**The Corporation of the Hall of Arts and Sciences** 

## **Annual Report and Consolidated Accounts** 

31 December 2025 Charity Registration Number 254543 



## **Elected Council members:** 

_President_ 

James Max BSc Hons MRICS (elected 22 May 2025) 

Ian McCulloch (until 22 May 2025) 

_Honorary Treasurer & Vice President_ Stuart Newey MBA FCBI _Vice President_ Leon Baroukh MA CFA _Vice President_ Dr Monica Bloch PhD _Vice President_ Nigel Hamway 

Thomas Borwick MBA Jeremy Marsden MSc Stephen Brandon MA MBA CEng (until 22 Iain McNay May 2025) Anthony Ratcliffe FRICS FRSA (until 29 October 2025) John Cooper FCA CTA Jeremy Rudge (elected 22 May 2025) Linda Craig (until 22 May 2025) Robert Shennan Harry Handelsman Iain Urquhart (elected 22 May 2025) Peter B M Lim FCA MBA Mark T Schnebli FInstD FBIM (until 22 Robert Lipson May 2025) The Hon. Alice Walpole OBE MA (Cantab) 

Ian McCulloch (appointed to a casual vacancy 10 July 2025) 



## **Appointed Council members:** 

Richard Harrington, Baron Harrington of Watford 

_(Appointed by the Secretary of State for Digital, Culture, Media and Sport)_ 

Professor Chris Wise FREng FICE FIStructE HonFRIBA RDI 

( _Appointed by the Royal Commission for the Exhibition of 1851)_ 

Sir Michael Dixon BSc (Sp Hons) ARCS MA (Oxon) DPhil DSc FCGI DL (until 30 November 2025) 

Dr Alexandra Burch (appointed 1 December 2025) 

_(Appointed by the Trustees of the Natural History Museum)_ 

Kevin Porter 

_(Appointed by the Council of the Royal College of Music)_ 

Professor Ian Walmsley (until 30 September 2025) 

Professor Peter Haynes FREng (appointed 1 October 2025) 

( _Appointed by the Governors of the Imperial College of Science and Technology)_ 

## **Secretary to the Corporation** 

Susan Gent 

## **Honorary Vice Presidents** 

C P Fairweather FCA 

H Gould OBE JP BA DL FCA Mrs Anthony Travis BA (Hons) 



## **Executive** 

Chief Executive 

Finance Director Director of Programming & Engagement Director of Audiences & Organisational Culture 

Director of Buildings & Facilities Director of People & Culture Director of Development 

James Ainscough OBE Dan Lill Matt Todd Louise Halliday 

Neal Hockley Nigel Wilson (until 30 November 2025) Darranda Rowswell 

None of the members of the Executive Team are Directors of the Corporation under the Companies Act 2006 

## **Principal Office** 

## **Bankers** 

Royal Albert Hall Coutts & Co Kensington Gore 440 Strand London London SW7 2AP WC2R 0QS 

## **Auditors** 

Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP 

0207 589 3203 

www.royalalberthall.com Email: admin@royalalberthall.com 

## **Solicitors** 

Bates Wells Braithwaite LLP 

10 Queen Street Place London  EC4R 1BE 

## **Charity registration number** 254543 



## **Contents** 

|**Reports**||
|---|---|
|Report of the Council:|4|
|_Our Vision and Business Plan_|6|
|_Review of 2025_|8|
|_Energy and emissions report_|18|
|_Financial Review_|22|
|_Major Objectives for 2026_|27|
|_Structure, governance and management_|34|
|_(including the relationship between the charity, its_||
|_Trustees and Seatholders)_||
|Independent auditor’s report|66|
|**Accounts**||
|Consolidated statement of financial activities|74|
|Balance sheet|75|
|Consolidated cash flow statement|76|
|Principal accounting policies|77|
|Notes to the accounts|85|





**Report of the Council** Year to 31 December 2025 

## **Report of the Council** Year to 31 December 2025 

The Council presents its statutory report together with the consolidated accounts of the Corporation of the Hall of Arts and Sciences, known as the Royal Albert Hall, (“the Corporation” or “the Hall”) for the year ended 31 December 2025. 

The accounts have been prepared in accordance with the accounting policies set out on pages 77 to 84 of the attached accounts and the provisions of the Corporation’s Constitution, namely its Royal Charters and the Royal Albert Hall Act 1966, applicable laws and the requirements of the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

Information on structure, governance and management, including details of the Hall’s constitution, Members (or Seatholders), Council responsibilities, organisational structure and risk management are provided under Structure, Governance and Management on pages 34 to 65. 

## **Charitable Objectives** 

Since 1871, the Royal Albert Hall’s purpose has been to promote the Arts and Sciences as well as to maintain our Grade I listed building, held in trust for the nation. 

The charity achieves these charitable objectives by: 

- hosting up to 400 performances each year in the main auditorium and hundreds more performances, events, exhibitions and workshops elsewhere inside and outside the building which, together with guided tours, attract around 1.7 million visitors a year; and 

- utilising the financial surpluses generated by these charitable activities and associated trading activities, plus financial support from philanthropists and the Hall’s Members or Seatholders, to support: 

   - an Engagement programme which aims to change lives through music of people of all ages and backgrounds who wouldn’t otherwise get the opportunity; and 

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**Report of the Council** Year to 31 December 2025 

- a multi-million pound rolling programme of planned maintenance and building projects to preserve and enhance the Grade I listed building. 

The report of the Council sets out how these charitable objectives have been met in the year, the financial results and implications for the charity from this activity and what the charity expects to achieve in the following year. 

## **Overview** 

Since we opened our doors in 1871, the Royal Albert Hall has been home to the world’s leading figures in music, entertainment, dance and debate. From Elgar to Ella, the Beatles to Adele, the Suffragettes to Churchill… icons grace our stage. 

A charity known and loved across the globe, we are home to dreams and determination, contemplation and celebration – bringing people together to lift their spirits and inspire. Every year nearly two million people enjoy unforgettable experiences in our spectacular building, with millions more joining us online and through broadcast worldwide. 

We are home to the future-famous – working tirelessly to enable talent to thrive. We embrace change as well as tradition, inviting the new, the radical and the bold. We are open to all, a committed force for good, connecting people and communities. 

We are the Royal Albert Hall – the home of breathtaking moments and lasting memories, for everyone. 

Together, we create the amazing. 

Originally the brainchild of Prince Albert as part of his master plan for the entire Albertopolis site, and incorporated by Royal Charter, the Hall is one of the world’s best-loved and busiest performance venues. The Hall is held in trust for the nation, and unlike many other venues, operates without any recurrent government funding. It generates revenue from four key sources: 

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**Report of the Council** Year to 31 December 2025 

- revenue from its operational activities 

- funds raised through philanthropy 

- the Members' annual contribution 

- Investment income and interest 

In recent years, other than in years affected by the pandemic, the Hall has produced an annual surplus, all of which is reinvested in our charitable purposes. 

Our three-year rolling business plan started in 2025 – our major objectives are set out below. 

- **Driving progress on the Hall’s Vision** : To be the home of breathtaking moments and lasting memories for everyone, driven principally through our programming and audience development initiatives. 

- **Generating funds for the Estate Plan and other projects** : The Estate Plan will transform the impact that our building can deliver. In addition, there are projects to enhance Security and to invest in IT, Production & Technical and other business needs, whilst also ensuring the charity builds and retains strong financial reserves and is able to service its Cultural Recovery Fund loan repayments (which started in March 2025). 

- **Investing in people and systems** : To continue investing in people, processes, and systems to ensure the Hall remains an efficient and effective organisation, and an attractive employer with a strong reputation for developing talent across all roles. 

- **Building the Hall’s reputation as a Force For Good** (particularly in the music industry), working collaboratively to shape our collective future. We will use our voice to encourage and support positive change, built on authentic progress here at the Hall. Our strategic priorities in this regard are for the Hall to be: 

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**Report of the Council** Year to 31 December 2025 

A Home For Everyone Equity, Diversity and Inclusion A Home For Thriving Creativity Principally our reimagined Engagement programme A Home For A Sustainable Future Greening the Royal Albert Hall towards netzero and enhancing local biodiversity 

The direction and control of the Corporation is determined by its Council who ensure that the charity continues to develop plans to meet its charitable objects. Members of Council, as the charity Trustees, confirm that they have complied with the requirements set out in the Charities Act 2011 having due regard to the Charity Commission’s published general guidance on public benefit. The Hall’s charitable objectives, and the manner in which these are pursued, are set out in summary form on page 4. A detailed explanation of how these objectives have been achieved in 2025 is set out in the following section. 

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**Report of the Council** Year to 31 December 2025 

## **REVIEW OF 2025** 

The Royal Albert Hall’s achievements for 2025 are set out below and correspond to our charitable objectives outlined above. 

## **DIVERSIFYING AND DEVELOPING OUR PROGRAMME, AUDIENCE AND ENGAGEMENT ACTIVITIES** 

**Performances and events** 

In 2025, we continued to broaden inclusion within the Hall’s artistic programme, across performances put on by third parties hiring the Hall, Royal Albert Hall Presents (which are the performances the Hall promotes itself) and events Beyond the Main Stage. 

Orchestral music pioneers **Rushil Ranjan and Abi Sampa** were announced as the Royal Albert Hall’s new **Associate Artists** in February 2025. The composers and performers, who sold out the Hall with their ground-breaking Orchestral Qawwali Project in 2024, have been working with us through 2025, and Rushil and Abi will be collaborating with the legendary AR Rahman for a very special event in April 2026. 

Highlights of the 2025 programme included the **Grand Sumo Tournament** – the second elite five-day Basho tournament outside of Japan in the sport's 1500-year history – in October. The first Basho tournament outside Japan was in 1991, also at the Royal Albert Hall, and Sumo’s return was epic in every way. The marketing campaign ran across platforms from outdoor to digital to iPlayer, the whole world followed the rikishi (wrestlers) as they visited London landmarks, social media coverage saw 3.2m engagements just on the Hall’s channels, and the tournament itself was a spectacular sold-out five days. 

The Hall’s ambitions for more ambitious programming did not stop there in 2025. Cirque du Soleil’s production of _**Corteo**_ in a unique traverse staging cut the auditorium in half, leading to an entirely new experience for audiences as they looked through the performers to see almost a mirror-image of their reactions from the audience on the other side. 

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**Report of the Council** Year to 31 December 2025 

In March we celebrated International Women's Day with events from pioneering female artists, athletes, and activists. **WOW** (Women of the World) celebrated 15 years with a very special night of thought-provoking conversation including inspiring speakers such as WOW founder **Jude Kelly** and legendary activist **Angela Davis** . The programming also included blockbuster _The Barbie Movie in concert_ , boxing champions **Natasha Jonas** and **Lauren Price MBE** going head-to-head in the ring, and musical icon **Annie Lennox** hosted a special fundraising concert to support Global Feminist organisation **The Circle.** 

This year marked 25 years of hosting concerts in aid of the Teenage Cancer Trust at the Hall. The line up included **The Who, James Arthur, The Corrs** and **The Sex Pistols** . 

In April, we welcomed back the **Olivier Awards** to celebrate all the biggest stars of British theatre. The night was hosted by musical legends **Beverley Knight** and **Billy Porter** and saw performances from shows such as _Fiddler on the Roof, Oliver and MJ the Musical_ . 

**Ludovico Einaudi** returned for the longest continuous headline run by a pianist in the history of the Royal Albert Hall, with five shows in Summer 2025. 

The **BBC Proms,** the world’s largest classical music festival was back this summer with another incredible season of music. Alongside **John Wilson** and **Joe Hisaishi** , highlights from the season included a packed auditorium for the **Soul Revolution** prom, a spine-tingling celebration of musical treachery from the TV sensation, **The Traitors** and an overnight concert led by **Anna Lapwood** , the Organist of the Royal Albert Hall. The Last Night of the Proms featured Queen's **Sir Brian May** and **Roger Taylor** , and **Bill Bailey** on the typewriter and the organ, alongside Elim Chan, the BBC Symphony Orchestra, BBC Symphony Chorus and BBC Singers, joined by acclaimed soprano Louise Alder and celebrated trumpeter Alison Balsom. The season reached more than 10.7 million viewers on television and almost 300,000 people attended the BBC Proms at the Royal Albert Hall. More than 50% of Royal 

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**Report of the Council** Year to 31 December 2025 

Albert Hall audiences were new bookers, and 40% of attendees at the Hall were under 40 years old. 

Films in Concert through the year included Hollywood blockbusters _**Gladiator**_ and _**Top Gun: Maverick** ,_ as well as the smash-hit Indian action epic and Oscar®-winner _RRR_ . The film’s stars **Ram Charan** and **NTR** as well as director **S. S. Rajamouli** and composer **M. M. Keeravani** were interviewed on stage pre-show. _**Crouching Tiger, Hidden Dragon, Back to the Future, Spider-Man: No Way Home, Home Alone, Star Wars: The Force Awakens**_ and the unforgettable _**How to Train Your Dragon**_ with its soaring melodies were also presented in concert this year. 

**Pete Tong Ibiza Classics** celebrated 10 years since its inception as a part of the BBC’s late-night Prom in 2015, with a four-night residency at the Hall. **The Rest is History** live in May this time focused on Tchaikovsky and Wagner in two sold-out shows. We also had concerts from stars including **Gary Barlow, Father John Misty, Holly Johnson, Sophie Ellis-Bextor** and **Gregory Porter,** and 11x Grammy Award-winning singer, songwriter, performer and producer **, Brandi Carlile** gave a wonderful concert with a guest appearance (in his Grand Tier box) from **Elton John.** 

As well as the ever-popular comedy night **Arabs Aren't Funny** , our Elgar Room welcomed comedians in a special Edinburgh Fringe preview series. **Sophie Duker, Ahir Shah, John Kearns** and **Rob Auton** all took to the stage before heading to the world-famous comedy festival in Scotland. 

Our Beyond the Main Stage programme continued to prioritise new and diverse talent for a broad audience base. **Unstoppable Voices** provided the opportunity for breakthrough artists **Clara Mann, Ameila Coburn** and jazz-alternative musician **Tara Lilly** to take to the Elgar Room stage, with help from the Hall in developing video and audio material to support their careers. **Blue Lab Beats, Kyra** , **DREAMSCAPES** and **Poppy Daniels** headlined Late Night Jazz, with talks and spoken word including Women in Jazz and comedy from **Sophie Duker, Ahir Shah** and **Rob Auton** . We collaborated with **Abbey Road** to display the winners of the 

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**Report of the Council** Year to 31 December 2025 

Music Photography Awards in the amphi-corridor and showcased family concerts including **Baby Broadway** , **Fun FMC** and **Folk for Kids** , featuring Future Makers winner **Elye Cuthbertson** . 

The 100th anniversary of the **Grand Ole Opry** came to the Hall on Friday 26 September and was broadcast right across the USA, on BBC2 and Radio 2, with an accompanying Access All Areas programme on iPlayer. The concert featured **Luke Combs, Ashley McBryde, Carly Pearce, Darius Rucker** , and **Marty Stuart** as well as UK artists **Breabach** and **Mumford & Sons** . 

**Sigur Rós** , performing with London Contemporary Orchestra, had a run of four concerts in October. British music icon **Sir Cliff Richard** returned for two very special nights in concert at the age of 85 – his eighth consecutive decade performing on the Hall’s stage. 

With help from the Royal Philharmonic Concert Orchestra, _Uncanny_ 's Danny Robins hosted a **Fright Night** concert celebrating the Hall's ghostly past. 

In a landmark celebration of its 20th anniversary, **Darbar Festival** presented an evening of Indian classical music, shining a spotlight on the power and artistry of women in music. **Kaushiki Chakraborty** and **Ranjani Gayatri Sisters** took centre stage for a double-bill concert that bridged the Carnatic and Hindustani traditions. 

The Christmas season brings festive sparkle year after year and 2025 was another stellar series, with the Hall’s place as the Home of Christmas in London firmly established – from **Carols** to **Jamie Cullum, London Community Gospel Choir** to **Trevor Nelson's** _**Soul Christmas**_ , December had something for everyone, with a Sugar Plum Fairy topping our metaphorical tree for Birmingham Royal Ballet’s _**The Nutcracker**_ between Christmas and New Year. 

Beyond the Hall, we sold the licence for _Top Gun Maverick_ in concert as a touring show which saw 48 shows running across the world in **four continents** . 

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**Report of the Council** Year to 31 December 2025 

## **Engagement** 

A new role of **Head of Engagement** was introduced in 2025, with a remit to revolutionise the reach and remit of the Hall’s Engagement programme. 2025 has been an opportunity to re-evaluate and plan the strategic focus for our Engagement programme over the next 10 years, with a focus on inspiring hope through creativity, helping those with the greatest need to find their confidence, connection and voice through the power of music, art and shared inspiration. 

The new strategy is divided into Three Pillars of Impact: 

1. Emotional Wellbeing (11-30-year-olds) 

   - Early intervention through creativity: supporting mental health in schools and communities via music, singing, and participatory projects. 

2. Social Wellbeing (Community) 

Tackling loneliness and isolation through intergenerational outreach, accessible events, and partnerships in social prescribing*. 

3. Occupational Wellbeing (Next Generation) 

Building inclusive creative career pathways for young people, strengthening confidence, employability, and belonging. 

Notable projects and initiatives for 2025 included: 

- **Sensory Access** programme for students with Special Educational Needs. 

- **Young Producers** – a new cohort has been selected and started working towards their own public event in April 2026. 

- **Future Makers** showcased talented musicians aged 14-19 from across the UK, saw upcoming rappers from Lewisham, **GeeOne** and **Zachariyah** take the winning spot with their infectious energy which awed the crowd and judges. 

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**Report of the Council** Year to 31 December 2025 

## **GENERATING FUNDS FOR THE ESTATE PLAN AND OTHER PROJECTS** 

The purpose of the **Estate Plan** is to deliver change throughout the building to deliver transformative impact across four core themes: 

- **Nurturing breathtaking talent on and off the stage** 

- **Throwing open the doors to everyone** 

- **Sustaining the Hall’s future** enhancing commercial and operational opportunities 

- **Greening our Grade I listed building** getting closer to net zero and adding to local biodiversity 

The 15-year Estate Plan is now underway, with the completion of the **Artists’ Bar i** n October which has seen our once-hidden boiler house become an atmospheric haven for artists and the home of celebratory post-event receptions. Many of the original industrial components were decommissioned and preserved, then recast in resin and embedded within a patinated steel staircase and feature wall. Individually illuminated, these objects form a sculptural narrative through the space, offering moments of discovery and celebrating the ingenuity that once drove the Hall’s operations. Their presence creates an experience that is immersive, reflective and deeply rooted in place. 

By the end of 2025, we were also well into the planned refurbishment of the front-ofhouse WCs which will lead to a 10% increase in Ladies’ toilets. This continues into 2026. We also successfully completed the Second-Tier box refurbishment plan for 2025, covering 47 out of 79 boxes. 

In 2025 we appointed **Ian Rosenblatt OBE** as chair of our Capital Appeal, as we seek to raise £50m, alongside the Hall’s commitment to generate £250m from its operations, to help pay for the Estate Plan.  The **Philanthropy** team secured vital funds for some of the early projects of the Estate Plan, such as the Artists’ Bar. Thank you to all our donors for your incredible support so far. In 2025, the **Finance** team finalised and implemented the Hall’s investment strategy, one that balances the Hall’s various cash requirements whilst delivering a return on cash balances at the 

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**Report of the Council** Year to 31 December 2025 

right level of risk. We also developed a set of team KPIs for the Finance team and consolidated existing/new KPIs that provide insight on the Hall’s performance at many levels. 

A focus in 2025 has been on completing the process to negotiate and award a new **catering** contract to our longstanding catering partner Rhubarb Hospitality Collection, securing vital revenue and ensuring we provide all customers with the best possible experiences that meet their expectations and requirements. 

**Retail** remains a small part of the Hall’s operations, but we are streamlining our products and introducing new ranges which have appeal and longevity, such as a Royal Albert Hall Top Trumps. 

## **INVESTING IN PEOPLE AND SYSTEMS** 

Investment in our people in 2025 included: 

- The completion of planning for a new **pay structure** that ensures our people feel valued and rewarded and have clarity on how pay decisions are made. 

- The employee **benefits package** enhanced with a new dental care benefit. 

- Introduction of new **Internal Comms Manager** 

- A focus on the **Employment Rights Bill** to ensure that we comply with new legal requirements. 

These initiatives have helped strengthen the Hall’s ability to attract, develop, and retain talented individuals, supporting its long-term growth and success. 

**IT** remains at the heart of everything we do, but the risk of cyberattack is a concern, and bot attempts on our website are reaching ever-higher levels. We are investing more than ever in our **cybersecurity** . The south west basement development has facilitated the long-overdue movement of our **server room** and the upgrading of the on-premises server and ongoing movement to the Cloud. This will come online in 2026. 

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**Report of the Council** Year to 31 December 2025 

We started the project to expand our **wired and wireless network** to support customer facing services in the auditorium, boxes, corridors and outside the Hall; and to allow the expansion of our CCTV and access control systems. 

Production & Technical systems upgrades in 2025 included the **core-stage lift; organ lighting; mushroom lighting replacement;** and **dinners terrace** . Projects to be focused on in-year are the **stage risers; technical infrastructure;** and **PA Audio works** . 

2025 saw a huge focus on **Security** , with the move towards the building control room and the associated cultural change, training and empowering of internal teams, and embedding of our new security provider, Securigroup. 

To ensure best value and service across our supplier group, the **Life Safety** system maintenance contractor will be re-tendered as, with our security offering increasing, we need to ensure that we have the correct contractor for this critical system. **Ticketing Services** developments in 2025 included improvements on **View From Your Seat** , and a further review of **phone bookings** . We continued to review our **CRM** , Tessitura, and consider whether alternative systems may be able to deliver better speed of sales without increasing our operating costs. 

## **BUILDING THE HALL’S REPUTATION AS A FORCE FOR GOOD** 

Our objectives for the Hall to be a **Home For Everyone** , a **Home For Thriving Creativity** and a **Home For A Sustainable Future** included in 2025 a focus for the **Marketing and Communications** team on building a stronger and consistent brand and shaping the reputation of the Hall as a **force for good** amongst different stakeholders, inspiring people across the UK and the world with what the Hall does online, even if they never attend in person. We introduced a new masthead design, built directly from the architecture and cultural legacy of the Hall itself, which serves as a fixed anchor point in communications, offering consistency while allowing creative expression across different types of content. 

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**Report of the Council** Year to 31 December 2025 

**Engagement activity** (as above) **, sustainability, accessibility** and **diversity initiatives** were the focus on the Hall’s communications through video, in-house editorial and press. 

To support our **environmental sustainability policy** , we have developed a sustainability action plan to drive continuous improvement in all our environmental impacts. Our action plan has also been developed to help achieve the relevant UN’s Sustainable Development Goals (SDGs). This action plan will be regularly reviewed and updated, and we will report progress at least annually. 

In 2026, we will continue to work with our neighbours in the Exhibition Road Cultural Group to reduce our emissions, including on the **South Ken ZEN+** (Zero Emissions Neighbourhood) plans. We will continue with our multiyear programme of works to get our Building lighting converted to **LED** . 

The new **Archives** store has given us a fantastic springboard from which to tell the Hall’s story, as seen already through the video series “In the Archive with…” In 2025, engagement activities such as tours and schools' workshops, as well as online content, drove further engagement. We are working towards **Archive Service Accreditation** and a **Digital Preservation system** , with collection data and databases migrated by 2027. 

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**Report of the Council** Year to 31 December 2025 

## **Governance** 

The Hall’s Governance and Members team is at the centre of the Hall’s governance and its relationship with the Hall’s Members. Their mission is to assist the Hall in achieving its charitable and strategic objectives by running and maintaining appropriate legal, statutory, governance and administrative/company secretarial systems to support the organisation; being the central point of communication and administration with the Hall’s Members; and providing legal and governance advice and oversight as required by the organisation. 

In 2025 we continued to ensure the smooth running of the Hall’s governance with an emphasis on Council and Committees working at a strategic level, pursuing the constitutional reforms agreed by the Hall’s Council, transitioning to a new President in May, working towards the Hall’s Private Bill being taken to Royal Assent, and continuing to build up good working relationships with the Hall’s Members, particularly engaging the Corporate Members. 

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**Report of the Council** Year to 31 December 2025 

## **Energy and emissions report** 

The data in this document shows the Royal Albert Hall’s energy usage from 1 January 2025 to 31 December 2025. 

Our overall emission levels have decreased this year, meaning that 2025 saw the Hall’s lowest measured carbon emissions since our records began outside of our closure during the Covid-19 pandemic. There has been a fall in our gas consumption and although our electricity usage did increase, the carbon emissions associated with this usage have decreased as the electricity grid decarbonises. Electricity usage increased in October as the new Artists Bar and new office space in the south west basement started to become operational. 

Water use has remained steady, but the carbon emissions have increased following an increase in the carbon emissions factor for water supply. 

Our profiling on the gas usage vs degree days is mapping as expected. Work on a gas regression project to decrease the gas usage will be underway in 2026. There was an increase in the number of shows from 2024 to 2025 with 26 additional performances over the year; the greatest monthly increase was in June. This includes shows in both in the Auditorium and ‘Beyond The Main Stage. 

From 1 October, the Hall changed providers for electricity and gas. Electricity consumption data for the reporting year prior to 1 October has been collated from half hourly data available on the Drax portal with the remaining data from the EDF portal. 

Gas consumption data prior to 1 October has been provided from invoicing data from Total Energies for the main plant meter with data provided after this date by Corona Energy. 

The Hall has signed up to Westminster City Council’s Sustainable City Charter and will also be reporting our progress against our net zero target through this initiative. 

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**Report of the Council** Year to 31 December 2025 

## **Summary** 

||**2025**|**2024**|**2016**<br>**Baseline**|
|---|---|---|---|
|Energy consumption used to<br>calculate emissions in kWh|Electricity<br>5,432,869<br>kWh|Electricity<br>5,241,684<br>kWh|Electricity<br>5,443,803<br>kWh|
||Gas<br>4,341,822kWh|Gas<br>4,506,907<br>kWh|Gas<br>5,110,376<br>kWh|
|i) Emissions from combustion of<br>gas tCO2e (Scope 1)|794|824|940|
|ii) Emissions from purchased<br>electricity tCO2e (Scope 2,<br>location based)|961|1,085|2,243|
|iii) Emissions from water supply<br>and treatment tCO2e (Scope 3)|12|11|N/A|
|Total gross CO2e based on<br>above(tCO2e)|1,767|1,920|3,183|
|iii) Intensity ratio: tCO2e gross<br>figure based on mandatory<br>fields (tCO2e/m2)|0.058|0.063|0.106|



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**Report of the Council** Year to 31 December 2025 

## **Methodology** 

|i) Emissions from<br>combustion of gas tCO2e<br>(Scope 1)|tCO2e calculated from the product of the gas<br>consumption in kWh during the reporting period<br>and the UK Government GHG Conversion Factors<br>for Company Reporting 2025 for ‘Fuels, Natural<br>Gas, kWh (Gross CV)'.|
|---|---|
|ii) Emissions from<br>purchased electricity tCO2e<br>(Scope 2, location based)|tCO2e calculated from the product of the electricity<br>consumption in kWh during the reporting period<br>and the UK Government GHG Conversion Factors<br>for Company Reporting 2025 for ‘UK Electricity,<br>Electricity Generated, UK’|
|iii) Emissions from water<br>supply and treatment tCO2e<br>(Scope 3)|tCO2e calculated from the product of the water<br>consumption in kWh during the reporting period<br>and the UK Government GHG Conversion Factors<br>for Company Reporting 2025 for ‘Water Supply,<br>Cubic Meters’ and ‘Water Treatment, Cubic<br>Meters’.|
|iii) Intensity ratio: tCO2e<br>gross figure based on<br>mandatory fields|The intensity ratio stated above has been<br>calculated as tonnes of carbon dioxide equivalent<br>per total square metres of property owned<br>(30,077m2)|



## **Energy efficiency** 

During 2025, the Hall engaged in a number of energy efficiency measures and investigations in order reduce consumption and subsequent carbon emissions, including: 

- Completing work on a metering strategy which will allow us to measure and monitor the use of gas, water and electricity more effectively to ensure we are using equipment efficiently 

- Conducting a feasibility study to assess the potential for a solar PV installation on our roof 

- Beginning to issue questionnaires to our suppliers, requesting information on their progress in measuring their carbon footprints so that we can work together to reduce carbon emissions 

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**Report of the Council** Year to 31 December 2025 

- Work as part of the South Ken Zen+ programme where the Hall led the development of a procurement charter, the aspirations of which are currently being embedded into the Hall’s Sustainable Procurement Policy 

- Continuing to have a commitment to purchase 100% renewable energy tariffs 

## Upcoming planned works 

- The Hall will continue with its ongoing programme to replace lights with energy efficient LED bulbs 

- Optimisation of the Building Management System to ensure this is functioning at the optimum level for requirements 

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**Report of the Council** Year to 31 December 2025 

## **FINANCIAL REVIEW** 

The Royal Albert Hall had a very successful year in 2025 with a full calendar of events. In 2025 total income of £72.1m was generated from performances, commercial activity, bank interest and philanthropic support (2024: £60.5m). With total expenditure of £56.2m (2024: £47.0m), this resulted in a net surplus after gains and losses of £16.4m for the year (2024: £12.2m). 

An operating surplus was generated in both 2024 and 2025, meaning we have continued to boost our reserves. Our general fund has a closing balance of £35K (2024: £2.3m) and we have a further £28.2m designated in other non-asset-based funds (2024: £17.1m). Our priority now is to generate annual surpluses over the coming years which are sufficient to continue reinforcing reserves, investing in our Grade I listed building and to ensure repayment of the loan. We are grateful to the DCMS and Arts Council England for their support in 2021 in providing a £20.7m loan, without which we would have had insufficient operating cash flow to re-open the Hall after the pandemic or progress the backlog of essential maintenance projects required to preserve and maintain our Grade I listed building. 

## **Event income and expenditure** 

Event income in 2025 was £61.6m, an increase of £9.9m on the £51.7m achieved in 2024. Rental and ticket commission was £43.1m, an increase of 20% from 2024 (2024: £35.8m). Other event income, which includes items such as ticket booking fees and merchandise sales, was up by 25% to £9.1m for the year (2024: £7.3m), catering income up by 6% and income from corporate partnerships by 14%. 

At £42.7m event expenditure was up £7.4m, an increase of 21% (2024: £35.3m). Direct show costs include show management, production, programming, ticketing and visitor services, accounted for £30.9m of total expenditure this year (2024: £24.3m), up 27% on the prior year. Support costs were £11.8m (2024: £10.9m). 

Event profits continued to generate a surplus, with event income running £21.1m ahead of event expenditure, an increase of 29% on the prior year (2024: £16.4m). 

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**Report of the Council** Year to 31 December 2025 

## **Other income and expenditure** 

At £10.6m, other income was up 22% from the prior year (2024: £8.7m) mainly owing to an increase in philanthropic income. Philanthropy remains at the heart of all that we do at the Royal Albert Hall. It represents a major source of income, generating £4.6m inclusive of gift aid (2024: £3.3m) and we have ongoing plans for a significant uplift in this area in the coming years. Our Members’ contribution through the seat rate, plus other miscellaneous items added £2.4m to income (2024: £2.1m). 

At £13.4m, other expenditure increased by 14% (2024: £11.8m) due to an increase in building costs including security and housekeeping. In 2025, £5.2m (2024: £4.8m) was spent on building maintenance and refurbishment. A further £8.2m (2024: £7.0m) of other costs, including support costs, security, housekeeping, fundraising and other overheads, were incurred during the year. 

## **Staff costs** 

Staff costs, at £18.4m, made up 33% of total expenditure, an increase of £1.9m or 12% over 2024. This reflects the Corporation’s ongoing commitment to the London Living Wage, increases to national insurance, cost of living challenges and additional headcount to reflect increased activity in the Hall. 

## **Loan** 

In March 2021, DCMS and Arts Council England funded the Hall with a £20.7m loan on a 20-year repayment term. The loan accrues interest at 2% over the life of the term which is added to the loan on the balance sheet, with an initial four-year repayment holiday. This loan and associated accrued interest remains on the Hall’s balance sheet at its carrying value of £21.2m (2024: £22.3m). Repayments commenced in March 2025, with £1.6m repaid in the year. 

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**Report of the Council** Year to 31 December 2025 

## **Reserves** 

Total reserves held at 31 December 2025 were £91.0m (2024: £74.6m) of which £2.0m (2024: £3.2m) were restricted funds (note 21). The remaining £89.1m (2024: £71.3m) forms the Hall’s unrestricted funds (note 23). After setting aside £89.0m in designated funds (2024: £68.9m), general funds were £35K at the end of the year (2024: £2.3m). 

The Hall’s reserves are essential to fund ongoing operations, provide a contingency for unforeseen events, and to ensure that we adequately provide for long-term maintenance and improvement. In determining the appropriate level of funding for both designated funds and free reserves, the Council has adopted the reserves policy set out below: 

-  To retain a Fixed Asset Fund, comprising funds invested in fixed assets which allow the organisation to carry out its work. At 31 December 2025 the level of this reserve was £60.9m (2024: £51.9m). 

-  The Engagement Fund aims to ensure we can commit with confidence to the long-term planning of our Engagement programme, which changes lives through music of people of all ages and backgrounds, who would otherwise not have the opportunity. We have not needed to draw down on this fund during the year (2024:nil).  A further £100K was designated for this purpose in 2025 in tandem with the launch of our new Engagement strategy. The closing balance of this fund was £0.7m (2024: £0.6m). 

- During the year £9.1 million was added to the Estate Plan Fund. This fund exists to ensure that the Hall has sufficient resource to deliver the 15-year, £300m+ Estate Plan, which is necessary to maintain the fabric of the building, to replace plant and equipment over the long term and to ensure the building has the maximum impact on the Hall’s mission. The Estate Plan Fund currently has a balance of £9.1m. 

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**Report of the Council** Year to 31 December 2025 

-  A Pension Fund Reserve of £1.5m was established in 2023 as the Trustees explored the opportunity of a buy out of the defined benefits pension (see note 25). During 2024, the Corporation transferred a special contribution to the pension scheme of £1.3m to fund the shortfall in the pension fund and facilitate the initial bulk annuity purchase by the third-party insurer. The balance of £0.2m on the fund is held to cover the cost of any further associated fees until the buyout. This is expected to happen in 2026. 

-  The Business Interruption Contingency Fund was re-established following the Covid-19 pandemic which had a significant impact on the reserves of the Hall. The Trustees believe it is prudent for the charity to hold a Business Interruption Contingency Fund equivalent to 6 months of operating expenditure, to ensure the Hall can react proactively should a future scenario have a similar impact on the Hall’s operations. In 2025, a further £1.1 million was set aside for this fund which represents the Hall’s increased cost base (2024: £9.9m). The closing balance on this fund of £16.4m is equal to 6 months of operating expenditure for the Hall; the fund is therefore at the level agreed by the Finance Audit and Risk Committee. 

-  During the year £1.7m was added to the Project Expenditure fund (2024: £1m). After project spend from this fund of £0.9m the closing balance was £1.8m (2024: £1m).This will be used to fund project spend rolled over from Q4 2025. This includes specific building and maintenance projects. 

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**Report of the Council** Year to 31 December 2025 

## **Investment policy** 

The Hall’s policy is to hold cash and investments to protect the Hall’s assets from any losses that might otherwise arise. Investments are held to fund the Hall’s long-term commitment to maintaining and developing the building and to ensure that the risk of unforeseen circumstances does not prevent the Hall from taking a long-term view when planning activities, including the Engagement programme. During the year the Hall invested £20m in a bond portfolio as part of the revised investment policy. These sterling fixed income bonds are medium dated (between 5 – 7 years on average) and will be held to maturity. A further £2m was invested in an Investment Fund with an ESG screen made up of UK and global equities. Investment income therefore increased in year to £3.6m (2024: £3.3m). 

At the balance sheet date, £40.8m of cash and £29.5m of short-term cash deposits (shown as current assets) (2024: £43.5m of cash and £21.5m of deposits) were held in current assets. A further £3m (2024: £11.5m) was held in non-current investments as these deposits will mature over 12 months after the year end. This balance includes the £20.7m loan described above and an approximate £13.1m (2024: £14.5m) of cash held in respect to ticket sales for future performances hosted by third parties which is held on their behalf and will be passed on to promoters in due course as part of the show settlement process. A further £2.0m of cash (2024: £3.4m) is held in restricted funds for spending on future projects as agreed with the donor. 

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**Report of the Council** Year to 31 December 2025 

## **Pension fund** 

The Corporation has previously taken steps to limit future pension funding risk. The final salary section of the Scheme was closed to new entrants in 1997, and rates of contribution by the Corporation and its employees had been increased. To further alleviate funding difficulties, the benefits accruing to members of this section of the Scheme in respect of future service were reduced at the beginning of 2003, following consultation with active members of the Scheme, the Trustees and actuaries. Then, during 2014 the Corporation consulted with the 10 remaining active members of the Scheme, as a result of which they voluntarily transferred out of the Scheme into the Hall’s Stakeholder scheme. Therefore as at 31 December 2014 the Scheme became a frozen scheme, meaning that from 2015 onwards no further benefits accrued to any of the members. For more information, please see note 24 of the accounts. As noted above, during 2024, the Corporation transferred a special contribution to the pension scheme of £1.3m to fund the shortfall in the pension fund and facilitate the initial bulk annuity purchase by a third-party insurer. There has been no movement in 2025. 

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**Report of the Council** Year to 31 December 2025 

## **MAJOR OBJECTIVES FOR 2026** 

The rolling three-year Business Plan sees the same objectives being carried into 2026, namely: 

   **1. Driving progress on the Hall’s Vision** : To be the home of breathtaking moments and lasting memories for everyone, driven principally through our programming and audience development initiatives. 

   **2. Generating funds for the Estate Plan and other projects** 

   **3. Investing in people and systems** 

   **4. Building the Hall’s reputation as a Force for Good** to be a Home for Everyone, a Home for Thriving Creativity and a Home for a Sustainable Future. 

**1. Driving progress on the Hall’s Vision:** To be the home of breathtaking moments and lasting memories for everyone, driven principally through our programming and audience development initiatives. 

## **Programme and Creative Vision** 

Alongside regular calendar events from Cirque du Soleil and the BBC Proms, the Festival of Remembrance and Royal Variety Performance, highlights on the main stage will include **Les Miserables: The Arena Concert Spectacular (18-21 June)** , Paul Simon, Gipsy Kings, Alex James Britpop Classical, Nightmares on Wax, Basement Jaxx, Belle & Sebastian, Tori Amos, Jack Savoretti, Joe Bonamassa, Emmylou Harris, Ghana’s legendary rap artist Sarkodie, Zucchero, Kojey Radical, Mitski, Pixies, Lulu, Kraftwerk, Ray LaMontagne, Rufus Wainwright doing Judy Garland, Ministry of Sound Classical, First Aid Kit, Cleo Sol, Steve Hackett, Corinne Bailey Rae, Steven Wilson and Deep Purple… and much more. 

We will deliver **400+ main auditorium performances** , aiming for a record-breaking year in our **155[th] anniversary year** , plus **200+ events beyond the main stage** . Our Associate Artists, **Rushil Ranjan and Abi Sampa** , will collaborate with the legendary **AR Rahman** and the **Royal Philharmonic Orchestra** for three performances in April. Official Organist of the Royal Albert Hall, **Anna Lapwood** will 

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**Report of the Council** Year to 31 December 2025 

make various appearances through the year and will also headline an International Women’s Day concert featuring favourite film scores and spotlighting the work of female composers. 

The **Teenage Cancer Trust** week of concerts are this year curated by **Robert Smith** and feature Wolf Alice, Garbage, my bloody valentine, Manic Street Preachers, Mogwai and Elbow, with the traditional night of comedy. 

Our **Films in Concert** include Interstellar, Brassed Off, Black Panther, Harry Potter, a Lord of the Rings weekender, Matilda hosted and narrated live by Danny DeVito, Home Alone 2 and between Christmas and New Year How to Train Your Dragon 2, Pirates of the Caribbean: The Curse of the Black Pearl, Casino Royale and La La Land. 

Our programme beyond the main stage will continue to include **Late Night Jazz** and **Classical Coffee mornings** , both of which feature young up-and-coming artists, and a new series of **First Five conversations** with influential cultural figures. 

## **Audience Development and Access** 

In 2026: 

- We will launch **online access bookings** , improving accessibility and ease for ticket buyers, and introduce **dynamic e-ticket barcodes** to further deter ticket touting and protect audiences. 

- We will embed our refreshed brand guidelines, utilising the new masthead, refreshed logo and document templates, and use our brand tracker to ensure that we make data-informed decisions about programming and marketing, and track our progress. 

- We will also elevate our Tours Team as the storytellers of the Hall, aligning our heritage narrative with programming and organisational vision. 

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**Report of the Council** Year to 31 December 2025 

## **Sector Leadership and Advocacy** 

We will continue to advocate for the importance of music and creativity for young people’s wellbeing and how we are is inspiring hope through creativity, helping those who need it most to find their confidence, connection and voice through the power of music, art and shared inspiration. Our support for investment in the grassroots music ecosystem will continue, including the £1 ticket levy, and we will do all we can do address skills shortages in the creative industries, which are central to the nation’s influence and impact across the globe. 

We will support industry campaigns to support the UK’s musical infrastructure, and government’s efforts to secure a fair deal for music lovers by ending predatory secondary ticketing practices. 

## **2. Generating funds for the Estate Plan and other projects** 

## **Commercial Growth and Philanthropy** 

- We will conclude the search for a new Principal Partner and grow corporate income by **£1m+ across all commercial streams** (catering, private box partnerships, etc.). 

- We will reset the Friends & Patrons scheme to strengthen value and maintain income. 

- We will continue to generate funds for the Capital Appeal 

## **Charity Partnerships** 

Nordoff and Robbins will be our official charity partner for 2026, and we will be collaborating with them to achieve our jointly-held charitable objectives, to ensure that the joy and healing power of music reaches far beyond the stage, and to make music therapy as accessible as possible. 

The Hall will host the **O2 Silver Clef Awards** , Nordoff and Robbins’ annual fundraising event, on the **50[th] anniversary** of the event. 

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**Report of the Council** Year to 31 December 2025 

## **3. Investing in people and systems** 

## **People, Culture and Organisational Development** 

- We will deliver a full review and refresh of People and Culture priorities, including recruitment, onboarding, probation, management culture, and policies. 

- We will embed the new Pay Structure and launch the upgraded Payroll and HRIS system. 

- We will implement a revitalised Internal Communications approach to strengthen engagement and reinforce organisational values. 

- We will embed a consistent, organisation-wide KPI-driven performance approach. 

## **Security, Safety and Digital Infrastructure** 

- We will open the new Building Control Room and introduce the updated Venue Manager model for operational leadership. 

- We will install Hostile Vehicle Mitigation (HVM) at Door 11 and upgrade building access systems, and prepare the organisation for the Protection of Premises Bill (Martyn’s Law) ahead of 2027 implementation. 

- We will develop a formal Cyber Response Plan and achieve Cyber Essentials Plus accreditation. 

- We will open the new server room and begin the rollout of upgraded network infrastructure to enhance customer connectivity, security systems, and operational resilience. 

- We will introduce and establish a new Incident, Health & Safety and Building Services Management System, a visitors and contractor management system, and convert Stage Door into a staff and visitor reception (with Artist Stage Door moving permanently to Door 11). 

## **Customer Experience, Brand and Archive Systems** 

- We will work towards Archive Service Accreditation and a Digital Preservation system, with collection data and databases migrated by 2027. 

## **4.Building the Hall’s reputation as a Force for Good to be a** 

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**Report of the Council** Year to 31 December 2025 

- A Home for Everyone, 

- A Home for Thriving Creativity and 

- A Home for a Sustainable Future 

## **A Home for Everyone** 

We will continue to develop our aspirations to stage a wide variety of events so that across the year every single person in the UK feels that there is something for them on the Hall’s stage. We will do this through the variety of our programme and also specifically through our Associate Artists. And we will build deeper relationships with artist communities whose music we wish to stage more regularly at the Hall. 

In 2026, we will develop a new Equity, Diversity, and Inclusion (EDI) policy to embed EDI principles, including with employees, audiences, partners, and suppliers. We will continue with audience development initiatives including the Under 30s scheme, targeted marketing campaigns, and a continued focus on access tickets. We will continue to work closely with CIISA (the Creative Industries Independent Standards Authority) as part of a small group of industry ‘trailblazers’ committed to preventing and addressing forms of bullying, harassment and discrimination. 

## **A Home for Thriving Creativity** 

Highlights of 2026 include the launch of our new Engagement strategy, inspiring hope through creativity, helping those who need it most to find their confidence, connection and voice through the power of music, art and shared inspiration. 

There are three pillars of impact: 

## • **Emotional Wellbeing (11-30-year-olds)** 

Early intervention through creativity: supporting mental health in schools and communities via music, singing, and participatory projects. 

- **Social Wellbeing (Community)** 

Tackling loneliness and isolation through intergenerational outreach, 

accessible events, and partnerships in social prescribing. 

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**Report of the Council** Year to 31 December 2025 

## • **Occupational Wellbeing (Next Generation)** 

Building inclusive creative career pathways for young people, strengthening confidence, employability, and belonging. 

Also in 2026, we will relaunch the Hall’s annual charity partnership, beginning with Nordoff and Robbins, championing the power of music therapy. 

We have also continued to establish the Hall as a Force for Good in the industry, becoming the first venue to adopt the Live Trust’s £1 contribution, which will raise £300,000 annually to support grassroots venues, promoters, festivals and artists. 

Our **Engagement Strategy, Associate Artists, Organ Scholar, Charity Partner** and **events Beyond the Main Stage** all aim to develop an artist talent pipeline and ensure that the Royal Albert Hall really is for everyone. The Hall’s inaugural Organ Scholars Zosia Herlihy-O’Brien and Molly Hord were announced in December 2025 and the programme will run across the 2026–27 season. 

## **A Home for a Sustainable Future** 

We will progress major Estate Plan projects, including: 

- Completion of WC refurbishments (leading to a 10% increase in ladies toilets) 

- Auditorium plaster repairs and redecorations 

- IT and security system upgrades 

- Phase 1 office moves and workspace improvements 

- Fabric and door refurbishments 

- External repairs and accessibility upgrades 

- Box refurbishment, including accessibility enhancements 

- We will begin feasibility studies for key carbon-reduction initiatives, including secondary glazing, electrification of hot water, and development of the solar PV project. 

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**Report of the Council** Year to 31 December 2025 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## _Constitution_ 

The Corporation of the Hall of Arts and Sciences was incorporated under a Royal Charter dated 8 April 1867. Its governing documents now consist of two further supplemental Charters and four Acts of Parliament. The Corporation is also a registered charity (charity registration No. 254543). The Members of the Corporation are the Hall’s Seatholders. There are currently 315 Seatholders who have access to 1,256 seats in the Hall. The consolidated constitution of the Hall is set out in Schedule 2 of the Royal Albert Hall Act 1966. 

## _Background_ 

The Hall’s history and its legal position are unique. The Royal Albert Hall was the brainchild of Prince Albert, part of his master plan for the entire Albertopolis site. It is a Grade I listed building and receives no recurrent public funding for its running costs. 

The Hall has always had charitable objectives and was registered as a charity in 1967.  Funding for the building of the Hall in the 1860s was contributed to by a group of private individuals and corporations, and by the Royal Commission for the Exhibition of 1851 (on land which is leased by the Corporation from the Royal Commission for the Exhibition of 1851 at a peppercorn rent for 999 years). These original founders or Members not only had access to seats for the term of the Corporation’s lease, but also took on the obligation to govern the Hall for the nation’s benefit and these arrangements continue to this day. 

The Hall’s Council, which is its governing body, is made up of a maximum of 24 members which include 18 Seatholders and the President (who is also a Seatholder), 6 of whom are elected by the Members annually at the Corporation’s AGM. The remaining members of Council are appointed members from the Natural History Museum, the Royal College of Music, Imperial College, the 1851 Commission and the Department for Digital, Culture, Media and Sport. 

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**Report of the Council** Year to 31 December 2025 

By acquiring the right to use permanent seats at the Hall, the Seatholders have private property rights (personal estate, not real estate) as set out in the Schedule to the Hall’s Royal Charter, which can be given or sold by one party to another and which are distinct from the charity. The charity exists subject to these private property rights. In other words, the Corporation was only ever entitled to its 999-year leasehold interest subject to the property rights of the Seatholders and pursues its charitable objectives only with the assets it has at its disposal. 

Understanding the correct legal basis underpinning the Hall is vital to understanding the true nature of the relationship between the charity and its Members or Seatholders. The implications of this legal basis include: 

- When the Corporation hires the Hall to a promoter, or promotes a performance itself, as an “Ordinary letting” (explained below), it is not hiring out the entire Hall. It is instead letting the Hall less the Seatholders’ seats. The Seatholders can use or sell their tickets for such performances. 

- When the Corporation hires the Hall to a promoter, or promotes a performance itself as an “Exclusive letting” (explained below), it hires the entire Hall. Exclusive lettings are governed by s14 of the Royal Albert Hall Act 1966. 

- Seatholders do not pay for their tickets. There is no transaction between the charity and Seatholders when they receive their tickets and no money changes hands. The Hall is meeting the pre-existing obligations and enabling Seatholders to take up their personal rights. 

- Given that the charity has never had a right to the Seatholders’ tickets for Ordinary lettings, Seatholders are not depriving the charity by exercising their rights to use their tickets. Therefore, the Hall and the promoters of events have not forgone any ticket income by virtue of the Seatholders’ attendance at certain performances. 

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**Report of the Council** Year to 31 December 2025 

- Neither the Hall nor the promoter can determine a face value price for Seatholders’ tickets, nor restrict their use (other than as provided for in the Hall’s constitution), given that Seatholders’ seats are not a subset of the Hall’s or the promoter’s. 

- By virtue of their private legal rights over their assets (i.e. access to seats), the Seatholders have the right to use their tickets as they choose for Ordinary performances subject to the Hall’s constitution. These rights include the right to attend the performance, give the ticket to someone else to attend the show (whether a friend, relative, charity etc.), sell the ticket through the Hall’s box office via the Hall’s Ticket Return Scheme (see below), or sell the ticket through any other channel (whether open market or not) other than ‘in the Hall or in the vicinity thereof’ (as set out in a Hall Byelaw dated 1967) at any price they wish. 

- The sale of the tickets by a Seatholder is not a ‘secondary sale’ but in fact the disposal of primary rights (even if that sale is made via a website which is better known for enabling secondary ticket sales). 

## _Seat Rate_ 

Initially, the Seatholders had no obligation to make any financial contribution towards the annual costs of the Hall. However, from the Royal Albert Hall Act 1876 onwards and as the Hall has evolved over the decades, the Seatholders have financially supported the Hall’s charitable objectives by agreeing at each year’s Annual General Meeting to pay an Annual Contribution, or “seat rate”, per seat to the Hall. 

The current form of the seat rate, as set out in the 1966 Act, is a minimum annual £10-per-seat compulsory payment, plus an additional amount which is binding on the Seatholders if approved by a two-thirds majority at the AGM. The Hall’s Council determines the total amount of the seat rate to be proposed at the AGM each year, based on a recommendation by the Seat Rate Committee. This Committee comprises the five appointed Council members plus the Treasurer as non-voting chair (please see page 24 for the terms of reference and membership). 

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**Report of the Council** Year to 31 December 2025 

At the 2025 AGM, the Seatholders voted for a seat rate of £1,880 per seat plus VAT (£1,690 plus VAT in 2024) towards the Hall’s annual costs. In total the Seat Rate generated an annual contribution to the Hall of £2,359,400 in 2025. 

## _Ordinary and Exclusive Lets_ 

Over time, the Seatholders have also assisted the Hall by giving up their right to attend many performances by voting at the AGM to allow the Hall to go beyond s14 of the Act. 

Seatholders now exclude themselves from performances on up to 110 days during the year, which amount to approximately 130 performances each year. 

The Hall is able to hire a greater number of seats to a promoter for an Exclusive performance and can therefore attract more performers and charge a higher rental fee. This difference in the rental fee is then credited to the Seatholders by means of a reduction in their annual seat rate, known as the “rebate”. The rebate is not paid to Seatholders. The rebate is defined in the 1966 Act as “any additional rent received in respect of the letting of the hall on any occasion on which the Seatholders are excluded from the hall”. 

In 2025 the rebate paid to Seatholders was £849,359 plus VAT, totalling £1,019,231, this value relates to shows from the prior year, the effect of which was to reduce the annual contribution by £677 per seat (£580 in 2024). 

The performances that the Seatholders have access to, known as “Ordinary” lets, accounted for 249 of the 389 lettings in 2025. In total, the Seatholders therefore had access to 312,744 tickets in 2025. These figures include Community Ordinaries. 

## _Other ways in which the Seatholders support the charity_ 

## **Donations** 

In 2025, 22 Seatholders (not including Council members) made donations to the Hall totalling £985 comprising gift with ticket, online donations and Friends and Patrons memberships. 

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**Report of the Council** Year to 31 December 2025 

The Hall also enables the promoters of charity events to write to the Seatholders to ask if they would like to donate their tickets to these charities. There were 14 such letters of appeal to Members in 2025 covering 17 events, from which 5,296 tickets were donated to the respective charities. Members also donated 1875 tickets to the Hall out of which 1443 seats were sold. 

## **Community Ordinaries** 

A Community Ordinary is a type of Ordinary Let only available to promoters of community events. In the case of Community Ordinaries, Seatholders are asked in advance whether they would like to give up their seats for that performance, thus allowing increased access for more participants to take part in the event. The vast majority of Seatholders give up their seats in support of the Hall and these community events. In 2025, there were 16 such performances. 

## **The Hall’s Ticket Return Scheme (TRS)** 

The TRS was launched in 1983. Its purpose is to provide a means through which Seatholders can sell the tickets they do not want to use and give the public the best possible opportunity to purchase from the Hall’s own box office all available Seatholders’ tickets for each “Ordinary let” performance and in particular to avoid as much as possible the sight of empty seats in an otherwise packed house, at sold-out concerts. All tickets returned to the TRS are sold to the public at the same price as the Hall sells equivalent promoter tickets. 

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## **Report of the Council** Year to 31 December 2025 

Today the TRS is used by most of the Hall’s Seatholders, with around 67% of tickets issued to Seatholders returned to the Hall’s box office each year, greatly increasing public access to events staged in the main auditorium. The features of the Ticket Return Scheme are set by the Hall’s Council and the Scheme is entirely voluntary for Seatholders. The Hall operates the TRS for any Seatholders who choose to use it (administering the Scheme through the ticketing system that the Hall already operates for Promoters’ ticket sales). The Hall does not charge any fee to the Seatholders for this service and is only an intermediary between the Seatholders and the public who are purchasing their tickets. But the Hall does generate a direct income by charging the standard booking fee and levy to the public who purchase tickets. If the TRS did not exist, it is likely that there would be more empty seats in the auditorium and a higher portion of Seatholders’ tickets would be put up for sale on third party websites, in some instances at prices greater than the equivalent promoter face value and in many cases at prices lower than the equivalent promoter face value. 

The Members’ Ticket Return Scheme is advantageous to the charity not only because it fills Members’ seats when they are not being used by the Members and enables the charity to generate a direct income via the standard booking fee levied on the ticket sales. Promoters receive “buyout” compensation for sales of tickets displaced by Members’ tickets sold through the TRS. It also allows the Hall to communicate directly with the customers who buy these Members’ tickets through the Hall’s box office, which it is not able to do if the tickets are sold elsewhere. 

We estimate that the operation of the TRS, from the direct booking fee income and the indirect impact on rental revenue, was worth £1.5m to the charity in 2025 (£1.4m in 2024). A Seatholder who returned all of their tickets to the TRS would have received a gross financial return of £11,692 per seat in 2025 excluding the additional rebate (£11,518 in 2024). 

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**Report of the Council** Year to 31 December 2025 

## _Seatholders’ rights and obligations_ 

Being a Seatholder of the Corporation carries with it certain functions. These include: 

- voting annually (usually at the AGM) to elect a President, the Treasurer and individual Council Members; 

- adoption of the Annual Report and Accounts; 

- the appointment of the Hall’s auditors; 

- the approval of the Annual Contribution (the ‘seat rate’); and 

- voting (as and when) to alter the Hall’s constitution. 

## _Seatholders and the Hall’s financial surplus_ 

All of the Hall’s financial surplus is retained by the Hall (the Hall’s charter expressly prohibits any dividend being paid to Seatholders) and is re-invested by the charity into delivering its charitable objectives, including growing a vibrant, varied and diverse programme, as well as preserving and developing a world-renowned listed building, and providing arts and education initiatives within the local London community and beyond. 

The Hall estimates that its annual income benefitted by some £4.7m in 2025 (£4.5m in 2024) due to the ongoing support of the Seatholders and as a result of the various initiatives explained above in relation to Seat Rate, exclusive lettings, and the operation of the Ticket Return Scheme etc. This contribution enables the charity, which receives no recurring financial support from the Arts Council or government, to fulfil its public benefit obligations to a greater degree than would otherwise be the case. 

The Hall has benefited over its first 150 or so years from its distinctive model whereby capital from Seatholders was used to contribute to the building of the Hall and their continued support has enabled the Hall to continue to flourish. The confluence of interest, whereby private individuals have an in-built incentive to support the charity, is unique, visionary and in the Hall’s case has proven over time to be highly successful. 

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## **Report of the Council** Year to 31 December 2025 

## _Charity Governance Code and governance measures enacted in 2025_ 

The Council of the Royal Albert Hall has considered the Charity Governance Code in detail and continues to review its compliance with it. The Council and Hall abide by and support the Code’s principles of organisational purpose: the Foundation Principle, Organisational Purpose, Leadership, Ethics and Culture, Decision-Making, Managing Resources and Risk, Equity, Diversity and Inclusion and Board Effectiveness. The Trustees have debated how to apply the Code’s recommendations and note that the intention is that the Code is aspirational, and a tool for continuous improvement towards the highest standards. The Hall’s four ethical principles of Equity, Diversity and Inclusion; Accessibility; Sustainability; and Health and Safety, Safeguarding and Wellbeing are central to the Hall’s three- year rolling Business Plan. 

The Hall’s constitution, in several Royal Charters and Acts of Parliament, prescribes the majority of the processes which the Council and the Hall’s Executive Team must follow, including the election and membership of the Council of the Hall, giving a governance structure for the Hall which is already of the highest standard. The Council applies the Code’s recommendations where appropriate, and where they do not contradict or affect the Hall’s constitution itself. 

There are some recommendations in the Code that cannot be applied, because the charity’s constitution specifies otherwise. These include the size of the Hall’s Council, and its composition – the Hall’s constitution requires 24 Council members, not the ‘maximum of 12’ recommended by the Code; and three-year terms for Council member appointments, at which time a Council member can be re-elected, but with no maximum term. The charity already goes further than some recommendations – for example, it has a Conflicts Committee and a published Conflicts Policy, as well as applying the recommendations for identifying, dealing with and recording conflicts of interest. 

The Corporation’s AGM held in May 2025 was held both in person and virtually, following the byelaw introduced in 2020 to enable virtual General Meetings, electronic voting and the service of formal notices electronically. 

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**Report of the Council** Year to 31 December 2025 

During 2025, the Hall’s auditors carried out a review of the operation of the Hall’s Conflicts Policy and Conflicts Committee, which is mandated by the Policy every three years.  The recommendations of this review are now being considered by the Conflicts Committee and the Hall’s Council and various changes may be brought into operation following these recommendations. 

During 2025 the Hall has continued the process of amending its constitution by means of a private Bill which was lodged in Parliament at the end of November 2022 and has now passed to the House of Commons. The contents of the Bill are: 

## Seat Rate Proposal 

1. To drop the six-year cap on increases in the seat rate. 

2. Increase the voting threshold for the annual approval of the seat rate to a 75% majority. 

## Exclusives Proposal 

3. Provide for the Hall to seek the agreement of the Members to a variation of the provisions of section 14 of the Royal Albert Hall Act 1966 for any of the three calendar years following the year in which such a resolution may be passed. 

4. Provide for such a variation to require consent by a 75% majority. 

The Bill has now been through the Committee stage in the House of Commons. 

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**Report of the Council** Year to 31 December 2025 

## _Council members_ 

Members of Council constitute the Trustees of the Corporation for the purposes of the Charities Act 2011. The following Council members served during 2025: 

## **Council members** 

## **President of the Corporation:** 

James Max BSc Hons MRICS (elected May 2025) 

Ian McCulloch (until May 2025 and then appointed to a casual vacancy on Council) 

## **Other elected members:** 

Leon Baroukh MA CFA 

Dr Monica Bloch PhD 

Stephen Brandon MA MBA CEng (until May 2025) 

Thomas Borwick MBA 

John Cooper FCA CTA 

Linda Craig (until May 2025) 

Nigel Hamway 

Harry Handelsman 

Peter B M Lim FCA MBA 

Robert Lipson 

Jeremy Marsden 

James Max BSc Hons MRICS (elected President May 2025) 

Iain McNay 

Jeremy Rudge 

Stuart Newey MBA FCBI 

Anthony Ratcliffe FRICS FRSA (until October 2025) 

Robert Shennan 

Mark T Schnebli FInstD FBIM (until May 2025) 

Iain Urquhart (elected May 2025) 

The Hon. Alice Walpole OBE MA (Cantab) 

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**Report of the Council** Year to 31 December 2025 

## **Appointed members:** 

Sir Michael Dixon BSc (Sp Hons) ARCS NA (Oxon) DPhil DSc FCGI DL _(appointed by the Trustees of the Natural History Museum)_ until November 2025 

Dr Alexandra Burch PhD ( _appointed by the Trustees of the Natural History Museum)_ 1 December 2025 

Lord Harrington _(appointed by the Secretary of State for Digital, Culture, Media and Sport)_ 

Kevin Porter _(appointed by the Council of the Royal College of Music)_ 

Professor Ian Walmsley _(Appointed by the Governors of the Imperial College of Science, Technology and Medicine)_ until September 2025 

Professor Peter Haynes FREng ( _Appointed by the Governors of the Imperial College of Science, Technology and Medicine)_ 1 October 2025) 

Professor Chris Wise _(Appointed by the Royal Commission for the Exhibition of 1851)_ 

## **Secretary to the Corporation:** 

Susan Gent 

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**Report of the Council** Year to 31 December 2025 

## _Seatholders as Council members_ 

The majority of Council members are also Members of the Corporation who own seats in the Hall. As such they pay the Members’ Annual Contribution (or seat rate), receive the rebate for Exclusive performances where they return their tickets to the Hall, receive tickets for Ordinary lets and enjoy Seatholders’ rights on exactly the same terms as the other Members of the Corporation. 

For all Council members who served during 2025: the total number of seats directly or jointly owned by the 17 individual Council members is 50, with a further 70 owned by their related parties. During the period there have been four representatives of Corporate seatholders on the Hall’s Council and these Corporate seatholders own 32 seats. Two of the appointing bodies own 6 seats. In total, the number of seats owned by Council members during 2025 was therefore 50, with a further 108 owned by their related parties, out of the total number of seats owned by Members in 2025 of 1,256. This includes the Council members who resigned before (or at) the 2025 AGM. 

During 2025 the Annual Contribution payable to the Hall by each Seatholder was £1,880 per seat plus VAT (2024: £1,690 plus VAT). The ‘rebate’ that Seatholders were entitled to during 2025, relating to prior year lettings where Seatholders were excluded, was £677 per seat plus VAT (2024: £580). Therefore, in total in 2025 Council members and their related parties paid a seat rate to the Hall of £297,040 and, offset against this, a total rebate from the Hall of £106,931, making a net payment of £190,109. 

The Hall’s Council members actively supported the operation of the Ticket Return Scheme (TRS - please see page 38 for a full explanation of how the TRS works). For the 158 seats owned by the Hall’s Council Members and their related parties (see above), 23,674 tickets were returned to the TRS (being 64% of the total tickets they received). The Hall put these tickets on sale on behalf of the Seatholders and, in total, this generated a payment to them of £1,022,855 (equivalent to approximately £6,474 per seat) for those Seatholders (paid to them during 2025, relating to the performance period November 2024 to October 2025), equivalent to £43.21 per ticket returned to the TRS. 

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**Report of the Council** Year to 31 December 2025 

No member of Council received any remuneration from the Corporation during the year (2024 - £nil). Two members of Council received a total of £440 of out-of-pocket expenses in 2025 (2024 – one member £944). In 2025 costs totalling £6,869 were incurred for meals with Council Members or the Hall’s Members  (2024:£5,343). Other than the transactions noted above, no member of Council had any beneficial interest in any contract with the Corporation or its subsidiary undertakings during the year. 

During 2025, 12 Trustees provided donations to the charity and the Royal Albert Hall Trust to carry out its charitable objectives totalling £149,577 (2024: £66,494). 

As well as giving their time freely to serve on the Hall’s Council and its committees, Council members assist the Hall by hosting guests who are supportive of, or in other ways helpful in promoting the work of the Hall. In these circumstances those who entertain on the Hall’s behalf will have access to seats in the Kirby Laing Box (Grand Tier 29) for themselves, for Hall guests and for one personal guest. 

Council members are also encouraged to attend a variety of performances at the Hall in order to experience the range of charitable activities undertaken by the Hall and the policy for the use of the Kirby Laing Box in the Grand Tier and the provision of tickets to Council members generally (known as the GT29 policy) was amended in October 2021 to facilitate this. 

For this purpose, all Council members can request complimentary tickets in the Kirby Laing Box (or stalls if the Kirby Laing Box is full) for themselves and a guest on up to ten occasions throughout the year. If Council members wish to buy additional seats in the Kirby Laing box for such performances and there are tickets available, they are able to do so. When using the Box for an Ordinary performance, Council members who are seatholders, are invited to swap a number of their own tickets for the same number in the Kirby Laing Box or the stalls, returning their tickets to the Hall (for its own use and sale), but are not obliged to do so. 

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**Report of the Council** Year to 31 December 2025 

During the year Council members were given 71 (2024: 69) complimentary tickets under the Hall’s policy with a face value of £9,597.68 (2024: £7,848.72).  Council members can access the staff discount on food and beverage available at the Hall. In 2025 this totalled £9,942 (2024: £2,553). 

Throughout the year the Corporation secured indemnity insurance under a policy covering the members of Council and the Hall’s officers, Trustees and officers of the subsidiary company and related Royal Albert Hall Trust. The total premium charged to the Corporation was £18k (2024 - £18k) and the cover provided totalled £5million (2024 - £5 million). 

## _Election and appointment of members of Council_ 

In accordance with the Hall’s constitution, the Council, which is the Hall’s governing trustee body, comprises the President and up to 18 Members of the Corporation (i.e. they are all Seatholders) and five independent members, one being appointed by each of the Secretary of State for Digital, Culture, Media and Sport; the Trustees of the Natural History Museum; the Governors of the Imperial College of Science, Technology and Medicine; the Council of the Royal College of Music and the Royal Commission for the Exhibition of 1851. 

Six out of the 18 members of Council who are also Seatholders are elected annually by rotation at the Hall’s Annual General Meeting. The Members of the Corporation, also at the AGM, elect the President who is eligible to stand for re-election every year for a maximum term of six years, at which point the President retires from office. The Treasurer (who is one of the 18 Council members elected by Seatholders) is also elected annually at the AGM. 

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**Report of the Council** Year to 31 December 2025 

The Hall’s Governance, Ethics and Reputation Committee considers how the Council should fill any casual vacancies on Council[1] , having regard to the need to achieve a balance of skills, experience and specialist knowledge within the Council. The Members of this Committee then meet potential seatholders who might be candidates before putting their recommendations to Council for approval. 

Historically the Council has undertaken periodic Board Effectiveness Reviews which have been either carried out by the Hall’s auditors, or internally by the President meeting with each Committee Chair to review that Committee. In 2022, the Council carried out an in-depth external Board Effectiveness Review using the Good Governance Institute and in 2025 the Hall’s auditors carried out their triennial review of the operation of the Hall’s Conflicts Policy and Conflicts Committee. 

The Council appoints the Secretary to the Corporation, who is responsible for all charity, governance and administrative aspects of the Corporation’s and Council's affairs and for company secretarial duties. Susan Gent has been the Secretary to the Corporation since December 2018. 

_Council members’ Induction and Training_ 

> 1 Royal Albert Hall Act 1966 Schedule 2(8): Power for Council to fill up casual vacancies 

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**Report of the Council** Year to 31 December 2025 

The Secretary to the Corporation provides all new members of Council, the Hall’s subsidiary trading companies and the RAH Trust with an induction programme which includes a full briefing on the purposes of the Charity and its provision of public benefit, the Corporation’s constitutional structure, their obligations as Trustees under charity law and the Corporation’s Scheme of Delegation and decision-making processes. This is supplemented by an induction session with the Hall’s Executive team. 

## _Statement of Council’s responsibilities_ 

The Council is responsible for preparing the annual report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the Council to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Corporation and the group and of their incoming resources and application of resources for that period.  In preparing these accounts, the Council is required to: 

-  Select suitable accounting policies and then apply then consistently; 

-  observe the methods and principles in the Charities SORP; 

-  make judgements and estimates that are reasonable and prudent; 

-  state whether applicable United Kingdom Accounting Standards have been followed, subject to any departures disclosed and explained in the financial statements; 

-  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Corporation will continue in operation. 

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**Report of the Council** Year to 31 December 2025 

The Council is responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the Corporation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Corporation’s constitution. It is also responsible for safeguarding the assets of the Corporation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## _Organisation_ 

The direction and control of the Corporation is determined by Council, which meets at least five times a year. The role of Council is to oversee the Corporation’s strategy in pursuit of its charitable objectives, to set policies and to ensure that the Charity is properly and effectively managed. 

The following committees of Council have been established to deal with specific aspects of the work of the Corporation as defined in their terms of reference, which are set out in abridged form below. Meetings of the Council and of various Committees are attended by the Hall’s Chief Executive, the Secretary to the Corporation, and variously by other members of the Executive team. 

Since 2016, Mrs Lin Craig has been the Trustee with safeguarding responsibility. This position has now been taken on by the Hon Alice Walpole. The Head of People and Culture is now responsible for the implementation of the procedures and policy as Child Protection Officer. 

The Safeguarding Committee acts as a forum for the Safeguarding Officers and other key personnel to ensure the Hall’s Safeguarding Policy is up to date and operational activities are effective and in line with best practice. It reports annually to Council via the Chief Executive’s report to Council. The Safeguarding Committee and the Trustee with safeguarding responsibility receive training on the policy and their roles and responsibilities. Training for other key personnel is ongoing. Stuart Newey is the Trustee with specific oversight for matters of security. 

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**Report of the Council** Year to 31 December 2025 

Jeremy Marsden is the Trustee with specific oversight for matters relating to cyber security. 

The Hall is in the process of appointing a Trustee with specific oversight of EDI matters. 

##  _Conflicts Committee_ 

The Committee considers and responds to any decision of Council which involves a Designated Collective Conflict (a conflict that involves all seatholding members of Council) as referred to it under paragraph 19 of the Conflicts Policy (published on the Hall’s website), to determine whether such decisions have been made in the best interests of the charity. The Committee also considers and responds to any decision referred to it by the President or Secretary to the Corporation. 

At the request of the President, it also advises individual Trustees, the Council, all committees, the boards of subsidiary companies, and, where appropriate, staff, generally, on conflicts of interest. The Committee also monitors the implementation of the Conflicts Policy; recommends appropriate systems for promoting and monitoring compliance with this policy; reviews annual and other declarations of interest and briefs the Council or the President on any difficult individual cases referred to it. The minutes of the Committee are provided to the Auditors throughout the year and the Secretary to the Corporation prepares an annual report of the working of the Conflict Committee for the Committee and the auditors. The auditors carry out an independent review of the operation of the Conflicts Policy and Conflicts Committee every three years. 

The Committee was chaired by Sir Michael Dixon, one of the Appointed Members of Council until 30 November 2025.  Prof Peter Haynes, also one of the Appointed Members of Council, will chair this Committee going forward. Voting members of the Committee during the year have been Sir Michael Dixon, Kevin Porter, Monica Bloch, Prof Ian Walmsley and The Hon. Alice Walpole, Dr Alexandra Burch and Prof Peter Haynes, none of whom have personal seatholdings. 

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**Report of the Council** Year to 31 December 2025 

- _Finance, Audit and Risk Committee_ 

The Committee considers and makes recommendations to the Council on: the annual income and expenditure budget; longer term business plans and capital expenditure programmes; the Hall’s Investment Policy and the Auditors’ Annual Report. It is responsible for monitoring the financial performance of the Corporation against budget and business plans; ensuring proper financial and accounting controls; compliance with statutory requirements and risk management. It is also responsible for making recommendations to Council with respect to the appointed Auditors, the approval of external and internal audit plans and the consideration of any matters raised by the auditors. The Committee is also responsible for the oversight of the Hall’s security. The Finance, Audit and Risk Committee has a delegated authority of up to £500,000. 

The Honorary Treasurer, Stuart Newey, chairs this Committee, which meets at least four times a year. Other members during the year were Leon Baroukh, Peter Lim, John Cooper, Nigel Hamway and Jeremy Marsden. 

- _Seat Rate Committee_ 

The Seat Rate Committee has two purposes: 

1. to review the purpose of the Seatholders’ seat rate, as set out in the 1966 Act, and the consequent principles upon which it should be calculated, and to advise Council accordingly; and 

2. annually, to recommend to Council the level of the seat rate that the Seatholders will be invited to approve at the next Annual General Meeting. 

The Committee’s members during the year have been the Honorary Treasurer, Stuart Newey (non-voting Chair) and the independent Appointed Members of Council during the year: Richard Harrington, Sir Michael Dixon (until November 2025), Chris Wise, Kevin Porter and Prof Ian Walmsley (until September 2025). Prof Peter Haynes joined the Committee in October 2025 and Dr Alexandra Burch joined the Committee in December 2025. 

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**Report of the Council** Year to 31 December 2025 

##  _Fabric Committee_ 

The Committee advises Council on all matters relating to the preservation, maintenance and further improvement of the Hall and its setting. It also oversees the Hall’s sustainability work and its Carbon Management Plan. Until October 2025, Anthony Ratcliffe chaired this Committee. The Committee meets four times a year. Other members during the year were Thomas Borwick, Harry Handelsman, Chris Wise, Stephen Brandon and the Hon Alice Walpole OBE. Nigel George, Martin Williams, Tanvir Hassan and Lady Moynihan serve as co-opted non-voting members on this Committee. 

##  _Development Committee_ 

This Committee oversees all aspects of the Hall’s philanthropy and fundraising, including the outcomes of fundraising events and on the resources expended, giving a broad overview of the Hall’s fundraising. The Committee also reviews and reports on the Hall’s sponsorships and partnerships. The Committee is chaired by Nigel Hamway. Other members during the year were Robert Lipson, James Max, Richard Harrington, Stephen Brandon, Thomas Borwick and Iain Urquhart. 

- _Programming, Archives and Marketing Committee_ 

Council appoints a Chief Executive who, together with the Executive Team, is responsible for all aspects of the day-to-day running of the Hall, including programming the annual calendar of performances. The Programming Committee advises Council and monitors on its behalf the Hall’s Programming strategy (including its Engagement Work and performances on and off the main stage), the extent to which they meet the Hall’s charitable objects and financial objectives and to ensure they comply with the Hall’s constitution and the Hall’s Programming Policy. Section 14 of the 1966 Act specifies the number of occasions on which Seatholders may be excluded from the Hall (Exclusives as explained above) – each year at the AGM, the Members of the Corporation agree to more or different Exclusives than the 1966 Act allows, enabling the Hall to operate with more latitude than the Act would otherwise allow, to the benefit of the charity and the Members. The Programming Committee oversees the allocation of Exclusive and Ordinary performances and the shows promoted by the Hall itself. 

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**Report of the Council** Year to 31 December 2025 

James Max chaired this Committee until May 2025 when Robert Lipson took over the role of Chair.  The Committee meets at least four times a year. Other members during the year were Leon Baroukh, Iain McNay, Monica Bloch and Bob Shennan. 

##  _Governance, Ethics and Reputation Committee_ 

The Committee advises Council on the conduct of the affairs of the Corporation, in compliance with: 

- Its constitutional documents which include its Royal Charters, Acts of Parliament and Byelaws, in combination colloquially referred to as ‘The Blue Book’, having particular regard to the consolidated constitution of the Corporation as set out at Schedule 2 of the Royal Albert Hall Act 1966; 

- Legislation, regulation and guidance on best practice in relation to registered charities. 

- Best practice on corporate and charity governance. 

It also advises Council on due diligence on major donors and sponsors, reputational issues in general, the structure and membership of Council Committees, reviews nominations for membership of Council (for casual vacancies) and makes recommendations accordingly. The Committee is chaired by the President and meets at least 4 times per year, and as necessary to consider appointments and due diligence. Members during the year were Leon Baroukh, Mrs Lin Craig, Sir Michael Dixon, James Max, Kevin Porter, Mark Schnebli, the Hon Alice Walpole and Jeremy Marsden. 

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## **Report of the Council** Year to 31 December 2025 

##  _Members’ Committee_ 

The Committee advises the Council on all matters relating to the role of the Members in the conduct of the affairs of the Corporation. It also provides a means of communication between the Members and the Hall, promotes Member support for Hall activities and oversees communications to the Members. Mrs Lin Craig chaired this Committee until May 2025 when Thomas Borwick took over the role of Chair. The Committee meets at least four times a year. Other members during the year were Monica Bloch, Stephen Brandon, John Cooper, Mark Schnebli and Jeremy Rudge. Larry Viner, Ed Milner and Verity Waterbury (who are also seatholders) served as co-opted members. 

##  _Remuneration and HR Committee_ 

The Committee was chaired by Ian McCulloch until May 2025 when Bob Shennan took over the role of Chair.  It deals with HR matters together with the salary and performance of direct reports to the President (the Chief Executive and the Secretary to the Corporation), the salary and performance of the Directors and succession planning. Members of the Committee during the year were Mrs Lin Craig, Sir Michael Dixon, Bob Shennan, Iain McNay and the Hon Alice Walpole. 

##  _Sustainability Working Group_ 

Until July 2025, the Sustainability Working Group continued to oversee the production of the Hall’s Carbon Management Plan. This remit of the Working Group was then included in the Terms of Reference for the Fabric Committee. 

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**Report of the Council** Year to 31 December 2025 

Hall Staff 

##  _The Executive Team_ 

The day-to-day management of the Corporation is the responsibility of the Chief Executive, James Ainscough OBE. 

The Chief Executive is supported by the Executive Team who throughout 2025 were: 

Finance Director Dan Lill Director of Programming Matthew Todd Director of Building & Operations Neal Hockley Director of Audiences and                        Louise Halliday Organisational Culture Director of People and Culture Nigel Wilson (until October 2025) Director of Philanthropy Darranda Rowswell 

The Chief Executive, supported by the Executive Team, is responsible for the development and implementation of strategy and business plans for the Corporation, for policy recommendations to Council, for the development and implementation of appropriate controls and procedures and for the day-to-day management of its operations. The Executive Team and the Secretary to the Corporation meet at least twice a month to monitor operational and financial progress against plans approved by Council and to discuss strategic objectives. A wider group comprising all Heads of Department and the Executive Team meets on a weekly basis to exchange information on operational issues. 

##  _Employees_ 

The Corporation is an equal opportunities employer. It aims to ensure that no job applicant or employee receives less favourable treatment on the grounds of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation or disability. 

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**Report of the Council** Year to 31 December 2025 

Selection criteria and procedures are reviewed regularly to ensure that individuals are selected, trained, promoted and treated on the basis of their relevant merits and abilities. 

## _Remuneration Policy_ 

The Hall’s approach to remuneration is designed to ensure it can attract and retain the talented and motivated people needed to achieve its vision and values. The policy is applied consistently across the organisation, with the aim of paying competitively in the not-for-profit sector within the context of affordability. Each year the Hall’s Executive team (with approval from the HR & Remuneration Committee and Council) set a rate of increase for Hall-wide salaries and hourly pay to take account of the impact of general inflation. Above-inflation pay increases are only awarded to individuals for changes in role/responsibility, exceptional performance or with regard to changes in industry norms for comparable roles. These are determined on a case-by-case basis, within the constraints of the annual budget. The remuneration of the Executive team is set annually by the HR & Remuneration Committee. 

The Hall does not use volunteers. 

## _Connected charities and related parties_ 

The accounts consolidate financial information of the Corporation of the Hall of Arts and Sciences and its wholly owned trading subsidiary, Royal Albert Hall Developments Ltd (company number 01539294) and a related charity, the Royal Albert Hall Trust (charity number: 285111). This requires the line-by-line consolidation of the operating results of these subsidiary undertakings in the statement of financial activities. 

Royal Albert Hall Developments Limited (RAHDL) is responsible for the Hall’s trading activities, namely catering, merchandising, tours, retail, licensing boxes for corporate use and selling hospitality packages. For further details of RAHDL please see note 16. 

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**Report of the Council** Year to 31 December 2025 

The Board of RAHDL meets at least 4 times per year. RAHDL is chaired by Leon Baroukh and other Directors during 2025 were James Ainscough, Peter Lim, Stuart Newey, John Cooper, Nigel Hamway and Jeremy Marsden. The independent Director on the Board of RAHDL is Charles Gilkes. The Secretary to the Corporation is the Company Secretary of RAHDL. 

The Royal Albert Hall Trust raises funds from donations and other fundraising events in order that it may make donations to the Corporation. The Trustees have reviewed procedures in place to ensure that all funds received, are properly utilised by the Corporation in line with donors’ restrictions or wishes, on projects which are efficiently managed and fully completed. The Trustees of the Royal Albert Hall Trust, (Registered Charity No: 285111), a connected charity, are the President and additional trustees appointed to the Trust following the amendment of the Trust Deed for the RAH Trust in 2019/2020. The Trust donated £4.2m to the Corporation in 2025 (2024 - £1.2m). Prior to 2023, the trustees of the Trust also included the VicePresident of the Corporation, but the Trust Deed was further amended in 2023 so that this requirement was removed. 

## _Fundraising_ 

The Corporation does not engage any third parties in its fundraising efforts and all approaches and relationships are managed by our internal Philanthropy team with introductions or referrals being affected by our Philanthropy Advisory Board and other close contacts or through our database and legitimate online research. 

The Philanthropy Board performs an introductory function, allowing the team to meet more potential supporters with an interest in the Royal Albert Hall. The efforts of the 

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**Report of the Council** Year to 31 December 2025 

Philanthropy Board are monitored by the Development Committee which is the conduit between the Philanthropy Board and the Hall’s Council. 

During the year the Corporation did not receive any complaints regarding Fundraising. The Hall is a member of the Fundraising Regulator and adheres to the Fundraising Code and all good standards of practice. 

As set out in our Philanthropy Policy, the Hall’s fundraising team adheres to Section 1.2 of the Code of Fundraising Practice and is committed to protecting vulnerable donors. We comply with all legal requirements relating to data protection, under the Data Protection Act 2018 and the UK GDPR and do not share any data for the purposes of fundraising with third parties or data sharing schemes. We regularly carry out data protection impact assessments to ensure that we comply with the UK GDPR and we do not engage in intrusive practices. 

## _Risk management_ 

The Council hasa process for identifying and reviewing the major strategic and operational risks (including financial, reputational, health and safety, and security risks) to which the Corporation is exposed. The Council is satisfied that systems and controls have been established and are functioning to mitigate and manage those risks. The current Risk Management Policy Framework was approved by Council in 2018. The framework ensures that major risks are identified on a regular basis, and progress is monitored against mitigating actions. 

The Executive review the strategic risks every quarter and the divisional risk registers are reviewed by the senior management team and the respective Heads of departments. The risk registers score risks according to probability of occurrence and the impact on the organisation (the “inherent risk”). The registers also note the “net risks” and “residual risks” after taking into account existing controls and further 

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**Report of the Council** Year to 31 December 2025 

mitigating actions respectively. The Executive’s risk appetite to strategic risks is generally low. 

The Hall ensures a multi-year programme of regular internal audits is maintained. Internal Audit reports are presented to the Finance, Audit and Risk Committee. 

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## **Report of the Council** Year to 31 December 2025 

The principal risks and uncertainties to the Hall are detailed below. 

|**Risk**|**Management**|
|---|---|
|**Safety**<br>Fire, electrical failure,<br>power outage,<br>Audience safety, crowd<br>surge, audience<br>misconduct, protest<br>demonstration<br>Staff, performers, audience,<br>working with children,<br>young people and<br>vulnerable adults<br>Accident at work, unsafe<br>working practices, injury,<br>fatality<br>Building Collapse, Terror<br>attack|Fire alarm system in place with relevant mechanical<br>controls, sprinkler system and detection.<br>All Visitor Service staff and Duty Managers trained in<br>evacuation at induction level and twice-yearly including<br>practice drills.<br>Ongoing fire and evacuation drills done through the<br>year with staff. Scenario training for Duty Managers,<br>DSMs and Event Managers.<br>Fire lane access kept clear for attendance by Fire<br>brigade<br>CCTV System, Access Control system, Intruder alarm<br>Limited capacities age restrictions in standing areas<br>Trained and experienced staff in standing areas and<br>other key areas during performances<br>Limited capacities for building occupancy<br>External Security Patrols, searches on entry<br>Pre event assessments, information gathering<br>Security response teams, Stage Security<br>Robust Safeguarding policy which is shared with event<br>promoters. Disclosure and Barring Service (DBS)<br>checks<br>Evacuation and invacuation procedures, documented<br>PAT and servicing of equipment<br>Accident and near misses logged and investigated<br>regular inspections and maintenance programme, full<br>condition reports<br>velarium suspended below glass roof canopy<br>in-house projects team, fabric committee reviews<br>stop, pause, delay show procedures in place<br>external patrols, access control system, locking system<br>on all external doors, Evac/Invacuation procedure<br>Action Counters Terrorism (ACT) and See Check and<br>Notify (SCAN) training for all VSS staff<br> Regular contact with Police and Counter Terrorism<br>Security Advisor (CTSA)|
|**Systems**<br>Legacy applications<br>causing operational<br>inefficiency<br>Cyber incident : planned or<br>opportunist, ransom<br>Poor user skills leading to<br>data breach|Offsite storage of data backups and recovery of core<br>systems in the Cloud using third party<br>Training needs identified in annual progress reviews<br>Two factor authentication in place<br>Periodic email phishing simulations to improve<br>cybersecurity awareness, cyber insurance<br>Critical services are not dependent on infrastructure<br>with single points of failure|



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**Report of the Council** Year to 31 December 2025 

|Failure of critical<br>infrastructure/hardware<br>IT system outage<br>Website non optimal<br>performance or failure|Dual firewalls, power supplies, fans and switch stacks,<br>multiple drives used in storage arrays<br>Audit / review of cabling infrastructure<br>'waiting room/crowd handler software monitored by IT<br>and website developers also monitor website during<br>large on sales|
|---|---|
|**People**<br>High staff turnover<br>Lack of skills or training<br>Slow to fill roles when<br>vacancies arise<br>Loss of key staff<br>Increase in absenteeism<br>Poorcustomerexperience|Competitive pay, pension and benefits package, annual<br>staff incentive scheme, London Living Wage employer<br>Emphasis on training and development with career<br>development in mind<br>Staff forum, employee activities and clubs<br>Experienced teams with long service length<br>Pandemic contingency and remobilisation plans in<br>place<br>Pay structure and job levels developed with external<br>consultant. External benchmarking taken place.<br>Wellbeing network, mental health first aiders, catch up<br>sessions<br>Agency staff used to backfill visitor services and<br>cateringroleswhen required|
|**Financial**<br>Major projects overspend<br>Sustained low ticket sales<br>and audience attendance<br>Major financial fraud/theft<br>Sudden loss of major<br>partner or contractor, e.g.<br>caterer, promoter, building<br>contractor<br>Sudden long-term closure<br>of venue|Robust internal controls and processes to mitigate<br>major overspends<br>Focused approach to resourcing for under performance<br>of ticket sales<br>Robust controls in place for payment and cost reporting<br>Monthly management accounts reviewed by leadership<br>team<br>Limited access to the Hall’s finance and banking<br>systems. Two factor authentication. Dual sign off<br>process.<br>Well established and effective relationship with current<br>partners, contractors and key service providers<br>relationships maintained with other providers in the<br>market<br>Key third party contracts identified and extended to<br>ensure business continuity, i.e. Catering, Security,<br>Promoters<br>Business interruption fund in designated reserves,<br>equivalent to six months of operating expenditure<br>Business interruption insurance<br>Robust and achievable rolling 3-year business plan is<br>prepared by Leadership team, and approved by<br>Council. Monthly reporting against targets.|
|**Reputational and other**<br>**external risks**<br>Inappropriate behaviour or<br>statement from an|Well-developed and good relationships with major<br>artists, their managers and promoters<br>Reputationalandliability clausesincontracts|



62 



**Report of the Council** Year to 31 December 2025 

|associated person, group<br>or organisation<br>Large scale negative press<br>coverage about<br>governance and the<br>conflation of secondary<br>ticketing<br>Major accident or incident<br>resulting in loss of life or life<br>changing injuries<br>Non-compliance with net-<br>zero targets<br>|Policies and procedures in place to deal quickly and<br>effectively with any incidents of this nature<br>Successful Partner and Donor schemes<br>Charity Commission whistleblowing process<br>Documentation and statements have been prepared in<br>response to queries.<br>Monitor secondary websites<br>Robust Emergency Procedures in place and clear roles<br>and responsibilities for key staff members to help<br>mitigate the recover<br>developed a carbon management strategy for 2023-<br>2028<br>targets are monitored and reported regularly as part of<br>Streamlined Energy and Carbon Reporting (SECR)<br>framework. Information is shared to internal committees|
|---|---|



63 



## **Report of the Council** Year to 31 December 2025 

## _Going Concern_ 

This report sets out a review of financial performance and the charity’s reserve position. We have adequate financial resources and are well placed to manage the business risks. 

Our planning process, including financial projections, has taken into consideration the current economic climate of inflation, changing energy prices and the current cost of living challenges and its impact on the various sources of income and planned expenditure. We believe that there are no material uncertainties that call into doubt the charity’s ability to continue. The accounts have therefore been prepared on the basis that the charity is a going concern. 

The Hall’s financial performance in 2025 was very strong, building on the success of 2024. Ticket sales were strong throughout the year, culminating in an excellent Christmas season. Expenditure continued to be tightly controlled and the year proved to be the Hall’s strongest financial performance in its history, for the third consecutive year. This has allowed its general and designated funds to be replenished in line with the Hall’s (See note 23) reserves policy. 

On 24 February 2021, the Hall obtained a loan of £20.74m from the government’s Cultural Recovery Fund as security against future losses and, if necessary, to fund essential maintenance works (although our plan is to do so out of operating surpluses). The loan is repayable over 20 years and carries an interest rate of 2%. The Hall started start repayments as planned in March 2025. 

In 2024, our organisation embarked on a new rolling new three-year business planning process. This has been updated in 2025 to include financial projections for 2026-2028. It has taken into consideration current uncertainties. The directors have reviewed the current financial position of the Hall for the foreseeable future and have taken action as necessary to manage risks arising from different scenarios. 

64 



**Report of the Council** Year to 31 December 2025 

It is reasonable to expect the Corporation to generate adequate income to continue in operation for the foreseeable future, being the period of at least 12 months from the date of approval of these financial statements. Accordingly, the going concern basis of accounting continues to be adopted in preparing the financial statements. 

## _Related Parties_ 

Subject to the items set out in this report, none of the Trustees receives remuneration or other benefit from their work with the charity. The relationship between Seatholders, Council members and the Hall is described in full on pages 45 to 55. 

Any connection between a Trustee or senior manager of the charity with a promoter, contracted performer or exhibitor must be disclosed to the full board of Trustees in the same way as any other contractual relationship with a related party and recorded in the Hall’s register of related party transactions. 

Approved by the Council on 1 April 2026 and signed on its behalf by 


James Max President 

65 



**Independent auditor’s report** Year to 31 December 2025 

## **Independent Auditor’s Report to the Members of the Corporation of the Hall of Arts and Sciences** 

## **Opinion** 

We have audited the financial statements of The Corporation of the Hall of Arts and Sciences for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of affairs of the charity and the group as at 31 December 2025, and of the group’s incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe 

66 



## **Independent auditor’s report** Year to 31 December 2025 

that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have 

67 



## **Independent auditor’s report** Year to 31 December 2025 

performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: 

- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or 

- the charity has not kept adequate accounting records; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we required for our audit. 

## **Responsibilities of Trustees** 

As explained more fully in the Trustees’ responsibilities statement set out on page 49, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

68 



**Independent auditor’s report** Year to 31 December 2025 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. 

69 



**Independent auditor’s report** Year to 31 December 2025 

- Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

70 



## **Independent auditor’s report** Year to 31 December 2025 

## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud** 

Irregularities, including fraud, are instances of non-compliance with Laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity. 

Our approach was as follows: 

- We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council 

- We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. 

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 

71 



## **Independent auditor’s report** Year to 31 December 2025 

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. 

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error **,** as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

## **Use of our report** 

This report is made solely to the charity's Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's Trustees as a body, for our audit work, for this report, or for the opinion we have formed. 

72 



**Independent auditor’s report** Year to 31 December 2025 


## **Moore Kingston Smith LLP** 

Statutory auditor 

9 Appold Street London 

EC2A 2AP 

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. 

28 April 2026 

73 



## **The Corporation of the Hall of Arts and Sciences** 

## **Consolidated statement of financial activities** Year to 31 December 2025 

|Notes|Unrestricted<br>funds<br>£’000|Restricted<br>funds<br>£’000|**2025**<br>**Total**<br>**funds**<br>**£’000**|**2024**<br>Total<br>funds<br>£’000|
|---|---|---|---|---|
|**Income:**<br>Donations and legacies<br>1<br>Income from charitable activities:<br>Operation of Hall<br>2<br>Investment income and interest<br>Income from other activities:<br>Commercial trading operations<br>3<br>**Total income**<br>**Expenditure:**<br>Costs of raising funds<br>Expenditure on charitable activities:<br>Maintaining and developing the Hall<br>4<br>Promoting the arts and sciences<br>4<br>Interest repayable<br>**Total expenditure**<br>**Net income**<br>Transfer between funds<br>21/22 <br>Actuarial loss on pension scheme<br>25<br>Unrealised gain / (loss)<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Fund balances brought forward at 1 January<br>Fund balances carried forward at 31 December|2,333<br>48,069<br>3,572<br>15,876|<br>2,268<br>-<br>-<br>-|<br>**4,601**<br> <br>**48,069**<br> <br>**3,572**<br> **15,876**|**3,315**<br> **41,174**<br>**3,266**<br> **12,770**|
||69,850|2,268|<br>**72,118**|**60,525**|
||825<br>12,100<br>42,061<br>418|-<br>97<br>666<br>-|**825**<br>**12,197**<br>**42,727**<br>**418**|**642**<br> **10,761**<br>**35,205**<br>**415**|
||55,404|763|**56,167**|**47,023**|
||14,446<br>2,902<br>-<br>460|1,505<br>(2,902)<br>-<br>-|**15,951**<br> <br>**-**<br>**-**<br>**460**|**13,503**<br>-<br>**(1,320)**|
||17,808|(1,397)|**16,411**|**12,182**|
||||||
||71,260|3,350|<br>**74,610**|**62,428**|
||89,068|1,953|<br>**91,021**|**74,610**|



All of the group’s activities derived from continuing operations during the two financial periods above. 

For the parent charity alone, total income for the year was £70.4m (2024: £54.3m) and net income was £17.3m (2024: £11.4m). 

The notes on pages 85 to 110 form an integral part of these financial statements. 

74 



## **The Corporation of the Hall of Arts and Sciences** 

## **Balance sheet** 31 December 2025 

|**t**31 December 2025|||||
|---|---|---|---|---|
|Notes|<br>**Corporation**<br>**2025**<br>**£’000**|**Group**<br>**2025**<br>**£’000**|Corporation<br>2024<br>£’000|Group<br>2024<br>£’000|
|**Fixed assets**<br>Tangible assets<br>11<br>Intangible assets<br>12<br>Investments<br>15<br>Investment in subsidiary<br>16<br> <br>**Current assets**<br>Stock<br>17<br>Debtors<br>18<br>Short-term deposits<br>Cash at bank and in hand<br> <br> <br>**Current liabilities**<br>Creditors: amounts falling due within<br>one year<br>19<br> <br>**Net current assets**<br>**Total assets less current liabilities**<br>Creditors: amounts falling due after one<br>year<br>21<br>**Total net assets**<br>**Represented by**<br>**Funds and reserves**<br>Restricted funds<br>22<br>Unrestricted funds<br>23|<br>**58,156**<br> <br>**2,565**<br> <br>**25,457**<br> <br>**25**|<br>**58,156**<br> <br>**2,695**<br>**25,457**<br> <br>**-**|51,415<br>312<br>11,500<br>25|51,415<br>442<br>11,500<br> <br>-|
||**86,203**|<br>**86,308**|63,252|63,357|
||<br> <br>**-**<br> <br>**6,709**<br>**29,500**<br>**39,139**|<br>**196**<br> <br>**11,262**<br> <br>**29,500**<br> <br>**40,788**|-<br>4,840<br>21,500<br>42,086|216<br>8,486<br>21,500<br>43,521|
||**75,348**|**81,746**|68,426|<br>73,723|
||<br> <br>**53,036**|**57,454**|<br>39,706|<br>41,724|
||**53,036**|<br>**57,454**|<br>39,706|41,724|
||<br>**22,312**<br>**108,515**<br> <br>**19,579**|<br>**24,292**<br> <br>**110,600**<br> <br>**19,579**|28,720<br> <br>91,972<br> <br>20,745|31,999<br>95,355<br>20,745|
||**88,936**|<br>**91,021**|<br>71,227|74,610|
||<br>**-**<br> <br>**88,936**|<br>**1,953**<br>**89,068**|97<br>71,130|3,350<br>71,260|
||**88,936**|<br>**91,021**|71,227|74,610|



The notes on pages 85-110 form an integral part of these financial statements. 

Approved by the Trustees and authorised for issue on 1 April 2026 and signed on their behalf by: 



James Max President 

Stuart Newey Honorary Treasurer 

75 



## **The Corporation of the Hall of Arts and Sciences** 

**Consolidated cash flow statement** Year to 31 December 2025 

|**cash flow statement**Year to 31 December 2025|**cash flow statement**Year to 31 December 2025|**cash flow statement**Year to 31 December 2025|**cash flow statement**Year to 31 December 2025|||
|---|---|---|---|---|---|
|Notes||||<br>**2025**<br>**£’000**|<br> <br>**2024**<br>£’000|
|Cash flows from operating activities<br>A<br>Cash flows from investing activities<br>B<br>Cash flows from financing activities<br>C<br>**Changes in cash and cash equivalents in the reporting period**<br>**Cash and cash equivalents at the beginning of the reporting period**<br>**Cash and cash equivalents at the end of the reporting period**<br>**Comprising**<br>Cash at bank and in hand<br>**Total cash and cash equivalents at the end of the reporting period**<br>**Notes to the cash flow statement for the year**<br>**A  Reconciliation of cash flows from operating activities**||||<br>**29,494**<br> <br>**(30,643)**<br> <br>**(1,584)**|<br>**13,524**<br> <br>**(8,135)**<br> <br>-|
|||||**(2,733)**<br>**43,521**|<br>**5,389**<br> <br>**38,132**|
|||||**40,788**|<br>**43,521**|
|||||<br>**40,788**|<br> <br>**43,521**|
|||||**40,788**|<br>**43,521**|
|Net income for the reporting period (as per the statement of financial<br>activities)<br>Adjustments for:<br>Pension loss<br>Depreciation charges<br>Amortisation<br>Disposal of tangible assets<br>Dividends, interest and rents from investments<br>Interest paid<br>Decrease/(Increase) in stock<br>(Increase) in debtors<br>Increase in creditors<br>Gain on investments<br>Donated asset<br>**Net cashprovided by (used in) operating activities**||||<br>**16,411**<br>**-**<br>**3,275**<br>**47**<br>**113**<br>**(3,571)**<br>**414**<br>**20**<br>**(2,489)**<br>**15,735**<br>**(460)**<br>**-**||
|||||**29,494**||
|**B Cash flows from investing activities**||||||
|Dividends, interest and rents from investments<br>Purchase of property, plant and equipment<br>Purchase of intangible assets<br>(Increase) in cash deposits<br>Fixed Asset investment additions<br>**Net cash(used in) investing activities**||||||
|**C Cash flows from financing activities**||||||
|Repayments on borrowings<br>**Net cash provided by (used in) financing activities**||||||
|**D Net funds reconciliation**|1 January<br>2025<br>£’000|<br> <br> <br>Cashflow<br>£’000||||
|Cash at bank and in hand<br>Borrowings|43,521<br>(22,329)|<br>(2,733)<br>1,584||||
||**21,192**|<br>**(1,139)**|**(417)**|||



76 



**Principal accounting policies** Year to 31 December 2025 

## **Company information** 

The Corporation of the Hall of Arts and Sciences (“the Corporation”), its whollyowned subsidiary, Royal Albert Hall Developments Limited (RAHDL), and its related charity, Royal Albert Hall Trust (RAHT) all serve to promote the Arts and Sciences and the preservation and enhancement of the Grade I listed building which is held in trust for the nation. The Royal Albert Hall constitutes a public benefit entity as defined by FRS 102. 

The Corporation is a registered charity (registered number: 254543) which is incorporated and domiciled in the UK and incorporated by Royal Charter. The address of the registered office is Royal Albert Hall, Kensington Gore, London, SW7 2AP, UK. 

## **Basis of accounting** 

These financial statements have been prepared in accordance with the Charities SORP (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practise. The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The group accounts consolidate on a line-by-line basis the accounts of The Corporation of the Hall of the Arts and Sciences (“the Corporation”), its whollyowned subsidiary Royal Albert Hall Developments Limited (RAHDL) and its connected charity Royal Albert Hall Trust (RAHT). 

The individual entity accounts of Royal Albert Hall have taken advantage of the disclosure exemption under FRS 102 from preparing its own cash flow statement and to separately disclosure categories of financial instruments and items of income, expenses, gains or losses relating to instruments as these have been presented on a group basis in the notes to the accounts. 

## **Going concern** 

The Hall derives its surpluses primarily from performances and commercial activity directly related to performances, as well as bank interest and philanthropic support, and relies on its own reserves for working capital requirements. 

77 



**Principal accounting policies** Year to 31 December 2025 

## **Going concern (continued)** 

In 2025 the Hall was able to build on the success of 2024, with strong ticket sales throughout the year, culminating in an excellent Christmas season. Expenditure continued to be tightly controlled and 2025 once again proved to be the Hall’s strongest financial performance in its history. 

Since the pandemic we have returned to full time business and financial surplus and have been able to replenish our general and designated funds (see note 23). Our planning process, including financial projections, has taken into consideration the current economic climate of inflation, high energy prices and the current cost of living crisis and its impact on the various sources of income and planned expenditure.  A designated fund relating to 6 months of operating expenditure has been established to ensure the Hall is in a strong financial position, should any significant future event impact the organisation. 

On 24 February 2021, the Hall obtained a loan of £20.74m from the government’s Cultural Recovery Fund as security against future losses and, if necessary, to fund essential maintenance works (although our plan is to do so out of operating surpluses). The loan is repayable over 20 years and carries an interest rate of 2%. Repayments started in March 2025. 

The Trustees have reviewed the current financial position of the Hall for the foreseeable future and have taken action as necessary to manage risks arising from different scenarios. We believe that there are no material uncertainties that call into doubt the charity’s ability to continue. It is reasonable to expect the Charity to generate adequate income to continue in operation for the foreseeable future, being the period of at least twelve months from the date of approval of these financial statements. Accordingly, the going concern basis of accounting continues to be adopted in preparing the financial statements. 

**Critical accounting judgements and key sources of estimation uncertainty** In the application of the charity’s accounting policies, which are described below, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods. 

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies and are summarised below: 

78 



**Principal accounting policies** Year to 31 December 2025 

## **Critical accounting judgements and key sources of estimation uncertainty (continued)** 

Pension liabilities – The charity recognises its liability to its defined benefit pension scheme which involves a number of estimations as disclosed in note 26. 

Fixed assets – decisions are taken by the charity in determining whether expenditure meets the criteria for being capitalised and also in determining the useful life of assets as set out in the applicable accounting policy notes and notes 11 – 13 in the accounts. 

## **Financial instruments** 

If the Corporation has any basic financial instruments, they are initially recognised at transaction value and subsequently measured at market value. Financial assets held at amortised cost comprise cash and bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank and other loans, trade and other creditors. Investments in subsidiary undertakings are held at cost less impairment. 

Cash and cash equivalents include cash in hand, deposits at call with banks, other short-term liquid investments with original maturities of 3 months of less. Shortterm liquid investments with original maturities of 3 months or more are included in short-term investments. 

Short-term liquid investments with original maturities of 12 months or more following the end of the accounting period are included within fixed term investments. See investments accounting policy for further detail. 

Stock is included at the lower of cost and net realisable value. Cost is determined on a first-in, first-out basis. 

## **Accounting for income** 

Income is recognised in the period in which the charity is entitled to receipt of the funds if performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. 

Accordingly, rental income, ticket sales and commission, income from trading activities and other show-related income is recognised as income on the day that each show takes place. Income from licensing of boxes and Members’ annual contributions is recognised over the period to which it relates. 

Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. 

79 



## **Principal accounting policies** Year to 31 December 2025 

## **Accounting for income (continued)** 

Legacies are recognised on the earlier of the receipt of funds or the receipt of final agreed estate accounts which shows that the income is probable, and the amount can be measured reliably. Donated assets are recognised at their market value. 

Income which is derived in exchange for donated goods and services is recognised as income in the period in which the charity is entitled to receipt of the funds, a matching expense is recognised at the same point in time. The income is recognised at the cost to the Hall of providing those services. 

Government grants are recognised on the performance model, when the charity has complied with any conditions attaching to the grant and the grant will be received. 

## **Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

- a. Costs of raising funds comprise the direct costs and overheads associated with generating donated income and holding fundraising events. 

- b. Expenditure on charitable activities includes the Corporation’s primary charitable purposes of maintaining the Royal Albert Hall and, through its use, promoting the arts and sciences. 

## **Allocation of support costs** 

- a. Support costs are for those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include personnel development, financial procedures and management, provision of office services and equipment and a suitable working environment. The bases on which support costs have been allocated are set out below in note 5. 

- b. Governance costs comprise: 100% of the cost of the Secretary to the Corporation and their assistant; 12.5% of the cost of the Chief Executive and their assistant; audit fees; and the annual general meeting, legal fees and council meeting expenses. 

## **Termination Payments** 

Termination payments are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The charity recognises termination payments when it is demonstrably committed to either (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination payments as a result of an offer made to encourage voluntary redundancy or (iii) the employee’s contract is terminated and payment has been made in full. 

80 



## **Principal accounting policies** Year to 31 December 2025 

## **Pension costs** 

The Corporation has two pension schemes, the Royal Albert Hall Stakeholder Pension Plan and the Royal Albert Hall Pension Scheme. It also uses The Peoples’ Pension to fulfil its auto-enrolment obligations. 

All staff are entitled to join the Royal Albert Hall Stakeholder Pension Plan, which with effect from 1 September 2006 is the only scheme open to new entrants. 

The Royal Albert Hall Pension Scheme has both a defined contribution section and a defined benefit section. The defined benefit section was closed to new entrants in 1997 and ceasing of accrual on 31 December 2014; the defined contribution section was closed to new entrants on 31 August 2006. 

- _Stakeholder Pension Plan and The Peoples’ Pension_ Pension costs for the Royal Albert Hall Stakeholder Pension Plan and The Peoples’ Pension are charged to the statement of financial activities as they become payable. 

- _Defined contribution section_ 

Pension costs for the defined contribution section of the Royal Albert Hall Pension Scheme are charged to the statement of financial activities as they become payable. The cost is split by department depending on the role of the individual. In 2020, the Scheme’s trustees transferred responsibility for the defined contribution section funds from the Scheme into the Legal & General (L&G) Mastertrust, which is run by a board of professional trustees independent of L&G. 

- _Defined benefit section_ 

Pension scheme assets are measured using market values. Pension scheme liabilities are measured using the projected unit actuarial method and are discounted at the current rate of return on a high-quality corporate bond of equivalent term and currency to the liability. Any increase in the present value of the liabilities within the Corporation's defined benefit section of the Scheme expected to arise from employee service in the period is allocated to the respective expense category (as outlined above) in respect to staff costs. 

## **Tangible fixed assets** 

All assets costing more than £10,000 (other than heritage assets – see below) which have an expected useful life exceeding one year are capitalised. 

Freehold land comprising car parking spaces and those assets included in the art collection are included in the accounts at their deemed cost having taken advantage of the transitional rules of the previous accounting standard, FRS15: Tangible Assets (see note 11 for details). All other assets are included at cost. 

81 



## **Principal accounting policies** Year to 31 December 2025 

## **Tangible fixed assets (continued)** 

Tangible fixed assets are depreciated at the following annual rates in order to write them off over their estimated useful lives: 

-  Property costs 5% - 10% per annum based on cost  Basement 1% per annum based on cost  Plant, fixtures, fittings and equipment 5% - 20% per annum based on cost  Computers and office equipment 20 - 33.3% per annum based on cost 

Expenditure on the general upkeep of the building and ‘like for like’ replacements (which allows for some technological developments and other advancements) is expensed. Expenditure on the building is capitalised if it fits within the criteria for capitalisation highlighted within FRS102 which refers generally to the recognition of an “asset” if and only if: 

a) it is probable that future economic benefits associated with the item will flow to the entity; and 

b) the cost of the item can be measured reliably. 

Assets under construction are not depreciated until complete and operational. 

No depreciation is charged on freehold land. 

No depreciation is provided on the Hall’s Art Collection as its expected useful life is indefinite. Annual impairment reviews are undertaken and provision is made accordingly. 

## **Intangible fixed assets** 

In accordance with FRS 102 website and digital costs have been recognised as intangible assets as they can be identified with a project anticipated to produce future benefits. On initial recognition, assets are measured at cost and include all costs directly attributable to bringing them into working condition. Property rights to seats within the Hall are also included in intangible assets. 

Intangible fixed assets are amortised at the following annual rates in order to write them off over their estimated useful lives (see Depreciation and amortisation in note 5): 

-  Website / Software     20-33% per annum based on cost 

Property rights are no longer amortised. The council reviews the valuation of the property rights annually for impairment in their value and it considers that that the residual value is not less than their present carrying value, no amortisation is charged. 

82 



**Principal accounting policies** Year to 31 December 2025 

## **Heritage assets** 

The land and buildings comprising the Royal Albert Hall have been classified as heritage assets. The Hall is an asset of acknowledged historic importance and must be held indefinitely in direct furtherance of the Corporation’s charitable objects i.e. to maintain the Hall and, through its use, to promote the arts and sciences. 

Following the creation of the Archive room in 2023, Council has reviewed the classification of the Archival collection in the financial statements and has determined that it should be regarded as a Heritage asset given its unique status documenting the history and development of the Hall. 

The collection is held primarily for its contribution to knowledge and culture and is now accessible to the public and for academic research. Where valuations have been easily ascertainable, items in the collection have been recognised in the financial statements at their estimated value on adoption of FRS102 which has been treated as deemed cost. Other items in the Archival collection have not been accorded a value in these financial statements as their original cost or value on accession occurred many years ago and is therefore no longer available, and in many cases would not be material to the financial statements. 

As reliable cost information is not available and conventional valuation approaches lack sufficient meaning given that certain aspects of the building and its historic significance are irreplaceable, no value is included on the balance sheet in respect of the Hall. 

As explained fully within note 13 of the accounts, all subsequent expenditure incurred on the land and buildings of the Royal Albert Hall is reviewed to determine whether it meets the criteria set out in FRS 102 for capitalising subsequent expenditure on an asset. Where the criteria is not met the expenditure is accounted for through the statement of financial activities. 

## **Investments** 

Investments are held at the market value at the balance sheet date. The Statement of Financial Activities includes realised and unrealised gains and losses arising from the disposal or revaluation of investments in the year. 

Investments include cash deposits held for investment purposes for a period over 12 months. These are held at their fair value. 

83 



**Principal accounting policies** Year to 31 December 2025 

## **Fund accounting** 

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose or contributions, subject to donor-imposed conditions. 

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects – based on decisions made by Trustees 

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the Corporation’s charitable objects. 

## **Government loan** 

The £20.7m loan from Arts Council England and the Department of Culture, Media and Sport is considered to be a public benefit entity concessionary loan as the interest rate of the loan is below the prevailing market rate. 

The loan is valued at amortised cost using the effective interest method. Interest is accrued annually at 2% and is repayable over 20 years, with a repayment holiday for the first four years. The interest is accrued and added to the initial £20.7m loan. 

Repayments commenced on the loan in March 2025. 

84 



## **Notes to the accounts** 31 December 2025 

## **1 Donations and legacies** 

|Donations<br>Legacies|**2025**<br>**Restricted**<br>**funds**<br>**£’000**|**2025**<br>**Unrestricted**<br>**funds**<br>**£’000**|<br>**2024**<br>Restricted<br>funds<br>£’000<br>**2024**<br>Unrestricted<br>funds<br>£’000|
|---|---|---|---|
||**2,268**<br>**-**|**2,333**<br>**-**|**1,457**<br>**1,728**<br>**-**<br>**130**|
||**2,268**|**2,333**|**1,457**<br>**1,858**|



## **2 Income from charitable activities** 

|Rentals<br>Ticket commission<br>Members’ contribution<br>Restoration / Recovery levy<br>Other|**2025**<br>**Restricted**<br>**funds**<br>**£’000**|**2025**<br>**Unrestricted**<br>**funds**<br>**£’000**|<br>**2024**<br>Restricted<br>funds<br>£’000<br>**2024**<br>Unrestricted<br>funds<br>£’000|
|---|---|---|---|
||**-**<br>**-**<br>**-**<br>**-**<br>**-**|**4,701**<br>**33,976**<br>**2,361**<br>**1,717**<br>**5,314**|-<br>**4,311**<br>-<br>**29,555**<br>-<br>**2,143**<br>-<br>**1,494**<br>-<br>**3,671**|
||**-**|**48,069**|-<br>**41,174**|



## **3 Income from other activities** 

|Rental<br>Ticket sales and commission<br>Concessions and licences granted<br>Other show-related income<br>Other income|**2025**<br>**Restricted**<br>**funds**<br>**£’000**|**2025**<br>**Unrestricted**<br>**funds**<br>**£’000**|<br>**2024**<br>Restricted<br>funds<br>£’000<br>**2024**<br>Unrestricted<br>funds<br>£’000|
|---|---|---|---|
||**-**<br>**-**<br>**-**<br>**-**<br>**-**|**53**<br>**4,354**<br>**9,383**<br>**863**<br>**1,223**|-<br>**53**<br>-<br>**1,901**<br>-<br>**8,637**<br>-<br>**989**<br>-<br>**1,190**|
||**-**|**15,876**|-<br>**12,770**|



Please see note 16 for information on the Corporation’s wholly owned trading subsidiary, Royal Albert Hall Developments Limited. 

85 



## **Notes to the accounts** 31 December 2025 

## **4 Analysis of expenditure on charitable activities** 

||Maintaining<br>and<br>developing<br>the Hall<br>£’000|Promoting<br>the arts and<br>sciences<br>£’000|**2025**<br>**Total**<br>**£’000**|**2024**<br>Total<br>£’000|
|---|---|---|---|---|
|Building maintenance<br>Building refurbishment and improvements<br>Security and housekeeping<br>Archives<br>Ticketing<br>Show management and production<br>Front of house services<br>Programming, marketing and PR<br>Engagement activities<br>Miscellaneous<br>Support costs (see note 5)|2,415<br>2,779<br>3,162<br>180<br>-<br>-<br>-<br>-<br>-<br>-<br>3,661|<br>-<br> <br>-<br> <br>2,278<br> <br>-<br> <br>3,575<br>18,541<br> <br>5,267<br> <br>2,266<br> <br>736<br> <br>2,138<br> <br>7,926|<br>**2,415**<br> <br>**2,779**<br> <br>**5,440**<br> <br>**180**<br> <br>**3,575**<br> <br>**18,541**<br> <br>**5,267**<br> <br>**2,266**<br> <br>**736**<br> <br>**2,138**<br> <br>**11,587**|**2,587**<br>**2,194**<br>**4,631**<br>**131**<br>**3,126**<br>**13,231**<br>**4,824**<br>**2,028**<br>**393**<br>**2,140**<br>**10,681**|
||12,197|<br>42,727|<br>**54,924**|**45,966**|



## **5 Support costs** 

||Maintaining<br>and<br>developing<br>the Hall<br>£’000|Promoting<br>the arts and<br>sciences<br>£’000|**2025**<br>**Total**<br>**£’000**|**2024**<br>Total<br>£’000|
|---|---|---|---|---|
|Finance and information systems<br>Administration and human resources<br>Overheads and insurance<br>Utilities<br>Depreciation and amortisation<br>General Office<br>Governance costs (note 6)|601<br>384<br>620<br>313<br>819<br>101<br>822|<br>2,117<br> <br>1,640<br> <br>529<br> <br>1,108<br> <br>2,503<br> <br>29<br> <br>-|<br>**2,718**<br> <br>**2,025**<br> <br>**1,149**<br> <br>**1,421**<br> <br>**3,322**<br> <br>**130**<br> <br>**822**|**2,428**<br>**1,858**<br>**1,190**<br>**1,298**<br>**2,902**<br>**107**<br>**898**|
||3,661|<br>7,926|<br>**11,587**|**10,681**|



Support costs that can be directly attributed to an activity have been allocated accordingly. Where support costs relate to more than one activity the cost has been allocated on a head count basis, with the exception of depreciation costs which have been allocated on an analysis of usage. 

86 



## **Notes to the accounts** 31 December 2025 

## **6 Governance costs** 

||Maintaining<br>and<br>developing<br>the Hall<br>£’000|Promoting<br>the arts and<br>sciences<br>£’000|**2025**<br>**Total**<br>**£’000**|**2024**<br>Total<br>£’000|
|---|---|---|---|---|
|Salaries, wages and related costs<br>General office<br>Audit fees<br>Legal and other professional fees|-<br>-<br>-<br>-|<br>239<br> <br>322<br> <br>74<br> <br>187|<br>**239**<br> <br>**322**<br> <br>**74**<br> <br>**187**|**223**<br>**255**<br>**69**<br>**351**|
||-|<br>822|<br>**822**|**898**|



## **7 Auditor’s remuneration** 

||**2025**<br>**£’000**|**2024**<br>£’000|
|---|---|---|
|Group audit<br>Taxation services<br>Other services|**74**<br>**3**<br>**35**|**69**<br>**3**<br>**12**|



## **8 Staff costs** 

||**2025**<br>**£’000**|**2024**<br>£’000|
|---|---|---|
|Salaries<br>Social security costs<br>Pension costs<br>Staff benefits|**15,841**<br>**1,592**<br>**787**<br>**202**|**14,367**<br>**1,227**<br>**705**<br>**194**|
||**18,422**|**16,493**|



The Council Members were not paid and did not receive any other benefits from employment with the Corporation or its subsidiaries in the year (2024: £nil). Two members of Council received out of pocket expenses in the year of £440 (2024: One member of £943). Additional expenses were incurred by Council in the sum of £6,869 for meals with Council members or the Hall’s Members (2024: £5,343). No Council Member received payment for professional or other services supplied to the Corporation (2024: £nil). 

Ex gratia and termination payments in the year totalled £110k (2024: £42k). Of this amount, at the year-end £nil (2024: £nil) was still to be paid. 

The key management personnel of the Corporation comprise the Council Members and members of the Executive. The total employee benefits of the key management personnel of the Corporation were £1,282k (2024: £1,336k). 

87 



## **Notes to the accounts** 31 December 2025 

## **8 Staff costs (continued)** 

The average number of employees during the year, analysed by function, was as follows: 

||**2025**<br>**Number**|**Full-time**<br>**equivalent**<br>**2025**<br>**Number**|**2024**<br>Number|Full-time<br>equivalent<br>**2024**<br>Number|
|---|---|---|---|---|
|Generating funds<br>Maintaining the Hall<br>Promoting arts and sciences<br>Administration and support<br>Governance|**9**<br>**55**<br>**368**<br>**44**<br>**2**|**9**<br>**48**<br>**249**<br>**43**<br>**2**|**6**<br>**51**<br>**364**<br>**40**<br>**2**|**6**<br>**44**<br>**246**<br>**40**<br>**2**|
||**478**|**351**|**463**|**338**|



The number of employees whose total emoluments were £60,000 or more (including taxable benefits but excluding employer's pension contributions) during the year was as follows: 

||**2025**<br>**Number**|**2024**<br>Number|
|---|---|---|
|£60,001 - £70,000<br>£70,001 - £80,000<br>£80,001 - £90,000<br>£90,001 - £100,000<br>£100,001 - £110,000<br>£110,001 - £120,000<br>£130,001 - £140,000<br>£140,001 - £150,000<br>£170,001 - £180,000<br>£190,001 - £200,000<br>£210,001- £220,000|**11**<br>**7**<br>**5**<br>**2**<br>**3**<br>**1**<br>**2**<br>**1**<br>**-**<br>**-**<br>**1**|**8**<br>**6**<br>**3**<br>**2**<br>**3**<br>**1**<br>**2**<br>**-**<br>**-**<br>**-**<br>**1**|
||**33**|**26**|



Emoluments include remuneration, benefits-in-kind and (where relevant) redundancy payments. There are no employees accruing benefits under the Corporation’s defined benefit scheme whose emoluments exceeded £60,000 (2024: none). Total employer’s pension contributions for the provision of money purchase benefits for employees whose emoluments exceeded £60,000 were £190K (2024: £196k). 

Throughout the year the Corporation secured indemnity insurance under a policy covering the members of Council and the directors, Trustees and officers of the subsidiary company and related trust. The total premium charged to the Corporation was £18k (2024: £18k) and the cover provided totalled £5m (2024: £5m). 

88 



## **Notes to the accounts** 31 December 2025 

## **9 Related party transactions** 

During the year the Royal Albert Hall Trust, a related charity, made a donation to the Corporation of £4.2m (2024: £1.2m). As summarised in note 17, at the year-end the Corporation owed its trading subsidiary Royal Albert Hall Developments Limited £1.5m (2024: £1.6k owing to the Corporation). The Corporation owed Royal Albert Hall Trust £1.9m at year end (2024: £3.3m). 

In accordance with the Corporation’s Charter, elected Council members (which exclude appointed Council Members) are required to be seatholders. For a detailed explanation of the relationship and transactions between Council members and the Corporation, please see under ‘Council members’, within “Structure, governance and management” section, on pages 34 to 65. 

At the year-end there was a total of £35k (2024: £29k) due to Council Members in respect of rebate income collected during 2025 which will be paid across in 2026. At the year-end there was a total of £nil (2024: £nil) due from Council Members in respect of annual contributions and supplementary seat rate charged during 2025. 

The key matters are summarised in the table below: 

||**2025**|**2024**|
|---|---|---|
||**Number**|**Number**|
|Number of seats owned by Council members|50|43|
|Number of seats owned by parties related to Council members|108|108|
|Number of tickets returned by Council members and related parties through ticket|23,674|22,082|
|return scheme|||
|Number of complimentary tickets issued to Council members under the GT29 policy|71|69|
||**2025**|**2024**|
||**£**|**£**|
|Total seat rate amount paid by Council members and related parties|297,040|255,190|
|Total rebate amount received by Council members and related parties|106,931|87,639|
|Amount distributed to Council members & related parties for returned Tickets|1,022,855|869,584|
|Face value of complimentary tickets requested by Council members under the GT29|9,598|7,849|
|policy|||
|Value of discount received on food and beverage available at the Hall|9,942|2,553|
|Donations from Council members and Trustees|149,577|66,494|



89 



## **Notes to the accounts** 31 December 2025 

## **10 Taxation** 

The Corporation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities 

90 



**Notes to the accounts** 31 December 2025 

## **11 Tangible fixed assets** 


91 



## **Notes to the accounts** 31 December 2025 

## **11 Tangible fixed assets (continued)** 

As permitted under FRS 102, the Corporation has continued a policy of not revaluing its tangible fixed assets. The book values of tangible fixed assets held are derived as follows: 

-  Freehold land comprising car parking spaces situated below the Royal Albert Hall, London, SW7 are being carried at a deemed cost of £1.6m. This is based on advice received from Messrs Stile Harold Williams, Surveyors and Valuers during 2001, the Corporation having taken advantage of the transitional accounting rules available at the time. 

-  Leasehold land comprising the purchase of additional land in 2016, valued at cost, to enable the basement development work to the southwest of the building. 

-  The Corporation’s art collections are included in the accounts at a deemed cost. This was following a valuation made by Messrs King Sturge, Chartered Surveyors in 2001, the Corporation having taken advantage of the transitional accounting rules available at the time. A valuation by Christie’s took place in 2025 which stated that impairment of £21K had taken place and the NBV at 31 December 2025 is now £516K. 

-  The Archival Collection relates to £353k of assets which form part of the Hall’s Archive material. These are now classified as heritage assets and further information is provided in note 13. 

-  Fixtures and fittings, equipment, computers and office equipment are all included in the accounts at cost less depreciation. 

-  Subsequent expenditure on the building that meets the criteria for capitalisation under FRS102 is capitalised at cost. 

The historical cost of assets included above at a valuation is not available. Many of the assets were acquired a significant number of years ago and the expense associated with researching their original cost outweighs any benefit derived from having such information. 

At 31 December 2025 the Corporation had capital commitments of £1.8m (2024: 4.5m). 

92 



**12 Intangible fixed assets** 

## **Notes to the accounts** 31 December 2025 

## **Charity** 


Property rights consist of seats which the Corporation purchased from Members and receives income in respect of. During the year the Corporation purchased seats for £2.3million. The rights to use these seats in the Hall are recognised as intangible assets. No amortisation has been charged on the basis that the value in use exceeds the acquisition price. 

93 



## **Notes to the accounts** 31 December 2025 

## **12 Tangible fixed assets (continued) Group** 


All intangible fixed assets were acquired, none were internally developed. 

Included in the group intangible fixed assets are the rights to a seat in the Hall which was bequeathed to the subsidiary charity during 2024. 

## **13 Heritage assets** 

The land and buildings comprising the Royal Albert Hall are defined as heritage assets for the purposes of these accounts. Under the Corporation’s Royal Charter the Hall, which is an asset of acknowledged historic importance, must be held indefinitely so as to fulfil the Corporation’s primary charitable objectives of maintaining the Hall and, through its use, promoting the arts and sciences. 

The nature of the land and buildings means that any meaningful and/or conventional valuation of the Royal Albert Hall is not possible. The historic importance of the Hall means that certain aspects of the building and its historic significance are irreplaceable. The land and buildings, therefore, appear at nil value on the Corporation’s balance sheet. 

The assets comprise the land and buildings known as the Royal Albert Hall, situated at Kensington Gore, London SW7 and demised under a 999-yearlease dated 25 March 1872. 

The Hall is valued for insurance purposes only at a gross reinstatement cost of £503m, (2024: £484m) based on a surveyor’s valuation as at October 2025 by Ecclesiastical Insurance. 

94 



## **Notes to the accounts** 31 December 2025 

## **13 Heritage assets (continued)** 

While not shown in the accounts, the operating expenditure includes the ground rent of one shilling (5p) a year payable to the owners of the Hall’s freehold, The Royal Commission for the Exhibition of 1851. 

The Hall capitalises expenditure on removable fittings, computers and equipment. Expenditure on the general upkeep of the building and ‘like for like’ replacements (which allows for some technological developments and other advancements) is expensed. 

Fixed asset additions to heritage assets in 2025 totalled £9.5m (2024: £2.0m). This 

included completion of the Artists Bar. 

In addition to the Hall itself, the Corporation owns an Archival Collection of over 100,000 items which provide a unique insight into the history and development of the Hall. During 2023 a new Archive room was created in order to make the collection more accessible to the public and for research. Certain items have been recognised at a valuation (total £353k) where this can be easily established. However, the majority of items (documents, paintings, memorabilia etc) are unique to the Hall and therefore cannot be valued according to conventional valuation techniques. The collection has been built up since the Hall’s inception and is continually added to in order to provide a permanent record of the Hall’s activities. In many cases the items have little or no intrinsic value and their original cost would not be material to the financial statements. 

|**Expenditure on heritage assets**<br>**Capital expenditure**<br>Facilities for performers and the public<br>Other building works and fees<br>**Revenue expenditure**<br>Facilities for performers and the public<br>The building’s structure<br>The auditorium<br>Other building works and fees|**2025**<br>**2024**<br>**2023**<br>**2022**<br>**2021**<br>**£'000**<br>**£'000**<br>**£'000**<br>**£'000**<br>**£'000**|
|---|---|
||6,136<br>2,034<br>4,956<br>1,067<br>1,001<br>3,380<br>28<br>219<br>58<br>4,082|
||**9,516**<br>**2,062**<br>**5,175**<br>**1,125**<br>**5,083**<br>248<br>1,214<br>1,278<br>576<br>7<br>734<br>470<br>-<br>29<br>247<br>1,070<br>19<br>-<br>64<br>-<br>284<br>95<br>36<br>64<br>406|
||**2,336**<br>**1,798**<br>**1,314**<br>**733**<br>**660**|
||**11,852**<br>**3,860**<br>**6,489**<br>**1,858**<br>**5,743**|



The above table shows that £9.5 million of the total tangible fixed asset additions in the year relate to heritage assets. A further £2.3 million of non-capital spend was incurred in relation to heritage assets. 

95 



## **Notes to the accounts** 31 December 2025 

## **14 Leases** 

The Corporation had the following future minimum lease payments under noncancellable operating leases for each of the following periods: 

||**Corporation**<br>**2025**<br>**£’000**|**Group**<br>**2025**<br>**£’000**|Corporation<br>2024<br>£’000|Group<br>2024<br>£’000|
|---|---|---|---|---|
|Not later than one year<br>Between one and five years<br>Later than five years|**14**<br>**20**<br>**-**|<br>**14**<br> <br>**20**<br> <br>**-**|**12**<br>**32**<br>**-**|**12**<br>**32**<br>**-**|
||**34**|<br>**34**|**44**|**44**|



The above leases relate to office equipment. 

## **15 Investments** 

|**Group**|**2025**<br>**£’000**<br>**3,000**<br>**20,446**<br>**2,011**<br>**25,457**|**2024**<br>£’000|
|---|---|---|
|**A**Cash deposits<br>**B**Bond portfolio<br>**C**Investment fund||**3,000**<br>**-**<br>-|
|||**11,500**|



## **A Cash deposits** 

|The corporation holds cash deposits maturing in greater than 12 months as follows:<br>**Corporation**<br>**2025**<br>**£’000**<br>**Group**<br>**2025**<br>**£’000**<br>Corporation<br>2024<br>£’000<br>Group<br>2024<br>£’000<br>Cash deposits<br>**3,000**<br>**3,000**<br>11,500<br>11,500<br>**3,000**<br>**3,000**<br>11,500<br>11,500|The corporation holds cash deposits maturing in greater than 12 months as follows:<br>**Corporation**<br>**2025**<br>**£’000**<br>**Group**<br>**2025**<br>**£’000**<br>Corporation<br>2024<br>£’000<br>Group<br>2024<br>£’000<br>Cash deposits<br>**3,000**<br>**3,000**<br>11,500<br>11,500<br>**3,000**<br>**3,000**<br>11,500<br>11,500|The corporation holds cash deposits maturing in greater than 12 months as follows:<br>**Corporation**<br>**2025**<br>**£’000**<br>**Group**<br>**2025**<br>**£’000**<br>Corporation<br>2024<br>£’000<br>Group<br>2024<br>£’000<br>Cash deposits<br>**3,000**<br>**3,000**<br>11,500<br>11,500<br>**3,000**<br>**3,000**<br>11,500<br>11,500|The corporation holds cash deposits maturing in greater than 12 months as follows:<br>**Corporation**<br>**2025**<br>**£’000**<br>**Group**<br>**2025**<br>**£’000**<br>Corporation<br>2024<br>£’000<br>Group<br>2024<br>£’000<br>Cash deposits<br>**3,000**<br>**3,000**<br>11,500<br>11,500<br>**3,000**<br>**3,000**<br>11,500<br>11,500|
|---|---|---|---|
|Cash deposits|**3,000**|<br>**3,000**|11,500|
||**3,000**|<br>**3,000**|11,500|



## **B Bond portfolio** 

These consist of medium dated, investment grade, sterling, fixed income securities. The bond portfolio is intended to be held to maturity. Please see Investment Policy for further information. 

||**Bond**<br>**£’000**|**Cash**<br>**£’000**|**Total**<br>**£’000**|2024<br>£’000|
|---|---|---|---|---|
|Balance at 1 January 2025<br>Additions<br>Disposals<br>Movement in cash<br>Gain/ (loss) on revaluation<br>Balance at 31 December 2025|**-**<br>**21,040**<br>**(1,120)**<br>**-**<br>**449**|<br>**-**<br> <br>**80**<br>**-**<br>**(3)**<br> <br>**-**|**-**<br>**21,120**<br>**(1,120)**<br>**(3)**<br>**449**|**-**<br>**-**<br>**-**<br>**-**<br>**-**|
||**20,369**|<br>**77**|**20,446**|**-**|



96 



## **Notes to the accounts** 31 December 2025 

## **15 Investments (continued)** 

## **C  Investment Fund** 

|**C  Investment Fund**||
|---|---|
||**2025**<br>**£’000**|
|Balance at 1 January 2025<br>Additions<br>Gain / (loss) on valuation<br>**Balance as at 31 December 2025**|**-**<br>**2,000**<br>**11**<br>**2,011**|



This is a passively managed equity fund held with Legal and General with ethical and responsible standards. It consists of UK and global equities and is weighted to give greater weight to companies that score well against environmental, social and governance criteria. 

97 



## **Notes to the accounts** 31 December 2025 

## **16 Investment in subsidiary undertakings** 

## **Royal Albert Hall Developments Limited** 

The Corporation’s subsidiary is Royal Albert Hall Developments Limited (RAHDL) which is incorporated in England (company number 1539294). In 2024 RAHDL wound up its subsidiary company RAH Concerts Limited which was incorporated in England (company number 10664172). The principal activities of Royal Albert Hall Developments Limited are the licensing of the Royal Albert Hall to third parties, the sales of box packages to corporate clients, the receipt of income from catering and services provided to patrons of the Royal Albert Hall by concessionaires appointed by the company, tours, a shop, merchandise sales, a car parking concession, and events which are outside of the Hall’s charitable objectives. The Corporation’s investment in Royal Albert Hall Developments Limited comprises 25,000 ordinary shares of £1 each, being the entire issued share capital of that company. 

A summary of the financial results of the company is shown below. 

|**Statement of Comprehensive Income**<br>Turnover<br>Cost of sales<br>Operating profit<br>Net interest receivable<br>Profit on ordinary activities before taxation<br>Tax on ordinary activities<br>Profit on ordinaryactivities after taxation<br>Retained earnings at the start of theperiod<br>Deed of Covenantpayable to the Corporation<br>Retained earnings at the end of theperiod<br>**Summarised balance sheet**<br>Current assets<br>Creditors: amounts fallingdue within oneyear<br>Net assets<br>Called up share capital<br>Profit and loss account|**2025**<br>**£’000**|2024<br>£’000|
|---|---|---|
||**15,874**<br>**(7,680)**|12,770<br>(5,746)|
||**8,194**<br>**11**|7,024<br>731|
||**8,205**<br>**-**|7,755<br>-|
||**8,205**|7,755|
||**-**|-|
||**(8,205)**|(7,755)|
||**-**|-|
||||
||**2025**<br>**£’000**|2024<br>£’000|
||**7,738**<br>**(7,713)**|5,129<br>(5,104)|
||**25**|25|
||**25**<br>**-**|25<br>-|
||**25**|25|



## **17 Stock** 

||**Corporation**<br>**2025**<br>**£’000**|**Group**<br>**2025**<br>**£’000**|Corporation<br>**2024**<br>£’000|Group<br>**2024**<br>£’000|
|---|---|---|---|---|
|Stock|**-**|**196**|-|**216**|
||**-**|**196**|-|**216**|



98 



## **Notes to the accounts** 31 December 2025 

## **18 Debtors** 

|**Debtors**|||||
|---|---|---|---|---|
||**Corporation**<br>**2025**<br>**£’000**|**Group**<br>**2025**<br>**£’000**|Corporation<br>**2024**<br>£’000|Group<br>**2024**<br>£’000|
|Rentals and concession income receivable<br>Other debtors<br>Prepayments and accrued income|**3,128**<br>**218**<br>**3,363**|<br>**7,570**<br> <br>**239**<br> <br>**3,453**|**2,371** <br>**112** <br>**2,357**|**5,100**<br>**1,016**<br>**2,370**|
||**6,709**|<br>**11,262**|**4,840**|**8,486**|



## **19 Creditors: amounts falling due within one year** 

||**Corporation**<br>**2025**<br>**£’000**|**Group**<br>**2025**<br>**£’000**|**Corporation**<br>**2024**<br>**£’000**|**Group**<br>**2024**<br>**£’000**|
|---|---|---|---|---|
|Other loans<br>Trade creditors<br>Other creditors<br>Social security and other payroll taxes<br>Accruals<br>VAT<br>Amounts due to subsidiary<br>Deferred Income (see note 20)|**1,584**<br>**5,327**<br>**21,830**<br>**443**<br>**7,974**<br>**1,093**<br>**3,463**<br>**11,322**|**1,584**<br> <br>**5,572**<br> <br>**23,612**<br> <br>**443**<br> <br>**10,045**<br> <br>**1,852**<br>**-**<br> <br>**14,346**|**1,584**<br>**3,918** <br>**18,424** <br>**379** <br>**5,683** <br>**858** <br>**3,250**<br>**5,612**|**1,584**<br>**3,926**<br>**20,005**<br>**379**<br>**6,913**<br>**1,162**<br>**-**<br>**7,755**|
||**53,036**|<br>**57,454**|**39,706**|**41,724**|



Included within other creditors are amounts of £19.4m (2024: £15.9m) held in respect to ticket sales for future performances hosted by third parties which is held on their behalf and will be passed on to promoters in due course as part of the show settlement process. Included in other creditors is £41K of unpaid pension contributions (2024: £39k). 

## **20 Deferred Income** 

|**Deferred Income**|||
|---|---|---|
||**Corporation**<br>**2025**<br>**£’000**|**Group**<br>**2025**<br>**£’000**|
|Balance as at 1 January<br>Amount released to incoming resources<br>Amount deferred in year<br>Balance as at 31 December|**5,612**<br>**(5,469)**<br>**11,179**|**7,755**<br>**(5,530)**<br>**12,121**|
||**11,322**|**14,346**|



Deferred income for the Corporation comprises deposits on future lettings of £4.1m (2024: £3.1m) and advance ticket sales on RAH presents performances of £7.2m (2024: £2.5m) relating to performances after the balance sheet date. Deferred income for the Group comprises deposits on future lettings of £4.1m (2024: £3.1m), advance ticket sales on RAH presents performances of £8.3m (2024: £2.9m) and other advance income £2.0m (2024: £1.2m) relating to performances after the balance sheet date. 

99 



## **Notes to the accounts** 31 December 2025 

## **21 Creditors: amounts falling due over one year** 

||**Corporation**<br>**2025**<br>**£’000**<br>**19,759**<br>**19,759**|**Group**<br>**2025**<br>**£’000**|Corporation<br>2024<br>£’000|Group<br>2024<br>£’000|
|---|---|---|---|---|
|Other loans (see below)||<br>**19,759**|20,745|<br>20,745|
|||<br>**19,759**|20,745|<br>20,745|



## **Government Loan** 

|**Government Loan**|||
|---|---|---|
||**2025**<br>**£’000**|2024<br>£’000|
|Amounts payable:<br>Under 1 year<br>1 – 5 years<br>Over 5 years|**1,584**<br>**6,335**<br>**13,244**|1,584<br>6,335<br>14,409|
||**21,163**|22,328|



In March 2021 the Hall received a loan of £20.7m from Arts Council England and the Department of Culture, Media and Sport as part of the Culture Recovery Fund. The loan incurs an annual interest charge of 2%, which has been accrued and added to the total amount payable, and is repayable over 20 years, with a repayment holiday for the first four years. Repayments commenced in March 2025. 

## **22 Restricted funds** 

||**Balance**<br>**at**<br>**1 January**<br>**2025**<br>**£’000**<br>**Income**<br>**£’000**<br>**Expenditure***<br>**£’000**<br>**Transfers**<br>**£’000**<br>**Balance at**<br>**31 December**<br>**2025**<br>**£’000**<br>37<br>546<br>(563)<br>-<br>20<br>**37**<br>**546**<br>**(563)**<br>**-**<br>**20**<br>309<br>-<br>(103)<br>-<br>206<br>**309**<br>**-**<br>**(103)**<br>**-**<br>**206**<br>2,157<br>562<br>-<br>(2,719)<br>-<br>-<br>62<br>-<br>(62)<br>-<br>750<br>150<br>-<br>-<br>900<br>-<br>827<br>-<br>-<br>827<br>-<br>121<br>-<br>(121)<br>-<br>**2,907**<br>**1,722**<br>**-**<br>**(2,902)**<br>**1,727**<br>**3,253**<br>**2,268**<br>**(666)**<br>**(2,902)**<br>**1,953**<br>97<br>-<br>(97)<br>-<br>-<br>**97**<br>**-**<br>**(97)**<br>**-**<br>**-**<br>**3,350**<br>**2,268**<br>**(763)**<br>**(2,902)**<br>**1,953**|**Balance**<br>**at**<br>**1 January**<br>**2025**<br>**£’000**<br>**Income**<br>**£’000**<br>**Expenditure***<br>**£’000**<br>**Transfers**<br>**£’000**<br>**Balance at**<br>**31 December**<br>**2025**<br>**£’000**<br>37<br>546<br>(563)<br>-<br>20<br>**37**<br>**546**<br>**(563)**<br>**-**<br>**20**<br>309<br>-<br>(103)<br>-<br>206<br>**309**<br>**-**<br>**(103)**<br>**-**<br>**206**<br>2,157<br>562<br>-<br>(2,719)<br>-<br>-<br>62<br>-<br>(62)<br>-<br>750<br>150<br>-<br>-<br>900<br>-<br>827<br>-<br>-<br>827<br>-<br>121<br>-<br>(121)<br>-<br>**2,907**<br>**1,722**<br>**-**<br>**(2,902)**<br>**1,727**<br>**3,253**<br>**2,268**<br>**(666)**<br>**(2,902)**<br>**1,953**<br>97<br>-<br>(97)<br>-<br>-<br>**97**<br>**-**<br>**(97)**<br>**-**<br>**-**<br>**3,350**<br>**2,268**<br>**(763)**<br>**(2,902)**<br>**1,953**|
|---|---|---|
|**Engagement Fund:**<br>Engagement<br>**Total Engagement Fund**<br>**Production Fund:**<br>Associated Artists<br>**Total Production Fund**<br>**Building Fund:**<br>**Capital Appeal**<br>Artists Bar<br>Dressing room<br>Door 6 restoration<br>Grand Organ Restoration<br>Wider Estate Plan<br>**Total Building Fund:**<br>**Royal Albert Hall Trust**<br>Public Realm Grant<br>**Corporation**<br>**Group**|37<br>546|(563)<br>-|
||**37**<br>**546**|**(563)**<br>**-**|
||309<br>-|(103)<br>-|
||**309**<br>**-**|**(103)**<br>**-**|
||2,157<br>562<br>-<br>62<br>750<br>150<br>-<br>827<br>-<br>121|-<br>(2,719)<br>-<br>(62)<br>-<br>-<br>-<br>-<br>-<br>(121)|
||**2,907**<br>**1,722**|**-**<br>**(2,902)**|
||||
||**3,253**<br>**2,268**|**(666)**<br>**(2,902)**|
||97<br>-|(97)<br>-|
||**97**<br>**-**|**(97)**<br>**-**|
||||
||**3,350**<br>**2,268**|**(763)**<br>**(2,902)**|



100 



**Notes to the accounts** 31 December 2025 

## **22 Restricted Funds (Continued)** 

_* Please note: donations are received by the Royal Albert Trust and then granted to the Corporation to fund the delivery of each initiative._ 

||**Balance at**<br>**1 January**<br>**2024**<br>**£’000**<br>**Income**<br>**£’000**<br>**Expenditure***<br>**£’000**<br>**Transfers**<br>**£’000**<br>**Balance at**<br>**31 December**<br>**2024**<br>**£’000**|**Balance at**<br>**1 January**<br>**2024**<br>**£’000**<br>**Income**<br>**£’000**<br>**Expenditure***<br>**£’000**<br>**Transfers**<br>**£’000**<br>**Balance at**<br>**31 December**<br>**2024**<br>**£’000**|**Balance at**<br>**1 January**<br>**2024**<br>**£’000**<br>**Income**<br>**£’000**<br>**Expenditure***<br>**£’000**<br>**Transfers**<br>**£’000**<br>**Balance at**<br>**31 December**<br>**2024**<br>**£’000**|
|---|---|---|---|
|**Engagement Fund:**<br>Engagement<br>**Total Engagement Fund**<br>**Production Fund:**<br>Associated Artists<br>**Total Production Fund**<br>**Building Fund:**<br>Artists Bar<br>Creator Space<br>Door 6 restoration<br>**Total Building Fund:**<br>**Royal Albert Hall Trust**<br>Public Realm Grant<br>**Corporation**<br>**Group**|106<br>477|(546)|-<br>37|
||**106**<br>**477**|**(546)**|**-**<br>**37**|
||356<br>-|(47)|-<br>309|
||**356**<br>**-**|**(47)**|**-**<br>**309**|
||1,000<br>830<br>500<br>-<br>600<br>150|-<br>-<br>-|327<br>**2,157**<br>(500)<br>**-**<br>-<br>**750**|
||**2,100**<br>**980**|**-**|**(173)**<br>**2,907**|
|||||
||**2,562**<br>**1,457**|**(593)**|**(173)**<br>**3,253**|
||144<br>-|(47)|-<br>**97**|
||144<br>**-**|(47)|**-**<br>**97**|
|||||
||**2,706**<br>**1,457**|**(640)**|**(173)**<br>**3,350**|



Restricted funds in the group comprise the Building Fund, Engagement Fund and Production Fund. 

The Engagement Fund represents donations received in respect of specific education projects to be delivered by the Corporation. This engagement programme is helping to change lives through music and is divided into three main strands of activity through supporting communities, engaging with music and discovering careers in music. 

The Production fund’s associated artist scheme is committed to developing talent and diversifying our artists and audiences. The introduction of this scheme allows us to put ourselves at the forefront of artistic innovation and positively challenge people’s perception of the Royal Albert Hall. 

101 



## **Notes to the accounts** 31 December 2025 

## **22 Restricted Funds (Continued)** 

The Building fund contains a number of projects relating to the preservation and modernisation of the Hall Building. These form part of the Capital Appeal which was officially launched in 2025 with the aim of funding the Hall’s ambitious 15-year Estate Plan. 

This includes works to upgrade the Artists Facilities backstage including the creation of a modern Artist bar and backstage space which was completed in November 2025. There is also a project to renovate the Dressing Rooms. 

Also included is a fund to complete the restoration of Door 6 (the door that faces the Prince Albert memorial). 

The Grand Organ restoration will be a multi-year project to restore the Hall’s organ. 

The Royal Albert Hall Trust is a separately constituted Trust with charitable status whose Trustees include the current President of the Corporation. Its purpose is to raise funds for future maintenance and preservation of the fabric and facilities of the Royal Albert Hall and to help fund its Engagement Programme. It periodically makes donations to the Corporation. 

During the year the Trust made a grant of £0.6m to the Corporation’s Engagement Programme (2024: £0.5m). It also made a grant of £2.9m (2024: 0.2m), to the restricted Building Fund (which comprises grants and donations raised from companies and individuals), in order to fund improvements to the building. A further grant of £0.1m (2024: £0.1m) was made to the Production Fund to fund the Hall’s Artistic Development programme. These funds were received by the Corporation and spent in the year. 

During the year a transfer of £2.9m (2024: £0.2m) was made from the Building Fund to unrestricted reserves. This represents the transfer of assets as the money has been used for the purpose for which it was given. 

102 



## **Notes to the accounts** 31 December 2025 

## **23 Unrestricted funds** 

|**Corporation**<br>Balance at 1 January<br>2025<br>Income<br>New Designations<br>Transfer<br>Utilisation/expenditure<br>Other gains/ (losses)<br>Balance at 31 December<br>2025|Tangible &<br>intangible<br>fixed assets<br>fund<br>Engagement<br>fund<br>Project<br>expenditure<br>fund<br>Pension<br>Buyout fund<br>Estate Plan<br>Fund<br>Business<br>Interruption<br>fund<br>**Total**<br>**designated**<br>**funds**<br>£’000<br>£’000<br>£’000<br>£’000<br>£’000<br>£’000<br>**£’000**|<br> <br> <br>**General**<br>**fund**<br>**Total**<br>**unrestricted**<br>**funds**<br> <br>**£’000**<br>**£’000**<br> <br>**2,323**<br>**71,130**<br>66,817<br>**66,817**<br>(24,427)<br>**-**<br>-<br>**2,902**<br>(45,138)<br>**(52,373)**<br>460<br>**460**<br> <br>**35**<br>**88,936**|
|---|---|---|
||51,727<br>600<br>1,000<br>180<br>-<br>15,300<br>**68,807**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>12,427<br>100<br>1,700<br>-<br>9,100<br>1,100<br>24,427<br>2,902<br>-<br>-<br>-<br>-<br>-<br>2,902<br>(6,335)<br>-<br>(900)<br>-<br>-<br>-<br>(7,235)<br>-<br>-<br>-<br>-<br>-<br>-||
||**60,721**<br>**700**<br>**1,800**<br>**180**<br>**9,100**<br>**16,400**<br>**88,901**||



|**Group**|Tangible &<br>intangible<br>fixed assets<br>fund<br>Engagement<br>fund<br>Project<br>expenditure<br>fund<br>Pension<br>Buyout fund<br>Estate Plan<br>Fund<br>Business<br>Interruption<br>fund<br>**Total**<br>**designated**<br>**funds**<br>**General**<br>**fund**<br>**Total**<br>**unrestricted**<br>**funds**<br>£’000<br>£’000 <br>£’000<br>£’000<br>£’000<br>£’000<br>**£’000**<br>**£’000**<br>**£’000**|Tangible &<br>intangible<br>fixed assets<br>fund<br>Engagement<br>fund<br>Project<br>expenditure<br>fund<br>Pension<br>Buyout fund<br>Estate Plan<br>Fund<br>Business<br>Interruption<br>fund<br>**Total**<br>**designated**<br>**funds**<br>**General**<br>**fund**<br>**Total**<br>**unrestricted**<br>**funds**<br>£’000<br>£’000 <br>£’000<br>£’000<br>£’000<br>£’000<br>**£’000**<br>**£’000**<br>**£’000**|Tangible &<br>intangible<br>fixed assets<br>fund<br>Engagement<br>fund<br>Project<br>expenditure<br>fund<br>Pension<br>Buyout fund<br>Estate Plan<br>Fund<br>Business<br>Interruption<br>fund<br>**Total**<br>**designated**<br>**funds**<br>**General**<br>**fund**<br>**Total**<br>**unrestricted**<br>**funds**<br>£’000<br>£’000 <br>£’000<br>£’000<br>£’000<br>£’000<br>**£’000**<br>**£’000**<br>**£’000**|Tangible &<br>intangible<br>fixed assets<br>fund<br>Engagement<br>fund<br>Project<br>expenditure<br>fund<br>Pension<br>Buyout fund<br>Estate Plan<br>Fund<br>Business<br>Interruption<br>fund<br>**Total**<br>**designated**<br>**funds**<br>**General**<br>**fund**<br>**Total**<br>**unrestricted**<br>**funds**<br>£’000<br>£’000 <br>£’000<br>£’000<br>£’000<br>£’000<br>**£’000**<br>**£’000**<br>**£’000**|Tangible &<br>intangible<br>fixed assets<br>fund<br>Engagement<br>fund<br>Project<br>expenditure<br>fund<br>Pension<br>Buyout fund<br>Estate Plan<br>Fund<br>Business<br>Interruption<br>fund<br>**Total**<br>**designated**<br>**funds**<br>**General**<br>**fund**<br>**Total**<br>**unrestricted**<br>**funds**<br>£’000<br>£’000 <br>£’000<br>£’000<br>£’000<br>£’000<br>**£’000**<br>**£’000**<br>**£’000**|Tangible &<br>intangible<br>fixed assets<br>fund<br>Engagement<br>fund<br>Project<br>expenditure<br>fund<br>Pension<br>Buyout fund<br>Estate Plan<br>Fund<br>Business<br>Interruption<br>fund<br>**Total**<br>**designated**<br>**funds**<br>**General**<br>**fund**<br>**Total**<br>**unrestricted**<br>**funds**<br>£’000<br>£’000 <br>£’000<br>£’000<br>£’000<br>£’000<br>**£’000**<br>**£’000**<br>**£’000**|Tangible &<br>intangible<br>fixed assets<br>fund<br>Engagement<br>fund<br>Project<br>expenditure<br>fund<br>Pension<br>Buyout fund<br>Estate Plan<br>Fund<br>Business<br>Interruption<br>fund<br>**Total**<br>**designated**<br>**funds**<br>**General**<br>**fund**<br>**Total**<br>**unrestricted**<br>**funds**<br>£’000<br>£’000 <br>£’000<br>£’000<br>£’000<br>£’000<br>**£’000**<br>**£’000**<br>**£’000**|
|---|---|---|---|---|---|---|---|
|Balance at 1 January 2025<br>Income<br>New Designations<br>Transfer<br>Utilisation/expenditure<br>Other gains/ (losses)<br>Balance at 31 December 2025||51,857<br>-<br>12,427<br>2,902<br>(6,335)<br>-|600 <br>- <br>100 <br>- <br>- <br>-|1,000<br>-<br>1,700<br>-<br>(900)<br>-|180<br>-<br>15,300<br>**68,937**<br>2,323<br>**71,260**<br>-<br>-<br>-<br>-<br>69,850<br>**69,850**<br>-<br>9,100<br>1,100<br>24,427<br>(24,427)<br>**-**<br>-<br>-<br>-<br>2,902<br>-<br>**2,902**<br>-<br>-<br>-<br>(7,235)<br>(48,171)<br>**(55,404)**<br>-<br>-<br>-<br>-<br>460<br>**460**|||
|||**60,851**|**700 **|**1,800**|**180**<br>**9,100**<br>**16,400**<br>**89,03 3**<br>**35**<br>**89,068**|||
|**Corporation**<br>Balance at 1 January 2024<br>Income<br>New Designations<br>Transfer<br>Utilisation/expenditure<br>Balance at 31 December 2024||Tangible &<br>intangible<br>fixed assets<br>fund<br>£’000|Engagement<br>fund<br>£’000|Project<br>expenditure<br>fund<br>£’000|Pension<br>Buyout fund<br>Business<br>Interruption<br>fund<br>£’000<br>£’000<br>1,500<br>5,400<br>-<br>-<br>-<br>9,900<br>-<br>-<br>(1,320)<br>-|**Total**<br>**designated**<br>**funds**<br>**£’000**<br>**59,022**<br>**-**<br>**14,032**<br>**173**<br>**(4,420)**|**General fund**<br>**Total**<br>**unrestricted**<br>**funds**<br>**£’000**<br>**£’000**<br>**700**<br>**59,722**<br>**54,937**<br>**54,937**<br>**(14,032)**<br>**-**<br>**-**<br>**173**<br>**(39,282)**<br>**(43,702)**<br>**2,323**<br>**71,130**<br>**General fund**<br>**Total**<br>**unrestricted**<br>**funds**<br>**£’000**<br>**£’000**<br>**700**<br>**59,722**<br>**59,068**<br>**59,068**<br>**(14,032)**<br>**-**<br>**(130)**<br>**173**<br>**(43,283)**<br>**(47,703)**<br>**2,323**<br>**71,260**|
|||51,522<br>-<br>3,132<br>173<br>(3,100)|<br>600<br>-<br> <br>-<br> <br>-<br> <br>-|-<br>-<br>1,000<br>-<br>-||||
|||**51,727**|**600**|**1,000**|**180**<br>**15,300 **|**68,807 **||
|**Group**<br>Balance at 1 January 2024<br>Income<br>New Designations<br>Transfer<br>Utilisation/expenditure<br>Balance at 1 January2024||Tangible &<br>intangible<br>fixed assets<br>fund<br>£’000|Engagement<br>fund<br>£’000|Project fund<br>£’000|<br>Business<br>Interruption<br>fund<br>Business<br>Interruption<br>fund<br>£’000<br>£’000<br>1,500<br>5,400<br>-<br>-<br>-<br>9,900<br>-<br>-<br>(1,320)<br>-|**Total**<br>**designated**<br>**funds**<br>**£’000**<br>**59,022**<br>**-**<br>**14,032**<br>**303**<br>**(4,420)**||
|||51,522<br>-<br>3,132<br>303<br>(3,100)|600<br>-<br>-<br>-<br> <br>-|-<br>-<br>1,000<br>-<br>-||||
|||**51,857**|**600**|**1,000**|**180**<br>**15,300**|**68,937 **||



103 



## **Notes to the accounts** 31 December 2025 

## **23  Unrestricted funds (continued)** 

The Tangible and Intangible Fixed Asset Funds represent the net book value of the Corporation’s fixed assets. A decision was made to separate this fund from the general fund in recognition that the tangible and intangible fixed assets are essential to the day-to-day work of the Corporation and as such their value should not be regarded as funds that are realisable to meet future contingencies. The net increase in the fund of £9.0m represents the level of capital additions during the year (net of depreciation). 

The Engagement Fund) exists to protect Education and Outreach initiatives from any adverse short-term financial performance issues the Corporation may encounter. There was no movement on this fund in the year (2024: no movement). 

The trustees set aside £1.5m in 2023 for the Pension Fund as they began to explore the opportunity of a buy out of the defined benefits pension (See note 24). During 2024 the corporation transferred a special contribution to the pension scheme of £1.3m to fund the shortfall and facilitate the initial bulk annuity purchase by the third-party insurer. The balance of £0.2m will be used to fund any further associated fees until the buy-out of the scheme. This is expected in early 2026. 

The Business Interruption Contingency Fund was set up in response to the covid-19 pandemic which had a significant impact on the Hall and its finances. The Trustees believe it is prudent for the charity to hold a contingency fund equivalent to 6 months of operating expenditure, to ensure the Hall can react proactively should a future scenario have a similar impact on the Hall’s operations. During the year £1.1m was transferred to this fund (2024: £9.9m). The closing balance held of £16.4m is considered to be 6 months of operating expenditure so the fund is at its desired level. 

The Project Expenditure fund was set aside in 2024 to meet the cost of proposed project and building expenditure. In 2025 £1.7 was transferred to this fund to meet the cost of works in the coming year (2024: £1million was transferred). There was spend of £900K in the year relating to projects in this fund. 

During the year £9.1m was added to the Estate Plan Fund. 

104 



## **Notes to the accounts** 31 December 2025 

## **24 Analysis of net assets between funds** 

|**Corporation**<br>Tangible & Intangible fixed assets<br>Fixed Asset Investments<br>Net current assets<br>Creditors over 1 year<br>Total net assets|Unrestricted fund|**2025**<br>**Total**<br>**£’000**|
|---|---|---|
||Designated<br>funds<br>£’000<br>General<br>fund<br>£’000<br>Restricted<br>funds<br>£’000||
||60,721<br>-<br>-<br>25,482<br>-<br>-<br>2,698<br>19,614<br>-<br>-<br>(19,579)<br>-|<br>**60,721**<br> <br>**25,482**<br> <br>**22,312**<br> <br>**(19,579)**|
||88,901<br>35<br>-|<br>**88,936**|



|**Group**<br>Tangible & Intangible fixed assets<br>Fixed Asset Investments<br>Net current assets<br>Creditors over 1 year<br>Total net assets<br>**Corporation**<br>Tangible & Intangible fixed assets<br>Fixed Asset Investments<br>Net current assets<br>Creditors over 1 year<br>Total net assets<br>**Group**<br>Tangible & Intangible fixed assets<br>Fixed Asset Investments<br>Net current assets<br>Creditors over 1 year<br>Total net assets|Unrestricted fund|Unrestricted fund|||
|---|---|---|---|---|
||Designated<br>fund<br>£’000|General<br>fund<br>£’000|Restricted<br>Funds<br>£’000|**2025**<br>**Total**<br>**£’000**|
||60,851<br>25,457<br>2,725<br>-|-<br>-<br>19,614<br>(19,579)|-<br>-<br>1,953<br>-|<br>**60,851**<br> <br>**25,457**<br> <br>**24,292**<br> <br>**(19,579)**|
||89,033|35|1,953|<br>**91,021**|
||Unrestricted fund|||**2024**<br>**Total**<br>**£’000**|
||Designated<br>funds<br>£’000|General<br>fund<br>£’000|Restricted<br>funds<br>£’000||
||51,727<br>-<br>17,080<br>-|-<br>11,525<br>11,543<br>(20,745)|-<br>-<br>97<br>-|**51,727**<br>**11,525**<br>**28,720**<br>**(20,745)**|
||68,807|2,323|97|**71,227**|
||Unrestricted fund||||
||Designated<br>fund<br>£’000<br>General<br>fund<br>£’000||Restricted<br>Funds<br>£’000|**2024**<br>**Total**<br>**£’000**|
||51,857<br>-<br>11,500<br>17,080<br>11,568<br>-<br>(20,745)||-<br>-<br>3,350<br>-|**51,857**<br>**11,500**<br>**31,998**<br>**(20,745)**|
||68,937<br>(2,323||3,350|**74,610**|



105 



**Notes to the accounts** 31 December 2025 

## **25 Pension commitments** 

The Royal Albert Hall offers a Stakeholder Pension Plan which comprises a series of individually owned personal pension accounts, arranged on a group basis, the provider of which is Aviva. Each member and, in respect of eligible members, the Corporation contribute amounts determined by either an age related or a matching scale into a personal account for each member, which is held and invested by Aviva. 

For staff who choose not to join the Stakeholder Pension Plan, or are not eligible to join, the Hall uses “The People’s Pension” scheme to comply with the requirements of automatic enrolment. 

The Royal Albert Hall Pension Scheme has two sections. The defined benefit section was closed to new members on 30 September 1997 and ceased accruals on 31 December 2014. A defined contributions section commenced on 1 October 1997, and was closed to new entrants and future contributions on 31 August 2006. Both sections are externally funded and contracted out of the State Second Pension. In 2020, the Scheme’s trustees transferred responsibility for the defined contributions section into the Legal & General Mastertrust. The defined benefit section remains held in a separate trustee administered fund. 

The defined benefit section is valued every three years by a professionally qualified actuary using the attained age method, the rates of contribution payable being recommended by the Scheme’s Trustees and agreed by the Corporation on the advice of the actuary. In the intervening years, the actuary reviews the progress of this section. Under the projected unit method, current service costs for the defined benefit section will increase as members of the scheme approach retirement. 

During 2024 the corporation transferred a special contribution to the pension scheme of £1.3m to fund the shortfall in the pension fund and facilitate the initial bulk annuity purchase by the third-party insurer. The Hall and the pension trustees continue to work towards a buy out. 

A full actuarial valuation of the defined benefit section was carried out as at 31 March 2024. The valuation findings indicated a market value of the defined benefit section assets of £9.6m, sufficient to cover 103.0% of the benefits which had accrued to Scheme Members; and a past service surplus of £0.3m. 

The unrestricted surplus, as calculated under the accounting standard FRS 102, was £0.036m as at 31 December 2025, down by £0.006m as at 31 December 2024. The reason for the slight fall in surplus is due to fluctuations in the Scheme bank account and net current assets. Since the value placed on the bulk annuity asset is equal to the Scheme liabilities, changes to assumptions do not affect the surplus position. 

106 



## **Notes to the accounts** 31 December 2025 

## **25  Pension commitments (continued)** 

However, the surplus in the disclosures below has been restricted to £nil. This is because the Corporation is only allowed to recognise a surplus in its balance sheet to the extent that it can generate a future economic benefit for itself. As regards the Stakeholder Scheme, the Corporation and each member contribute amounts determined by an age related or a matching scale into a personal account for each member, which is invested by investment managers appointed by the Scheme’s Trustees. 

Pension expenses have been split between maintaining and developing the Hall and promoting the arts and sciences based on allocation of staff within unrestricted funds. 

The contributions made by the Corporation over the financial year in respect of each section of the scheme were as follows: 

||**2025**<br>**£’000**|2024<br>£’000|
|---|---|---|
|Defined benefit section<br>Defined contribution section / Stakeholder Scheme|**-**<br>**787**|-<br>705|



The Hall expects to pay no contributions in the year to 31 December 2026 as there was a surplus in the Scheme at the last actuarial valuation. The Hall will meet directly any administrative costs and other expenses incurred by the Scheme. 

FRS 102 requires the surplus or deficit on the Scheme as at 31 December 2025, calculated in accordance with the requirements of FRS 102, to be included on the balance sheet. For the purpose of FRS 102, the assets of the scheme have been taken at market value and the liabilities have been calculated by a qualified independent actuary using the following principal assumptions (which differ from those used for the triennial actuarial valuation): 

|Inflation<br>Salary increases<br>Rate of discount<br>Pension increases<br>**Assumed life expectancy inyears at age 65:**<br>Retiring today – Males<br>Retiring today – Females<br>Retiring in 20 years’ time – Males<br>Retiringin 20years’ time – Females|**2025**<br>**%**|2024<br>%|
|---|---|---|
||**3.2%**<br>**-**<br>**5.5%**<br>**2.9%**|3.5%<br>-<br>5.5%<br>3.2%|
||**2025**|2024|
||**21.9**<br>**24.3**<br>**23.5**<br>**26.0**|21.5<br>24.2<br> <br>23.1<br>25.8|



107 



## **Notes to the accounts** 31 December 2025 

## **25  Pension commitments (continued)** 

|The assets in the scheme were:<br>**Assets**<br>Gilt Fund<br>Index-Linked Gilts<br>Cash<br>Multi Asset Credit<br>Insured assets<br>Total market value of assets<br>Actuarial value of liability<br>Surplus in Scheme<br>Unrecognised asset<br>Recoverable surplus|**Value at 31**<br>**December**<br>**2025**<br>**£’000**|Value at 31<br>December<br>2024<br>£’000|
|---|---|---|
||**-**<br>**-**<br>**36**<br>**-**<br>**8,572**|-<br>-<br>41<br>-<br>**8,711**|
||**8,608**<br>**(8,572)**|**8,752**<br>**(8,710)**|
||**36**<br>**(36)**|42<br>(42)|
||**-**|-|



The Scheme has in the past secured annuities with an insurance company for members on their retirement. An allowance has been made for these members in both the asset and liability figures at 31 December 2025 

In total, the movement in the Scheme’s assets during the year is made up as follows: 

||**2025**<br>**£’000**<br>2024<br>£’000<br>8,752<br>10,484<br>**470**<br>503<br>**-**<br>1,320<br>**(442)**<br>(489)<br>**(172)**<br> (3,066)<br>**8,608**<br>**8,752**|
|---|---|
|Fair value of assets at 1 January<br>Interest on assets<br>Company contributions<br>Benefits paid<br>Return on plan assets less interest<br>Fair value of assets at 31 December||



In total, the movement in the Scheme’s liabilities during the year is made up as follows: 

||**2025**<br>**£’000**|2024<br>£’000|
|---|---|---|
|Actuarial value of liabilities at 1 January<br>Current service cost<br>Contributions by Scheme participants<br>Past service cost<br>Interest cost<br>Benefits paid<br>Experience (gain) on defined benefit obligation<br>Changes to demographic assumptions<br>Changes to financial assumptions<br>Actuarial value of liabilities at 31 December|**8,710**<br>**-**<br>**-**<br>**-**<br>**468**<br>**(442)**<br>**(63)**<br>**53**<br>**(154) **|9,799<br>-<br>-<br>-<br>437<br>(489)<br>58<br>(170)<br>(925)|
||**8,572**|8,710|



108 



## **Notes to the accounts** 31 December 2025 

## **25  Pension commitments (continued)** 

In accordance with FRS 102 the following components of pension charge have been recognised in the statement of financial activities for the year ended 31 December 2025. 

|31 December 2025.|||
|---|---|---|
||**2025**<br>**£’000**|2024<br>£’000|
|**Analysis of the amount charged within resources expended**<br>Current service cost<br>Past service cost<br>Total amount included within resources expended<br>**Analysis of net return on scheme**<br>Interest assets<br>Interest on liabilities<br>Interest on effect of asset ceiling<br>Net return<br>**Analysis of amount recognised as an actuarial loss within the**<br>**statement of financial activities**<br>Gain/(loss) on scheme assets in excess of interest<br>Experience losses on liabilities<br>(Losses)/gains from changes to demographic assumptions<br>(Losses)/gains from changes to financial assumptions<br>Adjustment in respect of restriction of surplus<br>Actuarial loss recognised within statement of financial activities|**-**<br>**-**|-<br>-|
||**-**|-|
||**470**<br>**(468)** <br>**(2)**|503<br> <br>(437)<br> <br>(32)|
||**-**|<br>34|
||**(172)**<br>**63**<br>**(53)**<br>**154**<br>**8**|(3,066)<br>(58)<br>170<br>925<br>675|
||**-**|(1,354)|
|**Amount recognised in Statement of Financial Activities**<br>Actuarial (losses) on liabilities<br>Actuarial gains on net return on scheme<br>Total (loss) recognised in Statement of Financial Activities in the period|**-**<br>**-**|(1,354)<br>34|
||**-**|<br>(1,320)|



## **26 Contingent Liability** 

The Corporation is the Defendant in a litigation claim by three seatholders concerning the mechanism whereby seatholders agree to forego their seat rights to enable a greater number or different exclusive hirings of the Hall to take place, subject to a rebate which compensates for the loss of their seat rights for those dates. The Corporation successfully defended the Claimants’ application for Summary Judgment.  The Corporation will continue to defend this claim, but at this stage it is not possible to assess the likelihood or extent of the claim succeeding, or the amount or timing of any potential cash outflows (if any), that may arise due to the complexity of the circumstances. 

109 



## **Notes to the accounts** 31 December 2025 

## **27 Prior year consolidated statement of financial activities** 

The statement of financial activities for 2024 is shown here for comparison purposes. The 2025 statement of financial activities is shown on page 74. 

|Notes<br>Unrestricted<br>funds<br>£’000|Restricted<br>funds<br>£’000|**2024**<br>**Total**<br>**funds**<br>**£’000**|
|---|---|---|
||||
|**Income:**|||
|**Donations and legacies**<br>1<br>1,858|<br>1,457|<br>**3,315**|
|**Income from charitable activities:**|||
|**Operation of Hall**<br>2<br>41,174|<br>-|<br>**41,174**|
|**Investment income and interest**<br>3,266|<br>-|<br>**3,266**|
|**Income from other activities:**|||
|**Commercial trading operations**<br>3<br>12,770|<br>-|<br>**12,770**|
|**Total income**<br>59,068|<br>1,457|<br>**60,525**|
||||
|**Expenditure:**|||
|**Costs of raising funds**<br>642|<br>-|<br>**642**|
|**Expenditure on charitable activities:**|||
|**Maintaining and developing the Hall**<br>4<br>10,714|<br>47|<br>**10,761**|
|**Promoting the arts and sciences**<br>4<br>34,612|<br>593|<br>**35,205**|
|**Interest repayable**<br>415|<br>-|<br>**415**|
|**Total expenditure**<br>46,382|<br>640|<br>**47,022**|
||||
|**Net income**<br>12,686|<br>817|<br>**13,503**|
||||
|**Transfer between funds**<br>21/22<br>173|<br>(173)|**-**|
||||
|**Net movement in funds**<br>(1,320)|-|<br>**(1,320) **|
||||
|**Reconciliation of funds:**|||
|**Fund balances brought forward at 1 January**<br>59,722|<br>2,706|<br>**62,428**|
|**Fund balances carried forward at 31 December**<br>71,260|<br>3,350|<br>**74,610**|



110