## 


|TRUSTEES REPORTFORTHE YEAR ENDED31MARCH2025.,.,,,,,,.....|,,,.,........ 4|
|---|---|
|INDEPENDENTAUDITOR'S REPORT........,,,||
|CONSOLIDATED STATEM ENTOFFINANCIALACTIVITI 8S...,.|...,..i..............,..,.........25|
|CONSOLIDATED BALANCE SHEET||
|CHARITY BALANCESHEET..,,........||
|coNsoLlDATEDsTATEMENToFcASHFLoWs..''...'.....|29|
|NOTES TOTHEFINANCIAL STATEMENTS|,.,:..;.,..,,........,.,..,....,,.......,.,30|
|1.<br>ACCOUNTINGPOLICIES||
|3.<br>EXPENDITURÉON RAlSlNGFUNDSandTRAD|NGOPERAT|ONS...............,........,..|34|
|4,<br>EXPENDITUREONCHARITABLEACTIVIiiES.,,..............1;....|......35|
|6.<br>EXPENDlTURE,..............:......;........................:...............|36|
|8.<br>STAFFCOSTS||
|9.<br>TANGIBLEFIXEDAsSETS,..||
||.............38|
|12,CREDITORS.,....|39|
|13.DEFERREDINCOME|..............39|
|16.MOVEMENTSTNRESTRTCTEDFUÑDS..................,...,||
|18..RECONCILIATION OF NETMÓVEMENT INFUNDSTONET CASHFLOW FROMOPERATING ACTIVITIES,,,,,,.,,,,...,,,.,,,,44||
||45|





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|||eneralDesignatedRestricted<br>Funds<br>Funds<br>Funds|eneralDesignatedRestricted<br>Funds<br>Funds<br>Funds|eneralDesignatedRestricted<br>Funds<br>Funds<br>Funds|Total<br>Funds||Total<br>Funds|
|---|---|---|---|---|---|---|---|
||Notes|2025|2025|2025|2025||2024|
|||f'000|E000|€f000|f'000||f'000|
|lncomefrom:||||||||
|Donationsand Grants:||||||||
|Grants<br>Donations|'2|4,930<br>355|-|467<br>1"244|5,39-l<br>l-,599||6,43\<br>r,882|
|Charitable activities:||||||||
|Ticketsalesandtourfees||11,L42|||I'J-,I42||8,924|
|.Outreachandengagement||1.52|||1s2||227|
|Other tradingact¡v¡ties:||||||||
|Tradingactivities||2,086|||2,086||1,,521|
|Production hire &co-||1,46|||1.46||60|
|productionlncome||||||||
|Programmes& merchandising||253|||253||189|
|Membersh ipsu.bsriptions||49|||49||36|
|lnvestmentlncome||674|||674||s73|
|Otherincome<br>Totallncome||1.07<br>t9,894||L,717|107<br>2L,605||106<br> L9,949|
|Expenditureon<br>Raisingfunds|3|(e1e)|(41)|(1)|(s61)||(143)|
|Commercial Trading||(7s1)|(34)|(1)|(786)||(s11)|
|Operations|3|||||||
|Charitable activities:||||||||
|Productionsandperformances<br>Outreachand engagement<br>TotalExpendíture|4<br>4|(19,860)<br>(71,r)<br>(1.,184)<br>147)<br>(22,2+:Ll(1,306)||)<br>(22,7791<br>)<br>(1,0s6)<br>(1,735<br>(2s8<br>(2,035)(25,5821||(18,992)<br>(e16)<br>(21,162],||
|Net(expenditure)||(2,3471 (1,306)||<br>(3241'|(3,9771||(L,2L3l|
|Otherrecognisedgqins -||||||||
|Theatre tax relief||3,924|||3,824||2,987|
|Transfersbetween funds<br>Net movementinfunds|17|(1,113)<br>364|'1,,r37<br>(16e)|(24\<br>(348)|(1s3)||<br>1,774|
|Re.conciliation offunds:<br>Netfunds brought forward<br>Net funds carriedforward||3,242<br>3,606|3l-,358<br>31"189|2,632<br>2,284|37,232<br> 37,079||35,458<br> 37,232|





## 

|CONSOLIDATED BALANCESHEET||||
|---|---|---|---|
|Asat3l- March2025||||
||Notes|2025|2024|
|||€'000|f'000|
|FixedAssets:||||
|Tangibleassets|9|20,428|21,049|
|currentassets:||||
|Work inprogress||273|283|
|Debtors|t1|1-,955|2,440|
|Currentassetinvestments||l_4,000|9,000|
|Cashatbankandin hand||4,433|8,335|
|Totalcurrentassets||20,66L|20,058|
|Liabilities:||||
|Creditorsfallingduewithinoneyear|12|(4,010)|(3,875)|
|NetCurrentassets||1,6,65r|1-6,1_83|
|Totalassetslesscurrentliabilities||37,079|37,232|
|Creditorsfallingdueafteroneyear||||
|Total netassets||37,079|37,232|
|Thefundsofthecharity:||||
|Generalfunds|15|3,606|3,242|
|Designatedfunds|15|31,1-89|3l_,358|
|Total unrestricted funds||34,795|34,600|
|Restrictedfunds|16|2,284|2,632|
|Total charityfunds||37,079|37,232|






## 

|CHARITY BALANCESHEET<br>Asat31 March2025||||
|---|---|---|---|
||Notes|2025|2024|
|||f'000|f'000|
|FixedAssets:||||
|Tangibleassets|9|20,428|2L,049|
|Currentassets:||||
|Wor,kinprogress||273|283|
|Debtors|1.1.|640|2,066|
|Currentasset investments||l-4,000|9,000|
|Cashatbank and inhand||4,147|7,893|
|Totalcurrentassets||19,060|19,242|
|Liabilities:||||
|Credltorsfallingduewithinone year|1.2|(2,409)|(3,059)|
|Net Currentassets||1,6,651|1,6,l_83|
|Totalassetslesscurrent liabilities||37,0'19'|37,232|
|Creditorsfallingdueafterone year||||
|Total netassets||37,079|37,232|
|Thefundsofthe charity:||||
|Generalfunds|15|3,606|3,242|
|Designatedfunds|15|31,189|31,358|
|Total unrestricted funds||34,795|34,600|
|Restrictedfunds|1.6|2,284|2,632|
|Total charity funds||37,079|37,232|





## 

|CONSOLIDATEDSTATEMENT OFCASHFLOWS||||
|---|---|---|---|
|Asat 31 March2025||||
||Notes|2025|2024|
|||f'000|Ê'000|
|Cashflowsfromoperating activities:||||
|Netçashflowprovidedbyoperatingactivities|18|(2,896)|(433)|
|lncometaxes received||3,824|5,040|
|||928|4,607|
|Cashflowsfrominvestingactivities:<br>Bankinterest<br>'||674|434|
|Purchaseofproperty, plantandequipment||(s04)|(2ss)|
|lncrease incurrentassetinvestments||(14,000)|(9,000);|
|Disposalof currentassetinvestments<br>Netcash usedininvestingactivities||9,000<br>(4830)|(8,821)|
|Change in cashinthereportingperiod||(3,902)|(4,21.4\|
|Cashatthe beginningofthereportingperiod||8,33s|12,549|
|Cashattheendofthereportingperiod||4,433|8,335|






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## 

||General|Restiicted|Total|Total|
|---|---|---|---|---|
||Funds|Funds|202s|2024|
||f000s|Ê000s|f000s|f000s|
|Arts CouncilEngland-National Portfolio|6,012||6,012|6,012|
|Organisation revenuefunding|||||
|Arts CouncilEngland-CultureRecoveryFund|(1,1o4)||(L,r04)||
|Continuity Support grant repayment|||||
|Trusts andfoundations||467|489|419|
|Total2025|4,930|467|5,397|6,431,|
|Total2024|6,028|403|6,431,||



## 

|.EXPENDITURE ON|||||||
|---|---|---|---|---|---|---|
|Raising Funds||General|Designated|Restricted|Total|Total|
|||Funds|Funds|Funds|Funds|Funds|
||Notes|2025|2025|2025|202s|2024|
|||Ê'000|Ê'000|f'000|f'000|€'000|
|Supportcosts|5|150|41.|t|192|149|
|Events||L86|||186|1.4|
|Other fundra isingcosts||583|||583|580|
|Total2025||91_9|41|T.|961|743|
|Toral2024||702|40|t|743||



|Commercial Tradíng Operations||General|Designated|Restricted|Total|Total|
|---|---|---|---|---|---|---|
|||Funds|Funds|Funds|Funds|Funds|
||Notes|202s|2025|202s|2025|2024|
|||€'000|f'000|f'000|f'000|f'000|
|Supportcosts|5|1.22|34|1|L57|1.02|
|Other Commercial TradingCost||629|||629|409|
|Total2025||751|34|1.|786|511|
|Total 2024||483|27|1.|511||





## 

|.EXPENDITUREONCHARITA|BLEACTIVI|TIES|||||||
|---|---|---|---|---|---|---|---|---|
|||General|Designated||Restricted||Total|Total|
|||Funds||Funds||l-unds|Funds|Funds|
||Notes|<br>2025||2025||202s|2025|2024|
|||f'000||Ê'000||Ê'000|f'000|Ê'000|
|Productions andPerformances|||||||||
|Supportcosts|5|3,549||981||21.|4,551,|3,432|
|Productionand rehearsalcosts||l-,513||203||1_,304|3,020|2,223|
|Performancecosts||5,465|||||5,465|5,058|
|Artists||4,558||||410|4,968|4,192|
|Techn ical,stage, ward robe||1,,\69|||||L,L69|944|
|Producing||233|||||233|233|
|Music||288|||||288|236|
|Medicalandwelfare,||563|||||563|504|
|Marketingandpublicity<br>Total2025||19,860<br>2,522||1,184||1.,735|22,779<br>2,522|18,992<br>2r70|
|ToLal2024||,17,385||922||685|18,992||



|||General|Designated|Restricted|Total|Total|
|---|---|---|---|---|---|---|
|||Funds|Funds|Funds|Funds|Funds|
||Notes|2025|2025|2025|2025|2024|
|||f'000|f'000|Ê'000|f'000|f '000|
|Outreachand Engagement|||||||
|Supportcosts<br>Programme costs|5|1.64<br>158|47|(298|21.r.<br>456|179<br>414|
|Programme management&||389|||389|323|
|administration<br>Total2025||71.r|47|298|1,056|<br>91.6|
|rohl2024||555|48|313|91"6||



## 

||Ploductiohs|||Commercial|||
|---|---|---|---|---|---|---|
||&|Outreach&|Raising|Trading|Total|<br>Total|
||Performance|Engagement|Funds|Operations'|||
||2025|2025|2025|2025|2025|2024|
||f'000|€'000|Ê'000|f'000|Ê'000|€'000|
|Managementandadministration|2,!77|101|92|75|2,445|2,403|
|ExceptionalVATbackclaim*||||||(1,160)|
|Premisesand'facilities|1,,371|64|58|47|1_,540|1,,55'7|
|Depreciationcharge<br>Total2025|l-,003<br>4,55r|46<br>42<br>21.1.I92||35<br>r57|1,,062<br>1,,126<br>5,11,1,3,862||
|Toú12A24|3,432|179|<br>149|IO2|3,862||





## 

|NGLISHNATIONALBALLET(Limitedbyguarantee)<br>egistered Company Number: 735040<br>harity Registration Number:214005<br>.EXPENDITURE|||
|---|---|---|
||Total|Total|
||2025|2024|
||f'000|f'000|
|Thenet income/(expendlture)isstated aftercharging:|L||
|Operatingleasesland and buildings,office equipment|1,42|1.42|
|Depreciationcharge ontangible fixedassets|1,,126|l_,061_|
|Governance costs:|||
|Auditors' remuneration: groupandcharity audit|48|47|
|Nonauditservices|13|16|
|Legalcosts|25|16|



## 

## 

||2025|2024<br>.FilE|
|---|---|---|
||FTE||
|Engagement andoutreach|I|6|
|Artistic management|1.1|10|
|Dancers|77|75|
|Producing, medical,company manãgement|,8|8|
|Orchestra and musicmanagement|1.2|13|
|Technical,stages,wardrobe|37|31.|
|Marketingandcommunications|tt|11.|
|tundraising|1.L|9|
|Operations|18|tb|
|Managementandadministration|1.4|15|
|Total|207|194|
||Total|Total|
||2025|2024|
||f000s|f000s|
|The aggregatepayiollcostsofthese employeeswere|||
|Wages andsalaries|9,81-5|9.051-|
|Socialsecuritycosts|L,0L8|905|
|Pensions|400|366|
|Total employeecosts|L'J.,233|L0,322|
|Freelancestaff|3L0|289|
|Total|11,,543|t0,61,1,|





|The number ofemployeeswhoseemoluments,including|||
|---|---|---|
|benefits inkind,wereinexcessof f60,000was:|2025|2024|
|€60,000tof69,999|10|8|
|f70,000 to f79,999|10|6|
|Ê80,000toÊ89,999|4|4|
|Ê90,000to f99,999|5|2|
|f100,000to109,999|1||
|f1-20,000lo129,999||1.|
|Ê140,000to149,999|1||
|Ê1-50,000toÊ159,999<br>f160,000 to f169,999||L<br>t|
|fl-90,000to fl-99,999|T||
||32|23|



## 

|Group&Charity|Long|'Leasehold|Plant&|Furniture&|Total|
|---|---|---|---|---|---|
||Leaseholdlmprovements<br>fOOOs<br>f000s||Equrpment<br>Ê000s|Fittings<br>f000s|Ê000s|
|Cost||||||
|1 April2024|2<br>5<br>53|1,4,839|6,709|2,044|28,845|
|Additions|||505||505|
|31 March2025|5,253|14,839|7,2r4|2,044|29,350|
|Depreciation||||||
|1.April2024|525|1,933|4,030|l_,308|7,796|
|Chårgefortheyear<br>31 March2025|105<br>630|314<br>2,247|559<br>4,589|1.48<br>1,,456|1,126<br> 8,922|
|Netbook value<br>31 March2Ó25|4,623|t2,591,|2,625|589|20,428|
|3LMarch2024|4,728|1,2,906|2,679|736|2r,049|





## 

## 

||2025|2024|
|---|---|---|
||f|f|
|Sharesin subsidiaryundertaking|2||



||2025|2024|
|---|---|---|
||Ê000s|€000s|
|Turnover|2,56L|3,062|
|Expe nditure|(t,416l|(2,371]}|
|Netprofit|1,1,45|91|
|Reservesbrought forward|||
|Amount distributedtoEnglishNationalBallet under deedof covenant|(1",1"4s\|(e1)|
|' Reservescarriedforward|||
||2025|2025|
||Ê000s|€000s|
|Theassetsheldinthesubsidiarytradingcompanywere|||
|Currentassets|1,,-/22|1,602|
|Current liabilities|(r,722)|(1,602)|
|Netassets|||



## 

## 

|2025|2024|
|---|---|
|f|Ê|
|2|2|





## 

||2025|2025|2024|2024|
|---|---|---|---|---|
||Group|Charity.|Group|Chaiity|
||f000s|f000s|f000s|f000s|
|Tradedebtors|587|51|501|1.28|
|VAT|||987|987|
|Other debtors|5|5|4|4|
|Prepayments andaccruedincome|1,,363|584|948|947|
||1. 955|644|2,440|6|
|L2.CREDITORS|2025|2025|2024|2024|
||Group|Charity|Group|Charity|
||Ê000s|Ê000s|Ê000s|Ê000s|
|Tradecreditors|327|327|312|312|
|Amounts owedtosubsidiary undertaking||12L||786|
|Socialsecurity andPAYE|235|235|222|222|
|Other creditors|1,214|L,2t4|1s6|156|
|Accruals:|352|184|L,342|r,341,|
|VAT|146|146|||
|Deferredincome|1,,736|1.82|r,843|242|
||-4,010|2,409|3,875|3,059|



## 

|3.<br>DEFERREDINCOME<br>eferred income comprisesincomefrom futurepe|rformances, me|mbership,a|ndvenuehir|e|
|---|---|---|---|---|
||2025|2025|2024|2024|
||Group<br>f000s|Charity<br>Ê000s|Group<br> <br>f000s|Charity<br>f000s|
|BalancebroughtforwardatLApril|r,843|242|2,5r0|223|
|Prioryear deferred incomereleasedinyear|(e16)|(242)|(1",428)|(2231|
|lncome deferredinyear<br>Balancecarriedforward|1,736<br>809|1,82<br> <br>182|761.<br>L,843|242<br>242|



## 



## 

|2025|Balanceat|lncome&Expenditure|lncome&Expenditure|Transfers|Balanceat|
|---|---|---|---|---|---|
||LApril|othergalns|||31March|
||,2024||||2025|
|Groupl<br>GeneralFunds|€000s<br>3,242|f000s<br>f000s<br> <br>24,822 (22,24Ll||Ê000s<br> <br>(1;113)|€000s<br>3,606|
|Designatedfunds:||||||
|City lsland 2020ProjectFixed|20,540||(1,018)||!9,522|
|Assetfund||||||
|Fixed assetfund|322||(8s)|505|742|
|CapitalMaintenanceReserve|6,061_|||299|6,360|
|Capital Equipmentfund|768|||(463)|305|
|BBCDiana,Princessof Wales|203||(203)|||
|fund||||||
|New Worksfund||||L,900|1,900|
|CreativeDevelopment fund|1,560|||450|2,0I0|
|Overheadlnflation fund|4s0|||(4so)||
|CRF3Conditionalfund|1,,ro4|||(1,,104)||
|ArtisticDirectorTransition|350||||3s0|
|Periodfund||||||
|Designatedfunds|31-,358||(1,306)|r,137|31_,1-89|
|Total UnrestrictedReserves|34,600 24,922(23,547)|||24|34,795|
|2024|Balanceat|lncome&Expenditure||Transfers|Balance at|
||lApril|othergains|||3l-March|
||2023||||2024|
|Group:|f000s|f000s|Ê000s|f000s|Ê000s|
|GeneralFunds|3,472|<br>20,939 (19,125)||(2,044)|3,242|
|Designated funds:||||||
|City lsland 2020ProjectFixed|2r,556||(1,016)||20,540|
|Assetfund||||||
|Fixed assêtfund|88||(21)|255|322|
|CapitalMaintenanceReserve|5,501_|||560|6,06'1.|
|Capital Equipmentfund|300|||468|768|
|BBCDiana,Princessof Wales|203||||203|
|fu nd||||||
|New Worksfund|400|||(4oo)||
|CreativeDevelopment fund||||l_,560|l-,560|
|Overheadlnflation fund|450||||450|
|CRF3Conditionalfund|1,,104||||!,1,04|
|ArtisticDirectorTransition|3s0||||350|
|Periodfund||||||
|Designatedfunds|29,952||(1,037)|2,443|31,358|
|Total UnrestrictedReserves|33,424 20,939(20,162\|||399|34,600|





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## 

## 

|2025|Balanceat|lncome|ExpenditureTransfers|ExpenditureTransfers|Balance at|
|---|---|---|---|---|---|
|Group and Charity|1April||||31March|
||2024||||2025|
||f000s|Ê000s|f000s|Ê000s|Ê000s|
|Outreach and engagement|125|322|(278\||169|
|Productiondevelopment|497|652|(eo4)||245|
|NewWorksfund|1,205|181|(4oo)||986|
|Talentdevelopment|396|s32|(410)||518|
|GoodGrowth fund|222||(20)||202|
|Capitalproject-London City||24||(24)||
|lsland||||||
|Arts Council RecoveryPlan|t87||(231||164|
||2,632|1,71L|<br>(2,035)|(24)|2,284|



|2024|Balanceat|Balanceat|lncomeExpenditureTransfers|lncomeExpenditureTransfers|lncomeExpenditureTransfers|Balance at|
|---|---|---|---|---|---|---|
|Group and Charity:|'|lApril<br>2023||||3l-March<br>2024|
|||Ê000s|Ê000s|f000s|€000s|f000s|
|Outreach and engagement||196|241|(312)||r25|
|Production development||6|861|(370)||497|
|New Worksfund||1_,059|t4a|||1,205|
|Talentdevelopment||340|3s0|(2e4)||396|
|GoodGrowth fund||222||||222|
|Capitalproject-London City|||399||(3ee)||
|lsland|||||||
|Arts Council RecoveryPlan||211||(24)||1.87|
|||2,034|1.,9:97|(1,000)|(399)|2,632|



## 

## 



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## 

## 

## 

## 

## 

## 

|<br>ounrestr¡cted general funds. Theyaresub<br>qsignatedorrestricted fund.|sequentlytransferr|edtotheappr|opriateunres|tricted|
|---|---|---|---|---|
|2025|U nrestricted|Unrestricted|ReStricted|Total|
||General|Designated||2025|
||Funds|l-unds|Funds|Funds|
||€000s|Ê000s|Ê000s|Ê000s|
|TransferofRestrictedLCI(LondonCity||24|(241||
|lsland)FixedAsset FundtoCapital|||||
|MaintenanceReserve|||||
|TransferfromNew Works fund|(1,900)|1",900|||
|TransfertoCapital MaintenanceReserve|(27s)|2t5|||
|TransferofCapital SpendtoDesignated|(sos)|505|||
|ReleaseofCapitalequipment fund|463|(463)|||
|Transferof OverheadlnflationFund|450|(4so)|||
|TransfertoCreative DevelopmentFund|(4so)|450|||
|ReleaseofCRF3Conditional fund|1,,1,04|(1,104)|||
||(1,113)|1,,r37|(24)||





|2Q24|Unrestricted|U nrestricted|Restricted|Total|
|---|---|---|---|---|
||General|Designated||2024|
||Funds|Funds|Funds|Funds|
||€000s|Ê000s|Ê000s|f000s|
|TransferofRestrictedLCI(London City||.399|(3ee)||
|lsland)FixedAssetFundtoCapital|||||
|MaintenanceReserve|||||
|TransfertoCapital Equipmentfund|(468)|468|||
|TransferfromNew Worksfund|400|(40o)|||
|TransferofCreative Developmentfund<br>TransfertoCapitalMaintenanceReserve|(1,560)<br>'(161)|l-,560<br>161|||
|TransferofCapitalSpendtoDesignated|(2ss)|255|||
||(2,044\|2,443|(3ee)||



## 

||2025|2024|
|---|---|---|
||Ê000s|€000s|
|Net incomefor thereporting period(asper|||
|the StatementofFinancialActivities)|(1s3)|r,774|
|Adjustmentsfor:|||
|TaxationCredit|(3,824)|(2,987)|
|Depreciationcharge|1,,r25|1,,061,|
|lnterestreceivåble|(674)|(s73)|
|Decrease/(increase)inwork inprogress|10|(1,44)|
|Decrease/(increase) indebtors|485|1,,694|
|Increase/(decrease) increditors|1_35|(1,258)|
|Netcashinflow/(outflow)fromoperating activities|(2,896)|(433)|



||lApril||3l- March|
|---|---|---|---|
|NET FUNDS|2024|Cashflow|202s|
||f000s|Ê000s|[000s|
|Cashatbank and inhand|8,33s|(3,902)|4,433|





## 

|202s|Unrestricted|Unrestricted|Restricted|Total2025|
|---|---|---|---|---|
|Group|General<br>Fundsf000s|Designated<br>Fundsf000s|FundsÊ000s|Fundsf000s|
|Fixed assets||20,264|1.64|20,428|
|Workinprogress|273|||273|
|Debtors|1,955|||l_,955|
|Currentassetinvestments|4,000|9,000|l_,000|14,000|
|Cashatbank|1,388|r,925|'J,,r20|4,433|
|Creditors|(4,010)|||(4,010)|
||3,606|31,189|2,284|31,079|



|2024|Unrestricted|U nrestricted|Restricted|Total 2024|
|---|---|---|---|---|
|Group|General<br>Fundsf000s|Designated<br>Funds Ê000s|FundsÊ000s|Fundsf000s|
|Fixed assets||20,862|187|21,,049|
|Workinprogress|283|||283|
|Debtors|2,440|||2,440|
|Currentassetinvestments||9,000||9,000|
|Cashatbank|4,394|1,,496|2,445|8,335|
|Creditors'|3,875)|||75|
||3,242|31,358|2,632|37,232|



## 

## 

||Not later|Laterthan|Laterthan|Total2025|foâ\2024|
|---|---|---|---|---|---|
||thanone|oneyearbut|fiveyears-.|||
||year|notlater||||
|||than five||||
|||years||||
||€000s|Ê000s|f000s|€000s|Ê000s|
|Officeequipment<br>Land and buildings|5<br>138|11"<br>550|1_<br>2,338|T7<br>3,026|2<br>t,rol|
||1,43|561|2,339|3,043|1,103|





## 

||Not later<br>thanone|Laterthan<br>one yearbut|Laterthan<br>fiveyears|Total'2025Total<br>'2024|Total'2025Total<br>'2024|
|---|---|---|---|---|---|
||year|notlater||||
|||than five||||
|||years||||
||f000s|€000s'|f000s|f000sÊ000s||
|Minimum||||||
|licencepayments|65|||358|24|
||65|293||358|24|



## 

##