, but is not a guarantee that an audit oonducled in accordance with ISAS IUKI will always delecl a Fllaterial miss181emenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic deasions of users taken on the basis of these financial stalemenls. Delails of the extent lo whlch the audit was considered capable of detecting irregularities. including fraud and non-compliance with laws and regulations are sel out below. A further description of our responsibilities for the 8udit of the financial statements is located on the Financial Reporting Council's website at.. www.lic.or .uklaudilorsos onsibilities. This descripbon forms part of oui 8udilor'5 report. Extant to which the audit was consider9d capable of detectlng irrogularlties, including fraud Irregularities, including fraud, are instances ol non-compliance with laws and regulations. We identified and asse55ed the risks of material misslalemenl of the fin8ncial statements from irregularities, whelher due to fraud 01 error, 8nd dis¢u55ed these between our audit team members. We then designed and performed audit procedures responsive to ihose risks, including obtaining audit evidence sufficient and appropriate to provide a basis lor our opinion. We obtained an understanding of Ihe l&gal and regulatory frameworks within which the group and the parent charitable company operate, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial stalernents, including financial reporhng legislation and the Charities SORP IFRS 1021, and Ilocall tax regulations. We assessed the required compliance with Ihe5tt laws and regulations as part DI our audit procedures on the relaled f1nancial slJlemenl ilems. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial sialements bul compliancg with which might be necessary lo the group s ability to operate or to avoid a Tnaterial penalty. Auditing standards limit the required audit procedures lo Idenlify non-compliance with these laws and regulations lo enquiry ol the Trusle&s and olher tnanagemenl and inspection Of regulatory and leg31 correspondence. if any. 48 I,J CfjilAd J l ￿.￿01151.￿rJ2s also considered the opportunities and incentives th81 may exist within the group lor fraud. We idenlifie(I the greatest risk of material impact on the financial slalements from irregularities, including fraud. to be within the liming of recognition of donaliDns, grants and legacies and management override of controls. Our audit procedures ID respond lo these risks included enquiries of management, Internal audit, legal counsel the Audit & ￿'sk Committee about their own identification and assessm&nl of the risks of irregularities, sample lesling on the posting of journals. reviewing regulatory cori8spondence with the Gharity Commission, and reading minutes of meetings of those charged with govemance. Owlng lo the Inherent limitations ol an audit. there is an unavoidable risk that we may not have detected some material misstalemenls in the financial statements, @ven though we have properly plann8d and performed our audit in accordance with auditing slaadards. For example, the further removed non- compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements. the less likely the Inherently limited procedures required by audS1ing standards would identify it. In addition, as with any audit, th￿￿ remained a higher risk of non4election of irregularilles, as these may involve collusion, forgery, intentional omi55ions, misrepresentations. or the override of internal controls. We are not responsible for preventing non-complianto and cannot b8 expected lo detect non-compliance with all laws and regulations. Use of our rèport This report is made solely to the charitable company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audll work has been undertaken so that we might stale lo the charitable company'5 members those rnallers we are required lo slate to them in an auditor's report an¢Y for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's mernbefs as a body, for our audll worfr. for this report, or for the opinlons we have formed. N82iar Hashemi Sonior Slatulory Auditor For and on bghalf of Crowe U.K. LLP Statutory Auditor London Dale 27 Marth 2026 49 Roy-.41 Cir.,, FINANCIAL STATEMENTS ROYAL OPEF14 HOUSE COVENT GARDEN FOUNDATION (LIMITED BY GUARANTEEI Con5011dated financial sialemenls 53 week period ended 31 August 2025 Registered charity number.. 211775. Regislared company number.. 00480523. 50 TpJ.517- Consolidated statèment of financial activities for the 53 week period gnded 31 Augusl 2025 53 week 52 week pqrlod endgd kynod ended 31-Aug-25 Z5.Aw24 Unre5trlthd fuAd5 Restrlcled EndowMe￿t Funds Funds Note Total Fu￿$ E'ooo É'ooo £'ooo E'OOO Inrom• and ￿dtsWrn￿ts from.. Chlritsble athVI￿eS operaiitsts Of Royal opeya HOUSE I1￿￿&m￿l¥?X I￿natIons, legacFf5 *W￿l6r Inmrdno resour fjrJDtS From Arts cO￿nCh1 Effioi￿d Oth8rtra¢NrwJ3thvt*S 81.435 81,435 80.273 17,Q44 21438 28,829 671 1835 48.708 23,110 22.942 Inve*nwts 23,131 4.4x5 23,13 5,695 399 881 4,7QD Total incprne •ndawmETrts 14BA64 79,900 3,7X6 181,080 Expendiiure on.. PrtduthDn5. 5ale5 and0pEr￿0￿5 (131,667} (10,0781 1307) {Isz,?io) GeDer3tlng voltsntary Inc(Ktv a(Xlvibe5 115,143) (889} r¢ltal ¢¥peDdltur (ASl724} (10,676} {174,65&) Ilet Incom• I le¥w￿lur￿) (4.26UI 9,224 2,450 7,424 N* 6,794 794 4,617 Tr￿1￿$ b*tWeEn 10,837 {9.758) IL.079) Net Inc￿Th￿ } (QXPÉnd¢tyrel ifter tran5fErJ4nd bgrve tyther roro9nlsgd galns 3nd (IossÈ5) 6.$77 (534) 175 1*21 14.620 othqr r4cognlsÉd 9aing1llosAtsI in ￿ reYalu8Uon of her1Ea￿asse￿ A¢tyJiial Qdln the dEfined b¢neAt penslon xhe Writethwn ￿ ROH H￿ar￿95 re5tr1LteJ Fv 23 1,82Y 82? 325 Net rnovÉM¢nt lth lundi (6531 &LY5 15,Y23 Fund baLincesorrieJ rarwllrd Jr 25 Au9usr 2024 222,201 55.*8 287,897 171.671 Fund tarvled I￿￿￿re at Jl Au9USt ID2S 234E02 8.363 154.855 303,820 287.897 Amounts relating lo incoming resources and resources expended in the current and previous period derive from continuing activities. No significant new operations have been acquired In ihe pemod or the previous pèriod. There is no differerice between the results for the period slated above and Ihelr hislorlcal cost equivalents, except for unrealised gains and losses on investments and heritage assets (see note 111. Notes from pages 55- 91 form part of the financial slatemenls. 51 Consolldated balance sheet s al 31 August 2025 31 August 2025 25 AUQV5t 2024 Unrestrlctod Funds E'ooo tstricted EndoWmQfit Funds Funds £'froo Totsl Fund5 E'OQO Funds E'DOO ot¢ Fixed Jssets 12 13 J4 I,590 159.909 7,300 591J 168,772 7,300 53,109 917 165,972 7.303 45.557 8,863 Tangible fix￿* asse S3,ID9 tfflV25tmprnts Tvtal a55et$ 168.799 8,863 53,109 23D,771 219,749 Currtnf BS5ets 3,149 354 30,552 78.968 29,825 3,149 354 30,765 91,126 29,815 4.853 461 29,669 88.642 25,000 16 Debtors.. arrK>unts ralliw due wlth4ft one yeor Cash ar b)nk ITr hond 213 1¥533 625 141846 625 11,746 155,219 CreditorS.' amunts la111n9 due wlthin ￿e year 18 (49) (5D,2201 145.6561 NEt tur￿￿1 a*sets 9Z,677 576 11,746 ID4.999 10?.,9éE 64A55 335,770 322.717 Total Jssets le￿ wrrent liabSlltig5 261,476 9,439 Creditor$- fèllln9 afr£rone year JS <21,4781 {l.Q76} {22,S54) Net ?ss8fs ex¢ludlng PEhdon Ilability Z39,998 &363 64￿55 313,2LS 299.771 tseD￿d benefit ￿n￿on Scher￿ Iiabilivl 23 (9,3951 19,3961 Net ￿et$ Inciudino penslon liablllty 23D,602 363 64,855 303.$20 287,897 Funds Unrestrirted genernl fvThd5 unrestricteo revaluatlafi unre¥rirted desionatEd funds 4,146 1,607 234,185 4,146 k,lJ6Y 234.1ts5 4,146 1,67Q 228.259 19 nrestritted f￿nts befoTe pn51on reserve 239,998 2>9.998 234,075 Unre5triCted [￿SID￿ reserve R85tnrted EAdOiyment ru￿￿ Z3 {9,396) 8,363 56,680 64,655 64,855 2B7,897 Ttttal Funds 230,602 8,363 64,855 303,020 These Ilnancial statements were approved by the board ol TnJslee5 on 24 Ivlarch 2026 and were signed Dn its behalf by.. SIR LLOYD ANCV CBE CAROLINE BRITTON Trustee Trustee Notes from pages 55- 91 form part of these flnancial slalemenls. 52 Parent charitable company balance sheet as al 31 Augusl 2025 31 August 2025 25 Jlu9USt D24 Vnfestrlrted FuThds É'ovo Restrlctgd Funds É'uoo ote Total Funds É'ooo Total Funds E'ooo Fixed as$ots Intangible Ilxed 85sets 1.590 159,909 7,300 6,676 Heritage asset5 Irt¥e5tmentr in 5ubsldiarie5 J3 14 15(b) 1,590 168,772 Y,300 6,676 917 165,972 7,303 6,676 8.863 Total ryxed aBsets 175.475 8￿63 184,33È 180,868 Currnnt assèts Produ(tlQnS IA preparabo Debtors. arnounts falling due wthin one year Cosh èt bank and In hand Short tern inve5trnents". DÈpoYts 3,148 28,B70 78,296 29.825 J7 3.148 28,870 78,900 29A25 4,853 28,661 75.959 25,000 604 140,139 6¢)4 140,743 134,473 Credltots.. atnounts faiiiTrg due ￿thin One year Is (47,5011 154) {47.5551 {43.J44} riet cu*t*nt 455ets 92,638 550 93.188 91,329 Total as$¢¢s less Ctsrr8nt Ilabilltre* 26*IL3 9rt13 277,536 272,197 Credltors.. arnDunts lalling d￿e artw one year J8 [2X,4781 11.0761 [22.5>4) {22,9461 Netassets fjxcludlni pon51on Irablltty Oelined benellt ￿nsIon Sthetne liability 246,635 ,337 25497Z 249,25L 23 (9,396) (9,396) Net agsots Inciudlng pension Ilability Funds Unregrriotea gefieral ffunds 237,239 8,337 245,5?6 237,377 19 19 4,671 1.667 240,297 4,671 1,667 240,297 4,671 1,670 234.039 Unrestritted designated fund5 Unre5lrltted funds bÈfvre pen&•n re5er¥e Unreslritted &*nsion ￿SerVe Re*ntted funds 246.635 246,635 240.380 23 19 {9.396) {9,396) 8,337 8,337 Total Charity Futtd5 237.239 E.337 24S,5>6 237,377 Th8 parent company's income for the period was £165.Om 12024.. £166.Oml. Nel income for the period, before other ¢ornprehensive income, was £6.4m12024.. £10.3rn nel income). After actuarial gain on defined ben8fil scheme of £1.8m12024.. £0.3ml and writ￿￿ of heritage assets of £O.OtTF {2024'. revaluation gain of £1,3ml, the nel movement in funds th8 period was £8.2m12024.. £11.9rnl. These financial stalfjments were approved by the board of Trustees on 24 March 2026 ar*d were signed on ils behalf by.. OYD FMAN OCBE CAROLINE BRITTON Trustee Notes from pages 55- form part of these financial slalements. 53 Con501idated statement of cash flows for the 53 week p8riod ended 31 August 2025 53 Week perlod endéd 31 &uguJt 2025 52 Week 25 AU9U5t 2024 E'QDO £'TrDO Cash flows PrO￿ded ftom operatlng èctlvltits.. Net Ea5h ptovi0edll￿sOdI by oporbting ?(tlvitLes (see b￿0￿) 19,418 27,126 Cjgh fiow5 from investing a¢Uvltl45'. Capital cxiiefiditurton iaTrgiiTrle fixEd a55ets Capit￿1 expenditure on Intangible fixed assets (15,494) 11,562) 11,421) 775 5,695 14815) 39.426 4,70U 5,020 Interest Income re¢01v￿￿ Redempt￿)n111￿Ve&tmeTrtI ofs*0rt-te*m Inve5tmefflts Net ush used iDVéStlng o¢ti¥ltieS (16,832) Cash flows Irom lirt&ncitsg actlvltle$'. Cash ourflow on rEpayfflent tsf borrowings 102) Chanyt In Eash and c4sh oqulvalénts In the reporting period 2,484 23.192 and ush e4ulvalont5 at the be4iDnlng ol thts reportlng pEflo 8B.642 $5.450 Ca$h ¢ash •4uivalÈntF at the ead of the tEP¢rtlng pErtod 91,126 88,542 Recortclllatson ol net In¢omE to not cash flow frtsm opwra¥ng athvltlt Net ltsutgoin911 Incoming resources beFore DthEr recogn15d 9alns artd Ios5eS WinEd benoftt pef%ion %heme loaiftllEKpen5E InvEstment and fknance lTrtereSt Incorne Snterp5t ptyabie IGalilS)1105*5 OTh Inv&knents DePr￿latIOn chafge X4,218 (6561 (5,6951 487 (6,7941 12,894 B73 (117) 1.70$ 106 <4.13B} 6,735 14,62U 497 22,005 impalrrnertt of Flxed )sset5 otrpaselllncrea5el In produttlDn5 In pr￿parat￿n (Increaselldecrease In debtors Increa5eKldECre¥sel In ¢reditot5 1,719 typi iasn provldedllvsedl by op2ratlrt9 actlvlties 19,418 27.126 Notes frtsm p8ges 55- 91 form part of these financial slalements. 54 NOTES (forming part of the flnancialslalemenls) 1. Accounting policies The following accounting policies have been 8pplied consistenuy in dealing with items which are considered material in relalion lo the linancial statements-. Basis of praparation The financial slalements have been prepared in accordance wth FRS102 .' The Financial Reporting Standard applicable in the UK and Ropublic of Ireland and under the historical cost convention, modified lo include the revaluation of investments and heritage assets, and in accDrdance with the Slalemenl of Recommended Practice "Accounting and Reporting by Charities" applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland IFRSI 02) (effective 1 January 20191 and Companles Act 2006. There are no malefial departures from FRS102. Comparadve figures are shown for the 52 week period ended 25 August 2024. Going Concern The Trustees must satisfy themselves as to the Roy81 Balloland Opera's ability lo continue as a going concem for a minimum of 12 rnonlhs from the slgning of the fin8nGial statements. The Board of Trustees have considered business pl8ns and budgets based on an artlslic programme of activity to August 2027, supplemented by outline plans in other areas. These plans show the impact ol the ohallenges ahead given the external environment, Including the impact of inflatton. In the Board's assessmonl of golng con¢ern they have taken into consideration whether the Royal Ballet and (l>era has adequate resources lo meet its obllgalions as they fall due in and beyond the 12 months from the date of approval of these financial state￿entS. In assessing goin9 concern, the Board considered the flnancial impact of any shortfall In fundraising and trading in¢omè, and the impact of furlher increases on costs In excoss of current plans. Whilst the Trustees are confident that these risks have adequate mitigauon lo ensure the Royal Ballet and Opeo remains a gobng concern, the modelling shows that there is sufficient liquidity lo Augtssl 2027 excluding midg8lions. After consideration of the scenarios, the Trustees consider that the Royal Balleland OperalGroup and Parent Charitable Company) has adequale resources lo continue in operational existence for the foreseeablo future being a minimum of twelve months from when these financial slalements are approved. For this reason, Ihg financial statements of the Group and Parent Ch8rilable Company have been prepared on a going concem basis. Basis of consolidation The consolidated slalemenl of financial 8clivilies and balance sheet include the financial staletTrenls ol the charity (Royal Opera House Covenl Garden Foundation (Limited by GUa￿￿tee}, incorporated in the Unlled KingdDm with registe￿d address and principal address Df Royal Opera House. Covenl Garden, London WC2E 9DDI and ils subsidiarles as sel out Sn not8 22. All subsidiary results are presented lor their slalulory financial period, which fa115 within three months of the yearend of the charity. The results of the ROH Holdings Limited Group and Royal Opera House Enterprises Limited (Company Number 041122661 have been ncluded in the consolidated statement of financial activities throughout the period. ROH Holdings Limited (Company Number 025803951 was the holding company of ROH Dev&lopments Llmiled (Company Number 025804001 prior lo the IiqLJldalion of ROH Developments Limited during the year. The Royal Opera Housg Endowment Fund 2000 (Charity Rgglslration Number 10899281 has also bean consolidated in full throughout the period. Since ils incgpuon the Fund has been able lo make grants (directly or indirecllyl for the benefit of the Roy81 Ballet and Oper8. The extent lo whlch the Royal Bar￿1 ar￿ C*era bengfits frorn th$ Royal Opera House Endowment Fund 2000 and the extent of grants and consideration of grants lo other bodies has been reviewed annually by the Trustees since its creation. Since the beginnlng of the period ended 25 March 2007, the Trustees have considered it appropriate lo consolidate the Royal Opera 55 House Endowmeni Fund 2000 into the Royal Opera House Covenl Garden Foundatlon Group (formerly the Royal Opera House Covenl Garden Limited Gioupl. In the Trustees, view, Royal Opera House Covenl Garden Foundation has control in that it actually exercises dominant influence over the Roya1 Opera House Endowmenl Fund 2000, through influencing the operating and financial policies for the benefit of RBO and both ents"Iles are managed on a unifièd basis. Also, the objects of Royal Opera Htsuse Endowment Fund 2000 are substantially confined to the benefit of Royal Opera House Covenl Garden Foundation. A Separate Slalemenl of Fin8n¢i31 Activities, or income and expenditure account. has not been presented for the charity in accordance wllh Section 408 01 Ihe Companies Act 2006. A separate cash flow ststerllenl has not been presented for the charity in accordance with FRS 102 section 1.12lbl. Public Ben&fii Entity The Royal Opera House Covent Garden Foundation (Limited by Guarantee) 15 a Publi¢ Benefit Entity under FRS102. Significant judgements and key sources of estimation uncertainly Management have exercised theirjudgement in (he following areas.. Assessing the useful lives of iangible Ilxed assets (see Tangible flxed assats 8nd depreciation below) as well as any impairment provision requiffd for those asseis. See note 13 lor carrying values for the curienl and prior periods. The valuation method of heritage assets. See Herltsga assets below and note 14 for more details and lor carrying values for the current and prior PgllDds. The decision lo include ROH Endowment Fund 201)0 in the Group Consolidation. See Basis of consolidation above. In addition. the penslon actuarial assumptions (see Penslon Costs below and note 231 are areas of signlficanl judgement. Functional Curroncy The Group operates primarily economically in the UK and the functional currency as well as the reporting ¢urtency is Ihg pound sterling. Incomg Box ofFice and other income from the operation of the Royal Ballet and Opera is slated net of Value Added Tax and consists primarily of ticket sales together with sales of olhergoods and services. Revenue from ticket sales is recognised on the night of the performance. M&mber5hip income received is recognised on a lime-apportioned basis over the period to which the rnember5hip relaies. Grants and donalsons are accounted lor when the receipl is probable, Iheff is evidence of entitlement and can be measured reliably. Entitlement is assessed using performance and lime-restriction conditsons. Legacies are accounled for when the receipt is probable, there is evidence of entitlement and can bg easured reliably. Entitlèrnent is assessed using conditions as sel out in the will ol the deceased legacy owner. Pecuniary legacies are recognised when the legacy has been recelved or if. before receipt, there is sufficient evidence lo provide the necessary Gertainly that the legacy will be received. Residual legacies are re¢ognised on the earlier of receipt or Ihe finalisalion ol e51ate accounts. Where legacies have been notified lo the charily, bul the income criteria have not been met, these are disclosed as contingent asseis Isee note 41 56 Sponsorship incom$ represents income from commercial organisations in support of specific activits'es. Income is recognised al the dale of the event whlch is Ihe point ol delivery for gcKids or s¢rvices. Co-produ¢lion income represents incotne from other theatre companies as a contribution towards the costs ol delivering a new Opera or Ballet productiDn. Income Is recognised at the date of the first performance of the production. Grants from Arts Council England are recognised on enliuement and when their receipt is probable. Commercial Ir8ding income and other income is recognised al the point oldelivery of goods or services. InvoslTnenl income is recognised on an accruals basis. StRafically. interest is recognised using the effecllve interest method and dividend income is recognised when the right lo receive payment is &slablished. Amounts due lo the Royal Ballet arKI Opera in respocl oftheThealreTax Credit are included in the financial year lo which the claim relates. These amounts 8re recognised in income, rather than as a lax credit or recovery of expenditure, as the inlenllon and nature of the Theatre Tax Credit is akin lo govemrllenl grant income. Payment from a trading subsldlary under Gift Aid Royal Opera House Enterprises Limited has adopted a policy of paJqng Bll ils taxable profits lo Ils parent charity, Royal Opera House Covenl Garden Foundation. under Gift Aid. These glft aid payments are recogniged in Royal Opera House Enterprises Limited as distributions through equity in the financial period In which the profits arise, Ljnder the tfyrms of the Deed of Covenant between Royal Opora House EnlerpTises Limited and Royal Opera House Covent Garden Foundation. The Royal Opera House Covent Garden Foundation recognises the income in the period In which the profits of the subsidiary arisg. Assets Assets are resources which are Controlled by the company as z r8suIt of a past event, from which lulure econornic benefits are expected to flow to the Charity. Assets are recognised only when il is probable that future e¢onomic benefits will flow lo the Charity when the item has a c05t or value that can be measU￿d reliably. Debtors Debtor5 fall Snlo the definition of assets and encompass Iradg debtors, accrued income, prepayments and inlra%roup balances. Debtors are measured al the cost of the transaction where receipt is not deferred beyond normal terms. Where receipt is deferred boyond normal t&rms, th& debtor Is measured al the present value of the fuluie receipts discounted al a market rale of interest for a similar debt inslrum&nl. In both instances, measurement 55 nel of provislon for doubtful debts. Liablllties Liabilities arise when ther8 Is a presentobllgation (legal or con51ruclivel as a result of a past event. from which future aconomic benefits are expected lo flow lo the supplier or counterparty. Liabilities are rgcognised only when il Is probable that ILJlure economic benefits will flow to the supplier or counterparty and when the item has a cost or valuo (hal can be measured reliably. Contracted commitments are not recorded as liabilities on the balance sheet. as the criteria for recognition havo ntsl been mel. Commitments are dlsdosed in note 22. Creditors Creditors fall into the definition of liabililles and encompass trade creditors. accruals for costs not yet billed Of processed. deferred income and inlra-group balances. Creditors are rneasured al the cost of the transaction where payment is not deferied beyond normal lemis. whe￿ payment Is deferred bgyond normal terms, the eodilor is measured at tho present value of the futuro payments discounted al a m8rket rate of interest lor a similar debt Instrument. 57 Fund accounting Unrestricted funds are those that can be used itE accordance with the charitable objectives at the discretion of the Trustees and include designated funds. r8presenting unreslriGted funds which have been earm8iked for particular purposes. Reslricled funds are to be used in accordance with charitable objects and specific restiiclions placed by the donor. Restricted lund5 have been further subdivided Into reslri¢led income funds and endowment funds. Restricted income funds are expendable al the discretion of the Trustees on specific purposes as reqUI￿d by donor5. Endowment funds represent those assets thal are requirèd lo be invested lo produ￿ income to meet expenditur8, either as directed by the endowment or for general purposes. A transfer is mad8 between reslricled capital funds. representing tangible fixed assets required to be held for restricted purposes, and unrestriGted funds lo match d&preciatson charged on those tangib10 fixed assets. Cash at bank and in hand Cash 8t bank and in hand Includes cash equivalents which 8re defined as short-lerm. highly liquid investments Ihal are readily convertible to known amounts ol cash and that are subject to an insignificant risk of changes in value. These include deposlls with mole than 24 hours. notice lo access. Any cash deposits al instilulions with a notice period ol longer than three months are s8paralely disc5osed under Short term investments.. Deposits. Short term investments: Deposlts Cash deposits with notsce periods of more than three months are separately disclosed on the balance sheet and included in Investing aclivilies lor the purposes uf the cash fiow stalernent. These have a maturity dale of less than one year and are held lor investmenl purposes rather than to moet short-term cash commilm8nts as they fall due. Tanglble fix&d a5S*ts and depreclation Tangible fixed assets aw sialed at cost less 8c¢umulated depreciation. Tangible fixed assets costing less than £1,500 are not capilalised and are expensed through the incorne and expenditure account. Depreciation is provided at annual rates on a slraight-line basis lo write off the cost of tangible fixed asse15 over their estimated usefu11ive5. The principal rates used are as follows.. Freehold land and buildings Equiptnentand vehicles Stage, production and technical equipment Olherequipmenl Computer hardware Motorvehicles 10-20° 4-25W. 330/. 250 During the year we performed a benchmarking exercise against similar organisations lo review the useful lives of our fixed assets and to align the useful lives of the fixed assets in each category. This has resulted in several assets. useful economic life being amended from their previous estimate, and an additiona depreciation charge for the year ts1 £4.0m. Assets in ct>urse of construction are Iranslerred to functional tangible fixed assel categories when the asset Is re8dy for use and depreciated Ihereafler. 58 Heritage assets The Royal Ballet Opera maintains the follc>wing types of heritage as5els-. Fine art Costumes and accessories Other collections Heritage assets are carried al fair value. Fair value of the fine art collection is based on retall replacement cost. Management have made reference lo the latest available external valuations in fomiing their assessment of period enil fair value. Gains and losses on revaluation are reeognised ihrough 'Other recognlsed gains, in the Statsrnent of Financial Aclivilies. The Royal Ballet and Opera only recognises new acquisitions on the Balance Sheet where the value of these acquislllons is greater than £10,000. Purchases under £10,000 are recognised as an expense in the income and expendTrlure account in the period they were incuired. Outside of those assets recognlsed on the balance sheet, there is an extensive ¢olle¢tton of Dther items that are not valued and not included on the balance sheol. These include. but are not limited io, costumes, accessories. music scores and the auditsvisual collecllon. Before embarking on a ccimprehenslve valuation, these assets would neod lo b8 fully catalogued and given the extent of the items this woijld be a considerable and lengthy task. Also, due lo the uniqLJeness of the majority of these assets. there is no comparable market value. Expenditure which is required to preserve or prevent further deterioration of individual Collection items is recognised in the income and expenditure account when il is incurred. The Collections department has a rolling programmg of review and resloralion and tho budget put aslde for this on an annL¢al basi5 is £15,000. Investments Investments, excluding investments in Subsidiaries, are shown al falr value as al the balance sheet dale. A f8ir value me8suremenl is categorisod In its entirety on the bzsis of th8 lowest level input that is significant to the fair valug mèasurement in its enlifety. Level 1.. The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access al the measuremfjnl 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 direcdy or indirectly. Level 3.- Inpu15 are unobservable li.e. for which marf(&l data is unavablablel for the asset or liability. Under Section 104AI21 of th8 Charilles Act 2011, the Trustees have adop18d a total return approach lo investment. The overall financial investment objective Is lo achieve the investrnent benchmark of a total blellded return of CPl+3.5Olo on a rolling basis. Additional withdrawals may be made from the unaccumulated unspplied total relum al the tnjslees, discretion. Investrnent income is allocated lo the endowment funds when receivable. Withdrawals from the endowment funds are shown as transfers between funds. Realised and unrealised gains on investments are recognised In the Income 8nd expenditure a￿o￿nt. Investments in subsidiaries are recorded al cost in the indlvidual balan￿ sheet of the charity. Forgign curroncles Assets and liabilities in foreign currencies are Iransl8led into sterling al the exchange rale ruling at balance sheet dale. Transactions in foreign currency are translated al th6 exchange rate ruling at that dale of the Iransaclion. Forelgn currency gains and losses are recognlsed as resource5 expended in the incoTlle and expenditure accounL 59 Intangible fixed as5¢ts Intangible fixed assets represent computer software. Computer softW8re is slated 81 cost l&ss a￿Umulated amortisation. Compuler software costing less than £1,500 is not capitalised and is expensed through ihe income and expenditure account. Amortlsation is provided tt an annual rale o133.ts on a siraight-line b8S15 to write off the cost of the compuler software over ils eslimaled useful life. Computer software in course ol construction is transferred to the intangible asset category when the asset is ready for use and amorbsed thereafter. Basic Loans Loans payable are Includ&d al their amortised cost and disclosed in note 18. The long teTh portion is included in Creditors.. amounts f811ing due after one year with the curienl portion included in Creditors.. amounts lalling due within one year. Expanditure Expenditure on charitable activities comprises expenditure on productions, sales and operations of the Royal Ballet and Opera, and granis and Iranslers to third party org8nisations. DireGI expenditure on productions staged is charged lo costs of production and sales on the day of the first performance. Expenditure relating to productionswhich h8ve not had the￿r first performance by the periDd end are held on the balance sheet under the Caption 'Products"ons in preparation. Expenditure on ralsing funds consist of direct fundralsing cos15, investment managers fees and cost5 of commercial trading operations. These ¢ost5 are recognised when incurred. Support costs, includlng management and administration. audit fees. legal and professional fees on stalulory and govemance matters and premises and depreciab'on costs have b¢en a11ocaled across expenditure on produ¢tlon, sales and operation, and expenditure on raising funds. Support ¢osls are analysed in note 8. On occasion. management de¢ides to make redundancy or termination payments for operational reasons. These are expensed in the SOFA on an accruals basis. Interest payable is shown separately In note 8 and In note 9. Any irracoverable VAT is included as part of the cost lo which il felales. Leases As a lessee.. Operaling lease rentals are charged lo the Statement ol Financial A¢tivili8s on a straighl line basis over the period of the lease. As a lessor.. Finance leases are leases In which subsianlially all the risk5 and iewards of ownership, other than legal title, are transferred lo the lessee. Assets acqulred and held for use under finance leases ar8 presented as a debtor al an amount equal to the nel inveslmenl in the lease. Finance income is subsequently recognised al a constant periodic rale ol return on that nel investment. Conlingenl r8nla5s arising under rinance leases are recognised on receipt. Pension costs The charity operates a pension scheme providing benefits based on final p8nsionable pay. which is now closed lo future accrual. Pension scheme asseis are measured al fair value. Pension scheme liabililies are measured using a projected unit method and discounted al the currenl rale of return on a high quality corporale bond of equiv81ent term and currency to the liability method. The pension scheme liability is disclosed on the balance sheet within unrestiicled funds. The actLSarial gain or loss lor the period is disclosed under other recognised gains and losses in the Sialement of Financial Activities. The currenl Sery1￿ costs and finance charge are included within expenditure on products"ons, sales and operations. These movements are analysed in detail in note 23. 60 The group also conlribules lo five defined CDntributs'on schomes for dancers, singers, musicians, and adminislralion staff. The amounts ¢harged lo the Slalemenl of Financial AGlivilies represent the contributions payable lo the schemes during the peiiod. The amounts are shown in the Statement of Financial Activities in the sam$ activity as the p8yroll costs which relate lo that acl'vity. For amounts which relate to payroll costs within supportcosts, these are allocated lo the relevant activity on the same basis as other support costs Isee note 81. Any liabilities for unpaid conlribub'ons at year end are indtjded in unreslricled credllors in the balance sheet. Stocks Retail items are includèd al the lower of cost and nel ￿alisable value. Productions in prèparation Expenditure relating directly lo a production which is Incurred in advance of its staging, such as commissioning, build costs and stocks of production materials, are held in the first Instance on the balance sheet and disc105ed undÈr the heading 'Produclions in preparation,, These costs a￿ subsequently charged to the income and expenditure account in the period in which the production's first p&rformance takes place. Gifts in kind Investments and other assets donated lo tho charity are included as donated volun18ry incorne valued al market value al the time of recglpl. Volunteers The Royal Ballet and Opera Group benelils from the role played by volunteers, which includes assisting In cartain learning and participation activities, helping with18rge mail-outs and some general adrNinislralive support. The Royal Ballet and Opera Volunteer Programme indudes a number of volLJnteers in Thurrock. Donated services such as the Contribution from unpaid volunteers are not recognised in the Statement of Financial Activities as the amounts involved would be impra¢lical to Flleasure. Financial Instruments Financial instruments are accounted for in accordance with FRS102. Flnancial instruments are recognisèd only when the Group and Charity becomes a party lo the contractual provisigns of the instrument. The initial amount tecognised is the transaction price, except for financing transactions Ifc>r example, loans below market ralo or accounts where payment is deferred beyond normal terms) where the arnounl recognised inib'ally Is the p￿sent value of the future payments, discounted al a market rale of interest for a slmilar debt instrument and subsequently al amortised cost using the effecuve rate of interest determined al incepb'on of the loan. Subsequent Tneasurfjment al each year end lor non-financing transactions is.. undiscountfjd cash recewable or payable for ¢Jebt instruments due or receiv8ble wilhln onè year Ilhis includes intra-group balances, apart from inlra-group loans, which 3re deemed lo be repayable on demand)., or amortised cost using the effective interest rale method for debt instruments due or receivable for more than one year., or fair value for Investments in publicly traded sh8res, funds and bonds. For financial assets measured al amortlsed cost, an impairmonl assessment is conducted at year end and if there is any objective evidence of an impairment loss, that loss is recognised in the Slalemenl of Financial Activities immediately. Where iheo is subsequently objective evidence that the circumstances have improved. the impairment loss is reversed in the Slalemenl of Financial Activities immediately. limited to what the carying amount would have been without the inllial impairment. A financial 8ssel and a financial liability is offset and the net amount presented in the Ba18nce Sheet when, and only when, lal there is currenuy 8 legally enforceable right lo sel off the recognised amounts,. and Ibl there 61 is Intention either lo setue on a net basls, or to iealise the asset and sellle the liability simultaneously. The group's financial Instruments include inveslmenls, trade debtors, cash, trade Creditors and loans. See policles above for specific pollcies for cash at bank and in hand, debtors, credllors, investments and basic loans. Taxation As a charitable entity, the Royal Opera House Covenl Garden Foundation (Limited by Guarante81 is exempl from corporate taxation. so long as il uses lis resources lor charitable purposes. There are no ￿COgnIsed deferred lax amounts in the subsidiaries as there are no recognised 5ignificanl timing diffeiences. Employ&e bgnèfits All etnployee benefits are recognised as expenses in the period in which they are incurred. Post-employmenl benefits. rep￿SentIng conlribulitsns into defined contribution plans for current st2ff are equally recounised as expenses1n the period in which ihe contribution payable is exchanged for services rendered by staff. The a55els of the scheme are held separately from the charity. A lerminalion benefit liabllily is recognised al Ihe eadier of the following dales.. when the enlity can no longer withdraw the offer of Ih05e benefits or., when the entity recognise5 costs for the resliicling which involves the payment ol terminalion benefits. 62 2. Subsidiary undertakings CharltablB subsidiarles The ¢harily has one connected ch8rity- the Royal Opera House Endowment Fund 2000. The Royal Opera House Endowmttnt Fund 2000 is Irealed as a subsidiary for reasons outlined in Note 1. Royal Opera House Endowrnenl Fund 2000 {the EndDwm&nl Fund") Supports the work ol the Royal Opera House and other organisalions by raising ftjnds to support projects which inciease the appreciation and understanding ol thè musical arts In all fomis.11 is a separatfjly regis18red charity. and its board has a maltsrity of Trustees who are independent of the Royal Ballet and Opera. The summary results for the Endowment fund are shown below.. Endtswrnqnt Fund YEar Ended Year End 31-Ayu-25 31-Aug-24 E'ooo Income £'OOD DonatiDD5, legacles shnll•r sncome 2,535 1,356 Inve5tmeDt Income 1.240 4,115 2,596 Total In¢uFTrE E¥pendlture 129} D￿nat￿n5 pn¢ orants to other group undortèking5 11,845) l•vÈStmenc monager5' fee {B60) Totsl •Mpertéiturn (l7341 G•lnson revaJuatfroN and dlsposal uf investments 6.794 4,617 Net movarnut in lund 8,175 4.300 63 R41￿11 Q.,. 2. Subsidiary undertakings (continued) The 8sge15 and liabilities of the Endowment fund were.. End¢wrnef•t Rjnd 31-Aug-25 3L-Aug-24 É'ooo 53,ID9 4S,557 Fi%ed a55ek Inv@5tmErtIS CurreTrt )$sets 11.990 Yotal ￿et•S￿ets 65,077 56.902 56,902 Total funds 65,07Y Except for Ilxed asset investments which al 31 Augusl 2025 had an historical cost of £￿.5M (31 August 2024.. £42.2m) there is no difference between the carrying values and their hi51orical cost equivalents. Trading subsidiarlès The charity has trading sub5idiaries- ROH Holdinus Limited and Royal Opera House Enterprises Limited. Royal Opera House Enterprfses Limlted I'ROHEL'I is a wholly owned trading subsidiary, whose prinapal aclivilles are catering tD Customers and staff of the Royal Ballet and Opera, the sponsorship of Royal Ballet and Opera productions, mulbmedia production and dislribulion, hire of allDcaled spaces wilhin ihe Royal Opera House, the sale of merchandise ihrough the Royal Ballet and Opera shop, the sale of advertising through the Royal Ballet and Opera programmes and th& licenslng of the Royal Ballet and Opera brands. The charity owns the entire issued share capital. The reporting dale of ROHEL is the same as the charity's. which falls on the last Sunday in August each year. ROH Holding5 is a holding company and Ihe liquidalionofsubsldi4ryc(NMpany ROH Developments Limll and the recelptofafinal distribution from Ihiscompany, the diwiors declared a dividend 01£320.062 on 10 March 2025 io the parent company Royal Opera House Covenl Garden Fwndation (2024.. £rn1). The ROH Holdings Group prepares its accounts to 31 August each year. Summary trading results ol all Ir8ding subsidiaries are shown below.. MOHEL 53 week PErlDd ondeo 31-Aug-25 £'ooo ROHML 52 week perlod eDded 25-Av9-24 E'OOD 52 week perlod enoÈd 31-Aug-25 É'ooo 52 wook period ended 31-Aug-24 £'oDo TurnovET Cost ¢1 Sales 13,132 (15,521) 23,217 Gross proftt Admrnistratlon and nnancsai expens y,sii 11,515) 6,096 7.294 320 310 Proflt beftsre t•xat4D 6,096 5,888 14et profit for the period Donitlon5 vnder the gift ald 5them DwidenJS detlared 6,096 16,0961 5,888 (5,8881 320 (32Ql 64 2. Subsidiary undertaklngs (continued) The assets and Ilabililies of each trading subsidiary were.. RQHEL OMHL 31-Aug-2S £'ooo 25-Aug.24 E'OOO 31-Ailg-25 É'ooo 31-Auo-24 £'ooo 320 Current aSSet5 4,063 5,416 12 (3,887) Totsi ne* assets 176 32D Aggregato shJre cèwtlll llnd reservos 176 176 320 3. Incom8 from operation of Royal Ballet and Opera 53 week period Ended 31-Aug-15 £'ooo 53 week pfjrSDd end8d 31-Au9-25 £'ODV 52 ￿tek pertod ended 25-Avg-24 E'ooo $1 week per￿￿ ended 25-Auy-24 £'ooo UTrrastrf¢ted furbds.. Box oFFi¢e recelpts.. The ADyal Opera 29,831 3L.502 24,915 23.D28 54,756 54.53Q Other Income.. F*Jbllcations 961 Other 6,891 5,735 Theatre Tax Crett LB,250 16.548 21,A03 23,194 Overseas tDurfng receipts D,85 576 77,724 2,549 81,435 80,2?3 Other Income of £6.89m (52 week period ended 25 August 2024.. £5. 74m} represents box Offi￿ receipts from products'ons, other than those on the main stage, co-production inwme, income from produ¢lion and Coslumo hires, income from audio-visual exploitation. income from learning and participation, income from Ice-cream sales and badtslage tours and other income from Sundry sources. Theatre lax Ixedll of£18.3m £52 week per￿Qd ended 25August 2024.. £16.5m) includ&s nil related lo the prior year (52 weekp&rlod ended 25 August 2024.. £0.31m). 65 r.p.J41!5?.3 4. Donations. legacies and simllar incoming resources 53 week period Ertdad 31-Aug-25 £'ooo Unre5trlrted Funds Restrlrted Funds EDJowmert F￿ndS E'O £'ODD Mernber5hlp 8.023 8,D23 544 Events 544 8,477 2È,828 2,835 40,140 17,044 28,828 2,B35 48,707 52 week period ended 2S-Aug-24 £'ooo Unre5trtttad Funtss Elldowmont Fun45 É'DOO E'ooo 8,169 8,169 MeMb￿hIp Evertts 2,067 2.067 40,974 Donatrons, gifts end IE9?do5 10.579 28.660 1.335 2D.815 28.66D 1.335 51J,BlO The charity is the beneficiary of a number of legacies, the value ol which cannot be ascertained wilh certainty. Based on th8 information available al the date of the financial slaterllenls, Il is estifnaled that the Charity wlll receive approximately £2.4m12024.. £2.3ml from Ihese legacies. As the receipt of these legacies is dependent on future events. th8y are not recognlsed as an asset in the Statemenl of financial position. However, they are disclosed in this note as a contingent asset In accordance with FRS 1 D2 SORP paragraph 5.34. 5. Grants from Arts Council England 52 perlod •nded 31-AUg-25 £'ODO 52 w2ek 25-Aug-24 E'Dao Vnrestr5tt8d fvnds.. Arts Councll England- grant lffl aSd 21,438 22.269 ReStYkt8d fundsi Arts Councll ETrgia￿d Brld9e funding 673 672 ND olherformsofgovernmenlassislance, apartfromArtsCouncil England, were received in 2024125 {52 ¥v8&k period ended 25 August 2024.. £nilJ- 66 6. Commercial Trading Income 53 wook perlod ended 31-Au9-2S E'OOD 52 period Ended 25-AU9-24 £'OD Unrestrlcttrf Fvnds 13,311 13.676 Spon50rshlP 3.4P5 283 236 I8U4 2.549 2,039 1,917 Prornoyons ènd 5ummtr Season 393 778 Venue Hlre 490 850 AdverU$ln¥ 369 205 38 342 23.132 E3,217 7. Investment income Unrestritted FVflOS Restricted Funds 53 week perlod ended 31-Aug-25 £'OOD Endowment Fun1$ È'o £'ooo DTriiJend ènd IDterest it￿e 4,415 399 5,695 4.415 399 A81 5.695 Un￿stracted Funds Rffrrlcted Funds Efidowm¢nt Fund5 52 woek p•rlod qnded 25-Au9-24 £'ooo É'ooo E'olk) EOOO 4,233 46Y 4,700 4,233 467 4700 Dividend and interest income is earned on funds managed (for the Royal Opera House Endowrnent Fund 20001 by the investment managers Stonehage Fleming Investment M8nagemenl ￿rnIted, TCI Fund Managernenl Lirnited, and Schroder & Co. Limited TIA Cazenove Capital, as well a5 interest recelved on bank deposils. 67 8. Analysi5 of Expenditure 53 week ended 31.Aug-25 Funds Productlons. Support and vulvntiry IDcome £000 commercSal £oow) £000 Eooo An￿lysIS by aciivitv.. 18.922 rhe Royè5 Oper 18,922 15,100 Orchestra of the Royal Opera ￿0￿se 1.389 1,389 17,QD3 Prod￿CtIOn 17,DD3 5ta¢e and trènsport 556 rouying expens 556 8,260 Costs 8.260 1,896 Front of House 1,896 12,614 Morketlng ènd publloty FducaLion. archive5 & Ilve lay5 Grant to kayal BJnet 5th001 X2.S14 5.236 5,236 2,6k2 Fundra￿1ng staff costs 2,512 2.192 Fundrai51ng overhe3ds 2,L92 1,050 1,050 Adv&rt151ng licensing 32 32 736 736 spon5or$hip costs 1,226 1,226 cinema bioadcast C05t5 10.935 10,915 Caterin9 COSt5 Other cummercial Costs MaTragomènt and 1,164 12.768 12,768 17,839 17.839 DEpretsatiDn, amortisabo nd Imp3smiettt 14.015 14,Ok5 1,443 1.443 LQSS un dlSP05é1 159 159 l and prO￿51¢nal 225 225 cos 435 436 15,143 46.865 174,656 107.824 4,804 Allocativn OF.. Support and goverfflance 44.886 1,999 146.8851 Totsl expendit￿ra 151710 6,BD3 15,143 174,656 Artblysi5 by fund.. 5.914 152,724 Unre5triCteb L31.667 20.676 RestrScted ?0,676 Endowment 367 889 1,2$6 TotBI Expenditur 152,710 6,8VY 15.143 1?4.656 68 8. Analysis of Expenditure (continued) S2 w•ak P*rivd ended 25-Aug-24 Charitable ctSv5ties funds VDluntary Income EOOO SuppDrt ènd governo￿ce CDmmer(lèl peratlon5 Eooo Totsl EOOO Analysis by attl¥lty'. £000 EOOO The Royal Opera 17,506 17.5D6 12.975 Orthe5tra ol the Royal 0Oera House 12,975 11,570 11,570 RDvJltyes and hlrc fe 722 722 Produttlon 13.314 13.314 stbge traTr5PQrt 14.823 14,923 ex￿nseS 1.960 C05 9.241 9,241 Front of HDUS 1.73? 12,190 12,19) GraTrt ro R¢yai BalloL School 5,333 5.333 ko Fundidi51W Staff costs 2.359 2.359 Fundralslng oveffteads 2,216 992 992 Costs 43 43 spon5or5hlP C05fs 456 456 1nema brDadcast costs ,706 1.706 11,18$ 12,186 Other commerCFal rgst5 L.209 1,209 9,185 9.185 Premlse5 Depreaation, gmorh5atlDll d Impairment 17,178 2L,LJ9 21.189 1.848 1,848 Leoal &nd professlonol 343 343 IntErosl payabl 497 497 4,575 15,592 50,391 AIIDcatlon ol.. Support and governance C05ts 49.229 Totsl EApen<vre 149.610 0,737 15,592 X>l.939 Analysis bv fund.. Unrestrlrted 128,374 6.157 15.592 P£stricted 20,256 20,256 Endowment 980 580 1,560 Totbl expEndlture 149,610 6.737 15,592 69 k ?PriL'I 8. Analysis of Expenditure (Gontinued) The employer cash contribution lo the defined benefil pension 5¢heme is included in the expendllure on productions. sales and in operatlOn5 in the Unreslricled fund in the Statement ol Financial Acbvilies Ireler to note 231. Grants made are in furtherance of the charity's objectives. Support Costs are pro-rated between the key cosl driving areas.. expenditure on productions. sales and operations and expenditure on raising funds, based on their pmportional costs lo the overa11 costs. 9. Total expenditure Net incx)tne l(expendilurel is slated after charging Ihe following.. 53 week 52 W￿Ek perlod ended 31-Aug-25 £'ooD Eooo Fees payablE lo the th4ritable Company's audiror lor thc audit of the c*)dtable company's 159 151 Fees payable to the chaNt3bie company5 Judthr f¢f other senAce5'. 19 29 29 75 DepreciatloTr ènd )ther arnount5 writtEn off.. Tifiglb￿ fixed a55ets. owned (nol@ 13} Amortisation of Intangib￿ fLxed èsgets {nOte 121 12,694 873 2Z.005 1,073 soo 497 10. Staff numbers and costs The number of Fermanentstaff employed by the group during the period was as foSlows'. NutDberof Stsff 53 week p•riud ondEd 31-Aug-Is $2 week 25-Au9-24 394 368 PtDductlo iio 106 OrchestFa 159 Jio 115 yal oper Saks ma¢ketill9 ManageffleTrt ond admlniStrabD io iQ4 150 137 63 57 52 50 Educatiun and tollÉcbon5 PremiSCS 39 io Z6 24 Shoo I,ZA3 1,152 The number ol slaff employed on a full-time equlvalenl basis equate5 10 1,162 (for 52 wetrk period ended 25 August 2024.. 1,096). 70 rru-- 10. Staff numbers and costs (continued) The aggregate payroll costs of these persons were as follows.. 53 wÈok Feriod ended 31-Aug-25 E'OOO S2 we￿k p¢rloO enued 25-A￿￿-24 £'ooo vroll Costs Wa9￿ and salar￿5 Soclal 5ecurlty costs 59,457 7,IBS 4,100 53.685 6,114 3,975 ontrtbutions fo sthleme5 eraiino costs ofdeTined benef& pEnS￿ Schem NDD-PAYE payroll c05t5 I,Jo3 3.715 3,528 74,430 67,489 The aver8ge salary cost per full-lime gquivalenl staff member (£51,168), excluding lerminatson costs. has incr$ased compared lo prtor period1£48,9831. This average increase per staff member of 40/0 is driven by our annual pay award. Includgd In the wages and salaries a￿ termination and redundan¢y payments of £406,949 (for 52 week period ended 25 August 2024.. £432,989) that left ernployment up lo 31 August 2025. All termination and redundancy costs are included In lolal payroll costs of £74.4Tll, as above. 71 10. Staff numbers and costs (continued) The emolufflenls of all Staff, including staff whose emoluments exceeded £60,000 for the period, fell wilhln the ft)Ilowing bands.. Number Number of sta 52 week perivd énded 25-Aug-24 $3 week rlod eDdÉd 3L-Aug-25 performer5 T4)tt PerfortneF5 ma￿)9e￿e￿t 160 23 983 77Z 945 ES9.999 E60.000 £69,999 60 41 ioi 46 29 75 35 51 E70,000 £79.999 32 46 31 £80,WO 89,999 16 19 35 19 Èo 13 £g0.QDQ É99,999 li £ioo,000 £109,9gg io £210,QQO EL19.999 È120.ODO £129.999 É130,000 £139,999 E140,000 £L49.999 É150,QOO [159.999 E160.000 É169,*9 E170,0 £179.999 É180,000 ÈIB9,999 Eigo.uoo E199.999 £200,0 E244.999 É300.000 É349.999 £7QQ.OQQ E749,999 297 916 1.213 3DO 852 1,152 Emolumenis comprise wages and salaries together with benefits in kind. For staff in bandings from £60,000 and above, contributions of £1,185.668 (for 52 week pgriod end8d 25 Auousl 2024.. £1,058,345) were made during the period lo defined contributson pension schemes. Retirement benefits were accruing lo 225 (25 Augusl 2024.. 203) ol the above staff under deflned conlrlbution penslon schemes, and lo nil (25 August 2024.. nll) under a defined b&nefil pension scheme. 72 10. Staff numbers and costs (continued) Emoluments for the key management personnel are as follows: 53 week porlod ended 31-Aug-25 Totsl Ernoluments SalBrv Ensurènce Alexander Beard, CUE. Total 130 816 330 816 Jakub HrusJ. Music D1￿CtOr Kevln O'H?re. Dlrector, The Ro Ollver mea￿, Dl¢ectOr DI era 390 273 150 65 227 644 281 82 220 671 259 145 81$ 771 Lol 125 116 48? I OBI 365 52 Weak PÈriud endÈd 25-AU*14 Ernolument5 Sllla P£TrSlon Insurance Total Usic Director exallder Beard. CBE, lef Executlve Kevin O'H&re, Dlrector. 709 350 317 B56 317 B56 373 175 219 441 119 441 Qliver Mear5. Diup Cost E'OOQ E'ooo E'ooa E'ooo 212,377 2,106 97.814 312,297 3,694 I,05$ 17.065 Transfers Disposats Ar end of perfll 213.060 90.648 116,42$ value At beyillnlng off pehod 82,269 64,056 146,325 Charge foi peil¢d 7.572 5.122 12.694 Di¥osè15 (9.5411 Impalrment At End of perlDd 87,900 59,754 Iq7,654 Pletbook value At 31 AUg￿$t zo 125,160 12.YIB 30,B 168.772 At 25 Altoust 2024 130,108 2,106 33.75B 165.972 Fruqhold premises £'ooo AsSEts In the course of construc*ion quiprnont & vehicle* TOtsI Chjrity Cost £'OOD £'ooo £'ooo 112,177 2.106 97,814 312,297 dditlons 3,694 12,315 1,056 17,065 Trafflsfer5 384 11,7031 Dtsp05als {3,3951 At ertd Of perlod 213.060 12,718 9Q.648 316,426 v4lue 82.269 64.056 L45.3Z5 Charye for period 7,572 5,122 12,694 ImpJltmeht Atend of per￿￿ 87,900 59,754 147.654 riet book At 31 August 2025 125.160 IA718 30,894 168.Y72 At 25 August 2024 130,IOB 2.106 33,75S 165.972 Assets in the course of construction represents projects in progress and equipment received bul not placed in seFvice before the period end1£12.7ml. In 2013, a fixed and floating charge lasting 30 yoars was provided as security for ihe pcilgnlial repayment obllg81ions under a grant of £10m from Arts Council England for capllal prolects. 75 Rvi/rs11)y'_ 13. Tangible fixed assets (continued) In October 2014. a first deed of mortgage over the Bob and Tamar Manoukian Costume Centre and by way ol firsl fixed charge. all its present and lulure plant and machinery Dn or serving the Pioperty (apart from the mortgage chargel and the rents (if sny) was provided as security for a loan of £1.Sm from the Thuirock Borough Councll. The currenl balance ol the loan is £1.13m. Th8 net book value of th8 Bob and Tamar Man0Uk￿an Costume Centre al 31 August 2025 was £3.7m (25 August 2024.. £3.9m). As part of the actU8rial valuation ol the pension scheme Isee nole 231, the Trustees secured a charge on the Royal Ballet and Opera's main self-occupied property lo help covei the cost ol transferring the Scherme's liabili￿'eS to an insurance company (up lo th& amount of £23.8m) if the Royal B811et and Opera became insolvent. 14. Heritage assets {al Tangibla fixed assets- herltage assets fine art costumes & acc•ssorle5 other c¢lt•ctioDS TDtsI 31 Augus 2025 UnroBtrittad Funds GrDUP and Charfty costor vaitsatlon É'ooo £'ooo £'ODO £'ooo At btoinnin9 of periDd 4,311 1,4TF 7.3D3 Revaluat1tsn of perlad 4,3D8 1,477 1,51$ 7,30Q L51S 7,303 4,511 477 The exlemal valuers lor the Royal Ballet and Opera. Gurr Johns, valued the enllrety of the line art collection in August 2024, on the basi5 Of retail replacement values IRRVI. RRV represents the value used lor insurance. based on replacement in the retail matkel, or where appropriate in the seGond-h8nd relall market with items of a similar nature, age, condition and quality, The next valuation Is expected to be completed in 2027. Costumes and accessories and other collections have internal valuations. Where the valuation is intemal,11 has been piovided by Julia Creed, Head of Collections. Julia Creed has a Master's degree in Archives and Records Management and has worked as an archivisl al the Royal Ballet and Opera since 2004., since April 2015 she h8s been Head of Collection5. Costumes and acGessorie$ and other collections weie last Valued be￿een ALJgu512015 and August 2017. These collections are not valued more r6gularly due to the lime and cost involved in the valuation proces5. 76 14. Herilage assgts (contlnued) Ib) Five yoar financlal summary of heritage assgt transactions.. Itnro8trirt4d Funds 25 August 2024 £'ooo 2025 E'OOO 27 Auoust 2023 E'OQO 28 Au9v5t 2022 £oou 29 AU4U5t 2021 E'OOO Purchases/Comm155rons Fine art C05tum¢5 & 3cce5sorie5 Other LDIloCt￿ffts Flne art costuffleg & èciessorfes other COllEc￿on5 262 88 OIspos•l FlTre arr <3) CoSt￿me5 & a¢ce550rv Other collettiaTrs Flne art 11.275 Cu5tumes &a[ce￿OrIeS Othtr colkctsons Totsi ttddWon$ 282 {¢) Further information on Herltage Assets.. The Royal Ballet and Opera maintalns three collections as follows.. The flne art collection consist5 of paintings, other pictures and drawings, fumilure, fumishlngs, sculpture and pottery that have been donated and are on public display throughout the Royal Opera House. The Costumes 8nd accessories collection conslsts of over 4,000 individual items worn by artists al the Royal Opera House. The collection contains some ite￿5 from the late 1 gih and early 20th Genlijries, bul most dale from 1946 to the present. The majority of the collection is costumes, with a sizeable number of hals, headdresses andjewellery, and a growlng number of shoes, boots and wigs. Other collections include photographic collections, design collections. a portrait of Pavarotti and an autographed Donizetti score for Elisabett8, 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 of CollectlDnS. The preservalSon of assets is the responsibillty Df the Head of Collections who holds an annual budget lo nialntain the quality of the assets. Most new 3cquisity.ons are made through donation. A limited number of acquisitions are purchased where assets enhance the overall collections maintained by the charity. The Royal Ballet and Opera would not normally dispose of any heritage assets in their normal course of busirless. The Charity exhiblts assets throughout the Royal Opera House and through exhibitions. In addition, many assets may be vlewed electronically through the catalogue w8bsite al www.rohcollèGb'ons.org.uk. 77 15. Investments lal Group: The following investments were held through the Royal Opera House Endowment Fund 2000 at period end.. Group 25 A￿￿uSt 2024 31 Au9USt 2025 £'ooo wlth Inve5trrent fflaha9ery'. $5 108 venture fvnds 42,017 35,250 QuDkEd eq￿ltieS Hedge Fund5 IU,155 10.049 50Thds 868 145 TDtal irve5bnent InVÉStmEDt Mafiayeis 53,109 45.557 Movements in investments held with investment managers: Listéd Investments Other TLstal 2025 É'ooo É'ouo E'OOO EndDwMÈnt 45,359 L,UQQ 198 45,557 I,OOD 726 729 18911 Tfflvestrncni manaFer fee5 NEk reallsed and unr2alised Investment goins I IIDssesl 6,795 6,835 53,109 fslr value )1 end of the ptilod 53,030 43,470 148 43.6L8 Llsted /nvq5tmÈTht5 other Irtvestrne￿ts TDtal 25 August 20Z4 f'ooo '•oo E'OOD EndDwment Funds 38,063 42.000 138,97n 304 3B,274 42,000 (38,9771 307 (664) InvEsweTrt man[￿¢T fe Net r¢ali5ed Jnd unre?Ilsed 4,633 4,617 45.359 198 45,557 42,000 193 42,193 HIsto￿tal c05t at ond etthe perYJd As al 31 Augusl 2025 investrnents held with investment managers are measured at fair value. £53.1m12024'. £45.4ml calegorised as Level 1 and £0.1m12024.. £0.2ml as Level 3. 78 15. Investments (continued) Perman&nt Endowment and total return Main Endowment Fund uIFEreuson Mernorkl Fund A5 8t31Ausu5t 2025 As Jt31AuEuSt2025 ¥otal TIu5t tor investment investment Ullappl￿d total ￿tur rgtuxn Atthestart Df the year Gilt CDmponeni ol the perrnaTroniefjdi>wrnertt 18%76 18.976 21.921 1.426 21,921 1,416 1.030 I￿30 Total 18.gY6 21,921 Its26 456 MOv&mentsin the reportingp2rio Gifts bdded t¢ perfflaneni endowrnent In the 2,535 2,835 766 ?E6 IL5 Tianslerslrom re5tritted fvnd5 Lp55'. lnvestrnentrnanawnentand dmini5trabor7C05ts 6,037 18651 TDtal 2,83S 4.919 7,7Y 55 55 Net reportingperiod 2,835 4919 7.754 55 Attheend of tha reportins perbd GIft￿Mpo￿t￿t0f theperrnanenrendowmeni 21ts11 2L811 26.sdo IA26 1.426 L,085 R6,8qQ 1.08$ TQtai 21.811 24840 48,651 1026 2,511 Incoming resources from the fund represents new donations into the endowment fund and inveslm&nl income ggnerated from tho endowment funds. Outgoing resources represents inveslmenl manager fees expended. T￿nSfer$ from the endowmonl funds represents the transfers ol unapplled total return lo the relavanl restricted and unrestricted funds. Ib) Charity- The following were the sijbsidiary undertakings of Royal Opera House Covenl Garden Foundation as al 31 August 2025.. Country of incotporatlon Principal èctivfjty Parcentsge shar•s held urt4lertllklnD ROH P2nsioll Tru5t2e Umittd ROH Productlons Llmited Royal Opera Rouse Eoterprises Limited Holdlng company TnJ5tee corTh9any Th2atre oroduitlons Citefirtg 15pon>)t5hip I Multlrnedia Qroduthon and d1s1rtbu￿0rnI UK LIK UK loo loo% loo* censing of The issued share capital in ROH Holdings Lbmited is 2 £1 shares. ROH Pension Tnjstee Limited is a non-trading 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 Llmiled is 125.987 £1 shales (125,987£1 shares 2125 August 2024). The remaining balance is related lo the original acquisition of Royal Opera House Enterprises Lirniled. 79 Roi.410i.v.ra r The Royal Opera House Endowment Fund 2000 is a connected Charity of the Royal Opera House Covent Garden Foundation. See Note 2 for further details. Investment in Roy81 Opera House Enterprises Limited.. Charlty Unre5triCtEd Funds Charlty 31 August 2025 25 ZD24 £'ODO £'ooo 6,676 At beglnnin9 ond end of DeriDd 6,6715 Netbook valu¢ At be9lrhniTrs Dr per￿d 6,676 6,676 6.676 6,675 Al End uf penod 16. Stocks Group 31 Auyust 2025 E'QQQ Group 25 August 2024 E'ooo Charlty 31 August 2025 £'ooo Chgrlty 25 Au9USt 2024 I'ooo 461 Gaods lor rtsa 354 354 461 During the 534veek period ended 31 August 2025 £522,460 (52weekperiod8nded25 August 2024.'£865,310) of stock was expensed thrc>ugh the Statement ol Financial AGlivilie5. 17. Debtors GIWP 31 August 2025 Group 25 August 2024 Charity 31 August 2025 Charlty 25 AUQUSt 2024 É'OOD 'ooo £'OOD É'ooo Amuuttts du¢ wlthln one vthryf rrade detitors Affl•uTrl5 due from wbsidlèry and 3ssoclateJ ndertaklThg5 Accrued ificorne ot)er debttsrs PrepaymeDt5 3,233 3.821 1,444 2.239 1,570 22,4S5 1,491 910 3,D90 20,202 1.407 1,723 24.065 1,492 1,97S 21,466 1,407 1.974 30,765 29.668 2&870 28,661 80 -In} Nltsmk, .r OfJ.11. 18. Creditors Amounts falling due within one year Grouv 31 Au9USt 2015 Chatity 32 August 2D25 25 Au91I5t 2024 2024 É'DDO £'ooo E'OOO £'ooo Trade credltors Other LTran5 Taxation pfjd Soclal 5ecuNty Accruals Defer￿￿ income 5,437 391 2,416 L2,624 29,352 7,J20 4,508 391 1.991 11,904 28.701 6,364 2,305 10.664 25,367 1,725 10.043 Z5,012 $0,220 45.656 47,S55 43.144 Group 31 Auyust 1025 É'ooo Group 25 Au9uSt 2024 E'OOD Charlty 25 AJ9USt 2024 £'ouo 31 Auou5t 2025 £'ooo Deferred Income at stèrt of perfDd office retelpts, 5ubscripuan ano dDnats¢fis recelved Releas@d tp statement Df fin)ncial èEtyviiies 25.367 X4,092 [70,707) 24,4?8 74,073 25.012 08,114 {64,425} 23,687 68,479 Deferred ITbt¢Nn@ 8t end of penod 29,352 2S,367 16.7Ql 25.012 Comprfsing.. Alvonceo bookin95 Sub5Crtptrons and donatltsns Oth&r dtferred Income 16.128 0,719 6,505 16,128 6,719 5.B54 6.379 5.297 13,691 6.379 4.942 Amounts falling due after one year Thurrock Borough Council Loan 53 Wéok Per5od Ènded 31-Au9-25 'ooo 52 Week Ellded 25-Aug-24 E'ooo Balance at tho beyinlllng ¢f the Ve8r repa payable 1.181 (1021 si 1,235 8alaThce at the end of the year Le59 amoullts d15closed in cr2dllots'. atTh)unt5 lalllTrg dve withln Ye8r 1,130 1541 Balpntt at theend ol the Y￿rfallIng lue after onE ye{r 1.076 81 18. Creditors {continuedl Amounts falling due after one year The table below shows the amounts and b"mings of rep8yments due under the terms of the loan. Iniere5t Totnl 31 August 2025 capiral Interest 25 Auqu5t 2024 É'ODO £'ooo 8'trDO É'ooo E'ODO £'ooo ioi 51 Oue wythlts one year ￿￿e between one yeor ènd two year5 Due between twD years and fivp yèars 55 49 104 56 46 102 176 3D7 185 JOB 1,12Y DJe aflEr Itoe yeats 83S 191 L,J2S 228 459 1,640 1,13Q 408 1,538 In Oclober 2014, 2 first deed of mortgage over the Bob and Tamar Manouki8n Costume Centre and by way ol first fixed charge, all its present and future plant and machinery on or serving the Property (apart from thg mortgage charge) and the rent5 lif any) wa5 provided as security lor a loan of £1.5m from the Thurrock Borough Council. The current balance of the loan is £1.13m. The net book valLJe of the Bob and Tamar Manoukian Costume Centre at 31 August 2025 was £3.7tn (25 August 2024.. £3.9m). Cultural Recovery Fund Loan 53 Wegk period EDdéd 31.Aug-25 É'ooo 53 Week Per50d Ended 25-AU9-24 E'Q Balance at the be9innlng of the yeaf 21,700 2l,700 Balbn¢e at the eTrd of the year Zl.700 (316} 21,7rfvJ 21.364 21.700 Capkni Inieresi Total 31 &UgU5t 202S irtere5t Totbl 25 August 1024 £'DDO E'QDO £'ooo E'OOD £'oo 31fj 1,657 829 829 year 316 1,657 1,236 421 1,657 Due between Lwo years 4,972 3.&58 4,972 17.603 2,284 19.8&7 Oue after Iivc years 16.290 1.940 18,230 2k,700 4.8L6 26,516 21.700 5,645 27,345 82 IiiF*I r)pprd H'ji IN,. 18. Croditors (continued) Amounts falling due after one year In support of arts organisalions affected by the Covid-19 pandemlc, the govemmenl established a Cultural Recovery Fund ICRFI offering grants lo smaller org8nisalions and loans to larger organis8tions. In March 2021, RBO received a loan from the CRF of £21.7m. The loan is interest bearing, al a rale of 2 /0, over a 20 year period and has a four year repayment holiday. Repayments on the ltsan comEnenced Sn March 2025. Finance Leases 53 Weak PertD Ended Jl-Aug-25 £'ooo 52 Wetk Pertod ended 25-AU9-24 alance it the be4lnnlng ol the ye8r Amounts drawn duw Jnojnts repal Interest payable 137 156 io Balance at tne end DfthE year Le55 arnovnts Oi5closed its Cred￿vr$.. amwllt5 failing duo Withln one year 137 eJl4Th￿ èt the ￿n0 ol th￿ falling due efter oneyear 94 Il6 Interest TOtsI 31 August 2025 Interest Totsl 25 Auiust 2024 E'ooo E'OOO £'OOD É'ooo É'ooo E'OOO 22 31 e tsetween Dne year and Lwo years Oue between two year5 d yea io 31 21 22 31 73 82 69 15 Du@al(er Ilve ye)rs 25 116 25 141 137 35 172 83 .SJ ￿1￿,￿. k IJLirif)d drill￿1131 AugLJs1202fi 19. Statement of Funds- Group t31 Auwu5t 202S At25 Au¥uSt 2024 othqr IDcominp Outgoin9 Resources IloSW) Ttansfer$ £'ooo £'Doo £'ooo É'ooo £'oo £'0O0 Nrto 4.146 Unrestricted G•neTal fund 4,146 148.A64 4,911 1.667 Unrest¢lcled Fievaluation fund UnrastrSctÈd DeS￿nated 1,670 6,234 167.8lS unr*triEted Tixed A55et Fund 161,581 5,633 Urtrtstrtcted Herltage A55Et Fund 5,633 6Q.737 ￿n￿trIcted Future Pr¢iect5 Fund 61,045 uniéstrfcted Funds bebre penslon rEserve IL53,37S) (3) 10,837 239,998 234,075 146,464 Unresirlthd.. pertSlDn s¢hémo {11,8741 6S1 1,827 IY,3961 Total unrEStricted fvnds 222.201 148,464 {152,724} 1.824 XQ,837 230.602 R4Strlcte4 funds.. 7,733 8,306 produttion Fund 11,19D Open up Project Fund Art5 Coun(Il England Brldge programrne fuDtt 5rM) 240 27B 672 123 exchange 123 OH Holdlngs Limite Ehdowment Re¥rirted IncDtnE Fund 119 60 21 21 399 Learning and partlclpatWJn 4,OZ7 8,745 18.7451 246 OthEr Projects 81 Total restrictEd fund¥ 9,016 29,900 (20,076) (119) (9,758) 8,363 EndowmentlundB 56.680 3,Y16 (X,158) 6.794 (I,079) 64,8S5 303,620 Total I￿ndS 287,097 X82,080 {174,656) $,499 Unrastricted Funds.. Unreslricled funds are segregated belween general funds (rep￿senting free reserves and unreslricled general funds held in trading Bubsidiariesl and designated funds, The Ihre8 designated funds at period end were the Fixed Asset Fund which is set al a level equivalent to the charity's f1xed assets and intsngible fixed agsets {plus approved capi131 expenditure in the 2024r25 Season carried over to tre 2025126 Season), the Heritage Asset Fund which is equivalent lo the charity's her¥lage assets and the Designated Future Projects Fund. The Designated Future Projects Fund represents funds earmarked for specific lulure aclivily, Includlng our Gapitsl investment need5 over the next two financial years1£41.7ml and investment in in support ol our Future RBO vision, including the artistic programme, iesearch and development and support lo our financial model as we grow our ￿venue streams and realise saving5 from our programme of business Ir8nslomalion1£19m}. The pension scheme liability Is disc105ed in 8ttcordance wllh FRS 102. 84 19. Statement of Funds- Group (continued) Rastrlcted Funds- The Thurrock Capil81 Fund has been established lo hold funding received In the developtnenl of both the Bob and Tamar Manoukian Producb'on Workshop and the Bob and Tamar Manoukian Costume Centre in Thurrock. The Production Fund represents donations received which are restricted for the purpose of spe¢lfic productions. The Open Up Project Fund has been established lo hold funding received towards the Open Up Project, a capital project intended to enhance audiences, experienco of our work and Inspire wlder interest and engagement. The Bridge Programme Fund represents funding re￿iVed from Arts Council England for improving the delivory of arts opportunities for children and young people, acting as a bridge beiween the arts and education sectors in Thurrock, E55ex, Soulhend, Hertfordshire, Bedloidshire, Lulon and North Kent. The Endowment Restricted Income Fund represents funds expendable on specific purposes as required by donors. The Learning and Participation Fund represents donations received which are restrlcled lor the purpose of Learning, Participation and Education projects. The Capital Fund represents donations received which are restricted lo capital gxpenditure. The Other Projects Fund represents other reslricled donations received. Endowment Funds.. Th8 balance above represents reslriGled FemanenlarKS expendable capital reserves held by ROH Endowment Fund 2000. Transfers: (al There wa5 a transfer of£6.2m lo thè Unrestricted Fixed Asset Fund frotll the Unres1￿¢1ed General Fund, representing a transfer for the nel IrKrease in the charity's tangible fixed assets (5 weekperiod ended 25 August 2024.. £8.9m)- (bl A nel transfer of £0.3m (52 week period ended 25 August 2024.. £18.9m Ir8nsfer loj was made from Other Designated Funds. The transfer from Other Design8led Funds represents funds used for specific projects. (cl Dep￿ciall0n and loss on disposal of£O.6m152 woek period ended 25 August 2024.. £0.3ml was charged against unrestriclod Sncome then matched by a transfer from reslriclgd funds. Restricted funds include those funds that have been granted specifically lo finance the capital expenditure on the Bob and Tamar Manouki8n Products'on Workshop and thfj Bob and Tamar Manoukian Coslurne Contre. Idl There was a transfer from Restricted Funds of £CI.5m, representing amounts receivod for the Open Up project (52 week period gntl&d 25August 2024.. £0.5m). lel Net transfers of£1.1 m (52 weekperiod endad 25 August 2024.. £0.06m transfer from Endowmsnl Funds to un￿StricterI Funijsj were madefrom EThlowttFenlFunds lo Unreslrfcled Funds to increase the Charily's General Fund. lfj A transfer of £8.7m (52 week period ended 25 August 2024.. £9.OfflJ represents reslricled donations received and expensed in the period for capital expenditure. 85 19. Statement of Funds - Charity At25 AllgU5t ?D24 Other At31 A￿￿5t 20Z5 ImI053} (9.8171 8,337 245,5?6 Ttstsl funds 237,377 164,986 (ISB,6111 1,824 20. Share capital The charfty is limited by guarantee and therefore has no share capital. The liability ol ihe members ol the charity is limited lo £1 each. At 31 August 2025 there were 16 members (25 August 2024.. 16). 21. Connected charilies and other related party transactions Connected charities Royal Opera House Endowment Fund 2000- Togistered charity No 1089928 DLJring the period the charity received grants of £1.8m (52 week period end8d 25 Augus12024.. £2.3m) Iro Roy21 Opera House Endowment Fund 2000 in furtherance of 115 charitable objectives. Al 31 August 2025, the charity owed £O.OOm lo the Royal Opera House Endowment Fund 2000 (25 August 2024.. £0.OOmJ. Al 31 Augusl 2025, the Royal Opera House Endowment Fund 2000 owed £0.006m lo the charity (25 August 2024.. £0.040m). The above charity is based al the Royal Opera House, Covenl Garden, London WC2E 9DD. 86 21. Connected charities and other related party transactions (continuèd) Trading subsidiaries Royal Opera House Enterprises Limlted During the period the charity re￿iVed a royalty payment of £1.1m (52 week period ended 25 August 2024.. £0.8mJ and a gift aid paymgnl of £6.1m (52 week period ended 25 Augusl 2024.- £5, 9mJ from Royal Opg House Enlerpris6s Limited. Addilipnally, £0.8m of overhead were recharged from the charity lo Royal Opera House Enterprises Lirnited (52 week period onded 25 Augtsst 2024.. £0.9m). Al 31 August 2025, Royal Opera House Enterpri595 Limited owed £1.6m lo the charity (25 August 2024.. £3.Om). The above trading subsidi8ry Is based at the Royal Opera House, Covent Garden, London WC2E 9DD. Royal Opera House Holdings Limited At 31 August 2025, Royal Opera House Holdings Limited owed £6,000 to the charity (25 Au9USt 2024.. £12,000J. The above trading subsidiary is based al the Royal Opera House, Covenl Garden, London WC2E 9DD. Other related party transaGtions No trustee had an interosl in any contract or Irans8clion with the charity or Ils subsldiaries In the period ended 31 August 2025. During the period no trustees roceived any remuneration from the charity or ils subsidiaries and no trustees were reimbursed for personally-in¢urred expenses which were necessary to carry out tnjslee duties12024.' nill. The aggregate amount of unreslricled donations received from trustees wa5 £2.6m (52 week p&riod end&d 25 August 2024.. £3.2m). Of this amount. £1.9m (52 weekperiod ended 25 August 2024.. £2.6mJ WÈS received from Iruslees of the ROH Endowment Fund 2000. The charity undertook th2$8 transactiDns in its normal course of business. These Iransacts'ons ale carried out on an arms4englh basis. 22. Commitmenls lal The Group has fu￿lre minimum commitments under non-cancellable operating leases as follows.. 31 14ugust 1025 Land Bnd Buildings £'wo 25 4ugu$t 2Q24 £￿00 0para￿ll9 lea5ey pJ¥•ble: L¥sErth8n ontryg3rand￿ laktth&nfi¥¢pars LawihBn nve swr5 13B 140 144 146 Ibl The group has entered into ¢ontracts with guest arbsls and suppliers in respect of futuro productions to be staged at the Royal 8allel and Opera. Commitments in respect of these contracts which are not ￿flected in the balance sheet are.. 31 August 2025 É'ooo 25 Auoust 2024 'ooo Less than one year In the to fifth ye¥tS jncluslve 069 Icl The group hBd capital cornmitmenls of£e.105m foi capital projects which were not reflected in the balan Sheet in period ended 31 Augus12025 (25 August 2024.. £4. 778m). 87 23. Pension scheme The Royal Ballet and Opera operales a defined benefit pension scheme. the Royal Opera House Penslon Scheme. The Scheme's lunds Ire administered by th& Trustee and are independent ol RBO'S finances. Conlributions are paid lo the Scheme in accordance with Ihe Schedule ol Conlributions agreed belween the Trustee and R80. The group also contribules to five defined contribution schemes. Two ale sponsored by Arts Council England and Equity (for dancers and singers) and one by the Musicians, Union Ifor tnusiciansl. Two further defined contribution scheme arrangements exi51 lor other staff groups. Contributions to these and other schemes amounted to £2.763m152 week pgriod gnded 25 August 2024.. £2.8T2rnJ. The funding plan is for the Scheme lo hold assets equ81 to the value ol the benefits earned by staff. based on a Set of assuTnptions used lor funding the Scheme. The funding assumptions differ from Ihe assumpliDn5 used to ¢alculale the figures for these accounis, and therefore produce different results. If there is a shortfall against this funding plan, then the Royal Ballet and Opera and Tiustee agree on deficit contribuliDns lo meel this deflcil over a period. As a part ol Ihe actuarial valuation with an effective dale Df S April 2024 the Trustee and the Royal Ballet and Opera have agreed that the Royal Ballel and Opera will make conlribullons to the schème of £1.25m per annum from 01 July 2025 until 31 October 2033, increasing by 3.50k per 8nnum. The Royal Ballet and Opera also makes contributions of £0.3m per annum to cover the axpenses ol running the Scheme. The results of the formal actuarial v81uation 8s al 5 April 2024 were updated to the accounting dale by a independent qualified acluary in accordance with FRS 102, allowing lor contributions, benefit payments made, and changes in m3rket conditions. The results. based on assumptions used lor FRS102, are as follows.. The amount included in the balance is as follows.. 31 Auyu9t 2025 2S Au9usf 2024 É'DOD 48,625 (S8,021) É'ooo 52.867 Pr25eDt value ol denlled b*noRt tsbiioJtlDn {9,396) The movement in net defined benefit liability is as follows.. 52 w¢Èk pBrlod ended 31-Au9-25 52 week Enoe 25-AUQ-24 £'ooo 11,874 1,115 {%,736) 11,827) £'ooD 12.804 OponlTrg nei dofined beneFIt Iiablllty CDSt in Incaffle anl eypendlture Amount recllgn15ed outs￿e Inmmé and exponttiture 9.396 11,B74 88 Ro, 23. Penslon scheme leontinued) The amounts iecognised In income 01 expenditure, in the Statement of Finan¢lalActivilies are as follows.. 53 week perlod nded 31-Aug-25 52 week PEriod enJe 25.Au9-34 Past servicE EOSt E'ooo E'ooo Interest eKoen5e 573 552 475 646 Totsl expets5e r￿L￿nised income or tspenditurE 1,125 Kfjovetllent in present valLJe of defined benefit obligation is as follows.. 53 wed( porlod nded 31-Auy-25 52 week Deriad efjded Z5-AJg-24 £'ooo (04,741) Paststrylce c05t AthaTial galns I11055￿] Benollts paid (3.098J 6,754 3.064 13,223} 3,050 158,0211 {64.741} Movement in the falr value of the plan assets is as follows.. 52 week portod enthed 3L-Aug-25 ended 25-Au9-24 Openlno lair YÈluo Of plan èssets £'ooo 51867 $46 14.927} (573} 1.776 {3,06d) E'OOO 49.506 2.577 2,583 Adminlstrabon expense5 Clntributlons by thE empjoyer 1,726 Cl￿1￿￿ t?Ir va￿￿ of plan a55et5 48,625 52.867 89 Ibi.-n'. (i4f. 23. Pension scheme (continued) The currenl allocation ol the Scheme'5 assets is as follows.. 31 Aug￿St 2025 25 Auoust 2024 27 Au9uSt 2023 E'DOO Asset dlstrfbutlon ond experted rnturn £.000 £￿0 5,25Z 5.84Q 5,033 Bonds 15,502 3,255 8.915 15,950 3,OBO B.lO& 14.363 3.814 Property 7.378 DIver5￿]e￿ Growth Fund Uabi1ity Drlven lDvEsimenL Fund Co5h Jnd net ￿lient a55ets 13,929 1,772 17,406 2,485 3,713 46,625 52,867 49.506 The Scheme doès not invest diredy in property occupied by the charily or in financial securities issued by the charity. The following table sets out the significarlt assumptions used for the plan.. JI Auoust 2025 25 August 2D24 27 August 2023 Jtssumtytbny Ketall Pfices Index Infl*tlon 2,90 3.10 2.40 CDnsumer Prfc25 lThde¥ InflatiD 2.3Q 240 4.90% 5.30 015(ouni rate 5.90 Pefision Increa5e5 lattordiTrg tts I￿￿3￿e% under th2 scheme rules) 2.513.513,ty2.IWv 2.513.312.W2.0% p 2.513.413.012.1% p S31&ry 9fo%yth Llfe ÈxpettJncy ol Female l rnè1e aged 65 at tho accoun￿￿￿ date 24.W21.6 years 23.9121.2 years 24,1121.5 year5 Lrfe Èxpectanty of 12rnale I male aued 65 ?t 20 years Iroffl the ac¢ountiny dè* 25.4/22.8 year5 25.3122.4 yeèys 25.Sl22.7 year5 FLJlure ag￿ed contributions Irom ihe employer lo be made ID fund the deficit of the defined benefil scheme are as follows.. £'OUD 1.283 1,326 4,265 8.170 wVthiTh one year Due between one yeor Jnd two vear5 Due behrfeen two years live ¥ear5 Due èiiér flve years 90 24. Reconciliation of net dobt At 25 A￿0￿51 2024 É'ooo Other nDn. Cjsh flDw5 E'OOO * 31 Auguat 2025 £'ooo £00 C3sh 88.642 2,484 gi,Iz6 72 Loans f£iiiTrg due after MO￿ tnan Dne year 319 12 ID Total net debt 65.624 l617 (fjo) 68,181 25. Consolidated statement of financial activitles for the 52 week pgriod ended 25 August 2024 52 weE 52 wee PÈrknd •nt1ad pynod end 2>Aug-Z4 27-Aug-23 Endowment Fund Funds Ttsw Funth E'OL £'ouo 'oou £'ooo IncothE End0￿MentS Irtsm.. nn8lley and Professor Christopher M Kelly Sir Lloyd and Lady Dorfman OBE André Duminy Dr Michael Engel Rob and Vanessa Enserro FiDna Espenhahn Ailsa ¥nd Jonathan Feroze Wendy Fisher Nicky Fletcher Graharn S Fletcher Emma Flett Louise Fluker Aline Foriel-Deslezel Sophie and Hamish Forsyth Fondation Socindoc 93 Crevan O'Grady & JanE Mcclenahan John McGinn and Cary Davis Mrs Andrea Medeir05 Castro Isabelle and Adri8n Mee Alvaro Membrilleia B&rlr2nd and Elisabelh Meunier Sylvia Mills Amanda and David Milne KC Dame Marit Mohn DBE Anne Mowatt Harry and Leda Nells Thfj Mark Nickerson ChaFltable Sethemenl Kirsteen Nicol Idan and Batia Ofer Susan A. Olde OBE and Graham W. Harnpsc>n Mr Slef8n Slen Olsson and Mi John Tierney Sir Antonio and Lady Pappano Hamish Parker Marian and Gordon Pell Penny and Richard Peskin Nicholas and Suzanne Peters Sara Pickersgill Professor Paul Cartledge and Judith Portrait OBE Alexis and Fr8n¢es Prenn Margaret Mair and David Prior Francesca Pu¢cinelli Georgia Hayley Kathryn Raphael JLJlia Rausing Trust Michael and Joanna Richards Yvonne and Blame Rieber Jamie Rilblal Sir Simon and Lady Robertson Sir Simon and Lady Robey Bonnie Robinson Derek Robinson Sarah Robson Mrs Dorrit Rodley The Gerald and Gail Ronson Famlly Foundation Gisbert Ruehl Sabrina von Moos and Massimiliano Ruggieri Kim Samuel Abigail Sargent The Sargent Charitable Trust Nick and Barbara Scholes David and Jane Shalders Mr and Mrs Mark Shanker Christopher Shield Peter Simon Susan and John Singer John Vladimir Slamecka The Lady Slynn of Hadley Christopher and Sarah Srnith Petèr and Jane Smith Christian and Jennifer Stahl Mary Stassinopoulos Rach8&1 Slearns Sluarl and Jill Steele Francesca Storey-HarTiS In memory of Judy Harris Malcolm Strong Jtshn Sunderland 2nd George Shishkovsky Mrs Trevor Sw*te Jennifer Tayltsr MBE Dame Tina Taylor DBE Flona and Slmon Thomas Lindsay and Sarah Tomlinson Eric Tomsell The Consl8nGe Travis Charitable Trust Professor Michael Trimble John G. Turner & Jerry G. Fischer Stephanie and Dan Tyrer Kathryn Uhde Elsbelh and Rijnhard van Tels Adrienne Walttrfield De￿k and Sh&ila Watson Helen Webb Anna and Paul White MBE Mr R G Willicombe Danny and Li15an Wyler Evgeny Zborovsky TRUSTS AND FOUNDATIONS Amar-Franses and Fosler-Jenkins Trust Bloomberg Philanthropies Boodles Charitable Trust Bradford City of Culture CHK Foundation Cockayne - Grants lor the Arts The Colwinslon Chzritable Trust Dunard Fund Harold William Sanderson Art In Industry Fund Huo Family Foundation Katie Bradlord Arts Trust Mariamarina Foundation Oak Foundats"on Opera North Orinoco Foundallon Rothschild Foundation GR(>W @ Annenberg Foundation Theatre Artists Fund The Anthony and EIiz8bfjlh Mellows Charitable Settlement The Big Give Trust The Bollini Trusl The CSore Duffield Foundation The Deborah Loeb Brice Foundation The Derek Butler Trust The Eranda Rothschild Foundation The Foyle Foundation Garfield Weston Foundation The Gatsby Charitable Foundation The He8dley Trust The Helen Hamlyn Trust The Jean Sainsbury Royal Opera House Fund The JP Jacobs Charitable Trust The John S Cohen Foundation The Karin Brass Memorial Fund The Karlsson J81iva Chafilable Foundation The Kiri Te Kanawa Foundation IUKI The Kirby Laing Foundation The Linbury Trust The London Community Foundation The Mohn Westlake Foundation The Mil8 Charitsble Oiganisalion The Mouth and Fool Painting Artists Trust 94 The Paul Ferguson Memorial Fund The Paul Hamlyn Education Fund The Peter Cruddas Foundation The Portal Trust The Porter Foundallon UK The Robert Gavron Charitable Tru51 The Steel Charitable Trust The Taylor Farllily Foundab'on The Thistle Trust The Thompson Family Charitable Trust Vogue World Fund Westminster City Council AMERICAN FRIENDS OF COVENT GARDEN BOARD Life Trustee and Chair Emerita Mercede5 T. Bass Chair John P. McGinn Vice Chair Mrs Susan A. Olde OBE VI￿ Chaii John G. Turner CORPORATE Aesop ArenaPAL Audi Baker McKenze Barclays Boodles Cazenove Capital Chacott Cmi Coutts & Co D8nce Reflections by Van Cleef & Arpels Diplyque Field Doctor Isobar Compression Gamienls Intimi551ml Kiikland & Ellis LLP Latham & Walkins Ma51ercard Morgan Stanley Murad Northern Bloc Quinles5enlially Rolex St James, Place Van Cleel & Arpels Veuv8 Cllcquol Founder of Arnerican Friends ol Covenl Garden Leon0￿ Annenberg Chief Executive Sir Alex Beard CBE Chairman Sir Lloyd tjorfman CVO CBE Hon. Vice-Presidenl Sir Simon Robey Treasurer G. Scott Clemons Directors Erika Bearman Susan S. Braddock Max Cartellieri Peggy Czyzak D8nnenbaum MisDDk Doolittle Lord Eatwell HRH Princess Firyal of Jordan Simon Freakley Beth Wade Glynn Lady Caroline Grainge Joan Granlund Frederick Iseman Christopher Jones Alan G. Levin Beth Madison Isabelle Mee Rebecca Morse SEASON PATRONS Mrs Alfiya Askar Abulkhalr Berkeley Psychialrlsls Lady Gavron Mrs Susan A. Olde OBE Rolex Rothschild & Co Slr Brlan Williamson CBE and Mrs Caroline Hoarg Anonymous13 Legal Counsel David A Shevlin S8Gretary and Executive Director Milena Sales FIRST NIGHT PATRONS Head of Development and Strategy Lorinda Kamerman DMGT plc Sir Mick and Lady Barbara Davis The Dow Clewer Foundatio Chartes Holloway OBE Anonymous121 95 BOARD OF HONORARY DIRECTORS Chair Sir Lloyd Dorfman CVO CBE Honorary Vice Chairs The CoutTrtess of Chichester Dame Gail Ronson Danny Wyler Alan and Caroline Howard Huo Family Foundatlon Aud Jeb5en Doug and Ceri King Fran￿S Kirsh Bob and Tamar Manoukian Dr Patrick Mueller Bertrand and Elisabelh Meunier Dame Maril Mohn DBE Mrs Susan A. Olde 08E Stefan Sten Olsson Jette and Alan Parker Natalie Parker Lady Ashcroft Christopher and Cynthia Bake Mikhail Bakhtiarov The BAND Trust Mercedes T. Bass Boodles - Michael Wainwright The Deborah Loeb Brice Foundation Lord Browne of Madingley and the John Browne Charitable Trust Tim and Sarah Bunting John and Susan Burns OBE Ricki Gail Conway F-k Sir Mick and Lady Barfoara Davis Lady DDrfman OBE Aline Foriel-Destezel David Fransen Philipp Freise Alex and Elena Gerko Kenneth and Susan Green Sandra and Anthony Gutman Chades and Kaar8n Hale Lady Hamlyn Jane HamSyn L8dy Heywood Dr Calhorine Hogel Ch8rles Holloway OBE Julia RaLJsing Trust YvDnne and Bjarne Rieber Sir Simon and Lady Robertson Sir Simon and Lady Robey Rolex- Arnaud Boetsch The Gerald and Gail Ronson Family Foundation Jessica de RDlhschild Lady Sainsbury of Preston Candover Kim Samuel Dame Tina Taylor DBE Lindsay and Sarah Tomlin50n Van Cleef & Arpels- Geoffroy Medlnger Sir Guy Weston Anonymous141 ROYAL BALLET AND OPERA INTERNATIONAL COUNCIL Jessica de Rothschild. Chair Ricki Gail and Robert Conway Yan Huo Yuanbo Liu Mrs Brooke M$lcalfe Kathryn Raphael Mark and Lee Shanker John Vladimir Slamecka Danny Wyler Anonymous131 Artlst Ambassadors Marianela Nunez OBE, The Royal Ballet Reece Clarke, The Royal Ballet Ermonela Jaho, The Royal Opera Aigul Akhmelshina, The Royal Opera 96