ANNUAL REPORT 2021-22
Royal National Theatre Foundation
Charity Registration NUrn￿r. 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 R￿0MmendOd 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 perfOrmar￿9 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 Four￿allOn 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 I￿r￿S 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 pro1￿1 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 poI￿Y 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
applicat￿nS 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 act￿158$
31.350
1,707,423
5.005
42,182
16.247
2,013,471
52,802
3,763,056
TOTAL Expendlturo
14ot g•lDWIl￿m*} 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 I￿rne and expenditure is derived frorn ￿nt￿￿U1Thg 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 p8r*Jd
674,611
292,925
C••h and ca•h •qulval¢nl$ at th? •nd ol the rgPQrtlng pgrk*d
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 ￿￿Vern￿n18'.
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 Serv￿eS 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 8￿UntIeS
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
Institut￿nS
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
N8t￿n81 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..
Restr￿ted 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