ANNUAL REPORT 2021-22 Royal National Theatre Foundation Charity Registration NUrnr. 271706
ROYAL NATIONAL THEATRE FOUNDATION CONTENTS TRUSTEE8' ANNUAL REPORT Adminislrab've Details Report of Chairman Structura. Governance and Managemenl Public Benefit Disclosures Objectives and Activities Achiavemenls and Performanc8 Flnan¢lal Review Inv8slmenls Key Risks and Uncertalntles Di8closure8 Plans lor Future Periods R8serve8 Connected Charitie5 Sl8lement of R0MmendOd Praclk8 Slalement on Dls¢lo$ure of Information lo the Auditors Slalemenl of Trustees, R8sponsibilill88 INDEPENDENT AUDITOR'S REPORT STATEMENT OF FINANCIAL ACTIVITIES 12 BALANCE SHEET 13 STATEMENT OF CASH FLOWS 14 NOTES TO FINANCIAL STATEMENTS 15 In this document The Royal National Theatre Foundation is reforr8d lo 8s.the Foundation. and the Royal Nallonal Theatre is r&ferred to as'the NT" 'Ihe National. and the National Theatre"
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2022 ADMINISTRATIVE DETAILS CHARITABLE STATUS The Royal National Theatre Foundation I'The Foundalion'l was established as an unincorporated charity under a Trust Dèed dÈled 6th July 1976. The Foundation was registered with the Charity Commission (number 2717061 on 10th August 1976. PRINCIPAL OFFICE The Royal National Theatre. Upper Ground. London, SE19PX TRUSTEES Graham 8arker {Chair from 8 February 20221 Dame Ursul& Brennan {appointed 28 June 20221 Anna Kh8zen Lesley Manvllle Daniel Margolin Elizabeth Pryce Simon Warshaw Sir Richard Eyre (former Chalr, rellr8d 8 February 20221 Susan Chinn CBE Irelired 8 February 20221 Clive Sh8rlin9 Irellred 8 February 20221 Nicholas Wrlghl Irelired 8 February 20221 EMERITUS TRUSTEE Robert Rayne BANKERS Sanlander. London Corporate Banklno Cénlre, 12 Park Square Wesl. Ulster Terrace. London, NW14LJ INVESTMENT MANAGERS Rathbone Investment Management Ltd. 8 Fin8bury Clrcus, London, EC2M 7A2 INDEPENDENT AUDITOR Buzzacott LLP, 130 Wood Street. London, EC2V 6DL
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2022 REPORT OF CHAIR I would like lo begin my first report as Chair of the National Theatre Foundation, by saying how honouTed l am to have been appointed lo the role. l am delighted lo hav8 the opportunity, alongsiée my fellow Trustees, lo continue and further develop our work.. both to Support the National Thealre INTI and through the NT. the wider theatre sector, and to support staff and individuals Glo5ely 8ssocialed with the NT through the Foundation's benevolent fund. I would 8180 like lo thank and pay trlbule to my predec8ssor as Chair, Sir Richard Eyre, for the exlraordinary way he led the Foundation through his tenure and in particular over th8 pandemic a5 the Foundation stood shoulder by shoulder with the NT. helping lo ensure ils survival and continuing lo fulfill ils never more vital obligation ol supporting the welfare ol individual NT staff and freelancers. Heartlell thanks and congratulations are also due lo long-standing Trustees Susan Chlnn, Clive Sherling, and Nicholas Wright who retired from Ihe Board in February 2022, lor their dedication, work and w188 counsel ovef many years. They loo made a vital conlribulion, as did Juliet Messenger, the National Theatre's Welfare Counsellor, who has now retired from the ro18, bul whose work and dedicallon made a vllal diflerence lo Ihe Ilves and weKare of so many individuals aGro$s the NT'S workforce and acting cornpanie5. That the Foundation is able lo eonlinue ils vital work is only p05slble through the extraordinary generosity of those who have left legacies to the National Thaalre. We are immensely grateful lo Ihog8 donors 8nd their families for their bequests. In August this year, I was d81ighled and moved lo allend a lunch and sp8cial perfOrmar9 of Much Ado Aboul Nothing which was dediGaled lo thanking those who hav8 r8membered the National The81re in their Will. In the 2021122 accounts we received a lolal of £1.1 m in legacies from 17 donors. We are indebted lo those Individuals and ltteir families. Those legacies make a profound difference. In 2021122 for example the Foundallon awarded a grant of £12,550 to fund Ihe research phase of an initiative lo dellver speciali51 voice Irainlng for disabled actors al the NT. Th81 initiative will be another import8nl slep forward in respect of diverslly and incluslon, nol lust for the NT, bul for the $8¢10r. The pandemic and now the mounting ¢o$l of living crisis, continues lo hav8 8 painfully damaglng effect, and we continue our essential work in benevolence through the 3-year granl12020121 20221231 of £50k per annum lo help support additional wellare and counselling provision al the NT. Durlng th8 2021122 Flnanclal y88r the Foundation awarded benevolent grants lo £17.2k in 1018110 6 individuals, While that r8pres8nt¥ g decrease on the prevlous year's level of benevolent giving, the number of grants awarded does not reflect the Intensive work which has been ongoing to a8slsl individuals in other ways, includlng through wellare and counselling support, and help with fin8nclal planning and applying for stale and other beneflls. The Trustees are delighted lo welcome Je38ica Dickens. Ihe NT'S new Welfare Officer, and we are worklng closely with Jessica and the Board Secretary lo refresh the guidance for benevolence, find new ways of reaching indivldua15 and adverllsing the fund. Th8 FourallOn will also be worklng wllh the NT to understand the Ilkely future need post pandemlc and consider other ways in which the Foundallon might support the welfare of the Indivlduals who make up the NT. Following the reliremenl ol four Trustees In February 2022. a sub Commille6 of Ihe Board has been consliluled lo conslder the slze, shape, diversity Bnd skills needed on the governing Ixjdy and lo recommend appointments to the Board. We are delighted th81 following a robusl recruilmenl process Dame Ursula Brennan has been appointed lo the Board and discusslons are in train with further candidates. The value of the Portfollo al 31 March 2022 was £6.867.375 compared lo £9,235,442 the prior year. The drop in value is largely as a result of the sale of 88sels lo realis6 Ihe cash lo pay our grant commitments lo NT from last year1£3m & £0.6m Box Office underwrllel. The Trustees have been pleased to See that despite the r8ducllon in the number of assets in the portlolio, during the year there was an overall nel gain on the revaluation of all remaining assets of £372k. The Trustees are Iherefore confident that the Foundation has sufficient IrS to enable il lo continue with ils core rernil. Furthermore, the continued generous support of donors through legacies will enable us, in lime, lo rebuild funds. In ¢lo$ing I would like lo stale again how much l am looking lorward to working with my fellow Trustees and with the National Theatre lo continue lo find new opporlunilie5 to support the NT'S work and workforce and through that helping enable the wider sector lo not only survive bul thrive. Graham Barker, Chair of Trustees
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT ORGANISATIONAL STRUCTURE The govemlng document of the Foundation 1$ a Dec18ralion of Trust, dated 6 July 1976. The Foundation applies the principles of the Charity Governance Code 2018. The Foundation's Trustees generalty meet three limes a year. Business at Trustees, meetings usually In¢ludes Gonsideralion of grants lo beneficiaries, grants lo the National Theatre, reports on previous aw8rds, a revi8w of the financlal position and of Investment policy and performance, and approval of the annual Trustees, Report and Accounlg. MEMBERSHIP OF THE TRUSTEE BODY The Trustee5 keep under revlew the membership ol the Trustee body and are mindful of the n88d lo ensure th81, as a group, they have the skills and experience lo eT)able them lo fulfil their responsibilities as Trustees of the Foundation. Following the retirement of four Trustees in February 2022, a sub Committee of th8 Board has been consliluled lo consider the size, shape, dlversity and skllls needed on Ihe governing body and to recomm8nd apFxJinlmenls lo the Board. We are éelighled that following 8 robust recruilmenl prcKess Dame Ursula 8rennan h35 been appolnled lo the Board and discussions are in train with further candidate8. Trustees are appointed by existing Trustees. All Trustees are appointed for an inlllal term of three years,. after which they may be reappointed for a maximum ol a lurther hvo Ihree-year terms. The Secretary arranges the induction of new Trustees lo provide them with information about, and an und8rslandirvJ of, the objects of the Foundation, and their responsibilities as charity Truste88, DECISIONS The Foundallon's Trustees generally meet three limes a year. Buslness usually includ8s consideration of applications for grants, reports on previous grant awards. a review ol the flnanclal position and of the investment policy. To deal wllh emergency benevol8nl applications, a Benevolent Sub-commillee with the power lo commit funds within prescribed limits can b6 called at short notice. Ils declsions are reported lo the Trustees in the full mèeting. In addilion, the Chairman has discretion lo make small emergency benevolent grants. Grants made under thi$ aulhorily by the Chairman musl be ralllled by the Trustees in a full meellng. The Trustees are independent of the National and operala 81 their own discretion, however in the interests of maint8inlng an up lo dale knowledge of National aclivllies, two Trustees also serve on the National's Board. The Trustees have proce¢Jures in place for handling any confllcl of Interest lo which that silualion might lead. INVESTMENT AND FINANCE The Board's responsibllilles Include reviewing the investment policy and performance., monitoring and reviewing flnancial performance and management.. reviewing the preparation of th8 annual financial Slalemenls,. relationships with the ExlernBI Auditors and reviewing the risk register. The Board have regular meelings and discussions with Rathbone Investment M¥nag8menl Limited Ilnveslmenl Managers) lo monitor investment pertormance and review the investment 51ralegy. PUBLIC BENEFIT D15CLOSURE The Trustees confirm Ihal they have referred to the guidance contained in the Charity Commission's published guKlance on public benefit when reviewing the Foundation's aims, objectives and grant making pollcy and in planning future aclivilies. The Foundation carries out these objective5 and seeks lo achieve publlc benefit through the following grant giving policy.. Grants lo the National Theatre are made primarily to fund inilialives which are outside ol the National's financial capabilities in any particular year but are relevant lo ils current policy. The National Theatre is itself a charity with a comwehensive public reach achieved through accessible ticket pricing. an education arm and a growing inlornel and digital presence lo members of the public. The Foundation does not, in the normal course, contribute to capital projects which are linked lo renovation, refurbishment and routine maintenance of the National's buildings bul does consider making grants for
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2022 exceptional capitsl projects outside of normal operations which have a strong artistic imperative Gonsistent wlth the educational purposes of the Foundation. Benevolent grants are made lo individuals who work, have worked or who have a close association with the NalKinal and who are in need. Grants lo other Indlviduals and organisalions ar8 generally made for charllable purpo8e8 linked to the NalSonal Theatre. OBJECTIVES AND ACTIVITIES AIMS ANO OBJECTIVES OF THE FOUNOATION The objects of the Foundation shall be in the United Kingdom or any other parl of the world.. lo educate the publlc in Ihe art of drama and lo promote their appreciation of classical and modem dram8 in all ils artistic forms al the Royal National Th8atr8', lo reli8ve past or present employees of the Royal National Theatre who are in necessilous circumstances,. and as ancillary lo the 8bov8 objects, to Support the Royal National Th8atre In ils alms to further the appreclallon ol classical and modern drama., lo promote and support such other Gharilable inslilutsons or purposes as the Trustees may from Ilme lo lime al their ab501ule discretion think fil. The Foundallon has achleved these obj8cliv85 by issuing a grant lo the National The8lr8 10 8UPPOrt the work of th8 Nallonal Theatre's Welfare Counselling Service. Ther8 was also a Gommilmenl made lo the NalSonal Thealr8's Voice éepartmenl lo help fund a research project lo inform Ir8inlng for dSsabled actor5 and six benevolent grants Issued to pa81 and present employees of the Nalional Theatre. ACHIEVEMENTS AND PERFORMANCE The Truslaes are extremely grateful lo the indivlduals who have remembered the Foundation In thelr wllls. The Foundation has received lega¢le$ durlng the year lolalling £1,120,90312020121.. £415,7911, The FoundalKJn doe5 not employ any professional lundraisers and complies with the standards of the scheme for fundraising, No complaints have been received and no undue pressure has been placed on any person. The Truslees granted a total of £92,550 to the National Theatre. £50,000 lo the National Theatre'¥ welfare counselling services and the Peter Hall's Direclcrs Award for £30,000. Plus commitment of £12,550 to help fund a research pro11 lo inform training for disabled actors. Six benevolent grants lotalling £17,15812020121'. £41,880] were made this year lo current and former staff and members of the aGling Companies. No apprenticeship support grants were made this year12020121.' £nill FINANCIAL REVIEW The Foundation rgcoived inveslrnenl income during tho yaar of £173,732 12020121.. £163,1551. £95,509 of which is unreslricled 12020121.. £97,238]. Donalion5 and legacy income of £1.120.99312020121.. £415.7911 was received during the year. M051 legacy income for the year was received via the Nallonal Theatre. with one receipt paid directly to Ihe Foundation. Total expendilvre in Ihg year was £191,35812020121.. £3.815,6581. The Foundation's investment portfolio achieved a gain on its investment assets of £371,85612020121.. £1,243,743], giving an annual absolute investment gain 01 £545,588 linvestmenl income plus gain on portfoliol12020121 £1,406.8981. Th8 Iolal fund8 balance carried forward al 31 March 2022 was £7,077,02812020121= £5,601.8051.
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2022 The Foundation's Portfolio w8S V81ued al £6,867,375 al 31st March 202212020121 £9,235.4421. The drop In the portfolio is largely as a result of the sale of 8ssels lo reall$e the c8$h lo pay our grant commltments to NT from1881 year1£3m In grants and £0.6m 8ox Office Loss underwrilel. INVESTMENTS The Trustees, overarching go81 is an investment strategy designed lo produce a balance of capital and income growth to enable Ihem lo continue lh8 Foundation's grant support lo Ihe National and lo meet ils other charitable objects In 8 manner and sc818 broadly similar lo that provided in the p881. The Foundatlon has a lolal return strategy wllh a goal of achievlng an average annual return of al least RPI plus 3°A such as lo preserve and increase ils capital over the long lerrn. Risk Is minimised by appropriate diversification across global equities, fixed incorne, property and cash with Gon51deration being given from lime to lime lo investments in hedge funds. emerging markets and convertible bonds. Llquidily Is an imFXJrtant consideration and all Investments are required lo be of a reasonably liquid nature. It is intended that a mlnimurn annual income from interest and dividend5 and, if necessary, 1Squidalion of capital gains, of al least £100,000 5houkl be generated to fund benevol8nt grants, other grants and exp8nse8. When material grants are awarded to be pald out over a number of years the Trust8as transfer funds to a separate portlollo lo ensure c8pII81 preservation of Ihe required amount. Performance is reviewed al least twice a year by the Investment and Flnance Committee. Investment poIY and 81ralegy Is reviewed al least annually by the same Cornmlttee and followed by a report mado lo the full Trustee body. KEY RISKS ANO UKcERTAlhlTIES DISCLOSURE The Tru$tee$ have consldered the major Slraleglc, buslness and op6r81ional rlsks whlch th8 Foundallon fac8s. The lundamenlal one Is uncertainty of Income. Pro¢edur6s, which include règular reportlng on rl8k management lo the Trustees, have been established lo manage these risks. PLANS FOR FUTURE PERIODS The Foundallon will conllnue ils essential remit of benevolence by making grants lo NT employees and pa81 staff members suffering financial hardship. Worklng closely with the National Theatre, Ihe Foundation wlll continue lo support and develop th8 Fundralsing Gampaign to encourage 8UPPOrters of the National Theatre lo remember the Theatre In their Wills. RESERVES UNRESTRICTED FUNDS In selling a largel level of reserves for the Foundation, the Truslegs have laken Into account that the scale and number of applications lo the Foundation are variable., that income from returns on the inveslm8nl portfolio are unpredictable and that in the evenl of a major, exception81 financial crlsis afflicllng the Nallonal, the FoLJndalion would wish to provide significant support of a general nature lo it. In dolng so, the Trustees thus recognise the moral commitment given to the then Trustees of the Royal National Theatre Endowm8nl Fund, on its winding up, that funds transferred lo the Foundation from the Endowment Fund would be retained so as to be ablg to assist the National in such circumstances. The Trustees reviewed the likely size of such a grant application from the National were il to arise. They have been advised that the annual incoming resources of tho National Theatre In 2021122 was £80.8m 8nd the Nalionol's unreslricled fund stands al £15.9m. The National Theatre has determined, followlng 8 rlsk assessed review of incom8 and expenditure. that il should hold unreslricled reserves equlvalent lo three months of its core operating expenditure, circa £15m. In light of this, the Trustees consider the level of reserves in the General Fund, whith stood al just over £3m al the year-end12020121.' £2.9ml, together with the designated funds held in the Foundation General Purpose fund £0.6m 12020121 £0.5ml and the NT Gener81 Purpose Fund £1.8m12019120'. £0.7ml lo be adequate lo enable them to respond to the potential value of grant applications in the foreseeable fulLJre.
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2022 DESIGNATED FUNDS 8enevolonl Fund The purpose of this Fund is to provide protection for a proportion of tha Foundation's assets for the future so as lo enable the Trustees lo continu8 to fulfil the Foundation's second chari18ble objecliva, lo provide support lo Ihe staff and former members of staff of the National and of the acting company who are in nec8ssilous circumstances. Due to the continuing impact of COVID-19, Trust8es consider that a fund of £1.000.000 is needed lo me81 likely on-going applications and therefore this fund has been increased lo £1,000,000 Irorn £500,000. The Trusle8s keep this policy under review. An amounl equivalent lo that paid out in 9rants is transferred from the G8ner81 Fund 88ch year. Since Aprll 2021 the Foundallon has awarded hardship grants to 6 individuals, lolaling £17,158. In prlor y8ars the Trustees have offered support to the NT'$ Apprenllceshlp $¢heme through ils allocation of funds, assisting indivKlual apprenlices who might themselves be In hardship because of travel costs or living expenses, to the exlenl Ihal il would jeopardise their ability lo complet8 the apprenticeship. Whll$l, the Trusleas did not receive any applicatnS this year, they feel that there 1$ still a real need In this area. and giv&n their commilm8nl lo the NT'S apprenticeship scheme, hav8 agreed lo Conllnue lo $upport11 in lulure years. Foundatlon General Purpose Fund The Legacies Agreem8nl wllh Nallonal Th8atre leffeclive 17 February 20161 siales that all unrestricted legacies recelved directly by the Foundalion are lo be allocated lo the Foundation General Purpose Fund. RESTRICTED FUNDS The Legacles Agreem8nt with National Theatre leffeclive 17 February 20161 slates that all reslricled legacies received by either the National Theatre or the Foundation are lo be allocated lo the Funds. which 15 one of the live reslricled National Theatre 8ub-funds {NT Learning, NT PToduclions, NT Premise5, NT StudiolNew Work and NT General Purposa81. NT Loarnlng sub fund This fund, previously known as L88rning Fund, was established lo reflect the lormer Legacies Agfeemenl (dated 22 M8rch 20121 between the National Theatre and the Foundallon lo provlde a long term and significant source of grants for learning aGliville5 al the National and through the Foundallon. Monies equlvalenl lo amounts received as unreslrlcled legacles by the Nation81 Th831re wer8 given lo the Foundallon for inveslmenl in Ihls Fund. The current Legacy Agreemenl slipulaled that Ihe balance on the Learning Fund lo be credited lo the NT Learnlng sub-fund. The balance on the NT Learning sub-fund represents Ihe brought forw8rd b8lance and an allocallon of the nel gains on Investment in year. NT Productlons. NT Proml$o•, MT StudlolN0w Work and NT G8n•ral Purpos• These funds represent legacy grfts received in year and an allocation of the nel gains on inve5trnenl In year. CONNECTED CHARITIES The Foundation has objectives related lo those of the National bul fulflll8 these Independently. LEGACIES The NT General Purpos8 Fund received £1,033,403 from the National representing legacies left lo it. The Foundation General Purpose Fund received one legacy tolaling of £87.500. which was left directly to the Foundallon. CHARITABLE ACTIVITIES During the year a £50,000 grant was paid lo the National support the Welfare Department. The payment was the second Inslallrnenl of 8 three year commitment. made in 2020, to pay £50,ODO per annum. A payment of £30,000 was a150 made to the National for the Peter Hall Director's Award. Also during the year, a commitment lo grant £12,550 was made to the National's Voice Department to fund a research project lo infomi training lor disable actors. This will be paid in the financial year 2022123. There have been slx Benevolent Grants awarded this year tolaling £17.15812020121.' £41.8801.
ROYAL NATIONAL THEATRE FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2022 Adminislralive support Is provided by the Nallon81 Theatre and a fee of £18,00012020121.. £18,000] is charged lo the Foundation for these servlces. STATEMENT OF RECOMMENDED PRACTICE The financial slalements have been prepared in accordance with the accounting policies set out on pages 16 10 18 and comply with the Slalement of Recommended Pract 'Accounting and Reporting by Charities" and rttlevanl statutory requirements. STATEMENT ON DISCLOSURE OF INFORMATION TO THE AUDITORS In so far as the Trustees are aware.. there Is no relevant audit Informallon of which the ch8rily's auditor Is unaware.. and Ihay have taken all the steps that they ought lo have taken as Trustees in order lo make themselves aw8re of any r81evanl audll information and lo establish that the charity's auditors are aware of that information. STATEMENT OF TRUSTEES, RESPONS181LITIES The Trustees are responsible for preparing the Trustees, Annu81 Report and the flnancial slalemenls in accordanc6 wllh 8ppll¢able18w and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Slandardsl. The law applicable lo charities in England and Wales requires the Truslees to prepare financial sl8lemenls for each financial year which give a true and fair view of the slate of allairs ol the charlly and ol Ihe income and expendiluTe of the chaiity for that period. In preparing these financial sialemenls the Trustees are required lo.. $ele¢l Suitable a¢counling policies and then apply them consistenlty., observa the methods and principles in the Charities SORP- make Judgments and e51imales that are reasonable and prudent slate whelh6r applicab16 accounting standard8 have been followed, Sublecl lo any material departures disclosed and explained in the flnancial stalemenls,, prepare the financial slalemenls on the going conc8rn basis unless 51 18 Inapproprlala lo presume that the charily wlll contlnue in busine$8. The Trustees are responsible for keeping adequate accounting records that are sufficlenl lo show and explain the charily'g Iransaclions, disclose with reasonable accuracy al 8ny lime the financial position ol the charity and enable them lo ensure that the financial slalements comply with the Ch8rities Act 2011 and the provisions of the charlly's conslilulion. They are also responsible for s8fe9lJ8rding the asgels of the charity and hence lor taking reasonable gleps for the prevention and detection of fraud and other irregularities. The Tru51ee8' Annual Report was approved by the Trustee$ and aulhori5ed for issue on And signed on ils behalf by OCOL Graham Bat*er, Chair of Trustees
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For the year ended 31 March 2022 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL NATIONAL THEATRE FOUNDATION OPINION We have audited the accounts of the Royal Nalional Theatr8 Foundation Ilhe 'charily'l for the year ended 31 March 2022 which comprise the slalemenl of financial activities, the bAlance sheet, the slalemenl of cash flows, the principal accoijnting policles and Ihe notes lo the accounts. The financial reporting framework that h8s been applied in their preparation is appllGable 18W 8nd United Kingdom Accounting Standards, includlng Financial Reporting S18nd8rd 102 'The Financial Reporting Standard applicable in the UK and Republlc of Ireland, (United Kingdom Gènerally Accepted Accounting Pracllce}. In our opinion, the acGounls', • glve a true and falr vlew of the stale of tha charlty's affairs Bs at 31 March 2022 and of the in¢ome and expenditure for Ihe year then ended., • h8V8 been properly prepar8(J in accordance wSlh Unltad Kingdom Generally Accepted Accounting PraGliGe'. and • have been prep¥r¢d in accordance with the requirements of the Charille5 Act 2011. BASIS FOR OPINION Wo ¢ondu¢led our audit in accordance with International Standards on Audlllng IUKI IISAS IUKII and applicable law, Our responsibilities under Ih058 8land8rds are further descrlbed in the auditor's responsibllilies lor the audlt of the accounts section of our report. We are independenl of the charity in accordance with Itt8 ethical requirements that are relev8nl to our audit of the accounts in the UK, including the FRC'5 Ethical Standard, 8nd we havg fulfilled our other 8lhical responslbililies in accordance wilh these requirements. We believe that the audit evidence we have obtained is sufficient ané approprlate lo provlde 8 basis for our opinlon. CONCLUSIONS RELATING TO GOING CONCERN In audlllng the 8ccounls. we have conclud8d that the Iruslees, use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have performed. we have not idenisfied any material uncerlainlies relaling lo events or conditions that, individually or collectively, may c051 significant doubl on the charity's ability lo continue as a going conGern for a perlod of al leasl twelve months from when the accounts are authoriseé for Issue. Our responsibililles and the responsibilities of the trustee with respect lo going concem are described In the relevant sections of this report. OTHER INFORMATION The trustees are responsible for the other information, The other infomialion ¢omprlses the informatlon included in the annual report and accounts other than the accounts and our auditor's feporl Ihereon. Our opinion on the accounts does nol cov8r the other inforfflalion and we do not express any form of assurance conclusion Ihereon. In connection with our audit of the ac¢ounls, our responsibility is to read the other informalion and. in ¢Yoing so, consid8r whether th8 other information is materially inconsislenl with the accounts or our knowledge obtained in the audll or olhetwlse appears to be malerially misslaled. 11 we identify such material in¢on3islencies or apparent maleTial misstatements, we are required lo determine whether there is a material misslalemenl in the
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For the year 8nded 31 March 2022 accounts or a malerlal misslalemenl of the other information. If, based on the work we have performed, we conclude that Ihere Is a materlal ml$slatement of thls olhor inforrnation, we are required lo report that fact. We have nothing lo rep)rl in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following mallers In relation lo whlch th8 Charllles Act 2011 requires us lo r8porl lo you if. in our opinion.. • the information given in the Iruslee$' report is Inconsistent in any material respect wilh the accounts.. or sufficient accounllng records hav8 not b&en kept.. or • the accounts are not in agreement with the accounting records and r8lurns'. or we have not received all the Information 8nd explanation5 we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully In the Iruslees, r&sponslbilltie8 slatem6nl, tho Irust8e8 are responsible for the preparallon of Ihe accounts and for belng satisfied th81 they glve a true and lair vlew, and for such internal Gonlrol as the Iruslees determine 18 necessary to enable the preparallon of accounts that are free from m818rial mi8slalemenl. whelh8r duo lo ff8ud or error. In preparing the accounts. the Iruslees are regponslble for assessing the charity's ability lo continue as a going concern, discloslng. as applicable, mallers relalod lo going concern and using the golng concern besi$ of accounting unles5 the Iruslees either intend lo liquidate the charity or to cease operations, or have no reallslic allernallve but lo do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS Our objectives are lo obtain reasonable assurance aboul whelher the accounts, as a whole, are free from material misslalemenl, whether due lo fraud or error. and to Issu8 an auditor's report that includes our opinion. Re8sonable assurance 1$ a hlgh level of assurance bul is not a guarantee that an audlt ¢ondu¢led in accordano8 with ISAS IUKI will always delecl a material misslatemenl when it exi51s. Misslalemenls can arise from fraud or error and are consldered malerlal if, individually or In the aggregate, they could re850nably be expected lo influence the economic decisions of users, lak8n on the basis of these accounts. Irregularities, including fraud, are instances of non-complian¢e wllh laws and regulation5. We desi9n procedure8 in line with our responsibllllies, outllned above, to delect material misslalements in respect of irregularilie8, including fraud. The 8xlenl lo which our procedures are capable of delecling irregularities, including Iraué. is detailed below.. How the audit was considered capable of detecting irregularities including fraud.. Our approach lo idenlilying and assessing the risks of m8terlal misslatemenl in respect of irregularities, Includlng fraud and non-compliance with law5 and regulations, was as follows.. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilibes and skills lo identify or recognise non-compliance with applicable laws and regulations., We identified the laws and regulations applicable to the charily through discussion5 with management and Iruslees and from tsur knowledge and experience of the chaiity secloi.,
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For the year ended 31 MarGh 2022 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS (CONTINUED) We focused on speciflG laws and regulations which we considered may have a direct rnalerlal effect on the accounts or the activities of Ihg charity. These Included but were not limited lo the Charities kl 2011.. Accounting and Reporting by Charities.. Slalemenl of RecommerHl8d Practice applicable lo chafilies preparing their accounts in accordance with the Financial Reporting Standard applicable lo the Unlled Kingdom and Ropublic ol Ireland IFRS 1021 leffeclive 1 January 20191. taxation legislation and data protection 8nd anti- bribery18gi8lation' and We assess the 8xlent of complianc8 with laws and regulations identified above by making enquiries of management and represenlalives ol the Iruslees and review of thè minutes of trustee meetings. We assessed the susceplibllily of the chafity's accounts to materlal misslalemenl, including how fraud might occur by.. • Making enquiries of manag8menl and represenlalives of the Iruslees as lo where they considered Ihere was susceplibilily lo fraud, their knowledge ol actual, su¥pecled and alleged fraud., and Considering the internal controls place lo mlllgale rlsks of fraud and non-compliance with laws and regulallons. To address the risk ol fraud through managèment bias and override of controls, we.. Perlormed analytical proc8dures lo Identify any unusual or unexpected relationshlps: Tested the aulhorisatlon of 8xp8ndilure; Tested the implemenlalion of fin8nclal controls.. and Invesllgal8d the ralionalo behind slgnifthnl or unusual Iransacllons. In response lo the risk ol irregu18rllSes and non-compliance with laws and regulallons, we designed procedures which included, bul were nol limited lo.. Agreelng financial slalemenl discb5uros to underlying supporting documenl8tion', Reading the mlnut8s of meetings of the Iruslees., and Enquiring of as to a¢lual and potential liligation and claims. There are inherent limitations in our audit procedures de5Gribed above. Th8 more r&moved that laws and regulations are from financial Iransaclions. the less Ilkely11 is Ihal we would become aware ol non-compliance. Auditing standards also limit the audil prwedures required lo identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory 8nd legal correspondence, if any. Materi81 misslalemenls that arise due to fraud can be harder to dele¢l Iharn those Ih81 arlge from error as they may involve deliberate concealment or colluslon. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at www.frc.org.ukjaudilorsresponsibililies. This description forms part of our audltor's report.
ROYAL NATIONAL THEATRE FOUNDATION INDEPENDENT AUDITOR'S REPORT For the year ended 31 March 2022 USE OF OUR REPORT This report 15 made solely to the charity's trustèes, as a body, in accord8nce with section 145 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might slate lo the charity's Iruslees those mallers we are required lo slate lo them in an audltorfs report and for no other purpose. To the fullest exlenl permilled by18w, we do not accept or assume r8sponsibilily lo anyone other than the charity and the charity'6 Iruslees as a body, for our 8udlt work, for this report, or for the opinions we have formed. Buzzacoll LLP Slalutory Auditor 130 Wood Street London EC2V 60L Date.. 8 November 2022 Buzzacott LLP is 8llglble to act as an auditor in term8 of secllon 1212 of the Companles Act 2006
ROYAL NATIONAL THEATRE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2022 YEAR ENOEO 31 MARCH 2022 Unm•trlct•d Deslgnatod R¥•trl¢ted Total Incomè & Endowm•nts frorn.. Don8llons & legacleB Investwonls Not•• 90 95.509 87.5(M) 16,209 1.033,403 2.014 1,120,993 173,732 TOTAL Incom8 & Endowments 103.709 1095417 1294 725 Expondlturè on: Investrnenl Manag8rllent Cosis Ch8ri1able 8Ctivlti85 28,858 79,108 4,884 22.179 18,808 37,941 52,130 139,228 TOTAL Expgndltur• N•t 9•ln•lllo•8e•l on Inv•¥tm8nt 107766 27,043 191 358 204,428 34,894 132,TJ4 371,656 NBt Incom•ll•xp•ndlturel 192 261 1 171 802 1475 223 Tran•fgr• bgtwogn fundi N•t mov•ffl•nl In lund• 192201 1 171 602 1475 223 Rg¢on¢lll•tlon ol Fund•: Tolal lund8 brought lorward 2,874.989 1,483,669 1,243,147 5,601,805 TOTAL Fund ¢•rrl•d lon¥ard 3.067.250 1.595,029 2 414 749 7 077 028 YEAR ENDED 31 MARCH 2021 Unr••trl¢l•d D•slgnal•d R••trl¢tgd Total In¢om• & Endowment• from: Donallon6 & lega¢le$ Inve8thwnt$ Nol•s 1.840 97,238 25,064 15.524 388,887 50,393 41 S.791 183,155 TOTAL Incom• & Endowm•nt• 439 280 Expendlturn on: Inveslmnt Managernewbt Ctsstg Chadtable act158$ 31.350 1,707,423 5.005 42,182 16.247 2,013,471 52,802 3,763,056 TOTAL Expendlturo 14ot g•lDWIlm} on Inv•stmgnt 1738 773 2029718 381565B 741,253 1 la,338 384,152 1243,743 Ngt If*om•ll•xp•ndltur•l 111.759 1 206 286 19gZ 969 TrBnJfer• b•tw••n lundg 142,1621 42.162 Ngt mov•m•nt In funds 153921 1992 969 R•conclllotlon of Funds: Total funds brought forward 3.815,593 1,329.749 2.449.432 7,594,774 TOTAL Fund• rNad lorward 2 874 988 1483 670 1 243,146 5 601805 All Irne and expenditure is derived frorn ntU1Thg aotivities. The noles on pagès 15 10 25 conslilute part of the financial sla18rn8nis. 12
ROYAL NATIONAL THEATRE FOUNDATION BALANCE SHEET For the year ended 31 March 2022 2022 2021 Flx•d As80ts: Inv8slm8nts Note 6,867,375 9,235,442 TOTAL Fix•d A••et• 6 867 375 9 235 442 Curr•nt a••ts: DebtorB 224.548 36.639 Accrued Income 8,880 14,996 Cash at b8nk and In h8nd 12,740 19.745 TOTAL Current As••t• Crgditors.. 8ntr)unl8 fBlling du& ¥thIft one year 10 138,31SI 13.705,017 N•t Curr•nt A•••t•llLlabllttl••l 3 633 637 TOTAL A•••t• l•J• Curr•nt Ll•bllltl•• 7 077 028 5 801805 TOTAL N•t A••t• 7 077 028 5 601805 Tho Fund• ol tho Ch4rfty', Unro¥lriclad fund8 3,oe7,250 2,874,989 1.483,670 0081gnaied fufrJ$ R881dcled funds 1.sgs,029 2,414.749 1,243,148 TOTAL Fund• 7 077 028 S 801805 Approved and aulhorised for issue by the Iru8lees on And si ned on its bahalf b Graham Barker (Chair) Thè notas on pages 15 to 25 constllute part of the financK41 statements. 13
ROYAL NATIONAL THEATRE FOUNDATION STATEMENT OF CASH FLOWS For the year ended 31 March 2022 2022 2021 Ca8h flow$ Irorn op•ratlng ¥rtlvltlg•'. Not ca•h lu•ed Inl provided by oporating a¢tivitieJ 2,919,953 216.703 Co•h flow• frgm Investlng •ctlvltl••'. Dlvidends, Interest and rents from investm8nl8 Proce8d8 frorn $818 of investment Purchase ol inveslments 173,025 4,162,237 11.809,4101 162,359 1.443,184 11,440,580) N•t ¢a•h provldod by InY•8tlng •ctlvltlos 2 525 853 Chang• In cash and c•$h •qulv•lont• In tho r•portlng p•rlod 381186 Cash and cash equiv8lent8 at the beoinning of th8 reporting p8rJd 674,611 292,925 C••h and ca•h •qulval¢nl$ at th? •nd ol the rgPQrtlng pgrkd 280,510 674 811 2022 2021 111 R•eonclll•tlon of Incomoll•xp•ndltur•l to nat cabh flow from owratlng actlvltlo8: Net oxpendllur? lor ¢hg rgportlng pgrSod1oB pgr thg Sl•tgmont ol Flnjnclal Actl¥ltl••l Divldends, inlereBI Bnd r8nts frcfn Investmènts Gains on Inveslm8n18 1.476,223 1173,0251 1371,8561 11,Y92,9691 1182,3591 11,243,743) Working capllal Vernn18'. Incr688e in dèblorn ID8cro888ylrwm885e In credllors 1181.5931 13.668,7021 124,2S11 3.840.025 N•t ca•h lumd Inl provld•d by op•rntlng actl¥lth• 2 919 953 216 703 1111 An4ly•l• ol cash and ¢••h oqulv•l•nt• Cash ol bank and In hand Cash hel¢J 08 part of inve81rnenl portfolo 12,740 267,770 19,745 654,866 TOTAL ca•h 8nd c••h •qul¥¥l•nl• 280510 674611 14
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 1 GENERAL INFORMATION The Foundation was established a5 an unincorporated charity under a Trusl Deed daled 6 July 1976. The Foundation was registered with the Charity Commission (number 2717061 on 10 August 1976 for the education of lh8 public in the art of drama and the promotion ol their apprecialion of classical and modern drama in all ils artislic forms al the National Thealre., the relief of pasl or present employe8s ol the National Theatre who are in necessilous circumstances", a5 ancillary lo the above objects, lo support the National Theatre in ils aims lo lurlher the appreciation of classical and modern dram8. The Foundation's registered office is The Royal National Theatre, Upper Ground. London. SEI 9PX. These objects are sel out in the governing document, which Is a Declaration of Trust, and heve been developed Snlo a set of Bims and objectives 8s described within this r8POrt on p8g8 4. 2 STATEMENT OF COMPLIANCE The FoundatiQTI meets the definition of a publlc benefll entlly under FRS 102. The finon¢ial $121em8nls have been prepared In accordance with applicable United Kingdom AcGounling Standards, the Companies Act 2006, the Charities Act 2011, and the recommendations of Ihe Slalemenl of Recommended Praclice 'Accounling ané Reporling by Charities, in accordance with the Financial ReportiT)g Standards applicable in the UK and the Republic ol Ireland IFRS 1021 effective 1 January 20191"Charilies SORP IFRS1021"1. 3 PRINCIPAL ACCOUNTING POLICIES The followlng accounllng policie5 have been applied conslslenlly in deallng with Items whlch are considefed material in relallon lo the flnancial statements. A BASIS OF PREPARATION The financial stal8menls have been prepared on a going concern basis, und&r th6 historical cost Convention. After maklng enquiries. th8 truste85 hav8 a reasonable expeGlation that th6 charity has adequate resources lo continue its aclivilies for the foreseeable lulure. Accordingly, they continu8 lo adopt the going concern basis in preparing the financial slalemenls as outlined in the Slalemenl ol Trustees Responsibilities on page 7. B GOING CONCERN The Iruslees have assessed whether the use ol the going concern a8sumplion is appropriate in preparing th8se account8. The Irusle8s have mad8 this assessment in respect lo a period of one year from the date of approval of these accounts. The Iruslees of the charity have concluded that there are no material uncer18intles related lo events or conditions that may cast slgnificanl doubl on the 8bilily of the charity lo continue as a going concern. The Iruslees are of Ihe oplnion that th8 charity will have sufflcienl resourcas lo meet ils liabilities as they fall due. The Foundation has sufficient cash and investments lo cover the grants commilled to at the year end and Irusl8e5 are able to control the costs and level ol grants made and as such conclude that the Foundation remains 8 going concern for al least 12 months from the date of approval of these financial slalements. C INCOME All income is included in the Slalemenl ol Financial Activities when the Foundation has legal entitlement, there is reasonable probability over reGeipl and the amount of inGome Gan be quantified with reasonable aGcuraGy. Donations and legacies are recognised when there is evidence of entitlernenl. receipt is probable and ils amount can b8 measured reliably., furthermore, enlillemenl lo legacy income is when eslale accounts ar8 sellled or there is nolificalion ol a distribution. Chari18ble activities are recognised when there is evid8nce of entillemenl, receipt is probable, and Its amount Gan be me88ured reliably. Inv8slm8nl income and interest receivable are recogni88d on an accruals basis. 15
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 3 PRINCIPAL AccouNTING POLICIES (CONTINUED) D EXPENDITURE All expenditure 15 accounted for on an accruals basi8 and is classified under the ralevanl activity wilhln the Statement of Financial Aclivilies. Grants lor specific projects are accounted for when approved by the Trustees and notified lo the beneficiaries. Excess grants are wrillen back on receipt of final claims from beneficiaries. Benevolent grants are made lo current and Iormer employees of the National and ils acting company., these grants are accounted for when the beneficiary is nolilied. Raising donations & legacies expenditure on raising donations and legacies ropresenl the cost o158curing donations and legacies, including marketing Costs. Charitable aclivilies expenditure directly incurred r8laling lo the charitabl8 objectives, including awards and grants lo N81ional Theatre and individuals. Support costs are apportioned aoro$s ¢harllable acllvllles In proportlon lo the value of grants and awards made as sel out in Note 8, including 8xpenéilufe on audit fees, Nalional Theatre managem8nl 8nd bank charges. The Foundallon uses the Services of Staff employed and paid by National Th8alre and 8 m8n8gem8nl charge of £18,00012020121. £18,000] 18 paid in this respeGI. E FINANCIAL INSTRLIMENTS The Foundation has financial ass81s and liabililios of a kind that qualify as basic financial inslrumenls. Basi¢ instruments are initially recognised al Iransaclion value and gubsequenlly measured at 8morlised cost. Flnancial assets are held al amortised ¢osl and comprise ¢ash al bank and In hand, and debtors. Financial Ilabililies are held al amorllsed cost and Comprise ol cr6dilors. Al the Balance Sheet dale, the Foundation helé financial assets al arnoriised cost of £245,96812020121.' £71.38118nd financial liabllilies al arnortised cost of £36,31312020121.' £3,705,017]. F INVESTMENTS Inveslmenls, including bonds held as Part of an Inveslrnenl portfolio, are slated al rnarkel value as al the balance sheel dale. Investmen15 are revalued lo markel value a5 al the balance sheet dale and the Surplus or deficit of this revaluation 18 shown as vnrealised gains or 105Ses on Ihg lace of tho Slalemenl of Financial Aclivilies, Reallsed gains and losses represent the difference between the sale proceeds and the opening market value of an inve51menl or cost if purchased during the year. Al the Balance Sheet date. the Foundation held financial 8ssets al market value of £6,867,37512020121.' £9,235,442]. G DEBTORS Debtors include arnounls owed lo the Foundation for the provlsion of goods and services, or the arnounls the charity has paid in advance for the goods and services il will receive. Debtors also include amounts receivable on grant funding lo which the charity 15 enlilled. Debtors are measured al their Tecoverable amount. H CASH AT BANK AND IN HAND Cash at bank and in hand includes cash In hand, deposits held al call with banks, and olhef higttly liquid investments. I CREDITORS Creditors are measured al their selllemenl amounl and is recognised for the amount that the Foundation anticipates it will pay lo sellle the debt or the amount il has received as an advance payment for goods or ServeS il musl provKIe. J RESTFqICTED FUNDS These are monies which have legal restriction5 on their use where donors have specified the funds can only be spent on certain of the charity's aGlivilies. These represent reslricled grant funding, and legaci8S Covered by the agreement between the National Theatre and the Foundation effective 17 February 2016. 16
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 3 PRINCIPAL AccouNTING POLICIES (CONTINUED) K UNRESTRICTED FUNDS These general funds are available for use al Ihe discretion ofthe Trustee5 in furtherance of the charily's general objects'ves. L DESIGNATED FUNOS These are funds set aside out of general funds by the Trustees. for particular purposes. The purpose of this Fund is lo provide protection for a proportion ol the Foundation's assets for the future so as to enable the Trustees lo continue lo fulfill tho Foundation's second charitable objective, lo provide support lo the staff and former members of staff of the National and of the acting company who are in necessilous circumstances. Trustees consider that 8 lund of £1,000,000 is sufficient lo meet likely on-going applications. The Trustees keep this policy under review, An amount equivalent lo th81 paid OLII in grants is transferred Irom the G8n8ral Fund each year. M TAXATION The Foundation is a registered charity and 18 able lo lake advantage of th8 exemptions from income lax under the provisions of th8 Income Tax88 Act 2007. Tax cOVerable relates to lax due lo b8 reclaimad from HMRC on Inv8slm8nl income where tax was deducted al source. N CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Foundation's accounting polic188. Iruslees are required to make judgern8n15, estimates and 8ssumplions about the carrying values of assets and Ilabillli88 that are not readlly apparent from other sources. The 8slim8les and underlying assurnpllons are based on hlsloric81 experlence and other 18clors th81 are considerèd lo be r8lev8nl. A¢lual resulls may dlffer from these estimales. The esllmales and underlying assumpllons ar8 rèviewed on an on-going basis. Revisions lo a¢¢ounllng e8llmale$ are recognised in the period in which the 8slimal8 is rovised il the revlsion alfeGls only th81 p8riod. or in the period of the revision and future periods il the revision affects the current and future perlods. In the vlew of the Irust8es. no assumptions concerning the lulure or eslimalion unc8rlainly affecting assets and Ilabilitles at the balance sheet dat8 are likely to r88uII in a material adjuslmenl lo their carying amounts in the next financlal year. In addition lo the above. the full impact following the emergenc6 of the global Coronavirus pandemic 15 still unknown. 11 is therefore not currently possib18 to evaluate all the Potential implications for th8 charity's aclivllles. bengflciaries. funders. suppliers and lh8 wider economy. Due lo the Gurrenl maGro-econorni¢ and geopolitical climate, eslirnales used In the accounts, particularly with r8specl lo th6 valuo of lisl8d inv8slmenls {se8 note 81 are sublecl lo a greater d8gree of uncertainly and volalillly. As sel out these accounllng policies under'golng con¢ern' the Iru$lee$ have ¢on$ldered the impact of the pandemic on Ihe charity and have concluded that although there may be some negative consequences, it is appropriate for the charity lo continue lo prepare Its accounts on the going concern ba513. 17
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 4 DONATIONS & LEGACIES Unreslricled Designated Restricted 2022 Donations Legacies 90 90 1,120,903 1,120.993 87,500 87,500 1,033,403 1.033.403 90 UnTrstricted Designated Restricted 2021 Donatlons Legg¢1•s 7,840 1.840 413,951 415,T91 25,064 25,064 388,887 388.887 1,840 5 INVESTMENT INCOME Unrestricted Designated Roslricted 2022 Income from securllies Interest recelv8ble Tax recelvab18 62,080 33.040 389 10,536 5,607 66 40,308 21.454 252 112,924 60,101 707 95,509 16,209 62,014 173,732 Unrestricl8d Dèsignated Restricted 2021 Income from 8UntIeS Int8resl r&c8ivable T8x receiv8ble 62,260 34.484 474 9,943 5,505 76 32,276 IT,871 246 104,499 57,860 796 97,238 15,524 50,393 163,155 18
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 6 INVESTMENT MANAGEMENT COSTS Unreslricled Designated Restrlcleé 2022 Investment Mana9Èm6nt Costs 28,658 4,864 18,608 52.130 28,658 4,864 18,608 52,130 Unr8Strictèd D&sign8t8d Restricted 2021 Investment M8nag8mant Costs 31.350 5,005 16,247 52,602 3f,350 5,005 16,247 J2,602 7 EXPENDITURE ON CHARITA8LE ACTIVITIES {a} Analy818 of expendlture on charltable actlvltl Grant funding of aGtivilies Support costs 2022 Grants to Naltonal Theatre Grant¥ to Other InBlilulions 8en8volenl Gran18 Apprenll¢e$hlp Support Awards 62,550 16.558 79,108 17,158 379 30,000 4,542 100 7,941 21,700 479 37,941 110.067 29,141 139.228 Grant fvndlng of 8¢lwili8s Support costs 2021 Gr8nts lo N81ional Theatre Grants to Other Institution Benevol@nl Grants Apprenllceshlp Support Awards 3,620,000 36,000 41,880 24,382 242 282 3,644.382 36,242 42.162 40.000 270 40,2TO 3,737,880 25,176 3.763.056 19
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 (b) Analys15 of Support Costs Nation81 Theatre Other Institutions B8nevolent Grants Apprentice Support Awards 2022 Governance NT M8nagemenl Charge Finance 5.564 10.228 1,526 2,806 34 61 2.669 4,905 9,793 18,000 210 367 1,348 16,558 4.542 100 7.941 29.141 N8tion81 Theatre other InstitutnS Ben8vol8nt Apprentic8 Grants Support Awards 2021 Governance NT Man8gem&nl Ch8rge Fin8n¢8 6,450 17,432 64 173 74 202 T2 193 6,660 18.000 500 516 24,382 242 282 270 25,176 Support costs ar8 allocated lo the key activity areas drlving support costs as above based on their proporlionale costs lo overall direct costs. Governance costs are ¢omprl$ed of auditor's remuneration which consists ol 8 Slalulory audit fee of £6,793 [2020121. £5.5501 The Foundallon uses the services of staff employed and paid by th8 National Theatre and a management harge of £18,00012020121.. £18,000] is included In support costs. (c) Analysls of Grants Grants lo inslilulions Gr8nls to individuals Support costs 2022 Natlonal Theatre National Theatre Welfare Grant National Theatre Voice Research Project Awards 50,000 12,550 30.000 13,236 3,322 7,941 63,236 15,872 37,941 Other Benevolent Grants Apprenticeship Support 17,158 379 17.537 4,542 100 29,141 21,700 479 139,228 92.550 20
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Grants to institutions Gr8nts to Indivlduals Support costs 2021 Natlonal Th•atre Nation81 Theatr8 Fre818ncer Support Grant Nation81 Thè8lrè Community Support Grant Nation81 Theatre Capital Support Grant N8tion81 Th881re 8ox Offi¢8 Underwrit• Grant N8tn81 Th&81r8 W&lf8r& Grent Awards Oth•r Freelancers Make Th88lre Work Grant Benevolent Grants Appr8nliGeship Support 1,000,000 1,000,000 1.000.000 5T0,000 6, T35 6, 735 6.735 3,839 1.006, 735 1,006, 735 1,006, 735 573,839 50,000 40.000 338 270 50,338 40,2TO 36.000 242 282 36,242 42,162 41,880 3.696.000 41,880 25,176 3,703.056 8 INVESTMENTS {a} Mov•mènt In flxgd as8•t Investmenti 2022 2021 Market Value at 88ginning of Year Naw Money Invested Reinvested Income Amounts extracted Inveslmanl man8gemenl f88s pald In year Increase in v81ue of investments 9.235.442 932,9 180,867 13,798,000) {55,6961 371,856 7,607,930 392,272 171,207 1128,3201 151,3901 1,243,743 Mark•t Valu• at End of Year 6,867,375 9.235.442 the 31 March 2022. all fvnds were hel(J with Ralhbone Investment Management Ltd. (b> Investments at Market Valuo comprl80d: 2022 2021 Fixed Interest Equities Property Commodilles Cash 1,551,304 4,763,911 160,421 123,969 267,770 2.305,292 5.877.185 398.099 654,866 Market Value at End of Year 6.867,375 9,235.442 The value of Investments held outside the UK a131 March 2022 was £1.634,37012020121.' £2,031.7331. 21
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 9 DEBTORS 2022 2021 Trade debtors Accrued Income Other debtors 223,841 8,680 707 233,228 35,844 14,996 795 51,635 10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR lal Credltorn: amounts falllng due wlthln one yoar 2022 2021 Accrual8 for grants payable Trade cr8dllors AGGruals and deferred Income Other Creditors 12,550 5.280 17.105 1,380 36,315 3,660,000 24,480 20,537 3,705.017 {bl Grant ¢ommltmant8 8roughl forward Paid in year Commilled in Caff led forward year Award9 3,660,000 3.660,000 13.660,0001 13,660,000) 12,550 12,550 12,550 12,550 22
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 11 ANALYSIS OF FUNDS YEAR ENDED 31 MARCH 2022 Fund balances brought forward InGome Expenditure Transfers Gains and losses Fund balances carried forward Unrg¥trlGtgd Funds: General Fund 2,874,989 95,599 1107.7661 204.428 3,067.250 Dgslgnated Funds: Bgnevol8nl Fund Foundation General Purposes Fund 1,000,000 483,669 122.1791 14.8641 22,179 122,1791 1.000,000 595,029 103,709 34,694 Re•trlcted Funds.. Restrted Income NT Learning NT SludlolNew Work NT General Purpose 535.274 26,112 9,545 169 698,328 1,069,136 17,8351 {511 148,6631 55,890 362 76,482 609,441 10,025 1,795,283 Total Funds 5,601,805 1,294,725 1191,358) 371,856 7.077,028 YEAR ENDED 31 MARCH 2021 Fund bal8nc8S brought fonvard Income Expenditurg Transfers Gains and Ioss8S Fund b818n¢es ¢8rri8d fornard Unr•strlet•d Fund8: Gengral Fund 3,815,593 99,078 (1, 738,773) (42, 162) 741,253 2,874,989 Oeslgnated Funds: Benevolent Fund Foundation General Purposes Fund 500,000 829, 749 {42. 162) 542, 162 (5,005) (500,000) 1,000,000 483,670 40,588 118,338 R•8trl¢t•d Funds: Restricted Incomo NT Learning NT SludlolN8w Work NT General Purpose 1,340, 123 8, 136 1,101. 173 24,322 770 414,788 (1,014,577) (55) {1,015.086J 185,406 1.294 197,452 535,274 9,545 698.327 Total Fund$ 7,594,774 578,946 (3.815.608) 1.243,743 5,601,805 23
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Deslgnatod Funds The Trustees consider that a fund 01 £1,000,000 is sufficient to meat likely on-going benevolent applications. An amount equivalent lo that paid out in grants is transferred frorn the General Fund each yèar, which was £22,179 in year12020121'. £42,162]. The Foundation General Purpos8 sub-fund has received an allocation of the nel gains on investment in y8ar. Rastrlctgd Funds NT Learnlng sub fund The balance on the NT Learning sub-fund represents Ihe brought forwar(J balanc8 and an allocation ol the n81 gains on inveslm8nl in year. NT Productlons, NT Pr8ml•o1, MT StudlolN•w Work and NT General Purpose Sub fund8 Thes8 funds represent legacy gifts reGelved In year and they also receivod an allo¢alion of the n81 galns on investment In year. 24
ROYAL NATIONAL THEATRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 12 ANALYSIS OF ASSETS 8ETWEEN FUNDS YEAR ENDED31 MARCH 2022 UnreslrScled Funds Oeslgnaled Funds Reslrlcled Funds Total Funds Investments Asset Current Assets Current Liabilities 3,776,022 1691,484) 117,2881 3,067.250 1.018,086 589,493 112.5501 1.595,029 2.073.267 347,959 6,477 2,414,749 6.867.375 245.968 36,315 7,077,028 YEAR ENDED 31 MARCH 2021 Unrestricted Funds D8slgn8t8d Funds R8slricted Funds Tot81 Funds Investments Assels Currenl Assets Ctsffent Ll8bllltle8 5.267,071 (699.269) 1.692,813 2,874,989 884,214 600. T77 1,321 1,483,670 3,084,157 769.872 2,070,883 1,243, 146 9,235,442 71,380 (3, 705,017) 5.601.805 13 TRUSTEES REMUNERATION & EXPENSES Trustees have not received any remuneration OT beneflls or incurred any èxpenses for Ih8ir servke lo the Foundation in the year12020121.' nill. 14 RELATED PARTY TRANSACTIONS There have not been any related party Iransacllons In the year12020121.' nill 25